Friday 22 / November / 2024
Moscow: BRICS countries have adopted a framework document on climate and sustainable development, which includes the main aspects of joint actions in this direction, the Russian Economic Development Ministry said on Friday.
"Following the two-day BRICS Climate Agenda in Modern Conditions Forum in Moscow, the BRICS countries adopted the framework on climate and sustainable development. The document covers all key aspects of climate action, including a just transition, mitigation, adaptation, carbon markets, finance, science, and business involvement," the ministry said in a statement, carried by Sputnik.
Russian Economic Development Minister Maxim Reshetnikov noted that all BRICS countries recognise the need to halt use of unilateral green protectionist measures by developed countries, as these measures negatively impact the economies and supply chains of developing nations.
The second document, developed within the BRICS Contact Group on Climate Change and Sustainable Development, is a memorandum of understanding on the BRICS carbon markets partnership. The Ministry said that the launch of this partnership will allow BRICS countries to learn from each other's experiences in creating carbon markets and implement joint climate projects.
Notably, the leaders of BRIC (Brazil, Russia, India, and China) countries met for the first time in St Petersburg, Russia, on the sidelines of the G8 Outreach Summit in July 2006. After a series of high-level meetings, the 1st BRIC summit was held in Yekaterinburg, Russia on June 16, 2009.
BRIC group was renamed BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers' meeting in New York in September 2010. South Africa attended the third BRICS Summit in Sanya, China on April 14, 2011.
BRICS is an important grouping bringing together the major emerging economies from the world, comprising 41 per cent of the world population, 24 per cent of the world GDP and over 16 per cent share in the world trade. BRICS countries have been the main engines of global economic growth over the years.
Iran, Saudi Arabia, and UAE, as part of the grouping, collectively contribute to approximately 44 per cent of the global crude oil production. The inclusion of Saudi Arabia and Iran boosts BRICS access to significant energy reserves.
