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Kevin Carey@kevincareywb.bsky.social |
48 followers 116 following 286 posts
World Bank Macro / Climate Opinions are mine and not WB X: Kevin_Carey_WB
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Kevin Carey
@kevincareywb.bsky.social
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"Climate experts are clear that carbon credits should only be used to offset hard-to-eliminate emissions such as some of those that result from certain industrial processes including steelmaking." www.ft.com/content/9e19...
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Kevin Carey
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"Speaking on condition of anonymity, the source said Azerbaijan had initially conceived the idea of a levy on fossil-fuel production to raise funds for tackling climate change, but that this had faced resistance from some countries." www.reuters.com/sustainabili...
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Kevin Carey
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"But COP29 officials said the Azeri fund would form a starting point for fossil fuel companies to contribute, by setting up a mechanism through which they could either donate lump sums or portions of revenue." www.ft.com/content/05d2...
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Kevin Carey
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"Houston is still strangled by the chaotic aftermath of Hurricane Beryl, which struck the country’s fourth-largest city on Monday as a Category 1 hurricane." finance.yahoo.com/news/houston...
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Kevin Carey
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Ireland / wild salmon: "Salmon fishing aficionados say these threats include run-off from agricultural fertilisers, sea lice spreading from the fish farming industry, other pollutants entering rivers and predators." www.ft.com/content/aeba...
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Kevin Carey
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"where firms with less granular pricing strategies face higher expected losses." www.nber.org/papers/w32625
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Kevin Carey
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Property insurance & climate risk: "Firms that rely on coarser measures of wildfire risk charge relatively high prices in high-risk market segments -- or choose not to serve these areas at all. Empirical results are consistent with a winner's curse, ..."
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Kevin Carey
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"European insurers’ stocks fell as the storm raised worries that an unusually active storm season will drive up claims. Munich Re and Swiss Re, the two biggest reinsurers, continued their slide Wednesday, after dropping 3.3% and 4% respectively in trading Tuesday." finance.yahoo.com/news/hurrica...
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Kevin Carey
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"Carbon offsets developer C-Quest Capital LLC said it reported former Chief Executive Officer Kenneth Newcombe to US federal law enforcement for his role in allegedly issuing millions of environmentally worthless carbon credits." finance.yahoo.com/news/ex-gold...
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Kevin Carey
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Martin Wolf in FT: "A hundred years from now, people are likely to remember our era as the time when we knowingly bequeathed a destabilised climate. The market will not fix this global market failure." www.ft.com/content/b2b6...
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Kevin Carey
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"Last fall, a study in the journal Scientific Reports found that Atlantic hurricanes from 2001 to 2020 were twice as likely to grow from a weak storm into a hurricane of Category 3 or higher within 24 hours than they were from 1971 to 1990." www.nytimes.com/2024/07/01/w...
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Kevin Carey
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"Allowing companies and countries to meet climate commitments with carbon credits is likely to slow down global emission reductions while failing to provide anything like the scale of funds needed in the Global South,” the group said in a statement." finance.yahoo.com/news/carbon-...
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Kevin Carey
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Ember Climate: "Indonesia and the Philippines have seen limited growth in their renewable electricity generation, as their wind and solar potential remains almost entirely untapped." ember-climate.org/insights/in-...
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Kevin Carey
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India: " In the past 10 days, at least four bridges — either being built or just completed — have collapsed in the central Indian state of Bihar." www.nytimes.com/2024/06/27/w...
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Kevin Carey
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"Mitigating and responding to these events, and addressing climate change more generally, is a key priority for the Treasury Department. And collaborating with the multilateral development banks has been at the heart of our approach from the outset."
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Kevin Carey
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US Treasury Secretary Janet Yellen at joint event with USAID on financing climate resilience: "Extreme weather events, including heat waves, continue to become increasingly severe and frequent, from the East Coast of the United States to India ..." home.treasury.gov/news/press-r...
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Kevin Carey
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“All these disasters are like a cultural climate change price signal,” he [David Bowman, Tasmania] said. “Sure, we can be stubborn and press on regardless of a changing climate — but, in the end, the climate will win.” www.nytimes.com/2024/06/25/w...
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Kevin Carey
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"Given the disruptions and additional costs, some increase in shipping rates is unavoidable. But those dependent on the industry argue that the carriers are increasing prices beyond the recovery of their own additional costs." www.nytimes.com/2024/06/24/b...
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Kevin Carey
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Indonesia energy transition minerals: " The global availability of battery-quality nickel has improved since the project was conceived, BASF said Monday in a statement. The company no longer sees the necessity for such a substantial investment, it said." finance.yahoo.com/news/basf-ex...
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Kevin Carey
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"Vishwas Chitale, who leads the climate resilience team at the New Delhi-based Council on Energy, Environment and Water, said making localized weather predictions and changing the times of year farmers plant their crops accordingly can help." apnews.com/article/indi...
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Kevin Carey
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"Saudi Arabia limits the number of pilgrims from each country. To circumvent the caps and save on the cost of sanctioned travel packages that usually start at several thousand dollars, many people travel to the country as tourists and then slip into the hajj rituals." www.wsj.com/world/middle...
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Kevin Carey
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“Should the world’s emissions continue in a business-as-usual scenario, temperatures in Mecca will rise to levels that the human body cannot cope with,” Shahin Ashraf, [Islamic Relief] head of global advocacy, said in an emailed statement on Friday." www.nytimes.com/2024/06/21/w...
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Kevin Carey
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“Unsurprisingly, heat waves are getting deadlier,” said Friederike Otto, a climate scientist at Imperial College in London, in a statement on Thursday."
www.nytimes.com/2024/06/21/c...
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Kevin Carey
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"[Brazil] sold 7-year notes at a yield of 6.375%, down from initial price talk in the 6.625% area, according to people familiar with the matter [...]. The notes will be used to repay public debt & to finance projects under its sustainability framework." ca.finance.yahoo.com/news/brazil-...
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Kevin Carey
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"In 2023, the amount of gas flared worldwide rose by nine billion cubic meters (bcm) to 148 bcm, its highest level since 2019." www.worldbank.org/en/news/pres...
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Kevin Carey
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"In the letter, Gina Raimondo and Thomas Vilsack, the US secretaries of commerce and agriculture respectively, and trade envoy Katherine Tai, said that the [EU] deforestation law posed “critical challenges” to US producers." www.ft.com/content/1b1c...
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Kevin Carey
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“The [Fed] argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’” said Johannes Stroebel, a finance professor at New York University’s Stern School of Business."
www.nytimes.com/2024/06/20/b...
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Kevin Carey
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"Spraying water is only effective at temperatures below about 35 C (95 F), scientists said. If temperatures are too high, spraying water does not help and can add to the risk in humid conditions when people struggle to shed heat through sweating." www.reuters.com/world/middle...
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Kevin Carey
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"The rush into sustainable debt contrasts sharply with investor outflows from stock funds focused on environmental, social and governance (ESG) metrics." www.ft.com/content/ee51...
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Kevin Carey
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"The 800 viable [coal power exit] transition targets identified by IEEFA include around 600 built thirty years or more ago, many of which have repaid debts and are no longer tied down by lengthy PPAs." www.reuters.com/business/env...
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Kevin Carey
@kevincareywb.bsky.social
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"The data reinforces estimates that China’s emissions will fall this year as clean energy starts to meet all of the nation’s consumption growth. China has vowed to peak carbon before 2030, a key milestone on its road to zeroing out emissions by 2060." finance.yahoo.com/news/china-s...
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Kevin Carey
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Brazil floods: "More than 650,000 others were evacuated, the country’s biggest displacement on record, according to government figures, and the largest in the Americas as a result of floods in 14 years."
www.wsj.com/world/americ...
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Kevin Carey
@kevincareywb.bsky.social
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"It’s not just grains being hit by unseasonable weather. British-grown strawberries appeared in supermarkets two weeks later than usual due to dull and cool weather and Scottish-grown broccoli may materialize later than expected too." finance.yahoo.com/news/uk-mudd...
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Kevin Carey
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“Whether it’s the Turkey quake . . . or the floods in Germany or the hailstorms in Italy, models were off by factors as opposed to 10 or 20 per cent,” said Gianfranco Lot, the group’s [Swiss Re] chief underwriting officer for property and casualty reinsurance." www.ft.com/content/48b3...
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Kevin Carey
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Canada: "The government has been reluctant to share the data because the numbers don't compare the cost of carbon pricing with the cost of climate change itself. They also don't factor in the potential for economic growth from climate investments." ca.finance.yahoo.com/news/feds-re...
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Kevin Carey
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World Bank outcome bond: "An amount equal to a portion of the coupons that normally would be paid by the World Bank will instead finance the restoration of deforested and degraded lands." www.worldbank.org/en/news/pres...
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Kevin Carey
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"Climate change is making many cities globally dangerously hot due to the ‘urban heat island effect’ which occurs because buildings & dense construction capture the heat. It’s a particular problem for cities like [Greater Cairo], which has a population of > 20m" finance.yahoo.com/news/egypts-...
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Kevin Carey
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Canada / IMF Article IV concluding statement: "In terms of green industrial policy, while Canada is responding to subsidies in the US Inflation Reduction Act (IRA), it should not engage in a “race to the bottom” that could contribute to global fragmentation." www.imf.org/en/News/Arti...
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Kevin Carey
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"The World Bank’s Board of Executive Directors today approved the World Bank’s role as interim secretariat host and trustee of a fund for responding to loss and damage caused by climate change." www.worldbank.org/en/news/pres...
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Kevin Carey
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"That’s made rain a constant feature of recent UK economic releases. Heavy downpours played a part in last year’s recession, when one of the most rainy Octobers on record dragged down construction, retail, pubs and tourism." finance.yahoo.com/news/uk-more...
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Kevin Carey
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"climate change is increasingly becoming a wild card for cat bond investors. Moody’s notes that 17 of the 19 costliest US hurricanes occurred in the past 20 yrs, even after adjusting for inflation. Added to this is a sharp rise in the frequency of $billion events." finance.yahoo.com/news/catastr...
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Kevin Carey
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"Although he denounces the blithe optimism of the economic establishment, [Daniel] Susskind is also highly critical of degrowthers, who are too dismissive of capitalism for his liking." www.nytimes.com/2024/06/08/b...
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Kevin Carey
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“There is a lot at stake,” Laurence Tubiana, one of the key architects of the Paris climate accord and now the head of the European Climate Foundation, wrote in an email. “The gains of the last five years cannot be taken for granted.” www.nytimes.com/2024/06/06/c...
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Kevin Carey
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An example of why GDP is often not a good indicator of climate impacts: "He said the [Kenya] central bank was sticking to its economic growth forecast of 5.7% this year, despite recent flooding, as the services sector was resilient and agriculture performing well." www.reuters.com/world/africa...
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Kevin Carey
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Canada carbon pricing: "Both those reports said while families get more from carbon rebates than they pay directly in carbon pricing, those benefits are erased once wider economic impacts on productivity and wages are factored in." ca.finance.yahoo.com/news/pbo-acc...
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Kevin Carey
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“If you look at this world accelerating or going through a big tipping point, things aren’t doing that,” study lead author Piers Forster, a Leeds Univ climate scientist, said. “Things are increasing in temperature & getting worse in sort of exactly the way we predicted.” apnews.com/article/clim...
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Kevin Carey
@kevincareywb.bsky.social
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"Scientists and actuaries “are sailing past each other like ships in the night despite the fact they are using the same language of climate risk”, said Kris de Meyer, head of the UCL climate action unit." www.ft.com/content/b4bf...
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Kevin Carey
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Kevin Carey
@kevincareywb.bsky.social
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"With existing technologies, the United States can largely phase out oil, gas & coal. The last 5% to 10% of that process may be expensive, but credible estimates place the cost of getting to net-zero emissions within the historical range of energy costs." www.nytimes.com/2024/06/01/o...
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Kevin Carey
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"[Mpumalanga] townships suffer major power shortages while a decline in the business as coal-fired power stations get retired or break down has left many out of work." www.reuters.com/world/africa...
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