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illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Herald or enjoy below:
🗞️ Driving the news: The BRICS nations (Brazil, Russia, India, China, and South Africa) have signed a Memorandum of Understanding (MOU) to develop joint carbon markets, aiming to coordinate their climate action efforts
• Russian Economic Development Minister Maxim Reshetnikov highlighted the group's opposition to unilateral green protectionist measures, such as the EU’s Carbon Border Adjustment Mechanism, which they believe harm developing economies.
🔭 The context: This MOU supplements a broader climate action framework addressing mitigation, adaptation, funding, and research among BRICS members
• Individual nations are already making strides; for example, Brazil plans to launch its carbon market before COP30, India is finalizing its carbon market scheme, and China has recently updated its market methodologies
• The initiative reflects a geopolitical stance, positioning BRICS as a counterbalance to Western climate policies
🌍 Why it matters for the planet: Establishing joint carbon markets among BRICS nations can drive significant progress toward global emission reduction goals
• As these countries represent a large portion of the world's population and economic output, their collective action on carbon markets could enhance international cooperation and support global climate targets outlined in the Paris Agreement
⏭️ What's next: The MOU raises questions about how BRICS carbon markets will align with global initiatives like the UN's Article 6 framework under the Paris Agreement
• Further collaboration and integration among the BRICS countries will be essential to create effective and connected carbon markets
💬 One quote: “All BRICS countries oppose unilateral green protectionist measures by developed nations, as these harm the economies and supply chains of developing countries,” stated Russian Economic Development Minister Maxim Reshetnikov
📈 One stat: The BRICS nations account for 44% of global crude oil production, with plans to phase out fossil fuels more gradually compared to G7 countries
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