Johannesburg – At the 27th Conference of Parties at the United Nations Framework Convention on Climate Change (COP 27) in Sharm el-Sheikh, Egypt, four BRICS nations are gravely concerned that developed countries are still not showing leadership or responding with a matching progression of effort.
These countries called for a united, solidarity-based response by developing countries to any unfair shifting of responsibilities from developed to developing countries.
Ministers from Brazil, South Africa, India, and China representing the BASIC Group have met, and in a joint statement issued by the group, they detailed that there has been backtracking on finance and mitigation commitments and pledges by developed countries.
“There has also been a significant increase in the consumption and production of fossil fuels in the past year by developed countries, even as they continue to press developing countries to move away from the same resources. Such double standards are incompatible with climate equity and justice,” said the group.
The group also underscored the need for a fundamental transformation and modernisation of the global financial architecture, including a systematic reform of the multilateral development banks to make them fit-for-purpose in supporting sustainable development, and just and equitable transitions.
“The key is to address risk aversion in investing in developing countries, prioritise grant support and dramatically lower the cost and conditionality on borrowing money that places multilateral support out of reach of the majority of the world’s population, including in BASIC countries,” added the Group.
The group said developed countries must honour their pre-2020 commitments regarding mitigation, adaptation, and means of implementation and support provided, without transferring any burden or responsibility to developing countries.
“Developed countries are required to take immediate actions to close the pre-2020 implementation gaps,” they said.
The group also emphasised that developed countries need to further enhance the transparency of climate finance.
The Star