BRICS leaders urge developed nations to fund climate action

Leaders of the BRICS group concluded their summit in Rio de Janeiro on Monday by demanding that developed nations provide funding to address climate change challenges that heavily burden emerging economies.

Brazilian President Luiz Inacio Lula da Silva emphasized the critical role of the Global South in combating global warming as Brazil prepares to host the UN climate summit later this year.

In their joint declaration, BRICS leaders insisted that fossil fuels will continue to have a role in supporting economic development, especially in developing states.

"We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions," Brazil's Environment Minister Marina Silva said, responding to questions about oil exploration near the Amazon rainforest.

The statement reaffirmed that climate finance is an obligation of wealthy countries toward the developing world, echoing the established position of emerging economies within global climate negotiations.

BRICS leaders also backed Brazil’s proposal for the Tropical Forests Forever Facility, designed to help protect endangered forests and support climate initiatives beyond the commitments required by the Paris Agreement.

According to informed sources, China and the UAE have signaled their intention to contribute to this fund during meetings with Brazil’s finance officials.

The declaration sharply criticized measures such as carbon border taxes and new European deforestation laws, describing them as "discriminatory protectionist measures" imposed under the pretext of environmental policies./tasnim