Technically it’s western hegemony. US alone isn’t capable of a global economy hegemony, despite being the largest economy in the western hemisphere. Rather it’s always that EU aligns their policy with the US government.

Besides that, I don’t think it will happen. Only Brazil is making this proposal, the other BRICS nations aren’t interested. They aren’t looking to quickly break western hegemony either.

It’s clear to everyone that western hegemony is coming to an end, and these larger BRICS nations seem content to let it happen gradually rather than make a direct effort to end it quickly.