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☆ Time Is Running Out to Curb Global Warming, U.N. Panel Report Says
▼ + stars: | 2023-03-20 | by ( Eric Niiler | ) www.wsj.com time to read: 1 min

A United Nations panel of scientists said there is a “feasible, but narrow pathway” to avoid the worst effects of climate change, however to do so, the world’s nations must together cut greenhouse-gas emissions 60% by 2035 to limit warming to 1.5 degrees Celsius over preindustrial levels. That level of cuts would require a massive and rapid shift in the world’s energy supply that is under way in some countries, but has been stifled by the war in Ukraine, the global energy crisis and thirst for economic growth in countries like China and India. Global greenhouse-gas emissions reached record levels in 2022 and are projected to continue their upward trajectory, according to scientists.

☆ Bill Gates says he isn't a hypocrite for using a private jet
▼ + stars: | 2023-02-09 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Bill Gates was asked whether his private jet makes him a "hypocrite" while funding climate innovation. Gates disagreed, saying he pays for carbon offsets and his jet helps further his climate fundraising. Gates was asked in an interview with the BBC in Kenya what his response would be to someone who would call him a hypocrite for being a "climate change campaigner" while also flying "around the world in a private jet." On Reddit, the Microsoft cofounder has said his private jet is his "guilty pleasure" and his "big splurge." "That is too difficult," Gates told Bloomberg's Zero podcast.

☆ Food inflation: Tight grain, oilseed supplies to keep prices elevated
▼ + stars: | 2022-12-13 | by ( Naveen Thukral | ) www.reuters.com time to read: +4 min

"As this stage, it looks highly unlikely, if we look at the global production prospects for cereals and oilseeds." Wheat, corn and palm oil futures have from dropped from record or multi-year highs but prices in the retail market remain elevated and tight supplies are forecast to support prices in 2023. Food imports costs are already on course to hit a near $2 trillion record in 2022, forcing poor countries to cut consumption. Corn and soybeans climbed to their highest in a decade, while Malaysia's benchmark crude palm oil prices climbed to a record high in March. For rice, prices are expected to remain high as long as export duties imposed earlier this year by India, the world's biggest supplier, remain in place, traders said.

Here's what you need to know about the agreement:WHAT IS 'LOSS AND DAMAGE'? In U.N. climate talks, "loss and damage" refers to costs being incurred from climate-fuelled weather extremes or impacts, like rising sea levels. Loss and damage funding is different, specifically covering the cost of damage that countries cannot avoid or adapt to. A few governments have made relatively small but symbolic funding commitments for loss and damage: Denmark, Belgium, Germany and Scotland, plus the EU. Some existing U.N. and development bank funding does help states facing loss and damage, though it is not officially earmarked for that goal.

[1/5] A general view of the entrance to the Sharm El-Sheikh International Convention Centre grounds, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. Kunal Satyarthi, a negotiator for India, said he thought the loss and damage deal would "certainly" pass, and thanked other countries for their flexibility. Norway's climate minister, Espen Barth Eide, meanwhile, said his country was happy with the agreement to create a loss and damage fund. But the possible breakthrough on loss and damage was significant, and "I don't think that should be lost in the mix," he said. For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Moscow suspended its participation in the Black Sea deal on Saturday, in response to what it called a major Ukrainian drone attack on its fleet in Russian-annexed Crimea. That relative calm is likely to end when Chicago and Paris wheat, the world's two most-active wheat futures contracts, start their trading week on Monday. Purchasing of grain for Black Sea ports in Ukraine has stopped following Russia's decision, a Ukrainian broker said. Ukraine's infrastructure ministry said on Sunday 218 vessels were "effectively blocked" by Russia's decision to suspend its participation in the grain export deal. Market participants are watching to see if the corridor deal can be salvaged, as the U.N. pursues negotiating efforts.

Summary Grain purchases for Ukraine sea ports stop, broker saysDrought and torrential rain disrupt southern hemisphere suppliesExports increasing from RussiaPARIS, Oct 30 (Reuters) - Wheat futures are expected to leap on Monday as Russia's withdrawal from a Black Sea corridor agreement puts Ukrainian exports at risk, analysts said. Moscow suspended its participation in the Black Sea deal on Saturday, in response to what it called a major Ukrainian drone attack on its fleet in Russian-annexed Crimea. Purchasing of grain for Black Sea ports in Ukraine has stopped following Russia's decision, a Ukrainian broker said. "There are increasing exports from Russia so in the short term availability might still be there from the Black Sea," he said. Market participants will also be watching to see if the corridor deal can be salvaged, as the U.N. pursues negotiating efforts.

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