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Saudi Crown Prince Mohammed bin Salman Al Saud, US President Joe Biden and Indian Prime Minister Narendra Modi shake hands at the G20 summit in New Delhi

India-Middle East-Europe transport link announced

World leaders have announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe at the G20 summit in New Dehli, India, on Saturday. The India-Middle East-Europe Economic Corridor (Imec) aims to integrate railway routes and link ports along a route spanning from India to Europe, through the UAE, […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met at Abu Dhabi in July

UAE president and Indian PM to meet at G20 summit

UAE President Mohammed bin Zayed is likely to hold a bilateral meeting with India’s Prime Minister Narendra Modi during the G20 summit in New Delhi over the weekend, Indian media reported. The UAE has been invited as a guest for the G20 summit by India, the host nation. Though not a state visit by the […]

A petrol station in Riyadh. Saudi fuel subsidies represent 27% of GDP

Saudi Arabia has highest fuel subsidies per capita in G20

Saudi Arabia is by far the highest provider of fuel subsidies per capita among the G20 advanced economies, the IMF said this month as it called for fossil fuel price reforms to reduce carbon emissions.  The IMF Fossil Fuel Subsidies Data: 2023 Update working paper said Saudi Arabia spent almost $7,000 per person in 2022. […]

A forest fire begins to burn out of control in Greece. Cop28 president Sultan Al Jaber wants more money for communities threatened by climate change

Al Jaber calls on G20 to double climate risk finance

Cop28 president Sultan Al Jaber and United Nations climate executive secretary Simon Stiell urged the G20 this week to increase funding known as “adaptation finance”, for communities at risk of facing climate change-related hazards.  “The G20 must affirm its commitment to [mobilising] the fund and funding arrangements. Those at the frontline of climate change need […]

G20 fails to reach deal on cutting fossil fuels

The Group of 20 (G20) major economies meeting in India failed on Saturday to reach consensus on phasing down fossil fuels following objections by some producer nations. Scientists and campaigners are exasperated by international bodies’ foot-dragging on action to curb global warming even as extreme weather from China to the United States underlines the climate […]

World Bank calls for new ways to address ‘debt crisis’

World Bank chief economist Indermit Gill is calling for new approaches to address the mounting debt crisis facing many countries, including steps to factor domestic borrowing into assessment of a country’s debt sustainability. Gill told Reuters the Common Framework set up by the Group of 20 major economies to help the poorest countries had resulted […]

G20 fails to reach consensus on Russia and Ukraine war

G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. The United States and its allies in the G7 group of nations have been adamant in demands that the communique squarely condemn […]

Inflation and debt crisis pose biggest threats for G20 countries

Runaway inflation, an unfolding debt crisis and cost-of-living problems pose the biggest threats to doing business for G20 countries in the next two years, data from the World Economic Forum showed on Monday. Inflation has surged to levels not seen in several decades, prompting a third of G20 countries to identify rising prices as their […]

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Russia attends G20 meeting set to be dominated by Ukraine conflict

Russian Foreign Minister Sergei Lavrov has flown into Indonesia’s resort island of Bali for a meeting of G20 foreign ministers, which is set to be overshadowed by tensions triggered by the Russia-Ukraine conflict. The G20 gathering runs until Friday in host country Indonesia, which this year has grappled with the balancing act of running a […]

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Cost-of-living crisis driving surge in extreme poverty, says UN

The global cost-of-living crisis is pushing an additional 71 million people in the world’s poorest countries into extreme poverty, a new report published by the UN Development Programme (UNDP) on Thursday has warned. Achim Steiner, UNDP administrator, said an analysis of 159 developing countries showed that the surge in key commodity prices this year was […]

Regulators call for external checks on bank climate data

Regulators could force banks and other financial firms to hire external auditors to check on the accuracy of their climate data, the Financial Stability Board said in a report on Friday. Financial firms are being required to spell out how climate change is affecting their business as part of government efforts to meet net-zero economy […]