“The Great Climate Backslide: How Governments Are Regressing Worldwide… From the U.S. to China, harsh economic realities mean the political will for painful choices is evaporating fast…
“From the U.S. to China, in Europe, India and Japan, fossil fuels are staging a comeback, clean energy stocks are taking a hammering, and the prospects for speeding the transition to renewable sources of power are looking grim.”
“Oil, coal and gas still cover 83% of global energy demand…
“The data gathered in 2020 showed that crude oil is the most important energy source worldwide with a share of 31% of primary energy consumption, followed by coal with a share of 27%. The share of natural gas – number three among the world’s energy sources – rose to just under 25%.”
https://www.brusselstimes.com/205944/oil-coal-and-gas-still-cover-83-of-global-energy-demand
“OPEC Gets Further Behind Oil Production Quotas.
“…even top producer Saudi Arabia failed to deliver its 110,000-bpd monthly increase… For half a year now, OPEC+ has actually added lower volumes to the market each month than the 400,000 bpd nominal monthly increase announced…”
https://oilprice.com/Energy/Energy-General/OPEC-Gets-Further-Behind-Oil-Production-Quotas.html
“After oil, gas and coal, global fuel shortage spreads to diesel…
“At a time when global central banks are fretting over inflation rates not seen for decades, diesel shortages would push up fuel and transportation costs further and add more upward pressure on retail prices.”
https://www.hellenicshippingnews.com/after-oil-gas-and-coal-global-fuel-shortage-spreads-to-diesel/
“Surging Inflation Puts the Fed in an Impossible Situation.
“…the markets increasingly see the only way for the Fed to get inflation under control is to engineer a sharp slowdown in the economy, and perhaps even force a recession. This would be the hard landing that policy makers have wanted to avoid.”
“Traders crank up bets of aggressive Fed action to combat hot inflation.
““The Fed knows it has to hike rates,” said Gennadiy Goldberg… Two-year US government debt — which is highly sensitive to moves in short-term interest rates — suffered its biggest one-day sell-off since 2009 on Thursday…”
https://www.ft.com/content/7adf9e1a-84a2-46ba-b178-816d52bd41fc
“It appears the bond market is slowly increasing the odds of a recession hitting the US, and if the current inflation data keeps piling up, that recession may be coming faster than you can imagine. The big news on today’s CPI report was another month of real wages declining.”
https://seekingalpha.com/article/4486004-a-recession-may-be-right-around-the-corner
“U.S. consumer sentiment falls to ‘stunning’ decade low as inflation expectations hit 13-year high…
““…the recent declines have been driven by weakening personal financial prospects, largely due to rising inflation, less confidence in the government’s economic policies, and the least favorable long term economic outlook in a decade.””
“Protesters defy order to clear bridge connecting Canada and US.
“Protesters opposing pandemic restrictions were still occupying a vital Canada-US trade corridor hours after an injunction order to end the blockade that has disrupted North America’s auto industry took effect.”
“UK motorists face record fuel prices as global oil costs rise.
“Motorists face the return of record high prices at the pumps as global oil markets continue to climb towards $100 a barrel after a slowdown in output from the OPEC oil cartel. British drivers will now pay 151.21p a litre of diesel…”
“Pig culls and fertiliser shortages mean higher prices for British shoppers.
“You don’t have to look very hard to see major problems brewing in British agriculture. Farms are packed with 200,000 overweight pigs, glasshouses once laden with salad leaves now sit empty, exports are falling and costs are soaring at a pace not seen for decades.”
https://www.independent.co.uk/news/business/pigs-farming-brexit-food-pri-b2013332.html
“Watchdog sounds alarm on financial risks of Europe’s property boom.
“Europe’s financial regulators are warning the region’s housing market has “decoupled” from the rest of the economy since the pandemic hit, increasing risks for banks due to soaring property prices, loosening lending standards and rising household debt levels.”
https://www.ft.com/content/02d474fb-0ec4-4994-93c4-25067e39d8ba
“Rate Hikes Pose Bigger Threat Than Ever Before for Europe’s Debt.
“Investors in European bonds are heading into this rate-hike cycle more vulnerable than they’ve ever been before, suggesting that the painful selloff of recent weeks could be only the beginning.”
“Inspired by Canadian protests, thousands of French demonstrators converge on Paris…
“Starting in Lille, Strasbourg, Nice and other cities, convoys of cars, trucks, camping vans and other vehicles slowly made their way to Paris, bearing protesters who honked, waved French flags and held up signs protesting the government’s vaccine pass and other grievances like rising gas prices.”
https://www.nytimes.com/2022/02/11/world/europe/vaccine-mandate-protests-paris.html
“EDF Flags Lasting Power Crunch as Atomic Woes Extend to 2023… Utility already said output this year would be at 30-year low…
“French reactors are the backbone of the European power system, but the fleet is becoming more unreliable. The shortfall in domestic generation has forced the nation to import electricity at times, tightening supplies in neighboring countries…”
“Denmark Agrees to Energy Subsidies for Poorest Households. Under the Social Democrat minority cabinet’s deal with support from leftist parties, the Nordic country will pay the one-time subsidy to about 320,000 households with an annual income below 550,000 kroner to help pay the energy bill…”
“Thousands of Italian cities shut off power at some of their biggest tourist attractions on Thursday evening, to protest spiralling energy costs.
“Municipal authorities from across the political spectrum banded together to highlight their call for 550 million euros ($627 million) in energy-cost relief from the government, as gas and electricity bills have risen by more than 30% this year.”
“Europe’s Dependence On Natural Gas Imports Hits 80%.
“The European Union and the UK have seen their dependence on natural gas imports jump to 80 percent in 2020 from 65 percent in 2010, as regional production plunged, the U.S. Energy Information Administration (EIA) said on Friday.”
“Russia could invade Ukraine “at any time” and American citizens should leave immediately, the US has warned.
“An invasion could start with aerial bombing that would make departures difficult and endanger civilians, the White House said on Friday… The US statement prompted countries around the world to issue fresh warnings to nationals in Ukraine.”
https://www.bbc.co.uk/news/world-europe-60355295
“Russia Hikes Interest Rates Again, Warns of ‘Overheating’ Economy.
“Russia’s Central Bank raised interest rates by a full percentage point to 9.5% on Friday in its latest attempt to tame surging inflation… The hike is the second time in a row the regulator has made the rare move of increasing its key rate by a full point, and the eighth consecutive rise.”
https://www.themoscowtimes.com/2022/02/11/russia-hikes-rates-by-another-full-percentage-point-a76343
“Chinese developer Zhenro’s stock crashes 81% on debt worries… Asia-Pacific’s fourth-largest junk bond issuer met with a sudden sell-off…
“Speculation has risen in the market that its $200 million offshore perpetual bond will not be redeemed March 5 as earlier promised.”
“Debt fears swirl around another developer as China property woes deepen.
“Concerns over the financial health of Logan Group Co. have shaken investor confidence in what was seen as one of China’s stronger developers, deepening the turmoil faced by the crisis-hit industry.”
https://www.japantimes.co.jp/news/2022/02/11/business/financial-markets/china-new-debt-fears/
“Nigeria’s Debt Sustainability at Risk, Cause for Concern, IMF Says…
“IMF’s Mission Chief for Nigeria, Ms. Jesmin Rahman… noted that the increase in public debt had grown rapidly in 10 years and was approaching a time when the country would spend all its income on servicing debts.”
https://www.arise.tv/nigerias-debt-sustainability-at-risk-cause-for-concern-imf-says/
“Tunisian magistrates and lawyers protest in Tunis.
“Tunisian magistrates and lawyers staged a demonstration outside Tunis’ Palace of Justice on Thursday, protesting the recent announcement by the nation’s president that he intends to dissolve the national judiciary body.”
https://www.africanews.com/2022/02/10/tunisian-magistrates-and-lawyers-protest-in-tunis/
“Algeria’s political prisoners go on hunger strike amid escalating repression.
“Since 28 January, some 40 political prisoners in Algeria have been on hunger strike, demanding their release from illegal and arbitrary detention and a halt to the increasing prosecution of democracy activists…”
“Political Chaos In Libya Threatens Oil Production, Again.
“Libya’s Parliament based in the east named on Thursday a new prime minister, while the incumbent refuses to step down and was reportedly a target of an assassination attempt earlier today, in yet another political rift in the OPEC oil producer.”
“Popular anger simmers in Turkey over ballooning electricity bills…
“A wave of protests has spread across Turkey over whopping electricity price hikes last month as millions struggle to pay the ballooning bills and many businesses face the threat of going broke amid already galloping inflation.”
“In Syria’s largely agricultural and remote Suweida province, rumblings of discontent have broken out into protest.
“Demonstrations in the province erupted again last week over the regime’s decision to end subsidies for hundreds of thousands of families, creating further hardship on middle-income and other families who have been pushed deep into poverty.”
https://english.alaraby.co.uk/analysis/why-protests-suweida-are-troubling-syrian-regime
“Sri Lanka could face long power cuts, water shortages, grid failures from March…
“Sri Lanka could face multi-hour power cuts, blackouts in large parts of the grid and water shortages in Colombo if the current policy of avoiding one hour load shedding at any cost is continued.”
“…amid all this nervous focus on spot oil prices, there is another issue that politicians and investors should watch: what robo-traders are doing with derivatives right now…
“… extreme robo-herding creates distortions across market niches that can suddenly unravel, causing wild volatility… Fifteen years ago, oil prices moved from $54 a barrel for Brent contracts at the start of 2007 to $132 in July 2008 — before collapsing to $40 in December that year, after the financial crisis.
“Today, a similar cycle might occur even faster due to automated trading, particularly if inflation fears undermine growth hopes.”
https://www.ft.com/content/6e24689d-679f-4b45-ac73-dc1ace2ff69e
You can read the previous ‘Economic’ thread here. I’ll be back on Monday with a ‘Climate’ thread.
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“The Great Climate Backslide: How Governments Are Regressing Worldwide”
Two links that don’t require a subscription:
The Denver Gazette
https://denvergazette.com/ap/business/the-great-climate-backslide-how-governments-are-regressing-worldwide/article_b20baa5f-09b2-5f0b-9178-2806910c3e4a.html#:~:text=At%20the%20conclusion%20of%20COP26,world%20had%20come%20to%20doubt.%E2%80%9D
Financial Post
https://financialpost.com/pmn/business-pmn/the-great-climate-backslide-how-governments-are-regressing-worldwide
Paul, thank you very much for those. I don’t promote them, as journalists need to make a living, too, but there are ways around paywalls.