Rio de Janeiro [Brazil], July 6 (ANI): BRICS member nations have called on advanced economies and the international financial system to provide 'substantial' finance for climate mitigation in developing economies.

'...We call on advanced economies and other relevant actors in the international financial system as well as the private sector to provide substantial finance for climate actions in developing countries, including by expanding concessional finance and increasing private capital mobilization,' Finance Ministers and Central Bank Governors of the BRICS countries have said in a joint statement Sunday, just ahead of the Summit.

'Given the significant adaptation needs of EMDEs (Emerging Market and Developing Economies), we call on international financial institutions to scale up support for adaptation and to help create an enabling environment that encourages greater private sector participation in mitigation efforts,' the joint statement continued.

BRICS members acknowledged the need to address structural challenges stemming from climate change and energy transitions, biodiversity and nature conservation, among others.

'We reaffirm that predictable, equitable, accessible, and affordable climate finance is indispensable for just transitions, in line with country circumstances and development priorities, and for meeting the goals of the UNFCCC and its Paris Agreement,' the joint statement read.

India, a BRICS member, has always been vocal about climate finance arrangements, primarily from the developed countries that are huge carbon emitters. India continued to be vocal about the need for adequate finance, particularly for the Global South.

Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.

Developing countries have been of the view that developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance.

Further in the joint statement, referring to the current context of uncertainty and volatility, the BRICS member nations asserted that the International Monetary Fund (IMF) must remain adequately resourced and agile, at the centre of the global financial safety net (GFSN), to effectively support its members, particularly the most vulnerable countries.

BRICS members also welcomed the New Development Bank's steady expansion of its capacity to mobilize resources, foster innovation, expand local currency financing, diversify funding sources, and support impactful projects that advance sustainable development, reduce inequality, and promote infrastructure investments and economic integration.

'As the New Development Bank is set to embark on its second golden decade of high-quality development, we recognise and support its growing role as a robust and strategic agent of development and modernisation in the Global South,' the joint statement read.

In conclusion, BRICS members affirmed they will continue the work throughout the second half of 2025 to advance the initiatives and further strengthen coordination with a view to ensuring a smooth transition and continued momentum under the Indian Presidency in 2026.

Finance Ministers and Central Bank Governors of the BRICS countries gathered in Rio de Janeiro, Brazil, on July 5, 2025, under the theme 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance'.

BRICS member countries encompass almost half of the world's population, spreading across four continents, and their economies account for nearly 40 per cent of global Gross Domestic Product (GDP).

BRICS economies have become more integrated into the world economy and now represent about a quarter of global trade and investment flows.

The joint statement asserted that they recognise that more needs to be done to ensure that the benefits of globalisation, economic growth and productivity spread more equally to all.

Total international trade (exports plus imports) of BRICS countries stood at USD 10.5 trillion in 2024 and has increased at a 7.9 per cent CAGR between 2020 and 2024, according to a report by Rubix Data Sciences -- a leading provider of risk management and monitoring solutions.

BRICS nations are net exporters, collectively exporting more goods than they import, reflecting their strong production capacities and growing influence in global trade. (ANI)