The landscape of global climate diplomacy is undergoing significant shifts, with many traditional multilateral institutions struggling to maintain their influence amidst a deepening climate crisis. Challenges have emerged, particularly with the United States’ withdrawal from the Paris Agreement under Donald Trump’s leadership, leaving a notable gap in global climate efforts.
Previously, at COP29, the United States committed US $11 billion to climate finance, positioning itself as the largest bilateral donor. This withdrawal represents a significant setback for global climate aspirations. Concurrently, Europe’s climate leadership is waning, as political forces on the right advocate for a return to industrialization over renewable energies and redirect public finances towards military expenditures, which indicates a retreat from the European Union’s climate goals.
Recent climate negotiations have underscored this political regression. The Bonn Climate Change Conference reached an impasse over its agenda, with no consensus achieved on climate finance and only minimal progress on loss and damage issues. The trust deficit between developed and developing nations persists, casting doubt on the potential for significant breakthroughs in future global climate discussions.
As the Global North exhibits an inconsistent commitment to the climate crisis, the Global South is bearing the brunt of escalating climate impacts. In this context, alternative forums are gaining prominence. Could the BRICS group be one such forum?
At the recent BRICS summit in Rio, climate issues were prioritized, emphasizing the principle of common but differentiated responsibilities. Brazil is set to host COP30 in Belém this November, with an ambitious target of mobilizing US $1.3 trillion in climate finance for the Global South. The BRICS Rio Declaration highlighted a commitment to reforming the international financial system and fostering stronger intra-BRICS cooperation on climate-resilient development and green industrialization.
Progress is already visible. The New Development Bank, established by BRICS members in 2014, has pledged to allocate 40% of its financing to climate goals by 2026. Currently, 45 per cent of its funding is directed towards adaptation, surpassing the World Bank’s 33 per cent. Although the New Development Bank’s financial volumes remain modest, its portfolio aligns with the development needs of its member countries.
BRICS’s influence is considerable. With expanded membership, the bloc represents over 45 per cent of the global population and nearly 30 per cent of the world’s GDP. Intra-BRICS trade has surged by 85 per cent in the last decade, outpacing global trade growth, with an increasing share conducted in local currencies. For instance, 95 per cent of China-Russia trade and 90 per cent of India-Russia trade bypass the US dollar, reducing reliance on Western financial institutions. BRICS countries hold 72 per cent of global rare earth reserves, essential for clean technologies like solar panels, wind turbines, and electric vehicles. Cooperative management of these resources could facilitate a fairer model of green industrialization, distinct from traditional extractive development patterns.
With India’s Prime Minister Narendra Modi suggesting an alternative acronym for the bloc – “Building Resilience and Innovation for Cooperation and Sustainability” – to escape the association with the founding members, it also suggests a stronger push for development-oriented climate cooperation.
However, BRICS’s potential to lead remains uncertain. Internal and structural challenges persist, including political tensions such as the strained India-China relations. Major BRICS members are still heavily reliant on fossil fuels, with India and China driving demand, Russia dependent on exports, and Brazil continuing deforestation.
Institutionally, the bloc lacks binding climate targets or enforcement mechanisms. Although members share climate-related sentiments, the Rio summit only resulted in a declaration, not a concrete roadmap.
Additionally, BRICS has yet to articulate a coherent alternative vision, with its climate stance often reacting to and contrasting with Western approaches.
Still, BRICS offers a platform rooted in the development realities of the Global South, reflecting the urgency of climate change for countries in Africa, Asia, and Latin America. As the presidency of BRICS transitions to India in 2026, the bloc could become a more prominent climate advocate for the Global South if it is guided with ambition and clarity.
Original Story at www.lowyinstitute.org