Morning Digest: Kenya cancels airport, energy deals with Adani group after U.S. indicts the tycoon; Consensus on new climate finance goal remains elusive in COP29 summit, and more

The Hindu Morning Digest gives a select list of stories to start the day. Read the top news today on November 22, 2024

Kenya’s President said on Thursday that he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after U.S. bribery and fraud indictments against one of Asia’s richest men. President William Ruto in a State of the Nation address, said the decision was made “based on new information provided by our investigative agencies and partner nations”. He didn’t specify the United States.

A day before this round of UN climate talks are scheduled to end in Baku, developed and developing countries are far from agreeing on a number — still denoted as ‘x’ in the draft text — that will define the world’s new collective quantified goal (NCQG) on climate finance.

The NCQG refers to money that will be given by developed countries to developing countries to help them meet their goals to transition away from the continued use of fossil fuels and curb greenhouse gas emissions. Developing countries have been repeatedly saying that this would cost “trillions of dollars”. To this end, developed countries say they have mobilised and transferred $115 billion in 2021-22 – though developing countries claim that target has not yet been met – but as per the Paris Agreement, a new target above $100 billion must be agreed upon by 2025.

“The Kremlin fired a new intermediate-range ballistic missile at Ukraine on Thursday in response to Kyiv’s use this week of American and British missiles capable of striking deeper into Russia,” President Vladimir Putin said. In a televised address to the country, the Russian President warned that U.S. air defense systems would be powerless to stop the new missile, which he said flies at ten times the speed of sound and which he called the Oreshnik — Russian for hazelnut tree. He also said it could be used to attack any Ukrainian ally whose missiles are used to attack Russia.

Indictment of Gautam Adani and several top officials of the Adani conglomerate in the U.S. may become a factor in future negotiations between the Adani Group and the interim government in Bangladesh, energy experts in Dhaka have said. “The energy agreement between Adani and Sheikh Hasina government was controversial from the beginning as this contract, like many other energy contracts of Hasina years, was not done through tendering. Despite that the interim government had taken a positive approach and tried to continue dialogue. But after the U.S. indictment, that space of dialogue may shrink as the group is likely to face greater pressure from Bangladesh to compromise on pricing,” said Dr. Ijaz Hossein, retired professor of BUET (Bangladesh Institute of Engineering and Technology).

Hours after the U.S. Securities and Exchange Commission accused the Adani group of bribing former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy, among others, to the tune of $200 million (₹1,750 crore), the YSR Congress Party has refuted all the allegations. The SEC indictment accused the Adanis of corruption in securing a 7 gigawatt solar power deal with the previous Andhra Pradesh government, led by the YSR Congress. The party has denied any irregularities and reiterated that the deal would benefit the State. There was no direct agreement between A.P.’s power distribution companies (discoms) and any Adani group firm, it said.

The Samajwadi Party (SP) on Thursday demanded re-elections in Meerapur, Kundarki, Katehari, and Sisamau Assembly segments, alleging that the administration had “crossed all limits” during the polling on November 20 in these constituencies. The SP further demanded that the repolling should be carried out only under the supervision of paramilitary forces. SP leaders added that discriminatory tactics aimed at preventing their party’s sympathisers from voting were even seen during the preparation for the elections.