India Urges Brics to Mobilise $1.3 Trillion for Climate Financing
Key Ideas
  • India urged Brics countries to mobilise $1.3 trillion for climate financing to support Nationally Determined Contributions (NDCs).
  • The focus is on a balanced transition that prioritises developing nations' growth while ensuring sustainability, emphasizing the need for equitable carbon budget utilisation.
  • The Green Grids Initiative – One Sun, One World, One Grid, launched under the International Solar Alliance, was highlighted as a transformative project for global renewable energy integration.
  • India stressed the importance of resource efficiency and the circular economy, citing the Resource Efficiency and Circular Economy Industry Coalition launched under G20 as a model for sustainable resource management.
India called for the Brics countries to mobilise $1.3 trillion to strengthen climate financing mechanisms and achieve global sustainable commitments at the 11th Brics Environment Ministers' meeting in Brazil. Emphasizing the urgent need for equitable carbon budget utilization and a balanced transition that supports developing nations' growth while ensuring sustainability, India highlighted the Baku to Belem Roadmap aimed at securing the necessary climate finance. Despite the Baku COP's limited mobilization of $300 billion by 2035 against the $1.3 trillion demand, India reiterated its commitments to a diversified energy mix including fossil fuels, hydrogen, nuclear, and renewables. The Green Grids Initiative – One Sun, One World, One Grid, was showcased as a significant project for global renewable energy integration. Additionally, India underlined the importance of resource efficiency and the circular economy, referencing the Resource Efficiency and Circular Economy Industry Coalition as a collaborative model for sustainable resource management. India's statement stressed the need for a just transition that considers diverse economic realities, advocating for adequate means of implementation in finance, technology, and capacity-building to ensure no nation or community is left behind in the sustainable development transition.
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