BRICS Leaders Urge Enhanced Climate Finance for Developing Nations
During the BRICS Finance Minister and Central Bank Governors meeting, India's Finance Minister Nirmala Sitharaman emphasized the nation's resilience through robust domestic demand and fiscal strategies. She advocated for BRICS to champion inclusive multilateralism and called for increased climate finance from advanced economies to assist developing nations.
- Country:
- Brazil
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.)
ALSO READ
India’s Strides in Sustainable Development: A Dual Strategy
UN forum affirms stronger commitment to achieve sustainable development
India's AI Ambitions: Sharing Technological Solutions with the Global South
India ready share AI models with Global South: IT Secretary S Krishnan
Georgia’s Green Growth Strategy: A Roadmap for Resilient and Sustainable Development
Google News