BRICS Nations Call for Climate Finance Support from Developed Economies

July 6, 2025 - 19:47

BRICS nations have urged developed economies and financial institutions to provide substantial climate finance to developing countries, emphasizing the urgent need for support in addressing climate change challenges. The bloc, which consists of Brazil, Russia, India, China, and South Africa, is advocating for concessional climate financing to help vulnerable nations mitigate the impacts of climate change and transition to sustainable energy sources.

During recent discussions, BRICS leaders highlighted the importance of reforming international financial institutions, particularly the International Monetary Fund (IMF), to better serve the interests of developing nations. They believe that a reformed IMF could play a crucial role in delivering the necessary resources and support for climate initiatives.

Additionally, the New Development Bank (NDB), established by BRICS, is being positioned to expand its role in financing projects that promote sustainable development and climate resilience. The bloc's collective push for increased financial assistance underscores the growing recognition of the interconnectedness of climate change and global economic stability.