BRICS to pursue Green Global Fund with World Bank cooperation

In a significant move by BRICS, environment ministers of the five member countries are to meet in Moscow in April to discuss taking forward the proposal for creating a Green Global Fund in cooperation with the World Bank to support initiatives that are environment-friendly.

"The theme for the BRICS environment ministers meet prior to the BRICS leaders summit in Ufa city (Russia) in July is the development of the green economy for sustainable development and resolution of environmental problems and the competitiveness of business in context of the green economy," Russian Minister of Environment and Natural Resources Sergei Donskoi told reporters here.

"This is a pressing agenda not only for BRICS (Brazil, Russia, India China, South Africa) nations but for the whole world, on how we can combine our efforts to fight climate change," said Donskoi, who is here to attend the TERI-organised Delhi Sustainable Development Summit and has also met Environment Minister Prakash Javadekar.

"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," he added.

The Russian minister said future cooperation with India on issues like water resources treatment, environment security and decrease of dangerous emissions will be discussed in detail at the April meeting.

Donskoi also said Russia expects that the parties to the UN Framework Convention on Climate Change at the conference in Paris later this year will sign a new comprehensive agreement on the fight against global warming, which will be acceptable to all.

"Russia insists on the need to conclude a comprehensive agreement stating in a mandatory manner the differentiated responsibilities of the countries that will sign it," the minister said.

"It believes the conference should focus on funding measures on environment protection and ensuring access for all the sides to green technologies," he added.

The Russian government Thursday submitted a bill to lawmakers to ratify the BRICS bank.

"The agreement envisages the creation of a multilateral financial institution, the New Development Bank, that will finance infrastructure projects and sustainable development projects in BRICS countries and developing countries," the Russian government's briefing note said.