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.
Sustainable development requires sustainable financing. That is why the World Bank’s International Development Association (IDA) is working proactively and systematically with countries to help address debt risks, incentivize sustainable debt and promote creditor coordination—through its Sustainable Development Finance Policy (SDFP).
Graham Watson's insight:
This World Bank clip looks at the importance of debt, particularly sustainable debt, in promoting development. Debt can play an important role in generating the funds for investment but it needs to be carefully managed, and the role of the World Bank’s International Development Association (IDA) is to co-ordinate this, and ensure fiscal sustainability in doing so, although there are concerns that in some countries debt has grown at an unsustainable rate.
Foreign businesses are pulling money out of China at a faster rate than they have been putting it in.
Graham Watson's insight:
This is an interesting little piece, which notes that the level of inward capital flows into China has slowed to the extent that "China recorded a deficit of $11.8bn (£9.6bn) in foreign investment in the three months to the end of September - the first time since records began in 1998".
In short, it's the first time in 25 years that China's investing more overseas, than foreign firms are investing in China, largely as a result of ongoing political uncertainty, slower growth in China and higher interest rates there. It's also notably that none of the businesses cited say that they're 'retreating' from China, it's just that they are reinvesting profits elsewhere.
Chinese President Xi Jinping’s Belt and Road Initiative has plowed billions of dollars into infrastructure projects in Africa. That’s given Beijing prime access to the mining resources that will underpin the upcoming technology, energy and transport revolutions.
Now the US has fully awakened to China’s ambitions. President Joe Biden is championing new investment in a railway that will transport copper and other minerals from Zambia and the Democratic Republic of Congo to the Angolan port of Lobito. But is it too late for the US to catch up?
Graham Watson's insight:
This Bloomberg clip looks at how, perhaps a decade-late, the US are striving to challenge China's access to Africa's raw materials, and the spread of the Belt and Road Initiative.
Given the importance of some of these raw materials to new technologies, US firms such as KoBold Metals are starting to invest in the continent, and this requires significant infrastructure investment.
Refining the metal, which is essential for electric car batteries, in Europe would ease the EU’s precarious reliance on China
Graham Watson's insight:
I'm currently reading Ed Conway's "Material World" - it's excellent! This story links to that - with the news that the EU are looking to move away from an over-reliance on China for lithium and start refining their own lithium, with Dutch company AMG Lithium.
Not only will the factory have a regional multiplier effect, but it's also intended to help the EU electric car sector catch up with China, by reducing the cost of producing electric vehicles, an area where China, notably BYD, appear to have a significant cost advantage.
Rail networks in most countries have been starved of funding while motorways lengthen, study shows
Graham Watson's insight:
Just a nod to Europe's rail system too, with a report from the Wuppertal Institute and T3 Transportation noting that between 1995 and 2020, the length of motorways grew by 60% and that of railways fell by 6.5%, indicating transport priorities, and with obvious implications for climate change targets.
Some analysts say Foxconn's decision marks a setback to the country's technology industry ambitions.
Graham Watson's insight:
Foxconn has withdrawn from a deal to build a semi-conductor plant in India, causing some to worry about the country's technology industry. The Indian partner, Vedanta, is committed to building the factory but will now have to look for a new partner.
The economy grew 1.1% on an annual basis in the first three months of the year.
Graham Watson's insight:
The US economy is still growing, albeit at a slower rate, with the quarterly rate of growth at 1.1%, lower than the previous quarter as a result of weakening business investment.
Add this to higher interest rates and rising prices and commentators are waiting to see where the economy is headed, and this has wider implications for the global economy too.
Carmaker says it is progressing faster on US factory than European one thanks to subsidies
Graham Watson's insight:
And is the EU lagging behind the US as a result of the newly-introduced Inflation Reduction Act? It seems to be the case that businesses are being encouraged to invest in the latter, with even Volkswagen noting that it is having more success in building a new factory there, largely as a result of the subsidies offered.
It is the first major energy extraction agreement with a foreign firm since the Taliban took power.
Graham Watson's insight:
No surprises here - however, the first oil deal struck with the Taliban in Afghanistan has been agreed by Chinese company the Xinjiang Central Asia Petroleum and Gas Company (CAPEIC).
One the one hand you have to hope that this is going to enhance development prospects in the country; on the other, you'd also be slightly sceptical about the extent to which the local population are going to benefit and the message sent out to the Taliban's leaders.
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This is the third semiconductor plant announced in India, which is aiming to be a global chipmaker.
Graham Watson's insight:
Taiwanese giant., Foxconn and Indian mining company, Vedanta, has agreed a joint venture to build a semi-conductor plant in India, the third group to announce plans to build such a factory.
Not only might this help the global semi-conductor shortage, but it will also have a multiplied effect and might speed technology transfer to India, further boosting long-run growth.
As supply chains fray around the globe, branches of industry are choosing Germany’s east to return to Europe
Graham Watson's insight:
Has the tide turned for the former East Germany, with disruption to global supply chains encouraging some firms to relocate to the eastern part of the country, generating jobs and boosting incomes via the regional multiplier effects of their investment. Factor in the higher skills that such high-tech jobs are likely to generate and it seems as though the region is going to start catching up with the rest of the German economy.
The revamped plan will see fresh funds being injected into development projects in Asia and Africa.
Graham Watson's insight:
The weekend's G7 meeting has seen the relaunch of an ambitious plan to rival China's Belt and Road initiative to investing in developing economies' infrastructure. The plan back by the US and the EU is looking to foster development in some of the world's poorest economies.
Brazilian president Lula’s proposals have the backing of the World Bank. Now we need action
Graham Watson's insight:
Larry Elliott argues that the G20 are showing signs of committing to tackling extreme poverty in the years ahead, arguing that poverty reduction is going to require both public and private sector investment, with the former crowding in the latter.
However, without a concerted effort to improve infrastructure and improve public finances in developing economies and go some way to getting closer to achieving the Sustainable Development Goals (SDGs) by 2030. At present, we're going to fall well short in relation to both extreme poverty and zero hunger.
The World Bank's International Development Association (IDA) is in negotiations for a robust 21st replenishment. IDA has a longstanding track record of results, serving 75 countries with development financing that transcends. Hear from Europe-based civil society, advocates and partners why they think
Graham Watson's insight:
This World Bank clip shines a light on the International Development Association and its remit, illustrating the extent to which it can intervene to tackle a wide range of development issues: climate change, childrens' rights, healthcare and so on.
It underpins the developmental prospects of many of the world's most vulnerable and seemingly does so in a highly efficient way, generating returns of $3.50 for every $1 spent.
For the people of ‘Eua island, in the east of Tonga, the island’s wharf is a lifeline; their connection to the rest of the country, and world. When the port was hit by repeated cyclones and king tides in 2021, and then by destroyed by a massive tsunami in January 2022, small businesses like the one owned by local Aloinea Havea suffered greatly, unable to receive new stock. A World Bank project has led the restoration of the wharf on ‘Eua, helping the island’s community to recover swiftly.
Graham Watson's insight:
This World Bank clip looks at how a shop in Tonga has recovered from repeated cyclones, a king tide and then a tsunami - massive supply-side shocks. It shows how investment in resilient infrastructure can enhance sustainable development prospects.
Investment needs to double to more than $600bn a year by 2030 after ‘decade of stagnation’, says agency
Graham Watson's insight:
The Executive Director of the International Energy Agency, Fatih Birol, has called for a massive increase in investment in energy infrastructure, allowing for easier integration of green energy, such as solar power. He argues it needs to double to reach £492bn (more than $600bn) if we're to hit global climate change objectives.
Despite more than 4,500 climate policies over the last three decades, the world is still on track for unprecedented #ClimateChange – and many remain unsure how to implement the changes we need to make a difference. Yet some government policies have successfully tackled the effects of a changing climate and are still making tangible progress. A new World Bank report, "Reality Check: Lessons from 25 Case Studies Advancing a Low-Carbon Future", showcases examples across sectors and five continents, from countries as disparate as Egypt, China and Peru.
Graham Watson's insight:
This World Bank clip looks at how after 30 years and 4,500 climate change policies there's an emerging consensus as to what work. The latest "Reality Check Report" looks at 25 case studies from across the globe, looking at how individual nations have made great strides in moving towards net zero carbon, using incentives and identifying possible source of investment and the appropriate interventions and legislation, and mobilising their populations in pursuit of climate change targets.
The seven-year Social Support for Resilient Livelihoods Project (2020-2027) in Malawi is designed to improve resilience and build human capital among poor and vulnerable populations through social cash transfers (SCTs), livelihoods support, enhanced climate smart public works, as well as an option for scalable financing for SCTs to reach more disaster-affected households in times of weather-related disasters. At full scale, the project is expected to expand support from the current 490,984 beneficiary households to 778,000. The project has become a major tool for addressing multiple and overlapping crises in Malawi.
Graham Watson's insight:
This multi-layered World Bank clip looks at many aspects of development: poverty reduction, climate change, social safety nets and natural disasters that mean that 75% of the country are living below the poverty line.
However, the World Bank's Social Support for Resilient Livelihoods Project is trying to tackle all of these problems - building human capital - via direct cash transfers and investment in climate-friendly public works. The hope is that such interventions will boost development, increase sustainability and make the economy more resilient.
The US and China have begun talks to try to improve relations between the world’s two biggest economies. Bilateral trade is worth hundreds of billions of pounds a year and China’s huge spending power is critical to global financial stability.
But the country is experiencing signs of a new economic downturn. Youth unemployment is rising, exports have been falling and property investment is down.
Graham Watson's insight:
The BBC re-emphasizes the fact that when China sneezes the world catches cold, with recent Chinese data, notably in relation to youth unemployment and investment in property, suggesting that the Chinese economy is still fragile, and this is a bad thing for the global economy.
Bear in mind that for much of the last few years, China has provided around 50% of total global growth.
Lower income countries cannot afford the upfront costs of transitioning to clean energies. But the World Bank has mapped out a solution. Watch how we can build a ‘virtuous cycle’ to propel a pipeline of renewable energy projects that attract private investment.
Graham Watson's insight:
This World Bank highlights the barriers to developing economies adopting clean energy sources. The biggest obstacle seems to be the high fixed costs of renewable energy networks, and accessing the financing required to invest in this infrastructure.
This is where the World Bank comes in: in encouraging developing economies to scale up to phase down - and helping them access the private sector investment funds to enable them to do this.
In 2005, Madagascar embarked on a major and innovative land reform to make legal recognition of land rights accessible to all, especially to rural populations, through the land certificate - issued locally at the commune level. This reform supported by the World Bank has led to guaranteed property rights, which in turn is reassuring farmers as they make investments in their land, reducing land conflicts, and generating greater agricultural income.
Graham Watson's insight:
The centrality of property rights to development is self-evident in this
World Bank clip which looks at Madagascan land reforms, focused on granting rural farmers land ownership rights. Property rights are a central feature of effective markets because clearly-defined ownership encourages investment in the land, and this raises productivity and offers the potential for people to break out of the poverty trap.
The US company says the levy on its profits will discourage future investment in Europe.
Graham Watson's insight:
Oil giant ExxonMobil is taking the EU to court, arguing that it has exceeded its authority in imposing windfall taxes on the sector. The one-off tax represents a 33% tax on profit, instead of the usual 20%, and Exxon sees this as deterring investment and undermining investor confidence in Europe.
I have to say that if this is the heart of the prosecution case, I don't think the legal challenge will get very far.
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With increasing climate risks, Bangladesh needs to continue investments to strengthen climate resilience in the coastal zones to protect the development gains, says a new World Bank report. The report, “Bangladesh: Enhancing Coastal Resilience in a Changing Climate” highlights the country’s journey to reducing vulnerability to climate change and recommends further actions towards improving the resilience of its coastal region. It analyzes the drivers of risks, how the government has reduced these risks, and offers new perspective and innovative solutions.
Graham Watson's insight:
This UN clip looks at how climate change represents a fundamental threat to Bangladesh's developmental prospects, and how investment in enhancing climate resilience has made the coastal zone safer and help protect development.
The 1920s also began dismally. But for a fourth industrial revolution to happen, much more has to be done
Graham Watson's insight:
Larry Elliott looks at the prospects for the global economy and argues that we are wishful if we think that the next few years are going to see a repeat of the 1920s, with a Fourth Industrial Revolution and rapid growth.
Instead, he suggests that there are four problems that need tackling -the re-establishment of a relatively calm macroeconomic environment, the need for higher levels of investment, an attempt to tackle inequality and greater global co-operation.
Without it, we're likely to see continuing economic problems - and countries from Sri Lanka to developed European economies suffering.
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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.