COP28: 40 Nations Unite to Finance Sustainable Urban Development

IRENA: Global renewables capacity growth misses target

The report by the International Renewable Energy Agency (IRENA) has stated that achieving the target set at COP28 in Dubai last year, of tripling renewable energy capacity by 2030, depends on global determination, policy support, and investment at scale.

According to the World Energy Transitions Outlook presented at the Berlin Energy Transitions Dialogue, IRENA mentioned that while policies are evolving, geopolitical shifts are occurring, and costs are declining, there is a need for concerted efforts to triple the renewable power capacity.

IRENA is monitoring the progress tow..

RK Singh stresses urgent emission cuts in pursuit of COP28 goals

In a resounding call for urgent action, RK Singh, Union Power Minister, highlighted the imperative of slashing emissions in line with COP28 targets. Emphasising the need for a robust commitment, Singh set the ambitious goal of a 43% reduction in emissions by 2030. Speaking to stakeholders, he underlined the critical role that immediate and substantive emission cuts play in mitigating climate change.

Singh's call for a 43% reduction aligns with the global commitment to address climate change, as established in the COP28 agreements. The minister stressed the importance of a collaborative..

Enhanced financing can unlock $50tn in global green transition: report

According to Deloitte's report on "Financing the Green Energy Transition," the implementation of enhanced financial mechanisms has the potential to generate savings of up to $50 trillion for global decarbonisation initiatives. The study underscores a substantial rise in the annual global investments required, estimated to be between $5 trillion and $7 trillion, to meet the target of achieving net-zero greenhouse gas emissions by 2050. This marks a significant increase from the current annual investment of less than $2 trillion.

The report pinpoints two key issues contributing to the u..

L&T subsidiary opens new manufacturing unit in Saudi Arabia

L&T Valves Ltd., a subsidiary of Larsen & Toubro, established a new manufacturing plant in Al Jubail, Saudi Arabia, next to the Dammam-Abu Hadriyah Highway. One of Saudi Arabia's main providers of on-off valves is L&T Valves.

The manufacturing facility is being opened with the intention of satisfying the increasing demand from the Middle East. In keeping with Saudi Vision 2030, Anil V. Parab, Whole-time Director and Senior Executive Vice President, Heavy Engineering and L&T Valves, emphasised that the new facility will greatly improve local manufacturing capabilities..

LIC Housing Finance net profit dips 9.14% in Q4 of FY24; Rs 10.8206 bn

LIC Housing Finance disclosed a 9.14 % decline in its net consolidated profit for the quarter ending March 31, 2024. Its profit after tax reached Rs 10.8206 billion in Q4 FY24, down from Rs 11.9088 billion in the corresponding period of the previous fiscal, as per the company's filing with BSE. The net consolidated total income for Q4 FY24 amounted to Rs 69.4861 billion, marking an 8.04% increase from Rs 64.3123 billion in the same quarter last year.

Tribhuwan Adhikari, MD & CEO said, "Our focus on reduction in NPA and control over cost of funds have enabled us to close the year with a..