Brazil, India, China and South Africa today criticised the double standards of rich countries for pressuring developing nations to abandon fossil fuels while increasing their own consumption.
In a joint statement made on the sidelines of the COP27 climate summit in Egypt, the four countries assured that they are very concerned that the most developed nations have not yet shown leadership to the climate challenge with a progressive effort.
In their view, there is a backsliding on their commitments and pledges to finance and mitigate (reduce emissions), and there has been a significant increase in fossil fuel consumption and production over the past year, all while they continue to pressure developing countries to abandon these resources.
“Such double standards are incompatible with equity and climate justice,” they say in a joint statement, in which they offer their support to the Egyptian Presidency of COP27 to make the summit a success and achieve ambitious, equitable and balanced outcomes.
In addition, they will work for the final agreement to include substantial progress towards the establishment of a financing mechanism to compensate poor countries for the damage caused on their territory by climate change.
They also hope that a new climate finance target can be reached (currently the goal is for the Green Climate Fund to be provided with $100bn – the equivalent in euros – per year by 2023) and that a new global adaptation target will be agreed and the Mitigation Work Programme, in line with the Paris Agreement, completed.
Above all, COP27 should promote equity and justice, recognising the fundamental equality of all people and their inalienable right to pursue economic growth and sustainable development, the statement adds.
In the document, they argue that despite the economic downturn and their efforts to eradicate poverty, the four countries say they continue to lead actions against climate change.
In this context, they stressed the urgent need to transform and modernise the global financial architecture, including reforming development banks to fit their duty to support sustainable development and fair and equitable energy transitions.
Regarding carbon markets, they called on the public and private sectors to promote that part of the revenues they generate for the Adaptation Fund.
In addition, they warned that unilateral measures and discriminatory practices such as border adjustment mechanisms to tax products could lead to market distortions and exacerbate the trust deficit between parties.