Global Investment in Solar Power Projected to Exceed Oil in 2023 |
For the first time, annual global investments in solar energy will exceed those in oil production (FT), the International Energy Agency (IEA) said. Executive Director Fatih Birol said the projection is the latest sign that a “new global clean energy economy is emerging” at a rate that is consistent with UN targets for limiting global warming to 1.5°C (2.7°F) above preindustrial levels. Still, Birol said rich countries need to do more to ensure that poorer countries see higher levels of green funds.
Birol called for oil companies to increase spending on low-carbon energy, which currently amounts to 5 percent of what they spend on fossil fuel production, IEA analysis showed. Separately, Pope Francis made a similar appeal (Reuters) yesterday, saying that “it is absurd to permit the continued exploration and expansion of fossil fuel infrastructures.”
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“Countries must accelerate the invention and deployment of low-cost green products in key areas, including energy generation, distribution, and transportation. Chief among the needed policies is the implementation of a meaningful world carbon price, in the form of a charge on greenhouse gas emissions,” Harvard University’s Gordon H. Hanson and Dartmouth College’s Matthew J. Slaughter write in Foreign Affairs.
“Today, the success of [U.S. President Joe] Biden’s green industrial strategy emphasizes the power of rapidly improving technologies to drive positive feedback loops of economic growth and political coalition-building,” RMI’s Lachlan Carey writes for Phenomenal World.
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Guam’s Strongest Storm in Decades Leaves Most Residents Without Power |
The governor urged residents of the U.S. territory to continue staying home (CNN) yesterday while power was restored after Typhoon Mawar.
China/U.S.: The CEO of the world’s most valuable semiconductor company, Nvidia, told the Financial Times that Chinese firms will “build [chips] themselves” if they cannot buy U.S.-made supplies under Biden’s export controls against China.
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Bangladesh Pledges to Shore Up Election Integrity |
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Middle East and North Africa |
Iran Unveils New Missile, Claims It Can Fly 1,240 Miles |
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UN, African Bank Working to Facilitate Russian Grain, Fertilizer Exports to Africa |
The United Nations is working with the African Export-Import Bank (Reuters) to facilitate trade of the products, a UN official said. Russia’s agricultural exports to Africa are not subject to Western sanctions, but Moscow says they have been hampered by obstacles related to the sanctions.
DRC/China: The Democratic Republic of Congo (DRC) seeks to renegotiate (Reuters) a deal with China so that the DRC receives 70 percent rather than 32 percent of resources in joint cobalt and copper ventures. |
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U.S. Officials: Ukrainian Military Likely Orchestrated Drone Attack Over Kremlin |
Ukraine’s special military or intelligence units were likely behind the failed drone attack earlier this month, unnamed U.S. officials told the New York Times. It was unclear whether Ukrainian President Volodymyr Zelenskyy knew about the operation, they said.
On The President’s Inbox podcast, CFR’s Charles A. Kupchan unpacks the United States’ strategy in Ukraine.
Brussels/Russia: The European Union has frozen over $215 billion worth (Bloomberg) of Russia’s assets since the country invaded Ukraine last year, according to a new tally.
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Canada, Saudi Arabia to Restore Diplomatic Ties |
Riyadh severed ties in 2018 after a tweet by the Canadian government criticized Saudi Arabia for arresting women’s rights activists. Canada’s former ambassador to Saudi Arabia told CBC that engagement is needed to communicate concerns. He also suggested that Saudi Arabia can play a constructive role in the war in Ukraine. Argentina/China: Argentina seeks to renew and potentially expand its currency swap line with China’s central bank by the end of the month, an unnamed official told Reuters.
This Backgrounder by Diana Roy examines China’s growing influence in Latin America.
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Florida’s DeSantis Launches Presidential Run |
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Council on Foreign Relations |
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