World
BRICS Summit Reaffirms Commitment to Carbon Markets Partnership
At the 18th BRICS Summit on September 12 in New Delhi, the New Delhi Declaration confirmed that BRICS members intend to implement the Memorandum of Understanding on the BRICS Carbon Markets Partnership. The commitment is limited to capacity‑building and experience‑sharing, with no trading framework, targets or timeline set. The Rio summit acknowledged the memorandum in 2025, and New Delhi has reiterated it. With India’s BRICS presidency entering its final quarter, operationalising the partnership requires a common rulebook rather than a shared trading platform. Eight BRICS members reportedly run voluntary markets, and Brazil, China, India and Indonesia host more than a third of the world’s carbon credit projects. Compliance systems are also developing: China’s emissions trading system (ETS) added steel, cement and aluminium to its 2024‑25 allocation plan; India’s Carbon Credit Trading Scheme (CCTS) has notified emission‑intensity targets for 490 entities across nine sectors and opened an offset mechanism; and Brazil’s 2024 law establishes the Brazilian Greenhouse Gas Emissions Trading System (SBCE), a cap‑and‑trade system. None of these markets is linked to another.
Frequently asked questions
What did the New Delhi Declaration confirm?
That BRICS members intend to implement the Memorandum of Understanding on the BRICS Carbon Markets Partnership.
What is the scope of the BRICS commitment?
It is limited to capacity‑building and experience‑sharing, with no trading framework, targets or timeline set.
Are the BRICS carbon markets linked?
None of the markets is linked to another.