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☆ German cabinet to agree supplementary budget this afternoon - spokesperson
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

... Acquire Licensing Rights Read moreNov 27 (Reuters) - Germany's cabinet is expected to agree a supplementary 2023 budget this afternoon, a government spokesperson said on Monday. The cabinet will also try to present a 2024 budget by the end of the year, the spokesperson said, adding that if this did not work out, the plan was to agree a budget in January. The cabinet would base its reasoning for a renewed suspension of the country's debt brake on 2022 reasoning, the spokesperson added, speaking at a regular press conference in Berlin. Chancellor Olaf Scholz's government was forced to freeze most new spending commitments after the constitutional court blocked plans to repurpose unused pandemic funds towards green projects and industry subsidies, wiping billions from the federal budget. Reporting by Amir Orusov and Christian Kraemer, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Chancellor Olaf Scholz's, Amir Orusov, Christian Kraemer, Rachel More Organizations: Thomson Locations: Berlin, Germany

She replaces Mafalda Duarte, who left in July 2023 to lead the Green Climate Fund. Luis Tineo, interim CEO, will lead CIF until March, 2024. "Developing countries are at the forefront of the climate crisis, and we will only meet this decisive moment by working together to scale climate finance where it is needed most," Gbadegesin said in a statement. Among the largest multi-lateral climate funds in the world, CIF offers projects highly concessional capital that can leverage development bank and private sector money to fund low carbon, climate-resilient development. As well as the World Bank Group, including the International Finance Corp, CIF invests through the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.

Persons: Mafalda Duarte WASHINGTON, Tariye Gbadegesin, Gbadegesin, Mafalda Duarte, Luis Tineo, ”, Bob Natifu, Edward Webber, Simon Jessop, Valerie Volcovici, David Gregorio Our Organizations: Global, Investment Funds, World Bank, ARM Harith Infrastructure Investments, Climate Fund, Initiative, International Monetary Fund, Boston Consulting, Africa Finance Corp, Trust Fund Committee, International Finance Corp, African Development Bank, Asian Development Bank, European Development Bank, Inter, American Development Bank, Thomson Locations: South Africa, Indonesia

The United States, European Union and many climate-vulnerable countries are insisting on a final COP28 deal that commits countries to phase out fossil fuels. While the International Energy Agency says these emissions-abatement technologies are crucial for meeting global climate goals, they are also expensive and not currently used on a large scale. But the EU and some climate-vulnerable countries insist on pairing this pledge to boost renewables with phasing out fossil fuels, setting up a clash. FINANCING FOR THE COSTS OF CLIMATE CHANGETackling climate change and its consequences will take an astonishing amount of investment - far more than the world has budgeted so far. At COP28, countries will be tasked with setting up a "loss and damage" fund to help with this, which developing nations say should unlock at least $100 billion by 2030.

Persons: Sultan al, Jaber, Kate Abnett, Katy Daigle, Josie Kao Organizations: European, COP28, International Energy Agency, European Union, EU, U.S, United Arab Emirates, Thomson Locations: Dubai, Paris, COP26, United States, European Union, Russia, UAE, EU, China, COP28

A constitutional court ruling on Nov. 15 against a budget manoeuvre to get around Germany's "debt brake" threw the financial plans of Chancellor Olaf Scholz's coalition into disarray. "As I have long been saying, we must fear that the debt brake becomes ever more a brake on the future," said Berlin mayor Kai Wegner on social media platform X. "The debt brake was implemented when Europe had a debt sustainability issue and Germany wanted to lead by example," he said. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match," he said. The Greens' campaign programme ahead of the last election included debt brake reform to allow for greater investments.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Chancellor Olaf Scholz's, Reiner Haseloff, Haseloff, Kai Wegner, Friedrich Merz, Carsten Brzeski, Roderich Kiesewetter, Stefan Marschall, Andreas Rinke, Sarah Marsh, Matthias Williams, Holger Hansen, Nick Macfie Organizations: Climate, Finance, BERLIN, U.S, Intel, Reuters, AAA, Christian Democratic Union, CDU, Christian Social Union, CSU, Berlin, Free Democrats, Social Democrats, Greens, ING, SPD, University of Duesseldorf, Thomson Locations: Berlin, Europe's, Ukraine, Saxony, Anhalt, United States, Bavarian, Federal, Germany, Europe, France, Italy, Spain, China

These include plans by ArcelorMittal , the world's second-largest steelmaker, to spend 2.5 billion euros to decarbonise its German steel mills, efforts that depend on now-uncertain government support. "What we're seeing here is devastating for Germany as a business location globally. Besides the 6 billion euros of steel investments, other sectors potentially affected by the court ruling include 4 billion euros in the area of microelectronics and 20 billion euros for battery cell production, according to an economy ministry paper seen by Reuters. Those have previously been estimated at 68 billion euros. "Important industries in Germany, such as chemicals or steel production, need economical energy prices," Oliver Blume, CEO of Europe's top carmaker Volkswagen (VOWG_p.DE), told Frankfurter Allgemeine Zeitung.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Reiner Blaschek, Chancellor Olaf Scholz, Stefan Rauber, Intel INTC.O, Taiwan's, Bernhard Osburg, Oliver Blume, Christoph Steitz, Tom Kaeckenhoff, Andreas Rinke, Catherine Evans Organizations: Climate, Finance, ArcelorMittal, SHS Stahl, Reuters, IMF, Intel, TW, Infineon, Steel, BASF, Wacker Chemie, Volkswagen, Frankfurter Allgemeine Zeitung, Thomson Locations: FRANKFURT, DUESSELDORF, Berlin, Germany, Asia, United States, U.S, USA, Steel Europe

☆ Russia's sanctioned Sovcombank requests US licence to make UN climate payments
▼ + stars: | 2023-11-23 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. "We have funds in foreign currency for these payments, but we have not received any response from them yet, unfortunately." Avtukhov said Sovcombank was in dialogue with the UN on the matter. "We have not suspended our membership in international organisations," Avtukhov, who also sits on Sovcombank's board, said. There are certain difficulties with making payments in general for Russian participants of this programme," Avtukhov said.

Persons: Maxim, Sovcombank, Mikhail Avtukhov, Avtukhov, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: St ., Economic, REUTERS, U.S . Treasury, United, Reuters, European Union, Foreign Assets, United Nations Environment, Finance Initiative, U.S, Treasury, UN, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine MOSCOW, Russian, United Nations, Sovcombank, Ukraine, Washington, Moscow

☆ Every country needs an Inflation Reduction Act
▼ + stars: | 2023-11-23 | by ( Antony Currie | ) www.reuters.com time to read: +9 min

REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 23 (Reuters Breakingviews) - Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal. Yet concerns about market distortion from the policy intended to stimulate investment in the energy transition and signed into law by President Joe Biden in August 2022 are easing. The Biden administration’s willingness to negotiate on its package of $370 billion of tax breaks and other measures has helped. Reuters GraphicsTrouble is, governments also need to show that they will be fiscally responsible stewards of the energy transition in the short term – especially with inflation still a threat and budgets under pressure. In a speech on Nov. 2 about enabling Australia’s energy transition, Treasurer Jim Chalmers said that “incentives like the type we’ve seen in the Inflation Reduction Act in the United States can be part of an answer but they’re not the whole answer”.

Persons: David Brockwell, David Gray, Australia’s Fortescue, FMG.AX, Joe Biden, Biden, –, Goldman Sachs reckons, ’, Uncle Sam, Fumio, Jim Chalmers, they’re, Chalmers, Una Galani, Thomas Shum Organizations: REUTERS, Rights MELBOURNE, Reuters, Australia, Washington, European, of America, Labor Energy Partnership, U.S, Canberra, Climate Energy Finance, Climate Capital Forum, Deloitte, National Australia Bank, quicken, Thomson Locations: Lake George, Canberra, South Korea, United States, Seoul, European Union, U.S, Japan, Washington, EU, Australia

☆ Germany freezes new spending commitments as budget woes deepen
▼ + stars: | 2023-11-21 | by ( Holger Hansen | ) www.reuters.com time to read: +3 min

Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. The finance ministry has frozen future spending pledges across almost the entire federal budget, a letter by the budget state secretary showed, in a sign of how seriously it was taking the potential fallout to its finances. "The step reflects the necessity of the situation," an economy ministry spokesperson said about the budget freeze. That could include planned chip factories, the expansion of the battery supply chain and the decarbonisation of steel, government sources said on Monday. ($1 = 0.9168 euros)Additional reporting by Andreas Rinke; writing by Matthias Williams and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Freeze, Olaf Scholz's, Kevin Kuehnert, that's, Kuehnert, Volker Wissing, Wissing, Andreas Rinke, Matthias Williams, Sharon Singleton Organizations: Finance, Climate, REUTERS, BERLIN, Free Democrats, Democrats, CDU, Scholz's Social Democrats, Greens, Digital, Thomson Locations: Berlin, Germany, Ukraine

Underscoring the frustration, Economy Minister Robert Habeck, a member of the pro-spending Greens, called the verdict "a huge blow to industrial policy". Speaking to parliament, Habeck warned the court ruling put at risk support for the steel sector, which is counting on subsidies to decarbonise and stay competitive. Finance Minister Christian Lindner meanwhile said it was too early to discuss the consequences of the court ruling. "The steel industry alone can contribute to reducing a third of total industrial emissions - and thus has enormous leverage to save millions of tons of CO2 in the coming years." "The political bottom line is that many coalition disputes will reopen as serious budget constraints kick in.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, BERLIN, Wednesday's, Chancellor Olaf Scholz, Habeck, Yesenn, DBRS Morningstar, hawkish Lindner, Lindner, Bernhard Osburg, Carsten Brzeski, Eurointelligence, Maria Martinez, Christian Kraemer, Andreas Rinke, Markus Wacket, Tom Kaeckenhoff, Matthias Williams, Alexandra Hudson, Susan Fenton Organizations: Finance, Climate, Economy, Greens, CHANGE, Budget, European Central Bank, Thomson Locations: United States, Berlin, Germany

☆ German Court deals blow to Scholz government with budget ruling
▼ + stars: | 2023-11-15 | by ( ) www.cnbc.com time to read: +1 min

Germany's constitutional court ruled on Wednesday that the government's re-allocation of 60 billion euros ($65 billion) of unused debt from the pandemic era to a climate fund was illegal, dealing a blow to Chancellor Olaf Scholz's coalition. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void. In addition, the government changed the accounting principal by which borrowing counted against the budget deficit in the year the borrowing was actually done. "The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute.

Persons: Chancellor Olaf Scholz's, Christian Lindner, Clemens Fuest Organizations: Social Democrats, Greens, Free Democrats Locations: Germany

[1/3] FILE PHOTO: German Chancellor Olaf Scholz looks on as he meets NATO's Secretary General Jens Stoltenberg in Berlin, Germany, November 9, 2023. Wednesday's decision by the constitutional court could also set a precedent for fiscal responses to future crises. "FAR-REACHING CONSEQUENCES""The court ruling has far-reaching consequences for fiscal policy in Germany," said Clemens Fuest, President of the Ifo economic institute. This was done with the Second Supplementary Budget Act 2021, which retroactively amended the Budget Act for 2021. The constitutional court ruled that this act was incompatible with Germany's Basic Law and so was void.

Persons: Olaf Scholz, Jens Stoltenberg, Liesa, Chancellor Olaf Scholz's, Christian Lindner, Lindner, Scholz, Robert Habeck, Clemens Fuest, Ralph Solveen, Habeck, Friedrich Merz, Maria Martinez, Christian Kraemer, Ursula Knapp, Matthias Williams, Kirsti Knolle, Madeline Chambers, Susan Fenton, William Maclean, Catherine Evans Organizations: REUTERS, Rights, Finance, Union, Social Democrats, Free Democrats, Christian Democratic Union, Thomson Locations: Berlin, Germany, Ukraine

The world-first climate "loss and damage" fund is set to be launched during the United Nations COP28 climate summit to be held Nov. 30-Dec. 12 in Dubai in the United Arab Emirates. "The Commissioner is ready to announce substantial financial contribution by the EU and its member states to the loss & damage fund at COP28 in the context of an ambitious outcome at COP28," the European Commission and the UAE's incoming COP28 president said in a joint statement, referring to EU Climate Commissioner Wopke Hoekstra. Adnan Amin, CEO of the COP28 summit, said the aim was to secure several hundred million U.S. dollars for it by the end of the event. He said he was "hopeful" that the COP28 host, the UAE, would also make a contribution. Countries agreed at last year's U.N. climate talks to launch the climate damage fund, a deal hailed as a breakthrough by more vulnerable, developing nations that have long demanded support to cope with climate-driven damage from drought, floods and rising seas.

Persons: Stephanie Lecocq, Wopke Hoekstra, Adnan Amin, Amin, John Kerry, Washington, Kate Abnett, Bart Meijer, Gareth Jones, Mark Heinrich Our Organizations: Environmental, Republique, New Global Financial, REUTERS, Rights, European Union, United, EU, European Commission, Finance, Reuters, Bloomberg, Economy, Thomson Locations: Paris, France, Rights BRUSSELS, United Nations, Dubai, United Arab Emirates, COP28, EU, UAE, Singapore

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

☆ Britain rolled back an array of its net zero goals. It could spell pain for climate tech startups, experts say.
▼ + stars: | 2023-10-16 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Britain's dramatic rollback of its net zero ambitions will threaten climate tech startups' ability to raise fresh capital from investors, industry experts have warned. Sunak said the government remained committed to its obligation to reach net zero by 2050, despite the u-turns. He also unveiled a grant for boiler upgrades, reforms to energy infrastructure planning, and £150 million ($183 million) for the development of green tech. Climate tech is particularly exposed to this as it changes on a country-by-country basis, compared with health tech which has a "stable" and well-established regulatory process. "The bottom line for me is that it will happen independently of the politics now," said SE Ventures' Christiani.

Persons: Rishi Sunak, Sunak, Asif Ghafoor, Kiko Ventures, Arne Mortaeni, Michael Smith, Julien Christiani Organizations: EV, Kiko, Government, Ventures Locations: Europe, Germany, France

It comes amid criticism that the lending institutions are not taking climate change and the vulnerabilities of poor countries enough into account in their funding decisions. Dysfunctional because the system as a whole is too slow to respond to new challenges, such as climate change. Lee pointed to an IMF program that launched last year to help poor countries address problems like climate change. “The national policy to address climate change is lax — little or no focus is on climate change and the nexus between climate change and conflict in the Sahel is underappreciated,” Hassan said. “Go beyond the conflict itself to start prioritizing climate change as the root cause of the problem affecting these countries."

Persons: ”, William Ruto, Akinwumi Adesina, Moussa Faki, Patrick Verkooijen, Daniel Lee, Lee, Rwanda —, Carlos Lopes, It’s, Idayat Hassan, Ibrahim Audi, Femi, Lopes, ” Hassan, “, ” Mimiko, — Organizations: Global, International Energy Agency, International Monetary Fund, World Bank, New York Times, Kenyan, African Development Bank, African Union, IMF, Mandela School of Public, University of Cape, Center for Strategic, International Studies, Obafemi Awolowo University, Africa Climate Summit, International Rescue Committee, AP Locations: ABUJA, Nigeria, Africa, Africa's Sahel, Burkina Faso, Chad, Mali, Niger, Marrakech, Morocco, Rwanda, University of Cape Town , South Africa, Nigeria's, Katsina, Kenya

☆ Ireland to lay out sovereign wealth fund plans in expansionary budget
▼ + stars: | 2023-10-09 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

"The costs that we are providing for are going to come at us really quickly. A package of one-off financial supports totalling another 2.4 billion euros will be added on top of that, a source familiar with the process told Reuters. A similarly expansive budget a year ago that included even more generous one-off measures handed little political momentum to the three-party coalition. The left-wing opposition Sinn Fein remains well ahead in polls, with elections due by early 2025. ($1 = 0.9478 euros)Reporting by Padraic Halpin; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael McGrath, McGrath, Sinn Fein, Padraic Halpin, Toby Chopra Organizations: DUBLIN, Finance, Reuters, Thomson Locations: Ireland, Europe, Dublin

☆ Adaptation must be "front and centre" of climate agenda, UAE's COP28 president-designate says
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsRIYADH, Oct 8 (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. Adaptation means investing in ways to adapt to climate change like early warning systems, food systems and crop yields. The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. Jaber was a controversial pick to lead the summit because his country is an OPEC member and a major oil exporter. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: UAE Industry, Amazon, REUTERS, Rights, United Arab, Thomson Locations: Hangar, Belem , Para State, Brazil, Rights RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh, Dubai, OPEC

☆ Adaptation Must Be 'Front and Centre' of Climate Agenda, UAE's COP28 President-Designate Says
▼ + stars: | 2023-10-08 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

RIYADH (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. “We live in a region of extreme heat, water scarcity and food insecurity. We are also suffering harsh climate impacts, from droughts to the devastating floods of Derna," Jaber said, speaking at the MENA Climate Week in the Saudi capital Riyadh“To deliver for our region we must put adaptation front and center of the climate agenda.”Jaber also said that donors must double adaptation finance and replenish the green climate fund. (Reporting by Maha El Dahan and Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Toby Chopra)

Persons: Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: Reuters, United Arab Locations: RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh

☆ Biden ESG rule survives challenge in court. 'Tonal shift’ may be biggest victory, lawyer says
▼ + stars: | 2023-09-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The Biden administration rule — which took effect Jan. 30 — was one facet of a White House effort to address climate change. Biden's ESG rule replaced a regulation issued by the Trump administration. That's because ERISA, a federal retirement law, disallows employers from picking investments for ideological reasons. The Biden administration was concerned that the spin around the Trump rule might have chilled plans' willingness to consider ESG factors. "The Biden administration was concerned that the spin around the Trump rule might have chilled plans' willingness to consider ESG factors in evaluating plan investments," Iwry said.

Persons: Joe Biden, Marty Walsh, Anna Moneymaker, —, Biden, Biden's, Trump, PSCA, Andrew Oringer, Oringer, DOL, gunning, Mark Iwry, Obama, Matthew Kacsmaryk, Mark Iwry nonresident, Iwry, Mischa Keijser Organizations: Labor, White, Getty, of America, U.S . Department of Labor, Northern District of Texas, Wagner Law, Department of Labor, Biden, Trump, Brookings Institution, U.S . Department of, Treasury, Brookings, Labor Department Locations: Rose, Northern District, Texas

☆ Trillions in Climate Funds Could Sow Turmoil in Poor Nations
▼ + stars: | 2023-09-25 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

"The move from fossil fuels to renewables is happening – but we are decades behind," Guterres said at the start of the one-day summit. "We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels." Those not invited to speak were the world's two top polluters - the United States and China – though U.S. Special Envoy on Climate Change John Kerry was in the audience. "This climate crisis is a fossil fuel crisis," he said, drawing applause from the heads of state and others in the room. "Climate change is a top priority for my administration," Thavisin told the gathering, his country having recently created a climate change ministry.

Persons: Antonio Guterres, Mike Segar, Guterres, John Kerry, China's U.N, William Ruto, Ruto, Gavin Newsom, Srettha Thavisin, Thavisin, Sultan Ahmed al, Jaber, COP28, Mia Mottley, Ursula von der Leyen, Pushpa Kamal Dahal, Valerie Volcovici, Katy Daigle, Howard Goller Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, General, United Arab Emirates, Thailand's, FINANCE, Security Council, Allianz, World Bank, International Monetary Fund, Fund, Thomson Locations: New York City, U.S, COP28, Dubai, Brazil, Canada, Pakistan, South Africa, Tuvalu, United States, China, California, UAE, Barbados, Ukraine

[1/2] United Nations Secretary-General Antonio Guterres addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. The summit will feature speeches from leaders who are responding to his call to "accelerate" global climate action, including Brazil, Canada, the European Union, Pakistan, South Africa and Tuvalu. Guterres said one of the aims was to spur action from countries and companies whose climate plans were not in line with the global climate target. U.S. Special Envoy on Climate Change John Kerry will attend the summit but will not deliver a speech, a spokesperson said. China's mission to the United Nations and UAE did not immediately respond for comment.

Persons: Antonio Guterres, Brendan McDermid, General Antonio Guterres, Guterres, John Kerry, Selwin Hart, I'm, Valerie Volcovici, Stephen Coates Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, UNITED, Ambition, United Arab Emirates, European Union, Allianz, World Bank, International Monetary Fund, California ., Reuters, UN, Assembly, UAE, Thomson Locations: New York City, U.S, China, United States, Brazil, Canada, Pakistan, South Africa, Tuvalu, London, California, California . U.S, Paris

☆ Brazil's president calls U.S. economic embargo on Cuba 'illegal,' condemns terrorist list label
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +3 min

And to this day it is the victim of an illegal economic embargo," Lula said in a speech opening the G77 Summit of developing nations in the capital, Havana. The comments were made just hours before Lula left for New York, where he will attend the United Nations General Assembly and have bilateral talks with Biden. Earlier, Cuba expressed concerns over the label and Washington’s decades-old Cold War-era economic embargo against the island governed by the Communist Party of Cuba. Cuba and critics of the economic sanctions say the embargo prevents and hampers access to food, medicine and other critical development supplies. In 2019, during the first year of right-wing Jair Bolsonaro's administration, Brazil voted against the motion along with the United States and Israel.

Persons: Luiz Inacio Lula da Silva, Donald Trump, Biden, Lula, Lisandra Paraguassu, Steven Grattan, Aurora Ellis Organizations: Former U.S, Trump, United Nations General Assembly, Communist Party of Cuba, European Union, U.S . State Department, United Nations, Thomson Locations: BRASILIA, Cuba, United States, Havana, Brazil, New York, Israel, Paris

☆ Brazil's President Calls U.S. Economic Embargo on Cuba 'Illegal,' Condemns Terrorist List Label
▼ + stars: | 2023-09-16 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

Persons: Luiz Inacio Lula da Silva, Donald Trump, Biden, Lula, Lisandra Paraguassu, Steven Grattan, Aurora Ellis Organizations: Reuters, Former U.S, Trump, United Nations General Assembly, Communist Party of Cuba, European Union, U.S . State Department, United Nations Locations: BRASILIA, Cuba, United States, Havana, Brazil, New York, Israel, Paris

☆ UK commits $2 billion to UN-backed climate fund
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

Sept 9 (Reuters) - Britain will commit to provide $2 billion to the Green Climate Fund (GCF) to help developing countries cope with climate change, Prime Minister Rishi Sunak said on Sunday at the G20 Leaders Summit in New Delhi. The pledge would be the biggest single funding commitment the UK has made to date to help the world tackle climate change, a government statement said. Britain has committed to spend 11.6 billion pounds ($14.46 billion) on international climate finance between 2021 and 2026. Government officials calculated it would have to spend 83% of the total aid budget on the international climate fund to meet the 11.6 billion pound target by 2026. It said $5.8-5.9 trillion is required by developing countries before 2030, in particular for their needs to implement their emission targets.

Persons: Rishi Sunak, Mrinmay Dey, Kim Coghill Organizations: Climate, G20, United, Guardian, Thomson Locations: Britain, New Delhi, United Nations, Bengaluru

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