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☆ A showdown is brewing over money, oil and carbon. Here's what's at stake at the COP28 climate summit
▼ + stars: | 2023-11-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +8 min

Global temperatures and greenhouse gas emissions continue to break records, with no continent left untouched by more frequent and intense extreme weather events. MoneyClimate finance is always a hotly debated talking point at the U.N. summit and COP28 promises to be no different. She anticipated three main debates around the use of oil, gas and coal — the burning of which is the chief driver of the climate crisis. "So, one is this 'phase out' or 'phase down' [of fossil fuels]. There is no credible scenario where CCS will allow continued use of fossil fuels, let alone expanding oil and gas.

Persons: Sean Gallup, HENRY NICHOLLS, Henry Nicholls, COP28, Alex Scott, Rich, Sultan al, Jaber, LUIS TATO, Luis Tato, Melanie Robinson, Robinson, Sultan Al Jaber, Francois Walschaerts Organizations: AG, Getty, United Arab Emirates, InterContinental, Fossil, Energy Intelligence, Afp, Organization for Economic Cooperation, Development, Getty Images, Abu, Abu Dhabi National Oil Company, Climate, World Resources Institute, CNBC, CCS Locations: Salzgitter, Germany, Dubai, Bonn, COP28, London, AFP, E3G, Egypt, COP27, UAE, Garissa, Africa, El Nino, Abu Dhabi, WRI, Brussels

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsNov 29 (Reuters) - Ahead of this year's COP28 climate summit in Dubai, U.N. agencies have released several reports offering updates on global progress in limiting climate change. Emissions Gap Report. The report, released on Nov. 20, looks at how countries' planned climate action compares with what is needed to meet global climate goals. The report analyzes the difference between planned fossil fuel production and the amount deemed consistent with meeting global climate goals. In 2009, developed countries pledged to provide $100 billion per year in climate finance to developing nations.

Persons: Eduardo Munoz, wean, NDCs, Rich, Gloria Dickie, David Stanway, Susanna Twidale, Katy Daigle, Jan Harvey Organizations: U.S, REUTERS, Programme, UNEP, Thomson Locations: New York, New York City , New York, U.S, Dubai, U.N, Paris, China, Norway, Qatar, UAE, London, Singapore

Here's a rough guide to the jargon being used in Dubai at COP28, this year's United Nations climate change conference. The term "climate change" is used more broadly to describe global warming and its consequences, including variable weather extremes. GHGs include a myriad of gases, but the most impactful — methane and carbon dioxide — are also referred to as "carbon emissions" because both molecules contain carbon. The world's excess carbon emissions come mostly from the burning of fossil fuels and other industrial activities. UNFCCC - The United Nations Framework Convention on Climate Change is the treaty adopted in 1992 agreeing to halt climate change.

Persons: Amanda Perobelli, COP21, NDCs, Gloria Dickie, Katy Daigle, Rod Nickel, Aurora Ellis Organizations: United Nations, Paris, Thomson Locations: Amazonia, Nova Xavantina, Mato Grosso, Brazil, Dubai, COP28, United Nations, China, PARIS, Paris, Glasgow, COP27, London

[1/2] International Monetary Fund Managing Director Kristalina Georgieva addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, in Marrakech, Morocco, October 12, 2023. "So that is to my mind the number one priority for this COP, is to recognise that business as usual has to be dropped." Several countries were also considering using their 2021 SDR allocation on a bilateral basis alongside IMF programmes, she added. While the current average price was now around $5 a ton, "clearly there is a long, long, long way to go", she said, citing a preference for carbon taxes but openness to trading systems, as seen in Europe, or U.S.-style standards and rebates. This is ongoing work at the fund," she said, citing ongoing talks with the World Bank on how it would work.

Persons: Kristalina Georgieva, Susana Vera, Georgieva, it's, Andrea Shalal, Marc Jones, David Lawder, Alex Richardson Organizations: Monetary Fund, IMF, World Bank, REUTERS, International Monetary Fund, Reuters, Growth Trust, Sustainability Trust, African Development Bank, Inter, American Development Bank, Thomson Locations: Marrakech, Morocco, Dubai, Paris, Europe

☆ High cost of capital a bane for energy transition ahead of COP28
▼ + stars: | 2023-11-28 | by ( Divya Chowdhury | ) www.reuters.com time to read: +2 min

REUTERS/Rula Rouhana Acquire Licensing RightsMUMBAI, Nov 28 (Reuters) - Advocates for the energy transition are concerned ahead of the COP28 summit in Dubai about the high cost of capital available to make change happen, as policymakers ratchet up their rhetoric on the need for tight monetary policy. COP28 is widely expected to focus on climate finance, specifically to build on the G20 nations' commitment to triple renewables deployment to about 11,000 gigawatts by 2030, which will need funds of around $4.5 trillion. Climate finance is going to be the "Achilles' heel" of COP28, said Vaibhav Chaturvedi, fellow at the Council on Energy, Environment and Water (CEEW). Linda-Eling Lee, head of the MSCI Sustainability Institute, said companies and investors cannot be expected to commit long-term capital to the energy transition if policymakers change track suddenly. Agreements on greater transparency in disclosures, along with innovations in finance, will help mobilise more private sector funds, Lee said.

Persons: Rula, Gauri Singh, IRENA, Vaibhav Chaturvedi, Chaturvedi, Linda, Eling Lee, Lee, Divya Chowdhury, Jan Harvey Organizations: Abu Dhabi Sustainability, REUTERS, Rights, International Renewable Energy Agency, Reuters Global Markets, Council, Energy, Bridgetown Initiative, World Bank, Bank, MSCI Sustainability Institute, Finance, Thomson Locations: UAE, Abu Dhabi, Rights MUMBAI, Dubai, Barbados, Bridgetown, Mumbai

Here are some of the main players and negotiating blocs involved in the COP28 conference starting Nov. 30 in Dubai. In climate negotiations, Beijing argues that wealthy developed countries like the United States, the biggest historical CO2 emitter, should move first and fastest in climate policy and finance. Despite having the world's second largest economy after the United States, China considers itself as a developing nation in the climate talks. But U.S. delegates will face pressure for climate finance after Washington pledged no new climate cash to the United Nations this year. AFRICAN GROUP OF NEGOTIATORSAfrican countries will be pushing at COP28 for climate finance and financial mechanisms to speed up green energy projects.

Persons: Rula, Kate Abnett, Katy Daigle, Josie Kao Organizations: Abu Dhabi Sustainability, REUTERS, UNITED, Washington, United Nations, EU, GROUP, Marshall, European Union, Thomson Locations: UAE, Abu Dhabi, Dubai . CHINA China, China, Beijing, United States, U.S, Union, United, United Kingdom, London, Brazil, South Africa, India, Saudi Arabia, CHINA, Kenya, Ethiopia, Senegal, Mozambique, Vanuatu, Costa Rica

She replaces Mafalda Duarte, who left in July 2023 to lead the Green Climate Fund. Luis Tineo, interim CEO, will lead CIF until March, 2024. "Developing countries are at the forefront of the climate crisis, and we will only meet this decisive moment by working together to scale climate finance where it is needed most," Gbadegesin said in a statement. Among the largest multi-lateral climate funds in the world, CIF offers projects highly concessional capital that can leverage development bank and private sector money to fund low carbon, climate-resilient development. As well as the World Bank Group, including the International Finance Corp, CIF invests through the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.

Persons: Mafalda Duarte WASHINGTON, Tariye Gbadegesin, Gbadegesin, Mafalda Duarte, Luis Tineo, ”, Bob Natifu, Edward Webber, Simon Jessop, Valerie Volcovici, David Gregorio Our Organizations: Global, Investment Funds, World Bank, ARM Harith Infrastructure Investments, Climate Fund, Initiative, International Monetary Fund, Boston Consulting, Africa Finance Corp, Trust Fund Committee, International Finance Corp, African Development Bank, Asian Development Bank, European Development Bank, Inter, American Development Bank, Thomson Locations: South Africa, Indonesia

SummaryCompanies European Investment Bank poll of 30,000 people globally60% of EU citizens back paying compensationU.S. support at 63%, China at 74%, Japan at 72%SINGAPORE, Nov 27 (Reuters) - Citizens in Europe, the United States, China and Japan believe their countries should compensate poorer nations to help address the impact of climate change, a European Investment Bank poll of more than 30,000 people shared with Reuters showed. The fifth annual climate survey conducted by the bank revealed a broad global consensus to fund the fight against climate change, even if it means higher taxes and the elimination of fossil fuel subsidies. "The latest EIB Climate Survey underlines people's profound awareness of climate change and their commitment to tackle it head on," said EIB Vice-President Ambroise Fayolle. [1/2]Children are seen during climate march prior to the opening session of the COP23 UN Climate Change Conference 2017 in Bonn, Germany, November 6, 2017. Respondents from around the world ranked climate change as one of the world's three biggest challenges, along with the rising cost of living and income equality.

Persons: Ambroise Fayolle, Fayolle, Wolfgang Rattay, Simon Jessop, Franklin Paul Organizations: European Investment Bank, Reuters, REUTERS, European Union, United, Franklin Paul Our, Thomson Locations: China, Japan, SINGAPORE, Europe, United States, Bonn, Germany, Dubai, COP28, India

☆ Take Five: Warming up this winter
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +6 min

1\BUCK UP, IT'S DECEMBERThe dollar is heading for its weakest monthly performance for a year, with a loss so far of 2.7%. On Thursday, China releases official manufacturing PMI data, which last month showed an unexpected contraction, killing momentum for an economic recovery. COP28 gets underway in Dubai and securing an agreement on how to tackle global warming and, crucially, how to pay for it looks as difficult as ever for the near 200 countries and institutions attending. Reuters Graphics5\THE ECB'S BALANCING ACTEuro zone inflation data on Nov. 30 may well confirm a trend of price rises moderating. Policymakers remain wary of any hopes for rate cuts spilling over into increased bank lending and household spending, renewing inflationary pressures.

Persons: Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Marc Jones, Amanda Cooper, it's, Joshua Roberts, Sultan Ahmed Al Jaber, Christine Lagarde, Pasit Kongkunakornkul, Sumanta Sen, Kripa Jayaram, Vineet Sachdev, Prinz, Toby Chopra Organizations: BUCK, IT'S, Federal Reserve, Reuters, REUTERS, COP28, World Bank, European Central Bank, Thomson Locations: China, Dubai, Lewis, New York, Tokyo, London, Washington , U.S, UAE

☆ COP28’s big challenge: green cash for poor states
▼ + stars: | 2023-11-15 | by ( George Hay | ) www.reuters.com time to read: +7 min

Rather than drawing attention to this paucity of ambition, al-Jaber wants states to commit to trebling global capacity of renewable energy by 2030. Progress in China and the West is largely a function of cash: these regions accounted for 84% of the $1.3 trillion committed to global climate finance in 2022. They calculate that by 2030, developing countries need to invest around $2.4 trillion a year in order to decarbonise their economies. The problem is that the developed world has consistently missed targets to channel climate cash to less developed counterparts. In September al-Jaber announced a $4.5 billion scheme to deploy UAE state cash and private sector resources to help Africa decarbonise.

Persons: al, Jaber, hasn’t, Nicholas Stern, Stern, Ajay Banga, Mark Carney, Shriti Vadera, Larry Fink, Joko Widodo, UAE Crown Prince Mohammed bin Zayed, Nahyan, Breakingviews, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, United, Conference of, Abu Dhabi National Oil Company, United Nations, International Energy Agency, The, IEA, World Bank, concessional, Bank, Bank of England, Prudential, BlackRock, U.S, Indonesian, Africa decarbonise, UAE Crown, Thomson Locations: United Arab Emirates, Abu Dhabi, Paris, China, The U.S, British, Egypt, Indonesia, Japan, South Africa, Vietnam, U.S, Al, UAE, Africa, COP28, Dubai

Experts say Trudeau's carbon pricing scheme, known as the carbon tax, works well and cannot be easily replaced. Even the left-leaning New Democrats, who support Trudeau's government in parliament and have previously defended the carbon tax, are calling for the exemption. Analysts said the carbon tax carve-out is another example of inconsistent policy. CARBON TAX REBATEThe carbon tax is intended to discourage use of fossil fuels and accelerate a switch to clean energy, but the recent carve-out underlines how fragile climate policy is in the face of pressing political calculations. In September, Bank of Canada governor Tiff Macklem said the carbon tax contributes about 0.15 percentage points to the inflation rate, which was 3.8% that month.

Persons: Justin Trudeau, Jessica Lee, Richard Brooks, Brooke, Brooks, Chris Severson, Baker, Pierre Poilievre, clobber Trudeau, Shachi Kurl, Angus Reid, Kurl, Jonathan Wilkinson, Wilkinson, Macklem, Trudeau, Robert Asselin, Asselin, Nia Williams, Steve Scherer, Josie Kao Organizations: Canada's, Ontario Chamber, Economic Summit, REUTERS, Rights Ottawa, Canadian, Provincial, New Democrats, Pembina Institute, Liberal, Conservative, Angus Reid Institute, Atlantic, Natural Resources, Reuters, Bank of Canada, Business Council of Canada, The Business Council, Thomson Locations: Toronto , Ontario, Canada, Ottawa

John Kerry, U.S. Special Presidential Envoy for Climate speaks during an earlier interview with Reuters, in Abu Dhabi, United Arab Emirates, on October 31, 2023. REUTERS/Abdel Hadi Ramahi/File Photo Acquire Licensing RightsSINGAPORE, Nov 10 (Reuters) - The United States and China have reached "understandings and agreements" on climate issues that will help ensure progress is made at the COP28 talks starting late this month in Dubai, U.S. climate envoy John Kerry said on Friday. China envoy Xie told diplomats in September that phasing out fossil fuels was "unrealistic" while key technologies like energy storage remained immature. China now has 360 gigawatts of coal-fired power capacity in its project construction pipeline, he said, but "they're trying very hard to move away." Right now, "it is irresponsible to be funding a coal-fired power plant anywhere in the world," he said.

Persons: John Kerry, Abdel Hadi Ramahi, Kerry, Xie Zhenhua, Xie, David Stanway, Tom Hogue Organizations: Reuters, United, REUTERS, Rights, Bloomberg, Economy, Thomson Locations: Abu Dhabi, United Arab Emirates, Rights SINGAPORE, United States, China, Dubai , U.S, Sunnylands , California, Singapore, COP28

A loss and damage fund would be the first United Nations mechanism dedicated to helping countries that have suffered irreparable climate-driven damage from drought, floods and rising sea levels. "There was a lot at stake at this meeting," Avinash Persaud, special envoy to the Prime Minister of Barbados and the country's representative on the U.N. committee, told Reuters. Developing nations argue that rich countries responsible for most of the historical CO2 emissions causing climate change should be obliged to pay - something the United States and other rich nations refused to accept. Mohamed Nasr, Egypt's lead climate negotiator and representative on the committee, told Reuters such pledges would be crucial to the overall COP28 negotiations. If rich nations fail to follow through, he said, it could reopen decades-old fights that have derailed past climate deals - with poorer nations demanding "compensation" from rich nations for causing climate change, or refusing to agree to cut emissions faster without substantially more financial support from rich countries.

Persons: Rula, U.N, Persaud, Jennifer Morgan, Mohamed Nasr, Nasr, Valerie Volcovici, Kate Abnett, Christina Fincher Organizations: Abu Dhabi Sustainability, REUTERS, COP28 Finance, Bank, United, Reuters, U.S . State Department, European Union, Climate, Thomson Locations: UAE, Abu Dhabi, United Nations, Dubai, Barbados, United States, U.S, Egypt, COP28, Germany, Europe's, Berlin

The United Nations 28th meeting on climate, known as COP28, takes places from Nov. 30 to Dec. 12 in Dubai. Latin American countries will arrive ready to push for common goals thanks to regional meetings earlier this year, Muhamad told Reuters. As well as pushing for help adapting to climate change, Latin American countries will call for the region to be covered by early warning systems to save lives amid disasters due to climate change, she said. "The north's position is that there will always be hydrocarbons and that if we can reduce emissions this will be sufficient (to solve) climate change. Last year Colombia cut deforestation by 29.1% to just over 1,235 square kilometers (477 square miles).

Persons: Susana Muhamad, Muhamad, Oliver Griffin, Diane Craft Organizations: UN, country's, United Nations, Reuters, El, Thomson Locations: BOGOTA, Colombia, Dubai ., America

☆ Colombia, Neighbors to Jointly Push Six Key Points in COP28 -Minister
▼ + stars: | 2023-11-03 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

Persons: Oliver Griffin BOGOTA, Susana Muhamad, Muhamad, Oliver Griffin, Diane Craft Organizations: UN, country's, United Nations, Reuters, El Locations: Colombia, Dubai ., America

☆ UN warns of enormous gap in financing for climate adaptation
▼ + stars: | 2023-11-02 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +4 min

That’s a more than 50% larger gap than UNEP had estimated in its 2022 report. Esam Omran Al-Fetori/ReutersThe issue — as well as who should pay for the loss and damage created by the climate crisis — is expected to be a key sticking point in climate negotiations at the COP28 talks in Dubai this December. A recent study showed that 55 of the world’s most vulnerable economies have already experienced losses and damages of more than $500 billion in the last two decades from the climate crisis. “If we don’t fund adaptation, we then get ourselves into a situation where we can no longer adapt,” Hinwood said. And for every $16 billion invested in agriculture each year, 78 million people could be alleviated from climate crisis related starvation or chronic hunger.

Persons: Andrea Hinwood, “, Esam Omran, ” Hinwood Organizations: CNN, UN, United Nations Environment, UNEP, “ Locations: Paris, Derna, Libya, Dubai

This will be a basis for protecting our forest," Dasai said. But countries only agreed to a carbon trading rulebook in United Nations climate talks in December 2021, with trading yet to begin. Suriname's forest credits are generated using a baseline it registers with the United Nations stating how much carbon stock its forest contains. If the country protects its forest so the carbon stock rises, every additional metric ton of carbon dioxide absorbed can be packaged as one carbon credit. Dasai said he hopes other rainforest nations can follow their lead in selling ITMO carbon credits to unlock the necessary financing.

Persons: Marciano Dasai, Dasai, Jake Spring, Aurora Ellis Organizations: Spatial, REUTERS, SAO PAULO, Suriname's, Reuters, Paris, Nations, United Nations, Thomson Locations: Paramaribo, Paris, Suriname, Nations

☆ US Treasury launches US-China economic, financial working groups
▼ + stars: | 2023-09-22 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 22 (Reuters) - The U.S. Treasury Department on Friday said it was formally launching two new U.S.-China working groups on economic and financial issues aimed at providing a regular policy communications forum between the world's two largest economies. In a statement, the Treasury said the two groups would "meet on a regular cadence" and report to Yellen and Chinese Vice Premier He Lifeng. China's Ministry of Finance will be Treasury's counterpart for the Economic Working Group, while the People's Bank of China will be its counterpart for the Financial Working Group. China's Finance Ministry and central bank both issued statements confirming the establishment of the economic and financial working groups but gave few details beyond saying they were aimed at strengthening communication and collaboration on these issues. Establishment of the two working groups also follows Commerce Secretary Gina Raimondo's agreement with Chinese officials in August to establish a working group on U.S. export controls aimed at explaining U.S. policies.

Persons: Yellen, Gina Raimondo's, Donald Trump, David Lawder, Christina Fincher Organizations: U.S . Treasury Department, Treasury, China's Ministry, Finance, Economic, People's Bank of, Financial, China's Finance Ministry, State, Thomson Locations: China, China's, People's Bank of China, Beijing, U.S, Washington

☆ Climate Week can make me feel cynical but there are signs that change might be underway
▼ + stars: | 2023-09-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Yet global emissions have continued to climb since 2015 when countries agreed to curb warming. Yet global emissions have kept growing since 2015, when nearly 200 countries struck the Paris Agreement aimed at averting the most catastrophic effects of a warming planet. There's also more willingness to name the main driver of climate change: fossil fuels. President Joe Biden didn't attend the Climate Ambition Summit and instead sent the nation's climate envoy, John Kerry. Salt Lake City Mayor Erin Mendenhall, Montreal Mayor Valérie Plante, and Paris Mayor Anne Hidalgo have headlined events.

Persons: execs, I've, General António Guterres, Alden Meyer, —, Meyer, There's, Gavin Newsom, Sultan Al Jaber, Al Jaber, Al Jaber's, Joe Biden didn't, John Kerry, Biden would've, Erin Mendenhall, Montreal Mayor Valérie Plante, Paris Mayor Anne Hidalgo, Yvonne Aki Organizations: Service, United Nations, Ambition, California Gov, United Arab Emirates, Associated Press, UN, Montreal Mayor, Paris Mayor Locations: Wall, Silicon, New York City, Paris, China, India, Russia, Japan, Colombia, Panama, Brazil, California, Dubai, UAE's, UAE, Alaska, Salt Lake, COP28, Africa

☆ How Climate Week in New York Turned Into ‘Burning Man for Climate Geeks’
▼ + stars: | 2023-09-21 | by ( Cara Buckley | More About Cara Buckley | ) www.nytimes.com time to read: +1 min

It’s almost like the climate crisis has gotten itself a new team of publicists, judging from the boggling array of sessions, panels, VI.P. dinners, workshops and fireside chats happening this week as part of Climate Week NYC. This was in addition to two sold out Earth-focused drag shows, “SAVE HER!” hosted by the eco-drag queen Pattie Gonia, and the spectacle of Prince William wading into New York’s East River to visit the Billion Oyster Project, which works to restore reefs using mollusks. There were hundreds of less glittery events too, focused on decarbonizing agriculture, deforestation-free cattle ranching, carbon removal, environmental justice, food waste, green steel and session after session on climate finance and climate tech. Chaotic, sprawling, and borderline circuslike, Climate Week NYC, which officially runs from Sept. 17 to 24, is in many ways a showcase of human innovation, the countless ways people in many industries are working to slow and potentially reverse the enormous harms humans have done to the planet.

Persons: Pattie Gonia, Prince William Locations: Climate, New

☆ Yellen says she trusts IMF, World Bank, Morocco to adjust annual meetings after disaster
▼ + stars: | 2023-09-20 | by ( David Lawder | ) www.reuters.com time to read: +2 min

FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. REUTERS/Thomas Peter/File PhotoNEW YORK (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday that she trusts the leaders of the World Bank and the International Monetary Fund to adjust their Oct. 9-15 annual meetings in Morocco in an appropriate way given the country’s devastating earthquake. IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga and Moroccan Economy Minister Nadia Fettah Alaoui announced on Monday that the meetings in Marrakech would proceed despite the Sept. 8 earthquake that killed over 2,900 people in the nearby High Atlas Mountains. In their statement, they said they would make some changes to their meeting plans to adapt content “to the circumstances,” of the disaster. It wants the meetings to go on and feels it’s able to do what’s necessary,” she said.

Persons: Janet Yellen, Thomas Peter, Kristalina Georgieva, Ajay Banga, Nadia Fettah Alaoui, Yellen, “, who’ve, ”, ” Georgieva Organizations: Treasury, U.S, REUTERS, . Treasury, World Bank, International Monetary Fund, IMF, World, Friday, Reuters Locations: Beijing, China, Morocco, Moroccan, Marrakech, New York

NEW YORK/WASHINGTON, Sept 19 (Reuters) - Treasury Secretary Janet Yellen said on Tuesday U.S. growth needed to slow to a pace more in line with its potential rate to bring inflation back to target levels since the economy was operating at full employment. "Growth has to slow. "It's completely natural and desirable, that growth -- the pace of growth -- is slowing." U.S. gross domestic product is still expanding at a pace well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%, often referred to as the "potential" growth rate. Yellen did not specify what she regards as the U.S. economy's potential growth rate, except to say that it has been growing above potential since it raced out of the COVID-19 pandemic in 2021.

Persons: Janet Yellen, Yellen, David Lawder, Kanishka Singh, Leslie Adler, Deepa Babington Organizations: Tuesday, Federal, Thomson Locations: WASHINGTON, New York, CHINA, China, U.S

☆ Global debt stock hit a record $307 trillion in the first half of 2023, top trade body says
▼ + stars: | 2023-09-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The global debt-to-GDP ratio now sits at around 336%, which is up from 334% in the fourth quarter of 2022, the report said. The ratio had experienced seven consecutive quarters of decline, before resuming its upward trajectory in the first half of 2023. The stock of global debt rose $10 trillion in the first half of 2023, bringing it to a new record high of $307 trillion, according to a report by the Institute of International Finance released Tuesday. Worldwide spikes in inflation were the main factor causing the decline in debt ratio, helped by higher borrowing costs and tighter lending standards. Consumer debt meanwhile remains "largely manageable" in mature markets, the IIF said, with the household debt ratio dropping to its lowest level in two decades in the first half of 2023.

Persons: — Organizations: Institute of International Finance, Federal, Group Locations: U.S, Japan, France, China, India, Brazil

"The move from fossil fuels to renewables is happening – but we are decades behind," Guterres said at the start of the one-day summit. "We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels." Those not invited to speak were the world's two top polluters - the United States and China – though U.S. Special Envoy on Climate Change John Kerry was in the audience. "This climate crisis is a fossil fuel crisis," he said, drawing applause from the heads of state and others in the room. "Climate change is a top priority for my administration," Thavisin told the gathering, his country having recently created a climate change ministry.

Persons: Antonio Guterres, Mike Segar, Guterres, John Kerry, China's U.N, William Ruto, Ruto, Gavin Newsom, Srettha Thavisin, Thavisin, Sultan Ahmed al, Jaber, COP28, Mia Mottley, Ursula von der Leyen, Pushpa Kamal Dahal, Valerie Volcovici, Katy Daigle, Howard Goller Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, General, United Arab Emirates, Thailand's, FINANCE, Security Council, Allianz, World Bank, International Monetary Fund, Fund, Thomson Locations: New York City, U.S, COP28, Dubai, Brazil, Canada, Pakistan, South Africa, Tuvalu, United States, China, California, UAE, Barbados, Ukraine

☆ US stance on Japan yen intervention 'depends on details' of situation -Yellen
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNEW YORK, Sept 19 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday whether Washington would show understanding over another yen-buying intervention by Japan "depends on the details" of the situation. While the yen is still well off that low, many market players see 150 as Tokyo's line-in-the-sand which, if breached, could trigger another round of intervention. While a weak yen gives Japanese exporters' profits a boost, it hurts households and retailers by boosting the cost of importing raw material and fuel. Reporting by David Lawder in Washington; Writing by Leika Kihara in Tokyo; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Janet Yellen, Yellen, David Lawder, Leika Kihara, Stephen Coates Organizations: U.S, REUTERS, . Treasury, Washington, Thomson Locations: Japan, United States, New York, Asia, Washington, Tokyo

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