BRICS Leaders Urge Enhanced Climate Finance for Developing Nations

At the BRICS Finance Ministers and Central Bank Governors meeting, Indian Finance Minister Nirmala Sitharaman emphasized India's resilience, citing strong domestic demand and prudent macroeconomic strategies. She highlighted India's policy shift towards market diversification and infrastructure growth amid global trade and financial challenges.

Sitharaman underlined BRICS' crucial role in fostering inclusive multilateralism amidst global institutional legitimacy dilemmas. She stressed BRICS' need to lead by advocating reforms and amplifying the Global South's voice while deepening cooperation in sustainable development, noting that the Global South shouldn't bear the primary climate action burden.

The BRICS joint statement urged advanced economies to substantially finance climate mitigation efforts in developing nations. The statement highlighted the need for concessional finance and private capital mobilization, calling on international financial institutions to enhance support for Emerging Market and Developing Economies (EMDEs) adaptation needs.

(With inputs from agencies.)