Climate ministers meet in Copenhagen to accelerate compliance with COP26 targets

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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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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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