Global news wrap: COP tussle, monetary policies, luxury market fall
Subscribe to enjoy similar stories. Every month, Mint’s Plain Facts section brings out an update on key global data to thread together the biggest developments in the world that are worth paying attention to. The accompanying analysis and charts explain how each story is creating ripples on the global stage, where it is headed in the coming weeks, and whether it can impact India.
This month we track how the climate finance package at the 29th United Nations climate summit (COP29) irked many countries. Meanwhile, several countries like the US, the UK, and India, among others, are scheduled to announce their monetary policies over the next month. Despite 2024 being on track to be the warmest year on record, with the temperature going 1.5 degrees Celsius above pre-industrial levels for the first time, the world is still bickering over the right way to tackle the climate crisis.
COP29, held in Azerbaijan from 11 November to 22 November, raised the climate financing goal to $300 billion annually by 2035 from $100 billion but it failed to gain wider acceptance. Developing nations had demanded $1.3 trillion a year from developed countries, whose historical contribution to the climate crisis far exceeds that of poorer nations’. India called the amount “abysmally poor" and an “optical illusion", and rejected it, as did Nigeria, Malawi and Bolivia.
Moreover, there are anxieties over next year’s negotiations following the victory of Donald Trump, who during his presidential campaign promised to withdraw the US from climate deals. As central banks prepare for their December policy meetings, expectations are shifting amid evolving global economic conditions. In the coming days, the US, the UK, India, the European Central Bank (ECB),
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