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Key takeaways from the IPCC report on climate impacts and adaptation
March 1, 2022--A new major report has been released by the U.N. climate panel.
The report details the already stark effects of climate change and the worsening conditions for the majority of life on Earth.
Inferences include the destruction of habitats, the significant decline of biodiversity and the risk to global food supplies.
The report also underlines the need to conserve 30% to 50% of the Earth's land, freshwater and ocean areas-echoing the 30% goal of the U.N's Convention on Biodiversity.
The U.N. climate panel's latest major report, details how climate change is impacting nature, societies and economies, as well as what we can do to adapt in a warming world. read more
Here are some of the report's main conclusions:
'Widespread' damage is already occurring
People and other animals are already dying in heatwaves, storms and other disasters fuelled by global warming, the Intergovernmental Panel on Climate Change (IPCC) warns. Hundreds of plant and animal species have disappeared from local areas, both on land and at sea.
Source: weforum.org
Climate change: a threat to human wellbeing and health of the planet
February 28, 2022--Taking action now can secure our future
Human-induced climate change is causing dangerous and widespread disruption in nature and affecting the lives of billions of people around the world, despite efforts to reduce the risks. People and ecosystems least able to cope are being hardest hit, said scientists in the latest Intergovernmental Panel on Climate Change (IPCC) report, released today.
"This report is a dire warning about the consequences of inaction. " said Hoesung Lee, Chair of the IPCC. "It shows that climate change is a grave and mounting threat to our wellbeing and a healthy planet. Our actions today will shape how people adapt and nature responds to increasing climate risks."
The world faces unavoidable multiple climate hazards over the next two decades with global warming of 1.5 ℃ (2.7℉). Even temporarily exceeding this warming level will result in additional severe impacts, some of which will be irreversible. Risks for society will increase, including to infrastructure and low-lying coastal settlements.
view the IPCC Climate Change 2022: Impacts, Adaptation and Vulnerability full report
Source: ipcc.ch
IMF Working Paper-The Effect of Tariffs in Global Value Chains
February 25, 2022--Summary:
This paper empirically investigates the impact of tariffs when production is organized in global value chains. Using global input-output matrices, we construct four different tariff measures that capture the direct and indirect exposure to tariffs at different stages of the production chain for a broad set of countries and industries. Our results suggest that tariffs have significant effects on economic outcomes, including on countries and sectors not directly targeted.
We find that tariffs higher up and further down in the value chain depress value added, employment, labor productivity and total factor productivity to varying degrees. We find no benefits for the sector that enjoys additional protection, yet there is some evidence of economic activity being diverted, i.e. positive effects on value added and employment from tariffs imposed on competitors. Our paper relates to recent innovations in theoretical gravity models and provides an empirical assessment of possible long-term effects of recent trade tensions.
Source: IMF
IMF-Economic Indicators Signal Diminished Growth Momentum at Start of Year
February 24, 2022--The economic recovery continues, though the pace of the recovery has slowed. Notably, our global forecast was lowered in January to a still-healthy 4.4 percent expansion this year. This was down from an October projection of 4.9 percent, amid reduced growth prospects for the United States and China, the two largest economies.
Meanwhile, inflation has been higher than expected in many economies, while financial markets remain volatile as geopolitical tensions have increased.
High-frequency economic indicators offer evidence that the growth momentum has slowed going into 2022-in line with expectations of a weak start to the year, owing to the spread of the highly contagious Omicron variant and persistent supply-chain disruptions. In this respect, we project activity to pick up in the second quarter of the year as the variant’s impact fades.
Source: IMF
Proof of stake-This alternative method for securing digital currency could end crypto's energy consumption woes
February 22, 2022--Cryptocurrencies such as Bitcoin use huge amounts of electricity. In 2021, the Bitcoin network consumed upwards of 100 terawatt-hours, more than the typical annual energy budget of Finland.
Proof of stake offers a way to set up such a network without requiring so much energy. And if all goes as planned. Ethereum. which runs all sorts of applications in addition to the world's second-largest cryptocurrency, will transition to it in the first half of 2022. The shift has been projected to cut energy use by 99.95%.
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Source: technologyreview.com
Assessment of Risks to Financial Stability from Crypto-assets
These three segments are closely interrelated in a complex and constantly evolving ecosystem and need to be considered holistically when assessing related financial stability risks. The report notes that although the extent and nature of use of crypto-assets varies somewhat across jurisdictions, financial stability risks could rapidly escalate, underscoring the need for timely and pre-emptive evaluation of possible policy responses.
Source: FSB (Financial Stability Board)
Investors pull $1.5bn from bond ETFs in January on inflation fears
The selling comes amid a sharp repricing of bonds as central banks have turned more hawkish in the face of multi-decade high inflation in much of the developed world.
Source: SEC.gov
IMF FinTech Notes-Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons
Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.
Source: IMF.org
Logistics Execs: Global Economy will Power through Supply Chain Turmoil
Roughly two-thirds of the 756 industry professionals surveyed for the 2022 Agility Emerging Markets Logistics Index believe shippers will see cargo rates come down by the end of the year. Eighty-percent see port bottlenecks, air capacity shortages and trucking issues easing by year end.
Source: agility.com
Global carbon markets value surged to record $851 bln last year-Refinitiv
Most of the increase came from the European Union's Emissions Trading System (EU ETS), which launched in 2005 and is the world's most established carbon market. It accounted for 90% of the global value at 683 billion euros, the annual Refinitiv Carbon Market Year in Review showed.
Source: reuters.com
February 16, 2022--Crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.
This report examines developments and associated vulnerabilities relating to three segments of the crypto-asset markets: unbacked crypto-assets (such as Bitcoin); stablecoins; and decentralised finance (DeFi) and other platforms on which crypto-assets trade.
February 11, 2022--Selling comes amid a sharp repricing of bonds as central banks turn more hawkish
Investors pulled money from fixed income exchange traded funds for the first time in more than five years in January, barring a one-off blip at the onset of the Covid-19 pandemic.
February 9, 2022--Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps.
February 8, 2022-Executives are upbeat about 2022 despite pandemic-driven disruption, record freight rates
Most logistics industry executives see moderate-to-strong economic growth and little or no chance of recession in 2022, even without immediate relief from the snarled supply chains and sky-high ocean and air freight rates triggered by the COVID-19 pandemic.
January 31, 2022--The value of traded global markets for carbon dioxide (CO2) permits grew by 164% to a record 760 billion euros ($851 billion) last year, analysts at Refinitiv said on Monday.
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