Climate Crisis AM Edition 1.10.24
This is the critical climate crisis news our editors are following today.
More news: Price tag for climate change hits $66 billion.
Causes: Who owns America’s No.1 polluter?
The World Economic Forum released its annual Global Risks 2024. The study is based on opinions from 1,490 leaders from academia, business, government, the international community, and civil society. Its primary conclusion about the environment is that it may have hit the “point of no return” and that human intervention. It was first on the list of “current risk landscape.” Sixty-six percent of respondents ranked it as their primary concern.
ESG investors should look at solar stocks on Wednesday morning after the Energy Information Administration said late Tuesday it expects solar power to be the leading driver of U.S. electricity generation this year and next as demand for coal subsides. Solar stocks were pummeled in 2023 but recovered somewhat in the last two months of the year.
The EIA also reported that U.S. oil and gas output would continue to set records this year and next after a robust 2023.
Earnings season begins later this week. No major climate companies are expected to report, but bank earnings often set the tone for the whole market, and they begin to come out on Friday.
The number of ships going through the Suez Canal continues to drop. According to the FT, shipping services company Clarksons reports that the number of ships diverted to a route that takes them to the Cape of Good Hope doubled from December 21 to January 9. This could tighten supply chains and threaten new inflation.
A well-known climate change expert who used to work at NASA said the earth will pass the 1.5 degrees C threshold this year. James Hansen, a climate change expert since the 1980s, said efforts to stop global warming have failed, according to the FT..
