via The Conversation | When the broadcaster and naturalist David Attenborough launched the latest UN climate talks, COP24, he called for ordinary people to get involved, add their voice, and “take their seat”. A series of #takeyourseat videos were published, featuring people around the world discussing what climate change meant for them. This was a sign of something new at this COP.
Pablo Pardo (Washington) | Although the world’s prime economic power has grown for 114 consecutive months, Wall Street has spent the whole year in a saw teeth configuration. If stock market uncertainty was not enough, now fixed incomes have joined the chorus of anxiety. Since the summer, the yield curve has been flattening, in what appears to be the clearest sign of a recession in sight.
Financial markets expect the US Federal Reserve (Fed) to raise its federal funds target rate on Wednesday for the fourth time this year, by 25 basis points (i.e. between 2.25% and 2.50%). Looking ahead, the FOMC will likely revise its “dots” lower for 2019, while the Fed will emphasise data dependence as relevant for its policy stance, rather than guidance by FOMC ‘dots’.
Countries in the Declaration of Co-operation (DoC, also known as OPEC) met in Vienna last week and announced a 1.2mn b/d crude production cut from an October 2018 baseline. In the end, OPEC interests came out first, as expected, and the rest of the world came second.
P.Canadell, /C.Le Quéré /G. Peters/ Robbie Andrew/ Rob Jackson via The Conversation | Strong energy demand is behind the rise in emissions growth, which is outpacing the speed at which decarbonisation of the energy system is taking place. Total energy consumption around the world increased by one sixth over the past decade, the result of a growing global middle class and the need to provide electricity to hundreds of millions of people living in poverty.
Luis Martí | It is probable that Trump will just wait until 1 March to review the progress from his conversation with the President of China. Many things can happen in three months. If they deserve it, this journal will take them into account.
While protectionism can hardly be positive for a net exporter like Japan, the fact that US and Chinese import tariffs are bilateral could also offer opportunities to Japanese companies if they manage to step into China instead of US companies for the sectors in which China has imposed tariffs upon. The same would be true for the US substituting Chinese companies.
Wang Tao via Caixin | The meeting between Xi and Trump on Dec. 1 turned out better than expected. According to both the White House statement and Chinese official reports, both sides agreed to enter into immediate negotiations on a broad range of structural issues in the next 90 days, and not impose additional tariffs in the meantime.
Representatives of almost all the countries on the planet are gathering in Katowice, Poland, for the 24th Conference of the Parties (COP24) of the UN Framework Convention on Climate Change (UNFCCC). They will set the course for action on climate change by discussing the implementation plan for the 2015 Paris Agreement which aims to coordinate international effort to halt warming at 1.5°C.