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6th Apr 2023 4:30 pm RNS Annual Financial Report and Notice of Meeting
"Annual Report & Accounts and Notice of First Annual General Meeting
Aura Renewable Acquisitions plc announces that it has today sent its Annual Report and Financial Statements for the period ended 31 December 2022 (the "Annual Report 2022") and its Notice of Annual General Meeting (the "Notice") to shareholders.
The Company's first Annual General Meeting will be held at 3 p.m. on Wednesday, 3 May 2023 at the offices of DMH Stallard LLP, 11th Floor, 6 New Street Square, New Fetter Lane, London EC4A 3BF.
In accordance with Listing Rule 9.6.1R, copies of the following documents have been submitted to the Financial Conduct Authority's National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
• Annual Report and Accounts 2022; and
• Notice of Annual General Meeting.
Publication on website
Copies of the Annual Report 2022 and the Notice are also available on the Company's website at https://aurarenewables.com/. "
https://www.lse.co.uk/rns/ARA/annual-financial-report-and-notice-of-meeting-3oqx75qetj641q2.html
5th Apr 2023 7:00 am RNS Annual Results
" ... John Croft, the Chairman of Aura commented:
"Since listing, Aura has been exploring targets in the UK and overseas which could provide an opportunity to create significant growth in this crucially important, exciting and fast-moving market sector. We have also consulted with the Board's professional and business networks to raise the Company's profile and reinforce its intentions and objectives to these potential introducers of opportunities, as a result of which we have held early discussions with a number of potential target companies for acquisition.
"The widespread economic and political uncertainty caused by supply chain issues, inflation, interest rate rises, hostilities in Europe and further afield, the lingering impact of Covid and climate change, restricted capital market activity during 2022. However, there are early signs that capital market transactions may be beginning to resurface, and we remain more confident than ever that the renewable energy sector will offer excellent opportunities for acquisitive and organic growth. We are committed to ensure that the Company and its stakeholders have the chance to share in these opportunities."
Publication on website
A copy of this announcement is also available on the Company's website at http://www.aurarenewables.com.
Enquiries
Aura Renewable Acquisitions Plc
John Croft (Non-Executive Chairman) 07785 315588
Robin Stevens (Non-Executive Director) 07787 112059
Media enquiries
Allerton Communications
Peter Curtain 020 3633 1730
aurarenewables@allertoncomms.co.uk ..."
https://www.lse.co.uk/rns/ARA/annual-results-sh8jczl4e5vp28l.html
5th Apr 2023 7:00 am RNS Annual Results
"5 April 2023 - Aura Renewable Acquisitions plc, a UK-based company whose objective is to invest in the global renewable energy sector supply chain and thereby build shareholder value, is pleased to announce its maiden results for the period from the date of incorporation on 4 November 2021 through to 31 December 2022.
Aura was formed as a special-purpose acquisition company focusing on the Global Renewable Energy Sector Supply Chain, particularly on businesses in the wind, solar, biomass, hydropower, carbon capture, waste management, energy storage, smart grid and green hydrogen supply chain.
The Company raised gross proceeds of £1 million on admission to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange in April 2022. For the period ended 31 December 2022 the Company recorded a loss before taxation of £236,000, a significant part of which related to the expensed costs related to the listing. Our operating expenses are very closely controlled, and the directors do not draw income during this pre investment stage. As of 31 December 2022, the Company had bank balances of £809,000.
The Company continues to actively review potential acquisition targets at various stages of development and operating in a number of geographic regions, all of which have potential global relevance. We also continue to take soundings from the investor community to thereby best fit investment appetite with the opportunities available.
National governments have recently shown a common resolve to reflect the need to focus on sustainable renewable energy, including the scale up of affordable, clean, homegrown power to provide long term energy security in the UK, investment incentives to speed the transition to low-carbon economy in the US through the Inflation Reduction Act, and C$80 bn of tax credits over 10 years for clean technology and clean electricity in Canada.
Our investment horizon is relatively wide within our chosen sector, and we will continue to assess and qualify what we believe to be value accretive opportunities in the UK and overseas. When our ongoing evaluation and investigation result in the potential for a transaction, the Company will give the market appropriate notice. ..."
https://www.lse.co.uk/rns/ARA/annual-results-sh8jczl4e5vp28l.html
If ARA's post-RTO enlarged equity is under £30M., then it would no longer be eligible for the Main Market.
It would probably therefore list on AIM, and I don't see why this couldn't be via a direct transfer, with no full delisting in between.
Indeed, after ARA has been listed on the Main Market for 18 months, this transfer could be fast tracked.
From Bird & Bird LLP, 17 August 2022, re transferring from the Main Market to AIM:-
"AIM Designated Market (fast track)
procedure for transfer to AIM Market
provided shares listed for at least 18
months."
https://www.twobirds.com/-/media/pdfs/capital-markets/london-stock-exchange.pdf
Next results early April. BOD need to pull their finger out. They always talk a good game at listing then disappear
The shell Dial Square Investments (DSI) has very recently announced RTO news that is very relevant and encouraging for ARA.
A proposed RTO at a price of 6p per share, for a 'green energy' company (as defined by the EU: https://theconversation.com/natural-gas-is-a-fossil-fuel-but-the-eu-will-count-it-as-a-green-investment-heres-why-175867 ).
Which is an 84.6% premium to DSI's current (suspended) s.p. of 3.25p (market cap. £862,875).
And that DSI market cap. is significantly more than ARA's (£603,750 at 0.575p), despite DSI having significantly less cash that ARA.
It's also interesting that DSI only floated four months ago (30.11.22), compared to nearly a year ago for ARA.
10th Mar 2023 7:56 am RNS Proposed Acquisition and Suspension of Trading
" ... Dial Square, a London Stock Exchange traded special purpose acquisition vehicle, is pleased to announce that it has entered into Heads of Terms ("Term Sheet") to acquire 100% of the issued and to be issued share capital by way of a reverse takeover ("the Transaction") of EnergyPathways Ltd ("EnergyPathways"), an English private company. EnergyPathways is an energy transition company, targeting UK gas assets, with the aim of bringing into production, in the near-term, low emission energy solutions to assist with the UK's transition to Net Zero while also providing critical supply to ensure domestic energy security. ...
Pursuant to the Transaction, it is proposed that the issued and to be issued shares of EnergyPathways be acquired for an aggregate consideration of GBP4,080,833 to be satisfied by the issue of 68,013,885 ordinary shares in the capital of the Company to the vendors of EnergyPathways at an issue price of 6 pence per ordinary share of the Company. ...
... upon completion of the Transaction, the Company would be seeking Re-admission on AIM and would have sought cancellation of its existing listing in any event. ..."
https://www.lse.co.uk/rns/DSI/proposed-acquisition-and-suspension-of-trading-qatwq9z4wudki8l.html
23rd Mar 2023 7:00 am RNS Update: Cancellation of Listing
"... As agreed with the Financial Conduct Authority, the listing of the Company's ordinary shares will remain suspended pending either: (a) cancellation of the listing prior to completion of the Transaction; or (b) if the Transaction does not proceed, re-admission of the Company's ordinary shares to the standard segment of the Official List and to trading on the London Stock Exchange's main market for listed securities, or cancellation of the listing, depending on whether the Company meets the eligibility requirements of the Financial Conduct Authority at that time. Accordingly, the cancellation of the listing of the Company's shares will not occur on 6 April 2023 as initially expected and previously announced. The Company will update Shareholders in due course. ..."
https://www.lse.co.uk/rns/DSI/update-cancellation-of-listing-pa4jujnovloin7x.html
Agree...massively undervalued..tiny mcap.
LSE % GainersTop Lists
EPIC Name %
STA Star Phoenix +73%
After more than trebling yesterday, STA is currently up a further 73% today (to 2.25p), further highlighting ARA's massive undervaluation and gains potential.
Recent Share Trades for Aura Renew Acq (ARA)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
22-Feb-23 16:21:56 6.45 8,888 Buy* 6.25 6.50 573.28 O
22-Feb-23 16:14:16 6.45 8,000 Buy* 6.25 6.50 516.00 O
22-Feb-23 13:09:33 6.45 7,621 Buy* 6.25 6.50 491.55 O
22-Feb-23 13:07:42 6.40 14,295 Buy* 6.00 6.50 914.88 O
22-Feb-23 12:41:36 6.40 15,454 Buy* 6.00 6.50 989.06 O
22-Feb-23 11:20:49 6.40 38,775 Buy* 6.00 6.50 2,482 O
22-Feb-23 10:25:33 6.40 5,541 Buy* 6.00 6.50 354.62 O
22-Feb-23 10:23:59 6.30 5,005 Buy* 6.00 6.50 315.32 O
22-Feb-23 10:11:49 6.30 23,541 Buy* 5.50 6.50 1,483 O
22-Feb-23 10:08:53 6.38 32,603 Buy* 5.50 6.50 2,080 O
A wave of ARA buying today has moved the bid price up 13.6%, from 5.5p to 6.25p.
I don't think that it would take much more buying of this type for the price to pop.
After ARA floated last April at 10p it closed initially at 17p, on bullish deal expectations given the quality board.
Now, nearly a year closer to a deal, and with potential acquisitions cheaper than ever, it's barely a third of that price.
But perhaps not for that much longer.
LSE % Gainers Top Lists
EPIC Name %
STA Star Phoenix +225%
21st Feb 2023 5:16 pm RNS Audited Annual Report for Year Ended 30 June 2022
" ... The Company's key focus remains on securing new opportunities to provide future growth and value for the Company and its shareholders. Over the last year, the Company has considered, reviewed and evaluated numerous projects and investment opportunities with a view of securing attractive targets.
The Company is pleased to report that it is currently in advanced discussions on a selected number of investment and joint venture opportunities and is focusing its efforts to progress to the next stage. The Board believes these new opportunities would offer shareholders exposure to significant plays in the energy sector and looks forward to sharing the details of these potentially value enhancing opportunities should they progress to binding deals. ...
As at the reporting date (17 February 2023), the company had a cash balance of approximately US$457,000. Management believe there are sufficient funds to meet the Group's working capital requirements for the next 6 months. The ability of the Group to continue as a going concern beyond that timeframe is dependent on securing additional funding through the issue of shares and/or debt to fund its activities. The Company is currently seeking other opportunities to further expand its operations in other geographic locations. ..."
https://www.lse.co.uk/rns/STA/audited-annual-report-for-year-ended-30-june-2022-0xjvktsytkl8700.html
Interesting to see STA more than treble today to a market cap. of £1.96M. (1.3p/share), from a similar market cap. to ARA's at present, and on similar prospective deal news to that which ARA announced last month.
But with far less cash than ARA currently has, and far higher cash burn.
Ten and a half months since ARA's IPO - I've think we're now entered the 'sweet spot' in terms of sufficient time to identify a suitable RTO target.
So there may well not be much longer to buy in ahead of a suspension ... and with any proposed RTO likely to be at a big premium to the current s.p. of just 6.375p.
Quiet in here..some news forthcoming perhaps ?
Well done to ARA on such refreshingly good cash conservation.
From ARA's 5th. April 2022 prospectus:-
"The Company recorded an audited total comprehensive loss of £23,734 for the financial period ended on 30 November 2021 and as at 30 November 2021 had net assets of £26,266."
"Estimated Net Proceeds of the Placing and Subscription £828,000"
"On Admission, the Company will have an additional cash amount of £50,000 available for use in making an Acquisition, being the proceeds from the issues of shares in November 2021."
From today's ARA RNS:-
"As of 31 December 2022, the Company had an unaudited cash balance of GBP809,000, reflective of the minimal overhead base following the listing."
= Cash burn of c. £45K., 1.12.21 - 31.12.22, excluding the one-off IPO costs taken off the gross IPO placing proceeds.
From ARA's prospectus dated 5 April 2022, re all four directors:-
" ... not entitled to a fee until the first Acquisition has been completed, at which time his subsequent entitlement to a fee will be considered by the Nomination and Remuneration Committee. ..."
https://aurarenewables.com/investors/
Recent Share Trades for Aura Renew Acq (ARA)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
16-Jan-23 12:30:56 5.97 15,000 Buy* 5.50 6.00 895.50 O
16-Jan-23 08:01:11 5.94 25,000 Buy* 5.50 6.00 1,485 O
16-Jan-23 08:00:06 5.80 40,000 Buy* 5.50 6.00 2,320 O
ARA has closed up 9.1% today, rising 0.5p to 6p.
Today's operation update from ARA is doubly reassuring:-
• The company has been active in pursuing potential acquisition targets, with international battery storage technology companies being particularly mentioned, with sounds exciting.
• The company is clearly husbanding its cash superbly for an intended acquisition.
The prospectus allocates £478K. cash for making an acquisition, and £350K. for general and administration costs.
But I would think that the £350K. will be used largely for due diligence and legal costs etc. for an acquisition, leaving the balance of £478K. to go towards the actual purchase price (combined with the issue of shares to the target company) and/or go to the cash resources of the expanded entity post RTO.
Even with today's rise, ARA's market cap. is still just £630K. at 6p, which is way below its cash, for an asset class (shells) that nearly always trade at a premium to cash.
And even though ARA looks a cut above the average shell.
16th Jan 2023 7:00 am RNS Post Year End Operational Update
... John Croft, the Chairman of Aura commented:
"As we move further into our first full year of operation, Aura continues to explore a range of target acquisitions and investments which the Board considers could offer the potential for significant growth in this exciting, fast-moving and crucially important market sector.
"We expect supply chain, inflation and interest rate issues to be less of a dampening factor on corporate activity in 2023, and believe that capital market activity and fundraisings will slowly recover as the year progresses. Hostilities in Europe and further afield, the lingering impact of Covid, especially in China, are still causes for concern, as is the irrefutable and increasingly evident daily impact of climate change.
"As I have mentioned before, we are more confident than ever that the renewable energy sector will offer excellent opportunities for acquisitive and organic growth for the foreseeable future. We are striving to give the Company and its stakeholders the chance to share in these opportunities, not least to help in some small way to protect our planet for future generations."
Publication on website
A copy of this announcement is also available on the Company's website at http://www.aurarenewables.com.
https://www.lse.co.uk/rns/ARA/post-year-end-operational-update-f1xlki1k79z5hfg.html
16th Jan 2023 7:00 am RNS Post Year End Operational Update
16 January 2023 - Aura Renewable Acquisitions plc, a UK-based company whose objective is to invest in the global renewable energy sector supply chain and thereby build shareholder value, is pleased to provide an update on progress for the period from the date of incorporation on 4 November 2021 through to 31 December 2022.
Aura was formed as a special-purpose acquisition company focusing on the Global Renewable Energy Sector Supply Chain, particularly on businesses in the wind, solar, biomass, hydropower, carbon capture, waste management, energy storage, smart grid and green hydrogen supply chain.
The Company raised gross proceeds of £1 million on admission to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange in April 2022. As of 31 December 2022, the Company had an unaudited cash balance of £809,000, reflective of the minimal overhead base following the listing.
The Company has actively and selectively reviewed potential international acquisition targets since listing and at the same time the Board has taken soundings from the investor community to seek to best fit investment appetite with the opportunities available.
Amongst others, and by way of example, companies in the energy storage sector, developing next-generation battery technologies, have drawn the Company's attention. Batteries play an essential role in the energy sector supply chain, facilitating the transition to a net zero economy and a more sustainable environment.
Many countries, including the United States and the United Kingdom, have realised the importance of secure domestic supply chains and have introduced legislation, government grants and other incentives to support their battery industries - an example being the Inflation Reduction Act under the President Biden Administration.
Our investment horizon is relatively wide within our chosen sector, and we will continue to assess and qualify what we believe to be value accretive opportunities in the UK and overseas. When our ongoing evaluation and investigation result in the potential for a transaction, the Company will give the market appropriate notice.
The Company expects to announce its results for the period ended 31 December 2022 in early April 2023. ...
https://www.lse.co.uk/rns/ARA/post-year-end-operational-update-f1xlki1k79z5hfg.html
Medcaw Investments (MCI), another small shell, floated just before Christmas, and highlights ARA's value.
MCI raised £0.45M. net in its float, at 10p/share, and its current market cap. is over three times the level of ARA's: market cap. £1.8M. at 10.5p/share.
On Admission, the Company had a cash balance of £702,393, according to its prospectus on its website
First Day of Dealings on the London Stock Exchange PRN 21.12.22 08:00:00
"Medcaw Investments plc, a company formed for the purpose of undertaking an acquisition or acquisitions in the life sciences sector life sciences sector, focusing on companies developing medical or wellness technologies and therapies, is pleased to announce that, following the publication of its Prospectus on 16 December 2022, a total of 17,132,095 ordinary shares of £0.01 each in the share capital of the Company will today be admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc.
Dealings will commence at 8:00 a.m. today under the TIDM ‘MCI’ with ISIN number GB00BM8SQP62 and SEDOL BM8SQP6."
https://www.londonstockexchange.com/news-article/MCI/first-day-of-dealings-on-the-london-stock-exchange/15767500
10.50 -% (-)
MCI ORD GBP0.01
https://www.londonstockexchange.com/stock/MCI/medcaw-investments-plc/company-page
From TradingView.com:-
"AURA RENEWABLE ACQUISITIONS PLC ORD GBP0.01"
"ARA technical analysis"
"Oscillators Summary Moving Averages"
"Buy Buy Buy"
https://www.tradingview.com/symbols/LSE-ARA/technicals/
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
09-Dec-22 16:15:33 5.90 60,700 Buy* 5.50 6.00 3,581 O
09-Dec-22 12:58:59 5.50 20,000 Unknown* 5.00 6.00 1,100 O
09-Dec-22 10:08:35 5.50 50,000 Buy* 5.00 5.50 2,750 O
Nice to see ARA rising 9.52% today, closing up 0.5p to 5.75p.
It was overdue, and the s.p. looks well placed for further recovery.
Thought there were just three ARA trades today (all buys - the second trade caused the s.p. rise), this was enough to trigger two price monitoring extensions, which shows how little stock must be available:-
9th Dec 2022 4:35 pm RNS Price Monitoring Extension
https://www.lse.co.uk/rns/ARA/price-monitoring-extension-4rcedjn7b81myvx.html
9th Dec 2022 4:40 pm RNS Second Price Monitoring Extn
https://www.lse.co.uk/rns/ARA/second-price-monitoring-extn-xltohaz8hzt66wq.html
ARA has more cash that the shell company PNPL, which on Monday of this week closed at 6p, up from 1.55p on 13th. October.
PNPL currently has a market cap. of £3.4M. at 4.75p, despite having less cash than ARA's.
ARA's market cap. at 5.25p is a paltry £551,250: at a market cap. of £3.4M., like PNPL's, it would be 32.38p.
"Trader’s Café with Zak Mir: A Week In Small Caps, Saturday 12th November 2022
Abm November 12, 2022
In last week’s Week In Small Caps, I suggested that we may have reached “Peak Doom”. Therefore it was rather pleasant that Thursday saw a 1,200 rise on the Dow, one of the biggest in recent times. ...
IPOs
Getting back to the small caps though, the toughest part may not necessarily be the share prices, but the liquidity in the market. After all, for many, buying such everyday items as bread, milk and eggs, can sometimes seem more important than buying stocks. The acid test from now, apart from hoping for an end of year rally, is that the IPO market returns to form. Until this happens it is going to be tough for there to be genuine enthusiasm in the City, and of course, it will not be a party for brokers either.
Pineapple Power
One of the big risers of the week, Pineapple Power (PNPL), and perhaps one of the mysteries here is why the stock has not been flying for some months now? This is for much of 2022 we have been in a cash crunch on the London market. Therefore, it would be logical to assume that cash shells should be amongst the most sought after and valuable vehicles on the market. After all, if you can no longer raise cash for an IPO, the obvious place to look to do a deal would be to knock on the door of a cash shell like Pineapple, or hope that the cash shell knocks on your door. It may be the case that some in the market are waking up to this concept. Indeed, it could be that other SPACs, there are not that many around, may feel the benefit of this realisation.
Clean Energy
One of the plus points of Pineapple is that it is a cash shell in the clean energy space, an area we were reminded of in the wake of COP27. What was noticeable is that the event did cause something of a bounce in companies within this sector, with ITM Power (ITM), Ceres (CWR), and Hydrogen Utopia (HUI) all benefitting. Powerhouse Energy (PHE) received decent validation from Manchester University at the end of the week, something that made it one of the most followed stocks on Vox Markets. We shall presumably be able to see whether there is further momentum from COP27, via the share prices of these stocks and others related to saving the planet. ..."
https://www.share-talk.com/traders-cafe-with-zak-mir-a-week-in-small-caps-saturday-12th-november-2022/
The cash shell ROC (a similar shell to ARA) yesterday announced a proposed RTO at 7.86p: a 67.23% premium to its 4.7p suspension price:-
15th Nov 2022 3:56 pm RNS Potential Reverse Takeover & Suspension of Listing
"Rockpool Acquisitions Plc, the Special Purpose Acquisition Company ("SPAC") formed to undertake the acquisition of a company or business headquartered or materially based in Northern Ireland or alternative transactions with suitable targets, including those that may not have a direct connection with Northern Ireland , has entered into heads of terms ("Heads") relating to the proposed acquisition (the "Acquisition") of the entire issued and to be issued share capital of Amcomri Group Limited ("Amcomri"), the holding company of a fast-growing, acquisitive group of quality UK Engineering and Manufacturing businesses. ..."
https://www.lse.co.uk/rns/ROC/potential-reverse-takeover-suspension-of-listing-ryf9u6tg0kix1sg.html
13.4.22:-
"Withana describes Aura as a blank slate, one that makes one or several targets to become a substantial company. He says we’re talking “about 300, half a billion or higher in terms of size and market cap” and “our ambitions are to have a well traded, well covered and liquid stock.”"
https://total-market-solutions.com/2022/04/aura-renewable-april-2022/
At a market cap. of just £577.5K. at 5.5p, ARA's targeted market cap. could actually be a thousand times higher than its current level.
Even allowing for dilution, the scope for mega-multibagging here looks strong, whereas the current downside looks slight, trading at well below cash and with low cash-burn.
"COP27: Joe Biden issues climate rallying cry to world leaders ...
Mr Biden also held talks with Egyptian President Abdul Fattah al-Sisi amid heightened concern over the fate of jailed British-Egyptian pro-democracy activist Alaa Abdel Fattah.
There's been no independent confirmation about Mr Abdel Fattah's condition since he is said to have received "medical intervention" on Thursday, days after he began refusing water as part of a long hunger strike.
It is the sixth day of the COP summit, which is focussed on implementing ambitious promises made at COP26 in Glasgow last year.
Vulnerable nations have called on richer countries to pay for the irreversible damage climate change wrecks on their homes.
"We will not give up... the alternative consigns us to a watery grave," Bahamas Prime Minister Philip Davis said on Tuesday, urging nations to "get real".
They say developed nations owe this money because they became rich off decades of using fossil fuels.
By contrast many less developed countries, particularly the small island nations most at risk, have contributed virtually nothing to total emissions.
Richer nations have historically avoided the question of compensation or reparations, but the issue - referred to as "loss and damage" - was put on the COP agenda this year for the first time since the summits began 30 years ago.
In a reminder of the danger the world faces, UN Secretary General Antonio Guterres told the summit "we are on a highway to climate hell with our foot on the accelerator".
On Friday a report warned that emissions of carbon dioxide (CO2) are rising so quickly that there is a 50% chance the world will soon cross the crucial temperature threshold of 1.5C."
https://www.bbc.co.uk/news/science-environment-63599415
"COP27: Joe Biden issues climate rallying cry to world leaders
1 day ago
By Georgina Rannard
Climate and science reporter, BBC News
It is the duty and responsibility of every nation to act on climate, US President Joe Biden has said at the UN summit COP27.
Mr Biden spoke in Egypt after US mid-term elections delivered better-than-expected results for the president.
He claimed the US is a global leader on climate after it passed sweeping laws to tackle global warming.
About 35,000 people are in Sharm el-Sheikh for the two-week meeting.
"The climate crisis is about human security, economic security, environmental security, national security and the very life of the planet," said Mr Biden.
He echoed UK Prime Minister Rishi Sunak's comments on Monday that Russia's war in Ukraine is a reason to act faster on climate.
Noting that the past eight years have been the warmest on record, he described the impacts of climate change on Africa nations, including a four-year drought in the Horn of Africa.
Mr Biden promised to tighten US rules on methane emissions from oil and gas companies. Methane is the most potent greenhouse gas and significantly contributes to the warming of Earth's atmosphere.
"Today, thanks to the actions we have taken, I can stand here as president of the United States of America and say with confidence the US will meet our emissions targets by 2030," he said.
He also pledged more money for poorer nations suffering from climate disasters, including drought and flooding. But the sums remain far short of what the US, along with other developed nations, have promised.
"Joe Biden comes to COP27 and makes new promises but his old promises have not even been fulfilled. I'd rather have one apple in my hand than the promise of five that never come," said Mohamed Adow, Power Shift Africa director.
"The inconvenient truth is that the United States is grossly underperforming on its international climate finance commitments," said president of World Resources Institute Ani Dasgupta.
in August the US passed legislation to tackle climate change that experts have called "radical" and "historic". The Inflation Reduction Act could reduce US greenhouse gas emissions by 40% by 2030.
Mr Biden's Democrat party feared that it would lose crucial seats in the mid-term elections on Tuesday, which could have weakened their climate agenda. But it performed better than expected.
"While control of Congress is still being determined, one thing is certain: the massive climate-friendly investments in the Inflation Reduction Act are here to stay," says Dan Lashof, director of World Resources Institute United States. ..."
https://www.bbc.co.uk/news/science-environment-63599415