BRICS to set up $100bn green fund

The BRICS group of Brazil, Russia, India, China and South Africa is debating setting up a green fund under the New Development Bank to support green projects and technologies to promote sustainable development.

BRICS environmental ministers will discuss the fund during a meeting in April in Russia when the green economy and climate change will be high on the agenda, according to Russian Minister of Natural Resources and Environment Sergei Donskoi (pictured).

Mr. Donskoi, currently on a visit to India, said on Friday: “During the BRICS meeting of environment ministers, we have chosen specially the topic of development of green economy… resolution of environmental problems and competitiveness of business in the context of green economy.”

The BRICS countries have agreed that the New Development Bank will be based in China with assets of $100 billion as a rival the International Monetary Fund (IMF).

Donskoi participated in the Delhi Sustainable Development Summit (DSDS) and also held discussions with his Indian counterpart Prakash Javadekar.

According to Donskoi, the meeting in Moscow will see a key document published which will identify future projects and plans to implement them.

Donskoi said: “We discussed the draft of the document and we gave it to the Indian Environment Minister. We are now expecting further discussions on this with our Indian colleagues.”

Addressing the upcoming global climate summit in Paris scheduled for this December, Donskoi said that Russia is hopeful of signing an “all-inclusive agreement” in a differentiated manner.

“The main topic of the discussion on our part will be the necessity of signing an all-inclusive agreement which would fix differentiated approaches of different countries and the need of working in accordance with each country’s responsibility for fulfilling these conventions,” he added.