The BRICS member countries have reached a new agreement to establish a multilateral financial guarantee mechanism aimed at supporting sustainable development projects, including the energy transition, the expansion of renewable energy, and the strengthening of resilient infrastructure.
“We held a joint session on COP30 climate financing to review the agenda developed over the past six months. We’ve prepared a technical report to help align the positions of finance ministries and central banks, with the goal of contributing to the Leaders’ Declaration,” explained Tatiana Rosito, Secretary for International Affairs at Brasilian Ministry of Finance.
This agenda outlines specific instruments, such as BRICS guarantees designed to drive investment in climate-related initiatives—ranging from resilient infrastructure and nature-based solutions to adaptation and the energy transition,” Rosito added.
She explained that the mechanism is designed to increase the availability of resources for BRICS countries and reduce capital costs by lowering financial risk. The model functions similarly to the World Bank’s Multilateral Investment Guarantee Agency (MIGA), which provides credit guarantees to spur investment in developing countries.
The mechanism was officially launched on 5th July, during the BRICS Finance Ministers Meeting. The terms of its operation and the specific guarantees to be offered will be further defined in the coming months following ministerial endorsement. On the environmental front, carbon markets are also being discussed as part of the lead-up to COP30.
They called on international financial organisations to support measures to adapt to climate change and create conditions for active business participation in this. To attract private investment, it is planned to use various sustainable financing instruments, including green bonds, loans in national currencies and mixed financing mechanisms. At the same time, the BRICS countries intend to promote voluntary carbon markets.
The Ministers of Finance and Central Bank Governors of the BRICS member states have endorsed three declarations containing commitments to strengthen multilateralism and promote economic development among member countries. In addition to the ministerial document, the group adopted a dedicated declaration in support of the United Nations Framework Convention on International Tax Cooperation, as well as backing the revision of IMF quotas, in pursuit of reforming the international financial system.
The United Kingdom has launched Project Nightfall, a fast-track programme to develop new long-range ballistic missiles for Ukraine, aiming to help Kyi...
Iranian authorities have taken steps to disrupt access to Starlink satellite internet, according to users and digital-rights groups, in what appears t...
Deaths linked to nationwide protests in Iran have risen to more than 500, according to a U.S.-based rights group HRANA, as Tehran warned it would reta...
Israel has sharply escalated its warnings to Lebanon amid rising regional tensions linked to Iran, according to a report by the Lebanese newspaper Nid...
A U-Haul box truck has plowed into a crowd of people in Los Angeles showing support for Iranian protesters on Sunday....
BRICS is no longer just a club of emerging economies, it’s evolving into a global power bloc. With more countries joining and dozens lining up, BRICS+ is challenging Western dominance and reshaping how the world does business, diplomacy, and development.
The inaugurate BRICS Motor Rally will take place from 9th to 15th August 2025, along the route from Yekaterinburg to Moscow. The event is supported by the BRICS Business Council under the chairmanship of Braz, the Russian Ministry of Foreign Affairs, and the Russian Chamber of Commerce and Industry.
U.S. President Donald Trump has threatened a 10% tariff on all BRICS member countries, claiming the bloc was "set up to hurt" the United States by undermining the dollar.
A planned 10% U.S. tariff targeting BRICS nations will be triggered only if they adopt policies deemed "anti-American", a source close to the Trump administration said, amid trade talks and denials from bloc members.
Timothée Chalamet won the Golden Globe for best male actor in a musical or comedy on Sunday for his role in Marty Supreme, beating strong competition in one of the night’s most closely watched categories.
Bob Weir, the rhythm guitarist, songwriter and co-founder of the Grateful Dead, has died at the age of 78, his family has said.
Hawaii’s Kīlauea volcano is showing increased activity, with lava flowing from two summit craters and flames, smoke and ash rising from the caldera.
The United States’ actions in Venezuela have clearly demonstrated not only that Latin America remains firmly in Washington’s geopolitical orbit, but also that the U.S. is the only global superpower.
Despite facing challenges in chip manufacturing, Chinese artificial intelligence (AI) researchers are optimistic about narrowing the technological gap with the United States, driven by an increasing culture of risk-taking and innovation.
U.S. oil major Chevron and private equity firm Quantum Capital Group are reportedly preparing a joint bid to acquire Lukoil’s international assets, as the sanctioned Russian energy company seeks to divest its overseas operations.
The U.S. dollar's share of global reserves fell to nearly 40% at the end of 2025, according to the International Monetary Fund (IMF), which says it's 10% lower than at the start of 2024. However, gold has risen and overtaken the dollar to be above 50% in global reserves according to the IMF data.
The U.S. dollar has strengthened against major peers on Tuesday, while the euro fell following slower-than-expected inflation in Europe. Market movements were relatively subdued as investors focused on upcoming U.S. economic data.
Wall Street closed higher on Tuesday, boosted by optimism over artificial intelligence (AI) and a strong rally in Moderna shares, with the Dow Jones Industrial Average approaching a record high.
India’s largest oil refiner, Indian Oil Corporation (IOC), has taken a significant step towards diversifying its crude oil supply by purchasing Colombian crude, from state oil company Ecopetrol, for the first time.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment