The Joint Declaration of the 17th BRICS Summit, signed on Saturday, 6 July by the leaders of the 11 largest emerging economies in Rio de Janeiro includes specific reference to the duty of developed countries to provide climate financing to developing countries.

Entitled “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance”, the declaration confirms the group’s commitment to strengthening multilateralism, defending international law, and striving for a more equitable global order.

Under the heading “Combating Climate Change and Promoting Sustainable, Fair and Inclusive Development”, point 83 of the declaration reads as follows:

“We emphasize that ensuring accessible, timely and affordable climate finance for developing countries is critical for enabling just transitions pathways that combine climate action with sustainable development. We underscore that the provision and mobilization of resources under the UNFCCC and its Paris Agreement is a responsibility of developed countries towards developing countries. Committed to multilateralism and international cooperation and determined to lead a global mobilization for a fairer and more sustainable International Monetary and Financial System, we have adopted the Leaders’ Framework Declaration on Climate Finance, leveraging our economic strength and innovation capacity to demonstrate that ambitious climate action can advance prosperity and a better future for everyone. We further reiterate that the objectives, principles and provisions of the UNFCCC, its Kyoto Protocol and Paris Agreement, including its principles of equity and common but differentiated responsibilities and respective capabilities in the light of different national circumstances, must be honoured.”

Three other documents reflecting the priorities of the Brazilian presidency were approved during the summit: the BRICS Leaders’ Framework Declaration on Climate Finance, the BRICS Leaders’ Declaration on Global Governance of Artificial Intelligence, and the BRICS Partnership for the Elimination of Socially Determined Diseases.

In a statement issued to accompany the Joint Declaration, BRICS leaders also recognised the Tropical Forest Forever Fund (TFFF). The fund was proposed by Brazil as a means for emerging economies to fund climate change mitigation above and beyond the requirements set for wealthy nations in the 2015 Paris Agreement. According to Energy News, “two sources familiar with the talks said last week that China and the UAE indicated in their meetings with Brazilian Finance minister Fernando Haddad at Rio they planned to invest in the fund.”

Download the Joint Declaration of the 17^th BRICS Summit here.