BRICS’ fossil fuels fascination undermines largely positive declaration
7 July 2025
At a time of increasing warmongering, geopolitical divisions and dangerous rhetoric, BRICS leaders bucked the trend this weekend by focussing on international cooperation, multilateralism and reforming financial systems. In the declaration signed in Rio de Janeiro by the leaders of the world’s eleven largest emerging economies, there were several notable positives: a strong recognition of the crucial role accessible and affordable finance plays in the just transition; the need for equitable critical minerals supply chains; the protection of workers’ rights including in the informal economy; and support for Palestine and for a two-state solution.
However, the negatives were disturbing and anachronistic, particularly the promotion of fossil fuels and technology as drivers of positive climate action.
Responding to the news, Jacobo Ocharan, Head of Political Strategies at Climate Action Network International, said, “The people of the world, particularly those suffering from genocide, conflict and climate impacts, need political leaders to breathe life into the multilateral system, keep diplomatic channels open and effective, while reforming our financial system to work for the many and not the few.
“Ensuring and enabling a just transition to a sustainable future is crucial, and the BRICS leaders have emphasised this in the declaration. Encouragingly, they have noted the critical importance of promoting social dialogue, creating decent jobs for people and engaging stakeholders to make this meaningful. With this in mind, CAN welcomes the BRICS Summit declaration, but with caution.
“Undermining the positives of the BRICS declaration is the support for fossil fuels, with leaders alleging the notoriously dirty industry is promoting a just energy transition and emissions reductions: this is not true or accurate. This same erroneous thinking was applied to the tech sector and voluntary carbon markets in the declaration, but we cannot innovate or offset our way out of the climate crisis.
“Despite the welcome calls for more climate finance, leveraging private rather than public finance for climate action remains the name of the game, wrongly and unfairly, with tools including blended finance mechanisms, guarantees and green bonds being touted as solutions. Just as misleading were the calls for using financial instruments that largely only serve Global North interests to transform the financial architecture.
“Countering this somewhat was the BRICS timely yet unsurprising call for improving the current economic system, as the IMF and World Bank don’t work for the benefit of the Global South. With Bretton Woods being over 80 years old, it is more than time for new thinking and governance that is inclusive, credible, representative, and promotes women in leadership roles. The global economy needs this overhaul and BRICS’ recognition of this was legitimate.
“Scant details on how to manage mounting debt in the Global South were offered. This inaction on debt was echoed in the approach to adaptation, which the BRICS failed to assert as a core political priority. Climate adaptation must be prioritised alongside mitigation efforts, no ifs or buts, and it’s something CAN will be pushing for at COP30.”
ENDS/
Notes to editor
BRICS 2025 Summit Declaration available here.
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