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Far and Wide | November 2023 (IV)

This week’s headline features the story from the European Union, EU backs a fund focused on cutting energy wastage. Funding of 125 million euros from the European Investment Fund (EIF) has been allocated to The 'Green Energy Solutions Fund', handled by Sustainable Development Capital (SDCL) which plans to build power projects to reduce energy wastage.

Europe: 'European Union's investment arm funds Green Energy Solutions Fund' by Sustainable Development Capital (SDCL) which focuses on cutting energy wastage. The project is expected to build a solar power or waste-to-heat plant and retrofit buildings to improve energy efficiency.

North America:  As per the new research represented in the ESG Book, companies in the United States and Canada are three times more likely to risk violating United Nations environmental standards compared to other regions worldwide. The study of over 10,000 corporations, found North American companies to be the most susceptible globally to infringements of the UN Global Compact's environmental principles. 

South America: China and Uruguay upgraded their bilateral ties, strengthening systems to create opportunities for increased trade and investments. China already has been a major investor in South America while offering tariff-free access to its huge consumer market to four countries. Uruguay currently holds a trade surplus with China, reaching $1.5 billion in 2022.

Asia: ESCAP and BharatRohan partner to empower smallholder farmers through an advanced drone-enabled support system for sustainable agriculture. The partnership is intended to overcome regulatory challenges, expand BharatRohan’s global presence, and offer essential training to farmers in Haryana and Telangana. The hyperspectral imaging technology can distinguish 150 unique wavelengths (or colours) which can further be used to provide personalized advice to the farmers. 

Australia: India And Australia Expand Bilateral Ties: Comprehensive Talks Cover Digital Trade, MSMEs, And More. The discussion took place on the agreed negotiation of five tracks and 14 new areas, including digital trade, micro, small and medium enterprises (MSMEs), traditional knowledge, labour, and sports. India's exports to Australia rose by 17% to $4.9 billion in the first six months of 2023-24, while imports decreased by 24.6% to $8.3 billion.

Africa: the current continent-wide scarcity of the United States dollar is further pushing many already beleaguered African countries into deeper economic crises. In Zambia, Mozambique, and Nigeria, the inability to access foreign financing has forced governments to ramp up domestic issuance in shallow markets, pushing up the cost of borrowing. IMF plans to expand financing Kenya by $938 million to bolster its reserves, ahead of a $2 billion Eurobond maturity in June.

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