The BRICS Bank has allocated 40% of its funds—$40B—to climate projects like clean energy. Ahead of COP30, this boosts its role in green finance. BRICS urges developed nations to fulfill climate funding commitments.
The New Development Bank, known as the BRICS Bank, has ramped up its climate action by dedicating 40% of its portfolio—nearly $40B—to green projects like clean energy, water systems, and environmental preservation. This strategic pivot aligns with global efforts ahead of COP30, set to take place in Brazil.
In response to rising climate urgency, the BRICS Bank is issuing green bonds and deepening sustainable financing across its member nations. Leaders highlighted the importance of concessional finance and urged developed nations to fulfill climate funding pledges to support the Global South in meeting Paris Agreement targets.
With this move, the BRICS alliance is positioning itself as a leading force in climate governance and sustainable development, reinforcing its vision of a fairer global financial system that centers the needs of emerging economies.
https://brics.br/en/news/climate-financing-is-the-focus-of-the-brics-bank