Chapter 9: The Role of BRICS Business Council and the New Development Bank in Environmental, Social, and Governance (ESG) Agenda

With great relevance of climate change, energy transition, and sustainable development in the global scenario, companies and financial institutions have increased their concern with environmental, social, and governance (ESG) aspects. As a result of which, this agenda has gained more importance, being at the center of the international debate. While there are ESG efforts from BRICS countries' companies and institutions, this agenda needs to be addressed collectively within the group. The BRICS Business Council (BBC) and the New Development Bank (NDB) seem to be positioned as actors that could catalyze these issues in this sphere. The Council brings together companies from the five countries, being an appropriate place for discussions on corporate ESG practices. And the Bank operates with a focus on sustainable infrastructure, demonstrating the importance of ESG aspects for the institution's performance. In this sense, the research objective is to understand: in which ways can BBC and NDB expand and strengthen the ESG agenda within the BRICS grouping, particularly with regard to the activities of BRICS companies and the governance of the group's main financial institution? To this end, a detailed mapping of the aspects involving the ESG agenda in both BRICS initiatives will be carried out in order to identify – in the institutional documents and reports – the role of these two mechanisms in ESG aspects.