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<ul class="summary-list"><li>BRICS' Kazan Declaration on Wednesday contained 134 points — and only one discussed the Ukraine war.</li><li>That point was a call for all parties to abide by UN standards, despite Russia hosting this year.</li></ul>Over two dozen world leaders at this year's BRICS summit ended Wednesday's talks with the Kazan Declaration, a 134-point summary of their agreements.The war in Ukraine was only mentioned once in the 43-page document, and though Russian leader Vladimir Putin hosted the event, its wording is a far cry from the Kremlin's preferred rhetoric.That single paragraph contained none of Russia's usual talking points, instead urging all parties to act in accordance with United Nations standards — a more neutral statement often used by nations like China."We emphasize that all states should act consistently with the Purposes and Principles of the UN Charter in their entirety and interrelation," the document reads. "We note with appreciation relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy."<a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-october-23-2024">The Institute for the Study of War</a> wrote on Wednesday that the language in the document shows that Russia, despite its leading position at the summit, still isn't able to shape the stances of friendly world leaders on its war."The Kazan Declaration notably only mentioned Russia's war in Ukraine once," the Washington-based think tank wrote.Russia has denied the sovereignty of Ukraine and said its invasion is justified as a <a target="_blank" class="" href="https://www.businessinsider.com/putin-said-invaded-ukraine-stop-nato-expanding-has-achieved-opposite-2022-5">counter to NATO's expansion</a> and due to <a target="_blank" class="" href="https://www.businessinsider.com/putin-tries-justifying-ukraine-war-denazification-zelensky-jewish-president-2022-2">debunked allegations that Ukraine is a Nazi-run state.</a>The declaration "demonstrated that Russia has not yet secured the international support nor created the alternative security structure that the Kremlin desires," ISW added.That's significant because Moscow has been trying to get its allies on board with its invasion while the West isolates the Russian economy in response. The US and Ukraine have repeatedly accused China, a founding BRICS member, of supplying Russia with weapons parts and economic support.Yet several founding members of the BRICS group, such as Brazil and India, still maintain strong economic ties with the US amid its support for Kyiv.The Kazan Declaration, meanwhile, condemned Israeli actions in the Middle East in five points, including criticism of a strike on the <a target="_blank" class="" href="https://www.businessinsider.com/deadly-israeli-strike-syria-could-put-us-forces-crosshairs-iran-2024-4">Iranian consulate in Syria</a>, <a target="_blank" class="" href="https://www.businessinsider.com/israel-attack-lebanon-hezbollah-past-invasion-2024-10">Tel Aviv's invasion of southern Lebanon</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/israel-gaza-hamas-civilian-casualties-children-deaths-airstrikes-palestinian-2023-10">war in Gaza.</a>World leaders also spent two paragraphs discussing the South Sudanese Civil War.The summit also exposed the difficulties that Western sanctions have inflicted on life in Russia. Leaders met in Kazan, which is in the southwestern Republic of Tatarstan region.Business Insider's Huileng Tan wrote that organizers said <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-brics-summit-foreign-attendees-cash-usd-euros-putin-2024-10">card transactions there</a> would be unavailable due to restrictions on Mastercard and Visa cards issued outside Russia.Attendees were instead asked to bring cash in US dollars or euros — the same currencies that Putin has been trying to get his allied countries to drop — to exchange for rubles at Russian banks.

BRICS' new declaration shows Russia's war still can't get the international backing that Moscow wants

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<ul class="summary-list"><li>Russian President Vladimir Putin is hosting the BRICS summit in Kazan, Russia.</li><li>Putin is touting trade in local currencies, a move away from the US dollar.</li></ul>Russian President Vladimir Putin is hosting a major summit with over 20 world leaders, whom he's trying to convince to ditch the dollar.De-dollarization is one of Putin's priorities because trading in local currencies means that a heavily sanctioned Russia would not be beholden to the Western US dollar-dominated global financial order.But it's not easy to move away from the greenback. BRICS' summit organizers have advised foreign attendees to bring cash — specifically, US dollars and euros — to the event, in the Russian city of Kazan.Most Russian banks will only take US dollars or euros — which Moscow has deemed "toxic currencies" — to exchange for rubles, according to a guide on the <a target="_blank" class="" href="https://brics-russia2024.ru/en/summit/participants/cards/">summit's website.</a>Going cashless isn't an option, since it's not possible to use Mastercard or Visa cards issued outside Russia in the country. The two card issuers <a target="_blank" class="" href="https://www.businessinsider.com/visa-mastercard-suspend-operations-in-russia-amid-ukraine-invasion-2022-3">halted local operations</a> days after Russia invaded Ukraine in 2022.China's Union Pay cards may be used — "but with restrictions," per the guide.Attendees may apply for Russia's Mir payment card — and there's a bank at Kazan's international airport to get a card, exchange currency, and withdraw cash.These issues with payments not only undermine the bluster of the BRICS group's call to de-dollarize, but they also underscore the immense challenge BRICS would have to unseat King Dollar, which is firmly entrenched in the global financial order.The group of emerging nations anchored by Brazil, Russia, India, China, and South Africa is not giving up.On Tuesday, Putin again touted the use of local currencies on the sidelines of the summit's first day."The growth of payments in local currencies makes it possible to reduce the debt service fee, increase the financial independence of BRICS member countries, and also to mitigate geopolitical risks to the greatest extent possible and, as much as possible in the current world, separate economic development from politics," Putin said on Tuesday at a meeting with Dilma Rousseff, the president of the BRICS New Development Bank, according to <a target="_blank" class="" href="https://tass.com/world/1859601">Russia's TASS state news agency.</a><h2 id="49d28f59-3027-4723-802e-f105b909d1c0">Putin caps a social year with BRICS summit</h2>Putin is also hobnobbing with Chinese leader Xi Jinping, Indian Prime Minister Narendra Modi, South Africa's president, and the UN Secretary-General at the summit this week. Brazilian president Luiz Inácio Lula da Silva canceled his trip after a fall at home.The BRICS summit is larger this year because the <a target="_blank" class="" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">West-weary</a> group has welcomed the new members of Egypt, Ethiopia, Iran, and the United Arab Emirates over the past year. Saudi Arabia has been invited but has not formally joined the club.Russia is the BRICS chair this year, so a bigger summit is a feather in the cap for Putin, who has had a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">busy social calendar</a> this year, even though Russia and the Russian leader himself have been heavily sanctioned.Before the BRICS summit, Putin was already globetrotting and socializing with top leaders from Asian countries including <a target="_blank" rel="" class="" href="https://www.businessinsider.com/putin-bromance-xi-jinping-display-china-remains-wary-russia-2024-5">China,</a> <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">India,</a> <a target="_blank" rel="" class="" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Vietnam,</a> and <a target="_blank" rel=" nofollow" class="" href="http://en.kremlin.ru/events/president/news/74678">Indonesia.</a>Despite the BRICS' interest in reshaping the world order, the group is fraught with rivalries and competing interests that it first has to overcome, analysts told <a target="_blank" class="" href="https://www.businessinsider.com/russia-hosts-brics-summit-defy-west-us-economy-china-dollar-2024-10">Business Insider.</a>"Behind the rhetoric, there's a huge concern — even within Russia — whether the new members will become their equals," said Evgeny Roshchin, a visiting scholar at Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, at a press briefing held by the Center for European Policy Analysis on Monday.

Putin's dollar problem is on clear display at the BRICS summit, starting with the moment guests land at the airport

<ul class="summary-list"><li>Russia is hosting a BRICS summit this week, showing the limits of attempts to isolate it.</li><li>The grouping is buoyant after ballooning from five members to nine.</li></ul>Russia is flexing its muscles at the center of the BRICS economic bloc which seeks to rival the West.The nation is hosting a meeting of the grouping this week, the first since the group almost doubled its membership.The larger grouping gives them more weight — and is a rebuke to Western-led attempts to isolate Russia economically.It also complicates the grouping, introducing new competing interests and rivalries.Geopolitical analysts say it could dilute the group's ability to take action, and reduce it to a talking shop.Iran, Egypt, Ethiopia, and the United Arab Emirates are the new BRICs entrants, joining earlier members Russia, India, China, Brazil, and South Africa. Saudi Arabia has been invited to join but has not formally done so yet.Russian President Vladimir Putin <a target="_blank" class="" href="https://brics-russia2024.ru/en/">touted</a> the expansion as proof of the group's "growing authority" and role in international affairs.Yet geopolitical tensions and competing interests among the group are dragging down Russia's efforts to use it to chip away at the dominance of the West, particularly the US dollar."BRICS expansion is no easy task," said Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto."It risks creating rival camps within the group," he told Business Insider.<h2 id="a422f5a1-a2fa-40bb-898f-89b58f30e598">A 'raw' grouping</h2>Since its founding in 2006 — with Brazil, Russia, India, and China as members, before South Africa joined in 2010 — the bloc has tried to challenge Western economic dominance.Over the past two decades, its members experienced significant economic growth. After the recent expansion, its member states represent almost 46% of the world's population and about 25% of global exports.Last year, more than 40 countries <a target="_blank" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">expressed interest</a> in joining the bloc.But Anton Barbashin, cofounder and editorial director at Riddle Russia, an online journal on Russian affairs, described the group as a "raw collection" of countries.They have "no chance" of political unity due to competing interests and starkly differing attitudes, he said.Members have grappled with <a target="_blank" class="" href=" https://www.cfr.org/backgrounder/what-brics-group-and-why-it-expanding">internal disagreements</a> over relations with the West, territorial claims, and Russia's invasion of Ukraine.Others are engaged in internal standoffs. India and China have clashed over disputed territory along their border, though they <a target="_blank" class="" href="https://www.youtube.com/live/QiqK0eIJn8E">announced a deal</a> on patrolling arrangements this week.Some countries — notably India and South Africa — also have a tricky balancing act to do, engaging with the group without alienating their partners in the West.<h2 id="1875563d-1228-4de5-a7cc-5b63106239c1">Talking shop</h2>Barbashin told BI that the BRICS Summit is important for Russia because it has been cut out from other international platforms.It's a way to communicate and possibly strike "some deals in the future that we don't necessarily foresee," he said.In total, representatives of 32 countries are set to attend the summit this week, according to Moscow.Barbashin said that the group's size masks its relative impotence."It's just a nice facade," he said, "and it falls within the idea that economic growth should translate into a greater political setting."Leaders are expected to discuss how far members are willing to commit to the group.Una Aleksandra Berzina-Cerenkova, director at Riga Stradins University's China Studies Center, told Politico that "China uses BRICS to give it a mandate to push global visions and post-Western vision."During a press briefing held by the Center for European Policy Analysis on Monday, one analyst foresaw major hurdles for the group to move past its status as a "debating club."Evgeny Roshchin, a visiting scholar at Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, said the group would need to choose how to distribute power between its members should more join."Behind the rhetoric, there's a huge concern — even within Russia — whether the new members will become their equals," he said, noting that Russia could lose its leverage and decision-making among a large group of notionally equal members.<h2 id="ab0780f6-acfd-427a-bc7c-109fb06111f1">Taking on the dollar</h2>Another challenge BRIC members like Russia and China face is trying to change the fundamentals of global <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/russia-economy-commodities-trading-centers-brics-us-dominated-global-finance-2024-10">financial trading systems</a> that rely overwhelmingly on the US dollar.During a <a target="_blank" rel="noopener noreferrer" class="c-link" href="http://en.kremlin.ru/events/president/news/75349">BRICS Business Forum</a> in Moscow last week, Putin said group members were working on alternative payment systems, as a rival to SWIFT.The alternative systems would aid cross-border payments between members, according to a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.yakovpartners.com/publications/imfs/">report</a> by Russia's finance ministry, its central bank, and consultancy Yakov &amp; Partners.It envisioned a network of payments using local currencies rather than a default reserve currency like the dollar.Russia already has a model it can look to for transactions among central banks: the mBridge system under the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements</a>.BRICS members are also toying with alternative currencies, spanning Chin'a digital yuan and Moscow's interest in crypto.The greenback, though, will be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">hard to dethrone</a> — even without competing priorities and rivalry among BRICS members."Russia wants to create an alternative to Western financial infrastructures," Barbashin said.But "there's no chance of making anything like a union or an alliance," he said.BRICS members are united in that they want to see change, he said "but there's no real strategy within BRICS aside from fancy phrases to make it work."

Putin's expanded BRICS summit proves he has friends — but risks buckling under its own contradictions

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

<keyword id="20242921" type="General" weightage="100" keywordseo="Adobe" source="keywords" meta.keywordsubtype="org" meta.entityname="Adobe" meta.hostid="261" meta.entityid="Adobe">Adobe</keyword> has launched two new initiatives aimed at empowering both learners and marketing professionals through advanced AI technologies. The announcements were made at Adobe MAX 2024, which is underway at Miami Beach, Florida. The company unveiled a new global initiative designed to provide <keyword id="21872144" type="General" weightage="20" keywordseo="AI-literacy" source="keywords">AI literacy</keyword>, content creation and <keyword id="20399182" type="General" weightage="20" keywordseo="digital-marketing" source="keywords">digital marketing</keyword> skills to 30 million next generation learners so that they can carve a niche for themselves in the modern workforce. <h2>Collaborating with <keyword id="20153384" type="General" weightage="20" keywordseo="Coursera" source="keywords" meta.keywordsubtype="org" meta.entityname="Coursera" meta.hostid="261" meta.entityid="Coursera">Coursera</keyword> </h2> Adobe is collaborating with Coursera, educational institutions, NGOs, and other education platforms to make its training and certification accessible to a diverse range of emerging professionals. Adobe’s initiative also features a focus on responsible AI use, ensuring learners are equipped to handle emerging technologies in an ethical manner. The curriculum will cover various areas such as generative AI, social media content, and multi-channel advertising. Courses have already been rolled out globally on Coursera. To enhance inclusivity, Adobe is providing $250,000 in scholarships and expanding partnerships with nonprofits like DECA and NPower to integrate skilling opportunities into youth education programs. The company has pledged over $100 million this year through scholarships, product access, and partnerships to help learners from all backgrounds thrive in today’s workforce. Adobe’s Stacy Martinet, VP of Marketing Strategy and Communications, said that the goal is to ensure AI becomes a bridge, not a barrier, in helping professionals succeed. “Adobe’s mission has always been to design products that create opportunities and empower people from all backgrounds to change the world,” she said and added, “We want AI to bridge the digital divide not widen it, and this program will open doors for emerging professionals to succeed in the future workforce with AI literacy, content creation and marketing skills.” <h2><keyword id="23563843" type="General" weightage="20" keywordseo="GenStudio" source="keywords">GenStudio</keyword> for Performance Marketing </h2> Simultaneously, Adobe also launched GenStudio for Performance Marketing, an AI-driven application that aims to accelerate the creation and management of marketing campaigns. By integrating generative AI tools such as Adobe Firefly and third-party large language models, GenStudio empowers marketers and creative teams to generate high volumes of personalised content for digital campaigns. The new tool addresses a critical challenge faced by businesses today: the demand for dynamic, on-brand content that can be tailored to individual consumer preferences across multiple platforms. GenStudio streamlines the content supply chain, from creation to activation, enabling marketing teams to respond quickly to shifting consumer trends. Adobe has forged key partnerships with platforms like Google Campaign Manager 360, Meta, TikTok, Microsoft Advertising, and Snap, allowing brands to activate and adjust campaigns based on real-time insights. This integration, Adobe says, provides marketers with a comprehensive view of campaign performance, helping them tailor content to resonate more effectively with their target audiences. Prativa Mohapatra, Adobe India’s VP and Managing Director, highlighted how the new AI-powered workflows bring marketing and creative teams closer together. Brands like Air India and HDFC Bank have already begun exploring the possibilities of GenStudio, with plans for broader adoption across various industries. “With collaborations across industry leaders like Air India, HDFC Bank, Hero MotoCorp, Adobe is empowering marketing and digital teams to seamlessly manage multi-channel campaigns, with real-time insights to optimize performance. We’re excited to see how more Indian businesses will harness GenStudio to revolutionize their marketing strategies and deliver exceptional customer experiences,” she said.

Adobe collaborates with Coursera and others to help people develop AI skills, announces new AI-powered marketing tool

<ul class="summary-list"><li>Wall Street appears to be throwing its support behind nuclear energy, The Financial Times reported.</li><li>Some 14 banks, including Goldman Sachs, will pledge to help triple the world's nuclear energy supply.</li></ul>Big Tech is getting excited about nuclear power — and now Wall Street wants a piece of the action.14 of the world's largest financial institutions, including US giants <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-ceo-hiring-personality-traits-job-candidates-applications-2024-8">Goldman Sachs</a>, <a target="_blank" class="" href="https://www.businessinsider.com/morgan-stanley-prime-brokerage-novick-shaw-startup-hedge-fund-mistakes-2024-9">Morgan Stanley</a>, and Bank of America, are set to throw their support behind an effort to triple the world's nuclear energy capacity by 2050, The Financial Times reported on Monday.The banks, which also include Citi, Barclays and BNP Paribas have not said what steps they will take to help achieve this goal.However, their involvement could be crucial in helping meet the emissions target laid out in <a target="_blank" class="" href="https://www.businessinsider.com/cop28-climate-experts-unimpressed-by-worlds-attempt-to-prevent-catastrophe-2023-12">last year's COP28 climate conference</a> and revive the nuclear energy sector.More details are expected at an event due to be held in New York on Monday.Once considered the future of clean energy, nuclear power has declined in popularity in recent decades due to governments' reluctance to back expensive infrastructure projects, concerns about its environmental impact, and other factors such as competition from cheap natural gas in the US.Nuclear accounted for a quarter of Germany's electricity production until 2011, but a change in government policy meant all its plants were shut down by last year.Nuclear's share of global electricity production dropped to its lowest level since the 1980s last year, per the World Nuclear Industry Status Report.That might soon change, and it's not just Wall Street getting more interested in nuclear power. Big Tech is also <a target="_blank" class="" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">increasingly throwing its support behind the technology</a>, as companies seek to power AI systems and data centers while cutting back their carbon emissions.Microsoft struck a deal last week to <a target="_blank" class="" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">reopen </a>one reactor at the Three Mile Island nuclear plant, which remains best-known for a partial meltdown in 1979.The tech giant has agreed to buy energy generated by the plant for the next two decades, having invested heavily in AI through its partnership with ChatGPT-maker OpenAI.Oracle CEO Larry Ellison told investors earlier this month that the energy demand of advanced AI is so "crazy" that his company is building a data center powered by three small nuclear reactors."We've found the location and the power place, they've already got building permits for three nuclear reactors," he said on Oracle's first-quarter earnings call."These are the small modular nuclear reactors to power the data center. This is how crazy it's getting. This is what's going on."Rolls-Royce is one of the leading contenders with its <a target="_blank" rel=" nofollow" href="https://www.rolls-royce-smr.com/">small modular reactor</a> designs and has secured development funding of more than £200m from the British government.Meanwhile, TerraPower, a company cofounded by Bill Gates, is planning a new <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-terrapower-nuclear-power-plants-energy-tech-science-wyoming-2024-3">nuclear power plant in Wyoming</a>.Goldman Sachs, Morgan Stanley, Bank of America, Barclays, BNP Paribas, and Citi did not respond to requests for comment from Business Insider, sent outside normal working hours.

Wall Street warms to nuclear power as banks including Goldman Sachs reportedly back new push 

<ul class="summary-list"><li>A spokesperson for Turkey's ruling party said that a process was "underway" for Turkey to join BRICS.</li><li>The current BRICS bloc of emerging-market nations includes countries such as Russia, China, and Iran.</li></ul>Earlier this month, a spokesperson for Turkey's ruling AK Party <a target="_blank" class="" href="https://www.reuters.com/world/middle-east/no-concrete-step-turkey-brics-membership-erdogans-party-says-2024-09-03/">said</a> that a process was "underway" for <a target="_blank" class="" href="https://www.businessinsider.com/category/turkey">Turkey</a> to join the BRICS group of emerging-market nations."Our president has stated at various times that we want to be a member (of BRICS)... Our request on this issue is clear. This process is underway in this framework, but there is no concrete development on this," Omer Celik told reporters in Ankara, the Turkish capital, per Reuters.The BRICS group, named after members Brazil, Russia, India, China, and South Africa, was formed to challenge the political and economic power of developed Western nations.Since its first informal meetings in 2006, when it was known as just BRIC, the bloc has grown to include Ethiopia, Iran, Egypt, and the United Arab Emirates. Saudi Arabia was also invited to join, but a Saudi official said in January it had yet to do so.Should Turkey now join the bloc, it would become its first NATO member and EU candidate, potentially complicating ties with the West and raising questions over Turkey's commitment to the military alliance.Turkey's relationship with NATO has already come under strain due to the country's continued <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">ties with Russia</a> in the <a target="_blank" class="" href="https://www.businessinsider.com/turkey-erdogan-play-both-sides-peacemaker-ukraine-war-russia-putin-2024-7">wake of the latter's invasion of Ukraine</a>, as well as its efforts to <a target="_blank" class="" href="https://www.businessinsider.com/china-muslim-oppression-xinjiang-turkey-silence-2019-7">seek improved relations with China</a>.Such moves seem to reflect Turkish President Tayyip Erdoğan's desire to establish the country's independence through shifting foreign policy. He now appears to be seeking to maintain what experts have dubbed a "balancing act" between its relations with the West, Russia, and China."Turkey is seeking alternatives. It does not want to leave its NATO membership. It does not want to shed its European aspirations. But it wants to diversify its set of alliances, hedge its bets, so to speak," Asli Aydintaşbaş, a visiting fellow in the Center on the United States and Europe at the Brookings Institution, told <a target="_blank" class="" href="https://www.france24.com/en/europe/20240905-nato-member-turkey-balancing-act-brics-bid-russia-china">France 24</a>. "It no longer sees its NATO membership to be the sole identity, its sole foreign policy orientation."Aydintaşbaş said that Erdogan saw successful strategy as having "a foot in different camps," adding that he wanted to "be able to play off the West against Russia, the West against China.""I think that he has come to skillfully play this geopolitical act," she said, but noted that he had sometimes pushed his "geopolitical balancing" too far.One particular flash point came when Turkey acquired the <a target="_blank" class="" href="https://www.businessinsider.com/turkey-may-soon-deploy-controversial-russian-s-400-air-defenses-2024-4">Russian S-400 air-defense system</a> in 2019, instead of NATO-made equivalents.In 2020, the US <a target="_blank" class="" href="https://2017-2021.state.gov/the-united-states-sanctions-turkey-under-caatsa-231/">said</a> it had repeatedly made it clear to Turkey that the purchase of the S-400 system "would endanger the security of U.S. military technology and personnel and provide substantial funds to Russia's defense sector, as well as Russian access to the Turkish armed forces and defense industry."Turkey's decision to push ahead with the deal eventually led to it being kicked out of the US's F-35 program, as well as a number of US sanctions.Nevertheless, Bulent Aliriza, a senior associate of the Europe, Russia, and Eurasia Program at the Center for Strategic and International Studies (CSIS), told BI that he did not think that BRICS was "going to compete with NATO and with Turkey's other Western links.""But it is a statement of, I would say, unhappiness with some aspects of their relationship with the West," he said. "Even if Turkey does join BRICS, I do not believe it is going to lead to a fundamental redefinition of Turkey's relationship with the West."Yusuf Can, the Coordinator for the Middle East Program at the Wilson Center, has also <a target="_blank" class="" href="https://www.wilsoncenter.org/article/turkeys-balancing-act-navigating-nato-brics-and-other-global-partnerships">argued</a> that Turkey's "strategic diversification should not alarm NATO allies," saying that they "could benefit from a partner" in such circles."Understanding and collaborating with Turkey's perspective can enhance US and NATO relations with Turkey, irrespective of potential administrative changes in Ankara," Can wrote in an article for the Wilson Center.Can noted that an improved US-Turkey partnership could also help secure crucial strategic regions, such as the <a target="_blank" class="" href="https://www.businessinsider.com/russian-attack-ukraine-shows-black-sea-fleet-dangerous-despite-losses-2024-8">Black Sea — which has been at the center of the Russia-Ukraine war</a>."Economically, strengthened US-Turkey relations can benefit the EU by fostering investments in new trade routes," Can added.Aliriza agreed that the West could find a way to benefit from the situation.Speaking about Turkey's potential BRICS membership, Aliriza told BI: "It doesn't necessarily have to become a problem for the West, but it can, in fact, benefit the West if Turkey and its Western partners can have an open and honest dialogue about how to move forward.""It still remains a member of the Council of Europe. Most of its trade is still with the West. And in terms of investment, although there's been a lot of speculation that there might be Chinese investment in Turkey, most of the foreign investment in Turkey, either FDI or short-term funds coming in seeking profit from high interest rates, has come from the West," he said.For its part, the US has remained relatively quiet following the news that Turkey's BRICS ambitions may be inching forward, which Aydintaşbaş said was likely a savvy move aimed at avoiding a public dispute."Washington is keeping quiet," she told France 24. "It does not want a public, high-profile spat with Turkey, and it knows that President Erdogan is unpredictable."The BRICS group is set to hold a summit in Kazan, Russia, from October 22 to 24.

Turkey's 'balancing act' with BRICS may stoke NATO fears, but the West needn't be too worried, analysts say

New Delhi: The central government has approved the appointment of a new Chairman and <keyword id="19899229" type="General" weightage="20" keywordseo="Managing-Director" source="keywords">Managing Director</keyword> of the <keyword id="19934368" type="General" weightage="100" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) as the current Chairman, <keyword id="20944427" type="General" weightage="20" keywordseo="Dinesh-Kumar-Khara" source="keywords">Dinesh Kumar Khara</keyword>, is set to retire on August 28. According to a notification by the Department of Personnel &amp; Training, the Appointments Committee of the Cabinet (ACC) on August 6 approved the proposal of the Department of Financial Services for the appointment of <keyword id="22230591" type="General" weightage="20" keywordseo="Challa-Sreenivasulu-Setty" source="keywords">Challa Sreenivasulu Setty</keyword> as chairman of SBI. The ACC has approved the appointment of Setty, 59, the current Managing Director (MD) of SBI as the new Chairman of the country's biggest lender, for a period of three years, effective from the date he assumes office, on or after August 28, 2024. The government order states, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment of Shri Challa Sreenivasulu Setty (DOB: 26.09.1965), Managing Director (MD), State Bank of India (SBI) as Chairman, SBI for a period of three (03) years w.e.f. the date of assumption of charge of the office, on or after 28.08.2024." Additionally, Rana Ashutosh Kumar Singh, the current Deputy Managing Director (DMD) of SBI, has been appointed as the new Managing Director. His appointment will take effect from the date he assumes office. The government order read, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office." According to SBI, Challa Sreenivasulu Setty joined the Board of SBI as Managing Director in January 2020 and currently oversees International Banking, Global Markets, and Technology wings of the Bank. He has previously headed the Retail &amp; Digital Banking vertical and various task forces/committees formed by the Government of India. Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. He began his career with SBI in 1988 as a Probationary Officer. Over his three-decade-long career, he has gained rich experience in corporate credit, retail, digital, and international banking, as well as banking in developed markets. Setty has also held key positions within SBI, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager, and General Manager in the Corporate Accounts Group, Deputy General Manager in the Mid-Corporate Group, and Vice President &amp; Head (Syndications) at SBI's New York Branch. (ANI)

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