Such policies are vital for BRICS member states as their combined economic growth rate is 2.6 percentage points higher than that of G7 nations. Studies have shown a significant relationship between increase in GDP per capita and increasing CO2 emissions and, subsequently, the emission of greenhouse gases.

Carbon pricing mechanisms, increasing capacity of renewed energy infrastructure, catalysing low-carbon innovation and fiscal instruments such as environmental taxation systems are some of the tools that policymakers have in their arsenal for climate change risk mitigation. It is imperative to explore BRICS nation’s low-carbon policies and see whether tangible efforts are made towards creating a global climate-resilient economy.

Russia

The Russian Federation is actively engaged with multilateral bodies on climate change and sustainable development. To achieve its aim to reach carbon neutrality no later than 2060, various stakeholders have taken initiative in this regard. For instance, the Strategy for socio-economic of the Russian Federation with low greenhouse gas emissions by 2050 came into effect from October 2021, clearly outlining targets and suggesting the means to achieve them. The private sector is also extensively contributing towards decarbonization of the production process.

India

India has one of the world’s lowest per capita greenhouse gas emissions. With an ambitious target of cutting down emissions by 45% of the 2005 level by 2030 and achieving net-zero by 2070, the Indian Parliament passed the Energy Conservation (Amendment) Act, 2022, which has laid down foundations for a formal carbon market. India’s climate action has been targeted towards, but not restricted to, transportation, forest cover, land degradation and desertification and abatement of urban pollution.

China

China’s impressive growth trajectory has necessitated a constructive low-carbon policy plan. It aims at peaking its CO2 emissions by 2030 and achieving carbon neutrality by 2060. Famously known as the ‘30-60 plan’, it intends to percolate its low-carbon ambitions through “top-level design”, identification of 4 strategic sectors– transportation, energy, industry and urban sector– for its effective implementation and adoption of fiscal measures such as green financing. Promotion of green buildings and construction of energy-efficient housing infrastructure have been given thrust provided China’s tryst with rapid urbanisation.

Brazil

Compared to other nations’ Brazil aims to achieve carbon neutrality by 2050, sooner than most of the nations in discussion. Brazil has identified deforestation and agriculture as some of the areas that have contributed to the steady rise in greenhouse gas emissions. Subsequently, the Low-Carbon Agriculture Plan (ABC Plan) was implemented in 2010 that would facilitate training for labour engaged in agriculture and allied sectors, catalyse research and development of carbon-neutral production cycles, and ensure required financing for reducing emissions from this sector as it is vital for not just the maintenance of the ecosystem but also for food security. So far, reports suggest that ABC Plan has been able to achieve some of Brazil’s NDC set in accordance with the frameworks of COP-15. 

South Africa

Like Brazil, South Africa plans to nullify its carbon emissions by 2050, although it is the highest carbon emitter in Africa. It is the first country to implement a robust carbon taxation system in the continent since 2019. With a phased transition as well as a low effective carbon tax rate, South Africa can use the tax revenue in accelerating decarbonisation of its economy as well as diverting to renewable sources of energy.

Egypt

Egypt plans to generate 42% of its electricity from renewable sources. In the vision document Egypt 2030, sustainable development, environment and urban development have been given importance. It has identified KPIs such as the ratio of total water consumption, rate of reduction of the increasing rate of greenhouse gas emissions etc. for tracking their progress. It was the first country to issue sovereign green bonds for green construction within the country.

UAE

The United Arab Emirates has aimed at driving out carbon emissions by 2050, as outlined by UAE Net Zero by 2050 Strategic Initiative. It has stepped into climate mitigation action on a war footing. It has recognised a need for aggressive policy intervention towards reducing oil and gas demands, electrification and production of low-carbon intensive Murban crude oil, to name a few.

Iran

By 2030, The Islamic Republic of Iran seeks to reduce its greenhouse gas emissions by 4%. Being one of the top producers of crude oil, Iran seeks to transform towards low-emission ecosystems by tapping into renewable energy sources and the nascent green hydrogen industry. 

Ethiopia

Since the announcement of the Climate Resilient Green Economy Strategy (CRGE) in 2011, the nation strives to move into the lower middle-class section of nations by 2025 without increasing its greenhouse gas emissions. Many success stories dot the Ethipoian economy, especially in the agricultural and manufacturing sectors, that have facilitated growth, not at the expense of excessive carbon emissions.

Conclusion

With promising growth prospects for the developing world in the coming years, the low-carbon policies adopted by the BRICS member states have set the bar for other similar economies to follow. However, equity and youth participation, along with training of labour and judicious resource allocation remain some of the key challenges that persist. 

BRICS YEA recognises these challenges and intends to channelise youth power into creating tangible climate action, for they are to be bestowed with the resources that are in use and take on crucial leadership roles at a time when unprecedented challenges could surmount.

Author: Devasya Mitra, The Geostrata