Leaders of the bloc of five major developing countries known as BRICS called today for reforms to the global financial system. Representatives of Brazil, Russia, India, China and South Africa meeting in Dehli, India repeated their request to the World Bank and the International Monetary Fund to grant greater voting rights and representation to developing countries. They also discussed their intent to launch a BRICS-led bank to fund developing world projects, and, acknowledging the need to "breathe life into the Doha Round", they resolved to increase trade among the bloc.
Though climate change was not a central issue, India's Prime Minister Manmohan Singh said in his statement about the summit that BRICS is devoted to sustainable development. "[E]ach of our countries is grappling with how to pursue 'green' growth without compromising on current needs," he wrote. "At the core of this complex issue is the use of fossil energy and the impact that it has on the environment."
Collectively, the BRICS countries represent half of the world's population and about 40 percent of the world's GDP. The bloc has become increasingly influential voices at the global climate change talks.