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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Get ready for blackouts from London to LA, as the global energy crisis overwhelms grids and sends energy prices skyrocketing.

“Stock up on batteries, candles, and non-perishable snacks. Blackouts are coming. For the first time in decades, the western world is preparing for widespread and rolling energy shortages… the worst of the energy strain is likely still to come.”

https://www.businessinsider.com/global-europe-energy-crisis-power-electricity-outages-blackouts-energy-grid-2022-9


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Wildfire fears and power outage concerns weren’t just confined to California on Friday. In Oregon, the threat of high winds prompted intentional power outages that could affect tens of thousands of customers

“Power shut-offs due to extreme fire weather, common in California, are relatively new to the Pacific Northwest.”

https://eu.usatoday.com/story/news/nation/2022/09/09/oregon-residents-face-power-shutoffs/8038151001/


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U.S. diesel stocks critically low after failing to recover over summer.

“U.S. inventories of diesel and other distillate fuel oils are now critically low after failing to recover during the summer driving season… But exports remain high as refiners respond to shortages around the world caused by the rapid rebound from the pandemic, disruptions caused by Russia’s invasion of Ukraine, and China’s coronavirus lockdowns.”

https://www.reuters.com/markets/commodities/us-diesel-stocks-critically-low-after-failing-recover-over-summer-kemp-2022-09-09/


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Shock Waves Hit the Global Economy, Posing Grave Risk to Europe…

“While growth is slowing worldwide, “in Europe it’s altogether more serious because it’s driven by a more fundamental deterioration,” said Neil Shearing, group chief economist at Capital Economics. Real incomes and living standards are falling, he added. “Europe and Britain are just worse off.”

https://www.nytimes.com/2022/09/08/business/economy/russia-ukraine-global-economy.html


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The second Elizabethan era ends with UK economy in turmoil.

“The death of Queen Elizabeth has come at a bad time for the United Kingdom. Against a backdrop of soaring inflation, a slumping currency and the worst cost-of-living crisis in decades, the country has lost one of its few markers of continuity and stability.”

https://edition.cnn.com/2022/09/09/economy/uk-economy-queen-mourning/index.html


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Why post-Brexit Britain could be source of next financial crisis…

“Jerome Booth, a veteran emerging markets investor, said the main difference between developed and developing economies was that risks were priced in for emerging markets… However, successive financial crises in developed economies and increasing political and economic instability in the United States and Europe have startled investors…”

https://www.scmp.com/comment/opinion/article/3191763/why-post-brexit-britain-could-be-source-next-financial-crisis


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The UK government has insisted its new £40bn facility to bolster electricity producers’ financial liquidity should only be used as a “last resort” as it became the latest country to announce emergency measures to prevent power companies from running out of cash.

“The Treasury and Bank of England are working on a joint scheme to provide short-term financial support to electricity generators that face “extraordinary” collateral requirements on the futures exchanges where they hedge their supply contracts.”

https://www.ft.com/content/d85aa182-0e37-45bd-b667-fc00d20969ea


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Power firms warn about ‘unprecedented’ liquidity crisis in Europe…

“Skyrocketing gas prices are not only harming the purchasing power of households, they are also putting electricity firms under an “unprecedented liquidity strain,” which is triggering “extreme so-called margin calls,” said Kristian Ruby, secretary general of Eurelectric, the EU power industry association.”

https://www.euractiv.com/section/electricity/news/power-firms-warn-about-unprecedented-liquidity-crisis-in-europe/


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German gas importer VNG applies for state aid as energy crisis deepens.

“VNG, one of Germany’s biggest importers of Russian natural gas, on Friday asked the government for aid to stay afloat, the latest European energy firm to seek state support because of Moscow’s supply cuts… VNG has been hit by a sharp drop in Russian gas deliveries, forcing it to fill the gap in the spot market at much higher prices.”

https://www.reuters.com/business/energy/german-gas-importer-vng-apply-state-aid-energy-crisis-intensifies-2022-09-09/


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European rail sector calls for government support to combat energy crisis.

“In a statement, the Community of European Railways and Infrastructure Companies (CER) and the European Rail Freight Association (ERFA) state that rail’s modal share “is at serious risk” due to energy price movements.”

https://www.railjournal.com/policy/european-rail-sector-calls-for-government-support-to-combat-energy-crisis/


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ECB raises interest rates across eurozone by record margin…

“Setting aside concerns that higher rates would add to the current squeeze on consumers’ disposable incomes and increase the depth of a looming recession, the central bank’s 25-member governing council raised its key benchmarks by an unprecedented 0.75 of a percentage point to 1.25%.”

https://www.theguardian.com/business/2022/sep/08/ecb-european-central-bank-interest-rates-eurozone


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‘Nothing is decided’: EU energy ministers clash over price cap on Russian gas…

Countries that import large volumes from Russia, including Hungary, Slovakia and Austria, have spoken out against the cap proposal because they fear the Kremlin would halt all gas flows, plunging their countries into recession.”

https://www.theguardian.com/world/2022/sep/09/nothing-is-decided-eu-energy-ministers-clash-over-plan-for-price-cap-on-russian-gas


Hungary To Reduce Gas Use by One-Quarter to Mitigate Energy Crisis. Hungarian Prime Minister Viktor Orban’s chief of staff has signaled the government’s intention to curb most institutional and commercial gas consumption by one-quarter “as fast as possible” as cutoffs and other energy fallout spread from Russia’s invasion of Ukraine.”

https://www.rferl.org/a/hungary-reduce-gas-one-quarter-russia-energy-crisis/32024165.html


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Switzerland considers jail sentences for those heating their homes unreasonably.

“A spokesperson for the Federal Department of Finance, Markus Sporndli told news site Blick that if the country is forced to ration gas, it will have to take drastic action to ensure residents make the necessary savings.”

https://bnn-news.com/switzerland-considers-jail-sentences-for-those-heating-their-homes-unreasonably-238297


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France bracing for ‘catastrophic’ food shortages following drought, farmers and unions warn…

“Geoffroy d’Evry, a farmer in the Oise region and president of potato-growers’ union UNPT, said: “We have never experienced a situation like this. “We were preparing to spend the winter without heating or electricity, and now we discover that there may not even be potatoes for dinner?”

https://morningstaronline.co.uk/article/w/france-bracing-catastrophic-food-shortages-following-drought-farmers-and-unions-warn


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Europeans are moving to Spain’s Canary Islands to avoid winter heating bills.

“Italians, Germans, Brits and other Europeans are looking to spend as much of autumn and winter in the Canaries as a means of not having to pay the sky-high gas and electricity prices most of the continent will face as the mercury drops.”

https://www.thelocal.es/20220908/europeans-are-moving-to-spains-canary-islands-to-avoid-winter-heating-bills/


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Evergrande crisis deepens as lender seizes headquarters.

“Evergrande’s Hong Kong headquarters has been seized by a lender after the struggling Chinese property developer defaulted on a loan and twice failed to sell the building, according to four people with knowledge of the matter.”

https://www.ft.com/content/661c1773-31ca-40ec-93df-b4f0063a5c44


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Authorities in the Chinese city of Guiyang have apologised after a snap lockdown and delayed food deliveries left hundreds of thousands of residents without food.

“In a press conference on Thursday, officials from the city’s Nanming district government said the food shortages in the Huaguoyuan residential area were caused by a lack of delivery workers due to Covid-19 restrictions.”

https://www.scmp.com/news/china/politics/article/3191814/officials-apologise-after-covid-lockdown-causes-food-shortages


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India curbs rice exports in new blow for world food prices…

“India banned exports of broken rice and imposed a 20% duty on exports of various grades of rice on Thursday as the world’s biggest exporter of the grain tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting.”

https://www.dailysabah.com/business/economy/india-curbs-rice-exports-in-new-blow-for-world-food-prices


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How Sri Lanka’s economic crisis hits daily life.

Unaffordable rice: This woman from Wanathamulla, a neighborhood near the capital Colombo, is struggling to feed her three children and grandchild. Her husband left her after a cooking gas explosion left her injured. She has no steady income and tries to keep the family afloat by doing casual jobs.”

https://www.dw.com/en/how-sri-lankas-economic-crisis-hits-daily-life/g-63054734


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Lebanon bid for IMF deal hits snags.

“Five months after Lebanon’s draft IMF deal raised hopes it could finally pull together an economic reform plan to address its financial meltdown, political and financial elites are obstructing prospects of securing any rescue package.”

https://www.middleeastmonitor.com/20220908-lebanon-bid-for-imf-deal-hits-snags/


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Syria on the cusp of hyperinflation: economists…

“Syria is in an extreme state of stagflation… Based on the soaring commodity prices in Syria today, the current type of inflation is an extreme case of stagflation (recession-inflation), one of the worst economic conditions a country can reach, according to economic researcher Zaki Mahshi.”

https://english.enabbaladi.net/archives/2022/09/syria-on-the-cusp-of-hyperinflation-economists/


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Return of fuel crisis to Sanaa [Yemen] threatens efforts of extending the truce.

“The Yemen Petroleum Company in Sanaa activated September 4 “an emergency system” as a need to manage the remaining fuel stock after the Saudi coalition prevented the entry of fuel ships into Hodeidah port since August 2.”

https://english.almayadeen.net/articles/feature/return-of-fuel-crisis-to-sanaa-threatens-efforts-of-extendin


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Brace for Fuel Shortages – Kenya Pipeline Warns Motorists.

“Kenya Pipeline Corporation (KPC) in a letter addressed to Petroleum principal secretary Andrew Kamau, has warned of a looming fuel shortage. KPC’s Managing Director Macharia Irungu attributed the impending crisis to the government’s failure to remit funds appropriated for fuel subsidies.”

https://www.kenyans.co.ke/news/79424-brace-fuel-shortages-kenya-pipeline-warns-motorists


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In Venezuelan oil town, solar-powered car offers escape from fuel lines.

“In Maracaibo, the once wealthy Venezuelan oil city, two innovators are trying to push a new trend: small electric and solar-powered cars that offer an alternative for people fed up with regular fuel shortages and long lines as the gas station.”

https://www.reuters.com/business/autos-transportation/venezuelan-oil-town-solar-powered-car-offers-escape-fuel-lines-2022-09-08/


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Clashes erupt during new round of student protests in Chile’s capital.

“Chanting “a dignified education” and “there’s money for the pakos (police) but not for education,” nearly 1,000 youth set off from the Los Heroes metro station with the intention of reaching the Education Ministry. Their path was blocked, however, by a heavy police presence.”

https://www.laprensalatina.com/clashes-erupt-during-new-round-of-student-protests-in-chiles-capital/


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How Food and Energy are Driving the Global Inflation Surge…

“With rising prices continuing to squeeze living standards worldwide, taming inflation should be the priority for policymakers. Tighter monetary policy will inevitably have real economic costs, but these will only be exacerbated by delaying corrective action. As a recent Chart of the Week shows, central banks have dramatically pivoted this year toward tighter policy globally.”

https://blogs.imf.org/2022/09/09/how-food-and-energy-are-driving-the-global-inflation-surge/


You can read the previous “Economic” thread here. I’ll be back on Monday with a “Climate” thread.

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