Cocoa Price Soars Again –Climate Crisis AM Edition 4/19/24
Cocao prices soared again. This will drive up the cost of chocolate worldwide, affecting manufacturers, retailers, and the chocolate-loving public. According to the FT, “The price of cocoa hit a record high on Thursday after an industry report said crop failures in west Africa in the first quarter had further exacerbated the global shortage of beans for chocolate. The current £9,477 a tonne is more than double the level at the start of the year. The environmental problem is particularly acute in Ghana and Ivory Coast, which produce over 60% of global cocoa supplies. Each has been through drought, flooding, and extreme heat. Climatecrisis247 believes this is one in a growing number of climate-related agricultural catastrophes. Unlike other commodities, cacao is not a crop essential to human existence. In other parts of Africa, drought and flood have destroyed crops that local populations need to survive.
Climate Trouble –Wind Power Suffers
Temperatures –Africa Hits 120 Degrees
The Lawrence Berkeley National Laboratory released new data showing that plastic emissions are growing at a rate that could make them a large percentage of Earth’s carbon budget. Plastics are made using fossil fuels. The researchers looked at the production techniques of many common plastics to come to their conclusions. Neil Tangri, science and policy director at the environmental justice group Global Alliance for Incinerator Alternatives, commented to The Guardian, “This report provides negotiators with the strongest scientific evidence to date on the need to stop and reverse the expansion of plastic production.” Climatecrisis247 believes the global plastics market generates over $625 billion in revenue annually. Most of this is done by corporations, some of which have plastic production businesses essential to their profits and viability. Not unlike fossil fuel companies, it will be very difficult to get these to sacrifice money for environmental concerns.
No End To Fossil Fuels
Market experts at JP Morgan believe that it is mistaken to think that the use of fossil fuels can be reduced at any time soon. According to the FT, “In a global energy strategy report sent to clients this week, the US investment bank said efforts to reduce the use of coal, oil and gas had been set back by higher interest rates, inflation and wars in Ukraine and the Middle East.” Climatecrisis247 believes this is one in a growing list of new reports and analyses about fossil fuels that show that the transition to new technology is more expensive than formerly thought. In many cases, alternative energy companies have struggled to access capital. Fossil fuels remain abundant and relatively inexpensive. Immense fossil fuel corporations often have ready access to inexpensive financing.
Rain Is Important
Temperature is not the only way to measure climate change, according to a new paper in the journal Nature titled “Climate damage projections beyond annual temperature.” The authors wrote, “…the widespread losses in recent years driven by flooding and drought suggest that precipitation variability and extremes are similarly important.” Climatecrisis247 believes that there may be one more widely accepted metric for measuring the extent of damage created by fossil fuels and other human activities. In turn, this should help make the case for slowing the pace of climate change, as rains and floods add to human and economic costs.
