The source of new renewable energy is also a battleground over China’s cheap exports of panels that has split US firms
Graham Watson's insight:
This article looks at the market for solar panels, arguing that despite the rapid fall in the price of solar panels, which should be seen as a good thing, this needn't be the case.
In the first place, Chinese firms have flooded the market with solar panels, leading to accusations of dumping, but additionally, some of those solar panels are being produced in a way that generates a sizeable carbon footprint. So not only are there trade reasons for being more sceptical about the current state of the solar market but there are also environmental reasons too.
Country on track reach 1,200GW of installed wind and solar capacity by end of 2024 – six years ahead of Beijing’s target
Graham Watson's insight:
For all of the focus on China as the world's largest polluter, it might be worth reframing the problem to accept that it is also one of, if not the, largest innovator in this area.
As this article notes, China is currently building two-thirds of the world new renewables capacity, focussing on wind and solar power.
Low-carbon electricity investment driven by solar projects but oil and gas spending still too high to meet climate goals
Graham Watson's insight:
Another snippet from the International Energy Agency, although some might think its greenwashing to an extent. They reckon that there will be twice the level of investment in renewables compared to fossil fuels this year, which you'd think would be good news for the environment.
Cruising is booming – 2023 ticket sales have surpassed historic levels and 2024 has seen the launch of the largest cruise ship ever built. But as cruise tourism's popularity has increased, so have the pollution problems it brings. To customers, it may not be evident that any problems exist, since some cruise line companies claim to be becoming more climate-friendly. The truth can be quite different. Josh Toussaint-Strauss interrogates what impact the world's biggest ships are having on the planet.
Graham Watson's insight:
Cruise ships and the companies that run them are being accused of greenwashing in this Guardian clip, that looks at Royal Caribbean's Icon of the Seas, and the history of cruising and its environmental impact.
Despite the fact that companies are vaunting their green credentials, it seems that not all is what it seems.
COP28 host country the United Arab Emirates is "cautiously optimistic" on a deal to at least reduce them.
Graham Watson's insight:
Not much in the way of economic theory, but perhaps an indication of the future direction of travel, with the UAE, hosts of COP28, seemingly looking to get international agreement on reducing, and even committing to ditching fossil fuel use.
This year’s summit in Dubai must be the moment when the developing world finally meets its climate crisis promises, say Ban Ki-moon and Graça Machel
Graham Watson's insight:
I'll 'scoop' this call-to-arms from COP28, not because I think that the intention is anything other than admirable, nor to consider the economic implications of it.
However, I post this for the record as another example of how rhetoric is always far easier to generate than effective policymaking. Equally, it's sad that the people involved in the policymaking are as accountable for their actions as I am, irrespective of their political office.
Parliament votes to cut mining red tape and diversify its supplies of raw materials such as lithium and silicon
Graham Watson's insight:
The EU is looking to diversify its supply chains, making them less China-dependent by aiming to ensure that by 2030 is isn't reliant on any one country for more than 65% of any strategic raw material, such as nickel or lithium.
Additionally, there are also targets to increase the extraction, processing and recycling five critical minerals, although environmentalists fear that this might see a relaxation of environmental protections on mining, especially in countries such as Finland.
In Ghana, up to 30% of mangroves have been lost due to degradation and destruction in the last 25 years. This has knock-on effects as mangroves provide vital ecosystem services, supporting livelihoods, fisheries, timber, and fuel wood. They also act as natural barrier, protecting vulnerable communities against erosion and capture carbon from the atmosphere. They are critical for biodiversity, providing breeding grounds for fish populations and homes to many biodiverse fauna. The World Bank and PROBLUE are working with the Government of Ghana to protect and restore mangroves. This includes technical and financial support, including through the West Africa Coastal Areas Management Program (WACA) program. The World Bank is also supporting the Government of Ghana with their Sustainable Ocean Plans.
Graham Watson's insight:
Another World Bank clip looking at the importance of mangroves as a way of promoting biodiversity and stopping environmental degradation and depletion in Ghana. By focusing on this vital resources, the Ghanaian government and World Bank can promote sustainable development via the PROBLUE programme.
Deputy treasury secretary tells the BBC the US wants other countries to invest in clean energy as well.
Graham Watson's insight:
The US' Inflation Reduction Act has caused a great deal of consternation, despite its green credentials. A number of the US's trading partners see it as protectionism by any other name, designed to advantage US firms and attract inward investment. And that's the difficulty: it's difficult to oppose something that claims to be doing good, a point implicit in the Deputy Treasury Secretary's defence of the measure.
Jerome Powell and Mervyn King reject taking on climate policy, while Mark Carney and Christine Lagarde say action is vital
Graham Watson's insight:
It's difficult to place this article - however, I'll put it here because of its international implications. It poses a pretty important question about the extent to which central banks should take an active position on climate change.
The debate has divided central bankers, some argue that it imperils central bank independence, others that the banks have a remit to guarantee economic stability and that to ignore it is a dereliction of duty. The future direction travel in this area is, thus, unclear, and yet to be determined.
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Ursula von der Leyen says the EU must act amid concerns within the bloc over US climate legislation.
Graham Watson's insight:
This is an interesting article, in that it highlights the fact that climate change negotiations overlap with all sorts of other areas of policymaking. In it the European Commission President, Ursula von der Leyen, suggests that the Biden government's US Inflation Reduction Act (IRA), in subsidising some forms of environmentally-friendly consumption, will also favour US producers over EU producers.
As a result, some people fear that the response could trigger a EU-US trade war.
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World leaders, climate groups and activists are meeting in Egypt to thrash out plans on how to safeguard the future of the planet
Graham Watson's insight:
A little primer on COP27, and to be honest, I can hardly be bothered to 'scoop' much of the material that relates to it, because, contrary to what politicians are going to claim about it being a "once in a lifetime opportunity" - there have been 27 previous iterations, I can't be bothered 'scooping' about something where there are such weak incentives and such a lack of accountability.
Equally, given the air travel involved and the hot air generated, you could argue that the influx of politicians and negotiators verges on the hypocritical.
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Countries must prioritise tackling climate change or the world faces catastrophe. That warning comes from the head of the United Nations, António Guterres, who was speaking to the BBC in New York, before a major climate conference in Egypt.
Mr Guterres warned of a tendency to put climate change on the back burner and said that if we are not able to reverse the present trend “we will be doomed." The conference, known as COP27, will bring together countries to discuss tackling climate change.
Mr Guterres said that current global problems such as inflation, Russia's invasion of Ukraine and the high prices of energy and food were distracting governments. He called on them to bring back climate change to the centre of international debate and warned that nations must not abandon key goals, including keeping global temperature rise to 1.5C.
Graham Watson's insight:
The Secretary General of the UN, Antonio Gutterres, has spoken out against climate change arguing that the current tendency to park it overlooks the fact that it represents the biggest threat to global security. He may well have a point, given the lack of progress in the past few years, various COP conferences notwithstanding.
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Former president offers blank cheque to coal and oil, and cosies up to billionaires such as Elon Musk and Peter Thiel
Graham Watson's insight:
Joseph Stiglitz argues that the election of Donald Trump would be disastrous for the US economy, making it weaker and increase income inequality.
He argues that the prospect of higher tariffs, the threat to the Federal Reserve's independence, his prospective fiscal policy and and the repeal of the Inflation Reduction Act would all be harmful. That said, Stiglitz is a well-known Democrat.
In 2018, the World Bank transitioned from safeguards to Environmental and Social Framework (ESF) — moving from simply “Do no Harm” — to making development projects transformative, inclusive, and sustainable. In Nepal, we conducted an Overview Assessment of the country’s existing environmental and social (E&S) provisions to provide a strategic analysis of Nepal’s ESF in relation to the World Bank’s ESF. A robust country E&S system can help identify project risks and impacts, inform the design of appropriate mitigation measures, and continuously monitor implementation to build stakeholder trust and de-risk investment. The recently released Overview Assessment of Nepal’s ESF identifies key recommendations to harmonize country system with good international practices and calls for collective action.
Graham Watson's insight:
This World Bank clip looks at how the World Bank can promote inclusive development in line with climate change targets. This mini-documentary looks at a country-specific example, Nepal, detailing how a range of projects have been managed in an environmentally-sensitive fashion.
Increase of 2% last year driven by plant expansion in China and slowdown in US and Europe closures
Graham Watson's insight:
It seems as though global commitments to reduce fossil fuel consumption are weakening with the news that coal power capacity rose over the last year, largely driven by China. However, there's been a slowdown in the decommissioning of European coal-fired power stations, presumably as a result of the Ukraine war.
Countries should be prioritising energy security and sourcing locally, says the head of Norway's Equinor.
Graham Watson's insight:
This could go in a variety of places but I've put it here because it shows the direction of travel as regards international trade. However, there are a variety of trade-offs here: efficiency versus equity, energy security versus environmental protection and so on.
There's also a lovely illustration of the power of incentives: why else would the head of an energy giant be promoting fossil fuels?
Tolkien’s hostility to rampant industrialisation should chime with the nations represented in Dubai
Graham Watson's insight:
There's a rather nice King Edward's theme to this Larry Elliott article about the central message of "Lord of the Rings". In it, Elliott highlights the author's opposition to hyper-industrialisation and damage to the environment in the context of COP28.
It's an element of the trilogy that I've been aware of, but never really thought of in this light.
The world is shifting rapidly to clean energy but still investing too much in fossil fuels, the IEA says.
Graham Watson's insight:
The International Energy Agency have issued a report with mixed environmental messages. On the one hand, the world is making significant progress in shifting to green energy, but simultaneously, we are also still using too many fossil fuels, as perhaps confirmed by yesterday's Chevron and Hess Corporation merger.
According to the report, it looks likely that by 2100 global temperatures will be 2.4 degrees higher than they were, nearly a degree above the pledged level of 1.5 degrees, and this might have severe environmental consequences.
Governments focus on the climate when they have few other economic worries. That can no longer be the case
Graham Watson's insight:
Larry Elliott suggests that whilst there's a lot of talk about global inflation and low levels of global growth, the real issue that we should be concerned about is climate change because that has long-term implications for us all, not least via its effect on macroeconomic objectives. His argument is that there's no longer a trade-off between the economy and the environment, and that we have to focus on the latter, because it's the only way of ensuring the long-term success of the former.
Mexico is rushing to complete a new train line around the Yucatán Peninsula, linking tourist resorts with cities and famous Maya sites. But large areas of tropical forest have been cut down and activists say a unique network of sinkholes called cenotes are also at risk. What price is Mexico willing to pay for progress?
Graham Watson's insight:
This Insider Business clip looks at the trade-off between economic growth and Mexico's infrastructure and culture. The government is committed to developing a new train line on the Yucatán Peninsula, connecting tourist resorts with famous Maya sites.
But what is the environmental and cultural cost? And to what extent is the building of the trainline justified?
The future of the planet and the global economy are entwined in a potentially risky geopolitical game.
Graham Watson's insight:
The BBC eventually looks at the possibility of an UK-US trade war, triggered by the extent to which the Biden administration's Inflation Reduction Act is seen to subsidise green industry.
It's a fascinating bit of policymaking: can the UK, and the EU, really complain about a government is offering subsidies to sequester carbon and switching to green production? The kicker comes when you realise that the Act is incentivizing purchases of US-made goods and services, but even then you wonder whether the complaint can be justified.
It strikes me that an argument is simply about the fact that all economies would like to have the resources to support their industries in the same fashion. So are we going to launch a trade war primarily on the basis of the fact that the US is wealthier and able to better co-ordinate policy than we are, when the implications of the policy are good for the environment?
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Analysts warn bloc’s lack of industrial policy may impede riposte to $370bn US subsidy package
Graham Watson's insight:
I flagged this yesterday, but are 'environmental subsidies' going to cause an EU-US trade war. It looks like they might.
The Biden administrations $370bn subsidy package is seen as protectionism by stealth, promoting US industry over EU competitors and giving them an unfair advantage. However, how can the EU co-ordinate its response?
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Despite ambitious green goals, the country’s over-reliance on Russian gas has forced it back to coal and expensive imports
Graham Watson's insight:
Hans-Werner Sinn wonders whether Germany's energy policy, and the short-sighted decision to phase out nuclear power after the Fukushima disaster in Japan, is going to have significant adverse consequences for the economy.
This, and the reliance on Russian gas, have meant that Germany has had to revert back to the use of domestic and imported LNG with adverse environmental consequences. As a result, he wonders how this will affect the economy's ability to hit its macroeconomic objectives.
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Learn how Multilateral Development Banks are helping countries deal with climate change. Collectively we invest billions of dollars in climate solutions across the globe. Climate financing and technical support from the World Bank Group to developing countries has reached new heights, with almost $32 billion in fiscal year 2022 alone. This video, produced among others by the World Bank Group, African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Black Sea Trade and Development Bank, the Caribbean Development Bank, the Council of Europe Development Bank, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank, the Nordic Investment Bank and the European Bank for Reconstruction and Development, shows projects around the world where investment is making a real and sustainable difference to people’s lives.
Graham Watson's insight:
A range of case studies showing how the World Bank Group in its many guises is investing in climate change solutions - from underwater gardeners in St. Lucia maintaining coral reefs via disaster management and sustainable transport solutions to the adoption of solar panels in Uganda. It's all there.
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This article looks at the market for solar panels, arguing that despite the rapid fall in the price of solar panels, which should be seen as a good thing, this needn't be the case.
In the first place, Chinese firms have flooded the market with solar panels, leading to accusations of dumping, but additionally, some of those solar panels are being produced in a way that generates a sizeable carbon footprint. So not only are there trade reasons for being more sceptical about the current state of the solar market but there are also environmental reasons too.