Union Environment Minister Bhupender Yadav stressed importance of genuine climate finance.
India said on Friday BRICS nations should ensure that developing countries utilise the available carbon space and stand together to uphold the principles of equity and common but differentiated responsibilities and respective capabilities (CBDR-RC).
Participating in the 10th Meeting of BRICS Environment Ministers held in hybrid format under the chairship of the Russian Federation, Union Environment Minister Bhupender Yadav cautioned against viewing climate finance merely as "investment".
It was the first meeting of the BRICS environment ministers after the joining of five new members -- Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia.
"A larger and bigger BRICS can now set the agenda, priorities and way forward for tackling environmental challenges. The initiatives under BRICS are firmly guided by the principles and goals of the UN system and its agencies, and BRICS nations should ensure that available carbon space (a reference to the carbon budget for limiting warming) is utilized by the developing countries," the environment ministry cited Yadav as saying in a statement.
Climate science defines carbon budget as the amount of greenhouse gases that can be emitted for a given level of global warming (1.5 degrees Celsius in this case).
Rich nations have already consumed more than 80 per cent of the global carbon budget, leaving countries like India with very little carbon space for the future.
With developed countries falling short on climate action and finance, developing countries, including India, have asserted their claim to a fair share of the remaining carbon budget.
Yadav also said that developing countries need a level playing field, and developed countries should fulfil their obligations, including providing finance, to address the climate crisis and biodiversity challenges.
With rich nations providing climate finance as loans, Yadav said that "climate finance should not be seen as a means of investment".
The Union minister also underlined the need for strengthening and widening the collaboration and cooperation among the BRICS nations and continued close collaboration in multilateral forums.
He said the BRICS countries should stand together to uphold the principles of equity and CBDR-RC.
These principles acknowledge that countries' efforts to combat climate change should be considered in light of their contributions to total emissions. They also stress that wealthier nations should bear primary responsibilities due to their substantial historical emissions.
Yadav emphasised the importance of embracing sustainable lifestyles in tackling global environmental challenges and urged the BRICS nations to promote implementation of the Resolution on Sustainable Lifestyles, adopted at the sixth United Nations Environment Assembly.
He also urged BRICS countries to join and support the campaign of "Ek Ped Maa Ke Naam", launched by Prime Minister Narendra Modi on this World Environment Day, and India-led global initiatives such as Mission LiFE, International Big Cat Alliance, Coalition for Disaster Resilient Infrastructure, Lead IT, Green Credit Initiative among others.