BASIC nations urge developed countries to fulfill their climate finance commitments

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  1. BASIC countries namely Brazil, South Africa, India and China has held its 28th Ministerial meeting on Climate Change in Sao Paulo,Brazil.
  2. During the meeting,BASIC countries have jointly urged developed countries to fulfill their climate finance commitments under Green climate fund.
  3. Green Climate Fund(GCF) mechanism provides that the developed countries are expected to jointly mobilize $100 billion per year by 2020, from a variety of sources to address the mitigation and adaptation needs of developing countries. 
  4. The BASIC countries also stated the importance of responsible, comprehensive, urgent and ambitious actions against climate change, including in the urban environment.
  5. The BASIC countries is a group of Brazil, South Africa, India and China.It was formed as the result of an agreement signed by the four countries in 2009. 
  6. The four countries committed to act jointly at the Copenhagen climate summit.These nations have a broadly common position on reducing greenhouse gas emissions and raising the massive funds that are needed to fight climate change.