New Development Bank

• Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
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  Robust Focus on Renewables Sets the Stage for the Growth of Wind Energy: Global Clean Energy Investments (In US$ Billion) for Years 2017, 2019, 2021, and 2023
  Strong Outlook for Wind Energy Capacity Expansions Offers Opportunities on a Platter for Wind Turbines & Allied Components: Global Cumulative Installed Capacity of Wind Energy (In Gigawatts) for Years 2013, 2015, 2017, 2019, 2021, 2023 and 2025
  Shaken by the War, Global Oil Prices Spiral and Feed Inflationary Pressures, Guiding the World Towards a Cost of Living Crisis: Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2024
  War-Induced Commodity Price Increases & Broad Based Price Pressures Mark the Return of Global Inflation to the Highest Level Seen Since 1996: Global Inflation Rates (In %) for the Years 2019 Through 2024
  Although Facing a Lower Recession Risk, Global Economic Growth in 2023 to Slowdown Amid War, Inflation, Elevated Interest Rates & Marginal Easing of Inflation: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020 Through 2024
  Recession Triggered by Uncontrolled Inflation or Unemployment, Which is the Greater Evil?
• Inflation Battling Policy Measures to Slowdown Post Pandemic Recovery in Unemployment Rates: Global Number of Unemployed People (In Million) for Years 2019 Through 2024
  Upgrades to Aging Energy Infrastructure, Distributed Energy, & Growing Policy Led Emphasis On Integrating Wind Energy Into Utility Energy Mix Bodes Well for Increased Deployment Opportunities for Wind Turbine Rotor Blades
  Onshore Wind Remains Among the Cheapest Sources of New Bulk Power Generation: Global Levelised Cost of Electricity ($/MWh) by Energy Type As of the Year 2022
  New Developments in Carbon-Fiber-Reinforced Polymers as Evidenced by the Growing Market for Carbon Fibre Composites Bodes Well for Development of Innovative Carbon Fiber Based Turbine Blades: Global Market for Carbon Fiber Composites (In US$ Billion) for Years 2023, 2025, 2027, 2029 & 2031
  As Sustainability Emerges Into an Unstoppable Force, Innovative Efforts Get Underway to Keep Turbine Blades from Ending Up in Landfills: Global Investments in Sustainability (In US$ Billion) for Years 2015, 2018, 2020 and 2022

• XIAMEN, China, Sept. 18, 2023 /PRNewswire/ -- On September 17 (GMT-5), during the UN General Assembly Week and SDG Summit, Zhao Dong, Chairman and Party Secretary of Xiamen Airlines, as the only Chinese board member of the United Nations Global Compact (UNGC), was invited to attend the UNGC board meeting to provide strategic and policy advice on behalf of the Chinese business community.
• The meeting was attended by the UN Secretary-General, Antonio Guterres, and presided over by the Assistant UN Secretary-General and CEO & Executive Director of UNGC, Sanda Ojiambo.
• The board of UNGC is an important part of the UNGC governance structure.
• In the future, Zhao will fulfill his responsibility as a UNGC board member, actively participate in UNGC affairs, and further unify the concepts of "Global Development Initiative" and "A Community of Shared Future for Mankind" with UNGC's "Sustainable Development Goals" and "Ten Principles", share China stories and speak up for Chinese enterprises.

• At the press conference, the five BRICS leaders offered their congratulations to these six countries and expressed confidence in the bloc's future development.
• "The BRICS expansion is historic and a new starting point for BRICS cooperation," said President Xi.
• Xi said he believes that as long as the BRICS countries pull together, a lot can be achieved through BRICS cooperation, and a promising future awaits the member countries.
• Noting BRICS countries have reached agreement on the guiding principles of the BRICS expansion process, Ramaphosa, who chaired the press conference, told reporters, "We value the interests of other countries in building the partnership of BRICS."

• The enlargement will grow the association’s membership to 11, and increase its envisaged role as a geopolitical alternative to global institutions dominated by the west.
• The Brics five represent about 42% of the world’s population and more than 23% of world GDP.
• Using the IMF’s 2022 GDP data, we can deduce that it will account for about 30% of global GDP.
• The disparate nature of the six new members is bound to spark debate about the real nature of Brics.

Understanding the nature of Brics

• Brics is not an organisation (it has no headquarters, secretariat or treaty).
• But it does have a formal institution that is jointly owned – the New Development Bank.
• Read more:
  South Africa's role as host of the BRICS summit is fraught with dangers.
• As a political scientist interested in global politics, I have written about Brics and its potential for changing the status quo.
• With hindsight, I can assert that certain principles have informed it since its establishment and first summit in 2009.


The association self-reportedly seeks secure sustainable development for itself and the global south, to safeguard and advance multilateralism, to institute reform for the goal of representative institutions, and to achieve solidarity among members.

Economic development

• Economics comes first in the group; at its root, it is a collective of emerging economies eager to sustain and improve their economic trajectory.
• Read more:
  China’s Africa strategy is shifting from extraction to investment – driven from the industry-rich Hunan region

  The group’s first, and so far only, notable establishment is the New Development Bank, primarily to finance infrastructure development.

Multilateralism

• The second value refers to the group’s concern about the use of entities outside the UN to pursue global objectives.
• The use of force can only be considered legitimate if the decision is sanctioned by the UN.

Global governance reform

• Thirdly, the Brics countries have long pushed for leaders of global institutions to be elected in a transparent and democratic way.
• For example, the president of the World Bank has always been an American, and the managing director of the IMF a European.

Solidarity

• Finally, the members have articulated solidarity with one another in a number of declarations, beginning in 2010.
• Read more:
  When two elephants fight: how the global south uses non-alignment to avoid great power rivalries

  In light of criticism and sanctions plans against China, for its alleged suppression of the Uyghur-Muslim population, and Russia, for invading Ukraine, solidarity has come to mean silence or nonalignment.

A blank slate

• This has proved beneficial for member countries hosting Brics summits.
• They get to set the agenda and use it for their ends – without upsetting the consensus.
• Brazil and Russia have inserted issues that are important to their region, and often invited leaders of neighbouring countries to retreats.