World Bank Group

• Reduced housing space due to increasing urban population density is notably driving the self-storage and moving services market growth.
• This trend is poised to propel the growth of the global self-storage and moving services market throughout the forecast period.
• The increase in global demand for the warehousing and storage market is one of the key drivers supporting the market growth.
• The growth in real estate agencies is one of the key drivers supporting the moving services market growth in the US.

• The Ministry organized the Forum in partnership with the Indonesian Chamber of Commerce and Industry (Kadin Indonesia).
• The World Bank President Ajay Banga participated in a fireside chat with the Coordinating Minister for Maritime Affairs and Investment, Luhut.
• Speaking at the event, Luhut said that Indonesia stands ready to become an influential force to push forward the sustainability agenda across the region.
• With the spirit of global collaboration in mind, we initiated the Indonesia Sustainability Forum," said Luhut in his speech.

• Released today, the voluntary guidance provides market participants with clear criteria, practices, and examples for “blue bond” lending and issuances.
• The Guidance builds on the existing global market standards that underpin the global sustainable bond markets and also draws on pre-existing specific blue guidance: ICMA Green Bond Principles , UNEP FI's Sustainable Blue Economy Finance Principles and associated Blue Finance Guidance , the UN Global Compact's Practical Guidance to Issue a Blue Bond and Sustainable Ocean Principles , the Asian Development Bank's Ocean Finance Framework and Green and Blue Bond Framework , and the IFC's Guidelines for Blue Finance .
• ICMA: “We are very pleased to support this global practitioner's guide for bonds to finance the sustainable blue economy.
• Green bonds that focus on blue projects, also known as “blue bonds”, have great potential to expand the pool of capital market finance dedicated to the blue economy,” said Nicholas Pfaff, Deputy CEO and Head of Sustainable Finance, ICMA.

• 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.
• The disparate nature of the six new members is bound to spark debate about the real nature of Brics.
• In his welcoming remarks at the summit (22-24 August), the host, South African president Cyril Ramaphosa, stated:
  Brics stands for solidarity and for progress.

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.