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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.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Chinese electric vehicle manufacturer BYD Co expects exports to account for around 20% of its global sales this year, supported by the launch of new models, the South China Morning Post reported on Monday.
Italy’s ruling League party has said domestic banks should contribute around €5 billion ($5.85 billion) towards the 2026 budget.
U.S. stock markets ended higher on Friday, following largely in-line inflation figures, although indices recorded losses over the week.
Inflation expectations for the next 12 months in the eurozone rose to 2.8% in August, up from 2.6% in July, according to the results of a consumer survey published by the European Central Bank (ECB) on Friday.
Miniso announced on Friday that it will spin off its brand Top Toy and list it in Hong Kong, capitalising on the growing investor interest in Chinese toymakers and highlighting the city’s renewed position as a global fundraising hub.
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