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BRICS bankers confirm they will undergird – not undermine – Western financial decadence

Will the bloc’s policies and structures be deployed to fight the poverty, ecological destruction and climate change, privatisation and corruption, illicit financial flows and Resource Cursing associated with current global lending, or will they amplify these features?

The main point of the summit of leaders from Brazil, Russia, India, China and South Africa last week was host Vladimir Putin’s demonstration of economic autonomy, given how much Western sanctions and low oil prices keep biting Russia. In part this sense of autonomy comes from nominal progress made on finally launching the bloc’s two new financial institutions.

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Three zeros for the BRICS’ new development bank

Government delegations from Brazil, Russia, India, China and South Africa convened this week at the annual BRICS Summit in Ufa, Russia, to formalise the creation of the world’s newest multilateral development bank, the New Development Bank. The NDB should aim to achieve three zeros by 2050: zero poverty, zero unemployment, and zero net carbon emission.

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Will the New BRICS Bank Break with Traditional Development Models, or Replicate Them?

United Nations – Just days ahead of a summit of the BRICS group of emerging economies (Brazil, Russia, India, China and South Africa) in which the five countries are expected to formally launch their New Development Bank (NDB), 40 NGOs and civil society groups have penned an open letter to their respective governments urging transparency and accountability in the proposed banking process.

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A Must Deal: Is the World Ready for a Binding Climate Treaty?

Jacob Werksman is a trade specialist in global climate negotiations. Educated at the University of Cambridge and King’s College of London, in the United Kingdom, and University of Michigan and Columbia, in the United States, Werksman is an experienced hand on the nexus between climate change and development. Before becoming the principal advisor to the Director General for Climate Action of the European Commission (EC), Werksman served in United Nations Development Programme (UNDP), Rockefeller Foundation and World Resource Institute. In his current position, he serves as one of the high level climate policy individuals of the EC.

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BRICS Bank challenges the exorbitant privilege of the US dollar

Over 65 percent of the world’s nations keep their foreign exchange reserves in the US dollar, the dominant world currency. The creation of the BRICS Bank and other financial interventions will likely weaken the dollar’s dominance and contribute to the creation a new international economic order.

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Will the BRICS bank be a game changer for Africa?

The BRICS bank, formed after their latest summit in Brazil last week, brings new opportunities for the developing world, SACSIS correspondent Alexander O’Riordan  reports.

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