New Delhi, July 9 -- The BRICS nations have formally rejected the European Union's proposed carbon border adjustment mechanism (CBAM), denouncing it as "unilateral, punitive and discriminatory protectionist measures" in a declaration adopted Monday in Rio de Janeiro, Brazil.

The group argued that the measure undermines their capacity to invest in energy transitions and development priorities while being implemented "under the pretext of environmental concerns."

The opposition to CBAM was prominently featured in the 'Leaders' Framework Declaration on Climate Finance issued following the BRICS meeting.

The carbon border tax, scheduled for implementation next year, would impose tariffs on carbon-intensive goods such as iron and steel, alu...