BRICS Countries Approve Memorandum on Carbon Markets Partnership

Moscow hosted the BRICS Climate Agenda in Modern Conditions Forum on 29–30 August. At the Forum, BRICS countries adopted the Framework for Climate and Sustainable Development, which includes all the main aspects of climate action – the just transition, mitigation, adaptation, carbon markets, finance, science, and involvement of business. Russian Minister of Economic Development Maxim Reshetnikov said the Framework will allow BRICS countries to determine measures to combat climate change without harming the economic well-being of countries.

“All BRICS countries understand that developed nations must stop using unilateral green protectionism measures. They damage the economies and trade chains of developing countries. We call on developed countries to fulfil their obligations to provide climate finding to developing nations,” Maxim Reshetnikov said.

The second key document that was drafted by the BRICS Contact Group on Climate Change and Sustainable Development, which was established based on an initiative from Russia during the year of its BRICS chairmanship, is the Memorandum of Understanding on the BRICS Carbon Market Partnership. The launch of the partnership will enable BRICS countries to study each other’s experience in creating carbon markets and implement joint climate projects, including those involving the issuance of carbon units.

“As part of the Carbon Market Partnership, BRICS countries will be able to discuss the entire range of issues associated with carbon unit trading – approaches to infrastructure, methodologies, validation, and verification procedures,” Maxim Reshetnikov said in comments on the results of the BRICS High-Level Dialogue on Climate Change and Sustainable Development. “We agreed to continue working on the memorandum of understanding in order to sign it and launch the partnership by the BRICS Summit in Kazan,” he said.

Maxim Reshetnikov said the actions of BRICS countries in matters concerning climate change should be based on the scientific data, analytics, and expertise of BRICS countries. The Forum participants agreed to begin negotiations this year on the launch of a special BRICS Climate Research Platform, which could be used to prepare BRICS studies and reports on climate issues and hold scientific events.

“The Forum itself conveys the values of the BRICS climate strategy. The Roscongress Foundation, the organizer of the event, and Rusal agreed to compensate for the carbon footprint by using the BRICS event with confirmed verification. This could become a good tradition for the carbon units offsetting mechanism. The Forum will acquire the status of being the first carbon-neutral one,” Maxim Reshetnikov said.

The Roscongress Foundation manages the events of Russia’s BRICS chairmanship.