BRICS adopts climate action framework, establishes partnership in carbon market

A session within the framework of the BRICS Climate Agenda Forum took place in the Russian capital Moscow from August 29-30. (Source: Sputnik)

The framework was adopted after a two-day BRICS Climate Agenda Forum in Moscow, Russia. The parties also signed a Memorandum of Understanding (MoU) on partnership in carbon markets.

According to TASS news agency, the BRICS sustainable development cooperation framework covers all key aspects related to climate action such as just transition, adaptation, carbon markets, finance, science and business engagement.

Russian Economic Development Minister Maxim Reshetnikov said that BRICS members called on developed countries to respect their commitments on climate finance for developing countries.

Regarding the MoU on partnership in the carbon market, Minister Reshetnikov said that this framework will provide a basis for BRICS countries to discuss a range of issues related to carbon credit exchange, infrastructure-related approaches, methodologies, validation and verification procedures in the market.

According to the ministry, the establishment of the partnership allows BRICS member countries to learn from each other's experiences in building carbon markets and implementing joint climate-related projects.

BRICS was founded in 2009 and currently has members including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE).