- BRICS leaders urged wealthy nations to provide climate finance and supported fossil fuel use in developing economies.
- They endorsed Brazil’s Tropical Forests Forever Facility and condemned EU carbon taxes and deforestation laws as protectionist.
On July 7, the final day of the summit in Rio de Janeiro, BRICS leaders called on wealthy nations to fund global efforts to reduce greenhouse gas emissions while defending the continued role of fossil fuels in developing economies.
Brazilian President Luiz Inácio Lula da Silva emphasized the Global South’s importance in addressing climate change as Brazil prepares to host the UN climate summit in November. “BRICS is the heir to the Non-Aligned Movement,” Lula said during his opening remarks on Sunday, July 6. “With multilateralism under attack, our autonomy is again in check.”
The group’s joint statement, released on Sunday, July 6, reaffirmed emerging economies’ long-standing position that developed nations are responsible for providing climate finance to the developing world. The statement also backed Brazil’s proposed Tropical Forests Forever Facility, a fund aimed at protecting endangered forests and supporting climate action beyond the obligations of the 2015 Paris Agreement.
According to sources familiar with the discussions, China and the United Arab Emirates signalled their intent to invest in the fund to Brazilian Finance Minister Fernando Haddad.
Despite highlighting climate concerns, BRICS leaders maintained that fossil fuels remain essential for energy security in many developing nations. Brazilian Environment Minister Marina Silva acknowledged the contradictions. “We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions,” she said, responding to questions about Brazil’s plans to extract offshore oil near the Amazon.
The joint declaration criticized Western policies such as carbon border taxes and anti-deforestation laws, particularly those from Europe, calling them “discriminatory protectionist measures” disguised as environmental regulations.
The summit also touched on geopolitical tensions. Leaders condemned military strikes in Iran and Gaza but disagreed on reforming the UN Security Council. While China and Russia supported Brazil and India’s bids for permanent seats, other members did not.
Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa joined the talks, but Chinese President Xi Jinping was absent, sending Premier Li Qiang instead. The summit marked Indonesia’s first participation as a BRICS member, reflecting the bloc’s expansion to 11 countries, which now account for 40% of global economic output.
Despite some differences, the BRICS summit projected the bloc as a unified force pushing for a more inclusive global order and greater influence for the Global South.