• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 5th, the Reserve Bank of Australia (RBA) raised its benchmark interest rate for the third consecutive time, highlighting its determination to curb stubborn high inflation and solidifying its position as the "lone wolf" among major central banks globally. The RBA voted 8-1 to raise the cash rate from 4.1% to 4.35%, completely reversing the monetary easing cycle of last year. In a statement, the bank said that after three rate hikes, monetary policy is well-prepared to respond to changing circumstances, and the committee is focused on achieving its mandate of price stability and full employment, and will take all necessary actions to achieve this goal. Currently, most economists expect the RBA to remain on hold for an extended period, but a minority believe there will be at least one more rate hike, a view shared by the money market. With three consecutive rate hikes, the RBA committee is also signaling that it prioritizes its 2% to 3% inflation target over all other considerations. This aggressive stance puts further pressure on the Australian government. With one week to go before the annual budget is released, it is expected to address war-related energy price increases and provide temporary cost-of-living relief for households.The Reserve Bank of Australia (RBA) stated that the committee will focus on data and evolving outlook and risk assessments to guide its decision-making.Reserve Bank of Australia: Higher fuel prices are exacerbating inflation, and there are signs that this could have a broader secondary impact on the prices of goods and services.The Reserve Bank of Australia (RBA) stated that the Middle East conflict has led to a sharp rise in fuel and related commodity prices, further exacerbating inflationary pressures.Reserve Bank of Australia: There are early signs that many businesses facing cost pressures are beginning to seek to raise prices for their goods and services.

U.S. States Battle to Share Diminishing Colorado River Water Supplies

Skylar Williams

Feb 03, 2023 11:45

微信截图_20230203113922.png


The Colorado River, which supplies 40 million people in seven U.S. states with potable water, is drying up, straining a water distribution treaty in the midst of the greatest drought in 1200 years, which is compounded by climate change.


California left the six states of Arizona, Colorado, Nevada, New Mexico, Utah, and Wyoming on Tuesday in response to a U.S. government deadline requiring them to negotiate their own supply cuts or face the possibility of federally mandated reductions.


Kevin Moran, a specialist in water policy at the Environmental Defense Fund, described today's events as a step forward.


"After twenty years of drought and the effects of climate change, six of the seven basin states are playing catch-up to minimize water use from the Colorado River," Moran told Reuters.


When the states signed its pact a century ago, the river was expected to produce 20 million acre-feet of water annually. An acre-foot (1,233 cubic meters) of water is sufficient to supply two urban households with water for one year.


The real flow has decreased to an average of 12.5 million acre-feet over the past two decades, leaving state water managers with more rights on paper than actual availability.


California receives the greatest allocation, of which 80 percent is utilized by its $50 billion agriculture sector.


Many experts believe that the state's choice to opt out of the deal increases the likelihood that the water dispute will reach the nation's top courts.


David Hayes, a lecturer at Stanford University Law School, stated, "We have a scenario where certain water rights holders in California say, 'We're not willing to give up additional water, and we believe we have legal rights and are willing to go to court if necessary.'"


"And there is insufficient time to fight these issues," Hayes, a former senior climate adviser to President Joe Biden, warned.


He identified the need for significant conservation efforts to safeguard reservoirs from overuse and drought exacerbated by climate change, a condition that, if left uncontrolled, might threaten water supply to Las Vegas or California from the Hoover Dam.


Although California was deluged for weeks beginning in late December by seven atmospheric rivers that dumped up to 30 inches (76 centimeters) of rain in some regions, the Colorado River basin received little of this precipitation.


California cannot resolve its long-term crisis without substantial investments to capture more storm water, repair flood plains, and recycle wastewater, despite forecasts of more such atmospheric rivers of increasing magnitude and frequency.


In at least 1,200 years, 2000-2021 was the driest 22-year period for southwestern North America, according to a paper published in Nature in 2017.


Sharon Megdal, director of the Water Resources Research Center at the University of Arizona, stated, "Something will have to give."


As temperatures rise, mountain snows melt more rapidly in the spring, and the state lacks the storage capacity to accommodate the runoff.


She noted that a letter signed by the six states demonstrated that they all acknowledged the need for a change in operating protocols for the Colorado River and its supplies.


"I believe that people would like to believe that we can find a way to keep these economic activities, our type of businesses, and our livelihoods going," Megdal added.