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Sharp declines in critical mineral prices mask risks of future supply strains as energy transitions advance - News from the International Energy Agency

Evidence shows a continuing increase in the frequency and severity of global heatwaves1,2, raising concerns about the future impacts of climate change and the associated socioeconomic costs3,4. Here we develop a disaster footprint analytical framework by integrating climate, epidemiological and hybrid input–output and computable general equilibrium global trade models to estimate the midcentury socioeconomic impacts of heat stress. We consider health costs related to heat exposure, the value of heat-induced labour productivity loss and indirect losses due to economic disruptions cascading through supply chains. Here we show that the global annual incremental gross domestic product loss increases exponentially from 0.03 ± 0.01 (SSP 245)–0.05 ± 0.03 (SSP 585) percentage points during 2030–2040 to 0.05 ± 0.01–0.15 ± 0.04 percentage points during 2050–2060. By 2060, the expected global economic losses reach a total of 0.6–4.6% with losses attributed to health loss (37–45%), labour productivity loss (18–37%) and i

A major New York Times investigation reveals how the United States’ aquifers are becoming severely depleted due to overuse in part from huge industrial farms and sprawling cities. The Times reports that Kansas corn yields are plummeting due to a lack of water, there is not enough water to support the construction of new homes in parts of Phoenix, Arizona, and rivers across the country are drying up as aquifers are being drained far faster than they are refilling.

The National Drought Group of the UK predicts that yields of some vegetable crops—carrots, onion, and potatoes—could be cut in half. The European Drought Observatory says that almost half of the bloc is drier than it has been since the Renaissance. China’s agricultural ministry has urged farmers to undertake emergency switches to different crops following a historic heatwave.

A coal-fired power plant that had been mothballed has become the first of its kind to be put back on to the network in Germany, as debate rages over how Europe’s largest economy will cope without Russian gas. The facility in Lower Saxony, which is owned by the Czech energy company EGH, has received emergency permission to run until April in an attempt to boost energy production.

An all-electric future depends heavily on copper, and looming supply shortfalls could hamper nations’ goals of reaching net-zero emissions by 2050, according to a new report from S&P Global. Unless significant new supply becomes available, climate goals will be “short-circuited and remain out of reach,” the report says.

A new Imperial analysis has found that biogas and biomethane, while more climate friendly, leak up to twice as much methane as previously thought. Although biogas and biomethane remain climate-friendlier than non-renewable alternatives, the researchers call for better monitoring and fixing of leaks to ensure biogas and biomethane continue to live up to their green credentials.

Food supply expert paints grim global picture hunger 05.23.2022 By Arvin Donley NEW YORK, NEW YORK, US — Global wheat inventories currently stand at about 10 weeks of global consumption, a food supply expert said during a special meeting of the United Nations Security Council on May 19. Sara Menker, chief executive officer of Gro Intelligence, an organization that gathers and analyzes global food and agricultural data, said she disputes official government agency estimates that put global wheat inventories at 33% of annual consumption, countering inventories are closer to 20%. “It is important to note that the lowest grain inventory levels the world has ever seen are now occurring while access to fertilizers is highly constrained, and drought in wheat growing regions around the world is the most extreme it’s been in over 20 years,” Menker said. “Similar inventory concerns also apply to corn and other grains. Government estimates are not adding up.” Menker told the security council that while much of the blame

A liquified natural gas (LNG) crisis is brewing for European countries dealing with energy insecurity in the wake of Russia’s invasion of Ukraine, as demand will outstrip supply by the end of this year, Rystad Energy research shows. Although soaring demand has spurred the greatest rush of new LNG projects worldwide in more than a decade, construction timelines mean material relief is unlikely only after 2024. Global LNG demand is expected to hit 436 million tonnes in 2022, outpacing the available supply of just 410 million tonnes. A perfect winter storm may be forming for Europe as the continent seeks to limit Russian gas flows. The supply imbalance and high prices will set the scene for the most bullish environment for LNG projects in more than a decade, although supply from these projects will only arrive and provide relief from after 2024 The European Union’s REPowerEU plan has set an ambitious target to reduce dependence on Russian gas by 66% within this year – an aim that will clash with the EU’s goal of

The accelerating melting of the Himalayan glaciers threatens the water supply of millions of people in Asia, new research warns.