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)
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)