Climate experts were impressed with discussions on the first day of COP28 in Dubai on Thursday, as nearly all nations finalised the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change. Sultan al-Jaber, the president of the COP28 climate conference, hailed “the first decision to be adopted on Day One of any COP” — and his country, the United Arab Emirates — would chip in $100 million to the fund. Other countries stepped up with big-ticket commitments, including Germany, also at $100 million. Developing nations have long sought to address the problem of inadequate funding for responding to climate disasters caused by climate change, which hit them especially hard, and for which they have little responsibility — historically industrialised countries have spewed out the most carbon emissions that are trapping heat in the atmosphere. Read more: Africa News
Billionaire philanthropist Bill Gates on Friday said the world is likely to overshoot a critical temperature threshold that scientists have long warned could bring dangerous and potentially irreversible impacts on people, wildlife and ecosystems. Speaking the COP28 climate conference, Gates said he was “definitely glass half-full” when it comes to the climate crisis and that he was optimistic the Dubai summit could help to drive progress. However, the Microsoft co-founder said any headway in the climate fight would likely not be enough to prevent 2 degrees Celsius of global warming. “We are going to have warming, likely above our goals and that’s where adaptation comes in to say ‘OK, because of this warming what can you do that is very inexpensive, like better warning systems for bad weather events or better weather data to help farmers know when to plant’.”Gates said it would be imperative to help the poorest adapt to human-induced climate change and to try to minimize damage to ecosystems, such as coral reefs. Read more: CNBC
As China’s economy slows, the main engine of growth in Asia-Pacific will move away from the world’s second largest economy to South Asia and Southeast Asia, according to S&P Global. India’s economy is expected to power ahead in the next three years, leading growth in the region. India’s GDP for the fiscal year ending March 2024 is predicted to hit 6.4%, the credit rating agency said Monday in a separate report — that’s higher than their previous forecast of 6%. S&P attributes the change to an increase in India’s domestic consumption that has balanced out high food inflation and poor export activity. Similarly, other emerging markets such as Indonesia, Malaysia and the Philippines are set to see positive GDP growth this year and the next due to strong domestic demand, the report said. Read more: CNBC
The African Development Bank granted Kenya a €73 million loan to aid Phase III of the Competitiveness and Economic Recovery Support Programme, with the funding extending through the fiscal year 2023-2024. This was revealed in a meeting of the board of directors of the African Development Bank in Abidjan on 29 November 2023. The loan is intended to build resilience and support inclusive post-Covid-19 economic recovery, by improving economic governance and boosting industrial development and competitiveness. Nnenna Nwabufo, the Bank Group’s Director-General for East Africa said “Kenya is pursuing the vigorous recovery of its economy after the Covid-19 pandemic and is currently faced with significant shocks. The country is facing its worst drought in 40 years and the consequences of the Russian invasion of Ukraine,” Read more: Business Insider
A US regulator has hit the China arm of prestigious “Big Four” firm PwC with a $7 million fine. The company failed to detect or prevent extensive cheating by its staff during internal training exams in mainland China and Hong Kong, the US Public Company Accounting Oversight Board (PCAOB) said Thursday, leading to one of the highest fines it has ever imposed. In its announcement, the PCAOB said the practice was widespread, involving more than 1,000 employees from PwC Hong Kong, and hundreds more from PwC China. The penalties are the first the US agency has enforced against Chinese companies since a 2022 agreement that allowed US regulators to inspect and investigate firms in mainland China and Hong Kong that audit the books of Chinese companies listed on Wall Street. Read more: CNN
Several OPEC+ countries agreed to voluntarily cut oil production by a total of 2.2 million barrels per day in the first quarter of 2024, the oil producing group announced Thursday. Saudi Arabia, the world’s biggest exporter of crude oil, will lead the effort by extending a voluntary production cut of 1 million barrels per day of oil — previously intended to run till the end of December — by another three months, according to a statement from OPEC+, which comprises the Organization of the Petroleum Exporting Countries and its allies. The kingdom’s production will stay at around 9 million barrels a day until the end of March 2024, the state-run Saudi Press Agency said, citing “an official source from the Ministry of Energy,” after Saudi officials met with other major oil-producing nations in Vienna Thursday. In addition to Saudi Arabia, the following voluntary barrel-per-day production cuts were announced: Russia by 500,000; Iraq by 223,000; the United Emirates by 163,000; Kuwait by 135,000; Kazakhstan by 82,000; Algeria by 51,000 and Oman by 42,000, OPEC+ said. The group also announced after the meeting that Brazil, another major oil producer, will join at the start of next year. Read more: CNN |
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