Developing Nations Demand Climate Finance Trillions, Vow Unified Action

The environment ministers of Brazil, South Africa, India, and China (BASIC) have issued a joint statement, reaffirming their commitment to multilateralism and international cooperation in the fight against climate change. The statement highlights the New Collective Quantified Goal (NCQG) on climate finance as a key outcome expected from the 2024 UN Climate Change Conference (UNFCCC COP 29) in Baku, Azerbaijan, and expresses deep concerns over attempts by developed countries to dilute their climate finance obligations.

BASIC Nations Unify for Climate Action and Sustainable Development

Strengthening BASIC Leadership on the Global Climate Agenda

The BASIC ministers have agreed to enhance their coordination on the international climate change agenda, with a focus on the multilateral climate regime under the UNFCCC. They plan to leverage scientific and academic dialogue, as well as expand joint action and cooperation on sustainable development, particularly through the expansion of the role of the New Development Bank (NDB) in supporting the Global South.The ministers welcome the Brazilian presidency of BRICS+ in 2025 and highlight the NDB's contribution to scaling up and accelerating climate action in developing countries. They reaffirm their commitment to submitting their next generation of Nationally Determined Contributions (NDCs) under the Paris Agreement in a nationally-determined manner, recognizing the principles of historical responsibilities, climate justice, just transitions, and the need to conserve, preserve, and restore ecosystems.

Demanding Climate Finance Commitments from Developed Nations

The BASIC ministers call on developed countries to recognize their failure to fulfill their commitments on mitigation and climate finance, urging them to step up their efforts. They signal their expectation that the quantum of the NCQG should shift from billions to trillions of USD per year in grant-based, public-funded support by developed countries.The ministers emphasize the need for global solidarity in ensuring that no country, place, or individual is left behind, and reaffirm their commitment to the unity of the Group of 77 and China (G77/China). They condemn all forms of unilateralism and protectionism, and commit to working together to ensure sustainable, responsible, and just value chains for critical minerals and rare earths.

Promoting a Just and Equitable Energy Transition

The BASIC ministers welcome the UAE Consensus on Just Transition Pathways' vision of all-of-economy and all-of-society just transitions to achieve sustainable development. They emphasize that energy transitions should be carried out in a just, orderly, and equitable manner, and urge developed countries to increase "multifold" their collective provision of adaptation finance.The ministers recognize that equitable mitigation action must be guided by historical responsibilities, climate justice, just transitions, and the need to conserve, preserve, and restore ecosystems. They call for global solidarity in ensuring that no country, place, or individual is left behind, and reaffirm their commitment to the unity of the G77/China.

Showcasing National Climate Commitments and Achievements

The joint statement also highlights the individual climate commitments, efforts, and achievements of each BASIC country. This showcases the collective progress and leadership of the BASIC nations in addressing the global climate challenge.The 2024 BASIC Ministerial Meeting on Climate Change was held in Wuhan, China, on 21 July. The ministers welcomed India's proposals to host UNFCCC COP 33 in 2028 and the BASIC ministerial meeting in 2025, further strengthening their collaborative efforts on the international climate agenda.