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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“Climate ‘poses systemic financial risks’…

“As Christian Mumenthaler, chief executive of Swiss Re, one of the world’s biggest reinsurers, told delegates to the annual Davos gathering of the world’s elite, back in January this year: “This is the first time we actually bring a climate change bill back to the consumer.”…

“What’s critical about climate change, from the financial system’s point of view, is that it makes it more and more likely that many disasters will arrive all at the same time – you get more and often bigger extreme weather events so at any point in time you, as the insurer, are likely to face more claims. It’s a guarantee of rising systemic risk in the financial system…”

https://theecologist.org/2024/may/02/climate-poses-systemic-financial-risks


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“Climate change-driven insurance crisis threatens new US states.

“After major providers quit California, Florida, and Louisiana, insurers are starting to pull back in other U.S. states, leaving homeowners struggling to find affordable cover for the risk of being hit by floods, wildfires or hurricanes.”

https://eu.statesmanjournal.com/story/news/local/oregon/2024/05/02/climate-change-driven-insurance-crisis-threatens-new-u-s-states/73539175007/


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“Property market braces for $200mn+ Dollar Tree loss after direct tornado hit…

“Underwriters are expecting losses from the direct tornado hit on the Dollar Tree distribution centre in Marietta, Oklahoma to exceed $200mn, with carriers on the retail company’s Marsh-placed cover thought to include Zurich, Chubb, Everest, AIG and CNA, The Insurer can reveal.”

https://www.theinsurer.com/news/property-market-braces-for-200mn-dollar-tree-loss-after-direct-tornado-hit/


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“Climate change is pushing some New York City neighborhoods into dozens of nearly daylong blackouts per year, a new study has found…

“The risk to the grid is rising as more frequent extreme weather knocks down power lines, damages transformers and threatens the stability of the grid, said first author Nina Flores, a doctoral student at Columbia’s Mailman School of Public Health.”

https://thehill.com/policy/equilibrium-sustainability/4636172-new-york-cities-blackouts-climate-change-study/


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“America’s reckless borrowing is a danger to its economy—and the world’s…

“How has it come to this? The costs of wars, a global financial crisis and pandemic, unfunded tax cuts and stimulus programmes have all piled up. Both Republicans and Democrats pay lip service to fiscal responsibility. But the record of each side in office is of throwing caution to the wind…”

https://www.economist.com/leaders/2024/05/02/americas-reckless-borrowing-is-a-danger-to-its-economy-and-the-worlds


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“Federal Reserve signals that rates will remain higher for longer…

“The US Federal Reserve has signalled that interest rates are likely to remain higher for longer, as it wrestles with persistent inflation across the world’s biggest economy. The US central bank left rates unchanged yesterday and said there had been “a lack of further progress” towards its 2 per cent inflation goal…”

https://www.ft.com/content/281e7038-ede7-4034-bed2-53221fb3ecf6


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“Fed’s rate decision to put pressure on emerging market central banks…

““This puts the squeeze on emerging market central banks, including countries like South Africa, India and Mexico, to hike their own rates in order to address currency depreciation, inflationary pressures, capital flight risks, and external debt servicing concerns.””

https://www.ftadviser.com/investments/2024/05/02/fed-s-decision-to-put-pressure-on-emerging-market-central-banks/


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“Japan used $59bn [this week] to prop up the yen but consumers may still cut back…

“Economists, traders and companies said the size and urgency of the interventions, pointed to the unprecedented challenges confronting an ageing, shrinking economy that is only just emerging from decades of deflation.”

https://www.ft.com/content/a22643db-1e86-421b-acc1-5332bc99415d


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“Higher interest rates make government debt unviable as an economic solution.

“While developed countries rarely formally default on their domestic debt – often resorting to other tactics such as surprise inflation and financial repression to manage their liabilities – a high debt burden is generally detrimental to economic growth.”

https://www.theguardian.com/business/2024/may/02/higher-interest-rates-government-debt-us-inflation


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“Ørsted boss warns on high prices for renewable energy…

“Renewable energy projects are sensitive to interest rates, which have been rising since 2021, because developers need to raise money to cover high upfront costs… Energy consultancy Wood Mackenzie found in a recent report that a 2 percentage point rise in US interest rates could drive up the overall cost of a renewable energy project by 20 per cent.”

https://www.ft.com/content/399ba639-5998-4c53-b2e2-22adcca5e160


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“UK will be worst performer in G7 next year, OECD forecasts…

“The UK will be the worst-performing economy in the G7 next year, according to the Organisation for Economic Cooperation and Development, as high interest rates and the lingering effects of last year’s surge in inflation drag on growth.”

https://www.theguardian.com/business/article/2024/may/02/uk-economic-outlook-has-worsened-warns-oecd


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“Britain must invest in an Iron Dome defence system, a former US national security adviser said as he warned that another world war was on the horizon.

“General HR McMaster also urged the Government and the US to spend 4 per cent of GDP on the military because “it’s a heck of a lot cheaper to prevent a war than have a fight”.”

https://www.telegraph.co.uk/news/2024/05/02/britain-invest-iron-dome-world-war-us-security-adviser/


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“NATO says Russian hybrid attacks intensify on members’ territories.

“NATO members are ‘deeply concerned’ about recent attacks they attribute to Russia that namely affected the Czech Republic, Estonia, Germany, Latvia, Lithuania, Poland, and the United Kingdom, the defence alliance said in a statement on Thursday.”

https://www.reuters.com/world/europe/nato-says-russian-hybrid-attack-intensify-members-territories-2024-05-02/


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“Macron floats Ukraine troop deployment if frontline breached…

“French President Emmanuel Macron has said the question of sending Western troops to Ukraine would “legitimately” arise if Russia broke through Ukrainian front lines and Kyiv made such a request, in an interview with the Economist published today.”

https://www.rte.ie/news/ukraine/2024/0502/1446887-us-russia-chemical/


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“Macron’s analysis of the threats encircling Europe is resolutely bleak.

“At stake is the survival of Europe as a safe place, a guarantor of prosperity and the liberal democratic order. “A civilisation can die,” Mr Macron warns, and the end can be “brutal”. “Things can happen much more quickly than we think.””

https://www.economist.com/europe/2024/05/02/how-to-rescue-europe


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“The clash over whether to commandeer Russia’s frozen assets…

“At the recent gathering of G20 finance ministers in Brazil, delegates were gripped by a deep sense of unease over a pressing issue: the potential seizure or use of Russian assets frozen under the western sanctions that followed its invasion of Ukraine…”

https://www.ft.com/content/0d77f54b-af74-4186-9cae-237528ad7d69


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“US Senate passes Russian uranium import ban…

“However, the Department of Energy (DOE) can waive the bill if it determines that “no alternative viable source of low-enriched uranium is available to sustain the continued operation of a nuclear reactor or a U.S. nuclear energy company” or if imports are deemed in the national interest.”

https://www.power-technology.com/news/the-us-senate-has-passed-a-bill-banning-russian-uranium-imports/


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“New U.S sanctions take aim at Russian Arctic shipping…

“US. authorities continue to lash out against Russian natural gas company Novatek and its LNG projects in the Arctic. An updated sanctions list made public by the U.S Treasury on May 1st includes a number of vessels of paramount importance for Russian Arctic shipping.”

https://thebarentsobserver.com/en/arctic-lng/2024/05/new-us-sanctions-take-aim-russian-arctic-shipping


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“US includes Chinese groups in sanctions over aid to Russian military…

“The US has imposed sanctions on more than 300 Russian and international entities, including some in China and Turkey… The fresh measures reflect Washington’s increasing concern about China and other countries providing critical inputs to sustain Russia’s military industrial base.”

https://www.ft.com/content/6697cbd4-80ea-4701-833e-0bb2cb992c78


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“US official urges China, Russia to declare only humans, not AI, control nuclear weapons…

“A senior U.S. official on Thursday urged China and Russia to match declarations by the United States and others that only humans, and never artificial intelligence, would make decisions on deploying nuclear weapons.”

https://www.reuters.com/world/us-official-urges-china-russia-declare-only-humans-not-ai-control-nuclear-2024-05-02/


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“U.S. officials wary of Chinese plans for floating nuclear plants…

““China’s intended use of floating nuclear power plants has potential impacts to all nations in the region,” said Admiral John Aquilino, who is relinquishing his command Friday. “Chinese state media has stated publicly Beijing’s intent to use them to strengthen its military control of the South China Sea…”

https://www.washingtonpost.com/national-security/2024/05/02/china-floating-nuclear-reactor-military/


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“China-US Great Power Rivalry a Boiling Hot Pot… the temperature of the China-U.S. broth is unstably high…

“The verbal vibes following Blinken’s visit do not suggest a positive arc in the relationship. To the contrary, it seems to be spiraling downward at a time of complex geopolitical convulsions across the world.”

https://thediplomat.com/2024/05/china-us-great-power-rivalry-a-boiling-hot-pot/


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“Tens of thousands of farmers in Pakistan are holding protests in several cities over the government’s decision not to buy their wheat, causing them huge losses in income.

“The farmers in Punjab, the country’s largest province and often called the “bread basket” of Pakistan, are demanding that the government stop wheat imports…”

https://www.aljazeera.com/news/2024/5/3/why-are-pakistans-farmers-protesting-against-the-government


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“Trucker Protests Over Fuel Cuts Feed Labor Unrest Sweeping Iran…

“A surge of labor unrest, buffeted by widespread protests over sharp cuts to fuel quotas for truck drivers, has swept across Iran as economic hardship and poor living standards wrack the country’s workforce.”

https://www.rferl.org/a/iran-truckers-protest-labor-unrest/32929129.html


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“Turkey stops all trade with Israel over ‘humanitarian tragedy’ in Gaza…

““Export and import transactions related to Israel have been stopped, covering all products,” Turkey’s trade ministry said late on Thursday. “Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.””

https://www.theguardian.com/world/article/2024/may/02/turkey-reportedly-halts-all-trade-israel-war-gaza


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“The unprecedented destruction of housing in Gaza hasn’t been seen since World War II, the UN says.

“The United Nations says the world hasn’t seen anything like the unprecedented destruction of housing in Gaza since World War II, and it would take at least until 2040 to restore the homes devastated in Israel’s bombing and ground offensive if the conflict ended today.”

https://www.independent.co.uk/news/gaza-ap-palestinians-israel-hamas-b2538882.html


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“Joe Biden denounces violent pro-Palestinian campus protests after police storm UCLA…

“President Joe Biden has denounced the violence associated with pro-Palestinian demonstrations on elite campuses across the US, saying that while peaceful protests are protected speech, lawlessness will not be tolerated.”

https://www.ft.com/content/5dd4c6b6-0546-4ff8-b812-be6d4a675483


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“Houthis extend attacks on shipping to wider Indian Ocean…

“Yemen’s Iranian-backed Houthis are now threatening merchant ships hundreds of miles out in the Indian Ocean after striking a container vessel well beyond the Red Sea last week, maritime officials and experts have warned.”

https://www.ft.com/content/778a80a0-1f55-4ffc-ade0-857bd5bd9b92


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“Thousands of desperate people still fleeing Sudan’s war into South Sudan…

“Since the war broke out in Sudan a year ago, more than half a million people have crossed into South Sudan using various border crossings. The small town of Renk, some 45 kilometres across the border in South Sudan’s Upper Nile state, is the biggest entry and transit point.”

https://www.africanews.com/2024/05/02/thousands-of-desperate-people-still-fleeing-sudans-war-into-south-sudan/


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“Russian troops enter base housing US military in Niger, US official says…

“A senior U.S. defense official, speaking on condition of anonymity, said Russian forces were not mingling with U.S. troops but were using a separate hangar at Airbase 101, which is next to Diori Hamani International Airport in Niamey, Niger’s capital.”

https://www.reuters.com/world/africa/russian-troops-enter-base-housing-us-military-niger-us-official-says-2024-05-02/


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“US-Morocco Arms Deal Could Spark North African Tensions.

“Morocco’s military upgrade with US support has reignited tensions with Algeria, raising fears of an arms race and wider instability in the already fragile region… Algeria, a long-standing Russian client, has responded by acquiring advanced weaponry, including Su-57 jets and S-400 air defense systems.”

https://www.moroccoworldnews.com/2024/05/362430/us-morocco-arms-deal-could-spark-north-african-tensions


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“Pirates, refugees & risk: The global economic consequences of Haiti’s collapse…

“Many nations in the region already face high levels of violence and adding a haven for illicit activities would only worsen matters. A collapse in Haiti could also destabilize other fragile states in the Caribbean and Central America, leading to increased migration and political turmoil, creating a domino effect.”

https://www.thomsonreuters.com/en-us/posts/global-economy/haiti-collapse/


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“Political tensions weaken battle against biggest diseases, warns health charity chief…

“Rising friction between western countries and China and Russia had combined with a “sense of unfairness” in poorer countries over Covid-19 pandemic resources to make it harder to broker international deals, said the Wellcome Trust’s John-Arne Røttingen.”

https://www.ft.com/content/108dc966-4e43-42da-9dfe-23608d2841e4


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“How ‘apocalypse’ became a secular as well as religious idea…

“Fears of AI are not the only things driving public concern about the end of the world. Climate change and pandemic diseases are also well-known threats. Reporting on these challenges and dubbing them a potential “apocalypse” has become common in the media…”

https://theconversation.com/how-apocalypse-became-a-secular-as-well-as-religious-idea-226882


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

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