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‘If we don’t discuss a new way to finance developing countries, they will stay poor for more than 100 years,’ he said. On Friday, Brazilian President Lula da Silva urged the creation of a new financing model to address sustainable development challenges and the global climate crisis.

“If we don’t discuss a new way to finance developing countries—especially the poorest in Africa and Latin America—they will stay poor for more than 100 years,” he said during his opening speech at the 10th meeting of the New Development Bank (NDB) in Rio de Janeiro.

Lula highlighted that the NDB, established at the 2014 Fortaleza Summit in Brazil, has proven to be an inclusive multilateral financial forum capable of driving this effort. “Its main role is to create new financing formats,” he said, stressing the need for a more independent financial system by increasing the use of local currencies.

“It is essential that BRICS countries use their own currencies in financial operations, as we are already doing with 31% of NDB-funded projects,” the Brazilian leader said, noting that this distinguishes the NDB from other international financial institutions.

Lula also emphasized the need for new funding mechanisms to combat the climate crisis, pointing out that wealthy nations have failed to meet their 2009 Copenhagen Summit pledge to provide $100 billion annually to poorer countries for climate action.

He expressed concern for tropical forest nations like Congo, Indonesia, and Amazonian countries, reiterating the need to support Indigenous peoples and local communities protecting these resources.

NDB President Dilma Rousseff echoed this sentiment, stating that climate financing “must be more than just a promise—it must be a concrete mechanism for adaptation, energy transition, and resilience,” particularly in nations most affected by extreme weather.

Rousseff stressed that the NDB “must be at the forefront” of this effort by increasing investments in green projects.

The NDB, founded by BRICS nations (Brazil, Russia, India, China, and South Africa), finances infrastructure and sustainable development projects in member states and other emerging economies.

The text reads, “President Lula participates in the annual meeting of the New Development Bank (NDB).“

Brazil’s BRICS Priorities

This year, Lula outlined two core priorities for BRICS: advancing South-South cooperation to overcome structural inequalities and build strategic autonomy, while forging alliances for balanced, sustainable economic, social, and environmental development. Brazil has identified six key action areas:

1. Global Health Cooperation – Strengthening equitable access to medicines, vaccines, and health technologies, as well as bolstering the Global South’s health sovereignty against Western pharmaceutical dominance.

2. Trade, Investment, and Finance – Boosting BRICS trade flows, expanding local currency use in international exchanges, and reinforcing the NDB as an alternative to the IMF and World Bank.

3. Climate Change – Pushing for a unified BRICS stance in multilateral forums, focused on climate justice, Amazon protection, green financing, and technology transfer.

4. AI Governance – Advocating for global AI rules that respect human rights, cultural diversity, and sovereign development of applications.

5. Multilateral Peace and Security – Demanding structural U.N. and Security Council reforms to include more Global South representation and negotiated conflict resolutions.

6. BRICS Institutional Development – Strengthening the bloc’s operational structures, refining expansion mechanisms, and establishing a permanent secretariat.