Brazilian President Luiz Inacio Lula da Silva spoke in favor of setting up a new common currency to be used between the BRICS members instead of the US dollar.

"The decarbonization of our economies needs to be accompanied by dignified jobs, industrialization and green infrastructure and services for all," he wrote on X, formerly known as Twitter.

He added that the BRICS New Development Bank in Shanghai, headed by former Brazilian president and ally of Lula, Dilma Rousseff, would be able to take on the challenge.

"The creation of a currency for transactions between the BRICS countries reduces our vulnerabilities," Lula said.

The Brazilian president didn't go into further detail on his proposal.