Baku, November 18, 2024 – The Russian Business Day at COP29 served as a platform for showcasing BRICS climate efforts, emphasizing cooperation among BRICS countries and highlighting best practices in decarbonization.
Climate Action in BRICS+: Maximizing Potential and Cutting Emissions
BRICS+ countries account for 46% of global net GHG emissions and 20% of global reduction commitments. Specialists at the conference emphasized that BRICS countries could achieve up to 9.5 gigatons of CO₂-equivalent annual net emissions reductions through natural solutions, representing 33% of total global mitigation potential. By implementing voluntary climate projects, BRICS+ countries can both monetize untapped opportunities and achieve economically credible emission reductions.
Accelerating the Global Carbon Market
Integrating carbon trading frameworks within BRICS countries could represent a significant step toward creating a unified global carbon market. Key achievements under the 2024 Russian BRICS presidency include:
- Establishment of the BRICS Contact Group on Climate Change and Sustainable Development.
- Adoption of the Framework Program on Climate and Sustainable Development.
- Signing of a Memorandum of Understanding on the BRICS Partnership for Carbon Markets, providing a platform for sharing experiences and coordinating climate actions.
- Creation of the BRICS Climate Research Platform to enable scientific collaboration and knowledge sharing.
- Development of the BRICS Carbon Market Roadmap, with a meta-registry set for completion by 2026.
This year, Andrey Melnichenko, Chairman of Committee on Climate Policy and Carbon Regulation of the Russian Union of Industrialists and Entrepreneurs (RSPP), proposed establishing a centralized BRICS+ carbon unit registry to streamline emissions accounting, enhance transparency, and support a shared carbon market.
Bridging the Gap in Article 6 Implementation
Despite advancements at COP29 in aligning mechanisms for an international carbon market under Article 6 of the Paris Agreement, full implementation remains distant. BRICS cooperation has emerged as a practical example of advancing global climate goals.
Addressing Climate Justice
Business leaders in BRICS countries are increasingly advocating for climate justice, emphasizing the historical responsibility of developed nations for their disproportionate contributions to global warming. Sergey Tverdokhleb, Deputy Chair of the Russian Committee, criticized the unequal burden placed on exporters from low per-capita emission nations under the European carbon border adjustment mechanisms.
“Why should exporters from low-emission countries face penalties, while high-emission nations evade equivalent responsibilities?”, Tverdokhleb asked.