BRICS nations urge developed world on climate financing

RIO DE JANEIRO - BRICS member countries have urged developed countries to fulfil their obligations of providing climate financing to developing countries.

The Leaders’ Framework Declaration on Climate Finance issued at the end of the 17th BRICS summit held in Brazil on Monday said there should also be new and additional grants-based financing that is different from the Official Development Assistance (ODA) and does not come at the expense of assistance for other development needs, including poverty eradication.

The leaders said under the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, developed nations committed to a financing goal of 300 billion U.S. dollars per year by 2035, while also fulfilling their prior goal of mobilizing jointly 100 billion dollars per year through 2025 to address the needs of developing countries.

President of the Republic, Luiz Inácio Lula da Silva, with the Heads of State and Government officials of the BRICS member partner countries at the Museum of Modern Art (MAM) Rio de Janeiro, on July 7th, 2025. (Credit: Hajarah Nalwadda)

“We emphasise that although developing countries have contributed to a lesser extent to climate change, populations in these countries are the most vulnerable to its adverse impacts and the least equipped, including in terms of relevant infrastructure, to withstand its effects,” the declaration said.

The leaders said there is need to increase the share of financing for adaptation, particularly public finance, noting that it is currently insufficient, and financial flows for adaptation and mitigation are imbalanced.

They urged international financial institutions, including multilateral development banks, to continue to align their operational models, channels and instruments to urgently address global climate change, development and poverty.

President of the Republic of Russia, Vladimir Putin, addressing via video screen during the plenary session "Strengthening Multilateralism, Economic and Financial Affairs and Artificial Intelligence", at the Museum of Modern Art (MAM). Rio de Janeiro, on July 6th, 2025. (Credit: Hajarah Nalwadda)

They said the realignment of the role of the private sector in addressing climate change is important. They noted that the private sector has the capacity to complement public finance and foster scaled-up and massive mobilisation.

The leaders welcomed and supported the New Development Bank’s (NDB) expanded focus on climate finance, noting its commitment to direct 40 percent of financing to climate projects by 2026 and to issue sustainable bonds in multiple currencies.

The NDB is a bank set up by BRICS member countries.