BRICS summit ends with call for funding climate mitigation
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Leaders of the BRICS group of developing nations concluded their summit in Rio de Janeiro on Monday by demanding that wealthy countries take responsibility for financing climate mitigation efforts in the Global South.
In his opening remarks, Brazilian President Luiz Inácio Lula da Silva, who will host the United Nations climate summit in November, condemned climate change denial and unilateralism, indirectly criticising US President Donald Trump's earlier decision to withdraw from the 2015 Paris Agreement.
'Today, denialism and unilateralism are eroding past achievements and harming our future,' Lula said. 'The Global South is in a position to lead a new development paradigm without repeating the mistakes of the past.'
On Sunday, Trump responded to BRICS criticism by accusing the bloc of "anti-American policies" and threatening its members with an additional 10% tariff. BRICS leaders dismissed the comments and reaffirmed their commitment to a multilateral global order.
In his address, Lula called for a global transition away from fossil fuels, the primary drivers of climate change. However, a joint statement released by BRICS leaders acknowledged the continued importance of petroleum, especially for developing economies — highlighting internal divisions within the increasingly diverse BRICS alliance.
'We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions,' said Brazil's Environment Minister Marina Silva, responding to questions about Brazil's plans to extract oil near the Amazon rainforest.
The joint communiqué stressed that climate finance is a responsibility of developed countries toward developing ones — a long-standing position among emerging economies in global climate negotiations.
In addition to this, BRICS leaders voiced support for a new Brazilian initiative, the Tropical Forests Forever Facility, a fund aimed at protecting endangered forests and offering an additional route for developing nations to contribute to climate mitigation, beyond the obligations set by the Paris Agreement.
China and the United Arab Emirates have indicated their intent to invest in the fund, according to two sources familiar with discussions held last week between their officials and Brazilian Finance Minister Fernando Haddad.
The BRICS statement also strongly criticised recent European Union policies, such as carbon border taxes and anti-deforestation regulations, labelling them 'discriminatory protectionist measures' disguised as environmental safeguards.
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