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<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

For God, for country, for rain

<ul class="summary-list"><li>Pieter Levels, a digital nomad, has built dozens of startups.</li><li>He created Nomad List in 2014 to help digital nomads find cities with fast internet.</li></ul>Indie hacker and entrepreneur Pieter Levels found success right from his laptop at home — "home" being 40 different countries and 140 cities.With over 40 startups, the self-taught developer has claimed his various business ventures now generate over $2.2 million in revenue. (Levels <a target="_blank" class="" href="https://x.com/levelsio">regularly writes online</a> about which of his startups make money — and which failed.) And he's been able to create those startups around the world as a <a target="_blank" class="" href="https://www.businessinsider.com/digital-nomad-online-therapy-backpacking-clinical-psychology-mental-health-2024-2">digital nomad</a>, a remote worker who travels freely.In <a target="_blank" class="" href="https://www.youtube.com/watch?v=oFtjKbXKqbg">a recent episode</a> of the "Lex Fridman Podcast," Levels revealed that his favorite place he's ever visited is also the home of one of his biggest startups — <a target="_blank" class="" href="https://nomadlist.com/">Nomad List</a>.In 2014, Levels met other digital nomads while living in Chiang Mai, Thailand. He said that while remote work, which was not as popular at the time, seemed "like a cool thing to do," he noticed that "internet everywhere was very slow.""I wanted to find other cities where I could go to work on my laptop and travel, but we needed fast internet," Levels said. "So I was like, 'Let's crowdsource this information with a spreadsheet."That spreadsheet eventually became Nomad List, a site for digital nomads that provides data about cities worldwide, such as their cost of living, internet speed, and safety.A decade and millions of users later, Levels said the best cities he's been to are still Bangkok and Chiang Mai."I think Thailand is very special," he said. "I've been to Vietnam and I've been to South America and stuff. I still think Thailand wins in how nice people are, how easy of life people have there."Thailand ranked 6th overall best country in the 2024 annual <a target="_blank" class="" href="https://www.internations.org/expat-insider/">Expat Insider</a> report, a study by InterNations that surveyed over 12,500 expats representing 175 nationalities living in 174 countries or territories.The study analyzed several indexes, including Personal Finances, Ease of Settling In, and Expat Essentials (which covers language barriers, affordable housing, digital life, and admin topics). Thailand placed 8th, 6th, and 15th respectively.Freelance journalist Lola Méndez <a target="_blank" class="" href="https://www.businessinsider.com/relocate-chiang-mai-thailand-affordable-quality-of-life-best-city-2024-7">previously told</a> Business Insider that after visiting 90 countries, Chiang Mai was the only place she wanted to live in due to its affordability and lenient legislation on marijuana use and same-sex marriage."In Chiang Mai, I pay $355 per month for rent, $300 less than what I was paying in Puerto Vallarta and four times cheaper than my New York City rent," she said.<div type="image" title="chiang mai lantern festival" height="667" width="1000" msid="112747001" hostid="261" sizebytes="69604"></div>According to data from Numbeo, a website that provides crowdsourced summaries of the cost of living in major global cities, the <a target="_blank" class="" href="https://www.numbeo.com/cost-of-living/in/Bangkok#:~:text=Summary%20of%20cost%20of%20living,New%20York%20(without%20rent).">estimated monthly costs</a> of a single person in Bangkok are around $670 without rent and roughly $530 <a target="_blank" class="" href="https://www.numbeo.com/cost-of-living/in/Chiang-Mai">in Chiang Mai</a>.While Levels said Bangkok is getting more expensive, he still recommends Chiang Mai as a more affordable option."I think when you're starting out, it's a great place," he said. "The air quality sucks, it's a big problem. And it's quite hot. But that's a very cool place."Levels also expressed love for Brazil, which ranked 7th in the Expat Insider report, although he said that the country's "safety issue" is still a problem."It's like in America — it's localized," he said. "So if you go to the right areas, it's amazing. Brazil's amazing. If you go to the wrong areas, maybe you die."Brazil ranked in the bottom 10 for political stability and personal safety, at 48th and 52nd, respectively, according to the study. However, the country came in first for friendliness toward foreign residents, with 92% of respondents positively rating this factor.

The best place to live as a digital nomad, according to an AI developer who visited 40 different countries

<ul class="summary-list"><li>The UK and the Netherlands will see a decline in millionaires by 2028, per a new UBS report.</li><li>Both countries saw an influx of millionaires from people choosing to move there.</li></ul>Most developed countries are set to gain more wealthy people in the next five years — with two big outliers.UBS tracked 56 countries for its annual wealth report, released last week. The financial services firm found that 52 of them will add millionaires by 2028. Some countries, <a target="_blank" href="https://www.businessinsider.com/taiwan-new-millionaires-tsmc-ai-semiconductor-chip-ubs-2024-7">like Taiwan</a>, will gain as many as 50% more millionaires during that time.But the United Kingdom and the Netherlands make "notable exceptions" on this list, per UBS, because both are forecasted to lose millionaires.The UK and the Netherlands had attracted "nomadic wealth" — people who chose to move to those countries, rather than those who made their money locally — wrote Paul Donovan, chief economist at UBS Global Wealth Management, in an email to Business Insider."Wealth has become more mobile in several parts of the world, as a function of numerous push and pull factors," Donovan said. "If more millionaires are changing location, then those economies which are disproportionately attractive for nomadic wealth are also more vulnerable to movements in that nomadic wealth."The UK's three million millionaires put it third among countries with the highest number of millionaires last year, as measured in US dollars, per UBS.That's "more millionaires than there should be, given the size of the economy," Donovan said at a media event on July 10.However, UBS forecasts this number to decline by 17% by 2028. The loss continues a trend: The UK lost 16,500 millionaires between 2017 and 2023, per immigration consultancy Henley &amp; Partners. Some millionaires have been leaving the UK in search of better taxes and more stable, business-friendly politics, while others were hit by sanctions against Russia.The UK is changing a longtime millionaire-friendly tax policy that effectively allowed foreign wealth to be earned tax free. The tens of thousands of UK residents who qualify as "non-dom" filers are now set to eventually pay taxes on their foreign earnings, a major disruption for the wealthy elite. Alternative ports of call for this group of millionaires will likely include Paris, Dubai, Sydney, and the Italian Riviera, <a target="_blank" href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024/londons-wealth-exodus">per</a> Henley &amp; Partners.The Netherlands also similarly holds an outsize number of wealthy residents: over 1.2 million millionaires, which is about the same as Italy and Spain but with a smaller economy than its peers. UBS forecasts the country's millionaire count will go down 4% by 2028.From 2013 to 2023, the Netherlands' millionaire number jumped 32%, according to data provided to BI by Andrew Amoils, head of research at New World Wealth.The "growth rate there has been good, especially compared to [the] UK," Amoils told BI.Geopolitical instability in Europe, marked by the rise of far-right parties and potential conflicts, has made wealthy individuals seek alternative residence options through <a target="_blank" href="https://www.businessinsider.com/countries-buy-citizenship-golden-passport-countries-list-2022-8">investment migration programs</a>. In recent months, applications have spiked nearly 60% for such programs, a spokesperson for Henley and Partners told Business Insider. These programs offer residence rights or citizenship in exchange for significant financial contributions.

Most developed countries are set to gain more millionaires in the next 5 years &mdash; with 2 big outliers

<ul class="summary-list"><li>The UN Security Council met on Monday to press North Korea on nuclear non-proliferation.</li><li>Pyongyang had days earlier launched a new ICBM, which recorded North Korea's longest launch trajectory.</li></ul>Pyongyang went loud and proud on Monday about its plans for nuclear weapons as the United Nations grilled its representative over a recent missile launch."We will accelerate and will not let up on the build-up of our nuclear force that can counter any threat presented by hostile nuclear weapons states," said Kim Song, the North Korean ambassador to the UN, <a target="_blank" class="" href="https://www.youtube.com/watch?v=tbH_GEkkaw4">at a Security Council meeting.</a>"There will ever never be any change in this line," he added, referring to North Korea as a "responsible nuclear weapon state."Kim's statement comes as Japan reported that North Korea fired at least <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/north-korea-fires-missile-south-korea-military-says-2024-11-04/">seven short-range ballistic missiles</a> from its east coast that ultimately fell into Japan-administrated waters.Launched on the eve of the US election, the missiles were characterized by Pyongyang as a response to recent joint military drills between the US, South Korea, and Japan involving their long-range bombers.Those joint drills were a signal to North Korea after its Thursday launch of what it said was a new solid-fuel intercontinental ballistic missile dubbed the <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-new-icbm-missile-test-how-effective-2024-11">Hwasong-19</a>, which also landed in the Sea of Japan.Its trajectory was recorded as Pyongyang's longest-ever ballistic missile test, reaching an altitude of about 4,780 miles, though <a target="_blank" class="" href="https://www.businessinsider.com/russia-responsible-for-new-north-korea-icbm-weapon-experts-say-2023-8">previous tests</a> have extended further in latitudinal distance.The US, Japan, and South Korea have condemned the launch.In his comments to the UN, Kim said the Hwasong-19 had "no slightest negative impact on the security of the neighboring countries."The UN Security Council had met on Monday to discuss the Hwasong-19 launch and to press North Korea on nuclear non-proliferation, but Kim instead blasted the meeting as "unlawful.""Today, the nuclear threat of the United States against the DPRK has already reached a critical point in terms of its scale and dangerous level," he said.<h2 id="0a21b4c2-3483-489e-b89e-c50366c67c1b">The US says North Korea 'emboldened' by Russia and China</h2>The US, in turn, accused Russia and China of protecting North Korea."Shielded from closer scrutiny of its sanctions-violating activities by Moscow and Beijing, Pyongyang, unsurprisingly, has been emboldened to continue advancing its unlawful ballistic missile and nuclear WMD programs," said Robert Wood, the deputy US ambassador to the UN.North Korean ties with Russia have more recently come under the spotlight as Moscow <a target="_blank" class="" href="https://www.businessinsider.com/zelenskyy-ukraine-north-korean-troops-preemptively-long-range-strike-restrictions-2024-11">receives manpower</a> and arms from Pyongyang to fuel its war in Ukraine. South Korea said earlier this year that in return, North Korea has been acquiring food, raw materials, and tech expertise from Russia.Ukraine, the US, and the UK have estimated that as many as 10,000 North Korean troops may be embedded with Russian forces, and that at least <a target="_blank" class="" href="https://www.businessinsider.com/north-korean-troops-ukraine-russia-kursk-8000-front-lines-2024-11">8,000 may soon be deployed to the front lines.</a>NATO Secretary General Mark Rutte said the manpower injection has given Russia a crucial way to <a target="_blank" class="" href="https://www.businessinsider.com/russia-cant-sustain-ukraine-attack-without-north-korea-nato-chief-2024-10">sustain its attack on Ukraine</a>, where Moscow has been estimated to be losing about 1,000 soldiers a day.Meanwhile, the Kremlin appears to be struggling to recruit new Russian men for the war, with <a target="_blank" class="" href="https://www.businessinsider.com/russia-sign-up-bonuses-reaching-on-par-with-us-military-2024-7">soaring sign-up bonuses</a> in some cities indicating that the supply of applicants is running low.

North Korea told the UN point blank that it's speeding up nuclear weapons development

The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

Bihar government disburses Rs 2,900 crore to 74,540 beneficiaries for promoting MSMEs: Official

<ul class="summary-list"><li>Apple has been banned from selling the iPhone 16 in Indonesia.</li><li>The Indonesian government said Apple hasn't met a requirement for 40% of parts to be sourced locally.</li></ul>The Indonesian government has blocked Apple from selling its latest <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/iphone-16-review">iPhone 16</a> in the country because it does not meet local regulations.The latest iPhone, launched in September, has not passed the Southeast Asian nation's requirement that 40% of the material in smartphones and tablets sold nationally come from Indonesian producers. The policy is intended to protect domestic manufacturers and attract foreign investment.Indonesia's Ministry of Industry said in a statement on Friday that iPhone 16s cannot be imported for sale as Apple has yet to fulfill its investment commitment to obtain "local content level" certification.The ministry said 9,000 iPhone 16 products had already entered the country. It added that it would monitor the circulation of the devices and warned that if traded, the products would be classed as illegal.Apple's older products can still be sold in Indonesia, and visitors can use the iPhone 16 for personal use.Earlier this month, the Ministry of Industry said that Apple's investment of Rp1.5 trillion ($95 million) was still short of its Rp1.7 trillion commitment, <a target="_blank" class="" href="https://www.ft.com/content/698d07af-c163-4bc9-9a30-b82ca479e3e8">the FT</a> reported.Apple has already built four developer academies in Indonesia. In April, CEO Tim Cook said that the company was investigating the feasibility of <a target="_blank" class="" href="https://www.businessinsider.com/apple-tim-cook-indonesia-production-india-china-iphone-2024-4">establishing local manufacturing facilities</a> as it diversifies production away from China.<div type="image" title="Indonesian President Joko Widodo (R) meets Apple CEO Tim Cook (2nd R) at the National Palace in Jakarta, Indonesia on April 17, 2024." height="3518" width="4690" msid="114698217" hostid="261" sizebytes="474336"></div>With over 280 million citizens, Indonesia is the world's fourth most populous nation and a growing market for Apple.The iPhone maker saw a 6% year-on-year increase in its share of the premium smartphone market in Indonesia and now makes up 40% of sales of smartphones costing more than $600, according to <a target="_blank" class="" href="https://www.counterpointresearch.com/insights/indonesia-smartphone-market-q2-2024/">Counterpoint</a>, a technology market research firm.However, overall sales in Indonesia remain low compared to global levels, meaning the ban is unlikely to significantly dent Apple's sales. Of the 235 million smartphones Apple sold globally last year, the company only sold about 3.4 million in Indonesia, the FT reported.Apple did not immediately reply to a request for comment, made outside normal working hours.It comes at the start of a <a target="_blank" class="" href="https://www.businessinsider.com/apple-announcing-major-mac-updates-ai-rollout-earnings-week-2024-10">big week for Apple</a>, in which it reports earnings and is expected to introduce software and hardware updates, including its Apple Intelligence features.

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Top 10 happiest countries in the world

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