Member countries haveopposed unilateral trade-restrictive measures such as the European Union’s Carbon Border Adjustment Mechanism (CBAM), stating it can undermine efforts being made by developing economies to effect the transition. New Delhi: BRICS countries on Saturday, in their New Delhi declaration, specified energy security as a crucial foundation for social and economic development , emphasising that fossil fuels will still play an important role and the need for a just, orderly and equitable energy transition.
“We also underscore the importance of enhancing early warning systems and risk-informed planning to strengthen preparedness and response capacities,” the resolution added. Acknowledging an increasing incidence of disasters, including those linked to climate change, member countries reaffirmed commitment for BRICS cooperation to improve national disaster risk reduction systems while mobilising accessible, predictable and adequate, predictable financing.
“This includes its provisions related to mitigation, adaptation, loss and damage and the provision of means of implementation to developing countries, reflecting equity and the principle of common but differentiated responsibilities and respective capabilities, in light of different national circumstances. We also recognise that high debt burdens further constrain climate and development investment in many developing countries and call for coordinated international action to enhance debt sustainability, expand fiscal space, and support sustainable development and climate financing,” it states, commending the ‘successful’ conclusion of the Brazilian COP30 presidency and expressing support for Ethiopia’s UNFCCC COP32 presidency. Amidst growing global volatility around the energy sector, the declaration called for the need to enhance energy security too — by ensuring energy market stability and maintaining undisrupted flows of energy from diverse sources, strengthening value chains, ensuring resilience and protection of critical energy infrastructure, including cross-border infrastructure.
