BRICS nations forge partnership on carbon markets

At a forum in Moscow focused on the climate agenda, BRICS countries have adopted a comprehensive framework on climate action and sustainable development.

The Ministry of Economic Development announced the development of this framework through a press release, Caliber.Az reports via Russian media.

The newly adopted document addresses all critical aspects of climate action, including fair transitions, mitigation, adaptation, carbon markets, finance, scientific research, and business engagement. This framework is designed to guide the BRICS nations in tackling climate change while ensuring that economic stability is maintained.

Economic Development Minister Maxim Reshetnikov highlighted the framework's role in helping BRICS countries define effective climate measures without compromising their economic well-being.

He emphasized the collective understanding among BRICS nations that developed countries must cease implementing unilateral green protectionist policies, which negatively impact the economies and trade networks of developing countries. Reshetnikov also urged developed countries to fulfil their commitments to provide climate finance to support developing nations.

In addition to the framework, a second key document was adopted: a memorandum of understanding on the BRICS partnership concerning carbon markets.

The Ministry of Economic Development noted that this partnership aims to facilitate the exchange of knowledge and experiences related to the development of carbon markets. It will support the implementation of joint climate projects and the issuance of carbon units, enhancing collaborative efforts in climate mitigation across the BRICS nations.

BRICS is an acronym for an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. The group was originally known as BRIC before South Africa joined in 2010. The BRICS group was formally established in 2009 with the aim of enhancing cooperation among these rapidly growing economies.

The inclusion of South Africa in 2010 broadened the group’s representation. BRICS aims to foster peace, security, and development by promoting economic cooperation and dialogue. It seeks to reform global governance structures to reflect the interests of emerging economies better and to create a more balanced global economic system.