Just a heads-up that tomorrow’s climate thread will be later than usual and possibly a bit truncated, as I have a medical appointment in the morning.
“Most companies sponsoring the UN climate talks in Dubai are not committed to cutting their greenhouse gas emissions in line with globally recognised net zero targets, it has been revealed.
“Only one of the more than 20 sponsors of Cop28 has signed up to UN-backed net zero science-based targets, (SBTi), according to an analysis.”
“Will the Green Energy Stock Crash Continue Next Year?
“In a recent Bloomberg survey, 57% of respondents expected a continued downturn in green energy stocks next year. The iShares Global Clean Energy ETF has experienced a significant decline of over 30% this year, with investors split on whether it has hit rock bottom or not.”
“Wind and solar power face an end-of-life sustainability challenge… As the world switches to renewables, difficulties in dealing with spent panels and turbines are coming into focus…
“For context, the production of a 1-terawatt peak photovoltaic system, the EU’s aim by 2030, will require 56mn tonnes of steel, 12.5mn tonnes of aluminium, 42mn tonnes of glass, 29,000 tonnes of silver, 2.3mn tonnes of silicon and 7mn tonnes of copper…”
“US oil and gas production set to break record in 2023 despite UN climate goals.
“The United States is poised to extract more oil and gas than ever before in 2023, a year that is certain to be the hottest ever recorded, providing a daunting backdrop to crucial United Nations climate talks that hold the hope of an agreement to end the era of fossil fuels.”
“US home prices continued to rise in September, hitting a new record high and marking the eighth consecutive month of increases, according to data released Tuesday.
“Even as mortgage rates lingered above 7% in September, historically low inventory continued to push up the price of a home.”
“Mom’s viral TikTok sums up modern middle-class struggle; ‘We’re all one financial crisis away from disaster’…
“Mackenzie Moan and her husband live in a dual-income household. They work four jobs between the two of them: two full-time jobs and two side hustles, each. And they live paycheck to paycheck.”
“Shipping rates, bottlenecks, and backlogs have collapsed due to one of the worst freight recessions in history – after all, freight is a commodity.
“I suspect Biden is unaware of this. The industry is experiencing a bloodbath.”
“Irontrax to sell assets from the largest freight bankruptcy in history…
“The demise of Yellow Freight, a once-prominent trucking company, this past summer was attributed to years of poor management, substantial debts, and labor disputes with the Teamsters union.”
“National Christmas Tree Topples Over In Gusty Wind At White House.
“Gusty winds toppled the National Christmas Tree outside the White House on Tuesday afternoon, just two days before the massive evergreen is slated to be unveiled in a tree lighting ceremony, as part of one of the biggest holiday displays at the White House in years.”
“Christmas dinner at risk amid warnings of broccoli and Cauliflower shortages and ‘smaller sprouts’ [UK].
“Christmas at risk as Britain battles one of its toughest harvests after storms decimate vegetable crops, driving potato yields to record lows and produce shelves to empty right in time for the holidays. Shoppers face celebrating with smaller, pricier vegetables…”
“UK’s Fuel Poverty to Grip Over 20% of Households, Charity Says.
“The number of UK households in fuel poverty will continue to worsen, touching 6.5 million from January, because of a planned energy price increase and the scaling back of government support.”
“Britain’s growth outlook is ‘worst I’ve ever seen’, says Andrew Bailey.
“The Bank of England Governor raised concerns over the UK’s future prospects just days after the Office for Budget Responsibility (OBR) slashed its predictions for growth over the next two years… “It does concern me that the supply side of the economy has slowed. It does concern me a lot.””
“Eurozone bank lending continues to weaken as economy adjusts to higher rates.
“Loans to businesses are now 0.3% lower than in October last year, the first annual decline since July 2015. This confirms that monetary tightening is having a clear effect on the economy. A divide between countries is also opening up, with Southern European countries mainly contributing negatively to the decline.”
“Europe Under Pressure to Confront Borrowing Dilemma.
“The EU’s longstanding rule limiting budget deficits to 3% of gross domestic product and public debt to 60% of GDP is supposed to kick in again in January. Finance ministers from the bloc’s 27 members are debating the details, but the bigger picture is clear: Borrowing can’t be allowed to run amok anymore.”
“Germany is having a budget crisis while the economy struggles.
“German Chancellor Olaf Scholz vowed Tuesday that his government will work “as fast as possible” to solve a budget crisis, but he offered few details on how he would achieve his goals of promoting clean energy and modernizing the struggling economy…”
“Germany’s energy crisis is “definitely not finished,” with high natural gas prices still putting a strain on the country’s economy, Chancellor Olaf Scholz told lawmakers.
“Germany was among the countries hardest hit when Russia curbed shipments of pipeline gas to Europe last year, driving up energy costs and forcing Berlin to hand out billions of euros to ease the burden of soaring power and gas bills.”
“Crackdown on French far right urged after boy’s killing sparks protests.
“The French interior minister, Gérald Darmanin told France Inter broadcaster he was seeking to shut down Division Martel and two other groups he did not name, warning there was a risk of militias targeting people of different skin-colour.”
“Finland is closing all crossings on the Russian border after accusing Moscow of deliberately helping migrants into the country.
“Seven of eight road posts have already shut over a rise in crossings this month. The government now says the last, located in the Arctic Circle, will close on Thursday for two weeks.”
“Polish truckers extend blockade… [they] have been blockading border crossings with Ukraine for at least twenty days, protesting against an alleged loss of business due to the increased influx of Ukrainian drivers and companies in Poland.
“According to reports, the situation results in major shortages in Ukraine and affects the transport of fuels and humanitarian aid, among other things.”
“Austerity Plans Spark Czech Protests, Record School Strike.
“The Czech Republic faced one of the biggest displays of public discontent since the end of communism as unions protest spending cuts and tax hikes that the government sees as central to its agenda. More than 7,000 kindergartens and schools were closed across the country on Monday as part of a strike…”
“The human cost of China’s property crisis…
“Zhang, a 42-year-old make-up artist from the city of Hefei in Anhui province, had hoped to move into her new flat with her elderly parents in August. But two years after she paid a deposit for a 667 sq ft flat costing Rmb580,000 ($80,000), it is still not finished and she has not been able to get her deposit back from Evergrande.”
“China’s Nov factory activity likely contracted for second month.
“China’s manufacturing activity likely contracted for a second consecutive month in November, a Reuters poll showed on Wednesday, keeping alive calls for further stimulus measures as factory owners struggle for orders both at home and abroad.”
“Nepal’s Pro-King, Pro-Hindu Rallies Mask Deepening Economic Crisis…
“Shrestha believes a lot of the pro-monarchy din flows from Nepal’s parlous economic situation characterised by inflation and unemployment with an estimated 1000 young people leaving the country every day for jobs overseas. The politicians know this but seem unable to do anything to correct matters.”
“Capital takes flight as Peru’s crisis deepens.
“Between August and September, some US$1.92bn left the local market, while only US$42mn entered in the first half of the year, according to a recent central bank report. The short-term capital outflow is the biggest since 1Q22, when US$2.62bn left, and corresponds to non-financial assets.”
“Panama will shut one of the world’s largest copper mines, its president said on Tuesday, after the country’s Supreme Court struck down a Canadian company’s contract to operate it amid large protests.
“The court’s unanimous vote against the contract for the Cobre Panamá mine came after analysts and investors had begun to reassess Panama’s business-friendly image.”
“From tobacco to lobsters, how climate change is hitting Cuba’s economy.
“In Cuba, not only is the island hit by hurricanes that are becoming more frequent and powerful as sea temperatures rise; but long-term disruptions are already having serious consequences on two important economic sectors: Tabaco production and catching lobsters for export.”
“Cuban family business produces flour from coconut and yucca amid shortages.
“On a small farm outside Havana, a Cuban family-run business produces gluten-free flour from banana, coconut and yucca, preferring locally-sourced ingredients to pricey imports as Cubans seek innovative solutions to a growing food crisis.”
“Niger junta revokes law curbing migrant smuggling from Africa to Europe.
“Niger’s junta has signed a decree revoking a 2015 law that was enacted to curb the smuggling of migrants traveling from African countries through a key migration route in Niger en route to Europe, according to a government circular issued on Monday.”
“Inflation’s sharp slowdown across advanced economies has created a stand-off between markets and central banks over when borrowing costs will edge lower.
“To one side are central bankers warning it is too early to do a victory dance in their fight for stable prices, while on the other investors are already celebrating by betting on how soon interest rates will be cut.”
“Premium whisky prices decline as weak global economy hurts taste for luxury…
“The value of rare whiskies sold at auction has recorded the steepest fall in a decade other than during the pandemic, indicating that softening demand for luxury items is spreading to an asset class previously seen as a haven from volatile markets.”
“Virgin Atlantic completes first long-haul flight fully powered by sustainable fuel.
“The first trans-Atlantic flight using 100% sustainable aviation fuel departed London for New York on Tuesday as the industry seeks to prove the viability of greener air travel. 787 burned a blend of 88% waste fats supplied by AirBP, and 12% synthetic aromatic kerosene made from plant sugars.”
You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.
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