Christopher Ketcham writes: William Nordhaus, who turned 82 this year, was the first economist in our time to attempt to quantify the cost of climate change. His climate-modeling wizardry, which won him the Nobel Memorial Prize in Economic Sciences in 2018, has made him one of the world’s most consequential thinkers. His ideas have been… Read More »
BusinessGreen reports: Extreme weather events could result in around $5tr of economic losses over five years as crops fail and water and food shortages escalate, insurer Lloyd’s of London has warned. A new data tool released by the insurance giant this week models the global economic impact of a “hypothetical but plausible increase” in the… Read More »
Astra Taylor writes: Since 2020, the richest 1 percent has captured nearly two-thirds of all new wealth globally — almost twice as much money as the rest of the world’s population. At the beginning of last year, it was estimated that 10 billionaire men possessed six times as much wealth as the poorest three billion… Read More »
The Washington Post reports: In the aftermath of extreme weather events, major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to those disasters need most. At least five large U.S. property insurers — including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway — have told regulators that extreme weather… Read More »
Jason Linkins writes: Last weekend, I stumbled across a viral tweet thread that provided a rather thorough debunking of one of my big bugbears: the insipid shoplifting panic that’s been coursing through the media the past two years. Over several posts, WBAI radio host Rafael Shimunov punctures what’s become a classic “too good to check” story and discovered that… Read More »
The New York Times reports: Groundwater loss is hurting breadbasket states like Kansas, where the major aquifer beneath 2.6 million acres of land can no longer support industrial-scale agriculture. Corn yields have plummeted. If that decline were to spread, it could threaten America’s status as a food superpower. Fifteen hundred miles to the east, in… Read More »
Juliette Kayyem writes: Having worked for decades in conservation nonprofits, Beth Pratt, who lives high in the Sierra Foothills in Midpines, California, understands how climate change is putting her home at ever greater risk. Her community is experiencing what she calls “climate whiplash”: forest fires, record heat, massive snow dumps, mudslides, rockslides, and even a… Read More »
The Washington Post reports: In Indianapolis, the technology giant Salesforce is paring back a quarter of its office space in the tallest building in Indiana, where it has been a key tenant for the past six years. In Atlanta, the private investment giant Starwood Capital defaulted on a $212 million mortgage on a 29-story office… Read More »
The Guardian reports: Carbon credit speculators could lose billions as scientific evidence shows many offsets they have bought have no environmental worth and have become stranded assets. Amid growing evidence that huge numbers of carbon credits do nothing to mitigate global heating and can sometimes be linked to alleged human rights concerns, there is a… Read More »
The Washington Post reports: Even in the face of growing personal legal peril, Donald Trump summoned his top economic advisers to his private golf club in New Jersey for a two-hour dinner last Wednesday night to map out a trade-focused economic plan for his presidential bid. Trump and top aides, including former senior White House… Read More »
Shutterstock/Matt Sheumack By Mike Joy, Te Herenga Waka — Victoria University of Wellington You may not have noticed, but earlier this month we passed Earth overshoot day, when humanity’s demands for ecological resources and services exceeded what our planet can regenerate annually. Many economists criticising the developing degrowth movement fail to appreciate this critical point… Read More »
Reuters reports: Fitch downgraded the U.S. credit rating due to fiscal concerns, a deterioration in U.S governance, as well as political polarization reflected partly by the Jan. 6 insurrection, Richard Francis, a senior director at Fitch Ratings, told Reuters on Wednesday. In a move that took investors by surprise, Fitch downgraded the United States to… Read More »
The Wall Street Journal reports: Florida’s agricultural and construction industries say they are experiencing a labor shortage because a new immigration law that took effect July 1 is leading migrant workers to leave the state. The law, signed in May by Florida Gov. and GOP presidential candidate Ron DeSantis, seeks to further criminalize undocumented immigration… Read More »
By Patrick Parenteau, Vermont Law & Graduate School and John Dernbach, Widener University Honolulu has lost more than 5 miles of its famous beaches to sea level rise and storm surges. Sunny-day flooding during high tides makes many city roads impassable, and water mains for the public drinking water system are corroding from saltwater because… Read More »
The New York Times reports: The climate crisis is becoming a financial crisis. This month, the largest homeowner insurance company in California, State Farm, announced that it would stop selling coverage to homeowners. That’s not just in wildfire zones, but everywhere in the state. Insurance companies, tired of losing money, are raising rates, restricting coverage… Read More »
Politico reports: For the past three years, low-income workers have made historic gains in wages even after inflation, reversing the trend of advances for upper-income workers and stagnating pay for laborers that dominated the previous four decades, according to a POLITICO analysis of data from the U.S. Labor Department. The gains were the product of… Read More »
