BRICS Finance Ministers agree to promote sustainable financing instruments

At a meeting in Rio de Janeiro, the Finance Ministers and Central Bank Governors of the BRICS countries agreed on three joint declarations aimed at deepening economic cooperation and supporting reforms of the international financial system. This is reported by the official website of the Brazil’s BRICS Presidency.

“BRICS economies have become increasingly integrated into the global economy and now account for approximately one-quarter of global trade and investment flows. At the same time, member states acknowledge that further progress is needed to ensure that the benefits of globalisation, economic growth, and productivity are distributed more equitably among all peoples,” the document affirms.

The heads of departments called on international financial organisations to support measures to adapt to climate change and create conditions for active business participation in this. To attract private investment, it is planned to use various sustainable financing instruments, including green bonds, loans in national currencies and mixed financing mechanisms. At the same time, the BRICS countries intend to promote voluntary carbon markets.

According to the statement, the "dozens" of countries advocate for transparency in the tax sphere and support a global dialogue on fair taxation to reduce inequality.

"We pledge to continue proactive efforts to enhance social engagement within the BRICS process, deepen cooperation among expert communities and civil society across member states, and reinforce the People-to-People pillar within our economic and financial agenda," the document emphasises.

Special attention at the meeting was paid to preparations for the 30th Conference of the Parties to the 2025 UN Climate Change Conference, which will be held in Belem in November. The ministers called for the active participation of financial authorities in discussing a roadmap for attracting US$1.3 trillion in climate investments annually.

Photo: Rafa Neddermeyer / BRICS Brasil