Trade and Investment in Renewable Energy Technologies: A Study of BRICS

Abstract

Energy is vital for economic development. But excessive dependence on fossil fuels is a threat to energy security and sustainable development. It causes climate change by increasing emissions of green house gases (GHGs). Development and diffusion of renewable energy technologies (RETs) offer a win–win solution to this problem. BRICS, an organization of leading emerging economies consisting of Brazil, Russia, India, China, and South Africa, represents roughly one-third of the world’s population and one-third of the world’s GDP in purchasing power parity (PPP) terms. Hence, the development and diffusion of RETs play a vital role in these countries not only from the point of view of their development and energy security but also from global point of view. This study provides an overview of the nature of international trade in RETs in BRICS. It examines the current energy scenario, trends and the potentialities of development of RETs in BRICS. BRICS has huge potentialities in RETs, which can be harnessed by encouraging trade and technology transfer. This paper throws light on the issues relating to technology transfer in these countries. It also outlines some of the main barriers constraining trade in RETs in these countries.