Time to replace extreme poverty line of $2.15/day with empowerment line of $12/day: McKinsey report

A McKinsey Global Institute report highlights the need for $37 trillion in cumulative spending power increase by 2030 to achieve global economic empowerment, focusing on fulfilling essential needs such as nutrition, housing, healthcare, and education while also addressing environmental concerns. Economic empowerment and sustainability must go hand in hand, requiring additional investment of $47 trillion to achieve net-zero emissions, resulting in a total global investment of $84 trillion by 2030. While businesses and the market economy can contribute half of these resources, bridging the remaining gap will require new policies and incentives.

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8/21/2023

Investor pressure group urges G20 to reform agricultural subsidies

A group of investors managing $7.3 trillion in assets has called on the G20 countries to align agricultural subsidies with climate and nature goals by the end of the decade, citing concerns over the risks to investment portfolios and the environmental damage caused by subsidies.

8/24/2023

Total spending on fuel subsidies topped $7 trillion in 2022, IMF says

Global subsidies for fossil fuels have reached a record $7 trillion in 2022, with the costs driven by post-pandemic consumption growth and Russia's invasion of Ukraine, according to the International Monetary Fund, causing strain on budgets, pollution, and exacerbating global warming.

9/6/2023

Developing countries propose $100bn climate damage fund

Developing countries propose a new U.N. fund that would unlock at least $100 billion by 2030 to address irreversible damage caused by climate change, but there are disagreements among nations on who should pay into the fund and who should benefit from it.

9/10/2023

G20 Affirms Paris Goals but Questions Remain on Fossil Fuel Phase Down and Climate Finance

The New Delhi Leaders’ Declaration highlights the commitment of the G20 countries to achieve global net zero emissions and triple renewable energy capacity by 2030, while also recognizing the principles of common but differentiated responsibilities and different national circumstances.

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Posted 8/26/2023, 6:44:56 AM