BRICS Expansion and 15th Summit (Johannesburg, 2023)
- Location and Host: Johannesburg, South Africa.
- Theme: "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism."
- Key Decision: Agreement on expanding the bloc to include six new full-time member states.
- New Members (Effective January 1, 2024):
- Argentina
- Egypt
- Ethiopia
- Iran
- Saudi Arabia
- UAE (United Arab Emirates)
- Expansion Goal: To strengthen the voice of the Global South and accelerate reforms within global governance institutions (e.g., UN Security Council, WTO).
- Financial Discussion: Reviewing proposals to increase the use of local currencies among member states for trade settlement to reduce dependency on the US Dollar.
National Renewable Energy Transition Mission (NRETM)
- Launch Focus: Accelerating the deployment of green hydrogen and associated infrastructure to meet 2030 climate goals.
- Primary Objective: Position the country as a global hub for the production, utilization, and export of green hydrogen.
- Strategic Components:
- SIGHT Programme: Strategic Interventions for Green Hydrogen Transition, focused on providing financial incentives for domestic electrolyzer manufacturing and green hydrogen production.
- Pilot Projects: Implementation of projects in key sectors like shipping, steel, and transport.
- R&D Roadmap: Development of research and development specific to efficient hydrogen storage and transport technologies.
| Component | Target Output/Metric | Estimated Financial Allocation (Year 1-5) |
|---|---|---|
| Electrolyzer Capacity | Achieve 5 Million Metric Tons Per Annum (MMTPA) production capacity by 2030. | $1.5 Billion |
| Green Hydrogen Production | Reduction in production cost to below $2 per kilogram. | $800 Million |
| Infrastructure Development | Creation of dedicated pipelines and storage facilities for export markets. | $500 Million |
Recent Key Appointments and Honors
- New Chief Economic Advisor (CEA): Dr. Rina Sanyal appointed, focusing on fiscal deficit reduction and export promotion.
- International Court of Justice (ICJ) Judge: Justice Arvind Menon elected for a nine-year term.
- 2023 Global Leadership Award: Conferred upon CEO Maria Hernandez for her work in sustainable global supply chains.
- New Head of International Atomic Energy Agency (IAEA) Monitoring Division: Dr. Ben Carter, replacing Dr. Elena Volkov.