UK to commit additional 1 bn pounds for climate finance

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Glasgow, Nov 1 | The world must move from aspiration to action to limit rising global temperatures, British Prime Minister Boris Johnson will tell leaders at UN Climate Change Conference (COP26) in Glasgow, as he commits to increase the UK’s own climate finance by 1 billion pounds by 2025.

In an address at the World Leaders Summit opening ceremony on Monday, the Prime Minister will urge world leaders to take concrete steps on phasing out coal, accelerating the transition to electric vehicles, and halting deforestation as well as supporting developing nations on the frontline of the climate crisis with climate finance.

These actions will make the biggest difference in reducing emissions this decade on the world’s path to net zero and keeping alive the global aim of limiting rising temperatures to 1.5C under the Paris Agreement.

Leading by example, the UK doubled its International Climate Finance commitment to 11.6 billion pounds over five years in 2019, and the Prime Minister’s new announcement would take this to a world-leading 12.6 billion pounds, if the economy grows as forecast.

The UK’s International Climate Finance is drawn from the overseas aid budget, which — as set out in the Spending Review — is forecast to return to 0.7 per cent of GNI in 2024-25. The funding goes to life-changing programmes around the world, shoring up the defences of communities on the frontline of climate change, protecting nature and biodiversity, and supporting the global transition to clean and green energy.

At Monday’s opening ceremony, Johnson is expected to say: “Humanity has long since run down the clock on climate change. It’s one minute to midnight and we need to act now. If we don’t get serious about climate change today, it will be too late for our children to do so tomorrow.”

Later in the day, he will bring round one table some of the world’s biggest economies with the countries most vulnerable to climate change to hear what is at stake for countries if action is not taken now and set the tone for two weeks of negotiations to come.

The COP26 climate summit comes six years after the Paris Agreement was signed by over 190 countries to limit rising global temperatures to well below 2C with a view of reaching 1.5C.

According to the UN, global temperatures are currently set to rise to 2.7C.

Scientists are clear that emissions must halve by 2030 to keep the aims made in Paris within reach.

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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