BRICS Stance on Europe's Carbon Border Adjustment Mechanisms (CBAMs)
The BRICS nations have issued a strong condemnation and rejection of Europe's Carbon Border Adjustment Mechanisms (CBAMs) and similar restrictive trade measures. They argue these measures, posed under the guise of climate concerns, undermine the development of transition economies towards cleaner systems.
Understanding CBAMs
- CBAMs are import duties imposed by the European Union (EU) on products from processes emitting more carbon than permitted for European manufacturers.
- Such mechanisms are intended to prevent 'carbon leakage' but make goods from countries like India less competitive in European markets.
Criticism from Developing Countries
- Countries like India and China have criticized CBAMs as unfair trade barriers violating international trade and climate agreements.
- The European Union has remained steadfast despite repeated objections raised in various international platforms, including climate conferences.
BRICS Nations' Declaration
- The BRICS statement, emerging from the annual summit in Brazil, condemns unilateral, punitive, and discriminatory measures under environmental pretexts.
- It emphasizes adherence to the 1994 UN Framework Convention on Climate Change (UNFCCC), which mandates an open economic system promoting sustainable growth, especially in developing countries.
- The BRICS nations seek comprehensive implementation of UNFCCC provisions, opposing any unilateral measures disrupting global trade and competition.
Financial Commitments by Developed Countries
- BRICS nations urge developed countries to fulfill their financial commitments under the UNFCCC and the 2015 Agreement.
- Developed countries are expected to raise at least US$ 100 billion annually in climate finance, increasing to US$ 300 billion by 2035.
- However, developing countries assert this figure is inadequate, citing a need for US$ 1.3 trillion annually for climate actions.
Call for Increased Adaptation Finance
- BRICS emphasizes the need for increased adaptation finance, primarily concessional and grant-based, without exacerbating developing countries' debt burdens.
- They urge developed countries to double their financial contribution to adaptation projects by 2025.
In summary, the BRICS nations are advocating for a fair and supportive international trade and climate finance system, expressing concerns over unilateral measures like CBAMs that threaten developing countries' economic growth and climate adaptation efforts.
