BRICS members aim to implement carbon markets partnership
The New Delhi Declaration confirms that member nations intend to move forward with a memorandum focused on capacity-building and experience-sharing.
BRICS members intend to implement the Memorandum of Understanding on the BRICS Carbon Markets Partnership, according to The Hindu.
The commitment was confirmed during the 18th BRICS Summit in New Delhi on September 12 via the New Delhi Declaration.
The current agreement focuses on sharing experiences and building capacity, but it does not include a specific timeline, targets, or a framework for trading.
The Rio summit acknowledged the memorandum in 2025, and the commitment has been reiterated in New Delhi.
Currently, eight BRICS members are reported to run voluntary markets, while Brazil, China, India, and Indonesia host more than one third of all registered carbon credit projects globally.
Individual nations are developing their own systems, such as China's emissions trading system, India's Carbon Credit Trading Scheme (CCTS), and Brazil's cap-and-trade system, SBCE. However, these markets are not linked to one another.