BRICS+ Series: India Taps BRICS to Strengthen Energy
This picture taken on January 11, 2024, shows employees working at a manufacturing plant of blades for wind turbines owned by India's Adani Group in Mundra.
India, a major global oil consumer relying heavily on imports, has historically been susceptible to fluctuations in Western oil prices and geopolitical pressures. This vulnerability, stemming from importing over 85% of its crude oil, exposed the nation to supply disruptions and external political factors. However, collaborative efforts within BRICS are now reshaping India's energy approach. Energy is evolving into a strategic tool for global influence, diminishing reliance on traditional markets and challenging established power dynamics. This shift marks a move away from mere commodity dependence toward a more geopolitically nuanced energy strategy.
Diversification through BRICS Partnerships
India has drastically increased its crude oil imports from Russia. As Western sanctions against Moscow intensified in 2023, Indian refineries leveraged discounted Russian oil. Consequently, Russia's share of India's total oil imports surged from under 2% before the Ukraine war to over 40% by mid-2024. This wasn't a simple chance to save money; it symbolised a larger strategy to break away from supply chains and financial networks dominated by the West.
India's strengthening ties with Iran, a key energy provider in the Global South and recent BRICS addition, suggest a push to revitalise the stalled Chabahar Port project and restart oil imports previously stopped due to U.S. sanctions. BRICS collaboration provides a buffer against such unilateral limitations by promoting alternative trade methods, such as local currency settlements, the BRICS Pay system, and possible substitutes for SWIFT. These resources directly bolster India's energy independence.
The partnership between India and the UAE, a fellow BRICS member, holds significant importance. Abu Dhabi is not just a key oil provider, but also invests in India's strategic petroleum reserves and related infrastructure. Further strengthening this robust South-South energy alliance, the UAE's sovereign wealth funds have jointly invested in India's renewable energy projects, demonstrating a comprehensive collaboration spanning both conventional and clean energy sectors.
BRICS as a Platform for Energy Sovereignty
BRICS transcends a mere convenient alliance, rapidly evolving into a powerful instrument for its members to achieve energy sovereignty. The group's advocacy for dedollarisation, balanced global governance, and cooperation among developing nations is significantly altering the structure of the global energy sector. For India, this shift means a broader range of energy providers, advantageous trade arrangements, and increased independence in its energy-related international relations.
Established in 2015, the BRICS Energy Research Cooperation Platform has facilitated joint studies, technology exchanges, and policy dialogues that significantly contribute to India's energy planning. Notably, India hosted the BRICS Energy Dialogue in 2022, advocating for joint investments in upstream oil and gas exploration and South-South capacity building. This has led to tangible collaborative projects in Africa and Central Asia. In these regions, BRICS members, including Indian public sector undertakings such as ONGC Videsh, are jointly developing oil fields and refining infrastructure.
India's dedication to energy transition gains significant backing from BRICS. Notably, India collaborates with China and Brazil to promote solar energy through the International Solar Alliance. Moreover, BRICS' green finance instruments, such as the New Development Bank (NDB), are channeling funds into India's clean energy ventures. These include solar parks in Madhya Pradesh and wind energy farms in Gujarat.
Strategic Autonomy and Global Realignment
India's energy security is intrinsically tied to the broader geopolitical shift towards a multipolar world. The Global South, historically marked by unequal dependencies, is now asserting its strategic independence. BRICS plays a pivotal role in this transformation, providing India with political and economic stability against the pressure tactics of established powers. This is especially crucial during global disruptions such as the COVID-19 pandemic, sanctions, or financial crises.
While concerns exist that stronger energy partnerships with nations such as Russia or Iran could complicate India's relations with Western powers, India's foreign policy is driven by strategic autonomy, not non-alignment. Western nations must recognize that a self-assured Global South will not sacrifice its energy security to geopolitical maneuvers.
Energy as Empowerment
India's strategic energy realignment within BRICS signifies a profound move towards economic autonomy, not merely a simple shift. Through these alliances, India actively reduces price volatility, ensures stable, extended-term energy resources, and cultivates an energy sector that reflects both its developmental goals and its strategic position in global politics.
As the Global South's influence grows, BRICS establishes a framework for a fairer, more secure energy future, positioning India – with its significant population and development goals – as a key player. In an era of energy instability and geopolitical competition, BRICS presents India with strategic advantages, extending beyond mere oil resources.
Written By:
*Dr Iqbal Survé
Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN
*Sesona Mdlokovana
Associate at BRICS+ Consulting Group
UAE & African Specialist
**The Views expressed do not necessarily reflect the views of Independent Media or IOL.
** MORE ARTICLES ON OUR WEBSITE https://bricscg.com/
** Follow @brics_daily on Twitter for daily BRICS+ updates and instagram @brics_daily
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