Clean energy surge, "Unavoidable" Antarctic ice loss, corporate call to end fossil fuels, US tech dominance, Euro zone recession fears, dengue in Europe and US.
Today is a much bigger day than usual. I split the news into categories for easier navigation.
Today ChatGPT read 1359 top news stories. After removing previously covered events, there are 6 articles with a significance score over 7.
The International Energy Agency predicts significant growth in clean technologies by 2030, including nearly a tenfold increase in electric cars and renewables making up almost 50% of the global electricity mix, up from around 30% today. Under today's policy settings, fossil fuels will decline to from 80% to 73% of the global energy supply, and energy-related CO2 emissions are expected to peak by 2025. The report also suggests that if countries fulfill their climate pledges, clean energy progress could accelerate even further. A surge in new liquefied natural gas projects from 2025 is projected to ease supply concerns, reducing Russia's share of internationally traded gas to 15% by 2030.
New research suggests that accelerating ice losses in vulnerable West Antarctic ice shelves are "unavoidable" this century as waters warm around them, potentially leading to more than the predicted 1 to 3 feet of sea level rise by 2100. Even under the best-case scenario of 1.5 degrees Celsius of warming, the ice will melt three times faster this century than it did last century. The collapse of the West Antarctic Ice Sheet is one of nine global climate 'tipping points' and could lead to catastrophic consequences for life on Earth.
More than 130 companies, including Volvo Cars, Ikea, Unilever, Nestlé, and AstraZeneca, have signed a letter calling on governments to adopt a global plan to phase out fossil fuels without carbon capture during upcoming international climate negotiations. The signatories represent close to $1 trillion in global annual revenue from diverse industries. The letter asks governments to phase out "unabated" fossil fuels, speed up the rollout of clean energy, provide financial support to less affluent countries, establish fees for carbon pollution, and reform subsidies for fossil fuels to support energy efficiency and renewables.
[7.3] US tech giants dominate global stocks, propelling US equity market. — Financial Times
Seven large US tech companies, including Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla, have driven all of the gains in global stocks this year, propping up the S&P 500 index and pushing US dominance of equity markets to new heights. These companies have added almost $4tn in market capitalization in 2023, compared to $3.4tn in gains for the MSCI index (1) as a whole. The US share of global market capitalization has risen for the eighth time in the past decade, with US companies now accounting for 61% of the $60tn index, up from less than 50% a decade ago.
(1) MSCI — global stock market index that tracks the performance of large and mid-cap companies across 23 developed countries.
[7.0] Euro zone business activity falls, recession concerns rise, Q4 contraction expected. — Reuters
Euro zone business activity in October fell to its lowest level since November 2020, indicating a broad-based downturn and raising concerns of a possible recession. The flash euro zone Composite Purchasing Managers' Index (PMI) fell to 46.5, well below the 50 level that indicates growth, and below expectations for an uptick to 47.4. Germany, Europe's largest economy, saw a fourth consecutive month of contraction in business activity, while France also experienced a decline. The outlook for the euro zone economy remains gloomy, with expectations of contraction in Q4.
[7.2] Climate change will make dengue endemic in Europe and US. — POLITICO Europe
Jeremy Farrar, the World Health Organization's chief scientist, has warned that climate change will lead to the infectious disease dengue becoming endemic in parts of Europe and the United States. The mosquitoes that transmit the virus thrive in warm, damp climates and have already been spreading further into Europe. Farrar emphasized that this will have a significant impact on health systems, as each child hospitalized with dengue requires intense care, potentially overwhelming healthcare systems. He also stressed the need to reframe climate change as a health issue and change the narrative surrounding it.
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