- BRICS plans to fund climate finance projects using local currencies.
- The New Development Bank (NDB) aims to reduce exchange-rate risks for developing countries.
- Dilma Rousseff, NDB President, highlighted climate finance as part of BRICS’ environmental and social development focus.
- The NDB commits to supporting projects aligned with the Paris Agreement using green technologies and local currency financing.
- The move reflects a shift away from reliance on Western financial terms amid global geopolitical tensions.
Dilma Rousseff, President of the New Development Bank (NDB), announced that the BRICS alliance will finance climate-related projects using local currencies. Speaking at the COP30 conference in Belém, Brazil, Rousseff emphasized the group’s commitment to environmental protection and social development as part of its financial strategy.
The use of local currencies for climate finance aims to reduce exchange-rate risks and improve credit accessibility for developing countries. Rousseff explained that “financing denominated in local currencies helps mitigate exchange-rate risks,” making funding more stable and reliable for climate initiatives.
The NDB is prepared to act as a multilateral partner by expanding climate financing, facilitating green technology deployment, and mobilizing investments for infrastructure projects following the Paris Agreement criteria. Rousseff stated the bank’s readiness to “offer solutions in local currencies, and mobilize the investments and capacities needed” for this purpose.
Highlighting recent geopolitical challenges, Rousseff attributed the push for local currency financing to issues such as “geopolitical conflicts, wars, protectionism, and financial instability.” She also criticized Western economic dominance, noting that “some still seem to believe that the law of the strongest should prevail,” which has driven BRICS to pursue financial independence in climate action.
The topic of climate change has been a prominent agenda at the July 2025 BRICS summit in Rio de Janeiro, reinforcing the alliance’s focus on environmental sustainability. Rousseff underlined the urgency by stating, “Climate change waits for no one and respects no borders.”
For more details on Rousseff’s announcement, see the full statement at here.
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