The world’s wealthiest countries should finance the energy transition of poorer countries, BRICS said in a joint statement during a gathering in Brazil.
“We emphasize that ensuring accessible, timely and affordable climate finance for developing countries is critical for enabling just transitions pathways that combine climate action with sustainable development,” the group said in its statement. “We underscore that the provision and mobilization of resources under the UNFCCC and its Paris Agreement is a responsibility of developed countries towards developing countries.”
This is the default setting of the so-called Global South, which also appears to include countries such as Russia and China, with the world’s wealthiest economies considered the greatest beneficiaries of the industrial age that presumably led to excessive carbon dioxide emissions that need to be brought down urgently.
Yet BRICS also acknowledged that the world is still decades away from giving up oil and gas, especially in its emerging-economy parts. “We acknowledge fossil fuels will still play an important role in the world’s energy mix,” the group said in its joint statement, “particularly for emerging markets and developing economies, and we recognize the need to promote just, orderly, equitable and inclusive energy transitions and reduce GHG emissions in line with our climate goals and observing SDG7, and the principles of technological neutrality and common but differentiated responsibilities and respective capabilities taking into account national circumstances, needs and priorities.”
Meanwhile, President Donald Trump has threatened additional tariffs of 10% on BRICS members and any country doing business with them, accusing them of “anti-American policies”. “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!” Trump said on Truth Social.
The threat was a response to the BRICS joint statement mentioning tariffs as a disruptive force for global trade, “potentially exacerbating existing economic disparities and affecting prospects for global economic development.”
By Charles Kennedy for Oilprice.com
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