Global carbon pricing to stimulate growth rate
Global carbon pricing could boost the world economy, Catherine Mann, a member of the Monetary Policy Committee of the Bank of England, said.
The BoE policymaker is sure that adopting a global price on greenhouse gas emissions is the most efficient way of stimulating economic growth, Bloomberg reported.
According to Mann, global carbon pricing would help reduce greenhouse gas emissions and spur investment and productivity. In addition to benefits for the climate, that could lead to a "higher level of economic performance in the medium term."
Carbon emissions cause global warming, ecologists say. To control emissions, the Kyoto Protocol was adopted in 1997, but carbon-pricing initiatives in 65 countries were launched much later.
At the 2021 United Nations Climate Change Conference in Glasgow, a new carbon-trading system was introduced. It allows countries to trade their CO2 quotas.
Global economic growth has slowed down over the past decade, causing concern among experts. It started right after the technological breakthrough in the 1990s. In this light, BoE officials believe it is time to make every effort to develop new economic sectors. Conditions for carbon neutrality and changes in consumer behavior are needed so that new industries could expand. Otherwise, the current goal may prove elusive, Catherine Mann suggested.
Saudi Aramco lowers oil selling prices for EU and Asia
Saudi Arabia’s state oil company Aramco lowered its official selling prices for crude oil with delivery in June by 50% for EU and Asian importers. Earlier, the Saudi oil producer hiked prices for its EU, US, and Asian clients. Currently, prices for American importers remain unchanged.
16:26 2022-05-13 UTC+00
Greece helps Russia circumvent sanctions
Die Welt columnist Daniel Wetzel says Greece is helping to circumvent the sanctions of the Russian Federation. The Die Welt columnist noted that tankers carrying Russian oil continued to call at European ports despite the ban. Notably, in early April the EU introduced the fifth package of anti-Russian sanctions with an entry ban on Russian-flagged vessels to EU ports.
15:57 2022-05-13 UTC+00
Warren Buffett: best thing to do is invest in yourself
Berkshire Hathaway CEO and legendary investor Warren Buffett supposes that “sharpening your skills and working to be at the top of your field” may help people survive in difficult economic situations. The billionaire believes that useful skills acquired in the process of fruitful work are the best protection against inflation.
14:18 2022-05-13 UTC+00
Germany’s economy to collapse without Russian gas
According to economic forecasts, the ban on Russian gas imports will paralyze the German economy. Moreover, the country is highly dependent on Russian energy. CEO of the Association of German Chambers of Commerce and Industry (DIHK) Martin Wansleben expressed his view on Germany’s economic growth in an interview with Deutschlandfunk.
14:01 2022-05-13 UTC+00
Yellen warns of economic fallout from Russian energy ban
The world energy market is heavily dependent on Russian energy products. Therefore, a complete embargo on supplies from Russia is a serious blow to the West. US Treasury Secretary Janet Yellen did not deny that fact and honestly voiced potential risks.
13:59 2022-05-13 UTC+00
UK to produce green aviation fuel
Many countries are rerouting energy supply chains and developing alternative fuels. The Russian government started to use energy supplies as a political weapon. The UK is preparing to produce aviation fuel from waste vegetable oils, fats, and greases.
13:38 2022-05-13 UTC+00