Wednesday, 30 October 2024.
Did you know that a MoU on the BRICS Carbon Markets Partnership and that as a platform dedicated to sharing knowledge was adopted in the XVI BRICS Summit, in Kazan, Russian Federation from 22 to 24 October 2024?
Here we bring some more details to you. But before, let’s recall what BRICS stands for.
More as an informal economic group concept, the idea of the BRICs - Brazil, Russia, India and China - was coined in the 2001 study "Building Better Global Economic BRICs" by the Chief Economist at Goldman Sachs. In 2006, in parallel of the United Nations General Assembly, the group formally met for the first time. And in 2011 South Africa became part of the group, who adopted the acronym BRICS.
(And note that besides the meaning of the acronym “BRICS”, its pronunciation also resembles the word “bricks”, meaning “building blocks”).
Paragraph 85 of the final declaration of this XVI BRICS Summit states:
“85. We recognise the important role of carbon markets as one of the drivers of climate action, and encourage enhancing cooperation and sharing experiences in this field. We oppose unilateral measures introduced under the pretext of climate and environmental concerns and reiterate our commitment to enhancing coordination on these issues. We welcome the adoption of the MoU on the BRICS Carbon Markets Partnership as a platform dedicated to sharing knowledge, experiences and case studies of developing carbon markets and discussing the potential intra-BRICS cooperation on carbon markets to exchange views on potential cooperation under Article 6 of the Paris Agreement among the BRICS countries.”
According to the Tanzanian National Carbon Monitoring Centre (NCMC) portal, in a previous article from September 2024, the MOU outlines 4 key areas of cooperation among the BRICS nations:
Development of Joint Carbon Markets;
Harmonization of Carbon Accounting and Reporting Standards;
Capacity Building and Technology Sharing; and
Support for Sustainable Development.
Click at the image below to read more about this MOU, in the complete NCMC article “BRICS Advance Common Carbon Market Plans”.
And come back tomorrow for the second and final part of this article. You may be surprised, both with details of the international trade of carbon units announced right before the BRICS Summit, as well as where the 1st carbon trading hub might be located.
