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 States and Iran have traded fresh strikes, with the U.S. hitting military sites and Iran launching missiles and drones at bases and ship...
Sierra Leone’s First Lady, Fatima Jabbe-Bio, has lost her London social housing flat after a UK council seized it. ...
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 tril...
Iran said no final decision has been made on a proposed agreement with Washington, despite suggestions from U.S. President Donald Trump that a deal co...
Ukraine will increase military wages and expand recruitment of foreign volunteers, President Volodymyr Zelenskyy announced on Friday, as the armed for...
Foreign ministers from the expanded BRICS bloc gathered in New Delhi on Thursday (14 May) for a crucial two-day meeting overshadowed by the ongoing Iran war, internal tensions within the grouping and mounting fears over global energy supplies.
Divisions over the U.S.-Israeli war with Iran are set to overshadow a two-day meeting of the BRICS group of emerging economies in the Indian capital New Delhi on Thursday (14 May).
In the shifting landscape of global power politics, few developments have been as consequential as the steady consolidation of influence by the so-called “Russia–China–Iran bloc.”
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.
Mexico and South Africa meet in Thursday’s World Cup opener in Mexico City, with both teams approaching the match from very different positions but facing their own pressures.
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market valuation of $1.77 trillion.
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
Formula 1 driver Pierre Gasly’s Monaco Grand Prix podium has been reinstated after Alpine successfully challenged his post-race penalties through a Right of Review request with the FIA.
While France hosts next week’s Group of Seven summit, businesses in neighbouring Switzerland have already begun taking precautions, with many shops in Geneva boarded up ahead of a large anti-G7 demonstration expected on Sunday.
At the start of 2026, something unusual happened in China's car market. BYD, the company that had spent years at the top of the domestic sales charts, was knocked off its perch by a rival.
Apple has unveiled a long-awaited upgrade to Siri, aiming to close the gap with technology rivals and emerging artificial intelligence firms in an increasingly competitive market.
ChatGPT maker OpenAI has confidentially filed for a U.S. initial public offering (IPO), the company said on Monday, joining rival Anthropic in a race to the stock market as investors seek exposure to the artificial intelligence boom.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment