A group of five powerful nations has just created a new financial institution that may very well have a major influence on the growth of renewable energy in the developing world. At their sixth annual summit in July at the Brazilian city of Fortaleza, the so-called BRICS countries (Brazil, Russia, India, China and South Africa) officially established, as they had promised during last year’s summit, a new financial institution, the New Development Bank (NDB), to be based in Shanghai. The NDB’s purpose is to provide loans, guarantees and technical assistance to developing countries. In that respect, it is not at all different from the World Bank and similar institutions.