Commonwealth to champion climate-vulnerable states at UN summit

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New Delhi, Sep 13 | Commonwealth Secretary-General Patricia Scotland called for urgent action to ensure improved climate resilience of small states and promised to amplify the concerns of small and other vulnerable states around climate change at the upcoming United Nations Climate Change Conference (COP26) in Glasgow this November.

During her visit to The Bahamas last week, the Secretary-General said: “Without a doubt, we are living through a global climate crisis which is unfolding with disturbing speed and intensity across the Commonwealth, and the world.

“The unequivocal evidence contained in the most recent report by the Intergovernmental Panel on Climate Change (IPCC) has only reinforced what small island nations on the frontlines of climate change have been experiencing and advocating for a long time.

“Urgent, decisive and sustained climate action is needed, and the international community must not miss the window to make a real difference at the upcoming COP26 summit. This includes mobilising the financial support needed for vulnerable nations to cope with the impacts of climate change and build long-lasting resilience.

“The Commonwealth Secretariat has dedicated a number of programmes to support member countries to access finance, such as the Commonwealth Climate Finance Access Hub, the Disaster Risk Finance Portal and the Commonwealth Blue Charter Ocean Funders Database, but more must be done multilaterally to target the needs of small states, which face an existential threat from climate change.”

The Secretary-General last visited The Bahamas in 2019, in a show of solidarity with the country and region after it was devastated by Category 5 Hurricane Dorian.

On a tour of the Coral Vita coral restoration facility in Freeport in Grand Bahama on September 11, she added: “While they have contributed the least to the climate crisis, small states are most affected by it. But they are also leading the charge in advocating for transformative climate action on a global scale, in addition to developing local solutions, including new innovations as well those drawn from indigenous knowledge.”

The Secretary-General will lead a delegation to the UN Climate Change Conference to advocate the interests of Commonwealth countries, exchange knowledge and best practices around climate action, strengthen partnerships and mobilise resources to support Commonwealth programmes.

Thirty-two Commonwealth countries, more than half of the membership, are classified as ‘small states’, including 25 small island developing nations.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered with modest gain against the resilient global cues. Throughout the week, Sensex traded in a narrow range following an uneven move. Sensex ended at 54884.66 gaining 558 points or 1.03 percent while Nifty settled at 16352.45 with 86 points or 0.53 percent on a weekly basis. While Banknifty ended at 35613.30 levels with strong bounce with an upside of 3.90 percent in a week.

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INDIA VIX has cooled off during the week with 7.01 percent and has settled at 21.48 levels. Investors and traders may watch out key events such as the RBI meet in the second week as well as the US Fed meeting likely to be on 14-15 June for monthly expiry. As corporate results are likely to end soon stocks would expect less volatility in upcoming days. In Nifty stocks, HDFCLIFE gained 9.61 percent while DIVISLAB shed 18.41 percent in a week. Sectorally Nifty Finance saw the highest gains of 4.32 percent followed by the Nifty Auto with 3.26 percent. On the flip side Nifty Pharma, Energy, Realty and PSE lose more than 3 percent each on a weekly basis. However Midcap gained 0.77 percent while Smal lcap dropped by 3.42 percent.

Technically, Nifty has formed a bullish candle on the weekly chart with a long tail suggesting strong support around 15900 levels, while on the upside 16800 may act as strong resistance. Index has taken support from the previous horizontal line & closed above 21-days Simple Moving Averages that indicates further pullback rally in the near term.

Indicators such as RSI remained in the neutral zone while MACD suggest some positive cross over observed in daily time frame suggest some sign of reversal. Coming to the OI Data, on the call side the highest OI witnessed was 16500 followed by 16800 strike prices while on the put side, the highest OI was at 16000 strike price. Overall, Nifty is having support at 16000 mark while on the upside 16500 followed by 16750 may act as an immediate resistance. While Bank nifty has support around 34300 while resistance is placed at 36800 on weekly chart.

Om Mehera
Research Associates
Choices Broking

Souce: Choice India

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