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An agreement in Copenhagen next month on a new pact to combat climate change will encourage long-term investors to invest in companies that are better equipped to handle potential increases in the cost of carbon emissions. A strong political deal with emission cut targets at the upcoming summit could speed up actions by investors like pension funds and sovereign wealth funds to adjust their portfolios to reflect the long-term risks of climate change. This could lead to increased growth for energy self-sufficient companies or those involved in alternative energy sources like wind or solar, while putting pressure on industries with high emissions such as utilities, aluminum, and car manufacturers. A more concrete agreement, such as a legally binding target for emission reduction, could prompt funds to start adjusting their asset allocation now to protect their portfolios from the impact of companies affected by rising emission costs. Essentially, it would be a global treaty to regulate pollutants. Bruce Jenkyn-Jones, managing director of listed equities at Impax Asset Management, stated that by intervening in the economy to control and internalize the cost of carbon, there will be an impact on products and services as people across the economy will have to pay for carbon. This will particularly affect big energy producers, utilities, and industrials. Impax manages a total of 50 million pounds in global equities for the UK Environmental Agency's Active Pension Fund. The strength of a Copenhagen deal is still very uncertain. During a preliminary UN meeting in Barcelona last week, developed nations expressed caution about reaching a consensus on a legally binding document, suggesting it could take another 6-12 months. However, developing countries remain wary of rich nations reneging on their commitments to take the lead in combating climate change. They are adamant about securing a legally binding agreement by December, despite efforts by politicians to temper expectations. This situation presents a genuine opportunity for progress. Simon Webber, a fund manager at Schroders, stated that decisions made in Copenhagen will have a significant impact on the growth rates of companies in which you are investing. He believes that industries such as power generation, utilities, and transport will be immediately affected by a concrete deal. For example, companies like Germany's RWE may face higher carbon costs, which could amount to nearly a third of their operating profits in the coming years. Webber also pointed out Warren Buffett's $26 billion purchase of railway firm Burlington Northern Santa Fe in November as evidence of the long-term viability of rails. He predicts that aggressive deals will lead to increased growth rates for nuclear power and solar industries, as well as a shift from combustion engine cars to electric vehicles in the future. Malcolm Gray, a portfolio manager at Investec Asset Management, stated that meeting challenging initial targets is essential. He believes that industries that are self-sufficient in energy, like sugar, will be better equipped to handle emission reductions and will attract investment. However, utilities in the traditional thermal sector and non-diversified aluminum producers will be at risk. As carbon prices rise, the cost of goods will increase, impacting consumers with limited disposable income and certain retail businesses. Gray warns that there is more embedded inflation in the world than is commonly perceived. He mentioned that there is a possibility of facing a more aggressive inflation cycle globally compared to the current deflating world. The Copenhagen talks could help investors reduce portfolio risks by predicting the increase in the cost of carbon emissions and investing in industries that benefit from alternative energy. Sovereign funds and other long-term investors are becoming more involved in environmental investing, while private sector participation has been slow. For example, Norway's $400 billion oil fund is investing over $3 billion in firms involved in environmental technologies and encouraging companies in its portfolio to address climate change more effectively. "We benefit the most from promoting strong corporate ethics. This aligns well with our focus on long-term investment goals," stated Martin Skancke, director general of Norway's Ministry of Finance Asset Management Department, in a recent statement to Reuters. Rabobank believes that the Copenhagen meeting will provide clarity on the guidelines for the Dutch bank, which is already factoring in the expenses related to carbon emissions when assessing credit risks. Ruud Nijs, head of corporate social responsibility at Rabobank, stated, "We will address risk management, and new business opportunities will arise over time. If a tax was imposed on the costs of climate change, it would prompt us to reassess our credit portfolio." If a customer is now responsible for covering the cost of climate change, their level of risk will significantly increase. The bank has invested over 4 billion euros in renewable energy, with all investments in clean technology in the past 18 months. It is the sole debt provider for the Belfuture solar project, valued at hundreds of millions of euros, and has provided project financing for the Belwind offshore wind farm project totaling 620 million euros. "Copenhagen provides a more favorable environment for conducting business with." Nijs stated that significant clean technology deals and investments in solar, wind, and biomass technologies will be automatically generated as a result of the positive outcome. Additionally, the pipeline will see an increase. | 4 |
Heckling is a challenge that Trudeau has always dealt with, but this time the criticisms are more severe. After being in office for six years, the prime minister who once promised "sunny ways" and portrayed himself as a fresh face is now seen as part of the political establishment, with a record of accomplishments and mistakes for his opponents to criticize. Despite expectations that the Liberal Party will maintain control of Parliament, this tough election campaign has not been beneficial for Trudeau. According to Ben Chin, the prime minister's senior adviser, no politician could have maintained Trudeau's initial popularity after being in power for five or six years, as they would inevitably accumulate more baggage. "You must make difficult decisions that not everyone will agree with." Throughout his time in office, Trudeau has faced criticism from opposition party leaders who accuse him of prioritizing his own personal and political interests over the well-being of the nation. This criticism has been fueled by controversies such as a contract involving a charity close to his family and a violation of ethics laws for pressuring a minister to help a Quebec company avoid legal consequences. Critics also highlight unfulfilled promises among Trudeau's accomplishments. Trudeau has faced challenges from anti-vax protesters, including some affiliated with the far-right People's Party of Canada, leading to increased security measures at his events. Safety concerns have resulted in the shutdown of a rally in Ontario, where protesters outnumbered police, and Trudeau was even hit with gravel at another event in the same province. An official from the People's Party was charged with assault using a weapon in a local incident. Since 2015, Trudeau has accomplished many things such as implementing carbon pricing, legalizing cannabis, increasing funding for Indigenous matters, and banning 1,500 types of military-style rifles. A new initiative will offer daycare for $10 a day per child. Despite a decrease in popularity, Trudeau's charisma still shines. When he visited the outdoor terrace of a cafe in Port Coquitlam, an eastern suburb of Vancouver, for elbow bumps, quick chats, and selfies with voters, a crowd quickly gathered. Joy Silver, a 76-year-old retired schoolteacher from nearby Coquitlam, expressed her love for Trudeau. However, as Election Day approaches, many Canadians are questioning why Trudeau is calling for a vote now, two years ahead of schedule, especially with COVID-19 infections increasing due to the delta variant. Critics also pointed out that the election was called on the same weekend that Afghanistan fell to the Taliban, while Canadian troops were still trying to evacuate Canadians and Afghans who had assisted them. Gerald Butts, a longtime friend of Trudeau's and former top political adviser, noted that the campaign has struggled to address this issue. Trudeau is struggling to convey his message effectively, as he believes he needs a majority in the House of Commons to address the ongoing pandemic and subsequent recovery. The Liberal Party decided to capitalize on Canadians' positive views of Trudeau's handling of pandemic issues by calling for an election. Despite being in a close race with the Conservative Party, Trudeau remains confident in his team's ability to deliver results and end the pandemic. However, some experts, such as political scientist Kimberly Speers, believe Trudeau's personal popularity may actually be hindering his campaign efforts. She stated that the main message coming from the NDP and Conservatives is that Trudeau's actions are seen as a power grab and all about him, which has resonated with voters. Various scandals during Trudeau's time in office have also benefited the opposition, such as the resignation of his veterans affairs minister in 2019 over allegations of improper pressure to strike a deal for a corporation, Trudeau's past incidents of wearing blackface or brownface, and a charity with ties to his family being awarded a no-bid contract for a COVID-19 financial assistance plan for students. The group retreated, the program was called off, and Trudeau was given the all-clear by the federal ethics and conflict of interest commissioner. His critics have also pointed out areas where they believe he has not delivered on promises, such as implementing a national prescription drug plan, reforming Canada's electoral system, reducing debt as a proportion of the economy, and putting an end to sexual harassment in the military and solitary confinement in federal prisons. A study by the Centre for Public Policy Analysis at Laval University in Quebec City revealed that Trudeau has fully delivered on approximately 45% of his pledges, while 27% were only partially fulfilled. Singh has been highlighting Trudeau's commitment to providing clean drinking water to all Indigenous communities, noting that there were 105 boil-water advisories in effect in First Nations territories when Trudeau first came into office, with more added later. The government has provided clean water to 109 communities, but there are still 52 boil-water advisories in place. Singh believes that while Mr. Trudeau may appear to care, he has often prioritized appearances over taking real action. O'Toole, on the other hand, has tried to present the election as a way for Trudeau to boost his own ego. He described Trudeau as someone who is privileged, entitled, and always puts himself first. "He prioritized his own interests when he decided to call for this costly and unnecessary election during a pandemic." Security and secrecy measures have been heightened at Trudeau's campaign events following disruptions by protesters upset about COVID-19 vaccination requirements and vaccine passport policies. At a rally in Surrey, Trudeau delivered a passionate speech to a predominantly South Asian crowd, with attendees invited rather than publicly announced to control crowd size. Police snipers in camouflage were stationed on the roof of the venue to monitor the event. Trudeau was questioned about whether the protests in Ontario were inspired by US politics after a previous rally was canceled. He responded indirectly by urging everyone to consider the dangers of anger, division, and intolerance. He also mentioned that he had never experienced such intense anger in Canada before. While it is difficult to accurately predict the number of seats each party will hold in the next House of Commons based on wider poll results, it is clear that Trudeau may have lost support due to calling an early election and facing abuse during his campaign without gaining any political advantage. The Liberals are expected to retain power but fall short of a majority, according to Butts. If this happens, it will be ironic as it will be similar to the previous situation. | 4 |
Speakers at a seminar have stated that climate change, caused by global corruption, disproportionately affects the least developed countries such as Bangladesh. The industrialized nations bear a significant responsibility for the rapid climate change that is harming these nations the most. | 4 |
The gathering in downtown Omaha, Nebraska marked Berkshire's first shareholder meeting since 2019, prior to the disruptions caused by COVID-19. Shareholders had the opportunity to ask questions to Warren Buffett, Charlie Munger, Greg Abel, and Ajit Jain for five hours. Berkshire revealed that they had increased their stakes in Chevron Corp and Activision Blizzard Inc to over $31 billion, addressing criticisms of holding too much cash. Despite facing challenges such as supply chain disruptions, the Ukraine invasion, and inflation, Berkshire reported a first-quarter operating profit of $7.04 billion. Buffett, 91, expressed satisfaction with being able to meet with shareholders in person after conducting the past two meetings virtually. Attendees at the event included JPMorgan Chase & Co Chief Executive Jamie Dimon and actor Bill Murray. In his annual shareholder letter in February, Warren Buffett expressed frustration over the lack of investment opportunities. However, in March, Berkshire Hathaway purchased 14.6% of Occidental Petroleum Corp and agreed to acquire insurer Alleghany Corp for $11.6 billion. When asked what prompted the change, Buffett explained that he decided to invest in Occidental after reading an analyst report and in Alleghany after receiving a letter from its CEO, who had previously worked for Berkshire's General Re business. Buffett attributed the investment decisions to the unpredictable nature of markets, stating that occasionally Berkshire Hathaway seizes unique opportunities. "It's not our intelligence that sets us apart... I believe we are rational." In the last quarter, Berkshire invested $51 billion in stocks, causing its cash reserves to decrease by over $40 billion to $106 billion. Despite this, the company has various sources of cash flow, such as its insurance business, and Buffett reassured that they will never be short on cash. "We will always have a significant amount of cash," he stated. "It's similar to oxygen, it's always present but if it suddenly disappears, it's game over." During a discussion on the potential of the Ukraine conflict leading to nuclear war, Buffett and Jain struggled to provide a clear answer. Jain, who has been praised by Buffett for many years, admitted to lacking the ability to estimate Berkshire's insurance exposure. Buffett mentioned that the risk of a nuclear attack was very low, despite the world coming close during the Cuban Missile Crisis in 1962. He stated that "The world is taking a chance every day." Berkshire Hathaway does not have a solution to the current situation. Warren Buffett commented on the similarities between stock markets and gambling, noting that this behavior was heightened in recent years due to encouragement from Wall Street. Charlie Munger, at 98 years old, expressed disapproval of bitcoin and advised against putting retirement funds into it. He also criticized trading company Robinhood Markets Inc. He and Buffett enjoyed their usual candies from See's, a company owned by Berkshire, and drank Coca-Cola, a major investment of Berkshire, at the meeting. Abel defended Berkshire's BNSF railroad, emphasizing the need for continued improvement in operations and customer service to compete with Union Pacific Corp. Buffett reassured shareholders that Berkshire is built to outlast his and Munger's leadership. Shareholders rejected proposals for more disclosure on diversity and climate risks, as well as for an independent chairman to replace Buffett. Buffett has been in charge of Berkshire since 1965, and prominent investor Mario Gabelli opposed ending his chairmanship. "It is not considered inappropriate for companies to consider separating the roles of chair and CEO," he stated. "However, in the case of Berkshire Hathaway, it doesn't seem necessary as the current person in that role has been very successful for the past 50 years. While we support the idea of separating the roles, it is not needed here." Prior to the opening of the doors at 7 am, a large crowd of people gathered outside the downtown arena where the meeting was held. Despite projections of lower attendance compared to 2019, about 10% to 15% of seats in the usually full arena remained empty. Just like at other events sponsored by Berkshire Hathaway this weekend, most attendees at the meeting did not wear masks, but they all had to show proof of being vaccinated against COVID-19. The meeting was webcast by CNBC.com. Tom Spain, the founder of Henry Spain Investment Services in Market Harborough, England, arrived early at 3:15 a.m. for his third meeting and brought a chair from Walmart to sit on. He mentioned that everyone has been using his chair and joked about possibly bringing a large container of coffee to share next year. Lauritz Fenselau, a 23-year-old software startup owner from Frankfurt, Germany, arrived at his first meeting at 4 a.m. describing it as a pilgrimage. Andres Avila, who had traveled from Boston to Omaha just five hours earlier, joined him at 4:45 a.m. with an umbrella to shield from the rain, excited to see his idols. | 4 |
The commitments made by governments to reduce greenhouse gas emissions are insufficient to prevent a temperature increase of 2 degrees Celsius, which is considered a critical threshold for extreme weather events and rising sea levels. A report by various organizations, including Christian Aid, Oxfam, and WWF International, highlights that major developed countries are not doing enough to meet their fair share of emissions reductions. This report coincides with international talks in Bonn, Germany, where almost 200 nations are discussing a global deal to address climate change. While approximately 150 nations have submitted plans to combat climate change, there is no standardized way to compare the level of ambition of each nation's commitments. Monday's report suggested that wealthy nations, who have benefitted from using fossil fuels since the Industrial Revolution, have the means to transition to cleaner energy sources and should take more responsibility in doing so. The report found that the United States and the European Union had committed to about a fifth of their "fair shares" in this regard, while Japan had committed to about a tenth. On the other hand, emerging economies were found to be exceeding or meeting their fair share, with China and Brazil notably doing more than their fair share. Brandon Wu of ActionAid criticized rich countries for failing to bring emission cuts and financial contributions to the negotiating table. Tasneem Essop from WWF International proposed that Paris should establish systems that allow for actions to become more impactful over time through regular evaluations of science and fairness. Both major emitters, Beijing and Washington, have ambitious plans to address climate change. China aims to reach peak greenhouse gas emissions by 2030, while the United States plans to reduce emissions by 26-28 percent by 2025 compared to 2005 levels. However, according to the report released on Monday, if current trends continue, temperatures are projected to increase by 3 degrees C (5.4F) or more above pre-industrial levels by 2100, far exceeding the agreed maximum of 2C. | 4 |
According to James Cameron, a top carbon expert from Climate Change Capital in London, the world still has the resources and capability to address climate change, despite the financial crisis. He emphasized the importance of not using the current economic situation as an excuse to postpone policies aimed at combating global warming. Cameron pointed out that the recent mobilization of significant funds demonstrated the ability of nations to work together on a large scale to tackle urgent global issues. He warned that there is a risk of governments prioritizing short-term crises over long-term environmental concerns, but stressed that the same level of cooperation seen in addressing the financial crisis could be utilized to mobilize resources quickly and support market systems in the fight against climate change. He suggested that if governments collaborated with the same level of cooperation and urgency to address climate change as they did with the financial crisis, both issues could be tackled simultaneously. Concerns have been raised that the financial crisis has already utilized a significant amount of public capital, leading countries to hesitate in making commitments to combat climate change that could impact their economies and jobs. However, Cameron, a senior member of a leading investor in clean-energy projects, argued that focusing solely on short-term gains was unwise. He emphasized that investing in solutions for climate change, despite the economic costs, was crucial in the long run. Despite recent stock market declines, Cameron believed that there was still enough capital available to invest in addressing this issue. Climate Change Capital manages over $1.6 billion in funds and specializes in supporting companies and institutions impacted by policy and market reactions to climate change, as stated on the firm's website. | 4 |
The sixth annual report from PwC, a professional services firm, examined the efforts of major developed and emerging economies to decrease their carbon intensity, or emissions per unit of GDP. According to Jonathan Grant of PwC, there is a growing disparity between current achievements and necessary actions, with governments falling short of the 2 degree goal and instead on track for 3 degrees of warming. Nearly 200 countries reached an agreement at the United Nations climate talks to restrict the increase in global temperatures to under 2 degrees Celsius above pre-industrial levels in order to prevent extreme weather events caused by climate change. Currently, temperatures have already risen by approximately 0.85 degrees Celsius. To meet this goal, carbon intensity will need to be reduced by 6.2 percent annually, a substantial increase from the 1.2 percent rate seen from 2012 to 2013. Achieving this reduction would require significant changes in energy production on a scale even larger than recent shifts in some countries. France's transition to nuclear power in the 1980s resulted in a 4 percent reduction in emissions, while Britain's shift to gas in the 1990s led to a 3 percent cut. In 2012, the United States saw a 3.5 percent decrease in emissions due to the shale gas boom. PwC noted a glimmer of hope in the fact that emerging economies like China, India, and Mexico have been reducing their carbon intensity at a faster pace than industrialized countries such as the US, Japan, and the EU. These emerging nations, which are major manufacturing centers, have emissions 1.5 times larger than those of developed economies, and it is crucial for them to separate economic growth from carbon emissions. Australia had the highest rate of decarbonization for the second consecutive year, reducing its carbon intensity by 7.2 percent in 2013. Despite being a major coal producer with high emissions per capita, Australia's efforts to reduce emissions have slowed since the repeal of an emissions tax in July. Britain, Italy, and China all managed to reduce their carbon emissions by 4-5 percent, whereas France, the United States, India, Germany, and Brazil saw an increase in their carbon intensity. | 4 |
World leaders are addressing the UN climate conference in Copenhagen as it approaches its conclusion. The Danish hosts are trying to lower expectations for a comprehensive agreement, but some leaders remain hopeful. French President Nicolas Sarkozy stated, "People want to keep [the Kyoto protocol], okay, let's keep Kyoto." Let's come to a consensus on a broad political framework. We are running out of time, so let's put an end to empty talk. Failing in Copenhagen would have disastrous consequences for all of us. We need to step up our efforts in this conference or we will be on a path to disaster. We have less than 24 hours left. If we continue in this manner, it will result in failure. Our purpose here is not to hold a conference on global warming, but to make decisive choices. UK Prime Minister Gordon Brown stated that during these crucial days in Copenhagen, where our actions will have lasting consequences, we must not let narrow self-interest hinder efforts for human survival. US Secretary of State Hillary Clinton expressed concern about the lack of transparency from China, the second largest emitter of carbon emissions. We need to be willing to be open and transparent in whatever setting we decide is best. If there is no commitment to transparency, it is a dealbreaker for us. Israeli President Shimon Peres is asking neighboring countries, even those without diplomatic relations, to work together to save the region. Political differences should not prevent environmental cooperation because carbon molecules do not have a nationality. Rivers do not need visas, but they can carry pollution. People of various faiths, including Jews, Muslims, and Christians, hope for the Jordan River to remain pure and sacred. I, like the Bible's call to Adam, urge for the preservation and cultivation of our natural world. Iranian President Mahmoud Ahmadinejad expresses strong views on the reasons behind environmental destruction and has proposed solutions to address this issue. I am hopeful that those who are most responsible for damaging the environment will agree to international obligations and work with us to establish a fair framework. This involves reducing environmental destruction and supporting programs to mitigate its effects. It is important for all countries to have access to new technologies for clean and renewable energy sources such as wind, solar, sea tide, geothermal, and nuclear power. The Chinese Climate Change Ambassador, Yu Qingtai, emphasizes the significance of the Copenhagen conference and stresses that China is not interested in being part of blaming other countries for any failures. He believes that some countries are trying to shift blame for their own obstructive and uncooperative behavior during the process. INDIAN ENVIRONMENT MINISTER JAIRAM RAMESH believes that the main obstacle is some parties' desire to unilaterally abandon agreements, leading to a lack of trust and the start of a blame game. MICRONESIA PRESIDENT EMANUEL MORI appeals for help in saving his people and other small island nations, emphasizing the need to protect the planet for future generations. JAPANESE ENVIRONMENT MINISTER SAKIHITO OZAWA questions whether developing nations will accept a climate agreement without the participation of the US, China, and other countries. The current main issue lies within these nations. Venezuelan President Hugo Chavez has noticed slogans in the streets advocating for a change in the system rather than the climate, and he believes this sentiment should be adopted. Instead of altering the climate, the focus should be on transforming the system. As a result, we will start to protect the planet. Capitalism is a harmful system that is leading to the destruction of life. Another well-known saying is, "if the climate was a bank, you would have already saved it", and I believe this is accurate. If the climate were a large capitalist bank, the wealthy governments would have already intervened to save it. - MARCUS STEPHEN, PRESIDENT OF NUARU (SOUTH PACIFIC) Nuaru is a small island nation, covering just 21 sq km (8 sq miles). How much of our island should we sacrifice given that we are surrounded by the Pacific Ocean with rising sea levels and nowhere else to go? We must stop playing the blame game and take responsibility for the world and our children. - GEORGE PAPANDREOU, GREEK PRIME MINISTER We are present and accountable for the future of the world. Our voices today must turn this dream into a tangible reality, warned Australian Prime Minister Kevin Rudd. He expressed concern about prioritizing appearances over actual progress and inaction over taking proactive steps. Rudd emphasized the importance of collective action, stating that without cooperation, there is little hope for sustainable development as the planet may no longer be able to support it. I am concerned that at this conference, we are on the brink of failing all the children in the world. Each of us will be held accountable for our actions or inaction. South African President Jacob Zuma believes that the fate of the global population is at stake and urges us to come together to make critical decisions. We are facing a crisis that jeopardizes the survival of humanity. The most important thing is to prioritize the issue of reducing greenhouse gas emissions, rather than focusing on personal gain while others suffer. South Korean President Lee Myung-bak emphasizes the importance of making decisions that will impact not only ourselves but also future generations and the planet. In order to make a meaningful impact, we must take collective action instead of waiting for others to take the lead. It is important to shift our mindset from "you first" to "me first" in order to make progress. UGANDAN ENVIRONMENT MINISTER MARIA MUTAGAMBA expressed concern over the inability to follow normal procedures and the sidelining of certain parties in the negotiation process. Despite this, she remains hopeful for an agreement to be reached. NORWEGIAN PRIME MINISTER JENS STOLTENBERG emphasized the critical stage of the conference and called for all parties to take responsibility in reaching an agreement the following day. He stressed the importance of ambitious emissions targets and the principle of common but differentiated responsibilities, with wealthier nations bearing the main burden. All nations must play a part in addressing climate change. Norway is committed to reducing our greenhouse gas emissions by 30% by 2020 and aims to become carbon neutral by 2030 if a strong global climate agreement is reached. VANUATU PRIME MINISTER EDWARD NATAPEI expresses concern for the recent impact of a category two cyclone in Fiji, which has caused significant damage and forced thousands into emergency shelters. This is just a preview of what could escalate into a more severe situation if there is no ambitious climate agreement in place. | 4 |
The head of the UN climate panel is hopeful that the climate talks in Bali will conclude on Friday with a specific schedule for implementing cuts in greenhouse gas emissions to combat the threat of dangerous global warming. The ongoing talks involving 190 nations are focused on initiating discussions for a global agreement to address global warming, but have faced obstacles due to opposition from the United States, Japan, and Canada regarding setting numerical targets for emissions reductions. Rajendra Pachauri, who recently accepted the Nobel Peace Prize on behalf of his UN panel, emphasized the importance of reaching an agreement on emission reduction targets by 2020 and establishing a clear timeline for deciding on specific numbers. He suggested that reaching a consensus on a timetable could lead to the adoption of concrete targets for emissions reductions by wealthy nations, possibly within six months. Pachauri believes that explicitly mentioning emission reduction targets for 2020 would be a step in the right direction. The UN panel attributed global warming to human activity and warned of increased heatwaves, floods, droughts, and rising sea levels. They emphasized the need for significant reductions in greenhouse gas emissions by 2050 and suggested that specific targets should be established within the next six months. The Bali talks, taking place from Dec. 3-14, are focused on setting guidelines for formal negotiations on a successor to the Kyoto Protocol. The EU is pushing for a non-binding agreement at Bali to cut emissions by 25 to 40 percent below 1990 levels by 2020 for industrialized nations. The United States, Japan, and Canada are against providing any figures, as they believe it would influence the final decision. Pachauri, the chairman of the Intergovernmental Panel on Climate Change, declined to comment on the U.S.' opposition, expressing hope that the negotiations will resolve all disagreements. He stated that discussing targets of 25 to 40 percent reduction in emissions is a positive sign that they acknowledge the scientific evidence and the necessity of reducing greenhouse gases to prevent serious consequences of climate change. | 4 |
The 78-year-old pontiff delivered a message that America's power and wealth should be used to serve humanity during his speech to the Republican-led Congress in Washington. He emphasized the importance of not turning away from "the stranger in our midst" and called for a more equitable economy to help those trapped in poverty. Additionally, he advocated for an end to the death penalty worldwide and a greater effort against climate change. The pope, who was born in Argentina to an Italian immigrant family, also addressed conservative values and Catholic teachings on the family during his wide-ranging speech. With the accompaniment of organ music and a choir, the pope was warmly received by a crowd of 3,000 people at a cathedral for an evening prayer service. Francis is scheduled to speak at the United Nations General Assembly in New York on Friday and to lead an open-air Mass in Philadelphia on Sunday. During his address to the U.S. Congress, the pope's call for more compassionate immigration policies was met with applause from both Democrats and Republicans. The issue of immigration, particularly regarding illegal immigrants, has been a key focus in the upcoming presidential election, with Republican candidate Donald Trump proposing the deportation of all 11 million illegal immigrants, many of whom are from Latin America like the pope. Trump has also made controversial statements accusing Mexico of sending criminals across the border. Francis, addressing a problem that has caused the Republicans to lose support among Hispanic voters, emphasized that America should not be bothered by the influx of foreigners from south of the border who are seeking a better life. He encouraged people to see them as individuals, listen to their stories, and respond compassionately, justly, and fraternally to their situation. During his speech, Francis was accompanied by two prominent American Catholics: Republican House Speaker John Boehner and Democratic Vice President Joe Biden. Boehner, known to get emotional, openly wept during the speech while Francis spoke softly with a heavy accent. The United States has struggled with how to handle illegal immigrants for many years. Last year, Republicans in Congress stopped a bipartisan attempt to change immigration laws that would have given illegal immigrants a chance to become US citizens. In a Pew Research Center survey in May, 51 percent of 2,002 American adults believed that immigrants strengthen the country with their hard work and talents, while 41 percent thought they are a burden because they take jobs, housing, and healthcare. It remains uncertain whether the pope's speech will alter people's views on immigration. "It doesn't change my opinion," stated Michael Tipsword, a student at George Washington University and a Catholic. Tipsword stated that Francis' views on immigration are more about humanitarian concerns rather than political motivations. He described himself as a staunch conservative while watching the speech on a large screen in front of the US Capitol building, where many others were also gathered. Francis referenced historical American figures like Abraham Lincoln and Martin Luther King Jr., urging lawmakers to prioritize unity and the common good over bitter partisan disputes. Presidential candidates on both sides of the spectrum used the pope's words to support their own agendas, with Francis also highlighting the importance of protecting human life at all stages of development, including issues like abortion and euthanasia. He quickly shifted his focus to opposing the death penalty, emphasizing the value of every life and the potential for rehabilitation of criminals. He also condemned the global arms trade, fueled by blood money, and criticized the silence surrounding it. Addressing conservatives, he expressed disapproval of same-sex marriage and highlighted the importance of traditional family values. To demonstrate his commitment to helping the poor, Francis left the US Capitol in a humble black Fiat to have lunch with homeless individuals, stressing that there is no excuse for homelessness. | 4 |
According to the World Bank, cities have the potential to make a significant impact in the fight against global warming, as they can act more quickly and effectively than governments struggling to reach a UN climate agreement. Andrew Steer, the World Bank's special envoy for climate change, highlighted that the 10 largest cities in the world emit more greenhouse gases than Japan. He emphasized the need for reforms, such as changes to carbon markets, to help cities become more environmentally friendly. A World Bank study indicated that urban areas, which are home to just over half of the world's population and account for two-thirds of greenhouse gas emissions, could contribute to combating climate change by transitioning to greener transportation, clean energy, and improved waste recycling. Steer stated that cities are both a major contributor to climate change and a key potential solution to it. The text highlights the significant economic power of the world's 50 biggest cities, which have a combined gross domestic product second only to the United States and ahead of China. It also mentions Tokyo and New York as having economies larger than those of Canada or Turkey. The UN climate talks, which aim to reach consensus on measures to slow global warming, are facing challenges due to the diverse opinions of the 194 countries involved. For example, over 1,000 US mayors agreed in 2008 to cut greenhouse gases in line with the UN's Kyoto Protocol, despite the fact that the US government never ratified the accord. Many of the world's major cities, such as Tokyo, Shanghai, New York, and Buenos Aires, are located near bodies of water, making them vulnerable to floods and rising sea levels. The World Bank is pushing for changes to the UN market mechanism that currently supports individual projects in developing countries, like solar panels in Morocco or hydropower in Honduras. They argue that a broader, city-wide approach is needed to address infrastructure needs like flood barriers and hydrogen-powered buses. This proposed reform of the UN's Clean Development Mechanism would streamline the process for cities to receive funding for multiple projects, rather than having to seek approval for each individual initiative. The CDM currently allows companies to invest in green projects in developing nations and receive credits for reducing emissions. Steer also mentioned that the opinions of city residents regarding the best places to live were changing. In previous years, areas like the east side of London, which suffered from high levels of industrial air pollution, were inhabited by low-income individuals. However, in the future, it is predicted that low-lying regions prone to river floods or rising sea levels will become the new homes of the less fortunate. | 4 |
The UN climate agency is calling for a special summit to address climate change, but may opt for high-level ministerial talks if world leaders are not on board. Yvo de Boer, head of the UN Climate Change Secretariat, stated that UN Secretary-General Ban Ki-moon has agreed to send envoys to assess government willingness for a potential high-level meeting on global warming. De Boer mentioned that the Secretary-General is exploring options to support global efforts in combatting climate change, and envoys will investigate the possibility of a high-level meeting, possibly during the UN General Assembly in September. De Boer also noted that the meeting does not necessarily have to involve heads of state. "It might be at a different level, like involving foreign affairs or energy ministers," Ban said on March 1, warning that global warming is as serious a threat as war and calling on the United States to take a leading role in fighting climate change. Despite requests from UN environment agencies, Ban's spokeswoman stated that there were no immediate plans for a summit. De Boer clarified that this did not indicate a change in stance, but rather a consideration of a high-level meeting involving a wider range of stakeholders, including those in foreign affairs, energy, trade, economy, and transport. He stated that there is a need for a broader effort and more widespread support, regardless of whether leaders come together. Discussions on a global scale to combat climate change, which is largely attributed to the burning of fossil fuels, have come to a standstill. Reports from the UN this year indicate that human activities are very likely responsible for greenhouse gas emissions that are causing global warming, leading to potential consequences such as increased hunger, droughts, floods, heatwaves, glacier melting, and rising sea levels. De Boer emphasized the necessity of accelerating negotiations to expand the UN Kyoto Protocol, which currently mandates emissions reductions for 35 industrialized nations until 2012. The United States and Australia withdrew from the agreement in 2001 due to concerns about the high costs associated with compliance. Kyoto nations account for only around one-third of global carbon dioxide emissions, the primary greenhouse gas. Among the top four emitters, only Russia is obligated to a Kyoto target. De Boer suggested that a forthcoming meeting could complement, rather than replicate, a Group of Eight summit in June, where German Chancellor Angela Merkel aims to prioritize climate change. The G8 summit will include leaders from China, India, Brazil, Mexico, and South Africa, collectively representing the majority of global carbon dioxide emissions. De Boer pointed out that the G8 summit does not include certain groups, such as small island states at risk from sea level rise, the poorest nations in sub-Saharan Africa, and Australia. The next formal UN climate negotiations will take place in Bali, Indonesia, in December, where environment ministers will gather. | 4 |
An intelligence source reported that Ugandan police discovered an unexploded suicide vest and apprehended six individuals suspected of planning the bombings that killed 76 soccer fans. The attacks were carried out by Somali al Shabaab Islamists affiliated with al Qaeda at a restaurant and rugby club in Uganda's capital during the World Cup final. A senior U.S. official indicated that there were signs confirming al Shabaab's claim of responsibility, marking the first time the group had launched an attack outside of Somalia. President Barack Obama described the explosions as "tragic and ironic" due to their occurrence during the World Cup in South Africa. "In one scenario, there is a positive image of Africa progressing, unifying, modernizing, and creating opportunities," Obama stated in an interview with the South African Broadcasting Corp. "On the other hand, there is the disturbing vision of groups like al Qaeda and Al Shabaab focused on causing destruction and death." The U.S. government has been working closely with Uganda and other regional governments to assess whether Al Shabaab is planning further attacks, share intelligence, and determine appropriate actions, according to a senior official. Despite claims by an Al Shabaab official that there were no suicide bombers involved in the recent attack in Uganda, a Ugandan military intelligence source revealed that a warning had been received about a possible attack. However, the U.S. official stated that Washington had not been informed of any preemptive intelligence. An informant from the Kisenyi suburb of Kampala informed intelligence officials on June 17 that there were plans for an attack during the World Cup involving Somalis. The source mentioned that over 20 individuals, including Somalis and Ugandans, were involved in planning the attacks. The official stated that six people from the group have already been arrested. Al Shabaab has threatened further attacks unless Uganda and Burundi remove their peacekeepers from the African Union peacekeeping force in Somalia, where the militants are in conflict with the government and have control over significant portions of the country. Police reported that the suicide vest discovered at a third location on Monday was designed to be planted rather than worn. A man named Yonis, who is an assistant to al Shabaab spokesman Sheikh Ali Mohamud Rage, told Reuters that those who carried out the attack were blessed with rage and were expected to have a long life, indicating that it was not a suicide bombing. He also mentioned that al Shabaab has banned alcohol and watching soccer matches in areas under its control. Coordinated attacks are a common tactic used by al Qaeda and groups associated with Osama bin Laden's militant network. However, if Al Shabaab were to take their pursuit of power to an international level, it would be a first for the militants. U.S. Homeland Security Secretary Janet Napolitano stated that there is a growing concern about Al Shabaab expanding their influence across borders. The U.S. is focused on enhancing preparedness, prevention, and interception measures to thwart any potential terrorist attacks. Al Shabaab has been closely monitored by U.S. officials due to their connections with Al Qaeda in East Africa and the Arabian Peninsula. The official stated that the Kampala attack was consistent with threats to expand its targets, but did not directly address whether the group posed a specific threat to the United States. In an interview with the South African Broadcasting Corp, Obama mentioned that terrorist organizations do not value African life and use the continent as a battleground for their ideological conflicts, disregarding the consequences. The African Union confirmed that Uganda will still host a summit of African leaders despite the attack, and IGAD stated that they will continue to support the government in Somalia and increase peacekeepers in the country. Executive secretary Mahboud Maalim announced plans to bring additional troops to Somalia by the second week of August. Last week, members of IGAD including Kenya, Uganda, Sudan, Ethiopia, Somalia, and Djibouti expressed their desire for 20,000 troops from the AU and United Nations to be deployed in Somalia. Uganda's opposition Forum for Democratic Change party called on President Yoweri Museveni to withdraw his peacekeepers and stated that they would do the same if they won the 2011 elections. The party's spokesman, Wafula Oguttu, told Reuters that there is no peace to maintain in Somalia and that Uganda does not have any strategic interest in the country. Despite concerns that a sustained bombing campaign could harm Uganda's investment climate, analysts believe that a one-time attack would not dissuade major companies like Tullow Oil from investing in the region. Foreign investment in the third largest economy in East Africa has significantly increased due to oil exploration along the western border with the Democratic Republic of Congo. One American citizen was killed in the incident, while five others who were injured were evacuated to Johannesburg and Nairobi by the U.S. embassy in South Africa. The U.S. State Department has confirmed that an FBI team is currently in Kampala. | 4 |
Activists and left-wing leaders at a meeting in Bolivia's Cochabamba region concluded that big polluting countries need to aggressively reduce greenhouse gases and consider suggestions from smaller nations in order to combat global warming. They criticized the failed Copenhagen summit for excluding certain countries and environmental groups from active participation, and called for a more inclusive approach at the upcoming climate change meeting in Mexico. The Cochabamba summit proposed a more ambitious goal of cutting emissions by 50 percent, compared to the Copenhagen Accord's pledges of 7 to 16 percent reductions. Bolivian President Evo Morales emphasized the importance of listening to the people and making decisions that benefit everyone at the Mexico summit. Earlier in the summit, Morales caused controversy by stating that consuming chicken treated with hormones can lead to "sexual deviation" in men, and that European men experience hair loss due to their consumption of genetically modified food. The World People's Conference on Climate Change and the Rights of Mother Earth, which attracted around 20,000 environmentalists and representatives from 90 governments, took aim at capitalism, genetically modified food, and global warming. The event in the village of Tiquipaya featured participation from indigenous groups worldwide and included various activities such as concerts, theater performances, a handicrafts market, and artists creating murals. Countries such as Bolivia, Venezuela, Cuba, Nicaragua, Ecuador, Sudan, and Saudi Arabia, all part of a leftist group of Latin American nations, have strongly opposed the Copenhagen accord, with Morales stating that climate change disproportionately affects the southern hemisphere despite being created by the north. Canadian author Naomi Klein stated that if the simple fact of justice and decency is acknowledged, it would mean that southern countries are no longer dependent on aid. Klein, who is known for her activism against global warming, believes that the meeting in Cochabamba could strengthen alliances among nations already experiencing the impacts of climate change. She emphasized the importance of unity among developing countries and proposed the creation of an international tribunal to hold responsible parties for global warming, as well as a global referendum on climate change and a fund to assist nations affected by global warming. The resolutions are not mandatory, but participants at the summit have committed to rallying support for them before the United Nations summit on climate change in Cancun, Mexico in December. Alicia Barcena, the top UN representative at the meeting, acknowledged that grassroots groups were excluded from the Copenhagen summit and expressed doubts about the effectiveness of the Cancun summit. She suggested that the Rio+20 Earth Summit on Sustainable Development in Rio de Janeiro in 2012 should be the ultimate goal. | 4 |
The European Commission urged European Union states to fulfill their promises to increase aid to poor countries, emphasizing that failing to meet U.N. goals would have disastrous consequences for developing nations and global stability. While progress has been made towards the Millennium Development Goals, there are still significant challenges such as high child mortality rates, lack of access to clean water, limited education opportunities, and high levels of illiteracy among women. The Commission stressed the importance of increasing political and public support in order to achieve these goals by 2015. Meeting the targets for development aid is crucial in addressing issues like migration, security, and climate change. The European Union has asked each of its 27 member states to create financial plans that demonstrate yearly increases to meet their aid goals. In 2007, the EU was the largest aid donor globally, contributing over 46 billion euros, but this amount was down by about 1.7 billion euros from the previous year, which could have funded thousands of schools or hospitals. Aid and development Commissioner Louis Michel described this decrease as a "serious failure." The Commission emphasized the need for more effective aid by preventing duplication of efforts, supporting the use of biofuels in developing countries to combat poverty, and taking steps to address brain drain, particularly in the fields of health, education, and research. The Commission also noted that fundamental principles of aid effectiveness are not being followed, and they plan to propose improvements on a state-by-state basis. The Aid for Trade programme is requesting 2 billion euros ($3.15 billion) to be allocated by 2010 to help poorer countries take advantage of export opportunities, with a focus on African, Caribbean, and Pacific states. Commission President Jose Manuel Barroso emphasized the need for action over words in 2008, stating that credibility relies on delivering promises. A recent report by the Organisation for Economic Cooperation and Development noted a decrease in development aid from major donors, largely due to the completion of large debt relief packages. In 2000, 189 U.N. members agreed on goals to eradicate poverty, promote human and social development, and protect the environment. In 2005, EU leaders set goals for 2015 including reducing extreme poverty by half, providing primary education to all children, and enhancing health standards. Aid amounted to 0.38 percent of the EU's GNI in the previous year, slightly lower than the interim goal of 0.39 percent in 2006, which was met. The European Commission calculated that Official Development Assistance equated to 93 euros per EU resident, higher than the amounts in the United States (53 euros) and Japan (44 euros) per capita. | 4 |
However, the downside is that some Oscar voters have been expressing concerns about the lack of great films to choose from this year. Despite this, the variety of Oscar contenders this year is satisfyingly diverse, including big-budget blockbusters, small international dramas, and a comedy with Meryl Streep as the president. If voters are struggling to come up with 10 worthy films to nominate, it may be because they haven't explored all the options. While there are some clear front-runners for best picture, there are still a number of exciting films that could round out the list. In addition to predicting the top six best-picture contenders, there are also several other deserving films that should give voters plenty of choices. The question remains whether Steven Spielberg's "West Side Story" can replicate the success of the original and take home the best picture award at the Oscars. After receiving standing ovations this week, the film "West Side Story" has been moved to the top spot. Steven Spielberg's modern take on the classic story combines traditional grandeur with current themes, making it a strong contender for the Oscars. Following last year's smaller Academy Awards, a large-scale musical from Spielberg shown exclusively in theaters is exactly what the movie industry and the Oscars will support. On the other hand, "Belfast" is a modest film that runs for only 97 minutes and never tries too hard, which could potentially hinder its chances of winning the top spot at the Oscars. Kenneth Branagh's "Belfast" has received praise in the academy for its portrayal of an Irish family during the Troubles, but "West Side Story" has garnered more attention and recognition. While "Belfast" has achieved a respectable limited gross of $5 million, it has yet to attract the older art-house crowd that could turn it into a sleeper hit. Meanwhile, Jane Campion's "The Power of the Dog" has been well-received for its standout performances by Benedict Cumberbatch and Kirsten Dunst, positioning Campion as a potential Oscar contender for best director. However, the film may have a better chance at winning in the director category rather than for best picture. The film 'King Richard' tells the story of Richard Williams, the father of Venus and Serena Williams, with Will Smith expected to be a top contender for best actor. This usually leads to a best picture nomination, as seen in the past 10 years where the best actor winners came from films also nominated for best picture. However, only six of the last 10 best actress winners came from films nominated for best picture, indicating a need for more recognition of female-led films. Despite a weak opening weekend at the box office, 'King Richard' still has potential. On the other hand, 'Being the Ricardos', directed by Aaron Sorkin, received criticism for downplaying Nicole Kidman's performance as Lucille Ball in the trailer. However, once the film started screening for enthusiastic guild audiences, Kidman's unexpected transformation with her smoky voice brought her closer to a potential second Oscar win. The movie also boasts a strong supporting cast, including Javier Bardem as Desi Arnaz, as well as J.K. Simmons and Nina Arianda. With its release coming later this month, "Being the Ricardos" is expected to make a significant impact during awards season. On the other hand, the Academy has shown great appreciation for Adam McKay's previous issue-based comedies, "The Big Short" and "Vice." His upcoming satire, "Don't Look Up," features an even more star-studded cast, including Oscar favorites Streep, Leonardo DiCaprio, Jennifer Lawrence, Mark Rylance, and Jonah Hill. The film revolves around a comet threatening the end of the world, serving as a metaphor for the climate crisis, which has gained additional relevance during the current worldwide pandemic. In a crowded field of period-piece contenders, "Don't Look Up" and its bleak outlook on the future feels especially timely. These six actors are considered to be sure bets for awards recognition. What other films are still competing for the last four spots? It is beneficial to have a strong best-actor candidate leading your movie. "Cyrano" with Peter Dinklage, "Tick, Tick ... Boom!" with Andrew Garfield, and "The Tragedy of Macbeth" with Denzel Washington are expected to receive a major push. Additionally, Joaquin Phoenix's film "C'mon C'mon" should not be overlooked, despite being a tender drama about child-raising. It is hoped that voters will recognize the wonderful films contending for best actress and consider them for a best-picture nomination as well. The group of potential Oscar contenders includes Paul Thomas Anderson’s “Licorice Pizza,” featuring musician Alana Haim in her film acting debut, and Pedro Almodóvar’s “Parallel Mothers,” which earned Penélope Cruz the Volpi Cup for best actress at the Venice Film Festival. Renate Reinsve won best actress at Cannes for her role in “The Worst Person in the World,” while “The Lost Daughter,” directed by Maggie Gyllenhaal, received multiple awards at the Gotham Awards, including one for Olivia Colman’s lead performance. Kristen Stewart is a favorite for an Oscar win for her portrayal of Princess Diana in “Spencer,” but the film’s chances for best picture remain uncertain. The academy has added many international members in an effort to diversify its voting base, potentially benefiting Asghar Farhadi, whose new film “A Hero” could earn a best picture nomination. Paolo Sorrentino, an Oscar-vetted Italian director, may also be a contender in the best-director race with his coming-of-age film “The Hand of God.” I am interested in "CODA," the dramedy that follows the story of a hearing daughter in a deaf family. Despite being a hit at Sundance and later released on Apple TV+, it did not receive as much attention as expected. However, the film recently won two awards at the Gotham Awards, which may help boost its popularity. On the other hand, "Dune" is expected to be a strong contender in technical categories. The success of "West Side Story" may lessen the pressure to nominate "Dune" for best picture, but I still believe it has a good chance due to its quality and director Denis Villeneuve's efforts to fight against corporate decisions. And to be honest, the best-picture montage for this year will be much more visually appealing with the inclusion of giant sandworms. | 4 |
A draft report for European Union finance ministers suggests that poor countries will require around 100 billion euros ($142 billion) annually by 2020 to assist them in reducing emissions to combat climate change. The report, obtained by Reuters, outlines the EU's plans to have competitive tenders for funding from wealthier nations, where developing countries will present their most cost-effective projects for reducing carbon emissions. These documents highlight the EU's developing strategy leading up to the global climate talks in Copenhagen in December. Finance ministers will further refine the bloc's stance at a meeting scheduled for next Tuesday. The main focus in Copenhagen will be securing the necessary finances to encourage developing nations to lower emissions and provide additional support to help them adapt to a problem they attribute to wealthy, industrialized nations. Between half and two-thirds of the most cost-effective ways to reduce greenhouse gas emissions by 2020 or 2030 are located in developing countries, according to a report by the EU's Economic Policy Committee and the Economic and Financial Committee on funding needs. Environmentalists view this report as evidence that Europe's economic experts acknowledge the importance of assisting poorer nations in combating climate change. Greenpeace campaigner Joris den Blanken questions whether finance ministers will heed the advice of their own experts or dismiss the urgent needs of developing countries. Poor nations could partly cover the costs of reducing emissions through cuts in deforestation, as transitioning to cleaner energy sources would reduce their reliance on expensive fossil fuels. However, an additional 100 billion euros per year in investments will still be necessary by 2020, with the majority going towards cleaning up industry and energy sectors, halting deforestation, and reducing emissions from agriculture. The numbers may seem overwhelming at first glance, but when compared to the substantial subsidies for fossil fuels and agriculture in the developing and OECD countries, the figures appear more manageable. In addition to reducing their own emissions, poorer nations will require assistance in adapting to climate change, such as developing resilient crops, constructing levees, and finding alternative water sources. The report acknowledges the challenges in estimating the exact cost of adaptation due to uncertainties surrounding global warming's impact, but it suggests that developing countries may need 23-54 billion euros annually by 2030 for adaptation measures. | 4 |
Prime Minister Sheikh Hasina will aim to bring together countries most impacted by climate change to advocate for climate funds during the upcoming 64th session of the United Nations General Assembly and Climate Summit, according to an official. Foreign Secretary Mohamed Mizarul Quayes stated that Hasina will address climate change issues, engage in discussions with leaders of countries providing UN peacekeeping troops, and participate in other topics during her stay in the US from Sept 21 to Sep 29. Quayes, who will accompany the prime minister's delegation, mentioned that Hasina will attend a meeting on climate change on Sept 22, organized by UN secretary-general Ban Ki-Moon, where she will work towards uniting the most severely affected countries and resolving compensation claims for climate change, particularly seeking compensation for least developed countries as the chair of the LDC Group. Quayes stated that the outcome is reliant on the positions of other nations impacted by global warming. Bangladesh is at the forefront of countries feeling the effects of global warming due to human-generated carbon emissions and is requesting financial and technological aid for adaptation. Developing nations argue that they will be disproportionately affected by climate change despite having minimal responsibility, and wealthy nations must acknowledge their financial obligations. The UN and World Bank have called on affluent nations to assume their moral duties. US President Barack Obama and Sheikh Hasina are expected to participate in a side meeting with nine countries that contribute significantly to UN peacekeeping efforts globally. Bangladesh plays a significant role in peacekeeping missions, with approximately 10,000 personnel from the country involved in various missions worldwide. The United Nations has close to 115,000 troops, police, and civilians deployed in 16 peacekeeping missions across Africa, the Middle East, Cyprus, Kosovo, Western Sahara, and Haiti. However, these missions face challenges such as a lack of personnel and equipment, as well as shortages of helicopters and other essential assets. Foreign Minister Dipu Moni, who is currently in the US, will participate in a ministerial meeting before the general assembly. Moni recently met with World Bank vice president for the South Asia Region, Isabel Guerrero, in Washington DC to discuss the bank's regional plans. On September 17, Dipu Moni had a meeting with US secretary of state Hillary Clinton. Dipu Moni is planning to go back to Bangladesh in early October. | 4 |
Speaking at the One Planet Summit in Paris, the Prime Minister of Bangladesh announced plans to increase tree coverage in the country by two percent over the next five years. She urged developed nations to fulfill their commitments to climate justice and historical responsibility, emphasizing the importance of shared responsibility in securing the world's future. The summit, which took place at the Elysee Palace and included leaders from various levels of government and finance sectors, aimed to enhance global efforts in combating climate change. Despite being a developing nation, Bangladesh already invests over one percent of its GDP in climate change mitigation, as it is highly vulnerable to the impacts of climate change despite not being a major contributor to the issue. Despite our limited resources, we are taking action to address the impacts of climate change through both mitigation and adaptation efforts."
French President Emmanuel Macron welcomed Prime Minister Sheikh Hasina at the Elysse Place in Paris for the One Planet Summit. During her speech, the Bangladesh leader highlighted the challenges faced due to the Rohingya refugee influx from Myanmar, noting the impact on the environment and forests in Cox's Bazar where they have been given shelter. In this instance, dealing with climate adaptation has become a significant challenge. Stressing the importance of afforestation in combating environmental degradation, she mentioned a $50.76 million project aimed at preserving the Sundarbans, the world's largest mangrove forest. Additionally, efforts are being made to create green belts in coastal regions to protect against cyclones, tidal surges, erosion, and saline water intrusion. Approximately 67,000 hectares of land have been designated for afforestation in the area. Bangladesh is working to enhance the resilience of its agriculture to climate change, as well as reducing reliance on groundwater for urban water supply. Commending Macron's leadership on the issue, Hasina reaffirmed her commitment to upholding the 2015 Paris climate agreement. The prime minister remembered the introduction of the Global Pact for the Environment at the UN in September of this year. She expressed her belief that collaborative actions to improve resilience and adaptation would lead to peace, stability, prosperity, and the reduction of inequalities within societies. | 4 |
The G77 and China, a major influential group, left the negotiation at 3am BdST on Wednesday because developed countries refused to allocate funds separately for loss and damage. The US, Australia, and Canada were in favor of a separate mechanism for the issue. Quamrul Islam Chowdhury, a key negotiator from a developing country, explained that the G77 walked out because some parties were trying to simplify the issue into disaster risk reduction. Dr Ainun Nishat provided an update on the negotiation, stating that there were serious differences among the parties regarding the institutional mechanism. The G77 and China wanted it to be an independent work stream reporting to COP, while some developed countries preferred it to be under the adaptation commitment. Developed countries were also opposed to providing financial support for the loss and damage mechanism. The Bangladesh delegation expressed their belief that the ultimate goal of the negotiation was to reach a clear global understanding on actions for mitigation and adaptation, along with loss and damage, technology development, transfer, and capacity building for a legally binding agreement in Paris in 2015. They had hoped to agree on an institutional mechanism for loss and damage during COP 19, but some parties wanted to integrate it into the adaptation mechanism. The statement was read by Secretary for the ministry of environment and forests Shafiqur Rahman in a press conference, where Ainun Nushat, Dr Asaduzzaman, and Md Quamrul Islam Chowdhury also spoke. | 4 |
Cameron is eager to launch strikes against Islamic State in Syria as soon as possible because he believes Britain cannot rely on other countries for security. However, his efforts to gain approval in the House of Commons have caused further division within the Labour Party. Corbyn accused Cameron of rushing into war and urged Labour lawmakers to reconsider their support for the government's military efforts in Syria. Despite the opposition, Cameron's cabinet has agreed on a motion to extend air strikes to Syria, in addition to Iraq, where British warplanes have been targeting since last year. The debate in parliament is expected to be thorough and last 10-1/2 hours. When asked about the likelihood of obtaining a majority, he responded, "Let's wait and see." Cameron is almost certain to secure parliamentary approval following Corbyn's decision to allow his members of parliament to vote based on their own beliefs, rather than being directed by party leaders. Reports suggest that approximately 50 Labour MPs will support the government, despite their leader's efforts to change their minds. Corbyn believes that Cameron's argument does not align with his party's principles, and he is urging MPs to independently consider the decision to involve British troops in another Middle East conflict without a clear end goal. Many Britons are hesitant to engage in expensive military operations in the Middle East due to previous failures in Iraq, Libya, and Afghanistan. The British finance minister estimated that extending air strikes into Syria would cost "low tens of millions of pounds". However, following the Paris attacks attributed to Islamic State, some members of parliament who were previously against the air strikes now see them as necessary for protecting Britain from similar attacks. Defence Secretary Michael Fallon emphasized the "urgent need" for Britain to launch air strikes against Islamic State in Syria for the country's security. | 4 |
In a letter to the International Monetary Fund Executive Board that was made public on Thursday, attorney Lanny Breuer from Covington & Burling raised concerns about potential errors in the investigation report conducted by WilmerHale. WilmerHale was hired by the World Bank's board to look into data irregularities in the "Doing Business" rankings of country business climates. The report accused Georgieva, who was World Bank CEO in 2017, of exerting undue pressure on staff to manipulate data to benefit China's ranking while the bank was seeking support from Beijing for a capital increase. Georgieva has denied these claims. Breuer, who previously worked for the US Justice Department and was a special counsel to former President Bill Clinton during his impeachment trial in 1999, has made these new allegations as Georgieva seeks support from the IMF board. The board has interviewed both Georgieva and WilmerHale and will continue deliberations on the matter on Friday. France has announced its intention to support Georgieva at the board meeting, according to a source from the French Finance Ministry. Georgieva denied the accusations of pressuring staff to manipulate data and stated that her statements were taken out of context by WilmerHale. She released a detailed statement to the board on Thursday. Georgieva's attorney, Breuer, mentioned that she has not been notified of being under investigation or given a chance to review and respond to the findings, as outlined in Staff Rule 3.00 which governs the World Bank Office of Ethics and Business Conduct procedures. The WilmerHale report stated that their investigation initially focused on board officials in accordance with the Code of Conduct for Board Officials, which is different from the staff rule mentioned by Breuer. The firm emphasized that they followed all World Bank rules during the investigation and informed Dr. Georgieva that the report would be presented to the World Bank Board, with the possibility of disclosure of any information she provided. According to an email from WilmerHale to Georgieva in July, the firm was conducting a review into irregularities in Doing Business data and staff misconduct under World Bank Staff Rule 3.00. As the World Bank CEO in 2017, Georgieva was considered a member of staff rather than a board official. The email sent to Georgieva requested her to speak with investigators because they believed she may have helpful information for their review, stating that she was not a subject of their investigation. The World Bank's General Counsel's office confirmed that the investigation into the Doing Business 2018 and 2020 reports followed all World Bank rules. | 4 |
The presidents of France and Brazil called for increased aid from wealthier countries to help developing nations combat global warming, in order to achieve a climate agreement in Copenhagen. Brazilian President Luiz Inacio Lula da Silva emphasized the need for support for poor countries to address climate change and meet their targets, while also maintaining their sovereignty. Brazil has established an investment fund for conservation in the Amazon rainforest, with no influence from donor countries. Norway has given the most donations up to now. Progress in resolving how wealthy nations can assist poorer nations in combating global warming has been minimal. French President Nicolas Sarkozy emphasized the importance of financial assistance from developed countries to developing countries at the Copenhagen conference. He stressed the urgency of this support. Sarkozy expressed approval of the emissions reduction target set by Washington for 2020. The European Union estimates it will cost around $100 billion annually to assist developing nations in combatting global warming. Developing countries argue that wealthy nations should contribute between 0.5 percent and 1 percent of their GDP. Brazil has committed to reducing its greenhouse gas emissions by up to 38.9 percent by 2020 and is seeking a larger role in climate negotiations. However, only one other South American president, Bharrat Jagdeo of Guyana, participated in the Manaus summit alongside Brazil. | 4 |
European Union leaders have reached an agreement on a proposal to present at the upcoming global climate talks in Copenhagen in December. They have resolved a disagreement on how to divide the costs, with developing countries requiring 100 billion euros by 2020 to combat climate change. A portion of this amount, estimated to be between 22-50 billion euros, will come from the public funds of wealthy nations, including the EU. The EU is expected to contribute between 20-30 percent of this amount, a development hailed as a major breakthrough by British Prime Minister Gordon Brown. East European countries expressed that the summit successfully resolved a disagreement on how to divide the EU's bill in a manner that would not negatively impact their economies as they strive to recover from crisis. The Polish minister for Europe, Mikolaj Dowgielewicz, viewed this as a victory for Poland and emphasized the desire for rapid development, rather than remaining stagnant as a cultural relic of eastern Europe. Despite this progress, leaders did not reach a definitive agreement on how to allocate the bill and delegated this task to a new working group. Polish Prime Minister Donald Tusk expressed his preference for the burden-sharing mechanism to be ready now, but acknowledged that it was too challenging. The two-day summit secured a negotiating mandate for the Copenhagen talks to find a successor to the expiring Kyoto Protocol, with success likely dependent on financial support. Developing countries insist on adequate funds from wealthy nations, who bear most responsibility for environmental damage, to address climate change. These funds could be used for agricultural adaptation or water source diversification in drought-prone areas. The plans for "fast start" financing for developing nations in the three years before a new climate deal takes effect were put on hold by European leaders. Oxfam criticized Europe's proposal as insufficient and lacking guarantees that the money would not be taken from existing aid commitments. Elise Ford from Oxfam warned that if rich countries use aid budgets to pay their climate debt, it could set back the fight against poverty. The opposition from east European countries decreased after Sweden, which led the talks, brought up the issue of "hot air" - the 17 billion euros worth of carbon permits held by eastern Europe. These countries, along with Russia and Ukraine, have spare permits for about 9 billion tonnes of carbon emissions due to their economies collapsing after the end of communist rule. The extra permits, called AAUs, can be sold to major polluters like Japan for around 10 euros per ton. Eastern European nations are in favor of continuing to sell AAUs in the new agreement that will replace Kyoto. However, some countries like Germany believe that this undermines the agreement's integrity and want to eliminate them because they reduce the urgency to take action to reduce greenhouse gas emissions. Sweden secured support from eastern Europe for the overall agreement by agreeing to postpone any significant action on AAUs, according to an EU diplomat. The agreement also includes commitments to reduce domestic emissions, with a promise to increase cuts to 30 percent below 1990 levels by 2020 if other countries do the same. | 4 |
Hainan, known as "China's Hawaii", is on track to become a top tourist destination in Asia after recovering from an economic downturn. The construction of the Haikou Master hotel and serviced apartments, the tallest building in the province, is a sign of the island's efforts to bounce back from a property bubble in the early 1990s. Sales of luxury flats in the complex are doing well, signaling a promising future for the island. Almost all of the 16 million square meters (172.2 million square feet) of unfinished construction from the economic crash has been either completed or demolished, and investors are now returning to Hainan. The previous unrestricted development approach has been replaced with a strong focus on transforming the tropical island in southwest China into a tourist destination comparable to Thailand's beach resorts. Numerous top resorts are opening, and plans are underway to expand visa exemptions, establish duty-free shops, enhance infrastructure, construct airports, increase air connections, and promote foreign language education. Vice governor Chen Cheng stated that tourism is the most distinctive, promising, and competitive industry in Hainan, unveiling a strategic development plan last month. Ian Zheng, Managing Director of the Pacific Alliance Asia Opportunity Fund, expressed that he finds the investment in the group that owns Hainan's main airports and a Beijing property firm working in Hainan very appealing. He believes there are minimal risks involved. The potential for growth in the Chinese market is a major attraction for resorts on the island, as the increasing number of domestic tourists could help support the industry. Peter Pedersen, the general manager of Banyan Tree Sanya, mentioned estimates suggesting that there could be 450 million middle class Chinese in the next 10 years, which further highlights the appeal of investing in Hainan's tourism industry. "I believe that Sanya has a lot of potential." Recently, the Ritz-Carlton and Banyan Tree opened resorts in Sanya, where the island's top beach resort is located. The Mandarin Oriental is also set to open later this year, signifying a significant transformation for Hainan. Previously known in China for budget package tours, Sanya is now becoming recognized as a premier tropical destination in Asia and the only tropical island in China. Pedersen shared this perspective with Reuters. "It is increasingly in demand by both the local market and international tourists. It is considered a perfect location," he said while standing on top of one of the resort's private pool villas, which are priced at around 5,000 yuan per night. Hainan, which became the country's youngest and most economically free province in 1988, has been a test tube for development. Its economy boomed to the point where officials even attempted to sell the city's main park to developers. While other coastal provinces flourished, Hainan struggled. Now, Hainan appears to be on the path to success, but analysts and investors warn that imbalances and conflicts could disrupt the island's recovery. In Haikou, the capital city, around 60 percent of new apartments are being purchased as second homes by individuals who are not from Hainan, a situation that Mayor Xu Tangxian acknowledges. Xu mentioned in an interview that there are areas where all the homes have been sold, but remain unoccupied at night. Despite the fact that most visitors to Hainan are from mainland China, with 18 million tourists last year compared to just 750,000 from overseas, the government is making efforts to attract wealthy foreigners in order to enhance the island's reputation and economy. The objective, as stated by Zhang Qi, the head of the provincial tourism bureau, is to attract 20 renowned international hotel management groups within five years and increase the number of five-star, internationally recognized resorts to 60 or more. As developers eagerly anticipate the tourism growth, stories of typical misconduct are starting to surface. In the rural township of Longqiao, located about a 40-minute drive from Haikou, the red earth is being plowed in large sections on the low hills, resembling fairways for a golf course. Residents claim that government officials persuaded them to sell their land for the construction of a golf course. In early April, anger erupted among the locals when rumors spread that the government had sold the land to the golf course developer for a much higher price than what they were compensated. This led to a violent outburst where an enraged crowd overturned a police car. Subsequently, police reportedly used tear gas to disperse a gathering at a nearby schoolyard. In the southern town of Sanya, some people believe that bottlenecks and corruption are beginning to have a negative impact. A Western investor mentioned difficulties in starting a project due to excessive corruption. Despite these challenges, there is still strong optimism about the potential of Hainan's natural tourism industry. It is believed that the issues in Sanya are just the beginning. Banyan Tree Sanya's Pedersen mentioned that Hainan Island is quite large, with beaches extending almost all the way to the capital city of Haikou. The island has a diameter of 350 km, and there are endless possibilities for exploration. | 4 |
According to a report by former World Bank chief economist Nicholas Stern, India is predicted to be severely affected by climate change, leading to poor agricultural output, more natural disasters, and increased fatalities from diseases. Stern warned that unchecked greenhouse gas emissions could result in a global temperature increase of 2-3 degrees centrigrade within the next 50 years. He also highlighted the potential impact on India's economy due to changes in the annual monsoon rains, which are crucial for crop production in the country. Stern mentioned the possibility of varying starting dates for the monsoon, more intense rainfall, and prolonged periods of drought. "It is probable that there will be disruptions," he stated. "It is evident that India will experience similar impacts as the rest of the world, possibly even more severe." Experts predict that a temperature increase of 2 to 3.5 degrees Celsius could result in India losing between nine to 25 percent of its agricultural revenue. Agriculture accounts for approximately 22 percent of India's GDP. Stern also mentioned that rising temperatures could lead to the spread of vector-borne diseases such as malaria and dengue fever to higher altitude areas that were previously mosquito-free. The head of Britain's Economic Service stated that the melting of Himalayan glaciers could lead to an increase in deaths, lower productivity, and serious floods in neighbouring Bangladesh due to rising sea levels. This could result in mass migration across the border into India, with the flow of water from the glaciers being reduced during India's dry season and causing significant consequences. Experts warn that the melting glaciers will impact one-sixth of the world's population in the Indian subcontinent, as the Ganga river relies on the Himalayan glaciers for 70 percent of its summer water flow and supports over 500 million people. Stern stated that India was making advancements in addressing emissions and investing in clean development mechanisms. He emphasized that climate change is unfair, with wealthy nations bearing the responsibility for 75 percent of greenhouse gases while poorer nations will suffer the most. He stressed that all countries should be involved in addressing climate change, but it is only fair for rich nations to bear the majority of the costs. | 4 |
British charity Oxfam has emphasized the need for quick action at the upcoming UN climate talks in Cancún, México. Oxfam highlighted the increase in weather-related disasters, record temperatures, flooding, and rising sea levels in 2010 as reasons for negotiators to come to a resolution. According to Oxfam's report, around 21,000 people died from weather-related disasters in the first nine months of 2010, more than double the casualties in 2009. The report's author, Tim Gore, stated that the human impacts of climate change in 2010 underscore the urgency for progress at the talks in Cancun. The statement from Oxfam also called for a fair Climate Fund to ensure that the most vulnerable parties receive the necessary funding. The organization emphasized the important role of women in helping communities adapt to climate change and suggested prioritizing them in fund distribution. Oxfam recommended that countries find new ways to raise funds, such as taxing unregulated international aviation and shipping emissions and implementing a tax on financial transactions at banks. The organization noted that quicker action would reduce the cost of addressing climate change and cited estimates suggesting that every dollar spent on adaptation could prevent $60 worth of destruction. Gore acknowledged that the outcomes of the Cancun conference may not fully meet the requirements of a comprehensive global response to climate change. It is capable of producing results that will positively impact individuals living in poverty. One significant accomplishment would be the establishment of a just climate fund, as this would also contribute to rebuilding trust and getting the negotiations back on course. | 4 |
"We are not getting any of our demands met. They are trying to obstruct everything. However, we will persist in pushing them to commit until the very end," stated the Bangladeshi scientist during an interview with bdnews24.com from Glasgow as the COP26 summit negotiations were coming to a close. Huq, who is the director of the International Centre for Climate Change and Development in Dhaka, has been present at all 26 COP meetings since the first one in Berlin in 1995. The promised emissions reductions by the major climate polluters would result in a concerning 2.7-degree Celsius increase in global temperatures, significantly surpassing the more ambitious 1.5C target of the Paris agreement as supported by scientists. Wealthy nations had pledged to provide $100 billion annually from 2020 to support poorer countries in clean growth and climate adaptation, but now they are delaying this commitment until 2023. Despite efforts to increase funding and strengthen emission reduction targets in a new draft agreement released in Glasgow, many contentious issues remain unresolved, including disagreements over funding, emission reduction timelines, and the inclusion of "fossil fuels" in the agreement. These differences highlight the challenges in reaching a comprehensive agreement at the United Nations climate talks. According to scientific consensus, it is necessary for the world to reduce greenhouse gas emissions by almost half by 2030 to prevent the worst effects of global warming. However, current targets set by countries would result in an increase in emissions. Professor Huq expressed determination to continue working towards an agreement on these issues, stating that the fight is not over and they will not give up. The United States and China announced a partnership to increase collaboration in addressing climate change, which includes reducing methane emissions, ending coal consumption, and preserving forests. A recent agreement between China and the US on climate change marks a return to a previous era when the two largest carbon emitters came together to shape the 2015 Paris Agreement. However, simply reaching this agreement will not be sufficient to address the worsening climate crisis. Both countries must now follow through with concrete actions to reduce fossil fuel emissions and encourage other nations to do the same at the COP26 talks in Glasgow. Professor Huq expressed appreciation for the agreement but noted that there are still unanswered questions. He emphasized the importance of collaboration between China and the US, as both are major contributors to pollution. The announcement lacks specific information, leaving uncertainty about what actually occurred. Delegates and negotiators from Bangladesh, a country highly susceptible to climate impacts, shared their perspectives privately and publicly during the talks. The main focus is on negotiation and determining what can be accomplished from various governments. Obtaining concessions from wealthy nations is challenging, as they are reluctant to give easily. The situation is likened to a war. | 4 |
Australia's heavy dependence on coal-fired power has led to it being one of the world's top carbon emitters per capita. Despite this, the conservative government continues to support the fossil fuel industry, with the new deputy PM casting doubt on the country's ambition to achieve net-zero emissions by 2050. The government argues that taking stronger action on emissions would result in job losses, emphasizing the importance of coal and other fossil fuels to the economy. However, there are calls for a more open and rational discussion about what is truly in Australia's best interests. The UN has urged OECD countries, including Australia, to phase out coal by 2030, but a recent meeting of G20 energy and environment ministers failed to reach an agreement on phasing out coal by 2025. Some experts believe that progress could be made at the UN climate talks in Glasgow in November, despite Prime Minister Scott Morrison's reluctance to commit to a timeline for achieving net-zero carbon emissions in Australia. While most developed countries have pledged to reach net-zero emissions by 2050, Morrison has indicated that Australia will update its 2030 emissions projections ahead of the Glasgow talks. Hart suggested that the Australian government should take advantage of this opportunity to transition to renewable energy sources. He stated that if coal is not quickly eliminated from the world, the Australian economy will suffer greatly due to climate change, affecting industries such as agriculture, tourism, and the services sector. | 4 |
The Constitutional Court voided the election last Friday, and the chairman of the Election Commission stated that it would take months before a new vote could be organized. This leaves Yingluck leading a weakened caretaker government with limited authority. The ongoing crisis is part of a long-standing conflict between Bangkok's middle class and royalist establishment against Yingluck and her brother Thaksin Shinawatra, who was removed from power by the army in 2006 and now lives in Dubai to avoid imprisonment. Despite initially showing restraint, Thaksin's supporters known as the "red shirts" are becoming more vocal under new aggressive leaders, with plans for a major gathering on April 5. Jatuporn Prompan, chairman of the "red-shirts" United Front for Democracy Against Dictatorship, informed supporters that the destination for their upcoming activities, whether it be Bangkok or elsewhere, will be revealed at a later time. Jatuporn, who played a key role in organizing a "red-shirts" uprising against a previous government that resulted in a violent military crackdown in May 2010, is still facing terrorism charges from that time. The recent political crisis has led to 23 deaths and over 700 injuries since November. Speaking to a crowd of around 10,000 individuals in Pattaya, located to the southeast of Bangkok, Nisit Sintuprai issued a warning to Suthep Thaugsuban, the former opposition leader behind the protests against Yingluck that began in November. Sintuprai emphasized that the majority of the country is in favor of democracy and elections, rejecting the idea of a prime minister appointed by Suthep's supporters. The People's Democratic Reform Committee (PDRC) led by Suthep is pushing for electoral reforms to reduce the influence of Thaksin and his strong support base among rural residents in the northern and northeastern regions. Political parties associated with Thaksin have consistently won elections since 2001, and it is widely believed that Yingluck's Puea Thai Party would come out victorious in any election conducted under the current system. There is a possibility of impeachment looming for Prime Minister Yingluck as Suthep's supporters disrupted the election on February 2, leading to voting being prevented in 28 constituencies. The Constitutional Court has ruled that the ballot was illegal due to voting being required to be held on the same day across the country. The Election Commission will convene on Monday to determine the next steps, with reluctance to hold the February election due to political tensions. There may be a push for dialogue between opposing sides before setting a new polling date. Yingluck's caretaker government faces challenges, with the immediate threat being impeachment over alleged negligence in a failed rice-buying scheme. This plan helped increase Yingluck's popularity in the 2011 election, but this year, many farmers, who are typically strong supporters of Thaksin, have protested in Bangkok because they have not received payment for their rice. Yingluck is facing a defense before an anti-corruption commission by March 31, and a decision on her impeachment could follow shortly after. If impeached, she may be removed from office by the Senate, which is expected to have an anti-Thaksin majority following an election for half of its members on March 30. Some experts believe the Senate may then appoint a "neutral" prime minister, likely an establishment figure as requested by anti-government protesters. Kan Yuenyong, an analyst at the Siam Intelligence Unit, stated that independent agencies seem determined to remove Yingluck and her cabinet to create a power vacuum, delay elections, and appoint a prime minister of their choosing. He warned that if the government goes ahead with their plan, their supporters will retaliate, leading to a much worse second half of the year compared to the first half. Violence can have a negative impact on the economy. Despite a decrease in the number of protesters and relative calm on the streets, the government lifted a state of emergency on March 19. However, there were still incidents of violence, such as grenades exploding near a judge's home and a car bomb near a protest camp in Bangkok. In Chiang Mai province, explosive devices went off in three incidents, causing serious injuries. One of the targets was Boon Rawd Brewery, known for making Singha beer. A family member who is involved in PDRC rallies owns it. Consumer confidence is currently very low, leading the central bank to reduce its economic growth forecast for 2014 from 3 percent to 2.7 percent. Before the protests began in October last year, the forecast was 4.8 percent. The stock market did not react significantly to Friday's court decision. Some stock analysts view the cancellation of the election as a positive development, as they believe it will encourage political opponents to engage in negotiations. Standard and Poor's, a rating agency, had a contrasting opinion. Agost Benard, the associate director of sovereign ratings, stated that the Thai court's decision is likely to prolong and potentially heighten political risks in Thailand, hindering any immediate resolution to the country's political divide. | 4 |
Farhad Saffi is feeling dismayed as he looks out over his Milli Boot Factory in Kabul, where machinery that once produced thousands of boots for police and army personnel now sits idle and covered in plastic. Saffi is worried that this marks the end of a dream for Afghanistan. The factory, which was a symbol of local manufacturing and provided jobs for many, is now facing closure due to a decision by the US to shift procurement to the Afghan government, who opted for cheaper boots from China and Pakistan. This sudden change has left Saffi with a significant amount of unused raw materials and a sense of betrayal by the government. When the plant opened, Afghan and US generals were eager to take photos alongside a local success story in huge white sheds that were once used for PVC piping machinery but now house advanced German injection molding and boot-making equipment. In 2010, US Navy Rear Admiral Kathleen Dussault visited to present Saffi, a 23-year-old, with a quality certificate allowing the plant to supply high-quality boots to the Afghan National Security Forces under contracts valued at up to $40 million annually. Saffi's leather boots, which underwent rigorous quality testing in the United States, were sold for $62 a pair, compared to Chinese-made boots with imitation leather costing the Afghan government $22 per pair in a contract for up to 700,000 pairs per year. Despite being asked by the Afghan government to sell his boots for $15 a pair, Saffi explained that the cost of the leather alone was $40, emphasizing that the government prioritized low prices over quality. The inexpensive Chinese boots, made of fake leather, tend to fall apart quickly. From 2002 until the end of 2011, the US government spent $85.5 billion on reconstruction in Afghanistan, with an additional $57 billion in international aid flowing into the country. NATO-led forces, responsible for purchasing for the Afghan security forces during the decade-long war, have followed "Afghan First" rules since 2010, prioritizing purchases from local companies to stimulate the economy, create jobs, and support anti-insurgent efforts. These contracts, which included items such as uniforms, boots, textiles, furniture, tents, software, and transformers, resulted in the creation of 15,000 jobs and saved $650 million on combat-related imports. Despite these savings, this amount is still a small fraction of the $200 million spent on the war each day. The Afghan First Policy aims to prevent individuals from joining the Afghan Taliban by providing them with better job opportunities and incomes. This is particularly important as the withdrawal of most NATO combat troops in 2014 has left many unemployed workers considering joining the Taliban for the $10-a-day payment. Some of the 700 workers laid off from Saffi's factory are now contemplating this option as they see no other future without the factory reopening. "We have families to support," stated Ares Khan, age 23, as he packed some of the final boots being produced by Milli unless there is a change of heart from the government. Workers at the factory were earning between $400 and $900 per month, which was significantly higher than the average wage in a country where nearly a third of the 30 million population live below the poverty line. However, many business owners and workers are concerned that security will deteriorate as Western countries leave, taking job opportunities and investment funds with them to safer locations, as Afghanistan's wealthy elite have been doing for years. Khan's friend, Khair Mohammad, who moved to Kabul from Ghazni province where NATO forces are currently involved in one of the last major offensives of the war, also believes there is no future outside of the insurgency if the Afghan government stops providing job opportunities. "There are sixteen people in my family and I am the only breadwinner." Mohammad stated that when he returns to Ghazni, he will need to join the Taliban due to the high cost of living in Afghanistan. The decision to allocate a significant portion of procurement to Afghan authorities was made in March as part of the transition to Afghan security and control, according to US Navy Lieutenant Aaron Kakiel. Kakiel mentioned that Afghan companies have provided a variety of products and services for the country's security forces, including boots, uniforms, sleeping bags, construction, and IT services, as the forces are expected to reach 352,000 in number. Milli is not the only company facing challenges with the shift to local procurement, as other suppliers of uniforms and equipment are also concerned about their contracts ending or losing business to foreign competitors. Another company executive, who preferred to remain anonymous due to fears of backlash from Afghan military buyers, revealed that his company has invested millions but now faces uncertainty as their contracts are up for renewal. The executive expressed uncertainty about whether the government will continue to contract with them or choose other companies from different countries. Lieutenant-General Abdul Basir Asafzari, in charge of logistics and procurement at the Ministry of Defence, stated that his company had imported materials from the US for products manufactured in Kabul, which would be rendered useless without contract agreements. He expressed the need to lay off employees if contracts were not secured. Currently, only 30 percent of the supplies are sourced from Afghan companies, as President Hamid Karzai has directed the military to prioritize local firms. Asafzari explained that Milli had its contracts terminated due to importing substandard boots from China and other countries, then rebranding them. He emphasized that the Milli boot company failed to fulfill its obligations. Asafzari mentioned that some soldiers had complaints about the quality of the boots. However, Mohammad Akbar Ahmadzai from the NGO Building Markets, which supports entrepreneurs in developing countries to create jobs and investments, stated that Milli's boots were genuine and passed US quality tests. Other business experts, who preferred to remain anonymous, suggested that Milli and other companies may have faced challenges due to bribery and favoritism in Afghanistan, with more well-connected competitors trying to eliminate them. Kakiel from NATO added that Milli and others might have also misunderstood the contract terms, which only guaranteed one year of sales. In 2011, US agencies contracted over $4 billion to Afghan companies out of a total of $17.3 billion through the NATO-led International Security Assistance Force in Afghanistan. More than 90 percent of the money was spent on products purchased from Afghan sellers (49 percent), construction (28 percent), support services (11 percent), and transportation (6 percent). However, an audit conducted by the US government's Special Inspector General for Afghanistan Reconstruction (SIGAR) in January revealed that the Afghan First Initiative (AFI) had faced challenges such as insufficient contract solicitation and vetting, as well as limited data on claimed employment benefits. Saffi, who fled Afghanistan during Taliban rule and returned in 2002 to find everything destroyed, expressed doubt in both the US government and the future promised by Karzai due to his experiences. He stated, "We tried to do a good job here in this factory, but right now this has happened. The only judgment we can make is that my company and the country are going the same way." He stated that many individuals in Kabul's business community were feeling anxious due to the uncertain investment environment and worsening security situation. This feeling was further intensified by a bold Taliban attack on the city center and neighboring provinces in mid-April. Saffi mentioned that he had to hire 30 personal bodyguards to ensure the safety of his children while they attend school, as well as having police snipers stationed on the roof of his home. He compared the situation of his struggling company to the state of the country, with himself as the president of his company and Karzai as the president of the country. As he struggles to manage his company and sees his employees leaving, he sees parallels with the challenges faced by the country. The country will experience the same fate. The president needs to effectively govern his nation. | 4 |
Pressure is mounting on the United States to join other wealthy nations in setting a 2020 goal for reducing greenhouse gases in order to salvage the upcoming climate deal in Copenhagen. Danish officials emphasized the importance of the United States not arriving at the negotiations empty-handed. African countries are also demanding that rich nations increase their emissions-cutting targets. The head of the UN Climate Change Secretariat stressed the necessity of a clear target from the United States for the Copenhagen summit. President Barack Obama, while addressing reporters at the White House, emphasized the importance of a particular element in the puzzle. He expressed optimism for a significant agreement to be reached in Copenhagen, but also acknowledged that it may not address all issues related to the matter. Obama highlighted the need for progress and the foundation it would lay for future advancements. Currently, the United States has not provided a specific target for reducing emissions by 2020, in contrast to the European Union and other developed nations who have set goals for emission reduction. Democrats in the US Senate plan to move forward with legislation in a key committee, despite a boycott by minority Republicans. The proposed legislation aims to reduce US carbon dioxide emissions by 20 percent from 2005 levels. However, even if the bill is approved by the Senate Environment and Public Works Committee, it is uncertain whether it will be passed by the full Senate this year. Delegates at the Barcelona climate talks expressed concern about the urgency of reaching an agreement on emissions reductions between wealthy and developing nations, as well as finding funding to support developing countries in addressing climate change. The issue of forests also poses a challenge to the ongoing negotiations. Prime Minister Vladimir Putin stated that Moscow will demand that the capacity of Russia's forests to absorb carbon dioxide is considered during discussions, following a meeting in Moscow with Danish Prime Minister Lars Lokke Rasmussen. Rasmussen expressed his hope to have enough progress to invite global leaders to the December conference in the coming weeks. Australia reported a decrease in emissions last year, excluding the impact of forest fires. Denmark and the European Union called on Obama to take further action to reach an agreement at the upcoming talks from Dec. 7-18. Danish Climate and Energy Minister Connie Hedegaard expressed skepticism about Obama receiving the Nobel Peace Prize in Oslo on Dec. 10 while sending a delegation with no substantial progress to Copenhagen, just a few hundred kilometers away. Swedish Environment Minister Andreas Carlgren, who is representing the European Union, stated that while there has been a significant change in the American position, they are still expecting more. The United States delegation in Barcelona, led by Jonathan Pershing, emphasized their commitment to a UN deal and highlighted the efforts made under Obama to promote clean energy and reduce emissions. Pershing stressed the importance of the United States being a part of the Copenhagen deal, especially considering that the US is the second largest emitter of greenhouse gases after China. African countries urged developed nations to implement stricter emissions regulations, with Gambia, Ethiopia, and Algeria considering leaving the UN talks, according to Antonio Hill of Oxfam. Protesters outside the conference displayed hundreds of alarm clocks to emphasize the urgency of reaching an agreement to combat the increasing threats of rising temperatures, floods, heatwaves, wildfires, and sea levels. | 4 |
US prosecutors are seeking the extradition of Meng Wanzhou, Chief Financial Officer of Huawei, for allegedly deceiving multinational banks about the company's control of an Iranian company, potentially causing the banks to violate US sanctions. Meng, daughter of Huawei's founder, was arrested in Vancouver and maintains her innocence, vowing to fight the accusations. The judge in a bail hearing postponed proceedings to the next day to further discuss who would take responsibility for Meng if she is released. Meng's lawyer proposed her husband as surety and offered a bail guarantee of C$15 million. The judge and the public prosecutor questioned whether Meng's husband, who is not a resident of British Columbia where Vancouver is located, could fulfill his duty if she were to breach her bail conditions. Meng's arrest has caused turmoil in markets, raising concerns that it could worsen tensions between the United States and China, which are already high due to tariffs. Both countries have agreed to trade negotiations that need to be completed by March 1. Beijing has demanded Meng's immediate release and warned of potential repercussions for Canada. However, officials from both China and the US seem to be avoiding connecting her arrest to the trade dispute. Meng's lawyer proposed offering C$14 million in property equity and C$1 million in cash as security, while the public prosecutor countered by suggesting half of the guarantee be in cash and half in property. The judge questioned Meng's avoidance of travel to the United States since 2017, insinuating it was to evade arrest. Martin explained that Meng stayed away due to the "hostile" attitude toward Huawei in the United States, and asked the court to consider what reason she would have to flee. Martin stated that the evidence against her was not extremely strong. He mentioned that if she were to escape or violate any orders, it would not be an exaggeration to say that it would bring shame to China. Meng seemed calm and confident in court at the beginning of Monday, smiling and leaning on her lawyer. However, later in the day, she appeared more anxious, making quick gestures while discussing with her legal team. She has requested to be released due to her severe hypertension and concerns about her health. Huawei, the world's leading supplier of telecommunications network equipment and the second-largest manufacturer of smartphones, generated approximately $92 billion in revenue last year. Despite being a major Chinese technology company, Huawei conducts a significant portion of its business internationally. US authorities claim that Huawei attempted to utilize banks to transfer funds out of Iran, which is prohibited as companies are not allowed to use the US financial system to provide goods and services to sanctioned entities. Huawei and its legal team maintain that the company strictly adheres to all relevant laws, regulations, and sanctions imposed by the United States and other entities. The company stated on Monday that they will keep monitoring the bail hearing scheduled for tomorrow. They are confident that both the Canadian and US legal systems will come to a fair decision. | 4 |
Sánchez resides in Rincón, a coastal town in northwestern Puerto Rico known for its surfing and sunsets, which has become popular among wealthy investors seeking tax benefits. Despite his one-story home near the beach not being for sale, he has received unsolicited offers from interested buyers who simply hand him a check and ask him to fill in the amount. This is a prosperous period for investors investing in picturesque Puerto Rican towns, with some drawn by tax incentives aimed at bringing new residents and capital to the financially struggling island as it emerges from bankruptcy. The appeal of tax breaks has increased due to the coronavirus pandemic, leading to many companies transitioning to remote work and prompting Americans on the mainland to move to warmer locations. However, the arrival of wealthy new residents who need to establish residency and purchase property in Puerto Rico within two years to maintain the tax breaks has resulted in higher home prices and the displacement of long-time residents. Hurricane Maria in 2017 had already caused many residents to leave the island, and now a real estate boom, starting in San Juan, has spread across the island with investors moving into smaller towns like Rincón. There are newcomers beyond those interested in tax breaks who are also buying up properties and causing rent and home prices to rise. However, it is the finance and technology investors who have officially applied for tax-break status that are attracting the most attention. Many of these investors are cryptocurrency traders, who now gather for weekly happy hours at a seaside bar in Rincón. A newly opened barbecue food truck in August is now accepting Bitcoin, Ethereum, Cardano, Shiba Inu, Solana, and Litecoin for its mainland-style chicken. The gradual gentrification is causing concern among many Puerto Ricans, who are becoming more vocal in questioning how an economy that relies on tax breaks for the wealthy can benefit local residents who are struggling to afford property. Gloria Cuevas Viera, a resident of Rincón, expressed her concerns by stating, "It feels like Hurricane Maria put a 'For Sale' sign on the island." Many investors purchase residential properties and later sell them at increased prices or convert them into short-term vacation rentals, transforming entire neighborhoods into Airbnb hubs and causing a lack of available housing for local residents. Forty-three percent of Puerto Ricans live below the federal poverty line. Israel Matos, aged 45, is being forced to relocate from his home in Rincón by March as the owner sold the property last year. Matos had the opportunity to purchase the house, but the option has now expired. The owner, who hails from Hermosa Beach, California, chose to sell to another buyer. Matos, a sound engineer for a television station, has been living in his home with his wife and two daughters for two years. He mentioned that he is unable to find any listings in Rincón that fit his budget, as outside investors are purchasing properties and increasing prices, making it unaffordable for many Puerto Ricans to stay in their homes. Matos expressed the challenges he faces as a father in finding a suitable place to live with his daughters. Many Puerto Ricans are unable to afford to stay in their homes due to outside investors purchasing properties and raising prices, as seen in Rincón, Puerto Rico on Jan. 12, 2022. Demonstrators recently gathered in Old San Juan to protest tax breaks, particularly in front of a former children's museum now owned by Bitcoin billionaire Brock Pierce. The tax breaks are part of Act 60, originally enacted in 2012 to help the island recover from economic struggles exacerbated by Hurricane Maria in 2017. In 2019, the tax incentives were restructured in order to attract investors from the finance and technology industries, as well as other sectors. Those who relocate to Puerto Rico can enjoy reduced income taxes on various types of earnings. A billboard in Silicon Valley promotes Puerto Rico as a technology center that aligns with their goals. By October 2021, Puerto Rico had received a record-breaking 1,349 applications from individuals seeking to become resident investors, with 982 of them already approved. Since 2012, over 4,286 applications have been approved, with more than a third of them being approved in the last three years. According to the law, an individual can be eligible for tax breaks if they have not resided in Puerto Rico for a minimum of 10 years. In order to benefit from a 4% corporate tax rate and zero capital gains tax, the investor must also purchase a home. Unfortunately, the over 3 million current residents of Puerto Rico are not eligible for these tax breaks, leading to concerns about inequality in terms of tax responsibilities. Heriberto Martínez Otero, the executive director of the Ways and Means Committee in the Puerto Rico House of Representatives, expressed these concerns. He noted that renters who are being priced out of coastal areas may have to relocate to more affordable neighboring towns, but could end up spending more on transportation costs. Additionally, Martínez Otero, who also teaches economics at the University of Puerto Rico, highlighted the challenges faced by individuals in this situation. Owners who have sold their homes have profited from the increase in property prices, and Governor Pedro R. Pierluisi has expressed support for the trend of investors purchasing luxury homes. He stated that the tax law was passed with the goal of attracting more people with capital to stimulate the real estate market. Policymakers were also worried about the significant population decline on the island, which was caused by the economic crisis and Hurricane Maria. According to the census, the island's population decreased by 11.8% from 2010 to 2020. Martínez Otero stated that the issue of people purchasing residential properties that do not align with consumption patterns in Puerto Rico is contributing to the lack of affordable housing on the island. This problem adds to other challenges faced by residents, such as rising property prices due to outside investors. In Rincón, Puerto Rico, many locals are struggling to afford their homes as a result of this trend. Sánchez, a homeowner in Rincón who also works as a landscaper, is involved in the town's federal Section 8 program, which aims to provide affordable housing for low-income families. However, he is finding it difficult to locate homes that fit within the program's budget of $450 per month. An oceanside meeting place in Rincón, Puerto Rico, on January 13, 2022. Many residents of Puerto Rico are expressing concern about being priced out of their homes due to outside investors purchasing properties and increasing prices. "I'm afraid that the local Puerto Ricans won't be able to afford to live or invest here and will be forced out," he stated. "I initially thought that only the prices in the city center were rising, but even properties in rural mountain areas are becoming expensive." In Rincón, real estate broker Ingrid Badillo Carrero noted a significant increase in home prices over the past four years. In 2017, a two-bedroom condo would typically be listed at $290,000. Currently, the unit could be priced at around $420,000, while the average annual income in Rincón is about $19,900. Badillo, who often works with investor clients looking for tax breaks, has been told by locals that he is selling their country. Many investors can pay in cash, making them more appealing to sellers than Puerto Ricans who may only be able to pay through a mortgage. In May, Elizabeth Stevenson and her husband, Tyler McNatt, relocated to Puerto Rico from Austin, Texas. They wanted to find a way to avoid going to the office every day, so they started exploring cryptocurrency investments as a means of generating income. Stevenson, who is benefiting from Act 60, is currently working as a consultant for a California movie producer who has relocated to Puerto Rico, in addition to trading cryptocurrency. Stevenson, who signed a one-year lease for an apartment near the beach, finds it thrilling to learn more about cryptocurrency and the potential for making money. She is involved in various crypto groups for former mainlanders that regularly hold events in Rincón. Daniel Torgerson, a crypto investor who moved to Puerto Rico in June, organizes a weekly happy hour at the Aqua Marina Beach Club in Rincón. In early January, approximately 20 individuals gathered near the bar and pool, conversing under string lights while being serenaded by the nocturnal coquí frogs. Torgerson inquired about everyone's market outlook for the week and if there were any exciting new projects. A person mentioned "Solar bitcoin mining!" as a response. The newcomers are also bringing their children along, leading to the Manuel González Melo K-8 School in Rincón having to incorporate additional coursework for students who are learning Spanish as a second language, according to principal Myriam Pérez Cruz. In the 2016-17 school year, a student survey found three native English speakers who required help with the Spanish language, according to Pérez. By the 2021-22 school year, that figure had increased to 17 students. Matos, a resident of Rincón who must vacate his home by March, drove around searching for potential rental signs. Later, he visited the beach, sat on the sand with his legs crossed, and attempted to unwind. However, shortly after parking his car, he began to feel uneasy. Matos mentioned that there were around 50 individuals on the beach, but he only noticed approximately five Puerto Ricans among them. He stated that Rincón has undergone significant changes. | 4 |
Finance adviser AB Mirza Azizul Islam emphasized that the achievement of millennium development goals is at risk if donor countries do not fulfill their ODA commitments. In many countries, these goals are likely to remain unmet without sufficient official development assistance. | 4 |
Global institutional investors with over $6 trillion in assets are urging policymakers to quickly come to a binding agreement to reduce greenhouse gas emissions and support clean technology. Over 130 major investors, including the London Pensions Fund Authority, are calling for a 50 to 80 percent reduction in emissions by 2050, which aligns with the climate policy favored by US President-elect Barack Obama. These investors also want policymakers to establish long and medium term emission reduction goals for developed countries and to create a more robust global carbon market. US investors, like the California Public Employees' Retirement System, are also advocating for legislation to incentivize the development and use of clean technologies. They have also urged the US Securities and Exchange Commission to require publicly traded companies to disclose climate-related risks, among other factors impacting their business. Mike Taylor, CEO of London Pensions Fund Authority, emphasized the concern of institutional investors regarding climate change risks to the global economy and their investment portfolios. The group of global investors is calling on world leaders to adopt strong policies to facilitate investment in low carbon projects. They are advocating for a new binding agreement to replace the Kyoto Protocol, which established emission reduction targets for industrialized nations. The European Union aims to reduce greenhouse gas emissions by 20 percent and increase the use of renewable energy sources by 2020. The United States stands out from other major industrialized nations by not accepting the Kyoto Protocol, but is currently engaged in talks to develop a new worldwide agreement. Mindy Lubber, the president of Ceres, a coalition of investors and environmental organizations focused on climate change, emphasized the importance of involving the United States in such agreements. A global group of investors is working to ensure their concerns are addressed before the upcoming climate change convention in Poland in December. | 4 |
During the election campaign that began on Monday, opposition leader Anthony Albanese faced scrutiny for not addressing questions from reporters about unemployment numbers and interest rates. Prime Minister Morrison criticized Labour's economic management skills and lack of a clear plan for the country's economic recovery from the pandemic. Despite polls indicating that Albanese's Labour party was leading, Morrison remained the preferred leader according to the surveys. Albanese later apologized for the mistakes made during the economic discussion. Quoting one of Taylor Swift's popular songs, he mentioned that he will "Shake it off" in response to reporters asking about the potential impact of a mistake on Labor's election chances. Albanese stated that he believes in taking responsibility for his actions and owning up to any mistakes he may make. Morrison highlighted his government's achievements in reducing the unemployment rate to 4% despite facing numerous challenges such as fires, floods, a pandemic, a global recession, and economic pressure from China. Initially, Albanese stated that he believed the current unemployment rate was around 5.4%. Morrison referred to cricket when saying "We have the runs on the board" and emphasized their plans to boost job creation in order to strengthen the economy. Treasurer Josh Frydenberg stated that the new jobs would be spread throughout the economy. Economists predict that Australia's unemployment rate will drop to the 3% range ahead of central bank forecasts, with some expecting it to go below the budget forecast of 3.75%. Wage growth is expected to increase, but not enough to keep up with inflation, resulting in a decrease in real incomes this year. To calm upset voters, the budget in March raised a tax break for 10 million low- and middle-income earners and provided one-time cash payments for pensioners along with a temporary reduction in fuel taxes. | 4 |
The G8 wealthy nations are looking to collaborate with nearly 200 countries involved in UN climate change discussions to establish a target of reducing greenhouse gas emissions by at least 50% by 2050, according to a draft communique. The document, obtained by Reuters prior to its official approval at a summit in Toyako, Japan, also emphasized the need for interim goals to achieve the long-term target. This statement highlights the importance of the UN-led negotiations to develop a new framework after the expiration of the Kyoto Protocol in 2012 and attempts to address differences among G8 members. The UN talks are scheduled to conclude in Copenhagen in December 2009. Despite efforts to carefully word the climate statement, which is typically a contentious issue in summit discussions, it may not satisfy those advocating for more specific targets. Last year, the G8 group of wealthy countries, including Japan, Britain, Canada, Germany, France, Italy, Russia, and the United States, agreed to consider halving global emissions by mid-century. The European Union and Japan have been pushing for this year's summit to set more ambitious goals and establish clear interim targets. However, President George W. Bush of the United States has stated that they cannot commit to binding targets unless major polluters like China and India also reduce their emissions. The European Union has welcomed the agreement on climate change, calling it a "new, shared vision" that keeps negotiations on track for a global deal in 2009. European Commission President Jose Manuel Barroso described it as a strong signal to people worldwide and stated that the EU's objectives for the G8 summit in northern Japan had been met. Global warming is connected to other important topics like rising food and fuel prices, which are being discussed at a three-day meeting in a luxurious mountain-top hotel on the northern Japanese island of Hokkaido. The leaders at the summit also acknowledged the uncertainty and risks facing the world economy, including the impact of high oil prices. They called for China to allow its tightly controlled exchange rate for the yuan to appreciate in order to help reduce global financial imbalances. Additionally, the G8 leaders agreed to convene a world energy forum to bring major oil producers and consumers together to discuss output and prices. The increased cost of food and oil, with oil reaching a record high of $145.85 a barrel last week, is having a significant impact on the world's poor. According to a recent World Bank study, the spike in food prices could push up to 105 million more people below the poverty line, including 30 million in Africa. World Bank President Robert Zoellick emphasized the importance of addressing this issue, stating that it is a crucial test of the global system's dedication to helping the most vulnerable. To mitigate the effects, the G8 is planning to announce a set of measures to support Africa, particularly its farmers, and has pledged to double aid to provide an additional $50 billion in aid by 2010, with half of it allocated to the world's poorest continent. The summit concludes on Wednesday with a Major Economies Meeting that includes the G8 as well as eight other significant greenhouse gas-emitting countries such as India, China, and Australia. | 4 |
At the conclusion of the OPEC heads of state meeting, it was announced that Saudi Arabia was the only country to pledge money for climate change research, with King Abdullah promising $300 million. Other leaders have not made any similar commitments, with Algerian Energy and Mines Minister Chakib Khelil stating that they are unsure of the proposal and no other country has offered funding either. OPEC Secretary-General Abdullah al-Badri announced this week that OPEC is willing to contribute to the development of carbon capture and storage technology to help reduce emissions. A draft final communique from OPEC mentioned their shared concern with the international community about climate change being a long-term challenge and their goal for stability in global energy markets, but did not include any mention of an environmental fund. Venezuelan President Hugo Chavez expressed his expectation for the summit to affirm a commitment to stable and competitive oil prices. He also warned that if the United States were to attack Iran or Venezuela, crude oil prices could potentially double from $100 to $200 per barrel on global markets. Chavez delivered this message to heads of state, including Iranian President Mahmoud Ahmadinejad, during a meeting in Riyadh, Saudi Arabia. Concerns about potential attacks by the United States or its ally Israel on Iran, accused by Washington of pursuing nuclear weapons, have contributed to the increase in global oil prices. Despite calls for OPEC to increase crude supply, the decision will be made at a meeting in Abu Dhabi on Dec. 5. Iran and Venezuela are resistant to raising output, while Riyadh has historically been more willing to accommodate Western demands. Ecuador's President has suggested pricing oil in a currency other than the dollar. The decrease in the value of the U.S. currency in comparison to other major currencies has contributed to the rise in oil prices to $98.62 last week. However, it has also weakened the purchasing power of the Organization of the Petroleum Exporting Countries (OPEC). During a summit, Saudi Arabia, a key U.S. ally and influential member of OPEC, guided the group in rejecting an attempt by Iran and Venezuela to address concerns about the weakening dollar in the summit's statement. Saudi King Abdullah, as OPEC's "swing producer" and a long-standing supplier of crude oil to the United States, is focused on preventing Chavez and Ahmadinejad from dominating the summit with anti-U.S. rhetoric. Despite sitting through Chavez's speech without showing much emotion, King Abdullah later joked with the Venezuelan president about the length of his speech. Chavez, known for his socialist beliefs, emphasized the importance of OPEC taking a stand against poverty on a global scale during the summit held in a lavishly decorated hall. Ahmadinejad stated that OPEC should take a more active role in geopolitics and demand respect for member countries, urging powerful nations to stop threatening the organization. He mentioned that he would share his views on this matter at the end of the summit. Saudi Arabia recently proposed a consortium to provide Iran with enriched uranium for peaceful purposes in an attempt to ease tensions between Iran and the United States. Despite this offer, Iran has stated that it will continue its own uranium enrichment program. Gulf Arab countries, including OPEC members Saudi Arabia, Kuwait, Qatar, and the United Arab Emirates, are concerned about Iran's nuclear capabilities and have announced plans to start their own nuclear energy programs. | 4 |
The finance minister, AMA Muhith, attributed the country's struggle to overcome poverty and other challenges to the failure of donors to fulfill their aid pledges. He expressed this view at the launch of a report on Bangladesh's progress towards Millennium Development Goals at Sonargaon hotel in Dhaka on Wednesday. According to Muhith, achieving MDGs would not be a difficult task if donor agencies honored their commitments. Bangladesh, like other nations, is committed to reducing extreme poverty by half by 2015 as part of the MDGs. Despite some progress on certain issues, the minister acknowledged that there are several obstacles to reaching these goals. He stated that the issue of children's malnutrition continues to be a significant problem. Muhith also mentioned that while progress has been made in addressing sanitation issues, the problem of arsenic contamination still needs to be fully resolved. In terms of economic growth, he noted that the rate is positive but lags behind that of neighboring countries. Various officials, including Planning Minister AK Khandker and Foreign Minister Dipu Moni, also spoke at the event. Khandker emphasized the need for increased international assistance to tackle the effects of climate change in Bangladesh. Moni stated that the country's development is being hindered by natural disasters caused by climate change. She mentioned advancements in poverty reduction, women's empowerment, primary education, and child mortality. Shamsul Alam, a member of the Planning Commission, shared the progress report. | 4 |
In his concluding statements at the ninth consecutive Global Media Forum, DW Director General Peter Limbourg emphasized the importance of European values. He highlighted the need for Germany and Europe to uphold and share these values, acknowledging that there are instances where they fall short. Limbourg mentioned issues such as arms sales, environmental pollution, and cooperation with corrupt regimes as examples of areas where improvement is needed. The event brought together over 2,000 participants from 110 countries in the former West German capital for a three-day annual Global Media Forum. The conference focused on addressing challenging topics related to "Media. Freedom. Values." Journalists in various countries encounter tough situations, prompting discussions on the role of media, freedom of expression, and the importance of protecting values. German President Joachim Gauck delivered an inspiring message to conference participants, emphasizing the shared responsibility of journalists worldwide. He highlighted the abundance of information available today, but also warned of the increasing risks of manipulation and disinformation. Gauck stressed the importance of upholding reliable journalism that can be trusted. A highlight of the Global Media Forum was when Sedat Ergin, editor-in-chief of Turkish newspaper Hürriyet, was honored with the Deutsche Welle Freedom of Speech Award. Upon receiving the award, Ergin expressed his concerns about the increasing issues related to freedom of expression in various countries, including democracies. Kai Diekmann, a fellow journalist and publisher, emphasized the importance of press freedom and the worrying state of it in Turkey. Reaction from Turkish media close to the ruling party was extreme, highlighting the pressures faced by journalists in the country. The role of bloggers and activists in societies with limited freedom of speech was once again a topic of discussion at the GMF. Egyptian satirist Bassem Youssef attended the award ceremony in Bonn for The Bobs, which recognize the best international online activists. The German Commissioner for Human Rights Policy, Bärbel Kofler, participated in a panel discussion with bloggers from Bangladesh who are currently seeking asylum in Germany and other European countries. The forum focused on journalists who are in danger in their home countries due to attacks by Islamist extremists and lack of government protection, aiming to raise awareness for the importance of asylum. Journalist and author Martin Walker provided a pessimistic outlook on the future of media during the event. International speakers emphasized that the media is facing a crucial turning point. The increasing emphasis on direct communication with individuals worldwide through social media presents new possibilities for journalism. Limbourg, the Director General of DW, stated that media must take advantage of this opportunity in order to have a significant impact. | 4 |
Chief adviser Fakhruddin Ahmed emphasized the importance of industrialized nations providing climate adaptation funds to developing countries, who are the most affected by climate change, without imposing any conditions. At the first 'SAARC Ministerial Meeting on Climate Change' in Dhaka, he also urged wealthier nations to transfer advanced technology to help developing countries improve their climate resilience. Fakhruddin stated that developed economies must offer adaptation funds and assist with technology transfer unconditionally. He also highlighted the responsibility of developed nations, as the main polluters, to reduce greenhouse gas emissions within specified time frames. The SAARC climate conference was organized following a proposal by Dhaka, as there are concerns about the potential inundation of a significant portion of Bangladesh's land due to rising sea levels caused by global warming. The meeting is anticipated to come to a consensus on a joint declaration regarding actions to address climate change, which will impact the SAARC region including Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The Maldives, in particular, is at risk of being submerged due to rising sea levels. Fakhruddin emphasized the importance of SAARC countries uniting to urge developed nations to provide additional resources for adaptation efforts. Bangladesh is working towards establishing an international center for climate adaptation to share knowledge and best practices. It is crucial for developed countries to make a firm commitment to reducing their greenhouse gas emissions unilaterally and unconditionally. He stated that it is essential to protect ourselves from the dangers of climate change. Fakhruddin emphasized that climate change will have severe consequences for millions of impoverished individuals, leading to increased instances of floods, droughts, and salinity. He warned that it could result in the worst tragedy in human history, surpassing events like the 'Black Death' and World War II. He expressed the urgency of taking action to prevent this catastrophe from occurring. SAARC Secretary-General Sheel Kant Sharma also stressed the importance of developed countries committing to reducing greenhouse gas emissions within specific timeframes as part of the path forward. The inauguration was led by Devasish Roy, the special assistant for environment to the chief adviser, and also featured remarks from Iftekhar Ahmed Chowdhury, the foreign adviser. | 4 |
Colombia's coach, Jorge Luis Pinto, stated that despite a 5-0 loss to Paraguay in the Copa America, Colombia will not be defeated. He emphasized that this setback is not a catastrophe, as they are still in control of their circumstances. Pinto assured that Colombia has not been completely defeated in terms of footballing abilities, tactics, or morale, and that this loss is not the end of the world. "We haven't given up yet, we're going to respond." Despite Colombia's strong start in their opening Group C game, they struggled after missing a penalty and allowing Paraguay to take the lead. This was surprising given Colombia's strong defense in previous games. Their next match will be against Argentina, who won their first game against the United States. Pinto stated that they would make adjustments, potentially altering the style of play and the players. He also drew a comparison to Colombia's 5-0 victory over Argentina in a World Cup qualifier in 1993, noting that both teams were not at their best during that match. Pinto remarked that the current game against Paraguay reminded him of that particular match. | 4 |
A major global report launched on Tuesday emphasizes that wealthy nations must lead the way in reducing carbon emissions to avoid significant setbacks in health, education, and poverty reduction for the world's poor. The UN Human Development Report (HDR) 2007-08, titled "Fighting climate change: Human solidarity in a divided world," urges developed countries to offer incentives to developing nations to address the challenge of climate change. The report, prepared by the United Nations Development Programme (UNDP) based on the Intergovernmental Panel on Climate Change Synthesis Report, outlines a plan for climate change negotiations in Bali, Indonesia, stressing that there is a critical ten-year window of opportunity to take action. The report warned that if action is not taken soon, the Himalayan glaciers that provide water and food for over two billion people could disappear if global temperatures rise above two degrees Celsius. Kevin Watkins, lead author of the HDR 2007-08, stated that the carbon budget of the 21st century is being overspent and could run out by 2032, posing a threat to the most vulnerable populations. The report calls on the world's richest countries to cut emissions by at least 80 percent by 2050 and support a new $86 billion global annual investment in international adaptation efforts to protect the world's poor. The report suggests that developed countries should implement a new system for transferring clean energy technology to developing countries. It mentions the positive impact of investing in adaptation initiatives, such as protecting assets during flooding. The report also calls for developing Asian countries, particularly China and India, to reduce emissions by at least 20 percent by 2050. UNDP administrator Kemal Derviş emphasizes the importance of expanding access to affordable energy while transitioning to a more sustainable growth path. The report proposes the establishment of a Climate Change Mitigation Facility funded by developed countries to incentivize developing countries to adopt cleaner technologies. "According to Watkins, adequately funded technology transfer from wealthier nations to poorer nations must be the cost of entry for developed countries to address their carbon footprint. The pathway outlined in 'Fighting climate change' for the Bali meeting in December provides a clear checklist for political leaders, emphasizing the need for a binding post-2012 multilateral agreement to combat climate change and protect vulnerable populations. Key points include reducing emissions from developing countries by 20 percent by 2050 and from developed countries by 30 percent by 2020 and at least 80 percent by 2050, compared to 1990 levels. Additionally, the creation of a Climate Change Mitigation Facility is proposed to finance low-carbon energy investments in developing countries, encouraging them to transition to cleaner energy sources and commit to international emission reductions." This would require an annual investment of $25-50 billion. Implement a fair price for carbon by using a combination of carbon taxation and expanding cap-and-trade schemes globally. Enhance regulatory standards by enforcing stricter efficiency requirements for vehicle, building, and electrical appliance emissions. Support the advancement of low carbon energy sources, acknowledging the untapped potential for a higher utilization of renewable energy and the necessity for immediate investment in innovative technologies like carbon capture and storage (CCS). Allocate $86 billion, which is equivalent to 0.2 percent of the combined GDP of northern nations, towards adapting climate-resistant infrastructure and enhancing the resilience of impoverished communities to climate change impacts. Ensure that adaptation is integrated into all strategies aimed at reducing poverty and extreme inequality, including poverty reduction strategy papers. Acknowledge the importance of carbon sequestration in forests and land in any future global agreement, and support international financial transfer plans for deforestation, as proposed by Brazil and other countries. | 4 |
South Korea, the fourth largest economy in Asia, has committed to selecting one of three targets for carbon emissions by 2020, aligning itself with Kyoto signatories in the global effort to combat climate change. The government announced that it will decide on a 2020 gas emission target this year, with options including an 8 percent increase from 2005 levels, maintaining 2005 levels, or reducing emissions by 4 percent below 2005 levels. Despite being one of Asia's wealthiest nations and a major industrial player, South Korea experienced a doubling of emissions between 1990 and 2005. Per-capita emissions of carbon dioxide based on 2005 levels were 11.1 tonnes, comparable to some European countries and ranking 17th among OECD members. Sang-hyup Kim, Secretary to the President for National Future and Vision at the Presidential Office, acknowledged that the targets may seem modest compared to those of developed countries. These efforts are the highest and most sincere, showcasing Korea's capabilities. The government has estimated that each goal will require between 0.3 and 0.5 percent of GDP and will involve the increased use of hybrid cars, renewable and nuclear energy, energy efficiency with LED lights, and smart grids to reduce emissions. Developed countries that are obligated by the Kyoto Protocol to reduce greenhouse gas emissions are facing pressure from developing nations to increase their targets for emission reduction as part of a larger climate agreement being negotiated. These negotiations will conclude at the end of the year at a major UN conference in Copenhagen, Denmark. Wealthy developing countries like South Korea, Singapore, and Mexico are also being urged to announce plans for reducing emissions. South Korea's goals for reducing emissions are not as ambitious as those of developed countries like the United States and the European Union. Japan and the United States are targeting reductions of 15 and 17 percent by 2020 compared to 2005 levels, while the European Union and Britain are aiming for reductions of 20 and 34 percent by 2020 compared to 1990 levels. Developing nations, including China, are calling for wealthy countries to cut greenhouse gas emissions by at least 40 percent by 2020 in order to mitigate the severe impacts of global warming such as droughts, floods, and rising sea levels. | 4 |
A senior negotiator informed Reuters that China is open to incorporating its voluntary carbon emissions target into a mandatory UN resolution, a move that could put pressure on developed countries to prolong the Kyoto Protocol. The success of the UN climate talks in Cancun depends on reaching an agreement to solidify national emissions targets post-2012, when the current round of Kyoto carbon caps expires. China's willingness to compromise is contingent on the United States committing to mandatory emissions reductions and an extension of the Kyoto Protocol, which currently binds the emissions of nearly 40 developed countries, excluding the United States. Developing countries are in favor of continuing the protocol, while industrialized supporters like Japan, Russia, and Canada prefer a separate agreement that applies to all nations. China has previously been resistant to making its domestic emissions targets mandatory, unlike industrialized nations. Huang Huikang, the Chinese Foreign Ministry's representative for climate change negotiations, stated that a resolution can be developed that would be binding on China. He also mentioned the possibility of a legally binding decision under the UN Climate Convention and expressed willingness to discuss the details. He emphasized the importance of integrating China's efforts into the global response to climate change, and argued against the idea of scrapping the Kyoto Protocol and beginning anew in addressing these issues. Jennifer Morgan from the World Resources Institute in Washington described the proposal as a significant change, while Alden Meyer from the Union of Concerned Scientists in the US called it a promising development. China's chief negotiator Xie Zhenhua later stated that China's targets could be aligned with the Convention, allowing developing countries to use their own resources to make voluntary emissions commitments within the framework of the Convention. Huang stated that China will not change its stance on including new emissions targets in an extended Kyoto agreement. China has always maintained that its efforts are only binding domestically and cannot be included in any international agreement. Huang explained that while China previously insisted on acting voluntarily without conditions, they now recognize the importance of international collaboration. Huang described this shift as a compromise, demonstrating China's willingness to be constructive and positive. However, Huang emphasized that there is no room for compromise on the issue of Kyoto. Last year at a summit in Copenhagen, developing countries, including China, the world's largest carbon emitter, agreed to voluntarily take action to limit the growth of their emissions. China pledged to reduce its "carbon intensity," which is the amount of carbon dioxide emitted for each dollar of economic growth, by 40-45 percent by 2020 compared to 2005. Huang suggested that this intensity target could be included in a resolution. | 4 |
UN Secretary-General Ban Ki-moon expressed disappointment with the progress on climate change at the G8 summit in Italy, stating that the commitments made by leaders were inadequate. He emphasized the urgency of taking stronger action to combat climate change for the sake of humanity and the planet. Despite the G8 agreeing to cut emissions by 80% by 2050, Ban Ki-moon stressed the need for more immediate and substantial reductions. President Barack Obama also acknowledged the need for greater efforts to bridge the gap with developing nations on climate change. During the first day of a meeting of the Group of Eight major industrialized nations in L'Aquila, Italy, the G8 was unsuccessful in persuading China and India to commit to cutting greenhouse gas emissions by half by 2050. Despite this setback, Obama remained optimistic and believed that progress could still be achieved before the UN climate change treaty talks in Copenhagen in December. Obama, who aimed to lead a meeting on the environment during his first G8 summit, expressed to Brazilian President Luiz Inacio Lula da Silva that there was still time to resolve the disagreement before the crucial meeting. Obama was set to chair the Major Economies Forum (MEF), which was expected to aim for limiting global warming to 2 degrees Celsius compared to pre-industrial levels, although agreement on emission cuts was not reached. The absence of Chinese President Hu Jintao, who had left the summit to address ethnic conflicts in China, hindered progress. Temperatures have increased by approximately 0.7 degrees Celsius since the Industrial Revolution due to the widespread use of fossil fuels. British Prime Minister Gordon Brown expressed hope that all countries present, including the United States, Japan, Germany, France, Britain, Italy, Canada, Russia, China, India, Brazil, South Africa, Indonesia, and Mexico, would agree on a temperature target. However, a source from the G8 stated that reaching a deal on emissions was not realistic. India emphasized that developing countries wanted to see plans from wealthy nations to provide financing to help them deal with the consequences of climate change, such as floods, heatwaves, storms, and rising sea levels. Additionally, they called for richer nations to make more significant emissions cuts by 2020. The G8 countries have agreed to reduce global emissions by 50 percent by 2050, with the United States agreeing to this for the first time. They have also set a target of an 80 percent reduction in emissions for developed countries. However, Russia stated that it could not meet this target by 2050, and Canada's Environment Minister Jim Prentice referred to the 80 percent reduction goal as an "aspirational goal." The first day of the summit was dominated by discussions about the fragile state of the world economy, with rich nations acknowledging significant risks to financial stability. On the second day, China, along with Russia, India, and Brazil, argued for the long-term diversification of the global reserve currency system away from reliance on the dollar, a sensitive issue in currency markets. State Councilor Dai Bingguo suggested that there should be an improved system for the issuance and regulation of reserve currencies in order to maintain stability in their exchange rates and promote a diverse international reserve currency regime. The G8 and G5 were optimistic about progress in the stalled Doha trade talks, aiming to conclude them by 2010. The Doha round, initiated in 2001 to assist developing nations, has faced obstacles regarding proposed tariff and subsidy reductions. The G5 expressed their commitment to resolving issues related to Doha, which they believe will boost confidence in global markets. They also called on wealthy nations to eliminate trade barriers and provide financial support to poorer countries. | 4 |
When 96 individuals from China arrived at Taoyuan International Airport near Taipei to participate in a music contest with promised cash prizes, they realized they had been deceived by a scam artist. The con artist had forged invitations from the city of Taipei, collected the entry fees, and abandoned the participants at the airport in mid-February. Some of the musicians were so upset that they decided not to return home. Experts on crime predict that such fraudulent schemes will become more common in Asia, particularly in greater China, as the economic downturn encourages swindlers to target vulnerable individuals seeking a change in their circumstances. Chu Yiu-kong, a criminologist at Hong Kong University, stated, "We see more and more victims now because of the economic crisis." Chinese individuals have a strong affinity for money, making them susceptible to financial traps. Additionally, they place importance on seizing lucky opportunities, particularly during challenging circumstances. The economies of trade-dependent Asian countries such as Singapore, Hong Kong, Japan, and Taiwan are struggling due to a worldwide economic downturn. As a result, many companies in the region are reducing production, halting hiring, and implementing layoffs in order to cut costs. Experts in crime suggest that scammers tend to flourish in these dire economic conditions. One type of scam that is becoming more common involves scammers pretending to be recruiters in Taiwan, Hong Kong, and China, tricking job seekers into investing in the companies they are applying to. These scams are on the rise, along with other deceptive practices such as fraudulent money lending and soliciting hefty fees for fake lottery winnings or business opportunities. Many job seekers are wary of falling victim to these scams, with one individual from Shenzhen, Zhou Yang, expressing caution about dealing with roadside job agencies. According to local media reports, a scam artist in south China managed to earn 800,000 yuan ($117,000) last year by sending text messages from a mobile phone using a common Chinese name to demand repayment of a debt. Many victims who were already in debt fell for the scheme, believing they were being pressured for repayment. These scams worsen the financial struggles of those affected. Chang Chin-lan, a prevention officer with Taiwan's Criminal Investigation Bureau, warned that such fraudulent activities could lead to desperation and a decline in morals. Police statistics in Taiwan show that deception crimes increased by a third from around 31,000 in 2007 to 41,000 in 2008. In the fourth quarter of 2008, Hong Kong police recorded an increase in deception crimes from 1,071 to 1,414 cases. In Singapore, there has been a rise in "cheating and related offences" by about 10 percent from 2,917 in 2006 to 3,254 last year. The Singapore Police Force has warned of an expected increase in phone scams and other impersonation frauds due to the struggling economy. The use of more advanced technology has also contributed to the growth of scams, allowing scammers to target a larger audience and deceive people across borders. Since 2001, costly hoaxes have become more prevalent in Asia with the advent of the Internet and mobile phones, providing anonymity and making it easier for criminals to avoid legal consequences. Tsai Tien-mu, a criminology professor at Taipei Police College, noted the impact of technology in facilitating these fraudulent activities. Tsai stated that it is now simple for individuals to contact one another, whereas previously only the aggressor needed to initiate contact with the victim. Police face difficulties in solving fraud cases due to con artists being able to easily conceal themselves. In Taiwan, only 10 percent of cases are successfully solved by police officers. In contrast, in Hong Kong, law enforcement prioritizes public education over pursuing individual con artists, according to Chu from Hong Kong University. Frequently, the scammers can be found in China, where they are beyond the jurisdiction of law enforcement in Hong Kong. According to Zhou, who is looking for work in Shenzhen, the police in mainland China are not very helpful to victims of fraud. Zhou stated that even if you are deceived, contacting the police is pointless because they rarely respond and offer assistance. | 4 |
The UN's top climate change official urged the European Union to quickly come up with solutions to assist developing nations in combating global warming in order to prevent a potential impasse that could hinder global action. Yvo de Boer emphasized the importance of industrialized countries prioritizing this issue and providing additional resources to help poorer nations reduce their greenhouse gas emissions. The agreement reached in Bali in December highlighted the need for a global plan to address climate change by the end of 2009, building on the Kyoto Protocol's efforts to reduce greenhouse gases among 37 industrialized nations. This would then motivate developing countries to shift their economies from fossil fuels to cleaner energy sources. The commitment of developing nations, particularly China and India, is crucial for many wealthy nations, such as the United States, who are concerned about job losses, to reduce emissions. The United States is the only wealthy nation that is not part of the Kyoto Protocol. According to de Boer, head of the U.N., it is becoming a challenging situation where the lack of resources to engage developing countries makes it hard for the United States, Japan, Canada, Australia, and potentially the EU to progress, leading to difficulties in moving forward. The EU claims to be a frontrunner in combating climate change, as warned by the U.N. Climate Panel, which predicts an increase in heatwaves, floods, droughts, and rising sea levels. De Boer suggested new funding ideas such as auctioning carbon dioxide emission rights in the EU and using the profits to assist developing countries. Another option is to raise the levy on a Kyoto project that enables wealthy nations to invest in reducing greenhouse gas emissions in developing countries. De Boer emphasized the importance of EU budgets for research and development in combatting climate change. He stressed the need for generating resources for developing countries to encourage their engagement in climate initiatives. De Boer also called on French President Nicolas Sarkozy to finalize an EU package of climate measures during the French EU presidency in the second half of 2008. The EU Commission had previously proposed cutting greenhouse gas emissions by 20 percent below 1990 levels by 2020, increasing the use of renewable energy in power production to 20 percent, and incorporating 10 percent of biofuels in transport by 2020. De Boer highlighted the significance of completing the climate package under the French presidency so that it can be forwarded to the European Parliament. France and Germany expressed concerns last week that the plan could put European jobs at risk. De Boer emphasized the importance of the EU sharing the burden and delivering on their commitments. He also noted that clear signals about how the target will be achieved are crucial for the EU's international credibility. Visit Reuters for the latest environment blogs. | 4 |
Speakers at a conference at the London School of Economics warned that India's planned construction of the Tipaimukh Dam could have significant negative impacts on the environment, ecology, society, and economy of both Bangladesh and northeastern India. The Voice for Justice World Forum called on the governments of both countries to conduct a joint feasibility study before proceeding with the dam to find a fair and equitable solution to the potential environmental disaster. It was emphasized that India, as the upper riparian country, has a moral and legal obligation to consult with Bangladesh before building any dam. Dr. Hasanat Hussain MBE, Convenor of the Voice For Justice World Forum, chaired the conference, which was also attended by British treasury minister Stephen Timms who commended the organisers for holding the world forum in London. He stated at the conference that the British government will always support the oppressed worldwide and collaborate with organizations like VFJ to advocate for human rights and justice for the underprivileged. The first world forum of VFJ took place at the London School of Economics and was organized by a coalition of its European, US, Canadian, and Asian chapters. The event was attended by expatriate Bangladeshi academics, experts, VFJ members, and various individuals from the British-Bangladeshi community in the UK. Abdul Moyeen Khan, former planning and science minister, and Sabih Uddin, former Bangladesh high commissioner to the UK, participated remotely in the discussion. Concerns were raised about the potential impact on millions of people who rely on the rivers Surma and Kushiara if any barriers are constructed on those rivers. Dr K M A Malik of University of Cardiff presented a paper on Climate Change in South Asia, specifically focusing on Bangladesh, at the conference. Additionally, Dr Mahbub Khan of California State University presented a paper on 'Rights of Migrant Workers in Gulf States' and Hasan Mahmud, director of Sharia Law of Muslim Canadian Congress, presented a paper on 'Women's rights in Islam'. The speakers emphasized the importance of formal bilateral agreements between migrant-sending states like Bangladesh and migrant-receiving states in the Gulf to address human rights violations against migrant workers. The conference urged Gulf governments to prioritize the human rights of migrant workers who contribute significantly to their economies and send remittances back to their home countries, yet often receive low wages, poor working conditions, and job insecurity. Hasan Mahmud's paper reaffirmed that Islam and Sharia law promote and protect women's rights in a fair and just manner. He expressed remorse that societal and cultural biases have caused the misinterpretation and distortion of laws, leading to discriminatory treatment of women in various societies. Professor Anthony Booth from Christchurch University, Kent, UK, Prof. Shamsul Islam Choudhury from Roosevelt University, US, Dr. Abdur Rahman and Dr. Zakia Rahman from Limmeric University, Ireland, Dr. Stephanie Eaton from Kingston University, UK, Luthfur Rahman Choudhury, and the joint convenors of the World Forum of Voice For Justice from multiple cities in the UK participated in the question and answer sessions at the end. | 4 |
Sayed Talat Kamal from Durban, South Africa, reported that developing countries are expressing concerns that they are prioritizing climate change as a more critical global crisis compared to wealthy nations. Specifically, the US is being criticized for its slow progress on important climate change issues. Delegates at the UN Climate Summit in Durban, as well as European representatives and the leader of the African bloc, have condemned the US's stance. Mali delegate Seyni Nafo stated that developed countries, including the US, are not treating climate change with the seriousness it deserves on a global scale. Nafo called for the US to demonstrate the same level of leadership in addressing climate change as it does in promoting democracy, human rights, and market access. The EU's chief negotiator, Arthur Runge-Metzger, expressed concerns about the US delegation being hindered by domestic opposition to climate change. He acknowledged that the Obama administration faces challenges moving forward on climate change due to the situation in Congress. The US is seen as delaying negotiations by pushing for conditions that would legally require all countries to limit their greenhouse gas emissions, which has slowed progress on raising funds for developing low-carbon economies and addressing the impacts of global warming in poorer countries. Climate change is caused by greenhouse gases trapping heat in the earth's atmosphere, leading to rising global temperatures and resulting in more extreme weather events such as cyclones, floods, and droughts. It is widely agreed that a temperature increase of over 2 degrees Celsius would cause irreversible climate change. Global studies supported by the United Nations and the scientific community suggest that in order to limit the temperature increase to 1.5 degrees, global emissions need to be reduced to 40 percent of 1990 levels by 2020 and to 95 percent of 1990 levels by 2050. It is crucial that emissions do not peak after 2015. Rather than implementing a binding target, the United States prefers voluntary pledges from countries to control emissions to the best of their ability. The US has committed to reducing its emissions by 17 percent from 2005 levels by 2020, a promise that Jonathan Pershing, the US delegation chief, believes will not change in the near future. Runge-Metzger, however, argues that even if these voluntary pledges are combined, they would only amount to about half of what scientists recommend to prevent a potential climate crisis. In his nation's first statement, Rene Orellana, leader of the Bolivian delegation, strongly rejected the Reducing Emissions from Deforestation and Forest Degradation (Redd) initiative, which aims to use financial incentives to decrease greenhouse gas emissions from deforestation and forest degradation. Orellana emphasized that Bolivia does not support Redd, stating that forests serve purposes beyond just storing carbon, such as providing food security, water resources, and biodiversity for indigenous communities who rely on them. Redd stated that the forest's function is often reduced to just carbon stocks. Orellana criticized certain aspects of the Green Climate Fund, specifically payments tied to the outcomes of green initiatives. Despite recent political instability in Bolivia, the country has remained steadfast in its environmental stance at the 17th conference of parties to the UN climate change convention. This year, Bolivia passed groundbreaking legislation granting nature the same rights as humans. Scientists project that heat waves, which currently occur every 20 years, will become an annual occurrence due to rising greenhouse gas levels in the atmosphere. Furthermore, coastal regions and islands are at risk of being flooded due to the effects of global warming. Additionally, within the next ten years, approximately 250 million individuals could potentially encounter water shortages. Advocates for climate action suggest that maintaining stable carbon levels in the atmosphere would only slightly hinder economic growth by 0.12 percent annually. They emphasize that any associated costs would be counterbalanced by enhanced health, increased energy security, and more reliable food sources. | 4 |
The Environment State Minister has criticized developed countries for their deceptive behavior regarding climate funds. Hasan Mahmud spoke at a discussion on the upcoming climate summit and accused rich countries of using trickery when promising funds to help poor countries combat climate change. Additionally, he mentioned that these countries have also failed to fulfill their promise to reduce carbon emissions. At the Copenhagen conference in December 2009, developed countries pledged $30 billion in Fast Start Funding for countries vulnerable to climate change impacts. However, as of November 2011, only eight percent of the promised funds had been paid out, falling far short of the original commitment. He mentioned that there is a deception in the situation, as they claim to have already provided the money. However, upon closer examination, it is evident that the funds given in 2008 are categorized as Fast Start Funding. The roundtable discussion took place before an upcoming climate change conference in Durban, South Africa starting on Nov 28. The state minister revealed that Bangladesh had suggested the establishment of a central authority to allocate the funds during the conference. He also mentioned that priority should be given to countries in need when distributing funds, rather than countries with better relations with donors receiving more money. Hasan expressed disappointment in developed countries for not making significant progress in reducing carbon emissions, holding them responsible for global warming. He noted that a person in Bangladesh emits 0.3 tonnes of carbon per year. In developing countries, the number is 1.6 tonnes while in the developed world, it ranges from 15-20 tonnes. He is optimistic about the Climate Vulnerable Forum happening on Sunday, which will be attended by United Nations secretary-general Ban Ki-moon and prime minister Sheikh Hasina. The roundtable was chaired by Palli Karma-Sahayak Foundation chairman Qazi Kholiquzzaman. | 4 |
In Copenhagen, Bangladesh's state minister for environment expressed dissatisfaction with the EU's climate fund commitment, stating that it is insufficient. The EU recently committed 10 billion euro over three years to the climate adaptation fund, but it is unclear if this is in addition to Official Development Assistance. Hasan Mahmud emphasized the importance of Annex 1 countries contributing around 1.5 percent of their GDP to the adaptation fund, which could create a fund of $400 to $600 billion. The state minister emphasized that the proposal from the EU is insufficient to raise the necessary funds for adaptation, totaling $400-600. He reiterated the demand for a separate climate fund for poor and vulnerable nations, in addition to existing ODA, that is not overseen by financial institutions such as the IMF and World Bank. He suggested the creation of a separate, easily accessible, and transparent institution to manage the fund. Hasan suggested that 70% of funds should go to the least developed or most vulnerable countries, with 15% allocated specifically to Bangladesh. He stated that over one billion people globally are at risk from climate change. Hasan also mentioned Bangladesh's efforts to establish a new group for the most vulnerable countries, with communication already underway with potential members. He anticipates that around 20 countries could be included in this new group. He mentioned that the UN recognizes G-77 or LDCs in terms of economic development. He stated that similar recognition is needed for climate change and emphasized the need to form a new group of vulnerable countries for improved negotiation. Hasan highlighted Bangladesh as the most vulnerable country, leading the Global Climate Risk Index and having 15% of the 1 billion most vulnerable people. Fifteen percent of the adaptation fund is required to be allocated to Bangladesh, as it is being heavily impacted by various negative effects of climate change such as sea level rise and extreme weather. The total number of people affected in Bangladesh is expected to be much higher than in small island countries. A delegation from Dhaka held a discussion during the conference titled "Bangladesh: Victim of Climate Change." Climate specialist Dr. Ainun Nishat discussed the effects of climate change on food and agricultural production, water management, health, and infrastructure. | 4 |
Reinhart, who was promoted to senior management in an effort to restore the bank's credibility following ethics concerns, stated that some key ideas for the new product were already established. These included a push for more transparency in methodology, an increased reliance on survey data from companies, and a decreased emphasis on ranking countries. Reinhart emphasized the importance of public disclosure in rebuilding credibility, stating that the details of the product would be publicly available. The bank would also focus on using survey data to minimize subjective judgment and eliminate the competitive aspect of rankings that encouraged countries to manipulate the system. The bank's board decided to stop releasing the annual "Doing Business" rankings in September due to data irregularities in the 2018 and 2020 versions. Senior bank officials, including Kristalina Georgieva, who now leads the IMF, were accused of pressuring staff to alter the data. The law firm WilmerHale is currently investigating possible staff misconduct related to the changes, which benefited China, Saudi Arabia, and other countries. The IMF's board supported Georgieva after looking into the allegations, but she may still be involved in the ongoing investigation. The World Bank's credibility has been damaged by this situation, and it will require time and effort to regain trust. It is important for credibility to be based on systems rather than personalities, and the bank has implemented numerous safeguards following external reviews in the past year. She stated that while nothing in life is completely foolproof, there are measures in place to reduce the potential for misuse and abuse. She hopes that credibility will be gained over time, as it is hard to establish and easy to lose. Reinhart initiated a thorough review of the Doing Business methodology by an external advisory panel following internal concerns about data manipulation in the reports. The scathing 84-page review that followed called for various corrective measures and changes, pointing out a consistent pattern of government interference with the scoring process. The review criticized the bank for not being transparent about the data used and recommended that it cease offering consulting services to governments in order to improve their scores, a practice that had already been stopped in 2020 and 2021. Reinhart mentioned that the bank would assess the broader implications of the scandal and determine any additional steps needed after the completion of the second WilmerHale report. "We will need to address that issue once we have the full report," she stated. | 4 |
Two British ministers, who arrived in Dhaka on Monday, stated that the UK will assist Bangladesh in safeguarding the interests of the least developed countries (LDCs) during the important Copenhagen climate negotiations in December. Douglas Alexander, UK minister for international development, and Ed Milliband, responsible for energy and climate change, made this pledge a day before Prime Minister Sheikh Hasina traveled to Geneva for the World Climate Conference-3. Alexander informed reporters upon their arrival in Dhaka that they would discuss how the UK could help Bangladesh in playing a crucial role in representing the interests of the LDCs at the upcoming Copenhagen summit. In addition, the British ministers met with Hasina to discuss climate change and development cooperation between the two countries. Bangladesh currently chairs the 50-member LDC Group, comprised of countries that are most susceptible to the adverse effects of climate change, largely due to emissions from developed nations. Wealthy nations, such as Britain, are looking to form a partnership with Less Developed Countries (LDCs) in order to urge economic powerhouses like China and India to commit to reducing their greenhouse gas emissions. The United Nations member countries will gather in Copenhagen to create a new international legal agreement for lowering carbon emissions, replacing the current Kyoto Protocol which only had emission reduction requirements for developed nations. The climate talks in Bali in 2007 acknowledged that major developing economies must also work towards reducing emissions. By joining forces with developed countries, the LDCs aim to put pressure on China and India, who are now considered significant contributors to greenhouse gas emissions. Bangladesh is considered one of the nations most at risk from the effects of climate change. Its initiatives in adapting to and reducing risks serve as a model for other countries. "The obstacles are significant," stated Ed Milliband in a press conference. "The UK is dedicated to aiding Bangladesh in overcoming these obstacles." On Monday evening, visiting ministers dined with foreign minister Dipu Moni at the Padma state guest house. The UK government's International Climate Champions Initiative in Bangladesh was launched by Alexander and Milliband at the British High Commission Club. Through this initiative, the UK government will select 15 Bangladeshi youths aged between 18 and 35 to attend the Copenhagen summit. The main goal of this project is to educate the younger generation about climate change and how to adapt to it. Interested candidates must submit proposals on climate change, and a panel led by Dr Atiq Rahman of Bangladesh Centre for Advanced Studies will select the 15 participants. | 4 |
French Foreign Minister Laurent Fabius, who is leading the U.N. conference, stated that he intends to release a nearly final draft on Thursday afternoon to minimize disagreements and pave the way for a final round of revisions. He expressed his determination to reach a final agreement during a meeting with U.N. Secretary General Ban Ki-moon. Fabius has emphasized the importance of completing an agreement to reduce greenhouse gas emissions by the official closing date of Friday, rather than allowing the conference to run overtime as in the past. However, ministers and negotiators from 195 countries are still divided on key issues, such as which countries should provide the necessary funding to assist developing countries in transitioning to lower-carbon energy sources. The current issue has worsened disagreements behind closed doors between the United States and China regarding the financial contributions of certain countries, as mentioned by US Secretary of State John Kerry. While the Chinese did not delve into specifics, they expressed willingness to find a middle ground. The debate over whether the global temperature should be limited to 1.5 or 2 degrees Celsius continues. Chinese negotiator Gao Feng stated that more discussions with colleagues are needed before a revised draft is released, with hopes of reaching an agreement by Friday or Saturday. The discussions have reignited debates on the level of ambition the deal should have in addressing the increase in global temperatures. Developing nations are pushing for a long-term goal of limiting temperature rise to 1.5 degrees Celsius above pre-industrial levels, despite the current carbon emission cuts falling short of that target. Many are still mindful of the failed negotiations in Copenhagen in 2009. There is a strong desire to reach an agreement this time, but the outcome remains uncertain. Former East Timor president Jose Ramos-Horta emphasized that compromise will be necessary for all nations involved. He told Reuters that a treaty is not set in stone like the Bible and can be reviewed and strengthened in the future, implying that the agreements made in Paris are subject to modification. | 4 |
The initial UN special session on climate change emphasized the responsibility of wealthy nations in reducing greenhouse gases, with policymakers urging long-standing polluters to take on a significant portion of the burden. Economist Nicholas Stern emphasized the need for both rich and developing countries to be involved in a global agreement to address human-induced emissions. Stern suggested a global target of a 50 percent reduction in greenhouse gases by 2050, with wealthy countries expected to aim for even larger cuts, around 75 percent, due to their historical emissions and greater access to resources. Stern, a former head of the British government's economic service and now at the London School of Economics, suggested that responsibility for financing cuts in emissions in other countries may be necessary. British Prime Minister Gordon Brown also expressed similar sentiments at the United Nations, emphasizing the need for industrialized countries to take action on climate change. Sunita Narain, director of India's Center for Science and Environment, criticized the lack of real action by political leaders in reducing emissions and called for more drastic measures to address climate change. John Holdren, an environmental scientist at Harvard University, stated that global climate change is responsible for droughts, floods, rising seas, and more intense storms, which cannot be attributed to natural climate variability. The United States, a major emitter of greenhouse gases, did not make a statement at the recent sessions and has consistently rejected strict targets for reducing emissions, citing potential negative impacts on the economy. Instead, the US has advocated for voluntary emissions cuts. President George W. Bush, along with other leaders of the Group of Eight industrialized nations, agreed in June to make significant but unspecified reductions in emissions and to negotiate a new global climate agreement beyond the Kyoto Protocol. The two-day climate meeting at the United Nations is the first of its kind in terms of substance and approach. The event is environmentally friendly, as any emissions produced by air travel and the UN Headquarters building in New York are balanced out by supporting a biomass fuel project in Kenya. | 4 |
The hearing follows a series of sexual assault scandals and recent Pentagon data revealing a significant increase in unwanted sexual contact within the military. Top military officers from various branches, along with the chairman of the Joint Chiefs of Staff, appeared before the Senate Armed Services Committee to address the issue and assure Congress of their commitment to addressing the problem. While some lawmakers, like Senator Kirsten Gillibrand, are pushing for changes that would remove prosecution of sex crimes from the victim's chain of command, others, like General Raymond Odierno, argue that maintaining the power of commanders is crucial for unit cohesion and swift justice. Critics of the military's handling of sexual assault cases believe that radical change is necessary, especially in light of the significant increase in reported cases. Despite concerns raised by Congress, some lawmakers, like Senator Carl Levin, are sympathetic to the military's stance on maintaining the power of the chain of command in addressing these issues. Levin stated that the only group with the power to implement a zero-tolerance policy for sexual offenses is the chain of command. Additionally, only the chain of command possesses the necessary authority to address any issues within the command climate that may promote or condone sexual assaults. | 4 |
A climate tribunal organized by Oxfam in Dhaka has placed blame on developed countries, particularly those in Annex-1 of the Kyoto Protocol, for the destruction of fisherfolk communities in coastal Bangladesh due to climate change. The tribunal, held at the Bangabandhu International Conference Centre and coordinated by the Campaign for Sustainable Rural Livelihood, aimed to explore legal avenues to protect victims of climate change. Testimonies from climate victims, including housewives in cyclone-affected areas and fishermen imprisoned in India, were heard by a five-member jury panel led by Mizanur Rahman of the Bangladesh Human Rights Commission. In an attempt to connect the science of climate change with its legal implications at both national and international levels, the organization consulted two experts in the fields of climate change and international law. Despite ongoing multilateral negotiations, there remains a lack of a binding international agreement that would ensure compensation for countries affected by climate change caused by carbon emissions. According to legal expert Ahmed Ziauddin, Bangladesh could potentially bring its grievances to international courts such as the Hague-based UN court, the WTO, and UNESCO, but there are no provisions for individual claims for damages. Ziauddin suggested that Bangladesh should incorporate laws and articles related to climate change into its constitution, as there is currently no legal definition of climate change in the country. Climate change expert Ahsan Uddin Ahmed explained to the tribunal that developed nations are demanding specific evidence of damage caused by climate change in an apparent attempt to avoid their responsibilities. He stated that while it is scientifically proven that climate change is responsible for these damages, it is difficult to establish a separate account for them. Following the testimonies, the jury recommended the creation of a separate law and the inclusion of an article in the constitution addressing climate change. The jury concluded that as developed nations were primarily responsible for the impact of climate change, they should bear the costs of mitigating it. It also noted that the human rights of coastal communities had been violated by the effects of climate change. The panel of jurors included legislators Saber Hossain Chowdhury, Tarana Halim, Hasanul Huq Inu, and economist Quazi Kholiquzzaman Ahmed. | 4 |
At the conclusion of three weeks of mid-year climate talks conducted online due to the COVID-19 pandemic, Patricia Espinosa urged countries to set aside their differences and collaborate in the months leading up to the crucial COP26 negotiations in Glasgow. Despite the challenges of virtual communication, she stated that governments had effectively participated and made advancements in various areas, such as establishing common timeframes for emissions reduction goals and enhancing transparency in reporting climate action. However, disagreements still exist regarding the regulations governing global carbon markets, requiring higher-level political guidance according to the UN climate body. Espinosa emphasized the ongoing efforts to make significant progress before COP26, highlighting the importance of the situation. "I am encouraging all of us to rise up to the challenges of our time, to complete the tasks at hand, to overcome our differences, and to keep our promises." The talks in June marked the first official UN climate negotiations since the end of 2019, as the pandemic had caused delays. The COP26 summit's main objective is to finalize the rules for the 2015 Paris Agreement on climate change in order to fully implement the pact, according to UN officials. Espinosa emphasized the importance of achieving success at COP26, stating that it is a crucial test of credibility in our fight against the climate crisis, essential for a green recovery, and a demonstration of the importance of multilateralism during these challenging times. Many countries have not yet submitted stronger climate action plans as required by the Paris agreement last year, due to the pandemic. The emissions reductions promised by governments are still far from what is necessary to meet the Paris goals of limiting global warming. Wealthy nations failing to fulfill climate finance pledges to help vulnerable countries is hindering progress. The pandemic has further complicated matters, with developing nations facing challenges in accessing vaccines and uncertainty about attending the COP26 summit in person. British Prime Minister Boris Johnson, as the host of the conference, stated this month that his government is discussing with the United Nations how to provide COVID-19 vaccinations to accredited delegations who may not be able to access them otherwise. Diann Black-Layne of Antigua and Barbuda, representing the Alliance of Small Island States, expressed concerns about the impact of COVID-19 on the upcoming COP26 conference. She also highlighted the need for significant progress on climate finance, calling for a new financial goal for climate-vulnerable nations at COP26. Sonam P Wangdi of Bhutan, who leads the group of least developed countries at the UN talks, emphasized the importance of delivering on climate finance for the success of the conference. Wealthier nations have faced criticism for not meeting their commitment to raise $100 billion annually from 2020 to assist poorer countries in addressing climate change. Criticism was directed at G7 leaders for not providing a clear plan on how they would fulfill their pledge at a recent summit, despite Germany and Canada committing additional funding. The UN climate talks held this month were unable to make official decisions due to being conducted virtually, which caused technical difficulties for some delegates. In an effort to accelerate progress, Alok Sharma, the UK official overseeing COP26, intends to convene ministers from over 40 countries in London in late July. Britain's lead climate negotiator, Archie Young, acknowledged the need for more clarity on issues such as vaccinations and logistics for COP26. Sharma stated that London is collaborating with partners to develop a plan to offer vaccines to all accredited COP26 delegates, including government officials, representatives of environmental organizations, and media personnel, with more details expected to be released soon. | 4 |
At the beginning of the pandemic, the CDC was slow to respond due to its usual pace, resulting in a lag in testing and surveillance as the agency struggled with outdated methods and infrastructure. Delayed recommendations on masking were partly due to federal scientists taking too long to acknowledge the airborne nature of the virus. The CDC is now facing new challenges with the omicron variant, making rapid decisions and issuing recommendations based on limited evidence, causing concern about the impact on the economy and education. The director of the agency, Dr. Rochelle Walensky, has at times bypassed the traditional scientific review process, most notably by reducing the isolation period for infected Americans. Following the Trump administration's interference, President Joe Biden took office pledging to restore the CDC's reputation for independence and rigorous science. Walensky's current challenge is how to communicate to the public that the science is still evolving and the current guidelines are the best advice available. The shift has been difficult for a bureaucracy primarily composed of medical professionals. Some CDC officials have privately expressed concerns about the demoralizing decisions and Walensky's increasing reliance on a small group of advisers, as well as the perceived political influence from the White House. Others outside the agency praised Walensky for her efficient handling of a national emergency, even when the data was unclear and agency researchers had doubts. Dr. Richard Besser, who led the agency during the 2009 H1N1 outbreak, emphasized that policy decisions during a pandemic are not solely the CDC's responsibility. He also stressed the need for clarity when policy and economics influence agency recommendations. The New York Times reported that over 800,000 Americans are being infected daily, leading to challenges for schools, businesses, and hospitals in many states. At the end of December, Walensky announced that infected Americans would only need to isolate for five days instead of 10 if they were no longer experiencing symptoms, and a negative test result was not necessary to end the isolation period. Critics raised concerns about the potential spread of the virus as contagious individuals were allowed to return to workplaces and schools. Many noted the limited research supporting the shortened isolation period for omicron infections. However, the recommendation had a key advantage in helping to maintain the functioning of hospitals, businesses, and schools during the omicron surge. Dr. Thomas Frieden, who previously led the agency under President Barack Obama, stated that the recommendations for isolation were "essentially accurate." Walensky and the CDC have not provided explanations for new tensions in the agency's decision-making. The director has often used rapidly changing science as a reason for recommendations that may be confusing or unpopular. Walensky recently stated to the Senate that the CDC's new guidelines for shorter isolation periods are based on quick, science-driven actions to prevent staffing shortages. This approach has been a recurring theme for Walensky. In March, the CDC advised that students could safely be seated 3 feet apart in classrooms instead of 6 feet, even though there was little research to support this suggestion. However, this change did make it easier for schools to consider reopening. In May, Walensky used scientific data to advise vaccinated individuals that they could remove their masks and socialize freely, despite concerns from experts about the risk of breakthrough infections, particularly from the delta variant. In August, she joined Biden in recommending booster shots for all Americans before the data had been thoroughly reviewed by the FDA or her own agency. The recent guidance on isolation caused turmoil within the agency due to the way it was introduced and communicated. Walensky called an emergency meeting of the agency's COVID response leaders on the Sunday night after Christmas. She informed them that the agency would reduce the recommended isolation period and eliminate the need for a negative test result before ending isolation. This information was shared during a video call by an official who requested anonymity. The new guidelines would be announced the following day by Walensky, and no discussion was to take place until then. Scientists were taken aback by this news and rushed to gather data to support the revised recommendations and update the agency's website materials on quarantine and isolation. Typically, federal researchers thoroughly review data, draft recommendations, and refine them based on feedback before publication. However, in this case, there was limited evidence supporting the shortened isolation period, mainly related to the delta variant. As a result, the accompanying "science brief" was changed to a "rationale" document. Some researchers were upset about being excluded from the decision-making process and were angered by the agency's claim that the change was based on science. Even though some thought the new five-day cutoff was arbitrary, they were aware of data suggesting rapid tests might not detect all omicron infections, and thus mostly supported Walensky's decision not to require a negative test before ending isolation. However, when Walensky announced the new recommendations at an emergency meeting on Dec 26, staff were not prepared. CDC scientists then spent a week updating hundreds of guidance documents on the website. Around 2,000 health officials, public health lab directors, and researchers participate in a weekly call with CDC officials. During the call on Dec 27, just before the CDC's statement was released, state and local officials asked numerous questions about the isolation guidance for the general public. CDC staff members were ordered not to discuss the new recommendations, leading to silence among the staff. Scott Becker, CEO of the Association of Public Health Laboratories, expressed a desire for more input and advance notice. Supporters of Walensky, the CDC director, believed that the agency's shift in direction was necessary and that she had made the correct decisions. The CDC is a large organization with researchers used to working methodically, but the urgent nature of the pandemic required quicker action. Former CDC director Frieden noted that there were individuals within the agency who did not fully understand the situation. He mentioned that during his time in office, he often encountered CDC staff who were both charming and clueless about the potential impact of their recommendations and statements. Many experts believe that Walensky has unfairly been made the scapegoat for the frustrations caused by the unpredictable nature of the virus. Leading the CDC is always challenging, but Walensky took on this role during a pandemic, in a politically charged environment, and at a time when the agency's credibility and staff morale were low. Additionally, agency researchers are still working remotely, which is a significant obstacle. Besser expressed his concerns about the CDC. Besser expressed his concerns about the public's trust in public health, stating that it is unfair to blame Dr. Walensky for it. Walensky has been explaining her decisions at news briefings, but in response to criticism about unclear messaging, she and other CDC scientists held their own briefing. This was seen as a positive step towards rebuilding trust in the CDC and clarifying its decisions. Separating public health considerations from political ones is crucial, according to Besser. By receiving briefings from the CDC, she will be able to highlight the expertise of CDC scientists and experts. The tension between the CDC and the National Institutes of Health (represented by Dr. Anthony Fauci) has been ongoing and existed before the pandemic. During a recent public health crisis, Fauci and Surgeon General Dr. Vivek Murthy made public assurances about the CDC revisiting its recommendations for isolation, even though the agency had no such plans, which upset senior CDC scientists. Dr. Peter Hotez, dean of the National School of Tropical Medicine at Baylor College of Medicine, suggested that Health and Human Services Secretary Xavier Becerra should help resolve these conflicts. Becerra recently defended CDC Director Walensky in a CNN interview, pointing out her medical license and degree in public health. She is not in possession of a marketing degree. | 4 |
A UN summit in Copenhagen is discussing the idea of limiting global warming to a maximum of 2 degrees Celsius. This proposal is supported by a new fund of $100 billion per year to assist developing nations. A draft text, which was put together just hours before world leaders met, emphasizes the need for significant reductions in global emissions. The draft also calls for commitments from wealthy nations to cut greenhouse gas emissions by 2020. Despite being a new draft, it closely resembles a previous version from the night before. The text stresses the importance of immediate and enhanced national action, as well as strengthened international cooperation, to address the issue of global warming. Many major economies have already committed to limiting global warming to 2 degrees Celsius above pre-industrial levels in order to prevent dangerous consequences such as floods, heatwaves, droughts, and rising sea levels. They have also agreed to mobilize $100 billion by 2020 to address the climate change needs of developing countries, with funding coming from various sources. This commitment mirrors U.S. Secretary of State Hillary Clinton's remarks at the Copenhagen meeting. Additionally, there is a goal to provide $10 billion per year in immediate funding to developing nations from 2010-2012, with the amount increasing each year until reaching the $100 billion target in 2020. The text stated that developing countries would agree to some monitoring of their pledged emissions reductions, including reporting to the UN Climate Change Secretariat every two years. The United States is pushing for international verification to be included in any agreement. Negotiations on the full legal texts of one or more new climate treaties would need to be concluded by the end of 2010, according to the draft. The text emphasized that the agreement would not be legally binding. It also mentioned that nations would continue discussions in order to adopt one or more legal instruments before COP 16, the next UN meeting scheduled for November 2010 in Mexico. Numerous developing countries are in favor of having two agreements - one extending the Kyoto Protocol, which currently requires wealthy nations to reduce emissions until 2012, and another outlining actions for poorer nations. On the other hand, developed countries prefer a single treaty. The proposed agreement, known as "Copenhagen X," sparked debate over its name, with some considering it too weak and labeling it a "Copenhagen catastrophe." | 4 |
An agreement in Copenhagen next month on a new pact to combat climate change is expected to attract long-term investors to invest in companies that are better prepared to handle an anticipated increase in carbon emissions costs. Asset managers believe that a strong political deal at the Dec 7-18 summit, which includes emission reduction targets, could spur investors like pension funds and sovereign wealth funds to adjust their portfolios to account for the long-term risks associated with climate change. This could also potentially benefit firms involved in renewable energy sources like wind or solar, while putting pressure on industries with high emissions such as utilities, aluminum, and car manufacturers. A more specific agreement, such as a legally binding target for emission reductions, may prompt funds to start adjusting their asset allocations sooner to protect against the impact on companies facing higher costs due to emissions. Essentially, this agreement would act as a global treaty aimed at controlling pollutants. Bruce Jenkyn-Jones, managing director of listed equities at Impax Asset Management, stated that by intervening in the economy to regulate and include the cost of carbon, there will be an impact on products and services as people will be required to pay for carbon throughout the economy. This will particularly affect big energy producers, utilities, and industrials. Impax manages 50 million pounds in global equities for the UK Environmental Agency's Active Pension Fund. The outcome of a Copenhagen deal remains uncertain. During a preliminary UN meeting in Barcelona, developed countries downplayed the likelihood of reaching an agreement on a legally binding text, suggesting that it could take an extra 6-12 months. However, developing countries are wary of rich nations reneging on their commitments to combat climate change. They are advocating for a legally binding agreement in December, despite the lowered expectations set by politicians, seeing an opportunity for progress. Simon Webber, a fund manager at Schroders, stated that decisions made in Copenhagen will have a significant impact on the growth rates of companies in which you are investing. He believes that industries like power generation, utilities, and transport will be immediately affected by a concrete deal. Webber mentioned that companies like Germany's RWE could potentially face higher carbon costs, which could account for almost a third of their operating profits in the coming years. He also referenced Warren Buffett's $26 billion deal to buy railway firm Burlington Northern Santa Fe in November as an example of the long-term viability of rails. Webber predicts that an aggressive deal will lead to increased growth rates in nuclear power and solar industries, as well as a major shift from combustion engine cars to electric vehicles. Malcolm Gray, a portfolio manager at Investec Asset Management, believes that industries like sugar, which are energy self-sufficient, will be better equipped to handle emission reductions and will attract investments. However, utilities in the thermal sector and non-diversified aluminum producers will be at risk. As the cost of production increases due to high carbon prices, consumers with limited disposable income and low-margin retail businesses may suffer. Gray also warns that there is more embedded inflation in the world than people are aware of. He stated that there is a possibility of experiencing a slightly more aggressive inflation cycle globally in contrast to the current deflating world. The outcome of the Copenhagen talks could help investors in mitigating portfolio risks by predicting the rise in the cost of carbon emissions and investing in industries that benefit from alternative energy. Sovereign funds and long-term investors are increasingly involved in environmental investing, while private sector participation has been slow. Norway's $400 billion oil fund is investing over $3 billion in firms involved in environmental technologies and encouraging companies to address climate change more effectively. "We are best served by promoting good standards of corporate behavior, which aligns well with our long-term investment objectives," stated Martin Skancke, director general of Norway's Ministry of Finance Asset Management Department, in an interview with Reuters last month. Rabobank believes that the outcome of the Copenhagen summit will provide clarity on the framework for the unlisted Dutch bank, which is already factoring in the cost of carbon emissions as a risk factor when granting credit facilities. Ruud Nijs, head of corporate social responsibility at Rabobank, emphasized the importance of risk mitigation and expressed confidence that business opportunities would arise in due time. He also highlighted that if the costs of climate change were taxed, it would prompt a reevaluation of the credit portfolio. If a customer is now responsible for covering the costs associated with climate impacts, their risk level will significantly increase. The bank has dedicated over 4 billion euros to investments in renewable energy, focusing on clean technology in its credit investment portfolio over the past year and a half. It has provided sole debt financing for the Belfuture solar project, valued at hundreds of millions of euros, and has also contributed 620 million euros in project financing for the Belwind offshore wind farm project. The bank believes that Copenhagen offers a more favorable business environment for conducting transactions. Nijs stated that significant cleantech deals, as well as investments in solar, wind, and biomass technologies, will be automatically produced by the positive outcome. He also mentioned that the pipeline will experience growth. | 4 |
Heckling has always been a challenge for Trudeau, but this time the criticism has become more intense. After being in office for six years, the prime minister, who initially presented himself as a fresh face with a positive outlook, is now seen as part of the political establishment, with a record of actions and mistakes for opponents to point out. Despite predictions that the Liberal Party will maintain its control of Parliament, this tough election campaign has not helped Trudeau. Ben Chin, a senior adviser to the prime minister, acknowledged that no politician could have maintained the level of popularity Trudeau had when he first took office. According to Chin, being in power for several years inevitably leads to accumulating more criticism and controversy. During his time in office, Trudeau has faced criticism from opposition party leaders for making decisions that are not universally supported. This includes accusations of prioritizing his personal and political interests over the nation's welfare, as evidenced by the upcoming snap election. Critics have also pointed to controversies such as a charity contract involving his family and ethical breaches related to pressuring a minister to assist a Quebec company. Despite Trudeau's cited accomplishments, his opponents highlight unfulfilled promises. Anti-vax protesters, some affiliated with the far-right People's Party of Canada, have disrupted Trudeau's events, leading to increased security measures. Safety concerns have even led to the shutdown of rallies in Ontario, where the prime minister was also targeted with gravel. An official from the People's Party was later charged with assault using a weapon in that incident. Since 2015, Trudeau has achieved several milestones, including implementing carbon pricing and other climate initiatives, legalizing cannabis, increasing funding for Indigenous issues, and banning 1,500 models of military-style rifles. A new initiative will offer daycare for $10 per day per child in Canada. Despite a decrease in popularity, Trudeau still maintains his star power. When Trudeau visited a cafe in Port Coquitlam to greet voters and take photos, a crowd quickly gathered. Despite expressions of love from supporters like Joy Silver, many Canadians are questioning why Trudeau called an election now, amidst rising COVID-19 cases and other pressing issues such as the crisis in Afghanistan. Trudeau's decision to hold the vote during such a tumultuous time has been a point of contention throughout the campaign. Trudeau is struggling to effectively communicate his message, with the Liberal Party aiming to secure a majority in the House of Commons to address the ongoing pandemic and subsequent recovery. Despite not explicitly mentioning a majority, Trudeau emphasizes the party's experience and commitment to ending the pandemic at campaign rallies. The Liberals are currently in a close race with the Conservative Party, with the New Democrats trailing behind. Some experts believe Trudeau's personality and fame may be hindering his campaign efforts. “The NDP and Conservatives, in particular, have been emphasizing that this is a power grab and all about him,” she explained. “This message has really resonated with voters.” Some scandals that occurred during Trudeau’s time in office have also benefited the opposition. For example, in 2019, Trudeau’s veterans affairs minister, an Indigenous woman, resigned after allegations that he and his staff had pressured her improperly to make a deal that would have allowed a large Canadian corporation to avoid a criminal conviction on corruption charges. Despite his promotion of diversity, it was revealed during the 2019 election that Trudeau had worn blackface or brownface on three occasions in the past. Additionally, last year a charity with strong ties to his family was given a no-bid contract to oversee a COVID-19 financial assistance program for students. The group retreated, the program was called off, and Trudeau was deemed innocent by the federal ethics and conflict of interest commissioner. His critics have also pointed out areas where they believe he has not delivered on his promises, such as implementing a national prescription drug plan, reforming Canada's electoral system, reducing the national debt, and addressing issues of sexual harassment in the military and solitary confinement in federal prisons. A study by the Centre for Public Policy Analysis at Laval University in Quebec City revealed that Trudeau has completely fulfilled approximately 45% of his promises, with another 27% partially fulfilled. Singh has been highlighting Trudeau's pledge to provide clean drinking water to all Indigenous communities, noting that there were 105 boil-water advisories in place in First Nations communities when Trudeau came into office, with more added later. The government has provided clean water to 109 communities that were previously without it, however, there are still 52 boil-water orders in effect. Singh criticized Trudeau for not always following through on his actions, while O'Toole accused Trudeau of being self-centered and only looking out for himself. "He prioritized his own interests when he decided to hold an expensive and unnecessary election during a pandemic." Security and privacy measures have been increased at Trudeau's campaign events following disruptions by protesters upset about COVID-19 vaccination requirements. At a rally in Surrey, Trudeau gave a lively speech to a mostly South Asian crowd, which was invited rather than publicly announced to control the size due to pandemic restrictions. Police snipers on the roof monitored the event. Trudeau was questioned about whether US politics had influenced the recent unruly protests following the cancellation of a rally in Ontario. His response was indirect, emphasizing the need for reflection on the dangers of anger, division, and intolerance. Trudeau noted that he had never witnessed such intense anger during a campaign in Canada before. While it is difficult to accurately predict the number of seats each party will hold in the next House of Commons based on wider poll results, it is evident that Trudeau may have lost support from many Canadians due to his decision to call an early election and faced abuse while campaigning without gaining any political advantage. The Liberals are expected to maintain power, but may not secure the majority they were hoping for. If this happens, Butts noted, it would be ironic as the situation would be similar to before. | 4 |
Speakers at a seminar emphasized that climate change, which disproportionately affects the least developed countries such as Bangladesh, is a result of global corruption. They pointed out that industrialized nations bear significant responsibility for the rapid changes in climate that harm these countries the most. | 4 |
The gathering in downtown Omaha, Nebraska marked Berkshire's first shareholder meeting since 2019, prior to the impact of COVID-19 on corporate events. Shareholders had the opportunity to ask Warren Buffett, Charlie Munger, Greg Abel, and Ajit Jain questions for five hours. Buffett announced that Berkshire had significantly increased its investments in Chevron Corp and Activision Blizzard Inc, now totaling over $31 billion. Despite facing challenges from supply chain disruptions, COVID-19 variants, the Ukraine invasion, and inflation, Berkshire's first-quarter operating profit remained steady at $7.04 billion. Buffett, 91, expressed satisfaction in being able to speak directly to shareholders in person again after two years of virtual meetings. Attendees at the event included JPMorgan Chase & Co Chief Executive Jamie Dimon and actor Bill Murray. In his annual shareholder letter in February, Warren Buffett expressed frustration over the lack of investment opportunities. However, in March, Berkshire Hathaway purchased 14.6% of Occidental Petroleum Corp and agreed to acquire insurer Alleghany Corp for $11.6 billion. When asked what changed, Buffett explained that he decided to invest in Occidental after reading an analyst report and in Alleghany after receiving a letter from its former CEO, who had previously worked at Berkshire Hathaway. Buffett emphasized that markets can be unpredictable, providing occasional opportunities for Berkshire Hathaway to make investments. "It's not due to our intelligence.... I believe we are rational." Berkshire invested $51 billion in stocks during the quarter, causing its cash reserves to decrease by over $40 billion to $106 billion. Despite this, the company has various sources of income, such as its insurance business, and Buffett confirmed that they will not run out of reserves. "We will always have a significant amount of cash," he stated. "It's similar to oxygen, always present but if it goes away even for a short time, it could be catastrophic." When questioned about the possibility of the Ukraine conflict escalating into nuclear war, Buffett and Jain were uncertain. Jain, who has been praised by Buffett for many years, admitted to having difficulty estimating Berkshire's insurance risk. Buffett stated that the chances of a nuclear attack were extremely low, despite the close call during the Cuban Missile Crisis in 1962. Buffett likened the current state of the world to flipping a coin every day. "Berkshire cannot provide a solution." Buffett also criticized stock markets for resembling a casino or gambling partner at times, particularly in the past few years with encouragement from Wall Street. Munger, aged 98, shared similar sentiments by comparing bitcoin to Nancy Reagan's "just say no" campaign and also spoke out against trading firm Robinhood Markets Inc. He and Buffett enjoyed their usual candies from See's, which is owned by Berkshire, and drank Coca-Cola at the meeting. Abel defended Berkshire's BNSF railroad, stating that there is room for improvement in operations and customer service to compete with Union Pacific Corp. Buffett reassured shareholders that Berkshire's business culture will outlast his and Munger's leadership. Shareholders rejected proposals for more transparency on diversity and climate risks, as well as having an independent chairman replace Buffett. Buffett has led Berkshire since 1965, and prominent investor Mario Gabelli opposed removing him as chairman. "It is not considered inappropriate for companies to consider separating the roles of chair and CEO," he stated. "However, in the case of Berkshire Hathaway, it does not seem necessary as the current leader has been very successful for the past 50 years. While we support the concept in general, it is not needed here." Prior to the doors opening at 7 am, thousands of people gathered outside the downtown arena where the meeting was held. Despite projections for lower attendance compared to 2019, there were still about 10% to 15% of empty seats in the usually full arena. At other events sponsored by Berkshire this weekend, almost all attendees did not wear masks, but they all had to show proof of COVID-19 vaccination. The meeting was broadcast on CNBC.com. Tom Spain, founder of Henry Spain Investment Services in Market Harborough, England, arrived at 3:15 a.m. for his third meeting and brought a chair from Walmart so he could sit down. He mentioned that everyone has been using the chair and joked about bringing a large container of coffee to give out next year. Lauritz Fenselau, a 23-year-old software startup owner from Frankfurt, Germany, arrived at his first meeting at 4 a.m. stating that it felt like a pilgrimage. Andres Avila, who had traveled from Boston to Omaha and had only five hours of sleep before lining up at 4:45 a.m., mentioned that he carried an umbrella to protect himself from the rain and expressed his excitement about meeting his idols. | 4 |
In general, the promises made by governments to reduce greenhouse gas emissions are not sufficient to prevent a temperature increase of 2 degrees Celsius (3.6 Fahrenheit), which is considered a critical point for severe heat waves, heavy rainfall, and rising sea levels. A report from organizations such as Christian Aid, Oxfam, the International Trade Union Confederation, and WWF International stated that the efforts of major developed countries are inadequate compared to what is considered their fair share. This report comes as nearly 200 nations gather in Bonn, Germany for talks from Oct 19-23 to finalize a global agreement on climate change, with a summit scheduled for December in Paris. While around 150 nations have submitted plans to combat climate change, there is currently no standardized way to assess and compare the level of ambition of each nation. The report from Monday suggested that wealthy individuals could transition from fossil fuels to cleaner energy sources, assist others, and take on more responsibility due to their historical use of coal, oil, and natural gas since the Industrial Revolution. The report estimated that the United States and the European Union had committed to around 20% of their fair share, while Japan had committed to about 10%. In contrast, emerging economies were found to either exceed or broadly meet their fair share commitments. China was highlighted for doing more than its fair share by considering its emissions since 1950, while Brazil was contributing significantly as well. Brandon Wu of ActionAid stated that rich countries were falling short in providing emission reductions and financial support at the negotiating table. Tasneem Essop of WWF International suggested that Paris should establish mechanisms for actions to become stronger over time through regular science and equity reviews. Both top emitters, Beijing and Washington, claim their plans are ambitious. China aims to peak greenhouse gas emissions around 2030, while the United States plans to reduce greenhouse emissions by 26-28 percent by 2025, compared to 2005 levels. According to a report released on Monday, if current trends continue, temperatures are projected to increase by 3 degrees C (5.4F) or more above pre-industrial levels by 2100, surpassing the agreed maximum of 2C. | 4 |
According to a top carbon expert, the world still has the resources and capability to combat climate change, and countries should not use the financial crisis as an excuse to postpone actions to address global warming. James Cameron, vice-chairman of Climate Change Capital in London, stated that the recent mobilization of trillions of dollars highlights the strength and scale of international cooperation in addressing a global crisis. He warned that governments may prioritize short-term crises over long-term climate change issues, but emphasized the importance of learning from the quick mobilization of resources during the financial crisis to support market systems and address environmental challenges. Cameron delivered these remarks at a major carbon conference in Australia. He suggested that if governments worked together with the same level of cooperation and urgency to address climate change as they did with the financial crisis, it would be possible to tackle both issues simultaneously. Concerns exist that the financial crisis has already drained public capital reserves, making countries hesitant to commit to near-term climate change actions that could impact their economies and jobs. However, Cameron, a senior figure in clean-energy investments, argued against this short-term focus, stating that investments in addressing climate change should be seen as essential for the public good, despite the potential costs in the long term. He emphasized that there is still capital available to invest in solutions for the climate crisis, even after recent stock market declines. Climate Change Capital manages over $1.6 billion in funds and specializes in assisting companies and institutions impacted by policy and capital market reactions to climate change, according to the information provided on its website. | 4 |
The sixth yearly report on the Low Carbon Economy Index by PwC examined the advancements made by major developed and emerging economies in decreasing their carbon intensity, or emissions per unit of gross domestic product. Jonathan Grant of PwC stated that the gap between current achievements and necessary actions is increasing each year. He noted that governments are becoming more disconnected from reality in striving towards the 2 degree goal, as current commitments are only leading us towards a 3 degree increase in temperature. This is far from what governments are aiming for. Almost 200 countries reached an agreement at the United Nations climate talks to restrict the increase in global temperatures to less than 2 degrees Celsius above pre-industrial levels in order to prevent the harmful effects of climate change such as heat waves, floods, storms, and rising sea levels. Currently, temperatures have already risen by 0.85 degrees Celsius. To achieve this goal, carbon intensity will need to be reduced by 6.2 percent annually, which is a significant increase from the 1.2 percent reduction rate seen from 2012 to 2013. According to the study, achieving this annual reduction would require changes on a larger scale than what has been seen in recent shifts in energy production in some countries. France switched to nuclear power in the 1980s which resulted in a 4 percent decrease in emissions, while Britain's shift to gas in the 1990s led to a 3 percent cut. The United States experienced a 3.5 percent cut in emissions due to the shale gas boom in 2012. PwC noted that emerging economies like China, India, and Mexico have been reducing their carbon intensity at a faster rate than industrialized countries such as the US, Japan, and the EU. These emerging nations, which are major manufacturing centers, have emissions 1.5 times larger than the biggest developed economies, and it is crucial for them to decouple economic growth from carbon emissions. Australia has had the highest rate of decarbonization for two consecutive years, with a 7.2 percent decrease in carbon intensity in 2013. Despite being a major coal producer with high emissions per capita, Australia's efforts to reduce emissions have slowed down since the repeal of a carbon tax in July. Britain, Italy, and China all saw a decarbonisation rate of 4-5 percent, whereas France, the United States, India, Germany, and Brazil experienced an increase in their carbon intensity. | 4 |
World leaders have been addressing the UN climate conference in Copenhagen as it approaches its conclusion. The Danish organizers have downplayed expectations of a full agreement, but some leaders remain hopeful. French President Nicolas Sarkozy stated, "People want to keep [the Kyoto protocol], okay, let's keep Kyoto." Let's come to a consensus on a general political framework. We are running out of time, so let's stop pretending. If Copenhagen fails, it will be a disaster for all of us. We need to accelerate our efforts in this conference or we will be facing a disaster. We have less than 24 hours. If we continue in this manner, it will result in failure. Our purpose here is not to hold a conference on global warming, but rather to make decisions. UK Prime Minister Gordon Brown emphasized the importance of taking action in Copenhagen, warning against allowing self-interest to hinder policies for human survival. US Secretary of State Hillary Clinton raised concerns about the lack of transparency from China, the second biggest emitter. There needs to be a readiness to embrace openness in any setting that we ultimately decide is suitable. If there is not a dedication to promoting transparency, it is a major issue for us. Israeli President Shimon Peres urges our neighboring countries, even those with whom we do not have formal diplomatic ties, to work together to protect our region. Political differences should not prevent collaboration on environmental issues. Carbon molecules do not belong to any specific country. Rivers do not need visas, but they can carry pollution. People of different faiths hope for the Jordan River to remain clean and sacred. I believe in the Biblical call to care for and protect the environment. Iranian President Mahmoud Ahmadinejad shares our views on the causes of environmental destruction and has solutions to address it. I am hopeful that those responsible for the destruction of the environment will agree to international commitments and work with us to establish a fair framework that minimizes this destruction and supports programs to mitigate its effects. It is important for all countries to have access to new technologies that allow them to diversify their energy sources and utilize clean and renewable energy options like wind, solar, tidal, geothermal, and nuclear power. Chinese Climate Change Ambassador Yu Qingtai emphasizes the importance of success in Copenhagen and rejects efforts to shift blame onto other countries for any potential failures. He believes that some parties are simply trying to justify their obstructive and unproductive behavior during the process. The biggest obstacle, according to Indian Environment Minister Jairam Ramesh, is some parties' desire to unilaterally abandon agreements, leading to a lack of trust and blame game. Micronesian President Emanuel Mori seeks help to save his people and others in small island countries, urging cooperation to protect the planet for future generations. Japanese Environment Minister Sakihito Ozawa questions whether it will be acceptable to developing nations if the US, China, and others do not join an agreement. The current main issue lies within these nations. Venezuelan President Hugo Chavez has observed slogans in the streets, including one that suggests focusing on changing the system rather than the climate. He believes it is important for us to adopt this mindset and prioritize system change over climate change. As a result, we will start to protect the planet. Capitalism is a harmful system that is causing harm to life. Another memorable saying is, "if the climate were a bank, it would have already been saved", and I believe that to be true. If the climate were a large capitalist bank, you rich governments would have already saved it. Marcus Stephen, President of Nuaru (South Pacific), The Republic of Nauru is a small island, only 21 sq km (8 sq miles) in size. How much of our island should we be willing to sacrifice? We are isolated by the Pacific Ocean on all sides and facing rising sea levels with no alternative options. Let us stop blaming others and take responsibility. We must not disappoint the world or our future generations. We are present and accountable for the future of the world. Our voices today must turn this dream into a tangible reality. Australian Prime Minister Kevin Rudd expresses concern about prioritizing style over substance and inaction over action. He emphasizes the importance of collective action for sustainable development, as the planet's ability to support it is at risk. I am concerned that during this conference, we are close to failing the children of the world. Each of us will be held accountable for our actions or inactions. South African President Jacob Zuma believes this is a critical situation that could have life-threatening consequences for the global population. It is crucial that we work together and make serious decisions as we are facing a threat to the survival of humanity. The most important thing is to prioritize taking action, rather than focusing on personal gain while others are suffering. South Korean President Lee Myung-Bak stresses the importance of reducing greenhouse gas emissions, as the decisions made today will impact not only ourselves but also our children and the future of the planet. In order to make a significant difference, collective action is necessary. Instead of waiting for others to take the lead, we should be willing to take the first step ourselves. The main challenge, according to Ugandan Environment Minister Maria Mutagamba, is that we are deviating from the usual procedure and neglecting certain aspects. However, she remains optimistic that an agreement can be reached. Norwegian Prime Minister Jens Stoltenberg emphasizes the critical nature of the current stage of the conference and urges all to take responsibility in reaching an agreement the following day. This agreement should involve ambitious emissions targets and should be based on the principle of common but differentiated responsibilities, with the wealthiest nations bearing the most responsibility. All nations must make a contribution, and Norway is committed to taking responsibility. We aim to decrease our greenhouse gas emissions by 30% by 2020, and if a strong global climate agreement is reached, we will strive to achieve carbon neutrality by 2030. The Prime Minister of Vanuatu, Edward Natapei, mentioned the recent devastation in Fiji caused by a category two cyclone, with thousands of people displaced and seeking shelter due to flooding. This is just a preview of what could potentially worsen if a bold climate agreement is not in place. | 4 |
The head of the UN climate panel is optimistic that the climate talks in Bali will conclude on Friday with a clear schedule for implementing greenhouse gas emission reductions to combat the threat of dangerous global warming. The discussions among 190 nations, which are intended to kick off two years of negotiations for a global agreement to address global warming, have hit a standstill over emissions targets, particularly with opposition from the United States, Japan, and Canada against setting specific numerical goals for emissions. Rajendra Pachauri, who recently accepted the Nobel Peace Prize on behalf of his UN panel in Oslo, stated that if there is a robust declaration on reducing emissions by 2020 and a clear timeline for determining the numbers, he would view that as progress. He also mentioned that reaching an agreement on a timeline could lead to establishing concrete targets for emissions goals by wealthy nations, perhaps not at the current talks but potentially six months later. Pachauri emphasized the importance of specifying targets by 2020. This year, the UN panel attributed global warming to human activity and warned of more extreme weather events in the future. They emphasized the need for strong action to reduce greenhouse gas emissions by 2050, suggesting that specific targets should be set within the next six months. The Bali talks from December 3-14 are focused on establishing guidelines for formal negotiations on a new agreement to replace the Kyoto Protocol, which currently regulates emissions for industrialized nations. The EU is pushing for a non-binding agreement at Bali to aim for a 25 to 40 percent reduction in emissions from burning fossil fuels by 2020 compared to 1990 levels. The United States, Japan, and Canada are in disagreement, stating that any specific figures would predetermine the result. Pachauri, the chairman of the Intergovernmental Panel on Climate Change, declined to address the U.S. opposition, expressing hope that the negotiations would address all differences. Pachauri stated, "I hope we can resolve this difference of opinion. The fact that they are considering fairly strict targets of 25 to 40 percent is a positive sign that they acknowledge the science we presented and understand the importance of reducing greenhouse gas emissions. Otherwise, we will face serious impacts of climate change." | 4 |
In a speech to the Republican-led Congress in Washington, the 78-year-old pontiff urged America to use its power and wealth to benefit humanity, emphasizing the importance of not turning away from those in need. Born in Argentina to an Italian immigrant family, Pope Francis addressed a wide range of issues, including liberal concerns, conservative values, and Catholic teachings on the family. He called for an end to the death penalty, a more fair economy to help those in poverty, and greater action against climate change. Later, he was warmly welcomed in New York as he traveled to St. Patrick's Cathedral. With the sound of organ music and a choir singing, the pope was greeted by a crowd of 3,000 in the cathedral for an evening prayer service. On Friday, Francis is scheduled to speak at the United Nations General Assembly in New York and lead an open-air Mass in Philadelphia on Sunday. His call for action on immigration was well-received, with applause coming from both Democrats and Republicans in attendance, including lawmakers, Supreme Court justices, and other dignitaries at the first ever address by a pope to a joint meeting of the U.S. Congress. The issue of illegal immigration has been a focal point in the Republican race for the 2016 presidential nomination, with front-runner Donald Trump vowing to deport all 11 million illegal immigrants, many of whom are from Latin America like the pope. Trump has also made controversial remarks accusing Mexico of sending criminals across the border. In addressing an issue that has caused Republicans to lose support among Hispanic voters, Francis stated that America should not be alarmed by the influx of foreigners from south of the border seeking a better life. He emphasized the importance of seeing these individuals as people, listening to their stories, and responding to their situation with compassion, fairness, and brotherhood. Speaking softly in accented English, Francis was accompanied by two prominent American Catholics, Republican House Speaker John Boehner and Democratic Vice President Joe Biden. Boehner, known for getting emotional, openly wept during the speech. The United States has been struggling for a long time on how to handle illegal immigrants. Last year, Republicans in Congress stopped a bipartisan attempt to reform immigration laws that would have given illegal immigrants an opportunity to become US citizens. In a recent Pew Research Center poll of 2,002 U.S. adults in May, 51% believed that immigrants enhance the country with their hard work and skills, while 41% saw immigrants as a burden because they take jobs, housing, and healthcare. It remains uncertain if the pope's speech will influence opinions on immigration. "It doesn't change my views," said Michael Tipsword, a student at George Washington University and a Catholic. He mentioned that Francis' stance on immigration is more focused on humanitarian concerns rather than political motives. Tipsword, who identified as a strong conservative, made this statement while standing in front of the US Capitol building where a large crowd watched the speech on a screen. Quoting historical figures Abraham Lincoln and Reverend Martin Luther King Jr., Francis urged lawmakers to prioritize unity over partisan conflicts, emphasizing that politics should serve the greater good of society. Both Democratic and Republican presidential candidates interpreted the pope's remarks as confirmation that he supports their respective views. In his speech, the pope touched on issues such as abortion and euthanasia, stressing the importance of protecting human life at all stages of development. He quickly shifted his focus to advocating for the abolition of the death penalty, emphasizing the value of every life and the potential benefits of rehabilitating criminals. Francis also condemned the global arms trade, fueled by money tainted with innocent blood, and criticized the silence surrounding this issue. In a stance that pleased conservatives, he expressed his opposition to same-sex marriage, stating that fundamental relationships and the institution of marriage are being challenged. To further emphasize his message of aiding the less fortunate, Francis left the US Capitol in his small black Fiat to have lunch with homeless individuals, asserting that there is no excuse for homelessness. | 4 |
The World Bank emphasized that cities have a crucial role to play in the fight against global warming, as they can act more quickly and effectively than governments struggling to reach a consensus on a UN climate agreement. Andrew Steer, the World Bank's special envoy for climate change, pointed out that the top 10 biggest cities in the world collectively emit more greenhouse gases than Japan. He recommended reforms, such as changes to carbon markets, to help cities become more environmentally friendly. According to a World Bank study, urban areas, which are home to just over half of the global population and account for two-thirds of greenhouse gas emissions, could contribute to combating climate change by adopting greener transportation, clean energy, and improved waste recycling practices. Steer emphasized that cities are both a major contributor to climate change and a key potential solution to addressing it. They possess significant economic influence, with the report indicating that the world's 50 largest cities collectively have a gross domestic product second only to the United States, surpassing China. Tokyo and New York were highlighted as having economies larger than that of Canada or Turkey. Achieving consensus among 194 countries can be challenging, as seen in the UN climate talks aiming to reach agreements on measures to address global warming. In 2008, over 1,000 US mayors committed to reducing greenhouse gas emissions in alignment with the UN's Kyoto Protocol, which binds nearly 40 nations to emission reductions until 2012 but was never approved by the US government. Sea levels are a growing concern for many major cities around the world, including Tokyo, Shanghai, New York, and Buenos Aires, which are located near coasts or rivers. The World Bank is in favor of revamping the UN market mechanism that currently promotes investments in individual projects in developing nations, such as solar panels in Morocco or hydropower in Honduras, to a broader, city-wide scale. This reform of the UN's Clean Development Mechanism (CDM) would enable mayors to receive funding for a range of projects, from flood barriers to hydrogen-powered buses, without needing approval for each individual project. The CDM allows companies to invest in green projects in developing nations and receive credits for reducing emissions in their home countries. Steer also mentioned that city residents' opinions on the ideal living location were changing. In the past, when industrial pollution was a major issue, poorer individuals tended to live in areas like the east side of London that were affected by the pollution. However, in the future, it is predicted that the poor will reside in low-lying areas that are vulnerable to river flooding or sea level rise. | 4 |
The UN climate agency has suggested a special summit to address climate change, but may consider high-level ministerial talks if world leaders are not on board. Yvo de Boer, head of the UN Climate Change Secretariat, stated that UN Secretary-General Ban Ki-moon is looking into the possibility of a high-level meeting to address global warming, with envoys set to gauge government interest. The meeting could take place on the sidelines of the UN General Assembly in September, and would not necessarily involve heads of state. "It might involve a different level, like foreign affairs or energy ministers." Ban stated on March 1 that global warming was as serious a threat as war and called on the United States to take the lead in addressing climate change. Despite requests from UN environmental agencies, Ban's spokeswoman mentioned that there were no immediate plans for a summit. De Boer explained, "I don't believe it's a change in attitude. What we are considering is a high-level meeting to involve a wider range of stakeholders, including foreign affairs, energy, trade, economy, and transportation." "It requires a more extensive effort and broader backing," he stated, regardless of whether leaders come together. Global discussions on expanding efforts to combat global warming, largely attributed to the burning of fossil fuels, have come to a standstill. UN scientific reports released this year indicate that human emissions of greenhouse gases are very likely the cause of global warming, which could lead to increased hunger, droughts, floods, heatwaves, glacier melting, and rising sea levels. De Boer emphasizes the need for accelerated negotiations to expand the UN Kyoto Protocol, which mandates emissions cuts for 35 industrialized nations until 2012. The United States and Australia withdrew from the agreement in 2001, citing the high cost of compliance. The Kyoto nations account for just one-third of global carbon dioxide emissions, with Russia being the only one bound by a Kyoto target among the top four emitters - the United States, China, Russia, and India. De Boer suggested that a new meeting could complement, rather than repeat, the Group of Eight summit in June, where German Chancellor Angela Merkel plans to address climate change. The G8 summit will include leaders from China, India, Brazil, Mexico, and South Africa, who, along with the G8, account for the majority of worldwide carbon dioxide emissions. De Boer stated that the G8 summit does not include important groups such as small island states facing the threat of rising sea levels, the poorest nations in sub-Saharan Africa, and Australia. Environment ministers will convene for the next round of formal UN climate discussions in Bali, Indonesia, in December. | 4 |
Ugandan police have discovered an unexploded suicide vest and have apprehended six individuals suspected of planning the bombings that killed 76 soccer fans. The attacks were carried out by Somali al Shabaab Islamists, who claimed responsibility for the bombings. A senior U.S. official confirmed the authenticity of al Shabaab's claim, marking the group's first attack outside of Somalia. U.S. President Barack Obama expressed sadness over the timing of the explosions during the World Cup final in South Africa. Obama spoke about two contrasting visions for Africa - one of progress and unity, and the other of destruction and death by groups like al Qaeda and Al Shabaab. The US government is working with Uganda and other regional governments to prevent future attacks by sharing intelligence and taking necessary measures. Despite receiving a tip-off about a possible attack, the US was not aware of any advance warning. According to a source in Uganda, an informant from the Kisenyi suburb of Kampala reported that there were plans for an attack during the World Cup by some Somalis. The source stated that more than 20 individuals, including Somalis and Ugandans, were involved in the planning of the attacks. As of now, six individuals have been arrested in connection with the plot. Al Shabaab has issued threats of further attacks unless Uganda and Burundi withdraw their peacekeepers from the African Union peacekeeping force in Somalia, where the militants are engaged in fighting the government and controlling significant portions of the country. Police discovered a suicide vest at a third location on Monday, which was designed to be planted rather than worn. A man claiming to be Yonis, assistant to al Shabaab spokesman Sheikh Ali Mohamud Rage, told Reuters that those who carried out the attack were blessed with rage and expected to live long lives, indicating that it was not a suicide bombing. Al Shabaab, in addition to banning alcohol, has also forbidden watching soccer matches in areas under its control. Coordinated attacks are a common tactic of al Qaeda and groups associated with Osama bin Laden's militant network. For al Shabaab, this would mark the first instance of the militants extending their quest for power beyond national borders. During an African Summit, U.S. Homeland Security Secretary Janet Napolitano expressed concern about the group's increasing reach, stating that they are now in a new phase of expansion. She emphasized the importance of enhancing preparedness, prevention, and interception measures to thwart potential terrorist attacks on U.S. soil. According to a U.S. official, al Shabaab has been closely monitored due to its connections with al Qaeda in East Africa and al Qaeda in the Arabian Peninsula. The official stated that the attack in Kampala was consistent with threats to expand their targets, but did not directly address whether the group posed a specific danger to the United States. Obama mentioned in an interview with the South African Broadcasting Corp that terrorist organizations do not value African life and see it as a place for ideological battles with no concern for the consequences. The African Union confirmed that Uganda would still host a summit of African leaders despite the attack, and the regional bloc IGAD vowed to continue supporting Somalia's government. IGAD also mentioned plans to increase peacekeepers in Somalia to over 8,000 by the second week of August. Last week, members of IGAD including Kenya, Uganda, Sudan, Ethiopia, Somalia, and Djibouti expressed their desire for 20,000 troops from the AU and United Nations to be deployed in Somalia. The opposition Forum for Democratic Change party in Uganda urged President Yoweri Museveni to withdraw his peacekeepers and stated that they planned to do so if they won the 2011 elections. The party's spokesman, Wafula Oguttu, told Reuters that there is no peace to maintain in Somalia and that Uganda has no strategic interest in the country. He said that Uganda is sacrificing its children without reason. Analysts believe that a sustained bombing campaign could harm Uganda's investment climate, but a single attack would likely not deter major companies like Tullow Oil from investing in the country. Foreign investment in the third largest economy in East Africa has increased significantly due to oil exploration along the western border with the Democratic Republic of Congo. One American citizen was killed in the incident, and five others were wounded and evacuated to Johannesburg and Nairobi. The U.S. State Department confirmed that an FBI team is currently in Kampala. | 4 |
Activists and left-wing leaders at a meeting in Bolivia's Cochabamba region concluded that big polluting countries need to aggressively reduce greenhouse gases and consider input from smaller nations in order to combat global warming. The gathering was seen as an alternative to the unsuccessful Copenhagen summit, where countries and environmental groups felt excluded from decision-making. The activists criticized the industrial powers for not agreeing to significant cuts in emissions at Copenhagen and called for a more ambitious goal of a 50 percent reduction in emissions by leading nations. Bolivian President Evo Morales emphasized the need for developed countries to listen to the voices of the people and make decisions that benefit everyone at the upcoming climate change meeting in Mexico. Earlier at the summit, Morales sparked controversy by claiming that consuming chicken fed with hormones can lead to "sexual deviation" in men, and suggesting that European men experience hair loss due to consuming genetically modified food. The World People's Conference on Climate Change and the Rights of Mother Earth, attended by 20,000 environmentalists and representatives from 90 governments, targeted capitalism, genetically modified food, and global warming. Indigenous groups from around the world participated in the event in Tiquipaya, which featured various activities such as concerts, theater, a handicrafts market, and artists painting murals. Bolivia, Venezuela, Cuba, Nicaragua, Ecuador, Sudan, and Saudi Arabia, all part of a leftist group of Latin American countries, have been vocal critics of the Copenhagen accord, with Morales stating that the crisis of climate change was created in the north and its effects are predominantly felt in the south. Canadian author Naomi Klein stated that if the simple fact of justice and decency is acknowledged, it means that southern countries are no longer asking for aid. Klein, who is known for her activism against global warming, believes that the meeting in Cochabamba could help build a stronger alliance among nations already experiencing the impacts of climate change. She emphasized the importance of unity between developing countries and noted that this empowered position calls for more cooperation. The meeting in Cochabamba resulted in a resolution to establish an international tribunal to hold those responsible for global warming accountable. Additionally, it called for a global referendum on climate change and the creation of a fund to support nations affected by global warming. The resolutions from the summit are not mandatory, but countries and social organizations who participated have committed to garnering support for them before the United Nations summit on climate change in Cancun, Mexico in December. Alicia Barcena, the top UN representative at the meeting, acknowledged on Tuesday that grassroots groups were excluded from the Copenhagen summit and expressed doubt about the effectiveness of the Cancun summit. She suggested that the Rio+20 Earth Summit on Sustainable Development in Rio de Janeiro in 2012 should be the ultimate goal, as she believes Cancun will not be able to address the issues adequately. | 4 |
The European Union executive stressed the importance of EU states fulfilling their commitments to increase aid to impoverished nations, emphasizing that failing to meet U.N. goals would have dire consequences for developing countries and global stability. Despite some progress towards the Millennium Development Goals, millions of children still die from preventable diseases, many lack access to clean water, and millions of women are illiterate. The Commission warned that not achieving these goals would be catastrophic for developing countries, Europe, and global security. With seven years left to achieve these goals, the Commission urged increased political and public support. It called on EU states to uphold their promises to increase development aid to 0.56 percent of GNI by 2010 and 0.7 percent by 2015, citing this as crucial in addressing issues such as migration, security, and climate change. The European Union has asked all 27 member states to create financial plans that show yearly increases in order to meet aid goals. In 2007, the EU was the largest aid donor in the world, with over 46 billion euros committed, but this amount decreased by about 1.7 billion euros from the previous year. This decrease could have funded thousands of schools and hospitals. Aid and development Commissioner Louis Michel described this as a "serious failure". The Commission suggested more efficient aid practices, such as avoiding duplication of efforts, supporting developing countries in using biofuels to combat poverty, and taking steps to prevent brain drains in crucial sectors like health and education. The Commission stated that fundamental principles of aid effectiveness are not being followed, and proposed to introduce improvements on a state-by-state basis. It was proposed that 2 billion euros ($3.15 billion) be allocated by 2010 to the Aid for Trade programme in order to assist developing countries in taking advantage of export opportunities, particularly focusing on African, Caribbean, and Pacific nations. Commission President Jose Manuel Barroso emphasized the need for action in 2008 rather than mere words, stressing the importance of delivering on promises to maintain credibility. A recent report by the Organisation for Economic Cooperation and Development revealed a decrease in development aid from major donors, largely due to the conclusion of significant debt relief packages. In 2000, 189 U.N. members established goals to eliminate poverty, promote human and social development, and protect the environment. In 2005, EU leaders set goals for 2015 including reducing extreme poverty by half, ensuring primary education for all children, and enhancing health standards. Aid to developing countries reached 0.38 percent of the EU's Gross National Income, slightly below the 0.39 percent target for 2006 which was met that year. The European Commission calculated Official Development Assistance at 93 euros per EU citizen, higher than the amounts in the United States and Japan. | 4 |
However, the unfortunate news is that some Oscar voters are questioning whether there are even 10 exceptional films to consider this year. While greatness is subjective, this year's group of Oscar contenders is diverse, including big-budget blockbusters, intimate foreign dramas, and a comedy about the end of the world with Meryl Streep as the president. If voters believe there are not enough worthy films to fill all 10 slots, it may be because they have not explored thoroughly enough. I have watched all of the major Oscar contenders for this year, except for Guillermo del Toro's "Nightmare Alley," and while there is some consensus forming about the top contenders, there is still a wide range of films that could make up the rest of the lineup. I have identified six movies with the strongest chances for best picture, as well as several other deserving films that voters will have plenty to choose from. One question on many minds is whether Steven Spielberg's new musical, "West Side Story," could replicate the success of the 1961 film and take home the best picture award at the Oscars. After receiving a positive reception with standing ovations this week, the film "West Side Story" has now been positioned as a frontrunner. Steven Spielberg's modern take on the classic story combines traditional grandeur with current issues, making it a favorite among Oscar voters. With last year's scaled-down Academy Awards, a large-scale musical from Spielberg released exclusively in theaters is likely to garner support from the movie industry and the Oscars. On the other hand, "Belfast" is a more modest film at 97 minutes long, never reaching too far and ending at the right moment. However, this same modesty may prevent it from securing the top spot at the Oscars. Kenneth Branagh's "Belfast" has received praise in the academy, but "West Side Story" is more grandiose. Despite its limited gross of about $5 million, "Belfast" has yet to attract the older art-house crowd that could make it a sleeper hit. Jane Campion's "The Power of the Dog" has generated buzz for performances by Benedict Cumberbatch and Kirsten Dunst, with potential for Campion to contend for a major Oscar. However, the film may have a better chance at winning the director race rather than best picture. The movie 'King Richard' tells the story of Richard Williams, father to tennis stars Venus and Serena, and is expected to be a strong contender for best picture at the Oscars due to Will Smith's performance. The film's weak opening weekend box office has caused some concern, but historically, best actor winners have come from movies nominated for best picture. In contrast, only six of the last 10 best actress winners have come from films in the top category, indicating a need for the voting body to take female-led films more seriously. Another film, 'Being the Ricardos', has faced criticism for its trailer's handling of Nicole Kidman's portrayal of Lucille Ball, with some suggesting the film may be in trouble. However, once the film began to be shown to enthusiastic guild audiences, Kidman's unexpected transformation into a smoky-voiced character brought her closer to a potential second Oscar win. With a strong supporting cast that includes Javier Bardem as Desi Arnaz, as well as J.K. Simmons and Nina Arianda, "Being the Ricardos" (set to open later this month) is poised to make a significant impact during award season. Additionally, "Don't Look Up" by Adam McKay, known for his successful issue-based comedies "The Big Short" and "Vice," features an ensemble cast of Oscar favorites such as Meryl Streep, Leonardo DiCaprio, Jennifer Lawrence, Mark Rylance, and Jonah Hill. The film, which addresses the threat of a comet and serves as a metaphor for the climate crisis, has gained even more relevance in the face of the ongoing pandemic. In the midst of many period-piece contenders, "Don't Look Up" stands out with its dark portrayal of a bleak future, making it a timely and impactful film. Which other movies are still in the running for the final four spots? It is advantageous to have a strong best-actor contender leading your film. “Cyrano” starring Peter Dinklage, Lin-Manuel Miranda’s “Tick, Tick ... Boom!” with Andrew Garfield, and Joel Coen’s “The Tragedy of Macbeth” with Denzel Washington are expected to receive a significant push. Additionally, Joaquin Phoenix’s “C’mon C’mon” should not be overlooked, despite being a small drama about child-rearing. Hopefully, voters will recognize the outstanding films contending in the best-actress category and consider them for best picture as well. The group of award contenders includes Paul Thomas Anderson’s “Licorice Pizza,” featuring musician Alana Haim in her film acting debut, and Pedro Almodóvar’s “Parallel Mothers,” which earned Penélope Cruz the Volpi Cup for best actress at the Venice Film Festival. Renate Reinsve won best actress at Cannes for her role in “The Worst Person in the World,” which is deserving of more awards attention. At the Gotham Awards, “The Lost Daughter” directed by Maggie Gyllenhaal won several trophies, including one for Olivia Colman’s lead performance. Kristen Stewart is a strong contender for an Oscar for her role as Princess Diana in “Spencer,” directed by Pablo Larraín. The academy has added more international members to diversify its voting base, which could benefit Asghar Farhadi, whose film “A Hero” may secure a best-picture nomination. Paolo Sorrentino’s “The Hand of God,” a coming-of-age film, could also put him in the running for a best-director nomination. I am interested in the movie "CODA," which is a dramedy about a hearing daughter in a deaf family. Despite a successful start at Sundance in 2021, it received less attention when it was released on Apple TV+ in the summer. The film is a traditional crowd-pleaser but has not gained a large audience, though winning two awards at the Gotham Awards may help boost its popularity. On the other hand, "Dune" is expected to be a strong contender in technical categories. The success of "West Side Story" may reduce the pressure to include "Dune" in the best picture category just to have a blockbuster film in the final 10, but I believe it still has a good chance due to its quality and the director's reputation for standing up against corporate decisions. And it must be admitted that the best-picture montage for this year will be much more impressive if it includes large sandworms. | 4 |
A draft report for European Union finance ministers suggests that poor countries will require around 100 billion euros by 2020 to assist them in reducing emissions in the battle against climate change. The report, obtained by Reuters, outlines the EU's plans to hold competitive tenders for funding from wealthier countries, where poorer nations can present their most cost-effective projects for reducing carbon emissions. These documents highlight the EU's developing vision leading up to global climate talks in Copenhagen in December. Finance ministers will discuss and refine the bloc's position at a meeting next Tuesday. The main focus in Copenhagen will be securing the necessary funding to encourage developing nations to decrease emissions, as well as additional funding to help them adapt to a problem they believe has been caused by wealthy, industrialized nations. Between 50% and 66% of the most cost-effective solutions for reducing greenhouse gas emissions by 2020 or 2030 are located in developing countries, according to a document on funding requirements by the EU's Economic Policy Committee and the Economic and Financial Committee. Environmentalists view this as evidence that Europe's economic experts acknowledge the importance of providing support to poorer nations in the battle against climate change. Greenpeace campaigner Joris den Blanken expressed hope that finance ministers would heed this recognition of developing countries' needs. Emissions reductions in these nations would be beneficial as they would lead to savings in fossil fuel consumption, but an additional 100 billion euros per year in investments is still needed by 2020. This would include 71 billion euros for industry and energy sector improvements, 18 billion euros for rainforest preservation, and 5 billion euros for agricultural emissions reduction. The numbers may seem large, but they are put into perspective when compared to the significant subsidies for fossil fuels and agricultural subsidies in various countries, as stated in the report. In addition to reducing their own emissions, developing nations will also require assistance with the costs of adjusting to climate change, such as developing resilient crops and preparing for rising sea levels. The exact cost of adaptation in developing countries is challenging to determine due to uncertainties about the impact of global warming, but the report roughly estimates these costs could reach 23-54 billion euros annually by 2030. | 4 |
Prime minister Sheikh Hasina plans to bring together countries most impacted by climate change to advocate for climate funds during the upcoming 64th session of the United Nations General Assembly and Climate Summit. Foreign secretary Mohamed Mizarul Quayes stated that Hasina will address climate change issues, engage in discussions with leaders of countries that contribute UN peacekeeping troops, and participate in other topics during her week-long visit to the US, starting on Sep 21. Hasina will attend a meeting on climate change on Sep 22, hosted by UN secretary-general Ban Ki-Moon, where she will aim to unite countries most affected by climate change and address compensation claims. Bangladesh, as the chair of the LDC Group, will seek compensation for the least developed countries. Quayes stated that the outcome relies heavily on the positions of other nations grappling with the effects of global warming. Bangladesh is particularly vulnerable to the consequences of global warming, attributed to human-caused carbon emissions, and is requesting financial and technological aid for adaptation. Less affluent countries argue that they will bear the brunt of climate change impacts despite having the least responsibility, emphasizing the need for wealthy nations to fulfill their financial obligations. The UN and World Bank have called on wealthy nations to acknowledge their moral duty. US President Barack Obama and Sheikh Hasina are expected to participate in a side meeting involving nine countries that contribute significantly to UN peacekeeping efforts worldwide. Bangladesh is a major contributor to peacekeeping missions, with approximately 10,000 personnel participating in various missions globally. The United Nations has a total of nearly 115,000 troops, police, and civilians involved in 16 peacekeeping missions across Africa, the Middle East, Cyprus, Kosovo, Western Sahara, and Haiti. These missions face challenges such as insufficient personnel and equipment, as well as shortages of helicopters and other essential assets. Foreign Minister Dipu Moni, currently in the US, will attend a ministerial meeting before the general assembly. She recently met with World Bank vice president for the South Asia Region, Isabel Guerrero, in Washington DC to discuss regional plans of the bank. Previously, on September 17th, Dipu Moni had a meeting with US Secretary of State Hillary Clinton. Dipu Moni is expected to go back to Bangladesh in the beginning of October. | 4 |
Speaking at the One Planet Summit in Paris, the Prime Minister of Bangladesh announced plans to increase tree coverage in the country by two percent over the next five years. She called on developed countries to fulfill their commitments in addressing climate change and emphasized the importance of shared responsibility in securing the world. The summit, attended by various leaders and finance experts, aimed to strengthen global efforts to combat climate change. Despite being a developing nation, Bangladesh allocates more than one percent of its GDP towards fighting climate change, as it is one of the most vulnerable countries to its impacts despite not being a major contributor to the issue. Despite our limited resources, we are taking action to address the impacts of climate change through both mitigation and adaptation. French President Emmanuel Macron welcomed Prime Minister Sheikh Hasina at the Elysse Place in Paris during the One Planet Summit. During her speech, Sheikh Hasina highlighted the significant challenge Bangladesh faces due to the influx of over a million Rohingya people from Myanmar. The crisis has had a severe impact on the environment and forests in Cox's Bazar, where the refugees have been given shelter on 1,783 hectares of forest land. In this scenario, addressing climate adaptation has become a significant challenge. Stressing the importance of afforestation in combating environmental degradation, she mentioned a $50.76 million project aimed at preserving the Sundarbans, the world's largest mangrove forest. The prime minister also highlighted efforts to create green belts in coastal regions to protect against cyclones, tidal surges, erosion, and saline water intrusion. Approximately 67,000 hectares of land have been earmarked for afforestation in these areas. Bangladesh is working to enhance the resilience of its agriculture to climate change and reduce reliance on groundwater for urban water supply. She praised Macron's leadership on climate issues and reaffirmed her commitment to upholding the 2015 Paris climate agreement. The prime minister remembered the initiation of the Global Pact for the Environment at the United Nations in September of this year. She expressed her firm belief that working together for resilience and adaptation would help promote peace, stability, prosperity, and reduce inequalities within societies. | 4 |
The major influential group G77 and China left the negotiation at 3am BdST on Wednesday due to developed countries refusing to allocate funds separately for loss and damage. The US, Australia, and Canada were advocating for a separate mechanism on the issue. Quamrul Islam Chowdhury, a key negotiator from a developing country, stated that G77 walked out because some parties were trying to simplify the issue as disaster risk reduction. Dr. Ainun Nishat revealed that there were significant differences among parties on the institutional mechanism, with G77 and China wanting it to be independent and some developed countries wanting it under the adaptation commitment. Developed countries were opposed to providing financial support for the mechanism. The Bangladesh delegation emphasized the need for a clear global understanding on mitigation, adaptation, loss and damage, technology development, and capacity building for a legally binding agreement in Paris in 2015. They expressed disappointment that a consensus could not be reached on an institutional mechanism for loss and damage during COP 19. Secretary Shafiqur Rahman read out a statement at a press conference, with Dr. Asaduzzaman and Md Quamrul Islam Chowdhury also speaking. | 4 |
Cameron is eager to launch strikes against Islamic State in Syria as soon as possible, believing that Britain can no longer rely on other countries for its security. However, his efforts to gain approval for the action in the House of Commons have caused further divisions within the Labour Party. Labour leader Jeremy Corbyn criticized Cameron for rushing into war and urged Labour lawmakers to reconsider their support for the government's military efforts in Syria. Despite this opposition, Cameron's cabinet has agreed on a motion to extend air strikes to Syria, in addition to targeting Iraq. He emphasized that the debate in parliament will be thorough and last 10-1/2 hours. When asked about the likelihood of securing a majority, he responded with "Let's wait and see." Cameron is almost certain to gain parliamentary approval as Corbyn has allowed his MPs to vote based on their own beliefs, breaking from the usual practice of leaders instructing their MPs on important votes. Reports suggest that approximately 50 Labour MPs will support the government, although Corbyn, a long-time anti-war activist, is hopeful that he can convince them to change their stance. Corbyn believes that Cameron's argument does not align with the demands of his party and is urging each MP to make their own decision on whether to involve British troops in another Middle East conflict without a clear plan. Many Britons are hesitant to engage in more expensive military operations in the Middle East following failed Western interventions in Iraq, Libya, and Afghanistan which did not bring stability and may have contributed to the emergence of militant groups like Islamic State. Despite concerns about the cost, British finance minister George Osborne estimated that extending air strikes into Syria would cost "low tens of millions of pounds". However, in the wake of Islamic State's involvement in the Paris attacks that killed 130 people, some members of parliament who were previously opposed to the air strikes now see them as necessary to protect Britain from similar attacks. Defence Secretary Michael Fallon emphasized the "urgent need" for Britain to conduct air strikes against Islamic State in Syria for the sake of national security during a parliamentary session on Tuesday. | 4 |
In a letter to the International Monetary Fund Executive Board that was made public on Thursday, attorney Lanny Breuer from Covington & Burling raised concerns about potential errors in the investigation report conducted by law firm WilmerHale on behalf of the World Bank's board. The report suggested that during Kristalina Georgieva's tenure as World Bank CEO in 2017, she exerted undue influence on staff to manipulate data that improved China's ranking in the "Doing Business" report. Georgieva has refuted these claims. Breuer, a former US Justice Department official and special counsel to Bill Clinton, brought forward these new allegations as Georgieva seeks the support of the IMF board. Both Georgieva and WilmerHale were interviewed by the board this week, and further deliberations are scheduled for Friday. France is planning to support Georgieva at the board meeting, according to a source from the French Finance Ministry. Georgieva denied accusations of pressuring staff to alter data, calling them "outrageous and untrue." She stated that her statements were taken out of context by WilmerHale and released a detailed statement to the board. Her attorney, Breuer, mentioned that Georgieva has not been notified that she is under investigation or given a chance to review and respond to the report's findings, as outlined in Staff Rule 3.00 which governs the World Bank Office of Ethics and Business Conduct procedures. The initial phase of the investigation by WilmerHale focused on board officials in accordance with the Code of Conduct for Board Officials, which is different from the staff rule mentioned by Breuer. The firm stated that they followed all World Bank rules during their investigation and informed Dr. Georgieva that their report would be presented to the World Bank Board. A partner at WilmerHale mentioned in a July email to Georgieva that the review into irregularities in Doing Business data and staff misconduct was conducted under World Bank Staff Rule 3.00, as Georgieva, as the World Bank CEO in 2017, was considered a staff member, not a board official. The email to Georgieva requested her to speak with investigators because they believed she may have information that could assist their review, stating that she was not a subject of the investigation. The World Bank's General Counsel's office stated that the investigation into the Doing Business 2018 and 2020 reports was carried out in accordance with World Bank rules. | 4 |
The presidents of France and Brazil emphasized the need for wealthy nations to increase aid to developing countries in order to combat global warming and secure a climate agreement in Copenhagen. Brazilian President Luiz Inacio Lula da Silva, following a climate summit in Manaus, stated that while progress has been made with commitments from China and the United States to reduce greenhouse gas emissions, more assistance is required for poorer nations to address climate change and meet their goals. Lula stressed the importance of supporting developing countries without compromising their sovereignty, highlighting Brazil's creation of an investment fund for Amazon rainforest conservation that will not be influenced by donor countries. Norway has been the most generous donor so far in the effort to address global warming. Climate negotiators have not made much progress in determining how wealthy nations can assist poorer nations in combating this issue. French President Nicolas Sarkozy emphasized the importance of providing financial support from developed countries to developing countries at the Copenhagen conference. Sarkozy stressed that action needs to be taken immediately. Sarkozy expressed his approval of the emissions reduction target set by Washington for 2020. The European Union estimates that aiding developing nations in fighting global warming will cost around $100 billion per year. Developing countries believe that wealthy nations should contribute between 0.5 percent and 1 percent of their GDP. Brazil has committed to reducing its greenhouse gas emissions by 36.1 to 38.9 percent by 2020 and is pushing for a stronger presence in climate discussions, particularly in forming a united front with other Amazon countries for the upcoming Copenhagen summit. However, only one other South American president, Bharrat Jagdeo of Guyana, attended the recent Manaus summit. | 4 |
European Union leaders have reached an agreement on an offer to present at the global climate talks in Copenhagen in December, following a resolution of disagreements on how to divide the costs. According to leaders at an EU summit in Brussels, developing countries will require 100 billion euros ($148 billion) annually by 2020 to combat climate change. A portion of this amount, estimated to be between 22-50 billion euros, will be funded by public funds in wealthy countries worldwide, with the EU contributing a share. It is anticipated that the EU's contribution will fall within the range of 20 to 30 percent. British Prime Minister Gordon Brown expressed optimism that this development will be viewed as a significant step forward in reaching a Copenhagen agreement. East European nations stated that the summit resolved a disagreement on how to divide the EU's bill in a manner that would not harm their economies as they rebound from crisis. The Polish minister for Europe, Mikolaj Dowgielewicz, regarded this as a triumph for Poland, expressing a desire for rapid development and not wanting to be seen as a mere relic of Eastern European folklore. While leaders did not reach a specific agreement on how to split the bill, they assigned this task to a new working group. "Ideally, I would like for this burden-sharing mechanism to be prepared now, but unfortunately, it proved to be too challenging," stated Polish Prime Minister Donald Tusk. The two-day summit successfully obtained a complex negotiating mandate for the Copenhagen talks, which aim to find a successor to the Kyoto Protocol, a United Nations initiative to combat climate change that will expire in 2012. The success of these talks is likely to depend on financial support. Developing countries insist that they will not commit to addressing climate change without sufficient funding from wealthier nations, which have primarily contributed to environmental damage by relying on oil and coal for their industries over the years. Such funding could be used by developing countries to improve their agriculture or access new water sources in areas affected by drought. The European leaders have delayed previous plans to provide "fast start" funding for developing countries in the three years leading up to a new climate agreement. Oxfam, an anti-poverty organization, criticized Europe's proposal as inadequate and lacking assurances that the money would not be taken from existing aid commitments. Oxfam's Elise Ford warned that if wealthy countries divert funds from aid budgets to pay for climate issues, it will have a negative impact on efforts to combat poverty. The opposition to a deal from eastern European countries decreased following Sweden's intervention in the issue of "hot air," which refers to the surplus carbon permits held by eastern European countries. These countries, along with Russia and Ukraine, have spare permits for around 9 billion tonnes of carbon emissions due to economic collapse after the end of communist rule. The additional permits, referred to as AAUs, can be traded to major polluters like Japan for approximately 10 euros per ton. Eastern European nations are in favor of continuing to sell AAUs in the new agreement replacing Kyoto. However, countries like Germany argue that this practice undermines the agreement's integrity and are pushing to eliminate them as they reduce the incentive to limit greenhouse gas emissions. Sweden secured support from eastern Europe for the overall agreement by delaying any significant action on AAUs, according to an EU diplomat. The agreement also includes commitments to reduce domestic emissions, with a promise to increase cuts to 30 percent below 1990 levels by 2020 if other countries follow suit. | 4 |
In Haikou, China, known as "China's Hawaii", Hainan has the potential to become a top tourist destination with its tropical climate and pristine beaches. After a period of economic struggle, the island is now on track to fulfill this ambition. The construction of the Haikou Master hotel and serviced apartments, the tallest building in Hainan province, is almost complete and represents the island's recovery efforts. Real estate agent Hong Weibin mentioned that sales are doing well, showcasing the island's progress. Almost all of the 16 million square meters (172.2 million square feet) of unfinished construction from the crash has either been completed or demolished, and investors are now returning to Hainan. The previous unrestricted development approach has been replaced with a strong focus on transforming the tropical island in southwest China into a tourist destination that can compete with Thailand's beach resorts. Numerous top resorts are being opened, with plans to enhance the visa exemption scheme, establish duty-free shops, upgrade infrastructure, construct airports, increase air connections, and encourage foreign language education. Vice governor Chen Cheng stated last month that tourism is the industry in Hainan with the most distinctive characteristics, potential, and competitiveness, while unveiling a strategic plan for development. Ian Zheng, Managing Director of the Pacific Alliance Asia Opportunity Fund, expressed that he finds the investment in Hainan's main airports and a Beijing property firm to be very attractive and does not anticipate any significant risks. He believes that even if international tourists are not immediately drawn to the island's beautiful coast, the growing number of domestic tourists will support the industry. The resorts in Hainan are banking on the vast Chinese market, as millions of people in China have experienced economic growth and are adopting Western lifestyles. Peter Pedersen, general manager of the Banyan Tree Sanya, mentioned estimates suggesting that there will be 450 million middle class Chinese in the next 10 years. "I believe that Sanya has great potential." The recent opening of luxury resorts by renowned hotel operators like Ritz-Carlton and Banyan Tree in Sanya, where the island's top beach resort is located, indicates a significant shift for Hainan. Previously known in China mainly for budget package tours, Sanya is now being recognized as a new tropical destination in Asia, with Pedersen stating that it is the only tropical island in China. "It is increasingly sought after by both the local market and international tourists. It is an ideal location," he remarked while standing on top of one of the resort's private pool villas, which are priced at around 5,000 yuan per night. Hainan, after becoming the country's youngest and most economically free province in 1988, became a testing ground for development. Its economy boomed to the extent that officials even attempted to sell the city's main park to developers in a hasty manner. Despite the growth of other coastal provinces, Hainan struggled. Now, Hainan appears to be on the path to recovery, but analysts and investors caution that imbalances and conflicts could hinder the island's resurgence. In Haikou, the capital city, around 60 percent of new apartments are being purchased as second homes by non-residents of Hainan, a situation that Mayor Xu Tangxian recognizes as a problem. Xu mentioned in an interview that there are areas where all the homes have been sold, but remain unoccupied at night. Despite the fact that most tourists to Hainan are Chinese nationals from the mainland, with 18 million visitors last year compared to just 750,000 from overseas, the government is making efforts to attract wealthy foreigners in order to enhance the island's reputation and economy. The provincial tourism bureau chief, Zhang Qi, stated last month that the objective is to attract 20 renowned international hotel management companies within five years and increase the number of five-star, international-standard resorts to 60 or more. In the midst of developers eagerly anticipating the tourism boom, reports of typical misconduct are beginning to surface. In the rural township of Longqiao, located around a 40-minute drive from Haikou, the reddish-brown soil is being plowed in large, wide sections on the gentle hills, resembling fairways for a golf course. Residents claim that government officials persuaded them to sell their land for the development of a golf course. In early April, anger erupted among the locals when a rumor spread that the government had sold the land to the golf course developer for a significantly higher price than what they were paid. This led to a violent outburst, with an enraged mob overturning a police car. Subsequently, when a group gathered in a nearby schoolyard, witnesses reported that police used tear gas to disperse the crowd. In Sanya, a town in the south, some people believe that bottlenecks and corruption are beginning to have a negative impact. A Western investor mentioned that he was facing difficulties in starting a project because of extreme corruption. He explained that the process of obtaining permits was taking much longer than anticipated. However, despite these challenges, there is still strong optimism about the potential of Hainan's natural beauty for tourism. The belief is that the issues in Sanya are just the beginning of larger problems. The island of Hainan remains quite large, with beaches stretching almost all the way to the capital Haikou. Banyan Tree Sanya's Pedersen mentioned that the island has a diameter of 350 km, emphasizing the limitless possibilities. | 4 |
According to an esteemed report on global warming, India is expected to face severe consequences of climate change, including poor agricultural output, increased natural disasters, and higher mortality rates due to a rise in diseases. Nicholas Stern, former World Bank chief economist, warned that if greenhouse gas emissions are not controlled, global temperatures could increase by 2-3 degrees Celsius within the next 50 years. Stern emphasized the impact of climate change on India's economy, particularly the reliance on the monsoon rains for crop production, which could become more variable in terms of timing, intensity, and duration. He stated that there is a high probability of disruption. India is expected to experience similar, if not greater, consequences compared to the rest of the world. Experts predict that a temperature increase of 2 to 3.5 degrees Celsius could result in India losing between nine to 25 percent of its total agricultural revenue. Agriculture accounts for approximately 22 percent of India's GDP. Additionally, rising temperatures could lead to the spread of vector-borne diseases such as malaria and dengue fever to higher altitude areas that are typically mosquito-free. The head of Britain's Economic Service warned that the melting of Himalayan glaciers could lead to a higher likelihood of deaths and lower productivity. This would result in serious floods in neighbouring Bangladesh due to rising sea levels, causing mass migration into India. The reduced flow of water from the glaciers during India's dry season would have significant consequences. Experts predict that the melting glaciers will impact one-sixth of the global population living in the Indian subcontinent, with India's Ganga river receiving 70 percent of its summer water flow from the Himalayan glaciers and supporting over 500 million people. Stern noted that India is moving forward in addressing the challenges of reducing emissions and promoting clean development mechanisms. He emphasized that climate change is an unfair process, with wealthy nations bearing the responsibility for a majority of greenhouse gas emissions. He stated that it is unjust that poorer countries will be impacted the most, despite contributing less to the problem. Stern stressed the importance of all countries being part of the solution, but insisted that developed nations should bear the brunt of the financial burden. | 4 |
British NGO Oxfam has emphasized the need for prompt action at the upcoming UN climate talks in Cancún, México. In a statement released before the talks, Oxfam highlighted the increase in weather-related disasters, record temperatures, flooding, and rising sea levels in 2010 as indicators for negotiators to come to a resolution. The statement referenced an Oxfam report that revealed around 21,000 people died in the first nine months of 2010 due to weather-related disasters, which is more than double the casualties in 2009. The report's author, Tim Gore, stressed the urgency of making progress in Cancun given the devastating human impacts of climate change in 2010. The statement emphasized Oxfam's call for a fair Climate Fund to ensure that those most in need receive financial support. The organization stressed the importance of women in helping communities adapt to climate change and recommended prioritizing them in fund distribution. Oxfam urged countries to explore new ways of raising funds, including taxing unregulated international aviation and shipping emissions and implementing a tax on financial transactions at banks. Additionally, the organization noted that quicker action would reduce the cost of addressing climate change and cited estimates showing that investing in adaptation could prevent $60 worth of destruction for every dollar spent. Gore acknowledged that the outcomes of the Cancun summit may fall short of a comprehensive global response to climate change. It has the potential to produce results that will be advantageous for impoverished individuals. A significant accomplishment would be the establishment of an equitable climate fund, as this would also assist in restoring confidence and getting the negotiations back on course. | 4 |
In an interview with bdnews24.com from Glasgow during the final hours of negotiations at the COP26 summit on Friday, the Bangladeshi scientist stated that they are not willing to give in to our demands and are trying to obstruct progress. Despite this, the scientist remains determined to continue pushing for commitments from them until the end. Huq, the director of the International Centre for Climate Change and Development in Dhaka, has attended all 26 COP meetings since the first in Berlin in 1995. The emissions reductions pledged by the major climate polluters so far are projected to lead to a dangerous 2.7-degree Celsius increase in global temperatures, exceeding the more ambitious 1.5C goal set in the Paris agreement. Wealthy nations had pledged to provide $100 billion annually starting in 2020 to assist developing countries in transitioning to cleaner growth and adapting to climate change impacts. However, they now acknowledge that they will not be able to meet this target until 2023. A new draft agreement released during the final hours of the Glasgow talks called for increased funding to support developing nations in dealing with climate change, as well as for countries to enhance their emissions reduction goals by the following year. Despite efforts to reach a consensus that all nations can agree upon, contentious issues persist regarding funding, the pace of emissions reductions, and whether the agreement should address "fossil fuels" - a major contributor to climate change. These disagreements, following nearly two weeks of negotiations, suggest that reaching a comprehensive agreement will be challenging, as activists and scientists had hoped for prior to the UN talks. The scientific consensus is that in order to prevent the worst effects of global warming, the world must reduce greenhouse gas emissions by almost half by 2030. However, current targets set by countries would result in emissions continuing to increase. Prof Huq remains optimistic about the possibility of reaching an agreement on these issues, stating that efforts will continue until the end and that the fight is not over. On Wednesday, the United States and China announced a deal to increase collaboration in addressing climate change, which includes reducing methane emissions, decreasing coal consumption, and preserving forests. The joint declaration between China and the US on climate change represents a significant political reset reminiscent of the collaboration that led to the 2015 Paris Agreement. However, more action is needed from both countries to effectively address the deepening climate crisis. Prof Huq expressed appreciation for the agreement but noted that there are still unanswered questions, emphasizing the importance of concrete actions to reduce fossil fuel emissions and encourage other countries to follow suit at the COP26 talks in Glasgow. The announcement lacks specifics and it is unclear what actually occurred. Delegates and negotiators from Bangladesh, a country highly susceptible to climate impacts, expressed their opinions during private and public discussions at the talks. The main focus is on negotiation and determining what can be achieved from various governments. It is challenging to make progress as wealthy nations are reluctant to provide concessions easily, leading to a difficult battle in negotiations. | 4 |
Australia's heavy reliance on coal-fired power has made it one of the top carbon emitters per capita in the world. Despite this, the conservative government has continued to support the fossil fuel industry, with the new deputy PM casting doubt on Australia's ambition to achieve net-zero emissions by 2050. The government argues that taking tougher action on emissions would result in job losses, emphasizing the importance of coal and other fossil fuels to the economy. However, there is a growing call for a more open and rational discussion about Australia's best interests, particularly in light of the UN's recommendation to phase out coal by 2030 in OECD countries. In July, the G20 energy and environment ministers were unable to reach an agreement to phase out coal by 2025. Some experts believe that progress could be made at the UN climate talks in Glasgow in November, despite Prime Minister Scott Morrison's reluctance to commit to a timeline for achieving net-zero carbon emissions. While Australia has not yet signed up to the target of net-zero emissions by 2050 like other developed countries, Morrison has indicated that the country will update its emissions projections for 2030 prior to the Glasgow talks. Hart suggested that the Australian government should take advantage of the opportunity to transition to renewable energy sources. He stated that if the world does not quickly stop using coal, climate change will cause extensive damage to the Australian economy, affecting industries such as agriculture, tourism, and services. | 4 |
The election was invalidated by the Constitutional Court on Friday, and the chairman of the Election Commission stated that it would take several months before a new vote could take place. This has left Yingluck in charge of a weakened caretaker government with limited authority. The ongoing crisis is the most recent development in an eight-year conflict between Bangkok's middle class and royalist establishment on one side, and supporters of Yingluck and her brother Thaksin Shinawatra on the other. Thaksin, who was removed as prime minister by the military in 2006, now lives in Dubai to avoid serving a prison sentence for abuse of power. Despite being relatively calm for months, Thaksin's "red shirts" supporters are now becoming more vocal under new aggressive leaders, calling for a major gathering on April 5. Jatuporn Prompan, chairman of the United Front for Democracy Against Dictatorship, informed supporters that the destination for their upcoming event, which may be Bangkok or elsewhere, will be disclosed at a later time. Jatuporn was involved in organizing a "red-shirts" uprising against a previous government in 2010, which resulted in a violent military crackdown and the deaths of over 90 people. He still faces terrorism charges related to the 2010 violence. In the current political crisis, 23 individuals have died and over 700 have been injured since November. Addressing a crowd of around 10,000 individuals in Pattaya, located to the southeast of Bangkok, Nisit Sintuprai issued a caution to Suthep Thaugsuban, the former opposition figure leading protests against Yingluck since November. Nisit emphasized that the primary motivation for their actions is to convey to Suthep the desire of the majority in the country for democracy and government via elections. He expressed opposition to a prime minister appointed by Suthep's supporters. Suthep's People's Democratic Reform Committee (PDRC) is advocating for unspecified changes to the electoral system before any election, with the aim of reducing Thaksin's influence and his significant support among the rural population in the northern and northeastern regions. Political parties associated with or led by Thaksin have emerged victorious in every election since 2001, and it is widely anticipated that Yingluck's Puea Thai Party would win any election conducted under the existing framework. There is a looming threat of impeachment for Prime Minister Yingluck as Suthep's supporters disrupted the February 2 election, leading to voting being prevented in 28 constituencies. The Constitutional Court deemed the election illegal due to voting not being held nationwide on the same day. The Election Commission will meet on Monday to decide on the next steps, with reluctance to hold a new election due to the political climate. Yingluck's caretaker government may not be able to continue much longer, with the immediate risk being impeachment over the failed rice-buying scheme. This plan boosted Yingluck's popularity in the 2011 election, but this year, thousands of farmers, who are typically strong supporters of Thaksin, have protested in Bangkok due to not being paid for their rice. Yingluck is facing accusations of corruption and may face impeachment soon. If she is removed from office, the Senate, which is expected to have an anti-Thaksin majority after an upcoming election, may appoint a more neutral prime minister. Some experts believe that certain agencies are working to remove Yingluck and her cabinet in order to create a power vacuum and install a preferred prime minister. He mentioned that if the government goes ahead with their plan, their supporters will retaliate and the second half of the year will be worse than the first half. The economy is being damaged by violence, as shown by recent incidents such as grenade explosions and car bombings in Bangkok and Chiang Mai province. One of the targets was Boon Rawd Brewery, known for producing Singha beer. A family member who is part of the ownership group has been actively participating in PDRC rallies. Due to consumer confidence being at a 12-year low, the central bank has lowered its economic growth forecast for 2014 from 3 percent to 2.7 percent. In October of last year, before the protests escalated, the forecast was 4.8 percent. The stock market showed minimal movement following Friday's court ruling. Some stock analysts view the cancellation of the election as a potentially beneficial development, as they believe it could encourage negotiations between political rivals. The rating agency Standard and Poor's had a contrasting opinion. According to Agost Benard, the associate director of sovereign ratings, the Thai court's decision is likely to prolong and potentially escalate political risks, further diminishing the chances of a prompt resolution to Thailand's political divide. | 4 |
Farhad Saffi is saddened as he looks at his Milli Boot Factory in Kabul, where expensive machinery used to produce boots for the police and army, but now sits idle and covered in plastic. Saffi fears that his once successful business, which provided jobs and hope for many in Afghanistan, is coming to an end. Despite promises of long-term contracts from the US government, the Afghan government's decision to buy cheaper boots from China and Pakistan has caused Saffi to lose his contracts and be left with millions of dollars worth of unused materials. When the plant opened, Afghan and US generals were eager to have their photos taken with a local success story. US Navy Rear Admiral Kathleen Dussault visited in 2010 to present Saffi, a 23-year-old, with a quality certificate for the plant. They were set to supply the Afghan National Security Forces with high-quality boots under contracts worth up to $40 million a year. Saffi's leather boots, which went through a strict quality testing process in the United States, were sold for $62 per pair. In comparison, Chinese-made boots with imitation leather cost the Afghan government $22 per pair in a contract for up to 700,000 pairs a year. Saffi explained that the Afghan government was only concerned with getting the lowest price, despite his costs being much higher. Chinese boots made of fake leather are inexpensive but not durable. From 2002 to the end of 2011, the US government spent $85.5 billion on reconstruction in Afghanistan, with $57 billion in international aid also coming into the country. NATO-led forces, responsible for purchasing for Afghan security forces during the war, have been following "Afghan First" rules since 2010, prioritizing purchases from local companies to stimulate the economy and create jobs. This has resulted in contracts for Afghan businesses, including uniforms, boots, textiles, furniture, tents, software, and transformers, creating 15,000 jobs and saving $650 million on combat-related imports. However, this is only a small portion of the estimated $200 million spent on the war each day. The Afghan First Policy aims to prevent locals from joining the Taliban by providing better job opportunities and higher incomes. The policy, known as the '$10-a-day Talib', refers to the payment offered to potential fighters. Some of the 700 workers laid off from Saffi's factory are considering joining the Taliban due to lack of other employment options as Western nations and NGOs prepare to leave the country with the withdrawal of most NATO combat troops in 2014. "If the factory doesn't reopen, we will have no choice but to join the Taliban for employment," said one worker. Ares Khan, 23, expressed concern about how he and his family will survive without the income from the last boots produced by Milli if the government does not change its decision. Workers at the factory earned between $400 and $900 a month, which is well above the average wage in a country where a significant portion of the population lives below the poverty line. Many people in Afghanistan are worried that job opportunities and investment will decrease if Western businesses leave the country, as the moneyed elite have already been doing for years. Khan's friend, Khair Mohammad, who supports a large family, also fears for the future if the Afghan government does not provide jobs. Mohammad stated that when he returns to Ghazni, he will need to join the Taliban due to the high cost of living in Afghanistan, which has been driven up by the more than $12 billion spent annually on the war. US military officials have decided to delegate a significant portion of procurement responsibilities to Afghan authorities as part of the transition to Afghan security and control. Afghan businesses, according to Kakiel, have provided a wide range of goods and services to the country's security forces, including boots, uniforms, sleeping bags, construction, and IT services. The security forces are expected to grow to around 352,000 personnel. Milli is not the only company facing challenges due to the shift towards local procurement, with other suppliers of uniforms and equipment also feeling uncertain about the future of their contracts. Another company executive, who chose to remain anonymous due to concerns about backlash from Afghan military buyers, revealed that their contracts have expired in some areas and it is unclear if they will be renewed or if the government will seek new suppliers from other countries. This has left their business investments in a state of uncertainty. "My company has brought in materials from the US for products that are being manufactured in Kabul. It will be a problem if we do not receive contracts in return, as we will have to let go of employees," explained Lieutenant-General Abdul Basir Asafzari, who is in charge of logistics and procurement at the Ministry of Defence. Currently, only 30 percent of supplies are being sourced from Afghan companies, and President Hamid Karzai has directed the military to prioritize local firms whenever possible. The reason why Milli lost its contracts was due to their practice of importing substandard boots from countries like China and then rebranding them. As a result, the company failed to meet its obligations." Asafzari mentioned that some soldiers had complaints about the quality of the boots. However, Mohammad Akbar Ahmadzai from the NGO Building Markets, which supports entrepreneurs in developing countries, stated that Milli's boots were genuine and passed US quality tests. Other business experts, who chose to remain anonymous, suggested that Milli and other companies may have struggled due to Afghanistan's system of bribery and patronage, with more well-connected competitors trying to eliminate them. NATO's Kakiel added that Milli and others may have also misunderstood the contract provisions, which only guaranteed one year of sales. In 2011, US agencies contracted over $4 billion to Afghan companies out of a total of $17.3 billion through the NATO-led International Security Assistance Force in Afghanistan. More than 90 percent of the money was spent on purchasing products from Afghan sellers (49 percent), construction (28 percent), support services (11 percent), and transportation (6 percent). However, an audit conducted by the US government's Special Inspector General for Afghanistan Reconstruction (SIGAR) in January found that the Afghan First Initiative (AFI) had issues with inadequate contract solicitation and vetting, as well as limited data on claimed employment benefits. Saffi, who returned to Afghanistan in 2002 after fleeing during Taliban rule, expressed disappointment in both the US government and the future promised by Karzai due to his negative experiences. He mentioned that despite efforts to do well in his factory, recent events have made him believe that his company and the country are headed in the same direction. He mentioned that many individuals in Kabul's business community were feeling anxious due to the uncertain investment environment and worsening security situation. This feeling was intensified by a bold Taliban attack on the city center and nearby regions in mid-April. Saffi explained that he had to hire 30 personal bodyguards to ensure his children's safety while attending school, as well as having police snipers stationed on the roof of his home. He drew a parallel between the struggles of his company and the state of the country, likening himself as the president of his company and President Karzai as the president of the country. As his company was facing closure and declining, he noticed his employees were leaving as well. Similar events will occur in the country. It is important for the president to effectively lead and govern the nation. | 4 |
The United States is being urged to join other wealthy countries in setting a 2020 goal for reducing greenhouse gases in order to improve the chances of a climate agreement in Copenhagen next month. Pressure was increased on the US by the Danish hosts during a final preparatory meeting in Barcelona, stating that they needed to bring something to the table. Some African nations threatened to leave the Barcelona talks unless rich countries committed to deeper emissions cuts. The head of the UN Climate Change Secretariat emphasized the importance of the US setting a clear target for emissions reductions in Copenhagen. President Barack Obama, addressing reporters at the White House, highlighted the significance of a particular element in the puzzle. He expressed optimism for a significant agreement in Copenhagen, while cautioning that it may not address all issues but would be a crucial step forward and provide a foundation for future progress. The United States has not established a concrete target for emission reduction by 2020, unlike the European Union and other developed countries. Democrats in the US Senate are moving forward with legislation to reduce US carbon dioxide emissions despite a planned boycott by minority Republicans. The proposed bill aims to achieve a 20 percent reduction in emissions from industry compared to 2005 levels. While the Senate Environment and Public Works Committee may approve the bill in the near future, there is uncertainty regarding its approval by the full Senate this year. Delegates at the Barcelona talks are facing challenges in reaching an agreement on how to distribute emissions reductions between wealthy and developing nations, as well as in securing funding to support climate change efforts in developing countries. The inclusion of forest preservation in the discussions is further complicating the already struggling negotiations. Prime Minister Vladimir Putin stated that Moscow will emphasize the importance of considering Russia's forests' capacity to absorb carbon dioxide. This was mentioned after discussions with Danish Prime Minister Lars Lokke Rasmussen in Moscow. Rasmussen expressed his hope to have enough progress to invite world leaders to the December conference in a few weeks. Australia reported a decrease in emissions last year, excluding the impact of forest fires. Both Denmark and the European Union urged Obama to take further action to facilitate an agreement at the upcoming talks from December 7-18. Danish Climate and Energy Minister Connie Hedegaard expressed doubt that Obama could receive the Nobel Peace Prize on December 10 in Oslo, near Copenhagen, while sending a delegation without concrete proposals. Swedish Environment Minister Andreas Carlgren, who is currently holding the rotating presidency of the European Union, stated that there has been a significant and genuine change in the American stance on environmental issues. However, he also expressed the expectation for more progress. The United States delegation in Barcelona, led by Jonathan Pershing, emphasized their commitment to a UN agreement and highlighted the efforts made under President Obama to support clean energy and reduce emissions. Pershing stressed the importance of the United States being a part of the Copenhagen deal, as the country is the second largest emitter of greenhouse gases after China. Antonio Hill of Oxfam reported that African countries are demanding stricter emissions regulations from developed nations, with Gambia, Ethiopia, and Algeria even considering leaving the UN talks. Protesters gathered outside the conference center with hundreds of ringing alarm clocks to emphasize the urgency of reaching an agreement to address the increasing threats of climate change. | 4 |
US prosecutors are seeking the extradition of Chief Financial Officer Meng Wanzhou to face allegations of deceiving multinational banks regarding Huawei's ties to a company in Iran, potentially causing the banks to violate US sanctions. Meng, the daughter of Huawei's founder, was arrested in Vancouver on Dec 1 and has stated she is innocent and will defend herself if sent to the US. The judge presiding over her bail hearing has postponed the decision to Tuesday in order to learn more about who will take responsibility for Meng if she is released. Meng's lawyer has proposed a C$15 million bail guarantee and offered her husband as surety to prevent her from fleeing. However, the judge and the public prosecutor raised concerns about Meng's husband's ability to fulfill this duty as he is not a resident of British Columbia, where Vancouver is located, and would not be affected if she were to violate her bail conditions. Meng's arrest has caused turmoil in the markets due to fears that it could further escalate tensions between the United States and China, which are already strained over tariffs. Both countries have agreed to trade negotiations that must be completed by March 1. Beijing has demanded Meng's immediate release and warned of possible repercussions for Canada. However, officials from both China and the US seem to be avoiding connecting her arrest to the trade dispute. Meng's attorney proposed offering C$14 million in property equity and C$1 million in cash as security, while the public prosecutor insisted on a 50/50 split between cash and property. The judge questioned Meng's avoidance of travel to the United States since 2017, suggesting it may have been to evade arrest. Martin argued that Meng stayed away due to the negative attitude towards Huawei in the US, prompting the court to consider what reason she would have to flee. Martin stated that the evidence against her was not extremely strong. He mentioned that if she were to escape or break the rules in any way, it would not be an exaggeration to say that it would bring shame to China. Meng seemed self-assured in court at the beginning of the day, smiling and holding onto her lawyer's arm. However, as the day progressed, she appeared more anxious, making quick gestures as she discussed with her legal team. She has claimed that she should be let go because she has serious hypertension and is worried about her health. Huawei is the leading provider of telecommunications network equipment globally and the second largest producer of smartphones, generating roughly $92 billion in revenue last year. While many major Chinese technology companies primarily operate within China, Huawei conducts a significant portion of its business internationally. US authorities have accused Huawei of attempting to utilize banks to transfer funds out of Iran, a violation of regulations that prohibit companies from using the US financial system to support sanctioned entities. Huawei and its legal representatives maintain that the company adheres strictly to all relevant laws, regulations, and sanctions imposed by the United States and other governing bodies. The company stated on Monday that they will keep monitoring the bail hearing the next day. They believe that both the Canadian and US legal systems will come to a fair decision. | 4 |
Sánchez resides in Rincón, a coastal town in northwestern Puerto Rico known for surfing and sunsets. The area has become popular among wealthy investors seeking tax advantages. Despite his one-story home not being for sale, numerous offers have been made without asking for a price. Investors are drawn to picturesque towns in Puerto Rico due to tax incentives aimed at bringing new residents and outside capital to the financially struggling island as it emerges from bankruptcy. The popularity of tax breaks increased following the coronavirus pandemic, as many companies transitioned to remote work and Americans on the mainland moved to warmer locations. However, the arrival of wealthy new residents, who must establish residency and purchase property in Puerto Rico within two years to maintain the tax breaks, has led to rising home prices and the displacement of longtime residents. Hurricane Maria in 2017 had already caused many people to leave the island. The real estate boom, which started in San Juan and spread to smaller towns like Rincón, has attracted investors and new residents beyond those interested in tax incentives, resulting in increased rents and home prices. However, the finance and tech investors who have submitted formal applications for tax-break status have garnered the most attention. A significant number of these investors are cryptocurrency traders, who now gather for weekly happy hours at a bar in Rincón. A newly opened barbecue food truck, which started operating in August, accepts various cryptocurrencies for its mainland-style chicken. The growing gentrification concerns many Puerto Ricans, who are increasingly questioning how an economy that heavily relies on tax breaks for the wealthy can benefit local residents struggling to afford property. Gloria Cuevas Viera, a Rincón resident, expressed her concerns by stating, "It feels like Hurricane Maria put a 'For Sale' sign on the island." She is actively involved in fighting against gentrification. A lot of investors purchase residential properties and later sell them at increased prices or convert them into short-term vacation rentals, transforming whole neighborhoods into Airbnb hubs and causing a lack of available properties for local residents. Forty-three percent of Puerto Ricans live below the federal poverty threshold. Israel Matos, aged 45, is being forced to relocate from his Rincón residence by March as the owner of the property sold it in the previous year. Matos had the opportunity to buy the house, but the option expired. The owner, hailing from Hermosa Beach, California, chose to sell to another buyer. Matos, a sound engineer for a television station, has been living in his home with his wife and two daughters for two years. He is unable to find affordable housing listings in Rincón, Puerto Rico, where they currently reside. Many Puerto Ricans are grappling with the rising cost of living as outside investors purchase properties and drive up prices. Matos expressed his frustration, stating that as a father, it is incredibly challenging to find suitable housing for his family. Many Puerto Ricans are struggling to afford to stay in their homes due to outside investors buying up properties and driving up prices, leading to protests in Old San Juan against tax breaks for wealthy individuals like Bitcoin billionaire Brock Pierce. The tax breaks are part of Act 60, a law that was initially enacted in 2012 as the island faced economic collapse and gained more attention after Hurricane Maria in 2017. In 2019, the tax incentives were rebranded in order to attract investors in the finance and technology sectors, among others. Those who relocate to Puerto Rico can enjoy reduced income taxes on various financial gains and services revenues. A billboard in Silicon Valley promotes Puerto Rico as a technology hub that aligns with their goals. By October 2021, Puerto Rico had received a record-breaking 1,349 applications from individuals seeking to become resident investors, with 982 approvals. Since 2012, over 4,286 applications have been approved, with more than 35% of them approved in the last three years. According to the law, individuals can receive tax breaks as investors if they have not resided in Puerto Rico for at least 10 years. In order to take advantage of a 4% corporate tax rate and zero capital gains tax, investors must also purchase a home. However, the over 3 million current residents of Puerto Rico are not eligible for these tax breaks. Heriberto Martínez Otero, the executive director of the Ways and Means Committee in the Puerto Rico House of Representatives, stated that this situation is leading to inequality in terms of taxpayer responsibility. Rising housing prices along the coast are forcing renters to move to more affordable neighboring towns, which could result in increased expenses for gas and tolls for commuting, explained Martínez Otero, who also teaches economics at the University of Puerto Rico. People who are selling their homes are benefiting from the increase in property prices, according to Governor Pedro R. Pierluisi, who has expressed support for investors purchasing luxury homes. The passing of a tax law was motivated by a decline in the luxury real estate market, with the intention of attracting individuals with capital to stimulate the real estate market. Policymakers were also worried about the large number of people leaving the island due to the economic crisis and Hurricane Maria, which caused the population of the island to decrease by 11.8% from 2010 to 2020, as reported by the census. Martínez Otero stated that the issue of people purchasing residential properties that do not align with consumption patterns in Puerto Rico is just one of the many problems on the island that is impeding the availability of affordable housing. In Rincón, Puerto Rico, outside investors are buying up properties and increasing prices, making it difficult for many locals to afford to stay in their homes. Sánchez, a homeowner in Rincón, helps manage the town's Section 8 program which offers affordable housing to low-income families. Despite the program providing $450 monthly vouchers for housing, he is struggling to find homes at that price. An oceanside meeting place in Rincón, Puerto Rico, on January 13, 2022. Many Puerto Ricans are expressing concerns about their ability to afford staying in their homes due to outside investors purchasing properties and increasing prices. "I'm concerned that local Puerto Ricans will not be able to reside or invest here and will ultimately be displaced," one person stated. "I initially thought that property prices were only rising in the downtown area, but now even properties in more rural mountainous regions are becoming costly." In Rincón, real estate broker Ingrid Badillo Carrero noted a significant increase in home prices over the past four years. In 2017, a two-bedroom condo would typically be listed at an average price of $290,000. Currently, the unit could now be priced at approximately $420,000, while the average annual income in Rincón is about $19,900. Badillo, who often works with investor clients looking for tax breaks, has been told by locals that she is selling out their country. Many investors are able to pay in cash, which is more appealing to sellers compared to selling to Puerto Ricans who may only be able to pay through a mortgage. In May, Elizabeth Stevenson and her husband, Tyler McNatt, relocated to Puerto Rico from Austin, Texas. They were searching for an alternative to going to the office every day and began exploring cryptocurrency investments as a means of generating income. Stevenson, a beneficiary of Act 60, is currently working as a consultant for a California movie producer who is now located in Puerto Rico, while also engaging in buying and selling cryptocurrency. Stevenson expressed excitement about the opportunity to learn and make money in the cryptocurrency market. She has signed a one-year lease for an apartment near the beach and is involved in several crypto groups for former mainlanders that regularly hold events in Rincón. Daniel Torgerson, a crypto investor who relocated to Puerto Rico in June, organizes a weekly happy hour at the Aqua Marina Beach Club in Rincón. Around the bar and pool in early January, a group of about 20 people gathered, conversing under string lights and trying to be heard over the sounds of nocturnal coquí frogs. Torgerson asked the crowd how they were feeling in the market that week and if there were any new projects they were excited about. One person mentioned solar bitcoin mining. The new residents are also bringing their children, prompting Myriam Pérez Cruz, the principal at Manuel González Melo K-8 School in Rincón, to add more coursework for students learning Spanish as their second language. In the 2016-17 academic year, a survey of students identified three native English speakers who required help with the Spanish language, according to Pérez. By the 2021-22 school year, this number had increased to 17 students. Matos, a resident of Rincón who is required to vacate his home by March, recently drove around in search of suitable rental properties. Following this, he visited the beach, sat down on the sand with his legs crossed, and attempted to unwind. However, shortly after parking his car, he began to feel anxious. Matos mentioned that out of the approximately 50 people on the beach, he only noticed about five Puerto Ricans. He also commented on how much Rincón has changed. | 4 |
According to finance adviser AB Mirza Azizul Islam, the achievement of millennium development goals is at risk if donor countries do not fulfill their ODA commitments. Without proper funding from official development assistance, many countries will not be able to realize these goals. | 4 |
Global institutional investors with over $6 trillion in assets are urging policymakers to quickly come to a binding agreement to reduce greenhouse gas emissions and support clean technology. Over 130 major investors, including London Pensions Fund Authority, are calling for countries to commit to cutting emissions by 50 to 80 percent by 2050, a goal in line with the climate policy endorsed by US President-elect Barack Obama. These investors are also advocating for long and medium term emission reduction targets for developed nations and the expansion of a global carbon market. US investors like the California Public Employees' Retirement System have already been pushing for legislation to encourage clean technology. The US Securities and Exchange Commission has been urged by a group of global investors to require publicly traded companies to disclose climate-related risks, as well as other factors impacting their business. Mike Taylor, CEO of London Pensions Fund Authority, emphasized the importance of addressing climate change risks to the global economy and investment portfolios. The investors are calling on world leaders to implement strong policies to support low carbon investments, and are advocating for a new binding agreement to succeed the Kyoto Protocol climate pact. The European Union has set a goal to reduce greenhouse gas emissions by 20 percent by 2020 and increase the use of renewable energy sources by the same date. The United States is the only major industrialized country that has not accepted the Kyoto Protocol, but is currently engaged in talks to develop a new global agreement. Mindy Lubber, president of Ceres, a coalition of investors and environmental organizations focused on climate change, believes it is necessary for the US to be part of this new agreement. The group of global investors is aiming to have their opinions considered before the upcoming climate change convention in Poland in December. | 4 |
In an election centered on wage growth and cost-of-living pressures, opposition leader Anthony Albanese failed to respond to questions about unemployment numbers and interest rates as the campaign for the upcoming election on May 21 began. Prime Minister Morrison criticized the Labour Party's ability to manage money and lack of economic plan, emphasizing the economic opportunities post-coronavirus. Polls released on Monday showed Labour ahead of Morrison's coalition, despite Morrison maintaining his lead as the preferred leader. Albanese, addressing his economic data mistake, issued an apology and entered damage control mode. He quoted Taylor Swift's hit song to say he will "Shake it off" after being bombarded with questions about whether a mistake would cost Labor the election. Albanese emphasized that he takes responsibility for his actions and will own up to any mistakes. Morrison highlighted his government's achievements in reducing the unemployment rate despite various challenges. Initially, Albanese had stated that he believed the current rate was around 5.4%. Morrison referenced cricket when he mentioned having a strong position and plans to boost job creation for a stronger economy. Treasurer Josh Frydenberg stated that new jobs would be created across various sectors of the economy. Australia's unemployment rate is expected to drop below 3% sooner than predicted by the central bank, with some economists even forecasting it to go below the budget forecast of 3.75%. Although wage growth is expected to increase, it may not be enough to keep up with inflation, resulting in a decrease in real incomes for the year. In order to appease upset voters, the budget in March raised a tax break for 10 million low- and middle-income earners and provided one-time cash payments for pensioners, as well as a temporary reduction in fuel taxes. | 4 |
A draft communique obtained by Reuters from the G8 summit in Toyako, Japan, shows that the rich countries are aiming to collaborate with nearly 200 states involved in UN climate change talks to establish a goal of reducing greenhouse gas emissions by at least 50% by 2050. The communique emphasizes the necessity of mid-term goals in order to achieve the long-term target. The focus is on the UN-led talks to develop a new framework for addressing global warming after the Kyoto Protocol expires in 2012, with the goal of reaching an agreement at the Copenhagen conference in December 2009. Despite efforts to bridge differences within the G8, the statement is likely to fall short of satisfying those who are advocating for more specific targets. Last year, the G8 group of wealthy countries - Japan, Britain, Canada, Germany, France, Italy, Russia, and the United States - agreed to "seriously consider" the goal of cutting global emissions in half by mid-century. The European Union and Japan have been pushing for this year's summit to go further, with clear interim targets. However, US President George W Bush has stated that the US cannot commit to binding targets unless major polluters like China and India also reduce their emissions. The European Union's leadership praised the climate change agreement, calling it a "new, shared vision" that keeps negotiations on track for a global deal in 2009. European Commission President Jose Manuel Barroso stated that this achievement met the EU's expectations for success at the G8 summit in northern Japan. Global warming is connected to other major issues like rising food and fuel prices, which are being discussed at a three-day meeting on the northern Japanese island of Hokkaido. The leaders at the summit also acknowledged the uncertainty and risks facing the world economy, including the impact of high oil prices. They also hinted at the need for China to let its tightly controlled currency appreciate to help address global financial imbalances. Additionally, the G8 leaders agreed to convene a world energy forum to bring together major oil producers and consumers to discuss output and prices. The rising prices of food and oil, with oil reaching a record high of $145.85 a barrel last week, are having a significant impact on the world's impoverished population. According to a recent World Bank study, up to 105 million more people could fall below the poverty line due to the spike in food prices, including 30 million in Africa. World Bank President Robert Zoellick stated that how we address this crisis will demonstrate the global system's dedication to helping those most in need. To alleviate the effects of these price increases, the G8 plans to introduce a series of initiatives to assist Africa, particularly its farmers, and has committed to doubling aid to provide an extra $50 billion in aid by 2010, with half of that going to the poorest continent in the world. The summit concludes on Wednesday with a Major Economies Meeting involving the G8 and eight other significant countries that emit high levels of greenhouse gases, such as India, China, and Australia. | 4 |
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