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It also referred to the need to reform international financial institutions. It should lead to a tripling of the amount international financial institutions lend "with a clear focus on climate and sustainable development goals," Prasad said. Similarly, Akinwumi Adesina, head of the African Development Bank said: "If you want to do more, you actually need more." "There has to be a lot more increase in capital, for the multilateral development banks," he told Reuters. "Our international financial architecture is built for a different time and different challenges," he said.

[1/5] A general view of the entrance to the Sharm El-Sheikh International Convention Centre grounds, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. Kunal Satyarthi, a negotiator for India, said he thought the loss and damage deal would "certainly" pass, and thanked other countries for their flexibility. Norway's climate minister, Espen Barth Eide, meanwhile, said his country was happy with the agreement to create a loss and damage fund. But the possible breakthrough on loss and damage was significant, and "I don't think that should be lost in the mix," he said. For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

A G20 declaration on Wednesday said "we will play our part fully in implementing" last year's Glasgow Climate Pact, under which countries pledged to limit the rise in global temperatures to 1.5C above pre-industrial times. "As things stand, the Glasgow Climate Pact is broken, but the G20 have the opportunity to fix it." MISSED OPPORTUNITYThe G20 declaration recognised the need to phase down use of unabated coal and phase out "inefficient" fossil fuel subsidies. Avinash Persaud, special envoy on climate finance to Prime Minister Mia Motley of Barbados, meanwhile, told Reuters the G20 declaration missed the mark on finance. "Unfunded ambition gets us nowhere fast," Persaud said, adding he wanted G20 countries to unlock more lending from multilateral development banks they control to help climate-vulnerable countries.

"It is not a kind of tactic to avoid formal negotiation on loss and damage funding arrangements here," Schulze said. Some research suggests that by 2030, vulnerable countries could face $580 billion per year in climate-linked "loss and damage". Ghana's finance minister Ken Ofori-Atta, who chairs the V20 group of vulnerable countries, called the creation of the Global Shield "long overdue". Yet some vulnerable countries questioned the scheme's focus on insurance, with insurance premiums adding another cost to cash-strapped countries that have low carbon emissions and contributed least to the causes of climate change. It was not immediately clear how much of the Global Shield funding announced so far was in grant form.

Their agreement to talk again about climate thawed relations frozen earlier this year after U.S. House Speaker Nancy Pelosi angered China by visiting Taiwan. Teresa Ribera, Spain's climate minister, said she was hopeful that the rapprochement would energise negotiations. “This unequivocal signal from the two largest economies to work together to address the climate crisis is more than welcome; it’s essential," Bapna said. Heading into the last week of the two-week conference progress has been slow, frustrating negotiators who are struggling to find consensus on how rich countries should help developing nations meet the cost of climate-fuelled disasters. The outcome on that issue, referred to in climate talks as "loss and damage", could define the perceived success or failure of the COP27 talks.

☆ Electric vehicle makers burning cash, slammed by sky-high costs
▼ + stars: | 2022-11-14 | by ( Akash Sriram | ) www.reuters.com time to read: +5 min

[1/2] A Canoo Lifestyle Vehicle is displayed during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. At the end of September, it had $6.8 million in cash and equivalents, down sharply from $415 million a year earlier. Still, higher output would ultimately reduce the cost per car and limiting production can threaten the path to profitability, analysts said. Rivian, backed by Amazon.com (AMZN.O) and Ford Motor (F.N), had $13.8 billion cash on hand at the end of September.

Goldman on Monday elevated Avinash Mehrotra and Brian Haufrect as the new co-heads of Americas M&A, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism and takeover defense, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles on top of their new responsibilities. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo sent to employees by Goldman's global co-heads of Global Banking & Markets, Dan Dees and Jim Esposito. Haufrect, who heads Goldman's natural resources deals franchise, was made partner at Goldman in 2016, according to his LinkedIn profile. Goldman's top six dealmakers - global co-heads of M&A, Stephan Feldgoise and Mark Sorrell, and M&A chairmen, Tim Ingrassia, Dusty Philip, Gilberto Pozzi and Gene Sykes - will continue running the franchise, according to the memo.

NEW YORK, Oct 31 (Reuters) - Goldman Sachs Group Inc (GS.N) on Monday named Avinash Mehrotra and Brian Haufrect as the new co-heads of mergers and acquisitions (M&A) for the Americas, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo. The contents of the memo were confirmed by a Goldman spokesperson. Reporting by Svea-Herbst Bayliss and Anirban Sen in New York; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

India's foreign minister followed up last week at the U.N. Security Council, describing the trajectory of the Ukraine war as "very concerning" and the risk of a nuclear escalation as of "particular anxiety". Moreover, India is worried the war is pushing Russia closer to China, which has fraught relations with New Delhi, the analysts said. "This is countering a narrative that India and China are both doing the same thing – that China is supporting Russia and India, by sitting on the fence, is also supporting Russia," Raghavan told Reuters. India and Russia have had deep relations for decades: Russia accounted for $5.51 billion of the $12.4 billion that India spent between 2018 and 2021 on arms imports. "As the Ukraine conflict continues to rage, we are often asked whose side are we on," he said, again without mentioning Russia.

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