The BRICS nations are set to achieve a significant milestone by the end of 2024, with fossil fuel capacity dropping below 50% of their installed power for the first time, according to a new report by Global Energy Monitor (GEM). This shift reflects the bloc’s accelerating transition toward cleaner energy sources, despite ongoing investments in coal, oil, and gas.

The BRICS group—comprising Brazil, Russia, India, China, South Africa, and newly added members Iran, the UAE, Ethiopia, and Egypt—accounts for half of the world's population and one-third of global GDP and carbon emissions. Historically reliant on fossil fuels, particularly coal, these nations are now rapidly expanding their renewable energy capacity.

Surge in Renewable Energy

In 2024 alone, the BRICS countries added 190 gigawatts (GW) of non-fossil power, primarily wind and solar, while only 72 GW of fossil fuel capacity is scheduled to be added this year. By year’s end, the bloc is expected to have 2,289 GW of renewable energy capacity compared to 2,245 GW from fossil fuels. This marks a turning point in the global shift toward decarbonisation.

While the European Union achieved a 50% renewable energy share in the early 2010s and the G7 followed suit last year, the BRICS countries are now catching up and could see their renewable capacity nearly triple by 2030.

Challenges with Ongoing Fossil Fuel Projects

Despite this progress, every BRICS nation, except Ethiopia, continues to develop fossil fuel projects. These include plans to increase coal capacity by 36% and oil and gas capacity by 53%. GEM’s Project Manager James Norman acknowledged the challenge, noting that “the clean energy transition is happening everywhere,” but warned that new coal projects could undermine the bloc’s progress.

Conclusion

The BRICS nations' ability to balance clean energy development with their ongoing fossil fuel investments will be crucial in shaping the future global energy landscape. While this milestone marks a significant step, the path to fully decarbonised power remains complex for the world's emerging economies.

Find the report here.