BRICS Summit 2026: Can BRICS turn climate pledges into action?
BRICS is pushing local-currency lending for a reason — currency risk has become one of the biggest barriers to climate finance in developing economies. Dilma Rousseff's New Development Bank now lends around 25-30% in local currencies, with 40% of its financing directed toward climate mitigation and adaptation by 2026, outpacing even the World Bank's adaptation share.
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