BRICS adopts comprehensive framework on climate action and sustainable development
- In Reports
- 01:35 PM, Aug 31, 2024
- Myind Staff
BRICS countries have reached a significant milestone with the adoption of a comprehensive framework focusing on climate action and sustainable development, announced by the Russian Economic Development Ministry on Friday. This new framework encompasses critical aspects such as mitigation, adaptation, carbon markets, finance, science, and business involvement. It is designed to promote a just transition and facilitate collaborative projects among member nations.
Russian Economic Development Minister Maxim Reshetnikov underscored the unified position of the BRICS nations against unilateral green protectionist measures. “All BRICS countries oppose unilateral green protectionist measures by developed nations, as these harm the economies and supply chains of developing countries,” Reshetnikov stated. This framework aims to address and counteract measures that disadvantage developing economies, ensuring a more equitable approach to global environmental policies.
In addition to the overarching framework, the BRICS nations have also developed a memorandum of understanding on the BRICS carbon markets partnership. This supplementary document outlines the collaborative efforts of the BRICS countries to establish and enhance carbon markets, promoting shared goals in climate action and sustainable development.
The BRICS grouping, consisting of Brazil, Russia, India, China, and South Africa, represents a significant portion of the global population and economy. Collectively, these nations account for 41% of the world's population and 24% of global GDP. Their joint efforts have played a crucial role in global economic growth. With the recent inclusion of Iran, Saudi Arabia and the UAE, BRICS now controls access to 44% of the world’s crude oil production, enhancing its economic and geopolitical influence.
The adoption of this comprehensive framework highlights the BRICS countries' commitment to addressing climate change and fostering sustainable development. It also reinforces their advocacy for fair and equitable treatment in international environmental policies, ensuring that the voices and interests of developing economies are recognised and respected on the global stage.
Image source: ANI
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