Climate change is an urgent global issue that requires international cooperation. The Union Minister of Environment, Forest and Climate Change of India recently participated in a high-level meeting on climate change with members of BRICS, an organization of the world’s largest emerging economies – Brazil, Russia, India, China, and South Africa.
The Relevance of BRICS in Addressing Climate Change
At the meeting chaired by the People’s Republic of China, the relevance of BRICS was underscored as a vital forum for joint efforts to address climate change. The forum aims to promote approaches for low-carbon, resilient transitions, and sustainable recovery and development. The gathering included Environment Ministers from all BRICS member nations.
Meeting Highlights: India’s Commitment to Strong Climate Action
India affirmed its commitment to vigorous climate action. This was emphasized through the promotion of sustainable living based on mindful consumption and waste reduction. Among India’s strategies are advancing renewable energy, creating sustainable habitats, establishing additional forest and tree cover for carbon sinks, transitioning to sustainable transport and E-mobility, and mobilizing the private sector towards climate commitments.
Decoupling Economic Growth and Greenhouse Gas Emissions
India has successfully maintained economic growth while reducing greenhouse gas emissions continuously. To implement ambitious climate actions, developing countries need adequate climate finance, technology transfer, and other implementation support as required by the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
BRICS Optimism for Ambitious Climate Finance Delivery
BRICS member nations expressed positivity regarding the delivery of climate finance following the decisions made in Glasgow and the Climate Finance Delivery Plan released by COP 26 Presidency. They also pledged to foster collaboration on climate change and broaden areas of cooperation.
Policy Exchanges and Cooperation in Climate Change
Further, the countries agreed to execute policy exchanges and collaboration in areas concerning the environment and climate change.
Understanding BRICS
BRICS is a grouping coined by British Economist Jim O’Neill in 2001 to represent the emerging economies of Brazil, Russia, India, and China. The acronym was formalized during the first meeting of BRIC Foreign Ministers’ in 2006, and South Africa joined in December 2010. Today, it represents a considerable portion of the global population, GDP, and trade. The group’s chairmanship rotates annually among its members.
BRICS Role in Global Development
The New Development Bank (NDB) was established during the Sixth BRICS Summit in Fortaleza, Brazil in 2014 as part of their commitment to global development. The NDB is based in Shanghai, China and provides short-term liquidity support to BRICS member countries.
Fortaleza Declaration of 2014
During the sixth BRICS Summit, the Fortaleza Declaration was signed, establishing the New Development Bank (NDB). It aimed to strengthen cooperation among BRICS countries and supplement global and regional financial institutions’ efforts towards global development. The declaration also led to an initial authorized capital of US$ 100 billion, with an initial subscribed capital of US$ 50 billion shared equally among founding members.
