Ministers representing the Global South push for trillions in annual support and a robust outcome at COP 29, while rallying global solidarity and reinforcing the role of the New Development Bank
The environment ministers from Brazil, South Africa, India, and China (BASIC) have reaffirmed their dedication to multilateralism and international cooperation in achieving low-carbon, climate-resilient development while tackling poverty and promoting sustainable growth. In a joint statement, they emphasised the New Collective Quantified Goal (NCQG) on climate finance as a crucial outcome expected from the 2024 UN Climate Change Conference (COP 29) in Baku, Azerbaijan.
The ministers expressed grave concern over attempts by developed nations to weaken their climate finance obligations by suggesting a broader contributor base. They are calling for the NCQG’s annual funding to increase from billions to trillions of $ in grant-based, public-funded support from developed countries.
Looking ahead, the BASIC ministers anticipate that a successful COP 29 will set the stage for an ambitious COP 30, which Brazil will host in 2025. They have outlined a new vision for strengthening BASIC leadership by improving coordination on international climate agendas, promoting scientific and academic dialogue, and enhancing joint action on sustainable development. This includes expanding the role of the New Development Bank (NDB) in supporting sustainable development in the Global South.
Welcoming Brazil’s upcoming BRICS+ presidency in 2025, the ministers highlighted the NDB’s role in accelerating climate action in developing nations. They also reiterated their commitment to submitting updated Nationally Determined Contributions (NDCs) under the Paris Agreement, guided by principles of climate justice and ecosystem preservation.
The ministers called on developed countries to fulfil their climate finance and mitigation commitments, urging global solidarity to ensure that no country or individual is left behind. They reaffirmed their support for the Group of 77 and China (G77/China) in the quest for equitable climate action.