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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

The government on Tuesday proposed a <keyword id="20789519" type="General" weightage="20" keywordseo="transit-oriented-development" source="keywords">transit-oriented development</keyword> plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities. Presenting the Budget in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> underscored that the Union government will work with states to facilitate the development of cities as "growth hubs". "This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising <keyword id="22517779" type="General" weightage="20" keywordseo="town-planning-schemes" source="keywords">town planning schemes</keyword>", the minister said. "Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech. The minister also announced Central assistance of Rs 2.2 lakh crore for <keyword id="20957520" type="General" weightage="20" keywordseo="urban-housing" source="keywords">urban housing</keyword> over the next five years as well as an <keyword id="22517780" type="General" weightage="20" keywordseo="interest-subsidy-scheme" source="keywords">interest subsidy scheme</keyword> to facilitate loans at affordable rates for urban housing works. She said the Central government will put in place measures for an efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> market with enhanced availability. The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities. Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public-private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries." Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said. About <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword> and <keyword id="20082835" type="General" weightage="20" keywordseo="sanitation" source="keywords">sanitation</keyword>, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and <keyword id="19973309" type="General" weightage="20" keywordseo="solid-waste-management" source="keywords">solid waste management</keyword> projects and services for 100 large cities through bankable projects. According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas. The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, she added.

Budget 2024-25: Govt announces transit-oriented development plan for large cities

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

New Delhi, Jul 1 () Heads of WTO and six multilateral development banks on Wednesday promised to address shortages in trade finance, so that issues arising from the COVID-19 pandemic do not prevent viable trade transactions, including for essential goods. A joint statement regarding this was issued by the World Trade Organization (WTO), International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), African Development Bank Group (AfDB), Islamic Trade Finance Corporation (ITFC) and the InterAmerican Development Corporation (IDB Invest). They committed to do more to support trade finance providers in the coming months, and urged other institutions to join their ongoing efforts to provide vital financing support for cross-border trade, the WTO said in a statement. The seven agency heads said the COVID-19 pandemic was severely disrupting the provision of trade finance, which was already in short supply in developing countries and for smaller businesses. Under normal financial circumstances, trade finance is low risk, which is reflected in its cost, but as economic conditions around the world deteriorate, banks have become increasingly risk-averse, it said, adding they are particularly skittish about financing cross-border transactions for fear of non-payment. "The heads of the WTO and six multilateral development banks on July 1 issued a joint statement promising to address shortages in trade finance, so that financial market stresses arising from the COVID-19 crisis do not prevent otherwise-viable trade transactions, including for essential goods such as food, drugs and medical equipment," it said. It also said that in many developing countries, trade finance shortages impede imports of essential food and medical goods as well as exports of key income-generating products. Such shortages disproportionately weigh on the micro, small and medium-sized enterprises (MSMEs) that account for the bulk of employment, which means they have a particularly strong effect on the livelihoods of poor people, it added. "The agency heads vowed to continue to assess market developments as needs evolve and...act within our respective mandates to reduce trade finance gaps that emerge during this crisis. They called on other players to join their efforts, with a view to boosting trade and driving a strong economic recovery," it added. WTO Director-General Roberto Azevêdo said inadequate trade finance would make it harder for countries to import essential food and medical equipment in the short term. "It would make it harder for trade to help drive the strong economic recovery the world will need once this health crisis starts to recede," he said. India is a member of WTO since 1995. There are a total of 164 members in the Geneva-based body which deals with global export and import related issues. RR RVK

Heads of WTO, six multilateral development banks promise to address shortages in trade finance

<ul><li>The COVID-19 pandemic has set back the fight against poverty in <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword> and the Pacific by at least two years, Asian Developement Bank claims. </li><li>Prevalence of extreme poverty in <keyword id="119132" type="General" weightage="80" keywordseo="asia-pacific" source="Orion">Asia Pacific</keyword> is expected to come down below 1 per cent by 2030.</li><li>About 25 percent of Asia-Pacific population may reach at least the middle-class status, earning ₹1,197 per day. </li></ul> Had COVID-19 not struck, Asia Pacific could have brought down extreme poverty to a level achievable in 2020 itself, enabling more people to improve living standards from surviving at less than USD 1.90 per day, an <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> report said. People surviving with less than $ 1.90 (about ₹ 152) per day fall under extreme poverty. The COVID-19 pandemic has set back the fight against poverty in Asia and the Pacific by at least two years, said the latest report by <keyword id="50190" type="General" weightage="50" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> (ADB). The Manila-headquartered multilateral funding agency said many living in the Asia Pacific region will likely find it harder than before to come out of extreme poverty. "The region's economic growth this year is expected to reduce extreme poverty -- defined as living off less than $ 1.90 a day -- to a level that would have been achieved in 2020 had the pandemic not happened," according to <keyword id="14801692" type="General" weightage="50" keywordseo="key-indicators-for-asia" source="Orion">Key Indicators for Asia</keyword> and the Pacific 2022 released on Wednesday. Citing data simulations, ADB said those with lower pre-pandemic levels of social mobility, the ability to escape poverty, may witness "longer-lasting setbacks". COVID-19 has interrupted a long trend of poverty reduction, it said, adding that despite the economies seeming to be recovering the progress remains uneven. The pandemic may also have worsened forms of poverty beyond income, such as food insecurity and inadequate access to health services and education, said the report. "The poor and the vulnerable have been hit hardest by COVID-19, and while economies are recovering, many people may find that getting out of poverty is even more difficult than before," ADB Chief Economist Albert Park stated. Park said governments in the region should focus on resilience, innovation and inclusiveness to provide more balanced economic opportunities and greater social mobility for everyone. Going ahead, the prevalence of extreme poverty in Asia Pacific is expected to come down below 1 per cent by 2030, while about 25 per cent population may reach at least the middle-class status, meaning to have income/consumption of USD 15 or more in a day (about ₹1,197 per day) adjusted to purchasing power parity. However, ADB said this outlook is threatened by differences in social mobility as well as other uncertainties. "Developing Asia faces the potential for stagflation, ongoing conflicts involving key global actors, increased food insecurity, and energy price shocks." ADB has a total of 68 members of which 49 are from the Asia Pacific region.

Pandemic pushes back Asia Pacific's fight against extreme poverty by 2 years: ADB

<ul class="summary-list"><li>Two China-based banks suspended operations with <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> as of Thursday, according to Financial Times.</li><li>This may start tensions between Russia and <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>, which tend to remain neutral.</li></ul>Two China-based development banks have paused relations with Russia and Belarus as it continues to wage war against <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, the <a href="https://www.ft.com/content/5cdc910e-7a8a-4a3b-8c37-b831a0699cfb?segmentId=3f81fe28-ba5d-8a93-616e-4859191fabd8">Financial Times</a> reported Thursday.According to the report, the decision of the Beijing-based Asian Infrastructure Investment Bank to pause investments with Russia and Belarus may put tension on the relationship between Russia and China.Thus far, China has not joined many other nations in levying sanctions on Russia.AIIB is a "multilateral institution with a global shareholder base," per <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Flivecoverage%2Frussia-ukraine-latest-news-2022-03-03%2Fcard%2Fbeijing-based-multilateral-lender-suspends-russia-related-activities-62Z9MLgC5yhNDWOXX0c4">The Wall Street Journal</a>, however, China has 27% of the voting power of the bank and Russia has 6%. NATO members account for 23% of the voting shares of the bank, per WSJ."As the war in Ukraine unfolds, the Asian Infrastructure Investment Bank (AIIB) extends its thoughts and sympathy to everyone affected. Our hearts go out to all who are suffering," the bank said in a <a href="https://www.aiib.org/en/news-events/news/2022/AIIB-Statement-on-war-in-Ukraine.html">statement</a> on their website."We the management will do our utmost to safeguard the financial integrity of AIIB, against the backdrop of the evolving economic and financial situation," AIIB continued.The Shanghai-based New Development Bank also suspended business with Russia, per a <a href="https://www.ndb.int/press_release/a-statement-by-the-new-development-bank/">statement</a> on its website Thursday. Russia is one of five shareholders, who each hold 20% of the company, according to NBD's <a href="https://www.ndb.int/wp-content/uploads/2018/08/factheet-3.jpg">factsheet</a>.In its statement, NBD said it "will continue to conduct business in full conformity with the highest compliance standards as an <keyword id="6356001" type="UNKNOWN" weightage="100" keywordseo="international" source="Orion">international</keyword> institution."The suspensions come as Russia launched a war on its neighboring country of Ukraine. The war has <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2?_ga=2.18876728.1808544058.1646172320-1791466818.1624918175">resulted</a> in sanctions, the occupation of one major city, and the fleeing of at least one million refugees.

2 China-based development banks have opted to suspend business with Russia

<ul><li><keyword id="50847" type="General" weightage="80" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> of <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Friday gave a thumbs up to the country's banking system.</li><li>He stressed that the recent developments in the US have brought to the fore the criticality of banking sector regulation and supervision.</li><li>"What we have in India today is a well-regulated and well-supervised banking sector," he said.</li></ul>Reserve Bank of India Governor Shaktikanta Das on Friday gave a thumbs up to the country's banking system, while stressing how recent developments in the US have brought to the fore the criticality of banking sector regulation and supervision. "What we have in India today is a well-regulated and well-supervised banking sector. The same would apply to the NBFCs sector and other financial entities under the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/markets/rbi">RBI</keyword>'s domain," he said while delivering the K.P. Hormis Commemorative Lecture here. Hormis was the founder of the Kerala-headquartered Federal Bank. Das pointed out that the focus is now more on identifying the root cause of vulnerabilities, rather than dealing with the symptoms alone. "We have also issued revised guidelines on oversight and assurance functions of financial entities. Use of advanced data analytics is supplementing our supervisory process. To strengthen cyber resilience, a comprehensive cyber security framework for banks together with Digital Payment Security Control Guidelines have been issued. We have also established the college of supervisors and augmented the staff strength significantly in recent years," he said. Das focussed on how the recent developments in the US banking system have brought to the fore the criticality of banking sector regulation and supervision. "These are areas which have significant impact on preserving financial stability of every country. More specifically, these developments in the US drive home the importance of ensuring prudent asset liability management, robust risk management, and sustainable growth in liabilities and assets; undertaking periodic stress tests; and building up capital buffers for any unanticipated future stress. "They also bring out that crypto currencies/assets or the like, can be a real danger to banks, whether directly or indirectly," he said. "The Reserve Bank has taken necessary steps in all these areas. The regulation and supervision of the financial sector and the regulated entities have been suitably strengthened. The regulatory steps include, among other things, the implementation of leverage ratio (June 2019), large exposures framework (June 2019), guidelines on governance in commercial banks (April 2021), guidelines on securitisation of standard assets (September 2021), scale-based regulatory (SBR) framework for NBFCs (October 2021), revised regulatory framework for microfinance (April 2022), Revised regulatory framework (July 2022) for Urban Cooperative Banks (UCBs) and guidelines on digital lending (September 2022)," Das added. On India's G20 presidency, Das pointed out that this has come at a time when the country has once again emerged as the fastest growing major economy in the world. "International confidence on India's capacity to contribute constructively to reshape the global economic order is rising. The risk of a hard landing has dissipated world over, even as the pace of disinflation remains less than desirable. Before the cascading effects of geo-economic fragmentation further dampen the global outlook, rebuilding trust through cooperation and recommitting to multilateral frameworks for addressing critical global challenges has become essential," he said. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-gets-nclt-clearance/articleshow/98735804.cms">HDFC-HDFC Bank merger gets NCLT clearance</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms">TCS is an integral part of who I am, I’ll be a part of TCS too as it soars: Rajesh Gopinathan</a>

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

PTI

Budget 2024-25: Govt announces transit-oriented development plan for large cities

PTI

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

PTI

Heads of WTO, six multilateral development banks promise to address shortages in trade finance

PTI

Pandemic pushes back Asia Pacific's fight against extreme poverty by 2 years: ADB

PTI

2 China-based development banks have opted to suspend business with Russia

Taiyler Simone Mitchell

India has well-regulated and well-supervised banking sector: RBI Governor

IANS

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