The BRICS Business Council has proposed a voluntary carbon market framework for agriculture and nature-based solutions, with farmers positioned to receive most credit-sale proceeds. Presented by the bloc’s Agribusiness Working Group at the annual meeting in New Delhi, the plan establishes shared carbon accounting standards, digital monitoring systems, and links to established international carbon registries. Existing agricultural projects in India demonstrate how carbon-credit revenue can support sustainable farming practices across fragmented landholdings.

The primary challenge addressed by this initiative is the high cost and complexity of carbon measurement, reporting, and verification (MRV), which historically has made voluntary carbon markets difficult for smallholder farmers to access. Fragmented agricultural landholdings and disparate national standards create significant barriers to entry, often preventing primary producers from capturing fair economic value from their carbon sequestration and emission-reduction efforts.

To solve these barriers, the proposed framework calls for a common carbon classification system across member countries alongside a shared digital platform for monitoring, reporting, and verification. By connecting with established voluntary carbon registries and remaining open to domestic and international buyers, the system aims to streamline credit generation. Under this model, farmers, farmer organizations, and Indigenous communities act as primary beneficiaries, receiving the majority of proceeds from credit sales.

As a result of this framework, agricultural producers gain a structured pathway to channel climate finance directly to their operations while expanding the supply of nature-based credits available to corporate buyers and financial institutions. Pilot projects among BRICS members are intended to test system compatibility, ensuring that credit revenue reaches farmers promptly while maintaining credible verification standards.