BRICS High Level Meeting on Climate Change
- 21 May 2022
- 6 min read
Why in News?
Recently, the Union Minister of Environment, Forest and Climate Change participated in the BRICS high-level meeting on Climate Change where he highlighted the relevance of the forum to jointly address climate change, to explore approaches to accelerate low-carbon and resilient transition, and to achieve sustainable recovery and development.
- The Meeting was chaired by People's Republic of China and was attended by Environment Ministers of BRICS nations including Brazil, Russia, India and South Africa.
What are the Highlights of the Meeting?
- India underscored its commitment to strong climate action including the promotion of sustainable lifestyles based on mindful consumption and reduction of waste.
- India is today leading by example by taking several robust steps in the field of renewable energy, sustainable habitats, creation of carbon sinks through additional forest and tree cover, transition to sustainable transport, E-mobility, mobilizing the private sector to make climate commitments, etc.
- India has progressively continued decoupling economic growth from greenhouse gas emissions.
- Ambitious implementation of climate actions by developing countries is contingent on the ambitious and adequate delivery of climate finance, technology transfer, and other implementation support, as mandated by the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
- BRICS nations expressed optimism towards the delivery of climate finance as per the Glasgow decision and the Climate Finance Delivery Plan released by the COP 26 Presidency.
- BRICS Environment Ministers expressed commitment to strengthen collaboration on climate change and broaden and deepen the contents of cooperation.
- Further, the countries agreed to carry out policy exchanges and cooperation in areas of environment and climate change.
What is BRICS?
- BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
- In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
- The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006.
- South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
- The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
- The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
- India was the chair for 2021.
- During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB - Shanghai, China). They also signed the BRICS Contingent Reserve Arrangement to provide short-term liquidity support to the members.