New way up emerging (7)

I believe the answer is:

nascent

'emerging' is the definition.
('nascent' can be a synonym of 'emerging')

'new way up' is the wordplay.
'new' becomes 'n'.
'way up' becomes 'ascent' (I've seen this before).
'n'+'ascent'='NASCENT'

(Other definitions for nascent that I've seen before include "Incipient" , "Budding early" , "coming into circulation?" , "Newly-formed" , "Starting to grow" .)

I've seen this clue in The Telegraph.

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