BASIC Nations criticise developed world for backtracking on climate finance

They say fossil fuel use in Global North has risen, call it "double standards towards climate equity"; note that climate finance from developed nations continues to fall short of $100 bn a year goal

BASIC countries or bloc of four newly industrialised nations - Brazil, South Africa, India, and China -- came down on developed nations in a joint session on climate change at COP27 for not meeting their climate financing goals and backtracking on their mitigation commitments.

The four nations in a joint statement also highlighted that fossil fuel consumption in the Global North has gone up, and termed it as “double standards towards climate equity”.

“BASIC countries are gravely concerned that developed countries are still not showing leadership or responding with a matching progression of effort. There has been backtracking on finance