Half a century after the 1970s’ stagflation, economies are slowing, even contracting, as prices rise again. Thus, the World Bank warns
, “Surging energy and food prices heighten the risk of a prolonged period of global stagflation reminiscent of the 1970s.”
In March, Reuters reported
, “With surging oil prices, concerns about the hawkishness of the Federal Reserve and fears of Russian aggression in Eastern Europe, the mood on Wall Street feels like a return to the 1970s”.
With climate change bringing about increasing numbers of human deaths
and untold suffering
, and rising economic, social, and environmental consequences
worldwide, it’s time for governments to take bold action to address the climate change emergency.
Standing in front of a blue flame on her stove, getting ready to brew coffee, Mayra Rojas says the biodigester built in the backyard of her home in western Cuba has become a key part of her daily life and a pillar of her family's well-being.
The “Africa We Want” - as outlined in Agenda 2063 - embodies the African Union’s bold vision of an integrated, prosperous, and peaceful continent.
The multitude of solar panels stands out along a dirt road in an unpopulated area. Although located just an hour's drive from Buenos Aires, the new solar park in the municipality of Escobar is in a place of silence and solitude, symbolic of the difficulties faced by renewable energies in making inroads in Argentina.
The start of the “Decade of Action” to achieve the United Nations’ Sustainable Development Goals (SDGs) has also marked the start of an unprecedented period of overlapping crises.
The manufacture in Chile of an electric bus christened Queltehue, a wading bird native to the country, is another step towards electromobility and in the fight against pollution that triggers frequent environmental crises and smog emergencies in Santiago and other cities.
Nero was famously accused of fiddling while Rome burned. Today, some leaders are doing worse. They are throwing fuel on the fire. Literally.
Liquefied gas does not occupy a prominent position in Mexico's energy mix, but the government wants to change that scenario, to take advantage of the crisis unleashed by Russia's invasion of Ukraine and the need for new sources of the fuel due to the sanctions against Russia.
Rich country governments claim the high moral ground on climate action. But many deny their far greater responsibility for both historic and contemporary greenhouse gas (GHG) emissions, once acknowledged by the Kyoto Protocol.
Worse, responsibility has not been matched by commensurate efforts, especially by the largest rich economies in the G7, which dominates the G20. Its continued control of international economic resources and policymaking blocks progress on climate justice.
Brazil has abundant low-cost energy, but by the time it reaches the consumer it is one of the most expensive in the world. This contradiction hinders the country's human and economic development and the “solutions” found have actually aggravated the problem.
The fast-changing environment requires Europe’s energy system not only to adapt but to also find the right mechanisms to ensure its unity in the face of turbulent challenges.
US-led sanctions are inadvertently undermining the dollar’s post-Second World War dominance. The growing number of countries threatened by US and allied actions is forcing victims and potential targets to respond pro-actively.
SWIFT strengthened dollar
The instant messaging system of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) informs users, both payers and payees, of payments made. Thus, it enables the smooth and rapid transfer of funds across borders.
Patagonia’s strong winds are driving projects that will place Magallanes, in the extreme south of Chile, in a privileged position to produce and export green hydrogen and help the country move towards carbon neutrality.
Solar panels, heat pumps and hydrogen are all building blocks of a clean energy economy. But are they truly “essential to the national defense”?
This month marks the mid-point of the much-heralded European Green Deal. Taking office at the end of 2019, the European Commission went into rhetoric overdrive. This was Europe’s ‘man on the moon’ moment, we were told
. The Green Deal would herald an economic paradigm shift, and “reconcile the economy with our planet…to make it work for our people”
the new President, Ursula von der Leyen, said.
It has been over 100 days since Russia first invaded Ukraine on 24 February 2022, turning the country into a slaughterhouse. The United Nations (UN) in this
report says that, as of 1 June, 2022, more than 6.9 million refugees have left Ukraine and 2.1 million have returned, while eight million people are displaced inside Ukraine itself. War in Ukraine
has caused the fastest growing refugee crisis since World War II.
Developing countries are facing a combination of crises that are unprecedented in recent times. Over the last three years they have had to face the COVID-19 crisis, the food crisis, the energy crisis, the climate change crisis, the debt crisis and, on top of all this, a global recession. The crises have overlapped, and each has added to the problems created by the previous ones.
Developing countries – in Africa, in Asia, in Latin America and in the Middle East - are facing a combination of crises that are unprecedented in recent times. Over the last three years they have had to face the COVID-19 crisis, the food crisis, the energy crisis, the climate change crisis, the debt crisis and, on top of all this, a global recession. The crises have overlapped, and each has added to the problems created by the previous ones.
US and allied economic sanctions against Russia for its illegal invasion of Ukraine have not achieved their declared objectives. Instead, they are worsening economic stagnation and inflation worldwide. Worse, they are exacerbating hunger, especially in Africa.
The recent IPCC report
that came out in the month of March 2022 says that, by the end of the century, the temperature rise is likely to be 2 to 3.7 degrees if global emissions, as they stand today, are not curtailed. In fact, according to the report, carbon dioxide (CO2) emissions need to come down by 45 percent globally (compared with 2005) by the end of 2030.