BRICS summit declaration supports carbon markets, criticizes carbon border taxes, and defends fossil fuels for developing nations

The 18th BRICS Summit in New Delhi adopted a declaration that balances climate action with energy security. It recognizes the ongoing role of fossil fuels in emerging economies while supporting cooperation on smart grids, energy storage, hydrogen, and critical minerals. The declaration also backs carbon markets as a finance tool and calls for scaling up adaptation efforts under the Paris Agreement. The document criticizes carbon border adjustment mechanisms as punitive and discriminatory, arguing they undermine developing countries. It also highlights community-based adaptation and traditional knowledge. The expanded BRICS grouping of 21 countries aims to align carbon markets through a partnership MoU, but details on implementation and financing remain vague.