At COP28, the BRICS countries—Brazil, Russia, India, China, and South Africa—are joining forces to enhance sustainable finance and advance joint climate and sustainability projects. This collaboration focuses on aligning their environmental, social, and governance (ESG) financial systems, which is essential for increasing investor confidence and facilitating capital flow.
Given the global financial system’s limitations in providing inclusive climate investments for developing nations, the BRICS initiative gains even more importance. During the ongoing COP28, significant discussions will take place at the Russian Pavilion.
On December 6th, a session titled “Ahead of Russia’s BRICS Presidency: Developing Energy Cooperation for a Just Energy Transition” will review the outcomes of the BRICS Energy Research Cooperation Platform’s activities in 2023. This session will address key topics such as energy security, sector-specific training, national energy transition models, and the roadmap for energy dialogue under Russia’s BRICS Presidency in 2024.
Another major session, scheduled for December 12th, will be held at the Russian Pavilion under the title “Harmonization of Responsible Finance Infrastructure in BRICS Countries: Paving the Way to a Common Sustainable Future.” This session will focus on the collaborative efforts needed to mobilize climate and sustainable financing. Key discussions will center on developing and implementing common standards, recommendations, and requirements for sustainable finance, in alignment with BRICS’ sustainability goals.
A panel of esteemed speakers, including representatives from BRICS financial institutions, government officials, and leading research organizations, will guide the discussion. As Russia prepares to take on the BRICS Presidency, it remains committed to fostering ongoing dialogue with its partners to support a fair energy transition.
With the recent inclusion of the UAE into BRICS, the group’s commitment to multilateral action and constructive dialogue is further reinforced, giving a stronger voice to developing and emerging economies on the global stage.
