Daily updates on climate change and the global economy.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

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Ukraine war sparks rush for potash as global food fears grow.

“For the best part of a decade the potash market struggled with overcapacity and low prices. But as sanctions throttle supplies of the fertiliser from Russia and Belarus, which account for almost 40 per cent of global supply, buyers are scrambling for cargoes and warnings are growing of a global food crisis…

“Mined from underground deposits formed during the evaporation of ancient seabeds, potash is a mineral rich in water-soluble potassium, one of the three essential nutrients required for crop growth. Crucial to the production of food staples such as corn, soy, rice and wheat, a sudden plunge in supply threatens to devastate global crop yields.”

https://www.ft.com/content/ed442384-8ede-4e47-98f6-9788d27fc6d3


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A “catastrophic” global food crisis brought on by Vladimir Putin’s invasion of Ukraine could last for years and lead to civil unrest and famine, a report warns.

“Rising food prices and dwindling supplies may last to 2024 and “possibly beyond” according to S&P…. S&P predicted competition for agricultural commodities would build through this year and the next, as countries vye to secure domestic supply…”

https://www.telegraph.co.uk/business/2022/06/01/world-risks-civil-unrest-amid-catastrophic-food-crisis/


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The world faces a “much bigger” energy crisis than the one of the 1970s, the Executive Director of the International Energy Agency (IEA), Fatih Birol, told German daily Der Spiegel…

“Back then it was just about oil,” Birol told the news outlet. “Now we have an oil crisis, a gas crisis and an electricity crisis simultaneously,” said the head of the international agency… The world, especially Europe, could face a summer of shortages of gasoline, fuel, and jet fuel, the IEA’s Birol said.”

https://oilprice.com/Energy/Energy-General/IEA-Current-Energy-Crisis-Is-Much-Bigger-Than-1970s-Oil-Crunch.html


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Global refiners struggle to meet global demand amid high prices, shortage.

“Refiners worldwide are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers like the US and Brazil.”

https://www.business-standard.com/article/international/global-refiners-struggle-to-meet-global-demand-amid-high-prices-shortage-122053100385_1.html


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Record Gas Prices Hit Americans’ Start to Summer Travel Season…

“The national average price for a gallon of regular unleaded gas hit $4.67 as of Wednesday, according to AAA, $1.63 higher than a year earlier and about 14% above the pre-2022 high of $4.11 set in 2008.”

https://www.wsj.com/articles/americans-start-summer-travel-season-beset-by-record-gas-prices-11654037695


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Eat grass to solve Britain’s food crisis, scientists say.

“People could soon be eating grass instead of steaks and cheese as British scientists develop ways to turn pasture into food. Researchers say grass could be a ‘silver bullet’ for UK food supplies…”

https://www.telegraph.co.uk/business/2022/06/01/eat-grass-solve-britains-food-crisis-scientists-say/


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The owner of one of the UK’s six nuclear power plants [Hinkley B] has said it will not extend its life beyond a planned shutdown in summer, despite officials raising concerns over the danger of blackouts in the months that follow

“The closure of the plant will remove nearly a gigawatt of power generation capacity from the UK’s system – enough to supply 1.5m homes – before a winter in which the war in Ukraine is expected to weigh heavily on electricity supplies.”

https://www.theguardian.com/environment/2022/may/30/extend-life-hinkley-point-b-reactor-avert-blackout-risk


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Europe lurches closer to energy crisis as Kremlin cuts off gas supply to Shell... Europe lurched closer to an energy crisis on Tuesday after the Kremlin cut off gas supplies to major buyers including Shell.

Russia’s state-owned gas supplier, Gazprom, said supplies to Shell in Germany as well as to Ørsted in Denmark will be cut off on Wednesday after they refused to bow to Putin’s demands to pay in roubles.”

https://www.telegraph.co.uk/business/2022/05/31/europe-lurches-closer-energy-crisis-kremlin-cuts-gas-supply/


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France’s economy shrinks as Eurozone braces for rates hike amid fears of fuel, food shortages.

“Russia’s invasion of Ukraine has derailed growth across Europe, sparking inflationary pressures that are prompting consumers to hold back on purchases of all kinds, which is a crucial motor for the France’s economic well-being.”

https://www.rfi.fr/en/france/20220531-france-s-economy-shrinks-as-eurozone-braces-for-rates-hike-amid-fears-of-fuel-food-shortages


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Eurozone inflation hits its highest level since the creation of the euro…

“Annual inflation in the 19 countries that use the euro currency jumped to a record 8.1 percent in May, from 7.4 percent in April. Prices have been rising for 10 consecutive months and show few signs of letting up, deepening a cost of living crisis for consumers and forcing European policymakers to pledge a variety of measures to blunt the pain.”

https://www.nytimes.com/2022/05/31/business/eurozone-inflation.html


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‘World of pain’: warnings of gas shortages amid soaring power prices add to Australia’s energy woes.

“Australia’s energy woes are mounting with the market operator warning of potential gas supply shortages on Thursday, one of the largest generators issuing a profit warning and more retailers turning away customers as wholesale power prices soar.”

https://www.theguardian.com/australia-news/2022/jun/02/world-of-pain-warnings-of-gas-shortages-amid-soaring-power-prices-add-to-australias-energy-woes


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China’s Home Sales Slump Persisted in May During Lockdowns.

“The 100 biggest real estate developers saw new-home sales plummet 59% in May from a year earlier, according to preliminary data from China Real Estate Information Corp. The drop matched April’s decline as the biggest this year.”

https://www.bloomberg.com/news/articles/2022-05-31/china-s-home-sales-slump-persisted-in-may-during-lockdowns


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‘Like McDonald’s with no burgers’: Singapore faces chicken shortage as Malaysia bans export…

“Supplies of Singapore’s beloved de-facto national dish, chicken and rice, are under threat after neighbouring Malaysia banned exports of the meat in an attempt to ease domestic price increases.”

https://www.theguardian.com/world/2022/jun/01/like-mcdonalds-with-no-burgers-singapore-faces-chicken-shortage-as-malaysia-bans-export


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Sri Lanka is appealing for food assistance from its neighbours as the country’s debt crisis spirals into a humanitarian emergency.

“The government is applying for aid from a food bank operated by the South Asian Association for Regional Cooperation, which has supplied rice and other staples to member states during food crises.”

https://www.ft.com/content/c89a972c-df31-449c-a824-ba3ccd54a4da


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Pakistan on verge of becoming Sri Lanka? Oil, ghee rates soar to all-time high…

“The Pakistan government increased the rates of ghee and cooking oil by an unprecedented ₹208 and ₹213 to an all-time high of ₹555 and ₹605 per litre from today, June 1. According to Dawn News report, the rates of ghee hovers between ₹540- ₹560 per litre in the country.”

https://www.livemint.com/news/world/pakistan-on-verge-of-becoming-sri-lanka-oil-ghee-rates-soar-to-all-time-high-11654066227147.html


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Iraq’s Electricity Ministry said Wednesday the country will face power shortages after crucial energy supplies from Iran were cut over non-payment.

“In a statement, the ministry said the total electricity supply was drastically reduced after Iran stopped exporting 5 million cubic meters of gas daily to Iraq. The gas imports are crucial for Iraq…

https://abcnews.go.com/International/wireStory/iraq-iran-gas-cuts-due-nonpayment-shortages-85107663


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Turkish police cracked down hard on demonstrators trying to commemorate the ninth anniversary of the Gezi Park protests, arresting 170, including journalists covering the event

“The crowd chanted slogans including: “Everywhere is Taksim, everywhere is resistance”, “Don’t obey, lay claim to your country”, and “No to sharia, fascism and darkness”.”

https://balkaninsight.com/2022/06/01/turkish-police-detain-170-in-gezi-park-protests-anniversary/


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Libya is losing another 22,000 barrels per day due to a pipeline leak at the Sarir Tobruk oilfield blamed on delayed budgets that have left the operating company unable to maintain its oil transmission infrastructure, according to local media reports.

Some 22,000 barrels per day are now leaking into the desert from damages to the pipeline…”

https://oilprice.com/Latest-Energy-News/World-News/Libyas-Oil-Losses-Mount-On-Pipeline-Leak.html


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Nigerian Manufacturers Struggle With Wheat, Energy Shortages…

“… the Nigerian Manufacturers Association (MAN) said grain shortages are not the only problem. Before the Russian invasion, businesses were already struggling with electricity and fuel shortages, inflation, poor infrastructure and growing insecurity.”

https://www.voanews.com/a/nigerian-manufacturers-struggle-with-wheat-energy-shortages/6597640.html


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Niger has banned refined fuel exports with immediate effect, the government said in a statement on Wednesday, in a further step to secure local supplies after it earlier limited exports…

“The West African country reduced refined fuel exports by 75% in early May to protect and boost national stocks amid a global rise in fuel prices caused by the war in Ukraine.”

https://www.businesslive.co.za/bd/world/africa/2022-06-01-niger-bans-exports-of-refined-fuel-amid-growing-shortages/


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Sudan staggers under weight of Africa’s biggest fuel spike.

“This time a year ago, even amid widespread fuel shortages, one litre of petrol cost 290 Sudanese pounds (R9.85) . Today, that same litre costs motorists 672 Sudanese pounds, (R22.82 ), an increase of 132%.”

https://mg.co.za/africa/2022-05-31-sudan-staggers-under-weight-of-africas-biggest-fuel-spike/


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Kenyan finance minister seeks to raise debt ceiling…

“The Business Daily and the Daily Nation said National Treasury Cabinet Secretary Ukur Yatani had asked parliament to change the public finance management law to allow more borrowing to fund the budget in the year through June 2023.”

https://www.cnbcafrica.com/2022/kenyan-finance-minister-seeks-to-raise-debt-ceiling-media/


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South Africa’s hunger problem is turning into a major health crisis.

“One in ten South Africans go hungry every day. As a result malnutrition levels are high. Malnutrition has three simultaneous dimensions: undernourishment, micronutrient deficiencies and over-nutrition.
These can manifest in stunting… Another consequence of malnutrition is overweight and obesity.”

https://theconversation.com/south-africas-hunger-problem-is-turning-into-a-major-health-crisis-183736


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Global health worker shortage could deny millions of people healthcare.

“Over 43 million additional health workers are needed to cover the health worker shortage globally, due to political unrest, violence, and lack of training… According to a study by the Institute for Health Metrics and Evaluation (IHME), large gaps in healthcare and health worker shortages have been observed across sub-Saharan Africa, South Asia, North Africa and the Middle East.”

https://www.openaccessgovernment.org/global-health-worker-shortage-could-deny-millions-of-people-healthcare/136878/


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Covid, burnout and low pay: the global crisis in nursing…

“In 2020 the World Health Organization estimated there was a global shortage of 5.9mn nurses — almost one-quarter of the current global workforce of almost 28mn… The pandemic has made things worse… around one-third of nurses said they were likely to quit within the next year.”

https://www.ft.com/content/402df6ca-5098-40ca-9cc8-bae331c39398


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Global factory growth stunted by war, China’s COVID curbs.

“Manufacturing growth slowed last month in economies as diverse as France, Japan to Malaysia, business surveys showed on Wednesday, illustrating the challenge policymakers face in trying to combat inflation while not stifling anaemic economic activity.”

https://www.nasdaq.com/articles/global-economy-global-factory-growth-stunted-by-war-chinas-covid-curbs


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Tipping point crossed at IMF meetings.

The recent spring meetings of the International Monetary Fund, which lasted from 18-24 April , were some of the gloomiest I have attended… We are at an epochal turning point against the backdrop of the Russian invasion of Ukraine.”

https://www.omfif.org/2022/06/tipping-point-crossed-at-imf-meetings/


You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.

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