Abu Dhabi [UAE], December 3 (ANI/WAM): The BRICS nations are actively collaborating to accelerate sustainable finance within the group and implement joint climate and sustainability projects.

This effort hinges on harmonising their ESG (environmental, social, and governance) financial infrastructure.

Also Read | Israel-Hamas War: IDF Uncovers 800 Tunnels in Gaza Amid Ongoing Ground Offensive.

Harmonisation is crucial for bolstering investor confidence and reducing barriers to capital flow.

In situations where the global financial system falls short of providing adequate inclusive climate investments for developing nations, the BRICS initiative takes on even greater significance.

Also Read | Marapi Volcano Erupts in Indonesia, Spewing Ash Plumes and Blanketing Several Villages With Ash (Watch Video).

A session addressing this topic will be held at the Russian Pavilion during the now-running COP28 on 6th December titled, "Ahead of Russia's BRICS Presidency: Developing energy cooperation for a just energy transition".

It will delve into the results of the BRICS Energy Research Cooperation Platform's work in 2023. Focus areas include energy security, training personnel for the energy sector, developing national energy transition models, and charting the course for energy dialogue during Russia's BRICS Presidency in 2024.

A more comprehensive session will be held on December 12th also at the Russian pavilion titled "Harmonisation of responsible finance infrastructure in BRICS countries: Paving the way to a common sustainable future".

Speakers will explore joint actions necessary for mobilising climate and sustainable financing. Additionally, participants will discuss opportunities for developing and implementing common recommendations, standards, and requirements in the field of sustainable finance, aligning with BRICS countries' sustainable development priorities.

The session will also propose key steps towards harmonising ESG finance infrastructure. A panel of distinguished speakers representing BRICS financial institutions, government officials, and leading research institutions will lead the discussion.

As Russia prepares to assume the BRICS Presidency, it remains committed to engaging in ongoing discussions with its partners to ensure a just energy transition.

With the UAE's recent official accession to BRICS, the group strengthens its commitment to multilateral action and constructive dialogue. This platform provides a powerful voice for developing and emerging economies on the global stage. (ANI/WAM)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)