📋 Tender Overview
In an unprecedented Marco Declaration, BRICS leaders commit to captains global mobilization to engage the international monetary and financial system for fairer and more effective measures to expand climate financing. Adopted on Monday (7/7), in Rio de Janeiro (RJ), during the second and last day of the 17th BRICS Summit, the document reinforces the centrality of resources by developed countries to support developing countries in their greenhouse gas emissions (mitigation) and adaptation to the impacts of climate change.
In the text, the groups leaders reaffirm multilateralism as necessary to face the challenges imposed by climate change to the world and, more dramatically, to the countries of the global southern South. Bet on the Baku Way map to Belem to 1.3 trillion, the initiative of the COP30 presidency to increase climate financing to developing countries, which is due to be presented in October.
BRICS members emphasize the role of the United Nations Convention on Climate Change (UNFCCC) as the main channel for international cooperation in this agenda and call for commitment to the full and effective implementation of the Paris Agreement. Also install the countries to strengthen their NDCs (nationally determined contributions, climate goals from the nations under the Paris agreement) to 2030.
Developing countries will be the most impacted by loss and damage. They are also the ones who have the least of the means to bear mitigation and adaptation. The Global South is able to lead a new development paradigm, without repeating the errors of the past, said President Luiz Inacio Lula da Silva at the opening of the session this morning.
To ensure affordable and sustainable climate finance in the global south, the groups of the group emphasize that the availability of concessional resources to facilitate fair transitions, based on nationally determined development priorities, which combine climate action with sustainable development.
Resource imbalance for adaptation and mitigation
The groups leaders emphasize once again that, although developing countries contribute to a lesser extent to climate change, they are disproportionately affected by their impacts. Therefore, it is necessary to increase the proportion of financing for adaptation measures, particularly through public finances, resolving the imbalance between the financial flows directed to adaptation and mitigation in these regions.
We emphasize that this imbalance has a disproportionately negative effect on developing countries and, particularly, about the segments of the population most vulnerable to the impacts of climate change. We call on developed countries to exponentially multiply their collective climate finance provision for adaptation and to remedy adaptation gaps, including to double, by 2025, the level of adaptation provided in 2019 BRICS.
Structural change
BRICS scores its commitment to the reform of international financial architecture as a condition for meeting specific needs of developing countries, such as access to solutions and technologies, through the direction of finance volumes that urgently developing economies need for climate action.
Leaders also invite international financial institutions, such as multilateral development banks, following the alignment of their operational models, channels and instruments in response to the deepening of the climate crisis, as well as to eradicate poverty.
They punctuate the importance of a strategic realignment of the role of the private sector in facing climate change and recognize the importance of mixed financing instruments to mobilize private capital and expand the catalyst role of public funds.
Climate change and health end summit
The Marco Declaration of the BRICS Leaders on Climate Finance was adopted on the second and last day of the 17th BRICS Summit, marked by the Plenary Session: Environment, COP30 and Global Health.
The groups of state and government of the group also partnered to eliminate socially determined diseases (DSDs), reinforcing their commitment to health equity, especially in the Global South.
BRICS Leaders Marco Declaration on Climate Finance: Read the versions in and
