BRICS initiatives for Sustainable Development
The BRICS countries have actively worked to develop and implement joint measures to mitigate climate change and adapt to other environmental risks. The group newly created two councils: the BRICS “Contact Group on Climate Change and Sustainable Development” and the “Task Force on ESG and Green Finance”. however these initiatives are not supported by any dedicated financial mechanism. we urge to BRICS leaders to create a common fund for the ecosystem services of the BRICS countries could be established to provide financial support for projects that protect natural ecosystems and effectively implement climate policies. This dedicated fund would make it possible to fund projects for preserving and restoring ecosystems in the member countries. It can therefore be useful to develop a common climate change policy for the BRICS countries in order to strengthen their environmental position in the world and create the image of ecological donors of the planet.
The BRICS countries play a significant role in preserving global public goods and providing essential environmental services for the entire planet. In general, their combined ecological system functions as an ecological “donor” to our planet. The future of humanity’s survival and transition to sustainable development depends largely on the preservation of this system. The BRICS countries own the largest forest area in the world, accounting for about 40% of the world’s forested area. This forest area significantly affects the regulation of the Earth’s climate system, the global water cycle, conservation of global ecosystem services, and specific biodiversity of the Earth. The problem of global water scarcity is perhaps even worse than climate change, whose main impact will be felt later than the exacerbation of water issues. The BRICS countries possess vast water resources, with Brazil and Russia having the largest reserves in the world. The Russian Lake Baikal alone contains approximately 20% of all fresh water on the planet. This factor is of the utmost importance, considering that the current shortages of water will worsen in the near future.
There is a huge reserve of biodiversity on the territory of the BRICS countries; there are unique ecosystems that preserve rare species of flora and fauna that are a planetary treasure. Achieving significant results in these areas is impossible without the use of modern economic tools to financially support environmental and climate initiatives. There is tremendous unexplored potential for creating a joint market and development fund for the BRICS ecosystem services that can be used to attract investments and rationally implement environmental projects within the BRICS framework. However, several obstacles hinder the unified economic assessment of environmental ecosystem among BRICS. Therefore, BRICS grouping is actively working to build an expert knowledge base on this subject. we strongly recommend that the BRICS association needs an institutional, scientific, technical and expert base to make the most effective economic decisions and ensure targeted spending on environmental projects.
It is important to note that the BRICS Climate and Sustainable Development Contact Group is supported by government agencies, such as the Russian Ministry of Economic Development. The private sector in the BRICS countries works with the Task Force for Environmental, Social, and Governance (ESG) and Green Finance. In 2023, the Russian Minister of Economic Development Maxim G. Reshetnikov initiated the creation of a new institutional structure within the BRICS – the Contact Group on Climate and Sustainable Development. The new group will host events to share best practices in low-carbon development, promote ESG goals, and discuss responsible consumption models. (TASS, 2023).
Within the BRICS, Russia is actively working to develop joint strategies for promoting sustainable development and addressing climate change. To work on the climate agenda, Russia has initiated the creation of the BRICS Climate Research Platform. The goal of the platform is to “organize joint scientific and expert activities, prepare research and reports on climate topics, and hold specialized events” (BRICS-Russia, 2024).In the Kazan Declaration dated October 23, 2024, the BRICS countries emphasized the importance of the Kunming-Montreal Global Framework for the Conservation of Biodiversity and called on “developed countries to ensure the provision of sufficient, efficient and easily accessible financial resources to developing countries for the conservation of biodiversity and rational use” (BRICS-Russia, 2024).
If we take a reality check we find that reaching the temperature targets requires a 43 percent reduction in emissions by 2030 (according to the first Global Stocktake). Current efforts however are expected to deliver only a 2 percent reduction. In addition, out of the 169 targets of the Sustainable Development Goals, only 13 percent are on track while 18 percent are not being monitored at all.
We do not lack global agreements, however, we lack enforcement and follow-through. The Paris Agreement and the Sustainable Development Goals are ambitious, yet they remain aspirational because domestic political cycles prioritize short-term gains over long-term collective survival. World governments today need to address urgent challenges in sustainable development and climate action, highlighting the need for faster emission reductions and better tracking of progress on sustainability goals. In simple words, we need to move beyond dialogue and into actionable solutions. Luckily we are on the same page on this issue with countries like People Republic of China and Brazil.
India’s stand on the COP29 was very clear, the biggest challenge is how to manage the Climate Finance, that is how to fund the green transition, especially for developing nations. How can we ensure that developing economies are not left behind in the race to net-zero. Like China, India has set an example by its investment in renewable energy and we are emerging as the industry leader in solar development. The global solar alliance was rightly formed by Prime Minister Modi and many nations have joined it.
It is a question of historical justice (also referred to as climate justice) as the industrialized world has been responsible for most of the missions in the last 200 years. As the saying these days is very popular, that is: “if you are not on the table you are on the menu.” It is therefore very clear that we the developing nations must negotiate how the rules of sustainability (carbon markets, loss and damage) are written, rather than simply accepting mandates from Western capitals.
India stands for nature-based solutions in order to mitigate the effects of global warming in its agricultural sector (organic farming etc.). We have proposed various feasible technologies and solutions for saving ecosystems (forests, water bodies) to combat climate impacts which are well appreciated by many other countries. Hence, India is destined to lead the climate challenge from the front.
Since, India has been a voice of the Global South (as displayed at the new delhi G-20 summit). Hence, our official position is in alignment with our long term policy that please do not just consider us as a market, but a source of new ideas and solutions to counter the climate challenge. The global south can deliver local solutions to our issues and do not have to always follow the UN or WB/IMF dictats. Our leaders and policymakers need to use their diplomatic leverage and forge a new consensus on climate finance.
For more detailed reference on this read: Bobylev S, Rakintsev D, Zolotukhina A (2025) How to capitalize on the environmental potential of the BRICS countries? In: Kuchinskaya T, Limei S, Steblyanskya A (Eds). Trans-borderness in a New Era: Integration, Identities and Cooperation for Sustainable Development. BRICS Journal of Economics 6(3): 113-129. https://doi.org/10.3897/brics-econ.6.e162066
BRICS-Russia. (2024). Kazan Declaration. Kremlin. http://static.kremlin.ru/media/events/files/ru/MUCfWDg0QRs3xfMUiCAmF3LEh02OL3Hk.pdf
