The heat has affected Europe’s economy in general and the agricultural sector, in particular, pushing farmers to a standstill. The problem of food security, which has been precarious and unpredictable due to conflicts and the pandemic, is now more difficult.
The Republic of Korea (RoK) is facing increasing inflation pressure due to high fuel and commodity prices, amid a huge recovery demand after the COVID-19 pandemic. Consumer prices in July increased by 6.3% year-on-year, the highest increase in nearly 24 years.
The US government will soon spend more than 500 billion USD on clean energy and climate technology, under three recently enacted laws. With climate change at the centre of foreign policy and national security, US President Joe Biden signed into law a large spending bill for climate change and health care.
Iran has submitted a written response to the final draft of the restoration of the 2015 nuclear deal but stressed that further negotiations are needed if the US does not show flexibility.
Rising inflation, together with the expected increase in gas and electricity bills, will have a major impact on the socio-economic life of Germany. German leaders are trying to find solutions to cope with rising commodity and energy prices, considering this as one of the current top priorities to prevent these factors from hindering growth and to lay a foundation for economic growth.
Passenger traffic at Thai airports is nearing pre-pandemic levels. The port of Dover, Britain’s main gateway to Europe, is congested during the peak tourist season. The abundance of international visitors is also bringing record foreign currency revenue to Mexico. The tourism industry has gradually revived throughout the world, contributing to creating strong momentum for economic recovery.
Following a period of stagnation due to the COVID-19 pandemic, the economies around the world rushed back. However, the labour market does not seem to be able to keep up with the strong recovery momentum of the economic sectors.
The European Space Agency (ESA) has recently warned that economic damage from heatwaves and drought could dwarf Europe's energy crisis. This is also one of the factors causing risk of economic recession for the continent.
In the context that the world is suffering a "headache" due to the energy crisis and commitments to combat climate change, solar power is being prioritised by many countries for investment and development at a cost that is no longer too high. This clean energy source will be the future of global energy.
Continuous heat waves and dry weather have severely affected the production of nuclear energy, hydroelectricity and wind power throughout Europe. In addition to the disturbance of life due to drought, people are also “dizzy” under the pressure of rising energy prices.
Promoting sustainable development goals is a global trend and no economy in the world wants to be left out. A series of ambitious strategies have been actively carried out by countries, marking substantial progress in the development process towards green transformation.
According to the official announcement of the European Union (EU), the EU's plan on cutting gas consumption across the bloc by 15% in response to the energy crisis took effect on August 9. This is a necessary action of the EU in the context that countries in the bloc are under pressure to save fuel for the coming winter.
At least two mass shootings occurred in the US within three days. As one of the most serious and difficult-to-solve problems in the US, gun violence has been considered a “pandemic” spreading unending pain and obsession to the people.
Rich countries failed to meet a long-standing pledge to deliver $100 billion to help poorer countries cope with climate change, said the Organisation for Economic Co-operation and Development (OECD).
The World Health Organisation (WHO) has called for global efforts to prevent monkeypox from becoming a pandemic like COVID-19. The worrying developments of monkeypox and the resurgence of the COVID-19 pandemic are signalling challenges that cannot be taken lightly, requiring raised awareness and prompt response from the international community.
The Bank of England (BoE) has just said it will raise interest rates by 50 basis points in the next few days after increasing interest rates by 0.25 percentage points in mid-June. This move showed that the UK is ready to "quench" high inflation, however, the BoE will find it difficult to prevent the damage caused by inflation in the long run.
Ukraine announced the resumption of grain exports at the Black Sea ports of Odessa, Chernomorsk and Pivdennyi under a new agreement reached with Russia. The image of ships loaded with wheat, corn, etc. ready to set out to sea brings hope for a cool down in the food crisis that has recently been heating up.
Both Europe and the US have experienced a peak heat wave, with high temperatures, leading to wildfires in many places. The record hot weather during summer once again reminds the world of urgent and drastic action needed against climate change.
Under the mediation of the United Nations and Turkey, Russia and Ukraine have signed a deal to resume the export of grain from Ukraine through the Black Sea. The agreement is expected to contribute to alleviating the global food crisis.