div class="content user-select-text" tabindex="0" aria-description="" aria-label="Sent by Copilot: **Turkey Seeks BRICS Membership to Expand Global Influence** Turkey has formally applied to join the BRICS group of emerging-market nations, aiming to enhance its global influence and establish new ties beyond its traditional Western allies. President Recep Tayyip Erdogan's administration views the geopolitical center of gravity as shifting away from developed economies. This diplomatic push reflects Turkey's aspirations to cultivate relationships in a multipolar world while maintaining its commitments as a key NATO member. Frustrated by the lack of progress in its bid to join the European Union, Turkey submitted its BRICS application months ago. The move also stems from rifts with NATO members after Turkey maintained close ties with Russia following its 2022 invasion of Ukraine. Erdogan emphasized the importance of balancing relations with both the East and the West, stating, "Turkey can become a strong, prosperous, prestigious, and effective country if it improves its relations with the East and the West simultaneously." The BRICS group, which includes Brazil, Russia, India, China, and South Africa, recently expanded to include Iran, the UAE, Ethiopia, and Egypt. Further enlargement, potentially including Turkey, may be discussed at a summit in Kazan, Russia, from October 22-24. BRICS positions itself as an alternative to Western-dominated institutions like the World Bank and IMF, offering new members access to financing and broader political and trading relationships. Turkey believes BRICS membership could enhance economic cooperation with Russia and China and position it as a trade conduit between the EU and Asia. Despite this, Turkey continues efforts to rejuvenate EU membership talks, which remain a strategic target. Foreign Minister Hakan Fidan highlighted the importance of BRICS in diversifying global economic approaches and identities. --- Would you like more details on any specific aspect of Turkey's BRICS application or its broader diplomatic efforts?" The International Finance Corporation (IFC) has launched ClimaLab, a pioneering initiative aimed at equipping European financial institutions with the knowledge, tools, and skills to manage climate-related risks. The initiative is being implemented in partnership with the Netherlands. Climate-related disasters across Europe caused losses of approximately €650 billion from 1980 to 2022, averaging €15.5 billion annually. These events have also significantly impacted financial institutions, with global research by the World Bank indicating that non-performing loans ratios are estimated to increase by 0.37 percentage points after severe climate and environmental disaster episodes ClimaLab, the first programme of its kind by a multilateral development institution, will help banks build capacity for climate resilience, integrate sustainability measures, and align with the Paris Agreement goals. The official cohort of ClimaLab in Europ will begin in November, with a focus on climate risk management and regulatory compliance.
