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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“The $9tn question: how to pay for the green transition. The bill for meeting climate goals will be immense. Governments worldwide are trying to figure out how to foot it…

“…politicians are increasingly worried about piling charges on consumers at a time when many are struggling with a cost of living crisis. Others have been chastened by a backlash against green measures and the politicisation of climate change.”

https://www.ft.com/content/6873d96e-3e40-45c6-9d84-8ce27b7b23e1


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“Deep sea mining can provide metals for the green transition…

“We need these metals because they are the critical driving force behind the clean energy transition… Taking a step back, this feels like the oil and gas industry in 1960, where 0% of production once came offshore and then very quickly, one third of production came offshore.”

https://www.canadianminingjournal.com/featured-article/deep-sea-mining-can-provide-metals-for-the-green-transition/


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“Biden’s environmental agenda is a dangerous path toward an energy crisis…

“Biden’s anti-fossil fuel crusade won’t result in cleaner air or a cooler climate. But it will destroy an important and necessary source of affordable American energy, and one we need even more as inflation continues to dog our economy, foisting even more financial suffering on those least able to afford it.”

https://thehill.com/opinion/energy-environment/4640559-bidens-environmental-agenda-is-a-dangerous-path-toward-an-energy-crisis/


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“Silicon Valley finds its silver bullet [a nuclear revival] in a desperate race for energy…

“As Silicon Valley spends enormous sums in a race to build artificial intelligence, tech giants are hitting a bottleneck. Without an abundant supply of energy, they will be unable to build the colossal supercomputing hubs they believe will host the next generation of AI systems.”

https://www.telegraph.co.uk/business/2024/05/05/ai-boom-nuclear-power-electricity-demand/


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“How a £66bn nuclear graveyard became Britain’s most expensive challenge…

“A vast subsea nuclear graveyard planned to hold Britain’s burgeoning piles of radioactive waste is set to become the biggest, longest-lasting and most expensive infrastructure project ever undertaken in the UK.”

https://www.telegraph.co.uk/business/2024/05/05/66bn-nuclear-graveyard-became-expensive-challenge/


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“[UK] water companies are drowning in a sea of debt far greater than official figures suggest because of the way the regulator calculates their finances, the Mail on Sunday can reveal.

“Experts say Ofwat’s measure masks the scale of the problems they face.”

https://www.msn.com/en-gb/money/other/water-firms-drowning-in-sea-of-debt-as-borrowing-bigger-than-ofwat-figures-suggest/ar-BB1lPpJ2


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“Farmer confidence at lowest in England and Wales since survey began, NFU says.

“Farmers’ confidence has hit its lowest level in at least 14 years, a long-running survey by the biggest farming union in Britain has found, with extreme weather and the post-Brexit phasing-out of EU subsidies blamed for the drop.”

https://www.theguardian.com/business/article/2024/may/06/farmer-confidence-nfu-union-survey-england-wales-rainfall-brexit


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“We pay a lot more for a lot less, and people know it. That’s why Sunak’s Tories were thrashed in these elections…

“When the conversation broadened out into Westminster politics, the responses I heard centred on an awful pessimism about the future (“Times are bleak at the minute, and there’s been nothing I’ve seen that’s going to make it better … I think things are going to be like this for 20-odd years ”), and a sharp sense of injustice.”

https://www.theguardian.com/commentisfree/article/2024/may/05/rishi-sunak-tories-local-elections-thurrock-tory-council


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“EU at risk of ‘implosion’ as far-right seeks scapegoats, minister warns…

“Teresa Ribera said that Europe, already struggling with “traditional, violent, enormously bloody and painful wars in both Ukraine and Gaza”, also faced threats from those who use energy, food, disinformation and social media manipulation as the tools of modern warfare.”

https://www.theguardian.com/world/article/2024/may/05/eu-at-risk-of-implosion-as-far-right-seeks-scapegoats-minister-warns


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“Has the EU really just found €400B it could spend on defense?

“The EU’s emergency bailout fund — created at the peak of the debt crisis — could be the answer to governments’ prayers: a ready-made money pot it could invest in defense. Powerful figures in the bloc are pushing for the European Stability Mechanism… to move beyond its original role rescuing drowning economies.”

https://www.politico.eu/article/eu-emergency-bailout-fund-defense-spending-investment-european-stability-mechanism


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“Norway to add millions more to historic increase in defense spending announced last month.

“The Norwegian center-left government said Thursday that it wants to add 7 billion kroner ($630 million) to the Scandinavian country’s armed forces over the next 12 years amid increased tensions in the region.”

https://www.aol.com/news/norway-add-millions-more-historic-102253736.html


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“Finland boosts war readiness in face of Russian aggression…

“Finland has successfully tested its ability to run a war economy and has begun storing military equipment outside its national borders as the Nordic country renowned for its high level of preparedness deals with an increasingly aggressive Russia.”

https://www.ft.com/content/cf28a55d-31d2-433a-a651-e582cca28fa5


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“NATO drills show it is preparing for potential conflict with Russia, Moscow says.

“NATO’s four-month long military exercises near Russia’s borders, known as Steadfast Defender, are proof the alliance is preparing for a potential conflict with Russia, a spokeswoman for Russia’s Foreign Ministry said on Saturday.”

https://www.reuters.com/world/europe/nato-drills-show-it-is-preparing-potential-conflict-with-russia-moscow-says-2024-05-04/


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“Ukraine marks its third Easter at war under fire from Russian drones…

“Eastern Orthodox Christians usually celebrate Easter later than Catholic and Protestant churches, because they use a different method of calculating the date for the holy day that marks Christ’s resurrection.”

https://www.washingtonpost.com/world/2024/05/05/russia-ukraine-war-easter/ee14b128-0abe-11ef-ae0a-a6870885518d_story.html


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“Armenia a ‘big loser of war in Ukraine’ thanks to Kremlin-backed Azerbaijan.

“Villagers feel betrayed by US and EU who encouraged deal that means they lose their homes and livelihoods… In the past week, police in Yerevan have arrested dozens of people protesting against the land handover.”

https://www.telegraph.co.uk/world-news/2024/05/05/kremlin-azerbaijan-armenia-big-loser-ukraine-war/


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“Japan is haunted by a return to emerging-economy status…

“Among the various possible paths throughout 2024 and into its mid-term future, there is one that Japan affects to fear most: a notional descent into the disorder, disparities and dysfunction it associates with emerging economy status.”

https://www.ft.com/content/1a48992b-23e4-482d-bfd1-bcc2031a49c5


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“Credit Expansion And The Possibility Of An Indian ‘Minsky Moment’…

“[The] ponzi stage is associated with mass panic, where a domino effect leads to the sequential collapse of most credit instruments, finally impacting the asset markets with crashing prices.”

https://www.ndtvprofit.com/amp/opinion/credit-expansion-and-the-possibility-of-an-indian-minsky-moment


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“Shrinking Real Wages Show Rural India in Massive Distress: Data…

“Real rural wages contracted in as many as 25 of the 27 months up to February 2024. February saw a big contraction, of 3.1%… The drop has been sharp in the four months to February, compounding life in rural India, with rural inflation going up.”

https://thewire.in/economy/as-real-wages-continue-to-fall-rural-demand-recovery-could-take-longer


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“At least two people died during clashes between security forces and protesters resisting the Taliban’s poppy eradication campaign in Afghanistan, officials said on Sunday.

“The violence erupted on Saturday in the remote Darayim and Argo districts of the poverty-stricken northeastern Badakhshan province…”

https://efe.com/en/latest-news/2024-05-05/2-dead-in-talibans-poppy-eradication-drive/


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“Iran Says Wall On Afghan Border Can Thwart Terror Amid Rising Threats…

“The border fortification plan, which was revealed last month, entails building a four-meter concrete wall, along with barbed wire, fencing, and proper roads along the northwestern and eastern borders, all scheduled for completion within the next three years.”

https://www.iranintl.com/en/202405058601


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“Conflict in Iran’s Zahedan Leaves One Dead, Three Injured… The conservative website Tabnak wrote initial reports indicating that a “terrorist team” was identified and encircled by security forces…

“This latest incident occurs against the backdrop of heightened regional instability. On April 4, clashes in two southern cities of the Sistan-Baluchestan province resulted in over 20 deaths…”

https://www.iranintl.com/en/202405051588


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“Gaza’s banks targeted by armed groups.

“Palestinian armed groups, including one claiming to be from Hamas, stole a total of €66 million from the safes of several of the city’s bank branches in April. Le Monde found that the Israeli army also seized funds.”

https://www.lemonde.fr/en/international/article/2024/05/05/gaza-s-banks-targeted-by-armed-groups_6670475_4.html


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“Northern Gaza in ‘full-blown famine’, UN food agency chief says…

“In an interview with NBC News set to air on Sunday, Cindy McCain said that her remarks are based on what the WFP has seen and experienced on the ground. UN officials and aid agencies have for months warned of such a scenario.”

https://www.aljazeera.com/news/2024/5/4/northern-gaza-in-full-blown-famine-un-food-agency-chief-says


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“Israel tells 100,000 people to leave eastern Rafah…

“The Israeli army on Monday ordered some 100,000 people in the southern Gaza city of Rafah to begin evacuating, suggesting a long-promised ground invasion could be imminent. Israel has described Rafah as the last significant Hamas stronghold…”

https://www.telegraph.co.uk/world-news/2024/05/06/israel-hamas-war-latest-news-may-6-evacuate-rafah/


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“Houthis team up with feared Al-Qaeda branch in new threat to Yemen…

“The Houthi are reported to be helping Al-Qaeda in the Arabian Peninsula by giving them drones and releasing key figures from jail. Although the two terror groups come from very different branches of Islam… they appear to be coordinating to wrest back control of southern Yemen from the UAE-backed secessionist Southern Transitional Council.”

https://www.telegraph.co.uk/world-news/2024/05/04/houthis-team-up-feared-al-qaeda-branch-new-threat-yemen/


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“Global Outlook: African sovereigns at high risk of debt distress…

“Four sovereigns in Africa have pursued debt restructuring under the G20’s Common Framework… Talks for Ethiopia, Ghana and Zambia are ongoing, and Malawi is pursuing a restructure outside the Framework.”

https://www.eiu.com/n/global-outlook-african-sovereigns-at-high-risk-of-debt-distress/


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“African countries can’t resolve their debt crisis under a system rigged against them…

“Wealthy nations enjoy the luxury of lenient regulatory frameworks and ample fiscal space. For their part African countries are left to fend for themselves in an environment rife with predatory lending practices and exploitative economic policies.”

https://theconversation.com/african-countries-cant-resolve-their-debt-crisis-under-a-system-rigged-against-them-228905


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“Is Venezuela Serious About Invading Guyana?

“A war between two Latin American states is nearly unimaginable. Then again, so was Russia’s invasion of Ukraine… in February, satellite imagery showed that Venezuela had begun construction to improve the roads that would be needed for an invasion.”

https://www.theatlantic.com/international/archive/2024/05/venezuela-guyana-essequibo-border-dispute-referendum/678173/


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“Haiti: Gangs Steal Several Fuel Tankers…

“On Saturday, the coalition of gangs terrorizing the Haitian capital stole several fuel trucks… the fuel crisis in Haiti is notorious and while in Port-au-Prince many gas stations remain closed, speculators dispense petroleum derivatives at excessive prices.”

https://www.telesurenglish.net/news/Haiti-Gangs-Steal-Several-Fuel-Tankers-20240505-0012.html


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“Dystopian in the catchiest way – how Kim Jong-un’s propaganda song conquered TikTok…

“Friendly Father – a synthy electropop tune – is the latest in a string of pop songs the authoritarian state’s leaders have released over the past 50 years… Scholars say that the melodies are written to be simple and accessible, while tunes are pitched at a vocal range that most people can sing.”

https://www.telegraph.co.uk/world-news/2024/05/04/dystopian-in-the-catchiest-way-kim-jong-uns-propaganda-song/


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

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