Source: Government of India
Source: Government of India (4)
BRICS member nations have called on advanced economies and the international financial system to provide “substantial” financing to support climate mitigation efforts in developing economies.
“We call on advanced economies and other relevant actors in the international financial system, as well as the private sector, to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilisation,” Finance Ministers and Central Bank Governors of BRICS countries said in a joint statement on Sunday, just ahead of the Summit.
Highlighting the growing needs of emerging markets and developing economies (EMDEs), the group urged international financial institutions to scale up adaptation support and create conditions that would attract greater private sector participation in mitigation efforts.
BRICS members also acknowledged the structural challenges posed by climate change, energy transitions, biodiversity loss and conservation efforts.
“We reaffirm that predictable, equitable, accessible and affordable climate finance is indispensable for just transitions, in line with country circumstances and development priorities, and for meeting the goals of the UNFCCC and its Paris Agreement,” the statement said.
India, a BRICS member, has consistently advocated for stronger climate finance arrangements, primarily from developed countries that are historically major carbon emitters. India has repeatedly underlined the need for adequate financial support, particularly for the Global South.
Climate finance generally refers to funding directed at mitigation and adaptation measures to tackle climate change. Developing countries have long argued that developed nations, being historically larger emitters, must shoulder greater responsibility for funding mitigation and adaptation.
Against the backdrop of global economic uncertainty and volatility, BRICS members said the International Monetary Fund (IMF) must remain adequately resourced and flexible to protect its members, particularly the most vulnerable.
The statement also welcomed the New Development Bank’s steady efforts to expand its funding capacity, promote local currency financing, diversify funding sources, and back projects that advance sustainable development, reduce inequality and drive investment in infrastructure and economic integration.
“As the New Development Bank is set to embark on its second golden decade of high-quality development, we recognise and support its growing role as a robust and strategic agent of development and modernisation in the Global South,” it said.
BRICS members also reaffirmed that they would continue working through the second half of 2025 to push forward these initiatives and strengthen coordination for a smooth transition to India’s presidency in 2026.
Finance Ministers and Central Bank Governors of BRICS countries met in Rio de Janeiro, Brazil, on July 5 under the theme, “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.”
Together, BRICS countries — Brazil, Russia, India, China and South Africa — account for nearly half of the world’s population, spread across four continents, and nearly 40 per cent of global GDP. The bloc has become more integrated with the world economy and now represents about a quarter of global trade and investment flows.
The joint statement underlined that more needs to be done to ensure the benefits of globalisation, economic growth and productivity are shared more equally.
According to a report by Rubix Data Sciences, total international trade (exports plus imports) of BRICS countries stood at USD 10.5 trillion in 2024, growing at a compound annual growth rate of 7.9 per cent between 2020 and 2024.
BRICS nations remain net exporters, collectively selling more goods abroad than they import, underlining their strong production capacity and growing clout in global trade.