The BASIC group, comprising India, China, Brazil and South Africa, has called out rich nations' "double standards" at the UN climate summit in Egypt, saying they have backtracked on their commitment to provide finance to developing countries to fight climate change and have increased consumption and production of fossil fuels instead.   

"BASIC countries are gravely concerned that developed countries are still not showing leadership or responding with a matching progression of effort. There has been backtracking on finance and mitigation commitments and pledges by developed countries," the four countries said in a joint statement.

"There has also been a significant increase in the consumption and production of fossil fuels in the past year by developed countries, even as they continue to press developing countries to move away from the same resources. Such double standards are incompatible with climate equity and justice," the statement said.

The ministers of BASIC countries met on the sidelines of COP27 on Tuesday as the negotiations enter the final phase. 

They expressed concern that climate finance provided by developed countries continues to fall short of the USD 100 billion per year commitment, as it has every year since the goal was set in 2009, and despite the deep regret expressed at COP26 last year. 

"This is despite the USD 100 billion being only a tiny fraction of the financing which will be necessary for an economy-wide transformation and to meet the needs and priorities of developing countries. Developing countries, and especially the BASIC countries, have to channel many times this amount of financing from their domestic resources or from commercial loans and developing countries cannot afford to transform their economies without assistance," the statement said. 

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