OVERHAUL: The IEA argues that about $5-trillion in low-carbon clean energy investments will be needed every year until 2030, up from about $2-trillion today. Picture: 123RF/Ehur Amikishiyev
OVERHAUL: The IEA argues that about $5-trillion in low-carbon clean energy investments will be needed every year until 2030, up from about $2-trillion today. Picture: 123RF/Ehur Amikishiyev 

Energy groups must stop all new oil and gas exploration projects from this year if global warming is to be kept in check, the International Energy Agency (IEA) said this week.

The proposal is one radical scenario outlined in a report on ways to achieve net zero carbon dioxide emissions by 2050. Aside from drastically cutting fossil fuel consumption, an unprecedented jump in spending on low-carbon technologies would also be required.

Financial Times

Yield desperation

Central bankers who manage foreign currency reserves have been turning to new — and riskier — investments to compensate for the global collapse in bond yields ushered in by the pandemic, a new survey shows.

The annual poll of 78 reserve managers with a combined $6.4-trillion of assets found that the reduction in yields has presented the greatest challenge to these investors over the past year. For many, it has driven a shift into new asset classes including corporate bonds, emerging-market bonds and equities.

Financial Times

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