25/07/07
Multilateralism should steer climate finance: Brics
Sao Paulo, 7 July (Argus) — Developed countries must fully engage in climate
finance to support developing countries trying to meet Paris agreement goals,
top Brazilian officials said at the Brics summit held in Rio de Janeiro on 6-7
July. "One decade after the Paris agreement, [the world] lacks resources for a
fair and planned transition," Brazilian president Luiz Inacio Lula da Silva
said. "Developing countries will be the most affected by losses and damages,
while they are also the ones that have fewer ways to fund mitigation and
adaptation," Lula da Silva said during his keynote address Monday. The Brics
summit discussed climate finance in anticipation of the UN Cop 30 climate summit
, which will be also be held Brazil, in November. The group issued a declaration
that reinforced its commitment to uphold multilateralism as a solution for
climate actions, while it also emphasized developed countries' responsibility
towards developing countries to financially enable just transition pathways and
sustainable development aligned with the Paris agreement. The Cop 29 summit in
Baku, Azerbaijan, in November 2024 managed to reach an agreement to allocate
$300bn/yr in resources for climate action. But delegates to the upcoming UN Cop
30 summit are targeting at least $1.3bn/yr in public and private funds to tackle
climate change, focusing especially on countries that are already dealing with
extreme weather conditions and lack financial resources to mitigate it. The
Brics also announced a memorandum of understanding on the Brics Carbon Markets
Partnership focused on capacity building and multinational cooperation to
support climate strategies such as mitigation efforts and emergency resource
mobilization. The declaration opposes unilateral protectionist measures, arguing
that they "deliberately disrupt the global supply and production chains and
distort competition." Climate justice, the fight against desertification,
strengthened climate diplomacy and subsidies to environmental services were the
main topics of discussion during the Brics summit, Brazil's environment minister
Marina Silva said. Brazil will launch its own initiatives to promote climate
finance in Cop 30. One program already launched is the Tropical Forest Forever
Facility (TFFF) fund that aims to raise $125bn to preserve 1bn hectares of
global tropical forests across 80 developing countries. Brics' development bank
NDB will target 40pc of its investments to promote sustainable development, such
as energy transition. The bank has approved $40bn in investments for clean
energy, environment protection and water supply, it said last week. Brazil
accounts for $6.4bn of total investments, gathering resources to 29 projects
under climate actions, according to the institution. Brazil currently holds the
presidency of the Brics, which also includes Russia, China, India and South
Africa. Saudi Arabia, Egypt, UAE, Ethiopia, Indonesia and Iran are also members.
Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, Nigeria, Vietnam
and Uzbekistan act as partner nations. Heated speech During his keynote address,
Lula criticized the International Monetary Fund (IMF) as an institution that
promotes unilateralism and stressed his support for reforming institutions of
the UN to promote multilateralism and political equity for developing countries.
He also mentioned that 65 of the biggest banks in the world committed to a
$869bn investment to the fossil fuels sector last year. "Market incentives run
contrary to sustainability," he said. By João Curi Send comments and request
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