India on Sunday rejected the new climate finance package of a meagre $300 billion annually by 2035 for the Global South at the UN climate conference here, calling it “too little and too distant”.

The $300 billion figure is a far cry from the $1.3 trillion the Global South has been demanding over the past three years of talks to tackle climate change.

Making a statement on behalf of India, Chandni Raina, Adviser, Department of Economic Affairs, said they were not allowed to speak before the adoption of the deal, undermining their trust in the process.

“In continuation of several such incidents of not following inclusivity, not respecting country positions… We had informed the presidency, we had informed the secretariat that we wanted to make a statement prior to any decision. However, this is for everyone to see, this has been stage-managed. We are extremely disappointed,” she said.

“The goal is too little, too distant,” Raina said, asserting that it is set for 2035, which is too far away.

“Estimates tell us that we need at least $1.3 trillion per year by 2030,” she said.

The $300 billion does not meet the needs and priorities of developing countries. It is incompatible with the principle of CBDR (Common but Differentiated Responsibilities) and equity, regardless of the battle with the impact of climate change, Raina said.

“We are very unhappy and disappointed with the process, and we object to the adoption of this agenda,” the Indian negotiator said, drawing loud cheers in the plenary room full of diplomats, civil society members and journalists.

Supporting India, Nigeria said the $300 billion climate finance package was a “joke”. Malawi and Bolivia also lent support to India.

Raina said the outcome clearly reflects the unwillingness of developed countries to fulfil their responsibilities.

She said developing countries are the most impacted by climate change and are being pushed to transition to low-carbon pathways, even at the cost of their growth.

They are also facing unilateral measures, such as the Carbon Border Adjustment Mechanism, by developed countries, which does not make the transition easier.

Raina said the proposed outcome will further affect the developing world’s ability to adapt to climate change and greatly impact its climate goal ambitions and growth.

“India does not accept the goal proposal in its present form,” she said.

The new climate finance package for developing nations, or the New Collective Quantified Goal (NCQG), replaces the $100 billion figure pledged in 2009.

Issued after tiring, mind-numbing negotiations that continued for an extra day, it said that countries would marshal a total of $300 billion per year by 2035 from a wide variety of sources — public and private, bilateral and multilateral, including alternative sources.

The $1.3 trillion figure is in the document, but it calls on “all actors,” including public and private, to “work together” to reach this level by 2035.

It does not place the responsibility solely on developed countries.

ZEE Entertainment CEO Punit Goenka, who resigned from the post of Managing Director last week, has also withdrawn himself from reappointment for the post in the coming AGM, according to an exchange filing.

While sharing Goenka’s resignation letter to exchanges on Saturday, Zee Entertainment Enterprises Ltd (ZEEL) said he is “withdrawing his consent for his re-appointment as Managing Director of the company as proposed in the Notice of the ensuing Annual General Meeting”.

Earlier on October 18, 2024, the ZEEL board approved the proposal for Goenka’s reappointment for a five-year term, effective from January 1, 2025, to December 31, 2029. Goenka’s present tenure as Managing Director & CEO of the company was scheduled to finish at the 2024-end.

Goenka’s re-appointment was subject to approval from the shareholders, in the coming AGM, which is scheduled to be held on November 28. However, on November 18 Punit Goenka, son of media baron Subhash Chandra, resigned as the Managing Director of Zee Entertainment.

Earlier, the ZEEL board had enhanced the performance targets for Goenka for his re-appointment, according to a filing by the company.

Hero MotoCorp and its US-based partner Zero Motorcycles are in the advanced stage of developing a mid-sized performance segment electric motorcycle, according to a top company executive.

California-based Zero Motorcycles specialises in electric motorcycles and powertrains. In September 2022, Hero MotoCorp’s board approved an equity investment of up to $60 million in the company.

In 2023 the companies announced collaboration for the development of premium electric bikes. “As far as EV motorcycles … we are developing in partnership with Zero Motorcycles..it (bike) will be coming in the middle-weight segment,” Hero MotoCorp CEO Niranjan Gupta said in an analyst call.

He further said: “I would say it’s in the advanced stage. We haven’t announced the timeline as yet, but we would be looking at something which would not be too far off.”

The bike will come in the performance segment, Gupta stated.

The company is also expanding its electric scooter range covering multiple price segments of this calendar year.

“So basically, within six months, we would have covered most of the price and the customer segment as far as EV scooters are concerned,” Gupta stated.

Hero MotoCorp’s current VIDA electric scooter range is currently priced between Rs 1-1.5 lakh, including state subsidies. The company sells the VIDA range in over 230 cities and towns in the country, with over 400 sales touchpoints.

Hero MotoCorp is also hopeful that its electric products will be compliant with the PLI scheme in FY26.

On the overall business outlook, Gupta stated: “The economy, I think, is on a more positive trajectory than earlier, clearly, and we are very optimistic about the outlook of the economy in general and the auto sector, in particular. So overall, I would say the festive cheer will continue even beyond the festive season.

Replying to a query related to the company’s overseas business, he stated that the two-wheeler major is seeing good traction coming from markets like Colombia and Mexico.

“In fact, Colombia delivered their first quarter of a bottom-line turnaround. They are cash and EBITDA positive for the first time. And of course, then we see traction coming from Mexico and from some of the other countries as well,” Gupta said.

There are countries that need to fire more like Bangladesh, Turkey and Nigeria, he added.

“I think our disproportionate focus on growing the top ten countries while nurturing the rest of the countries and making selective entries into some of the markets, is starting to play out well,” Gupta said.