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MDBs pledge $120 billion for low-income nations at COP29
At COP29 in Baku, Azerbaijan, leading multilateral development banks (MDBs) announced plans to collectively mobilize $120 billion annually in climate financing for low- and middle-income countries by 2030, with $42 billion dedicated to adaptation. The private sector is expected to contribute an additional $65 billion each year. High-income countries are set to receive $50 billion annually in climate finance, including $7 billion for adaptation. The MDBs exceeded their 2025 climate finance projections by a 25%…
NLC India reports Rs 9.82 billion net profit for Q2FY25
NLC India Limited has posted a net profit of Rs 9.82 billion for the quarter ending September 2024, marking a 9.58% decrease from the Rs 10.86 billion reported in the same period last year. However, the company’s total income rose by approximately 35%, reaching Rs 43.70 billion for the quarter, compared to Rs 32.34 billion in the corresponding period of the previous year.
EIB and Intesa Sanpaolo launch €8 billion wind sector initiative
The European Investment Bank (EIB) and Intesa Sanpaolo have launched an initiative to unlock €8 billion in wind sector investments, as part of EIB’s €5 billion wind energy plan unveiled at COP28. Supported by InvestEU, this will support 32 GW of wind capacity toward the EU’s 2030 renewable energy target of 45%. EIB will provide a €500 million counter-guarantee, enabling Intesa Sanpaolo to establish €1 billion in guarantees for wind farm supply chains and grid…
Tata Electronics, ASMPT partner for semiconductor assembly
Tata Electronics has signed a memorandum of understanding (MoU) with ASMPT Singapore to establish semiconductor assembly equipment infrastructure for its chip packaging units in Assam and Karnataka. This partnership will enhance workforce training, service engineering infrastructure, automation, and R&D in advanced packaging technologies like wirebond, flip chip, and integrated system packaging. ASMPT will support Tata Electronics in preparing for its semiconductor assembly and test facilities in Vemagal, Karnataka, and Jagiroad, Assam while promoting energy and…
China files WTO complaint over EU tariffs on electric vehicles
The Chinese government has filed a complaint with the World Trade Organisation (WTO) in response to the European Union’s (EU) imposition of tariffs on electric vehicles (EVs) made in China. The provisional tariffs, ranging from 17.4% to 37.6%, come on top of an existing 10% duty on Chinese auto imports. The EU argues that Chinese EV manufacturers benefit unfairly from government subsidies, enabling them to sell vehicles at artificially low prices, a claim China disputes….
Swedish government rejects 13 offshore wind projects in Baltic Sea
The Swedish government has denied 13 applications for offshore wind farms in the Baltic Sea, south of the Sea of Åland, citing national defence interests. The rejected projects include Arkona, Aurora, Baltic Offshore Beta, Cirrus, and others, as they posed potential conflicts with Sweden’s military operations. This decision affects various developers, including Hexicon’s joint venture Freja Offshore, which will halt its Cirrus and Dyning projects. Defence Minister Pål Jonson emphasized that in the current security…