Initially revealed in 30 October 2024.
Do you know {that a} MoU on the BRICS Carbon Markets Partnership and that as a platform devoted to sharing information was adopted within the XVI BRICS Summit, in Kazan, Russian Federation from 22 to 24 October 2024?
Right here we carry some extra particulars to you. However earlier than, let’s recall what BRICS stands for.
Extra as an off-the-cuff financial group idea, the thought of the BRICs – Brazil, Russia, India and China – was coined within the 2001 research “Building Better Global Economic BRICs” by the Chief Economist at Goldman Sachs. In 2006, in parallel of the United Nations Basic Meeting, the group formally met for the primary time. And in 2011 South Africa grew to become a part of the group, who adopted the acronym BRICS.
(And notice that apart from the that means of the acronym “BRICS”, its pronunciation additionally resembles the phrase “bricks”, that means “building blocks”).
Paragraph 85 of the ultimate 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.”
In line with the Tanzanian Nationwide Carbon Monitoring Centre (NCMC) portal, in a earlier article from September 2024, the MOU outlines 4 key areas of cooperation among the many BRICS nations:
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Improvement of Joint Carbon Markets;
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Harmonization of Carbon Accounting and Reporting Requirements;
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Capability Constructing and Expertise Sharing; and
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Help for Sustainable Improvement.
Click on on the picture beneath to learn extra about this MOU, within the full NCMC article “BRICS Advance Common Carbon Market Plans”.
And are available again tomorrow for the second and last a part of this text. You might be shocked, each with particulars of the worldwide commerce of carbon items introduced proper earlier than the BRICS Summit, in addition to the place the first carbon buying and selling hub is likely to be situated.
