Solar is set to overtake coal as the world’s leading source of power supply by early 2025, the IEA said
The polycrisis has eased off and the US Fed signalled that it will slow rate hikes as inflation appears to be peaking. That is good news for EM markets and investors have been buying high yielding debt as default fears abate.
COP finished two days late on November 20 without any new agreements on climate change targets or emissions reductions, although a deal was hammered out to set up an as yet uncosted loss and damage fund.
African nations are lobbying to be allowed to use their natural gas reserves to lift up to 600mn people out of energy poverty and to connect them to modern electricity supplies.
The UN has identified greenwashing by business and finance as the biggest danger facing the race to net zero, urging them to avoid a toxic cover-up and to ensure that any climate pledges they keep are in line with the 1.5-degree targets.
Emissions from future LNG projects and could use up 10% of the remaining global carbon budget for 1.5˚C warming by 2050.
OPEC says Africa is on track to add 1.2mn barrels per day (bpd) of primary refining capacity in the medium term, with Nigeria’s Dangote Refinery accounting for more than half of the total.
COP26 has not delivered so far on the promises made in Glasgow in November 2021, with companies failing to move towards zero emissions pledges and the world as a whole not meeting the targets and aspirations laid down.
Soaring inflation, rate hikes and a stronger dollar are reminiscent of the early 1980s – a decade that brought a wave of EM sovereign debt crises. This year has already seen Sri Lanka default, hit by an external liquidity crisis.