BRICS Leaders Commit to Global Mobilization for Climate Finance in Unprecedented Framework Declaration

Strategic Insights -

BRICS leaders gathered in Rio de Janeiro for the 17th BRICS Summit and adopted a Framework Declaration, committing to lead a global mobilization to engage the international monetary and financial system for fairer climate finance. The document, adopted on July 7, emphasizes the provision of resources by developed countries to support developing countries in reducing greenhouse gas emissions and adapting to climate change impacts. The leaders also stressed the importance of multilateralism and the role of the United Nations Framework Convention on Climate Change (UNFCCC) in international cooperation.

Key Takeaways:

  • BRICS leaders commit to leading a global mobilization for fairer climate finance, emphasizing the provision of resources by developed countries to support developing countries in reducing greenhouse gas emissions and adapting to climate change impacts.
  • The group's leaders reaffirm the centrality of multilateralism in facing climate change challenges and highlight the role of the UNFCCC as the main channel for international cooperation on this agenda.
  • BRICS members bet on the "Baku to Bethlehem Roadmap for 1.3 trillion dollars," an initiative by the COP30 Presidency to increase climate finance for developing countries, expected to be presented in October.
  • The leaders highlight the urgent need to increase the share of financing for adaptation measures, particularly through public finances, to address the imbalance between financial flows directed to adaptation and mitigation in developing countries.
  • BRICS emphasizes that developed countries must exponentially multiply their collective provision of climate finance for adaptation and close adaptation gaps, including at least doubling the levels of adaptation finance provided in 2019 by 2025.
  • The group's leaders commit to reforming the international financial architecture to meet the specific needs of developing countries, such as access to solutions and technologies, and call on international financial institutions to align their operating models with climate action.

Statistics:

  • $1.3 trillion estimate for the "Baku to Bethlehem Roadmap for climate finance"
  • 2025 target for doubling adaptation finance levels provided in 2019
  • 17th BRICS Summit, held in Rio de Janeiro, July 7
  • Global South highlighted as being disproportionately impacted by climate change impacts and having the least means to bear the costs of mitigation and adaptation

Sources:

  • Government of Brazil's Ministry of Environment and Climate Change (MMA) - noticias/em-declaracao-inedita-lideres-do-brics-pedem-financiamento-climatico-justo-para-sul-global.