Brics nations on Sunday jointly called on advanced economies, global financial institutions and the private sector to provide โsubstantialโ climate finance for developing countries, asserting the need for predictable, equitable, and affordable funding to meet the goals of the Paris Agreement and the UNFCCC.In a joint statement released after the meeting of Finance Ministers and Central Bank Governors in Rio de Janeiro, the group said, โWe 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 mobilization.โThe Brics blocโBrazil, Russia, India, China and South Africaโsaid international financial institutions must scale up support for climate adaptation and help create enabling environments for greater private sector participation in climate mitigation efforts. โGiven the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation,โ the joint statement said, as reported by ANI.India has been consistently vocal about the need for adequate climate finance from developed countries, particularly for the Global South. Climate finance refers to any fundingโpublic or privateโthat supports mitigation and adaptation efforts to counter climate change. Developing nations argue that industrialised countries, with their greater historical carbon emissions, bear the primary responsibility for mitigation and should lead the way in providing climate funding.The ministers also underlined the need to address long-term challenges arising from climate change, biodiversity loss, energy transition and conservation. They reaffirmed that equitable and affordable finance is critical for achieving a just transition and sustainable development tailored to national circumstances.Apart from climate financing, Brics members highlighted the importance of bolstering global financial safety nets and the role of the International Monetary Fund (IMF) in supporting vulnerable economies. โWe assert that the IMF must remain adequately resourced and agile, at the centre of the global financial safety net (GFSN), to effectively support its members, particularly the most vulnerable countries,โ the joint statement said.The Brics group also reiterated support for the New Development Bank (NDB), which it said had steadily expanded its resource mobilisation and local currency lending. โAs 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,โ the statement said, according to ANI.The statement noted that the Brics economies have become significantly more integrated into global trade and investment flows, collectively representing nearly 40% of global GDP and accounting for almost a quarter of the worldโs trade and capital movement. Brics countries are net exporters, reflecting strong industrial capacity and growing influence in global markets.Data cited from Rubix Data Sciences showed total international trade of Brics countries stood at $10.5 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 7.9% between 2020 and 2024. The bloc includes nearly half the worldโs population and spans four continents.The meeting in Brazil took place under the theme โStrengthening Global South Cooperation for More Inclusive and Sustainable Governanceโ. The group pledged to carry forward its initiatives through the second half of 2025 and ensure a smooth transition to Indiaโs presidency of Brics in 2026.โWe recognise that more needs to be done to ensure that the benefits of globalisation, economic growth and productivity spread more equally to all,โ the Brics ministers said.
