Intergovernmental organization BRICS, bringing together eleven major emerging markets and developing countries of the world, has proposed a framework for agricultural carbon credits intended to channel climate finance directly to farmers while expanding the supply of nature-based credits available to corporate buyers.

The proposal was presented by the bloc’s Agribusiness Working Group at the BRICS Business Council’s annual meeting in New Delhi, as reported by India’s The Economic Times. The council included the recommendations in its annual report, which was submitted to BRICS leaders at the closing ceremony of the group’s 18th summit.

In addition to the five original member states, namely Brazil, Russia, India, China, and South Africa, six new members have joined in recent years: Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).

The proposed BRICS voluntary carbon market would cover agriculture and nature-based solutions. It would remain open to domestic and international buyers and connect with established voluntary carbon registries, rather than operate as a separate system.

The framework also calls for a common carbon classification system across member countries, allowing carbon sequestered through farming practices to be measured and credited on comparable terms. A shared digital platform for monitoring, reporting and verification (MRV) would aim to reduce the costs that have made carbon markets difficult for smallholder farmers to access.

Under the proposal, farmers, farmer organizations and Indigenous communities would be the primary beneficiaries, receiving most proceeds from credit sales. Companies seeking to address emissions and financial institutions developing green portfolios would provide buyer demand, while governments could use the system to support national climate commitments and attract green finance.

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