BRICS Demands Wealthy Nations to Fund Global Climate Action, Backs India’s COP33 Candidacy

Leaders of the BRICS group of developing nations demanded that wealthy nations fund global mitigation of greenhouse emissions on July 7, the final day of their summit in Rio de Janeiro, reported Reuters.

Upholding the role of fossil fuels in the global energy mix, particularly in the developing economies, BRICS leaders released a joint statement on July 6. On the sidelines of the summit, Brazil's Environment Minister Marina Silva acknowledged the contradiction in this approach, saying, "We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions," when asked about plans to extract oil off the coast of the Amazon rainforest.

In their joint statement, BRICS leaders acknowledged that providing climate finance "is a responsibility of developed countries towards developing countries," which is the standard position for emerging economies in global negotiations.

Reuters also reported that the group supported a fund that Brazil proposed to protect endangered forests - the Tropical Forests Forever Facility - as a way for emerging economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the 2015 Paris Agreement.

China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions told Reuters last week.

The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called "discriminatory protectionist measures" under the pretext of environmental concerns.

India’s COP33 Candidacy Welcomed

Leaders of the BRICS nations have welcomed India’s candidacy to host the 33^rd Conference of Parties (COP 33) of the United Nations Framework Convention on Climate Change (UNFCCC) in the year 2028, according to ANI.

In their statement, the leaders also expressed support to the Presidency of the UNDCCC COP-30, which will take place in the city of Belem, in Brazil, saying, “We also underscore our full commitment to a successful COP30 that will catalyse progress in implementing the UNFCCC and its Paris Agreement. We welcome India’s Candidacy to host COP 33 in 2028,” it added.