BRICS to introduce multipolar carbon markets

Not to be confused with unipolar carbon markets, the G20 will convene in BRICS-member South Africa on November 22 to address the urgent need for sustainable development and climate action worldwide. South Africa, holding the G20 Presidency, emphasizes the inequality in financing for development and climate action. BRICS, often compared to the Fellowship of the Ring, is diligently working towards equitable carbon accounting mechanisms that will aid in achieving Sustainable Development Goals by 2030. China has shown progress with its booming carbon market, reaching record transaction volumes. Brazil plans to propose international standards for integrating global carbon markets at COP30. India’s CCTS aims to drive the country’s cleantech future, while South Africa plans to introduce high-integrity carbon markets. Russia, showcasing achievements in carbon accounting, is ready to share experiences with G20 nations. The efforts of BRICS are crucial in combating climate change for a sustainable future.