NEW DELHI: India on Thursday urged the Brics (Brazil, Russia, India, China and South Africa) to mobilise $1.3 trillion to strengthen climate financing mechanisms and achieve global sustainable commitments.
Stressing the urgent need for equitable carbon budget utilisation, India, at the 11th Brics Environment Ministers’ meeting in Brazil, focused on the Baku to Belem Roadmap and called for a balanced transition that prioritises developing nations’ growth while ensuring sustainability.
The Baku to Belem Roadmap is aimed at securing $1.3 trillion in climate finance to support Nationally Determined Contributions (NDCs).
Baku COP or COP29 could mobilise only $300 billion by 2035 against the $1.3 trillion demanded by developing nations.
The 2025 United Nations Climate Change Conference (COP30), to be hosted in Brazil, is critical for advancing global adaptation and resilience efforts.
COP30 will push for the Global Ethical Stocktake (GST) to limit the rise in global temperature to 1.5°C and focus on adaptation and transition policies aligned to achieve it, Marina Silva, minister of the environment and climate change of Brazil, told Business Standard earlier.
On energy security, India reiterated commitments made in the Brics New Delhi Declaration (2021), which promotes a diversified energy mix, including fossil fuels, hydrogen, nuclear, and renewables. India highlighted the Green Grids Initiative – One Sun, One World, One Grid, launched under the International Solar Alliance, as a transformative project for global renewable energy integration.
India also emphasised the role of resource efficiency and the circular economy in achieving sustainability goals.
The Resource Efficiency and Circular Economy Industry Coalition, launched under G20, was cited as a model for global corporate collaboration in sustainable resource management.
“A just transition must acknowledge the diverse economic realities of nations. Each country has a unique development pathway, and the provision of adequate means of implementation — in finance, technology, and capacity-building — is essential to ensuring that no nation or community is left behind in this transition. As Brics nations, we must strengthen our engagements in multilateral forums, championing the interests of developing economies and advocating for a fair and equitable transition,” according to India’s statement.
Source: Business Standard
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