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The European Union, the U.S. and other wealthy countries raised their offer of climate funding for developing nations to $300 billion a year at COP29 on Saturday, in a bid to unlock increasingly tense negotiations already a day into overtime. The U.N. climate summit had been due to finish on Friday but ran into extra hours as negotiators from nearly 200 countries – who must adopt the deal by consensus – tried to reach agreement on a funding plan for the next decade. It was not clear if the revised offer would be enough to lead to a deal, but negotiators from developing countries and island nations on Saturday aired frustration over a process they said was not inclusive, and temporarily walked out of talks. A $250 billion proposal, drafted by Azerbaijan’s COP29 presidency on Friday, was dismissed as woefully insufficient by developing countries, reeling from the soaring costs of storms, floods and droughts fuelled by climate change. COP29 has laid bare divisions between wealthy governments constrained by tight domestic budgets and developing nations, while past failures to meet climate finance obligations have also made developing countries mistrustful of new promises. The new goal is intended to replace developed countries’ previous commitment to provide $100 billion in climate finance for poorer nations per year by 2020. That goal was met two years late, in 2022, and expires in 2025. Five sources with knowledge of the closed-door discussions said the EU had agreed it could accept the higher number of $300 billion a year. Two of the sources said the United States, Australia and Britain were also on board. A European Commission spokesperson and an Australian government spokesperson both declined to comment on the negotiations. The U.S. delegation at COP29 and the UK energy ministry did not immediately respond to requests for comment. With no formal update yet of the deal draft from the COP29 presidency, the mood was tense among negotiating groups. “There is no clarity on the way forward. There is no clarity on the political will that we need to get out of this,” said Panama’s lead negotiator, Juan Carlos Monterrey Gomez. Representatives from the least developed countries and small island nations blocs walked out of a negotiating room in frustration, but said they remained committed to finding a deal. “We have temporarily walked out but remain interested in the talks until we get a fair deal,” said LDC bloc chair Evans Njewa in a post on X. The Alliance of Small Island States issued a statement confirming it had also walked away from the negotiation temporarily. “We want nothing more than to continue to engage, but the process must be inclusive,” it said. U.S. climate envoy John Podesta said he expected talks to progress toward a deal. “Hopefully this is the storm before the calm,” he said. PUSHING FOR $390 BILLION Marina Silva, Brazil’s minister of the environment and climate change, had said on Friday that the Amazon rainforest nation – which is set to host next year’s summit – was pushing for $390 billion annually from developed countries by 2035. “We cannot leave Baku without a decision that lives up to the challenge we are facing,” she said via a translator. Negotiators have worked throughout the two-week summit to address other critical questions on the finance target, including who is asked to contribute and how much of the funding is on a grant basis, rather than provided as loans. The roster of countries required to contribute – about two dozen industrialised countries, including the U.S., European nations and Canada – dates back to a list decided during U.N. climate talks in 1992. European governments have demanded others join them in paying in, including China, the world’s second-biggest economy, and oil-rich Gulf states. Donald Trump’s U.S. presidential election victory this month cast a cloud over the Baku talks. Trump, who takes office in January, has promised to again remove the U.S. from international climate cooperation, so negotiators from other wealthy nations expect that under his administration the world’s largest economy will not pay into the climate finance goal. A broader goal of raising $1.3 trillion in climate finance annually by 2035 – which would include funding from all public and private sources and which economists say matches the sum needed – was included in the draft deal published on Friday. Poorer countries have warned that a weak finance deal at COP29 would undercut their ability to set more ambitious targets to cut the greenhouse gas emissions causing climate change.The Lagos State government through the Office of Special Adviser on Climate Change and Circular Economy (OCCE) has taken a significant step toward advancing sustainable development by signing an Expression of Interest (EoI) to partner with the EU-Africa Chamber of Commerce (EUACC) during COP29 in Baku, Azerbaijan. A statement signed by the Special Adviser on Climate Change and Circular Economy for Lagos State, Mrs. Titilayo Oshodi, said the strategic partnership aims to unlock climate financing, foster technology transfer and promote green economic growth in Lagos State. According to her, the move aligned with the vision of Governor Babajide Sanwo-Olu-led the administration to position Lagos as a sustainable and resilient mega city. Speaking at the signing ceremony at the COP29 Climate Innovation Zone, Mrs. Oshodi emphasised the importance of the partnership, saying, “This collaboration with the EU-Africa Chamber of Commerce is a key step in advancing our vision for a sustainable future in Lagos. “With the EUACC’s extensive network and expertise, we are better equipped to accelerate the deployment of innovative climate solutions, position Lagos as a global leader in sustainable development, and attract meaningful green investments. “Our participation in COP29 has been transformative, strengthening our position as a frontrunner in global climate action by forging strategic partnerships and showcasing Lagos’ pioneering projects.” She added that the partnership is set to deliver key outcomes, including enhanced access to climate finance through green bonds and concessional funding, market promotion of Lagos State’s Article 6-compliant projects, and attracting funding for clean technology and sustainable infrastructure development. “It also aligns with the ongoing strategic partnership between the OCCE, Access Bank—a leading African financial institution with operations across Africa, the United Kingdom, Europe, and Asia and Carbonivity, a leading carbon asset development firm, to accelerate climate investment initiatives for Lagos State,” she added. The Chief Executive Officer of Carbonivity, OCCE’s carbon asset development partner, remarked, that the projects championed by OCCE demonstrate how African cities can lead the way in green economic transformation, climate innovation and adaptation, leveraging ESG-compliance and UNFCCC Articles 6.4ER/6.2 methodologies.” Also highlighting that with strong partnerships as demonstrated by the ecosystem with EUACC and Access Bank PLC, Lagos is well-positioned to deliver measurable improvements in climate adaptation and green economic outcomes. Head of Accra Office EUACC, Nele Lahrmann-Muniru said, “If Lagos successfully scales its climate action programmes, it could serve as a model for sustainable and resilient circular economies across Africa. With a focus on creating strong incentives for citizens and including climate programming strategically into the state’s budget, it could become a blueprint for how to make climate action and the circular economy work for Africa.” Lahrmann-Muniru stressed, that committed to innovation and practical solutions for Africa’s development, the EU-Africa Chamber of Commerce looks forward to supporting these initiatives in Lagos and beyond.Ghana opposition leader Mahama officially wins election

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It is with dismay that one reads the many statements made by the Tutu Trust in the last couple of weeks, the latest a call to remove an exhibition hosted by a US government funded conference. The conflict in the Middle East between the State of Israel and terrorist organizations’ Hamas and Hezbollah has rolled into every nation on the globe. The people who pay the bitter price of this ongoing battle are not the protagonists who, from the safety of their comfortable existence in conflict free zones, propagate a political narrative; it is the people of Gaza, Israel, and Lebanon. I see in their plight the faces of my own community on the Flats. Communities entangled in the web of violence, and exploited by powerful players with devious aims. Locally this conflict affects our Christian, Jewish, and Muslim communities, who have strong spiritual and natural ties to the people of that region. Therefore we must use wisdom if we seek to contribute to peace, and be aware of our own biases whether political or religious. Our world needs moral clarity not the continued propaganda that strengthens an ideology that makes the Jewish community targets of violent attacks in different cities around the world. In my life I have Muslim friends who showed kindness to me personally during painful times that helps me to see beyond the labels of religion. Both Arab and Jew are descendants of Abraham. We must see people, “Umuntu umuntu ngabantu” It is time for agitators like the Desmond Tutu Trust, who solely stand on one side of a complex political issue, to make a clear distinction between the innocent people of Gaza and the terrorist groups who are bent on destruction no matter what the human cost. The Trust, in failing to address the hostages still in Gaza, makes a distinction on the value of human life based on political position. Why is it that we do not hear the call clear and loud for the release of the Israeli hostages, some of them children from the Tutu Trust? Certainly the release of hostages will contribute to ending this bloody conflict raging for more than a year. There is a desperate need to reset the dialogue and discussion beyond political posturing in order to silence the guns.For the second year in a row, the auction is being held overseas. Dubai hosted it last year. Assembly Election Results Live Updates Maharashtra Election Results Jharkhand Election Results Bypoll Election Results Here's everything you need to know about the mega IPL auction. What is 'mega auction'? It happens every three years. The IPL franchises are allowed to retain only a few players — a maximum of six this time — and the rest go into a big auction pool. In other years, there are mini auctions where teams can retain as many players as they like. How many players are there in the auction pool this time? 577 players — 367 Indians and 210 overseas Who are the big names? 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View Program There are plenty. Among the Indian players, there's Shreyas Iyer, Rishabh Pant, Ishan Kishan, R Ashwin, Arshdeep Singh, Yuzvendra Chahal, KL Rahul, Mohammed Shami, Mohammed Siraj, Venkatesh Iyer, Bhuvneshwar Kumar, Krunal Pandya, Washington Sundar, and many others. The overseas list includes Jos Buttler, Kagiso Rabada, Mitchell Starc, Liam Livingstone, David Miller, David Warner, Glenn Maxwell, Faf du Plessis, Tim David, Rachin Ravindra, Quinton de Kock, Marcus Stoinis, Jonny Bairstow, and many more. How much money can teams spend and how many slots are available? Each team has a total purse of `120 cr but some of that has already been spent on players retention. A squad can have a maximum of 25 players and minimum 18. So, a maximum of 250 players in total. 46 players, including 10 overseas, have already been retained by the teams, leaving a maximum of 204 slots to fill during the auction. Also, no squad can have more than 8 overseas players. What is RTM? RTM stands for Right to Match. The teams were allowed to retain up to 6 players — of which a maximum of 5 can be capped and 2 can be uncapped — either before the auction or by using the RTM options at the auction, or a combination of both. How does it work? A franchise has the option to buy back a player who was part of their squad in the last season by match the highest bid by another franchise. However, the franchise that made the winning bid will get one more chance to raise the bid to whatever amount they wish. In that case, the player's previous team will have to either match the increased bid or let the player go. Assembly Election Results Live Updates Maharashtra Poll Results Highlights 2024 Jharkhand Poll Results Highlights 2024 (You can now subscribe to our Economic Times WhatsApp channel )