Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
ADB’s Increased Climate Lending
The Asian Development Bank (ADB) is set to increase its climate-related lending by up to $7.2 billion, a historic move supported by sovereign guarantees from the United States and Japan. This unprecedented step marks the first-ever use of sovereign guarantees for climate finance and aims to scale up funding for climate-related projects in developing nations.
New Strategy for Climate Finance
This strategy, unveiled exclusively to Reuters, provides a potential model for other development banks as the U.N. COP29 climate summit kicks off in Baku, Azerbaijan. The ADB has committed to a long-term climate finance target of $100 billion from 2019 to 2030, having lent $9.8 billion in 2023 alone. The new guarantees—up to $1 billion from the U.S. and $600 million from Japan—will expand the ADB's lending capacity for climate initiatives without requiring a politically challenging capital increase.
Sustainable Aviation Fuel and Global Cooperation
One of the first projects to benefit from this expanded lending capacity is a sustainable aviation fuel initiative in Pakistan. The ADB will contribute nearly half of the $90 million required. This deal, expected to be signed on November 20, exemplifies the ADB's broader efforts to collaborate with global financial institutions like the World Bank and the European Investment Bank to scale up climate finance.
Looking Forward: Global Climate Finance
As developing countries face increasing risks from climate change, they need over $2 trillion annually by 2030 to transition to clean energy. The ADB's new guarantees pave the way for multilateral development banks to take a more significant role in global climate finance, reducing reliance on donations and attracting private investment.
For further reading, you can check out the following sources:
