Russia-Ukraine war to continue to drive inflation, global slowdown – IMF
The war between Russia and Ukraine has resulted in a substantial deterioration of the global economic environment, according to the International Monetary Fund (IMF), with headwinds from the conflict resulting in weaker GDP growth expectations for 2022 and into next year. World real GDP has seen its first contraction since 2020 in the second quarter of this year, the IMF said in its latest world economic outlook report. This contraction has been put down to a number of factors, one of which being COVID-19 lockdowns in China. However, the ongoing conflict between Russia and Ukraine has had particularly severe impacts on the current global economy. “World real GDP is estimated to have shrunk in the second quarter—the first contraction since 2020—owing to economic downturns in China and Russia,” the IMF said in the report. The fund slashed its global GDP growth expectations for 2022-23 compared to forecasts last quarter, by 0.4 and 0.7 percentage points respectively. Global GDP growth is now projected at 3.2% this year and 2.9% in 2023, according to IMF estimates. “The impact of the sanctions that have accompanied the war is going to lead to a further deterioration of economic output in 2023,” said chief economist Pierre Olivier peaking at a press conference in Washington DC on Tuesday. “The risks of the outlook are overwhelmingly tilted to the downside,” Olivier added.
India targets net-zero carbon emissions by 2070, says Modi
India’s economy will become carbon neutral by the year 2070, the country’s prime minster has announced at the COP26 climate crisis summit in Glasgow. The target date is two decades beyond what scientists say is needed to avert catastrophic climate impacts. India is the last of the world’s major carbon polluters to announce a net-zero target, with China saying it would reach that goal in 2060, and the United States and the European Union aiming for 2050.
COP26: What climate summit means for one woman in Bangladesh
China's carbon emissions are vast and growing, dwarfing those of other countries. Experts agree that without big reductions in China's emissions, the world cannot win the fight against climate change. In 2020, China's President Xi Jinping said his country would aim for its emissions to reach their highest point before 2030 and for carbon neutrality before 2060. His statement has now been confirmed as China's official position ahead of the COP26 global climate summit in Glasgow. But China has not said exactly how these goals will be achieved.
Why China's climate policy matters to us all
China's carbon emissions are vast and growing, dwarfing those of other countries. Experts agree that without big reductions in China's emissions, the world cannot win the fight against climate change. In 2020, China's President Xi Jinping said his country would aim for its emissions to reach their highest point before 2030 and for carbon neutrality before 2060. His statement has now been confirmed as China's official position ahead of the COP26 global climate summit in Glasgow. But China has not said exactly how these goals will be achieved.
Deliver on promises, developing world tells rich at climate talks
A crucial U.N. conference heard calls on its first day for the world's major economies to keep their promises of financial help to address the climate crisis, while big polluters India and Brazil made new commitments to cut emissions. World leaders, environmental experts and activists all pleaded for decisive action to halt the global warming which threatens the future of the planet at the start of the two-week COP26 summit in the Scottish city of Glasgow on Monday. The task facing negotiators was made even more daunting by the failure of the Group of 20 major industrial nations to agree ambitious new commitments at the weekend.