On September 26, 2025, the BRICS nations issued a Joint Media Statement that carried strong signals on climate action and finance. Against the backdrop of deepening climate challenges and the run-up to COP30 in Belém, the bloc emphasized the urgent need to align climate ambition with equitable access to finance, technology, and capacity building.

Climate Finance as a Cornerstone of Equity

The statement reaffirmed the long-standing principle of Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), stressing that equity must remain central to global climate governance. Importantly, BRICS called on developed countries to fulfil their overdue commitments on climate finance, technology transfer, and capacity building, underscoring that without these, developing nations will remain constrained in pursuing their climate goals.

Just Transitions Need Affordable Finance

A recurring theme was the just transition, a pathway that balances decarbonization with developmental imperatives. The ministers argued that “accessible, timely, and affordable climate finance” is essential to ensure that climate action does not come at the cost of poverty reduction, jobs, or growth in the Global South. They urged advanced economies to fully deliver on financial resources, particularly concessional and predictable flows, so that developing countries can undertake ambitious but fair transitions.

Scaling Up Through Technology and Concessional Flows

The statement also widened the scope of climate finance by linking it to technology development, transfer, and capacity building. Recognizing the “cross-cutting nature” of climate finance, the ministers called for targeted concessional financing and an integrated approach that leverages BRICS’ collective strengths. This signals an intention to combine South-South cooperation with global finance commitments to unlock scale.

Widened the scope of climate finance by linking it to technology development, transfer, and capacity building.

Innovative Financing for Forests

Beyond traditional climate finance, BRICS backed the forthcoming Tropical Forest Forever Facility, to be launched at COP30 in Belém. This new mechanism seeks to mobilize long-term, results-based finance for tropical forest conservation. The statement encouraged donor countries to contribute ambitiously to ensure the Facility’s timely operationalization. This reflects BRICS’ push to link biodiversity conservation with climate finance mechanisms.

Extending Finance to Biodiversity

Finally, the ministers broadened the conversation beyond climate to biodiversity, urging developed countries to ensure adequate, predictable, and accessible financial resources for conservation, sustainable use, and equitable benefit-sharing. While not labelled as “climate finance” per se, this highlights BRICS’ integrated approach to environmental finance.

This new mechanism seeks to mobilize long-term, results-based finance for tropical forest conservation

Why This Matters

With trust in climate finance pledges at an all-time low, BRICS’ statement is both a reminder and a pressure point. It reinforces that the climate fight cannot be won without addressing the financing gap, and that developed countries must move from promises to delivery. By anchoring climate finance in equity, just transitions, and innovative mechanisms like the Tropical Forest Facility, BRICS has sharpened the debate ahead of COP30.