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| Last Updated:06/07/2020

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BRICS to set up green fund

                                                                                                                                        The Hindu, New Delhi, 6th February, 2015


The BRICS grouping comprising Brazil, Russia, India, China and South Africa is discussing a green fund under the New Development Bank to undertake green projects and develop green technologies towards sustainable development.

This will be part of the discussions during the BRICS environmental ministers meeting in April in Russia where they would discuss green economy and tackling challenges of climate change among the BRICS region said visiting Russian Minister of Natural Resources and Environment Sergei Donskoi on Friday.

“During the BRICS meeting of environment ministers, we have chosen specially the topic of development of green economy... resolution of environmental problems and competitiveness of business in the context of green economy,” said Mr. Donskoi, who is currently on a visit to India.

The New Development Bank has been agreed upon by BRICS to be based in China with assets of $100 billion as a rival the International Monetary Fund (IMF).

The Russian Minister participated in the Delhi Sustainable Development Summit (DSDS) and also held discussions with his Indian counterpart Prakash Javadekar.

Mr. Donskoi said the meeting in Moscow would release a document which would identify future projects and plan of action for implementing them.

“We discussed the draft of the document and we gave it to the Indian Environment Minister. We are now expecting further discussions on this with our Indian colleagues,” he said.

On the upcoming global climate summit in Paris, the Russian minister said that Russia will impress upon the necessity of signing an “all-inclusive agreement” in a differentiated manner.

“The main topic of the discussion on our part will be the necessity of signing an all-inclusive agreement which would fix differentiated approaches of different countries and the need of working in accordance with each country’s responsibility for fulfilling these conventions,” he added.