The BRICS nations are actively collaborating to accelerate sustainable finance within the group and implement joint climate and sustainability projects. This effort hinges on harmonising their ESG (environmental, social, and governance) financial infrastructure.
Harmonisation is crucial for bolstering investor confidence and reducing barriers to capital flow. In situations where the global financial system falls short in providing adequate inclusive climate investments for developing nations, the BRICS initiative takes on even greater significance.
A session addressing this topic will be held at the Russian Pavilion during the now-running COP28 on 6th December titled, "Ahead of the Russia's BRICS Presidency: Developing energy cooperation for a just energy transition”. It will delve into the results of the BRICS Energy Research Cooperation Platform's work in 2023. Focus areas include energy security, training personnel for the energy sector, developing national energy transition models, and charting the course for energy dialogue during Russia's BRICS Presidency in 2024.
A more comprehensive session will be held on December 12th also at the Russian pavilion titled "Harmonisation of responsible finance infrastructure in BRICS countries: Paving the way to a common sustainable future". Speakers will explore joint actions necessary for mobilising climate and sustainable financing. Additionally, participants will discuss opportunities for developing and implementing common recommendations, standards, and requirements in the field of sustainable finance, aligning with BRICS countries' sustainable development priorities.
The session will also propose key steps towards harmonising ESG finance infrastructure. A panel of distinguished speakers representing BRICS financial institutions, government officials, and leading research institutions will lead the discussion.
As Russia prepares to assume the BRICS Presidency, it remains committed to engaging in ongoing discussions with its partners on ensuring a just energy transition.
With the UAE's recent official accession to BRICS, the group strengthens its commitment to multilateral action and constructive dialogue. This platform provides a powerful voice for developing and emerging economies on the global stage.
News Source; Emirates News Agency
