Search Site

Trends banner

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

TSMC Q2 profit up 60%

TSMC is the world's largest contract maker of chips.

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

EU pledges US$1bn in climate funding for Africa

While the UN COP27 climate talks have been billed as an "African COP", observers have decried slow progress on providing help for the continent. (AFP)
  • The funding also includes an EU pledge of $60 million for climate "loss and damage" already being suffered, a contentious issue at the negotiations in Egypt
  • It will cover the collection of climate risk data, boosting early warning systems, disaster risk finance and insurance, as well as helping to attract private finance

Sharm el Sheikh, Egypt– The European Union on Wednesday said it would dedicate more than $1 billion in climate funding to help countries in Africa boost their resilience in the face of the accelerating impact of global warming.

The initiative, launched at UN climate talks along with France, Germany, the Netherlands and Denmark, will combine “existing and new” programmes to prepare for future impacts of a warming world, European Commission Vice President Frans Timmermans said, without detailing the total amount of new finance.
The funding also includes an EU pledge of $60 million for climate “loss and damage” already being suffered, a contentious issue at the negotiations in Egypt.
While the UN COP27 climate talks have been billed as an “African COP”, observers have decried slow progress on providing help for the continent, one of the most vulnerable to a cascade of climate-driven floods, heat waves and droughts.Timmermans said the initiative, set up in partnership with the African Union, was a “starting point”.It will cover the collection of climate risk data, boosting early warning systems, disaster risk finance and insurance, as well as helping to attract private finance.

Ultimately, “we need a shift of trillions, not billions,” Timmermans said.