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July 28 – According to Al Jazeera, the Iraqi Islamic Resistance Group denied launching drone attacks targeting oil facilities in Saudi Arabia, after Saudi Arabia accused an “Iranian-backed militia” of carrying out the attacks on Monday. In a statement, the group said, “This accusation only reinforces our belief that hostility towards Iraq and its people is inherent to the Saudi regime. These fabricated claims are nothing more than an attempt to find excuses for its inability to respond to attacks on the heart of its infrastructure in Yemen.” The group warned that any foolish actions by Saudi Arabia would be met with a severe response and called for the lifting of the “unjust blockade imposed on the Yemeni people.”On July 28th, Brendan Murphy, Head of North American Fixed Income at Insight Investment, stated in a report that investors might consider increasing their exposure to the front end of the US Treasury yield curve. Murphy explained that the asset management firm expects the Federal Reserve to maintain interest rates for an extended period, and the next eventual rate adjustment is likely to be a rate cut. He said, "Therefore, now may be a good time to consider fixed income allocations, including increasing exposure to the front end of the yield curve." However, the prolonged conflict in Iran will increase market uncertainty, and there is also the possibility of dissenting votes at Wednesdays Fed meeting. Murphy noted that the Fed has consistently maintained that "ignoring" the impact of energy price shocks is the best strategy, unless a "second-round effect" emerges and becomes deeply entrenched, or long-term inflation expectations become de-anchored.The SC crude oil main contract narrowed its decline to 3.81%, last quoted at 543.5 yuan/barrel, rebounding from the intraday low of 527.5 yuan/barrel; the trading volume exceeded 70 billion yuan, with nearly 1,200 lots of open interest decreasing during the day, and open interest slightly declining.Nasdaq futures fell 1.1% to a daily low, while S&P 500 futures dropped nearly 0.4%.On July 28th, Anthony Willis, senior economist at Tianli Investment, stated in a report that the pressure on Federal Reserve policymakers to tighten policy has increased as US inflation remains significantly above target, while the economy and labor market remain resilient. Willis stated, "However, policymakers may be willing to temporarily ignore the recent surge in oil prices until the impact of inflation becomes clearer." Nevertheless, the broader trend is evident: under Warshs leadership, the Fed is adopting a more hawkish stance. The market currently prices a 38% probability of a Fed rate hike on Wednesday and has fully priced in the possibility of a September rate hike.

Al Gore asserts that climate change action has reached a "tipping point"

Haiden Holmes

Sep 21, 2022 10:35

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Al Gore, a former vice president of the United States and co-founder of Generation Investment Management, stated in an interview with Reuters that the world has reached a "positive tipping point" in the fight against climate change as rising oil and gas prices prompt governments to decarbonize more rapidly.


His examples included the $430 billion Inflation Reduction Act, which is widely regarded as the largest climate package in U.S. history, and Australia's promise earlier this month to decrease carbon emissions by 43 percent by 2030 and to net zero by 2050.


Gore anticipated policy shifts on climate change from Brazil following an impending election and from China following the resumption of talks between President Joe Biden and Chinese Vice Premier Liu He at the November G20 summit in Indonesia.


The war in Ukraine, which Russia refers to as a "special military operation," has caused oil and gas prices to spike, he said, adding that he was concerned about the efforts of some nations to increase fossil fuel production in response.


Gore stated that there is no such thing as a clean fossil fuel, just as there is no such thing as a healthy cigarette. According to the authors, "we do not want to see investments in fossil fuel infrastructure that A will not alleviate the short-term crisis and B would guarantee decades of increasing emission levels."


He stated, "There is evidence nearly everywhere in the world" of the accelerating rate of change, and added that worsening weather events were also pushing the imperative to act.


Al Gore stated that heatwaves in China, floods in Pakistan, and drought in Europe are examples of how "Mother Nature has joined the climate discussion."


In both "An Inconvenient Truth" (2006) and "An Inconvenient Sequel" (2017), Al Gore, the former vice president of the United States, argues that the struggle against climate change is a moral one.


In 2007, he shared the Nobel Peace Prize for his efforts to address climate change while serving as the chairman of Generation Investment Management, a London-based firm that invests in sustainable public and private markets and conducts research.


He said that some governments are removing fossil fuel facilities with decades of remaining life due to the declining cost of renewable electricity, while others are considering banning the sale of fossil fuel-powered automobiles.


"When the technology provides three times as many jobs per invested dollar as investments in fossil fuels, a very good tipping point will be reached," he stated.


In its most recent annual sustainability trends report, published on Wednesday, Generation anticipated that annual investments in the clean economy would surpass $1 trillion over the next few years.


According to the research, while this is less than what is required to keep global warming at 1.5 degrees Celsius over the pre-industrial average, it is increasing "at a rapid rate."

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