Financial Times – Tom Wilson / IEA warns clean-energy spending must triple to curb climate change
- Extreme volatility in energy markets will present a continued risk unless investment in clean power is tripled in the next decade, the head of the International Energy Agency warned, as he issued a call to arms for world leaders ahead of the upcoming UN climate summit.
- Fatih Birol, IEA executive director, told the Financial Times that while projected investment in oil and gas was now aligned with the changes needed to reach net zero emissions of greenhouse gases by 2050, public spending on renewable power was only at a third of the future levels required.
- “There is a gross mismatch, and the longer this mismatch persists the greater the risk of further sharp price swings and increased volatility in the future,” Birol said. Annual global energy investment is set to rise to $1.9tn this year, according to the IEA, including about $370bn on new renewable power generation.
- The warning came as the Paris-based body said that even if all governments’ current net zero pledges were implemented in full and on time, the world would only achieve 20 per cent of the emissions cuts by 2030 needed to keep the goal of net zero emissions by 2050 a possibility.
- South China Morning Post – Holly Chik / ‘Key to China’s power future’: cost of solar to match power by 2023, scientists say
- The Taliban held their first face-to-face talks with a joint US-EU delegation Tuesday in Qatar, as Brussels pledged one billion euros ($1.2 billion) in aid for Afghanistan.
- At the Doha meeting and a conference of the world’s major economies, the G20, the message for the Taliban was the same: the world is committed to humanitarian aid for Afghanistan’s suffering people, and the country must not become a base for militants.
- The European Union opened the virtual G20 summit by pledging the one-billion-euro aid package, including money for urgent humanitarian needs and Afghanistan’s neighbours taking in Afghans fleeing the Taliban.
- Ursula von der Leyen stressed the funds are “direct support” for Afghans and would be channelled to international organisations, not to the Taliban’s interim government, which Brussels does not recognise.
- Bloomberg – John Follain and Justin Sink / G-20 seeks to help Afghans, but some leaders skipped summit
Politico – Cristina Gallardo and Hans von der Burchard / Your move Brussels: EU to present Brexit solution for Northern Ireland
- The U.K. wants to negotiate a “new protocol” to regulate post-Brexit trade in Northern Ireland, Britain’s Brexit Minister David Frost said in a speech at the British embassy in Lisbon Tuesday.
- The European Commission’s formal response to the U.K. plan, which was first floated in a so-called Command Paper in July, will come Wednesday, though Brussels has warned the U.K. not to expect significant renegotiation.
- Frost warned failure to renegotiate the protocol “would be a historic misjudgment” which would see Brussels prioritizing EU internal processes over “relieving turbulence in Northern Ireland.”
- Frost, while arguing the U.K. would be justified in doing so, is yet to trigger Article 16, the clause included within the protocol that allows either side to unilaterally override it.
- The Guardian – Daniel Boffey / What next for the Northern Ireland protocol?
The Washington Post – Tony Romm / House agrees to lift debt ceiling as Democrats spar over shape of broader spending bill
- House Speaker Nancy Pelosi (D-Calif.) on Tuesday sought to steel Democrats for coming cuts to their $3.5 trillion tax-and-spending package, stressing the process to whittle down the party’s landmark proposal would not “diminish the transformative nature of what it is.”
- The renewed warning came as negotiations continued between Democratic lawmakers and the White House over the future of President Biden’s economic agenda.
- Appearing at her weekly news conference, Pelosi said there are “important decisions to make in the next few days” if they hope to forge a legislative compromise that the fuller party, including its spending-weary centrists, ultimately can support.
- “I’m very disappointed we’re not going with the original $3.5 trillion,” Pelosi told reporters. “But whatever we do we will make decisions that will continue to be transformative.
- CNBC – Thomas Franck / House approves debt limit increase that will last through part of December, sends bill to Biden
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