The BRICS countries are working together to enhance sustainable finance within their coalition and to initiate collaborative climate and sustainability projects, focusing on aligning their ESG (environmental, social, and governance) financial frameworks.
This alignment is essential to boost investor trust and ease the flow of capital. The BRICS initiative becomes increasingly vital, especially when the global financial system is inadequate in offering comprehensive climate investments for developing nations.
During the ongoing COP28, a session titled “Ahead of Russia’s BRICS Presidency: Developing energy cooperation for a just energy transition” is scheduled for December 6th at the Russian Pavilion.
This session will review the 2023 accomplishments of the BRICS Energy Research Cooperation Platform, with attention on energy security, training for the energy sector, creating national models for energy transition, and preparing for energy discussions during Russia’s BRICS Presidency in 2024.
A more expansive session will occur on December 12th at the Russian pavilion, titled “Harmonisation of responsible finance infrastructure in BRICS countries: Paving the way to a common sustainable future”. This gathering will discuss joint efforts required to mobilize climate and sustainable finance.
The session will also consider the development and implementation of shared guidelines, standards, and criteria in sustainable finance, in line with the sustainable development goals of BRICS nations.
Furthermore, the session aims to outline vital steps towards synchronizing ESG finance infrastructure. A panel comprising representatives from BRICS financial institutions, government authorities, and top research bodies will lead the discourse.
As Russia gears up to take over the BRICS Presidency, it reaffirms its dedication to continuous collaboration with its partners to promote a fair energy transition.
The recent formal inclusion of the UAE into BRICS underscores the group’s commitment to multilateral cooperation and productive dialogue. This coalition serves as a significant platform for voicing the concerns of developing and emerging economies on a global level.
