No one left this year’s United Nations climate conference, known as , happy. Developed countries’ agreement to help raise hundreds of billions of dollars in annual finance for climate efforts in the Global South fell short of demands. A lack of language reaffirming the need to cut fossil fuel emissions angered countries warning of the need for urgent action. And delegates were deeply divided on new rules designed to spur carbon markets. The 5:30 a.m. Baku finishing time on Sunday, after multiple days of round-the-clock negotiating, also didn’t help. “We are extremely hurt,” said Chandni Raina, a negotiator for India, in a after the finance agreement was gavelled in. “The Global South is being pushed to transit to no-carbon pathways even at the cost of our growth.” But, despite the many complaints, it should not be minimized that in the middle of increased populist backlash and rising isolationist sentiment, countries still left the host city of Baku, Azerbaijan, with a deal. Indeed, with the election of Donald Trump as U.S. president casting a pall on negotiations just days before the start of the talks, they could have easily ended in collapse. “We are living in a time of truly challenging geopolitics, and we should simply not have the illusion that it will soon get better,” said Wopke Hoekstra, the European Union’s commissioner for climate action, at the closing session. “Seeing a deal truly is exceptional.” So why didn’t the talks collapse? At points, it felt like they might have, but in the end negotiators assessed that an imperfect deal is better than no deal. Finance has long lingered as a critical tension in climate talks with developing countries arguing that wealthier countries owe them for the damage that they have caused with their historic emissions. The U.S. alone is despite being home to around 4% of the world’s population. In the end, the crux of the finance deal amounts to a commitment for developed countries to help raise $300 billion in annual climate finance for developing countries by 2035 from public sources, namely governments and development banks. While that’s far short of the more than $1 trillion annually in public money demanded by many developing countries, it’s a significant increase from the $100 billion commitment agreed to in 2009 that expires next year. In the face of that expiration as well as the increasing costs of climate change, developing countries insisted that the negotiators urgently replace the $100 billion figure. In the years ahead, developing countries will certainly keep track of whether their wealthier counterparts are meeting the pledge—and hold their feet to the fire if and when they don’t. For developed countries, the money . Because the effects of climate change are felt worldwide, cutting emissions in the Global South helps protect wealthy countries, too, from the coming climate extremes. And those investments also help avoid the climate-linked crises that spill over borders—think of the already occurring in part because of environmental shocks. (It’s also worth noting that much of the money will be provided as loans and investments that earn a return rather than as free grant money.) Now the key question is whether those rich nations will follow through. It’s worth being cleareyed: the road ahead is a steep one. In Europe, political pressure has led governments to slash international development money. Even if far-right parties are held at bay in countries like Germany and France, governments will face continued pressure to avoid such spending for political reasons. Unsurprisingly, the U.S. picture is even bleaker. The country has climate finance even under supportive presidents thanks to paralysis in Congress. Trump should be expected to do what he can to slash overseas development money even further. And then there’s the private sector question. The COP29 finance decision—known formally as the New Collective Quantified Goal—includes a call for $1.3 trillion in annual finance by 2035 from “all actors.” To get there would mean that the $300 billion in public money would be supplemented by private sector investment as well as capital from countries like China that don’t technically count as developed countries in the U.N. framework but still have considerable wealth. To get private sector money moving will require financial innovation and new mechanisms that reduce the risk for private investors. Such mechanisms were a hot topic in Baku—and indeed they have been frequently discussed in international climate forums in recent years. In an ideal world, government and philanthropic money could be used to reduce the risk of climate adaptation and mitigation projects, thereby allowing money to flow from private sector investors. But, despite all the talk, many in the climate world remain skeptical. Private sector investors simply don’t need to look to the Global South to earn a return, leaving them with limited incentives to engage. It is certainly true that, no matter the outcome in Baku, the barriers to unlocking trillions in investment remains tough. But, at the very least, Baku gives the world a new North Star. The year 2035 is both very close and very far. When we get there, expect countries to be complaining—or celebrating—how the world responded to the targets set in Baku.Jeffrey Wright on his espionage thriller ‘The Agency:’ ‘I was kind of born inside that culture’
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Xiao-I To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $50,000 in Xiao-I as a result of purchasing (a) Xiao-I American depository shares (ADSs) issued in connection with the Company's initial public offering on or about March 9, 2023 and/or (b) Xiao-I securities between March 9, 2023 and July 12, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . [You may also click here for additional information] NEW YORK , Nov. 30, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP , a leading national securities law firm, is investigating potential claims against Xiao-I Corporation ("Xiao-I" or the "Company") (NASDAQ: AIXI ) and reminds investors of the December 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York , Pennsylvania , California and Georgia . The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com . As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) Defendants had downplayed the true scope and severity of risks that Xiao-I faced due to certain of its Chinese shareholders' non-compliance with Circular 37 Registration, including the Company's inability to use Offering proceeds for intended business purposes; (2) Xiao-I failed to comply with GAAP in preparing its financial statements; (3) Defendants overstated Xiao-I's efforts to remediate material weaknesses in the Company's financial controls; (4) Xiao-I was forced to incur significant R&D expenses to effectively compete in the AI industry; (5) Xiao-I downplayed the significant negative impact that such expenses would have on the Company's business and financial results; (6) accordingly, Xiao-I overstated its AI capabilities, R&D resources, and overall ability to compete in the AI market; (7) as a result of all the foregoing, there was a substantial likelihood that Xiao-I would fail to comply with the NASDAQ's Minimum Bid Price Requirement; and (8) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein. On or around March 8, 2023 , Xiao-I launched its initial public offering (IPO), selling 5.7 million American depositary shares (ADSs) at $6.80 each. Since the IPO, the price of Xiao-I's ADSs has dropped significantly, causing losses for investors. On August 10, 2023 , Xiao-I Corporation filed with the U.S. Securities and Exchange Commission its amended annual report for the year ended December 31, 2022 on Form 10-K/A. In the amended annual report, Xiao-I disclosed that "However, should there be any changes to PRC laws and regulations or internal control policies of Bank of Ningbo in the future, [Zhizhen Artificial Technology ( Shanghai ) Company Limited, a Company subsidiary] then may be restricted from transferring funds from overseas to its capital account with Bank of Ningbo as a result." On this news, the price of Xiao-I American Depositary Shares ("ADSs") fell $0.93 per ADS, or 11.56%, to close at $7.11 on August 11, 2023 . On July 15, 2024 , Xiao-I issued a press release announcing "that it received a notification letter dated July 11, 2024 (the 'Deficiency Letter') from the Listing Qualifications Department of [t]he [NASDAQ], indicating that the Company is no longer in compliance with the minimum bid price requirement as set forth in Nasdaq Listing Rule 5450(a)(1) as the Company's closing bid price per [ADS] . . . has been below $1.00 for a period of 30 consecutive business days." On this news, Xiao-I's ADS price fell 2.28% to close at approximately $0.67 per ADS on July 15, 2024 . The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Xiao-I's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Xiao-I Corporation class action, go to www.faruqilaw.com/AIXI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . Follow us for updates on LinkedIn , on X , or on Facebook . Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. SOURCE Faruqi & Faruqi, LLP
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