The BRICS New Delhi Declaration of September 2026 acknowledges fossil fuels will remain important for emerging economies while pushing for a managed transition. It also emphasizes energy security, diverse supply chains, and local currency trade, which India is using to secure oil from Russia, the Gulf, and the US. The declaration supports smart grids, storage, and critical minerals, but stops short of setting binding emission targets. For India, the main friction point is the EU's Carbon Border Adjustment Mechanism (CBAM), which started applying to steel and aluminium in January 2026. A joint statement won't stop that tax, so India will need a working domestic carbon credit system and a WTO challenge. The article also notes that while Hormuz is technically open, practical shipping disruptions remain, and relying too much on one supplier like Russia could backfire if secondary sanctions tighten.
