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☆ SAP plans job changes or buyouts for 8,000 employees in restructuring plan
▼ + stars: | 2024-01-23 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

SAP CEO Christian Klein speaks at a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 19, 2023. SAP said on Tuesday that it aims to carry out voluntary buyouts or enable job changes for 8,000 employees as part of a restructuring program for 2024. SAP said it now expects 10 billion euros ($10.85 billion) in 2025 adjusted operating profit. That was above the consensus of 8.33 billion euros among analysts polled by LSEG. WATCH: SAP CEO says 2024 will be year AI moves from discovery to execution

Persons: Christian Klein, Klein, Jennifer Morgan, Bill McDermott, LSEG Organizations: Economic, SAP, Nasdaq, Adobe, Microsoft, Oracle Locations: Davos, Switzerland, German

The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

A loss and damage fund would be the first United Nations mechanism dedicated to helping countries that have suffered irreparable climate-driven damage from drought, floods and rising sea levels. "There was a lot at stake at this meeting," Avinash Persaud, special envoy to the Prime Minister of Barbados and the country's representative on the U.N. committee, told Reuters. Developing nations argue that rich countries responsible for most of the historical CO2 emissions causing climate change should be obliged to pay - something the United States and other rich nations refused to accept. Mohamed Nasr, Egypt's lead climate negotiator and representative on the committee, told Reuters such pledges would be crucial to the overall COP28 negotiations. If rich nations fail to follow through, he said, it could reopen decades-old fights that have derailed past climate deals - with poorer nations demanding "compensation" from rich nations for causing climate change, or refusing to agree to cut emissions faster without substantially more financial support from rich countries.

Persons: Rula, U.N, Persaud, Jennifer Morgan, Mohamed Nasr, Nasr, Valerie Volcovici, Kate Abnett, Christina Fincher Organizations: Abu Dhabi Sustainability, REUTERS, COP28 Finance, Bank, United, Reuters, U.S . State Department, European Union, Climate, Thomson Locations: UAE, Abu Dhabi, United Nations, Dubai, Barbados, United States, U.S, Egypt, COP28, Germany, Europe's, Berlin

☆ World Bank to host climate loss and damage fund despite opposition from developing nations
▼ + stars: | 2023-11-05 | by ( ) edition.cnn.com time to read: +3 min

CNN —Countries have moved a step closer to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States. The deal to create a “loss and damage” fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from wealthy nations. The committee, representing a geographically diverse group of countries, on Saturday resolved to recommend the World Bank serve as trustee and host of the fund — a tension point that has fueled divisions between developed and developing nations. Housing a fund at the World Bank, whose presidents are appointed by the US, would give donor countries outsized influence over the fund and result in high fees for recipient countries, developing countries have argued. To get all countries on board, it was agreed the World Bank would serve as interim trustee and host of the fund for a four-year period.

Persons: Jennifer Morgan, — we’re, ”, Harjeet Singh, “ Rich, “, Sultan Ahmed al, Jaber Organizations: CNN, United Nations, UN, Bank, Housing, World Bank, Berlin, Action, US State Department, Reuters Locations: United States, Egypt, Abu Dhabi, Dubai, COP28

The deal to create a "loss and damage" fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from wealthy nations. The committee, representing a geographically diverse group of countries, resolved to recommend the World Bank serve as trustee and host of the fund - a tension point that has fuelled divisions between developed and developing nations. Housing a fund at the World Bank, whose presidents are appointed by the U.S., would give donor countries outsized influence over the fund and result in high fees for recipient countries, developing countries have argued. To get all countries on board, it was agreed the World Bank would serve as interim trustee and host of the fund for a four-year period. "Rich countries ... have not only coerced developing nations into accepting the World Bank as the host of the Loss and Damage Fund but have also evaded their duty to lead in providing financial assistance to those communities and countries."

Persons: Tarusila, Loren Elliott, Jennifer Morgan, we're, Harjeet Singh, Sultan al, Jaber, Gloria Dickie, Valerie Volcovici, Andrew Heavens Organizations: Local, REUTERS, United Nations, Bank, Housing, World Bank, Action, U.S . State Department, Reuters, The U.S, Washington DC, Thomson Locations: Village, Fiji, United States, Egypt, Abu Dhabi, Dubai, U.S, Berlin, COP28, London, Washington

But even EU countries clashed over how ambitious to be - and their ministers were locked in talks into the evening on Monday. The faultlines tended to fall between wealthier EU members seeking rapid climate action, and poorer economies concerned about the cost of quitting fossil fuels. Another submission, by Saudi Arabia, did not explicitly mention a fossil fuel phase-out. 'NOT VERY HOPEFUL'The resistance shows how hard it will be to strike an ambitious climate deal at COP28. "I am not very hopeful," Carlos Fuller, U.N. climate negotiator for Belize, said of the fossil fuels phase-out - which Belize supports.

Persons: Wolfgang Rattay, Carlos Fuller, COP28, Jennifer Morgan, Natalie Jones, Kate Abnett, Glwadys Fouche, Katy Daigle, Barbara Lewis Organizations: REUTERS, Rights, Diplomats, Reuters, African Group, International Institute for Sustainable Development, Thomson Locations: Niederaussem, Germany, Rights BRUSSELS, Poland, Czech Republic, COP28, Russia, Saudi Arabia, Belize, COP27, China, Japan, United States, Colombia, Norway, U.N, Paris, Oslo

[1/7] BERLIN, GERMANY - MARCH 30: King Charles III addresses members of the German Bundestag at the Reichstag Building on March 30, 2023 in Berlin, Germany. The king, on the second day of a three-day trip to Germany, alternated between German and English for the half-hour speech, which won a standing ovation from lawmakers. Both Britain and Germany had shown "vital leadership", Charles said, praising Berlin's decision to provide large military support to Ukraine as "remarkably courageous, important and appreciated". Throughout his visit, German officials have praised his interest in environmental causes and sustainability that has shone through in the engagements he has chosen to understake. Charles had been due to travel first to France but cancelled that part of the tour due to violent social unrest there.

The deal to create a "loss and damage" fund was hailed as a breakthrough for developing country negotiators at the COP27 climate talks in Egypt, overcoming years of resistance from wealthy nations in European Union and United States. Morgan, along with Chile's environment minister, led the working group that came up with the U.N. deal on loss and damage. The fund was created on the principle that rich, industrialized nations that are responsible for most of the world's greenhouse emissions should pay developing countries for the damage caused to the climate. But Morgan said the fund needed to go beyond public money from industrialized countries to find innovative funding sources. Climate Envoy John Kerry told Reuters that the United States consulted with COP27 host Egypt and the United Nations on loss and damage, proposing that the fund be created in 2023 rather than 2024.

[1/10] Delegates applaud as COP27 President Sameh Shoukry delivers a statement during the closing plenary at the COP27 climate summit in Red Sea resort of Sharm el-Sheikh, Egypt, November 20, 2022. "We had to fight relentlessly to hold the line of Glasgow," a visibly frustrated Alok Sharma, architect of the Glasgow deal, told the summit. He listed off a number of ambition-boosting measures that were stymied in the negotiations for the final COP27 deal in Egypt: "Emissions peaking before 2025 as the science tells us is necessary? Another section of the COP27 deal dropped the idea of annual target renewal in favour of returning to a longer five-year cycle set out in the Paris pact. "I recognise the progress we made in COP27" with the loss and damage fund, Aminath Shauna told the plenary.

☆ Egypt working to prioritize 'loss and damage' at COP27
▼ + stars: | 2022-09-28 | by ( Valerie Volcovici | ) www.reuters.com time to read: +3 min

Aboulmagd said as the incoming COP president, Egypt needs to "navigate" the disparate positions and that it has appointed two ministers to come up with a plan for how to include "loss and damage" on COP27's formal agenda. The two ministers are Germany's special envoy for international climate action, Jennifer Morgan, and Chile's environment minister, Maisa Rojas. But as different countries grapple with extreme weather this year, pressure is growing for "loss and damage" to be prioritized at COP27. After visiting Pakistan in the wake of devastating floods, U.N. Secretary General Antonio Guterres urged governments to address loss and damage at COP27 "with the seriousness it deserves." Register now for FREE unlimited access to Reuters.com RegisterReporting by Valerie Volcovici in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ China urges Europe to take positive steps on climate change
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

China's chief climate negotiator Xie Zhenhua smiles as he takes part a panel discussion at the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 24, 2022. REUTERS/Arnd Wiegmann/FilesSHANGHAI, Sept 22 (Reuters) - Europe and other developed countries must take "positive action" to implement climate change goals as geopolitical uncertainties threaten to undermine their efforts, China's top climate envoy told his German counterpart. Xie Zhenhua, who leads China's climate negotiations, told Germany's special climate envoy Jennifer Morgan via video link late on Wednesday that global climate governance was currently facing "multiple challenges and uncertainties". China, the world's biggest carbon emitter, is expected to focus on the issue of financing at this year's global climate talks, known as COP27, which will take place in Sharm El-Sheikh in Egypt in November. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Stanway; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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