• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Citigroup has raised its 3-month gold price forecast to $4,500 per ounce and its silver price forecast to $70 per ounce.Citigroup has lowered its oil price forecast to its previous bearish scenario, with updated quarterly oil price forecasts of $75 and $70 per barrel for the third and fourth quarters of 2026, respectively.June 16 – As the Trump administration nears completion of its plan to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to mitigate soaring fuel prices triggered by the Iran war, the U.S. emergency crude oil reserves have fallen to their lowest level since 1983. According to data released Monday by the U.S. Department of Energy, the Strategic Petroleum Reserve (established in the early 1970s following the Arab oil embargo) has fallen to approximately 340 million barrels, near its all-time low. If the plan is completed, this will be the second-largest release in the reserves history, leaving approximately 243 million barrels, just about one-third of its statutory capacity. The dwindling inventory reduces the U.S.s flexibility in responding to future supply disruptions. A Department of Energy spokesperson stated that the government is managing the reserve according to its intended purpose: to help stabilize the oil market, protect the U.S. from supply disruptions, and make the U.S. more energy secure.Fitch Ratings: If the agreement fully opens the Strait of Hormuz, the global oil market is expected to return to oversupply within about a month.Fitch Ratings: (Regarding a potential US-Iran deal) believes that Irans nuclear program and capabilities will remain a source of tension in its relations with the US and Israel.

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

Haiden Holmes

Feb 27, 2023 14:08

微信截图_20230227135413.png


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.