Climate ministers meet in Copenhagen to accelerate compliance with COP26 targets


Copenhagen, May 14 | Representatives of nearly 50 countries along with 20-odd climate ministers met in the Danish capital of Copenhagen “to revisit their 2022 climate targets and ensure compliance with the Paris Agreement”.

In a statement, the Danish Ministry of Climate, Energy and Utilities said the meeting, known formally as the May Ministerial Meeting on Implementation, was organised at the request of both the UK Presidency of COP26 (UN Climate Change Conference) and the future Egyptian Presidency of COP27, reports Xinhua news agency.

Denmark was asked to host the interim meetings to create the “necessary momentum” for political cooperation and action on ambitions before the start of COP27 in Egypt in November.

“We have looked each other in the eye and agreed that our ambitious decisions from COP26 are in force, and that we must deliver on our promises,” Denmark’s Minister for Climate, Energy and Utilities Dan Jorgensen was quoted as saying in the press release.

The ongoing conflict between Ukraine and Russia has pushed supply security and energy independence to the top of the countries’ list of priorities, he said.

“At the same time, the climate crisis is raging. That’s why we must fight to maintain momentum and phase out fossil fuels.”

The participants in the meeting emphasized their commitment to the climate agenda and their determination to restore global momentum and political focus on the global climate crisis, while also following up on agreements reached at COP26, the Glasgow Climate Pact, on climate adaptation and climate finance.

The meeting came “at a time when the conflict between Ukraine and Russia has only emphasized the need for global cohesion”, the Ministry statement said.

According to the statement, the climate ministers will meet next at COP27 in Sharm el-Sheikh, Egypt, on November 7-18.

Before that, further negotiations will take place in Bonn, Germany, in June “to increase the countries’ ambitions”.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.


Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India


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