What to expect from the 2024 BRICS Summit

The 2024 BRICS Summit is expected to focus on integrating new members and defining the role of 'partner countries' rather than further expansion. Key economic goals include increasing trade in local currencies to reduce dollar reliance and streamlining payments via the BRICS Cross-Border Payments Initiative. The document highlights opportunities for coordination between BRICS, the G20, and the G7, particularly with Brazil and South Africa holding leadership roles in 2025. On climate, BRICS is expected to reaffirm support for the Paris Agreement and a just transition that allows for the continued use of fossil fuels for energy security, while potentially introducing a new framework for sustainable development and carbon market projects.

• Further expansion of BRICS is considered highly unlikely at the 2024 Summit as the group prioritizes the integration of members who joined in 2023—Egypt, Ethiopia, Iran, and the UAE—and the clarification of the 'partner countries' framework for non-member engagement in trade and finance.
• The group aims to increase the use of local currencies for intra-group trade to enhance financial independence and mitigate risks like exchange rate volatility and sanctions, though this is framed as providing flexibility rather than a complete 'de-dollarisation' of the global system.
• There is a strategic opportunity for alignment between BRICS, the G20, and the G7 to address global financial stability and climate action, especially as Brazil will chair BRICS and South Africa will chair the G20 in 2025.
• BRICS maintains a climate position based on 'common but differentiated responsibilities', arguing that fossil fuels remain important for energy security during the transition to a low-carbon economy.
• The Summit may reveal a new, currently non-public framework on climate and sustainable development, including a memorandum of understanding for joint carbon market projects and collaboration on green technology supply chains and critical minerals.

APA

South African Institute of International Affairs (2024). What to expect from the 2024 BRICS Summit. https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/

Chicago

South African Institute of International Affairs. What to expect from the 2024 BRICS Summit. 2024. https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/.

Wikipedia

{{cite report |author=South African Institute of International Affairs |title=What to expect from the 2024 BRICS Summit |date=18 October 2024 |url=https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{southafricaninstituteofinternationalaffairs2024what, author = {{South African Institute of International Affairs}}, title = {{What to expect from the 2024 BRICS Summit}}, institution = {South African Institute of International Affairs}, year = {2024}, month = oct, url = {https://saiia.org.za/research/what-to-expect-from-the-2024-brics-summit/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }