BRICS Finance Ministers reaffirm climate finance commitment, call for stronger sustainable infrastructure

Mumbai: BRICS Finance Ministers have reaffirmed their commitment to the full and effective implementation of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, stressing the principles of equity and common but differentiated responsibilities and respective capabilities (CBDR-RC) in light of different national circumstances.

The BRICS Finance Ministers and Central Bank Governors met in Mumbai on September 10 under India’s 2026 BRICS theme, “Building for Resilience, Innovation, Cooperation and Sustainability.” They subsequently adopted a Joint Statement outlining their priorities for economic and financial cooperation.

Under the sustainability pillar of their joint statement, the ministers welcomed a discussion note on climate finance, saying it could serve as a non-binding reference for further dialogue, improve “transparency around climate finance” flows and facilitate the sharing of best practices among BRICS countries.

The ministers also took note of a Compendium on Financing Mechanisms for Sustainable Lifestyles and a review of climate-related vulnerabilities, which highlight measures being adopted by BRICS nations to mobilise finance through nationally determined approaches and policies in line with their sustainable development priorities.

They encouraged continued exchange of experiences on climate finance mechanisms and policies, while also welcoming a discussion paper on Artificial Intelligence and the Green Economy. The paper examines both the opportunities and challenges associated with the responsible use of AI to promote sustainable economic growth.

The joint statement also highlighted the work of the BRICS Task Force on Growth and Development, which provides member countries a platform to discuss development models suited to their respective national circumstances and priorities.

On infrastructure, the ministers welcomed the work of the Task Force on Public-Private Partnerships (PPPs) and Infrastructure, particularly its discussions on PPP models, de-risking mechanisms and strengthening disaster resilience in infrastructure projects.

They welcomed the Task Force’s technical report on PPP models and de-risking mechanisms, describing it as a valuable resource for BRICS countries seeking to strengthen their PPP ecosystems and improve risk-allocation frameworks.

The ministers further stressed the importance of systematic knowledge-sharing and exchange of best practices to build a robust pipeline of infrastructure projects and increase private-sector participation.

The BRICS Finance Ministers also welcomed a Compendium of Best Practices on Disaster-Resilient Infrastructure, developed following a BRICS dialogue on disaster-resilient infrastructure. The compendium is expected to help member countries understand and adopt approaches for making infrastructure more resilient to climate and disaster risks.

The joint statement underlines BRICS’ growing focus on climate finance, sustainable development, responsible AI, resilient infrastructure and greater private-sector participation as key elements of future economic growth.