The BASIC bloc countries reaffirmed their commitment to multilateralism to address climate change and urged developed countries to close "substantial" gaps in their support to the Third World at the conclusion of a two-day conference held ahead of this years' United Nations climate conference.

BASIC ministers confirmed their address to the climate challenge "with a view of collectively working towards preparedness of international community for the well-being of all", according to a joint statement after the 29th BASIC Ministerial Meeting on Climate Change in Beijing on Saturday.

BASIC is a bloc of four large newly industrialized countries – Brazil, South Africa, India and China.

"Unilateralism and protectionism undermine the open and free international trade system and the prospect of global economic development and growth, which will end up damaging global efforts against climate change," the statement noted.

Developing countries "have achieved great progress with significant contribution to global efforts in combating climate change" overcoming multiple challenges including food security, poverty eradication, and insufficient and uneven progress of domestic development, the Statement noted.

China, for example, has reduced carbon dioxide emissions per unit of GDP by 45.8 percent from the 2005 level and increased its share of non-fossil fuels in primary energy consumption to 14.3 percent in 2018.

It also highlighted, however, that substantial gaps in support provided by developed countries need to be addressed.

"Ministers expressed their deep concern on the insufficiency and inadequacy of support provided by developed countries to date, and underlined that the climate finance should be new, additional, and with significant public funded components," it said.

The statement urged developed countries to fulfill their climate finance commitments of providing $100 billion annually by 2020 for developing countries, included in the Paris Agreement on climate change, in a transparent and grant-based manner.

"Ministers underlined their commitment to taking ambitious actions to implement their NDC (Nationally Determined Contribution). They stressed … action and support are integral in terms of ambition, and the ambition of support by developed countries should match the ambition of action by developing countries," it said.

The statement stressed that "Developed countries shall provide new and additional, sustained, predictable, adequate and timely finance, technology development and transfer and capacity-building support to developing countries, open markets and carry out practical technological cooperation, which serve the basis for mutual trust and important conditions for the comprehensive and effective implementation of the Paris Agreement".