India hosted the 18th BRICS Leaders’ Summit in New Delhi, where member nations adopted a declaration addressing climate finance, trade barriers, carbon markets and global value chains under the theme of resilience.
India hosted the 18th BRICS Leaders’ Summit in New Delhi on September 12–13, 2026, under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” The summit took place against a backdrop of climate disasters, conflicts, supply‑chain disruptions and financing gaps affecting emerging markets and developing economies.
Prime Minister Narendra Modi opened the summit by stressing that crises in an interconnected world could no longer be confined to individual regions, and that BRICS had placed greater emphasis on strengthening resilience.
The summit concluded with the adoption of the New Delhi Declaration, which brought together commitments on climate change, trade, sustainable‑development finance, carbon markets and global value chains.
On climate change, BRICS reaffirmed support for multilateralism and the Paris Agreement, while highlighting the disproportionate climate burden on emerging markets and the financing gaps they face, particularly in adaptation.
On trade, the declaration raised concerns over unilateral and protectionist measures, including carbon border adjustment mechanisms, warning that such steps could restrict trade, disrupt supply chains and deepen disparities.
Climate Finance And Adaptation
The declaration focused on scaling up climate and sustainable‑development finance. Discussions examined the role of central banks and regulators in addressing barriers to green finance and making projects more bankable.
The bloc encouraged cooperation among finance ministries and central banks, and called for significant scaling up of international support for adaptation in developing countries. It stressed that adaptation finance should be grant‑based and concessional to avoid worsening vulnerabilities.
Environment ministers also reiterated the need for developed countries to fulfil commitments under the New Collective Quantified Goal and tripling adaptation finance to developing countries by 2035.
BRICS opposed unilateral, punitive and discriminatory measures not aligned with international law. Concerns were raised over carbon border adjustment mechanisms and other restrictive measures, including tariffs introduced under environmental objectives.
The bloc emphasised strengthening the multilateral trading system and making the World Trade Organization more responsive to disruptions and the needs of emerging markets.
According to Trishant Dev of the Centre for Science and Environment, opposition to unilateral climate‑linked trade measures must be seen alongside calls for equitable cooperation between developing countries in higher‑value manufacturing.
Carbon Markets And Adaptation Goals
The declaration supported cooperation in carbon markets, focusing on capacity building and knowledge exchange through the BRICS Carbon Markets Partnership.
It welcomed dialogue on aligning carbon markets with adaptation goals, recognising ecosystems as carbon stocks and sinks that contribute to resilience.
BRICS emphasised the need for broader participation of developing countries in higher‑value segments of global manufacturing. The bloc supported initiatives in trade facilitation, infrastructure, industrial capacities and technology transfer.
The Workplan on BRICS Shared Understanding on Global Value Chains and the GVC Action Plan 2026–2030 were endorsed, with attention to challenges faced by emerging markets in moving up the value chain.
Energy security was linked to resilient value chains, with recognition of fossil fuels’ continued role for emerging economies alongside calls for just and inclusive energy transitions.
Avantika Goswami of the Centre for Science and Environment noted that while a fossil fuel phase‑out is unlikely, BRICS nations are increasingly adopting clean technologies such as solar energy and electric vehicles.
The bloc supported cooperation on hydrogen value chains and called for reliable, diversified supply chains for critical minerals. It emphasised benefit sharing, value addition and diversification in resource‑rich countries, recognising their role in zero‑ and low‑emission technologies and energy security.
The 2026 summit brought climate change, trade, finance and global value chains into a common discussion on resilience and sustainable development. New platforms and action plans were announced, but the significance of these commitments will depend on implementation.
Whether BRICS can improve access to climate finance, support developing countries in moving up global value chains and ensure climate‑related trade measures do not deepen disparities will determine how far the summit’s commitments translate into outcomes.