BRICS Summit in New Delhi focuses on climate and non-dollar trade

The BRICS grouping is convening in New Delhi for its annual summit, addressing a complex landscape of geopolitical, economic, and climate challenges. The 11-member bloc, representing 40% of global GDP, faces the task of fostering unity following recent expansions and regional crises, such as the devastating flash floods on the Nepal-China border that impacted China and India.

On the sidelines of the leaders' summit, the inaugural iBRICS Summit will bring together over 500 institutional investors and finance ministers managing approximately $1 trillion in assets. Organized by the Sovereign Wealth Fund Institute (SWFI), this investment-focused event aims to discuss non-dollar settlement corridors, cross-border investments, and the interoperability of national payment systems, such as India’s UPI and Brazil’s Pix. Participants are expected to discuss capital deployment in infrastructure, technology, critical minerals, and energy transition, with a proposed ‘Sovereign Capital Compact’ scheduled for signing.