Sunak | Business Upturn

Sunak to call for ‘clean growth’ at COP27

United News of India (UNI) — Mon, 07 Nov 2022 08:34:50 +0000

British Prime Minister Rishi Sunak, making his first outing on the international stage in Egypt, is slated to tell world leaders at the COP27 summit that the fight against climate change can become “a global mission for new jobs and clean growth”.

He is likely to urge nations to stick to commitments made at COP26 in Glasgow a year ago, BBC reported.

The UN’s climate change chief said a key aim to limit global temperature rises is “still within reach”.

Sunak, who became the UK Prime Minister last month, reversed a decision not to attend COP27 earlier this week after a backlash from opposition MPs and campaigners and arrived in Sharm el-Sheikh on Sunday night.

He will join other world leaders at the UN summit, including US President Joe Biden and France’s Emmanuel Macron, and unveil more than 200 million pounds funding to protect forests and for green technologies in developing nations, the BBC reported.

He initially declined the invite as he said he was too busy preparing the November budget.

In his opening address on Monday, Sunak will urge global leaders to “move further and faster” to avoid the worst impact of climate change by limiting global warming to 1.5C above pre-industrial levels, the report said.

He will say Russia’s invasion of Ukraine has “reinforced” the importance of ending dependence on fossil fuels, but will argue the move can give a boost to new green industries.

Sunak will also meet French President Macron at the conference, where the topic of migrants crossing the English Channel in small boats is likely to be raised.

Downing Street said Sunak will announce a further 65.5 million pounds for the clean energy innovation facility which provides grants to researchers and scientists in developing countries working on clean technologies — from biomass-powered refrigeration in India to lithium-ion batteries in Nigeria.

It said the UK will also commit 90 million pounds for conservation in the Congo Basin rainforest and 65 million pounds to support indigenous and local communities.

But Labour’s Ed Miliband said Sunak “had to be dragged kicking and screaming” to go to the summit and it was “implausible for him to claim the mantle of climate leadership”.

The shadow Climate Change Secretary said the government should drop plans to issue more licences for North Sea exploration and end its opposition to onshore wind.

As COP27 got under way, the UN itself warned that meeting the critical target of limiting temperature rises to 1.5C would take an “extraordinary effort”.

“The science tells us that is it still within reach,” said the UN’s new climate chief, Simon Stiell. “We cannot lift the pressure.”

Speaking to the BBC World Service’s Newshour programme, Stiell said just 29 states had strengthened their climate pledges since last year, which was “not enough”.

His remarks came after the UN’s weather and climate body released a report showing that the rate at which sea levels are rising has doubled since 1993.

UN Secretary General Antonio Guterres described the report as a “chronicle of climate chaos” and urged governments at COP27 to answer the planet’s “distress signal” with “ambitious, credible climate action”.

Global temperatures have risen 1.1C and are heading towards 1.5C, according to the UN’s climate scientists, the Intergovernmental Panel on Climate Change (IPCC).

If temperatures rise 1.7 to 1.8C above 1850s levels, the IPCC estimates that half the word’s population could be exposed to life-threatening heat and humidity.

Rich countries are also falling short in providing the finance needed to help developing nations adapt to a changing climate and develop cleanly, the UN has warned.

But Stiell said the conference was off to a “hopeful start” after developing nations successfully lobbied to put on the agenda the thorny issue of “loss and damage”.

This debate revolves around compensation money paid by wealthy countries to the states worst affected by climate change.

Speaking to the BBC, David Panuelo, President of the Federated States of Micronesia, said bigger nations needed to “come good with their nationally-determined contributions”.

Highlighting China, India, Mexico, Indonesia and Brazil, Panuelo said there are “many countries that need to come forward with… commitments to help meet this challenge that global communities are facing now”.

Rishi Sunak is set to become the first Indian descent Prime Minister of Britain

Aryan Jakhar — Mon, 24 Oct 2022 13:18:44 +0000

As the Tory leader in the British parliament after competitor Penny Mordaunt withdrew her complete support, Rishi Sunak became the first politician of Indian descent to govern the United Kingdom. After Boris Johnson withdrew from the leadership race on Sunday evening, Sunak, who had recently lost the race to competitor Liz Truss six weeks prior, received a lot of support from his party members.

By becoming the first British Prime Minister of Indian heritage, the first non-white leader in Britain, and the first Hindu to hold the position, Rishi Sunak has written history. The resignation of the former Chancellor of the Exchequer in July 2022 was the catalyst for the demise of the Boris Johnson administration.

Sunak is also the youngest prime minister in more than 200 years at the age of 42.

After Liz Truss and Boris Johnson, Rishi Sunak becomes Britain’s third prime minister in less than two months. The former finance minister assumes leadership as the nation struggles to recover from years of political and economic unrest.

The wealthy former hedge fund manager is anticipated to implement significant spending cuts in an effort to restore Britain’s fiscal credibility as the nation is being pulled into a recession by rising energy and food prices.

After Truss resigned as prime minister on Thursday in response to the opposition’s renewed call for a general election, Rishi Sunak took to Twitter to declare, “I want to fix our economy, unite our Party and deliver for our country.”

The United Kingdom is a great country but we face a profound economic crisis.

That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister.

I want to fix our economy, unite our Party and deliver for our country. pic.twitter.com/BppG9CytAK

— Rishi Sunak (@RishiSunak) October 23, 2022

When Boris Johnson announced his resignation six weeks ago, Rishi Sunak had already declared himself for the Tory leadership. Sunak was deemed the winner of the contest, but Liz Truss went on to become the Prime Minister, making Sunak the runner-up.

Sunak, who led the Treasury from 2020 until this summer, managed to keep the British economy from collapsing during the coronavirus outbreak. Sunak played a significant role in the government’s financial reaction to the Covid-19 pandemic and its effects on the economy, including the Coronavirus Job Retention and Eat Out to Help Out programmes.

The next prime minister was first elected to parliament in 2015. He oversaw public spending as Chief Secretary to the Treasury, the finance minister’s deputy.

Sunak attended Winchester College before attending Oxford University to study politics, philosophy, and economics. Additionally, he holds an MBA from Stanford University in the US.

Sunak is married to Akshata Murthy, the daughter of Infosys founder Narayan Murthy, and the couple have two daughters. Sunak was born in Southampton to parents of Indian heritage who immigrated to Britain from East Africa in the 1960s.

Since voting to leave the European Union in 2016, which sparked a war at Westminster over the future of the nation that is still unresolved to this day, Britain has been stuck in a permanent state of crisis.

Rishi Sunak might become the UK’s first prime minister of Indian descent today

Aryan Jakhar — Mon, 24 Oct 2022 04:26:42 +0000

As Boris Johnson, who was planning a dramatic return to power, withdrew from the race, saying that although he had enough support to make it to the final round, he realised the country and the Conservative Party needed unity, Indian-origin MP Rishi Sunak appears to be on track to become the next British Prime Minister.

The former British finance minister may wind up becoming the nation’s new prime minister today if Sunak’s rival Penny Mordaunt is unable to win over 100 MPs by October 24. While 29 MPs are now supporting Mordaunt, 142 members of parliament have already endorsed Sunak.

In the event that Mordaunt is unable to secure the support of 100 MPs by October 24 at 2 PM local time, Rishi Sunak will become the new prime minister (6:30 PM in India).

Johnson has said that running for president would be incorrect since effective government requires a united party in Parliament. He also decided to drop out of the race because he was unable to reach an agreement with Sunak and Mordaunt.

In a tweet, Sunak tweeted and said, “The United Kingdom is a great country, but we face a profound economic crisis. That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister.”

“I want to fix our economy, unite our Party and deliver for our country,” Sunak wrote. Following Truss’ resignation as prime minister on Thursday in response to the opposition’s renewed call for a general election, Sunak made his declaration.

On October 24, Conservative MPs will vote, and two candidates for the party’s leadership will be put forward unless one withdraws from the race. The results will be made public on October 28.

Liz Truss, the British prime minister with the shortest tenure, had already announced her resignation and said she couldn’t fulfil the conditions of her election. She was in charge for 45 days.

Sunak announces bid for UK Conservative leadership, PM Post

United News of India (UNI) — Sun, 23 Oct 2022 11:20:36 +0000

Former UK Chancellor of the Exchequer Rishi Sunak announced on Sunday that he would be running for the leadership of the Conservative Party and the post of prime minister.

“The United Kingdom is a great country but we face a profound economic crisis. That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country,” Sunak said in a tweet.

Sunak and former UK Prime Minister Boris Johnson are considered top two contenders for the Conservative party leadership and, subsequently, the role of prime minister, since they both have managed to gather the support of 100 Conservative lawmakers necessary to participate in the leadership race.

The Telegraph newspaper reported earlier in the day that Johnson held an 11—hour negotiation with Sunak on Saturday, but they did not conclude any deal.

Outgoing UK Prime Minister Liz Truss became the shortest-serving prime minister in UK history. She will remain in office until her successor is elected. The Conservative Party will hold an online vote to pick its new leader and next prime minister from October 24-28.