DINNER PARTY INTEL: The cost of global warming
The world’s largest listed companies expect that climate change could cost them a combined $1-trillion
1. The cost of warming
The world’s largest listed companies expect that climate change could cost them a combined $1-trillion, with much of the pain due in the next five years. A report by charity CDP analysed data from 215 firms — including Apple, Microsoft, Unilever and Nestlé. It says the extra costs could be caused by hotter temperatures, chaotic weather, and pricing of greenhouse gas emissions.
The firms also see potential opportunities worth $2.1-trillion from climate change mitigation strategies. These include demand for electric vehicles and investments in renewable energy.
2. Arab autocrats conspire
Sudan’s military have called for elections — a day after heavily armed paramilitaries attacked protestors in Khartoum. More than 35 people died in the violence and hundreds were injured. The site was the base for a sit-in at the centre of a five-month campaign to bring democratic reform to Sudan.
The Guardian reports that it is probably no coincidence that the crackdown followed meetings between Sudan’s military leaders and autocratic Arab regimes. It says the rulers of Egypt, Saudi Arabia and the UAE are acting in concert to thwart the aspirations of Sudan’s reform movement.
3. Energy prices slump
The price of oil is falling, though a global economic slowdown that is causing its drop won’t be much to celebrate. Oil has fallen by 20% from its 2019 peak in late April. Negative economic data is driving concerns that consumption of oil, natural gas and coal will be affected. Escalating global trade tensions between the US and China could spill out into a trade war. And that, Morgan Stanley analysts say, would lead to a global recession within just three quarters.