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May 27th - British household energy bills are set to see their biggest increase since 2023 due to the war with Iran pushing up wholesale gas and electricity prices, further exacerbating inflationary pressures already weighing on the UK economy. The UK energy regulator, Ofgem, announced on Wednesday that the energy price cap will be raised by 13% to £1862 from July 1st. This price cap is updated quarterly, and the previous pricing used market data prior to the escalation of the Middle East conflict; therefore, this adjustment is the first to fully reflect the impact of the recent turmoil in the Middle East. Since the start of the conflict, UK near-month gas futures prices have risen by over 40%, while electricity contract prices have risen by nearly a third over the same period. Energy consultancy Cornwall Insight predicts that UK energy bills will rise again in October, warning that even if the conflict ends quickly, prices will struggle to return to April levels due to damaged infrastructure and prolonged energy supply disruptions.Both WTI and Brent crude oil prices fell by more than 2.00% intraday, currently trading at $94.27 per barrel and $94.57 per barrel, respectively.On May 27th, the National Energy Administration officially released a list of 51 high-value "AI+" energy scenarios. These 51 scenarios include intelligent emergency response to severe convective disasters along important power transmission lines, intelligent diagnosis and smart operation of new power distribution networks, intelligent operation optimization of large-scale vehicle-grid interaction, and intelligent operation of multi-energy complementary clean energy bases. By sector, these 51 high-value scenarios cover eight major areas, including "AI+" power grid, "AI+" new energy, "AI+" hydropower, and "AI+" thermal power.Euro Stoxx 50 futures rose 0.35%, German DAX 30 futures rose 0.31%, French CAC 40 futures rose 0.47%, and UK FTSE 100 futures fell 0.11%.Ofgem (UKs Office for the Gas and Electricity Markets) says that from July onwards, electricity price increases will be lower than gas price increases – a situation different from that during the energy crisis.

Plastic Consumption Is Projected to Nearly Double by 2050, According to Studies

Haiden Holmes

Feb 27, 2023 14:08

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According to research published on Monday, plastic consumption in G20 nations is on track to nearly double by the middle of the 21st century unless a comprehensive and legally binding global treaty to reduce consumption is drafted.


According to Back to Blue, a research group operated by the Economist Impact think-tank and the Nippon Foundation, existing initiatives to increase recycling or reduce single-use plastic consumption have "barely scratched the surface" and a more comprehensive global plan is required.


In Uruguay, the United Nations began negotiations on an agreement to combat plastic pollution in November, with the goal of drafting a legally binding treaty by the end of the following year. 175 countries have joined up for the negotiations.


Nonetheless, if negotiations fail, annual plastic production in G20 nations could reach 451 million tonnes by 2050 based on current development rates, according to Back to Blue - an increase of nearly 75 percent from 2019.


The research group stated, "There should be no illusions that the treaty negotiations will be anything but difficult and treacherous." "The likelihood of failure is high, both in terms of no treaty emerging and a treaty that is insufficient to reverse the plastic tide."


It called for a stricter ban on single-use plastic, as well as increased production taxes and mandatory programs to hold companies accountable for the entire lifecycle of their products, including recycling and disposal.


Back to Blue stated that the combined measures could limit annual consumption to 325 million tonnes by 2050, but that would still be a 25 percent increase from 2019 and the equivalent of 238 million garbage vehicles.


Brazil, the United States, Indonesia, and Turkey are among the G20 countries that have yet to introduce national prohibitions on single-use plastic products, according to the report.