BASIC nations underline climate finance goal

What is the News?

The Union Environment Minister has delivered the statement on behalf of the BASIC group of countries at the UN Climate Change Conference underway at Glasgow.

What was the statement delivered by BASIC Group?

Firstly, demanded a clear road map from developed countries on their existing obligations to mobilise $100 billion per year from 2021 to 2025 for developing countries.

Secondly, expect a market mechanism that facilitates private sector engagement in carbon markets in the larger fight against the climate crisis.

Thirdly, BASIC views were aligned with the position taken by the western African country of Guinea on behalf of the G77 group of developing nations and China.

What are BASIC Countries?

BASIC countries (also Basic countries or BASIC) are a bloc of four large newly industrialized countries – Brazil, South Africa, India and China.

The group was formed as the result of an agreement signed by the four countries on November 28, 2009.

The four countries committed

-To act together at the Copenhagen Summit in Copenhagen, Denmark in 2009.

-Stand at a common position on reducing greenhouse gas emissions and raising the massive funds that are needed to fight climate change. 

The BASIC countries also constituted one of the main parties in the Copenhagen Accord reached with the US-led grouping. However, the accord was not legally binding.

What is the G77 Group?

Group of 77 is the largest intergovernmental organization of developing countries in the United Nations. It was established in 1964 by 77 developing countries.

Aim: To promote its members’ collective economic interests and create an enhanced joint negotiating capacity in the United Nations and promote South-South cooperation for development.

Members: The members of G-77 have increased to 134 countries. However, the original name was retained due to its historic significance. India is one of the members of the G77.

Chairmanship: Guinea holds the chairmanship as of 2021.

Source: This post is based on the article “BASIC nations underline climate finance goal” published in Hindustan Times on 2nd November 2021.