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Equilibrium/Sustainability — Climate hawk King Charles takes throne

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Equilibrium/Sustainability — Climate hawk King Charles takes throne

As King Charles III takes the British throne, he brings with him a longstanding dedication to combatting local weather change.

Identified for advocating environmental safety, Charles delivered his first speech on the topic in 1970, warning in opposition to varied types of air pollution.

Ever since, he has championed forests, soil, conservation and the ocean, whereas pushing traders to prioritize nature, E&E Information reported.

“In some ways, he has been forward of politicians in his appreciation and concern for the problem,” Bob Ward, of the London-based Grantham Analysis Institute on Local weather Change, advised the outlet.

Final 12 months, Charles delivered the opening remarks on the United Nations Local weather Change Convention in Glasgow, the place he known as for a “warlike” effort to fight local weather change and warned that point to handle the problem has “run out.”

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As Britain confronts different main adjustments — together with the current swearing in of a brand new conservative prime minister, Liz Truss — Charles will cope with many thorny challenges.

Whereas Truss has espoused robust local weather motion, some environmental advocates have voiced issues that she is much less dedicated to these insurance policies and that a few of her cupboard picks are local weather skeptics, E&E reported.

In the meantime, Britain can also be bracing for a chilly winter, as Russia’s invasion of Ukraine has made power costs skyrocket and pure fuel provides plunge.

Describing local weather change as Charles’s “essential precedence” challenge, The Guardian recalled the opening sentence of the king’s 2010 guide, “Concord”: 

“This can be a name to revolution,” he wrote. “The Earth is below menace. It can not deal with all that we demand of it. It’s shedding its steadiness and we people are inflicting that to occur.” 

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Welcome to Equilibrium, a e-newsletter that tracks the rising international battle over the way forward for sustainability. We’re Saul Elbein and Sharon Udasin. Ship us ideas and suggestions and subscribe right here.

At the moment we’ll end out our week of U.S. West protection with a take a look at a daunting mixture of fireplace and flood placing California. Then we’ll see why Tesla is contemplating moving into the lithium enterprise and India’s tech heartland is underwater.

Wildfire, wind and water 

Southern Californians are getting ready for an alarming mixture of wildfire, winds and doable flash floods as they head right into a weekend of climate extremes.

Deadly fireplace: As of Friday morning, the Fairview Fireplace — which started Monday east of Los Angeles — had burned almost 27,500 acres, based on Cal Fireplace.

  • The quickly spreading blaze was solely 5 % contained, and two folks have died within the fireplace.
  • Cal Fireplace warned Thursday that “the fireplace will proceed to unfold in all areas as a consequence of shifting winds forward of Hurricane Kay’s arrival.” On Friday, the company stated that “winds will improve from the east.”  

Emergency alerts: Gov. Gavin Newsom (D) declared a state of emergency on Thursday night for Riverside County, in addition to for El Dorado and Placer counties — close to Lake Tahoe — as a result of Mosquito Fireplace.

Emergency officers had been on alert on Friday in Southern California amid a excessive wind warning as Kay — now a tropical storm — approached Baja California, in Mexico, The New York Occasions reported.

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Twin crises: These overlapping climate extremes might “set off a sequence response that makes the response to every occasion tougher,” native officers advised the Occasions.  

  • The rain might suppress some fires, however the storm might additionally deliver lightning, triggering new blazes.
  • Sturdy winds, at as much as 75 miles per hour, might additionally speed up the fireplace’s unfold.  

Flash floods, mudslides: With the Nationwide Climate Service forecasting as much as 7 inches of rain for Riverside County, firefighters had been additionally getting ready for flash floods and mudslides, based on the Occasions.  

“We might go from a hearth suppression occasion into vital rain, water rescues, mudslides, particles,” Deputy Chief Jeff Veik of Cal Fireplace’s Riverside unit stated at a Thursday information convention, lined by the Occasions.  

“We’ve difficult days forward,” Veik added.

A RETURN TO PRESCRIBED BURNS

Whereas Californians fled the flames, the U.S. Forest Service introduced on Thursday that it was resuming its prescribed burn program, wherein deliberately lit fires serve to clear brush and small timber, The Related Press reported.  

The Forest Service had paused this system for a number of months after a prescribed burn in New Mexico led to the outbreak of a devastating wildfire in Could.  

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Boosting burns in a altering local weather: Regardless of the Could incident, Forest Service Chief Randy Moore harassed that intentional burns assist lower the buildup of flamable materials on forest flooring, the AP reported.  

“Our local weather is altering and we now have the science to again that up,” Moore advised the AP. “We have to improve the quantity of labor that we’re doing by as much as 4 instances.” 

Tesla mulls Texas lithium refinery as shortages loom

A brand new Tesla refinery on Texas’s Gulf Coast might begin sending lithium to the corporate’s U.S. factories by the top of 2024 — if CEO Elon Musk will get the property tax breaks he’s demanding, Reuters reported.

  • The power would flip “uncooked ore materials right into a usable state for battery manufacturing” and ship it by practice or truck to firm factories that produce electrical automobiles (EVs).

Dropping costs, printing cash: Tesla’s proposal is a part of a drive by carmakers and battery suppliers to seek out new sources of essential minerals like lithium, cobalt and nickel.

  • In a July earnings name, Musk urged entrepreneurs to start out new lithium refining corporations, in a transfer he described as “a license to print cash,” Enterprise Insider reported.
  • Whereas uncooked lithium is awfully plentiful, it must be processed to “extraordinarily excessive purity” to be usable by batteries, Musk added.  

Breaking into the market: Tesla’s preliminary announcement is an indication that U.S. corporations wish to break China’s “stranglehold” on world lithium refining, based on Investor’s Enterprise Each day.

  • The surging costs of these minerals endanger firm makes an attempt to create EVs low cost sufficient to drive mass adoption — and it’s one thing U.S. policymakers have struggled to repair.
  • The worth of lithium has jumped 120 % this 12 months alone — sufficient so as to add $1,000 to the price of a brand new EV, Investor’s Enterprise Each day Reported.

The transfer comes as Normal Motors this week unveiled its new electrical Chevy Equinox.

  • The SUV might be assembled in Mexico and certain draw batteries from considered one of GM’s new home battery factories.
  • With a listing value of $30,000 and a variety of 250 miles per cost, that will put it in placing distance of the “candy spot” for mass adoption, consultants advised the AP.

Anti-ESG funding fund raises $315 million

A brand new “anti-woke” fund has raised $315 million up to now month to put money into corporations explicitly against surroundings, governance and sustainability (ESG) targets, the Monetary Occasions has reported.

  • The brand new fund from Try Asset Administration, which works by the code DRLL, and has outperformed different anti-ESG funds, which have hardly ever surpassed $25 million, the Occasions reported.
  • “We’re representing the voices of a whole lot of on a regular basis residents who’ve their cash invested by different asset managers used to advance social and political agendas that they don’t agree with,” Try govt chair Vivek Ramaswamy advised the Occasions.

Current push: The fund’s launch has coincided with a concerted push by Republicans in states like Georgia and Florida to bar banks that contemplate ESG elements of their funding choices, as we reported. 

Final month, Republican attorneys common from 19 states accused such corporations — like BlackRock, the world’s largest asset supervisor — of sacrificing investor returns for political motives, the Occasions reported.

A alternative of values: In creating anti-ESG funds, conservatives are falling into the identical lure of placing politics over earnings, economists Robert Eccles and Jill Fisch wrote earlier this week in an article within the Harvard Regulation College Discussion board on Company Governance. 

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“That is merely swapping out one set of values for one more,” Fisch and Eccles concluded. 

India’s tech capital recovers from devastating floods

Residents of India’s tech capital Bangalore had been recovering on Friday from floods that inundated properties all through the week. 

  • “I keep alone and my complete home was flooded,” one resident advised the Indian Categorical. “The beds have damaged … Water went inside the cabinets and sofas are damaged. The water provide shouldn’t be common.”  

From high-tech to ‘Lake Metropolis’: Earlier within the week, lifeboats rescued residents as India’s “Silicon Valley” grew to become “Lake Metropolis,” India’s Financial Occasions reported.  

  • Low-lying areas bore many of the harm, as lakes overflowed and despatched water into properties. Many areas had been so waterlogged that tractors and boats helped ferry college students and staff. 

The most recent disaster: The floods in Bangalore — a metropolis of 13 million within the southern Indian state of Karnataka — was simply considered one of many such excessive rain occasions this summer time, The Washington Submit reported.

  • One-third of Pakistan was submerged final week.
  • U.N. Secretary-Normal António Guterres lately described Pakistan’s disaster as “a monsoon on steroids.”
  • Within the U.S., Jackson, Miss., declared a well being emergency after rains battered a water remedy facility.  

Actual property strikes make metropolis flood susceptible: An inflow of white-collar tech staff has helped make Bangalore’s actual property trade considered one of India’s most worthwhile, the Submit famous.

  • However feudal landowners within the previously agrarian area have been capitalizing on a rising want for housing, based on the Submit. They’ve been “capable of money in on speedy urbanization by changing farmland and wetland into city actual property.”
  • Builders have grabbed parcels of watery land and lined it, however residents are sometimes unaware that their properties are blocking storm drains.

Comply with-up Friday

Revisiting tales we lined this week. 

EU power ministers meet to strategize on fuel pricing

  • Russia’s Gazprom halted fuel movement by way of the Nord Stream 1 pipeline to Europe final week, with resumption of service unsure. EU power ministers gathered for emergency talks in Brussels on Friday to discover widespread measures that they hope might decrease a fuel and electrical energy value disaster, The Guardian reported.   

Rising seas will swallow 650,000 properties by midcentury 

California retains the lights on — barely

  • California’s energy grid has narrowly averted rolling energy outages this week because it enters its tenth day of voluntary electrical energy conservation — probably the final of this significantly brutal warmth wave, Reuters reported. Whereas some officers blamed electrical automobiles for straining the grid, these vehicles have truly made it extra resilient by including a community of decentralized batteries, based on Axios. 

Please go to The Hill’s Sustainability part on-line for the net model of this article and extra tales. We’ll see you subsequent week.

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Corporate borrowers kick off 2025 with record-setting $83bn bond bonanza

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Corporate borrowers kick off 2025 with record-setting bn bond bonanza

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Corporate borrowers kicked off 2025 with a record $83bn in dollar bond sales, capitalising on buoyant investor demand to raise debt ahead of any market volatility sparked by Donald Trump’s return to power.

Borrowing in the US dollar investment-grade and high-yield bond markets reached $83.4bn by January 8, the highest year-to-date figure since 1990, according to data from LSEG.

High-grade borrowers have led the rush, including international banks such as BNP Paribas and Société Générale, car giants such as Toyota, and heavy machinery maker Caterpillar. US banks are expected to join the fray later in January after their earnings season.

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“The market is strong, so there is no need for them to delay. They’re trying to come as early as possible,” said Marc Baigneres, global co-head of investment-grade finance at JPMorgan.

The rush of new debt sales comes as spreads — the difference between the yield on corporate debt versus safer government bonds — are near multi-decade lows, spurring companies to raise funds cheaply while they can.

“There are a lot of risks to spreads — inflation picking up, the economy slowing down, the Fed potentially pausing rate cuts and even moving on to rate hikes,” said Maureen O’Connor, global head of Wells Fargo’s high-grade debt syndicate.

The average US investment-grade spread sat at just 0.83 percentage points on Wednesday, not far above its narrowest point since the late 1990s, according to ICE BOFA.

January is typically busy for debt issuance, especially by banks. But the latest deal burst comes as companies lock in cheaper debt before Trump’s inauguration — with economists warning that the incoming US president’s telegraphed policies, including trade tariffs, could be inflationary.

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On Wednesday, minutes from the last Federal Reserve meeting showed that officials were also concerned about inflation and wanted to be “careful” with the pace of future rate cuts.

Big borrowers are also under pressure to refinance quickly, with $850bn of high-grade dollar debt set to mature this year and another $1tn in 2026, according to Wells Fargo calculations.

“It’s a very attractive market environment” for borrowers, said Dan Mead, head of Bank of America’s investment-grade syndicate. “You continue to see healthy investor cash balances and receptivity to the new issues coming to market, and pricing at very attractive spreads that leads to issuers looking to go sooner rather than waiting.”

Edward Al-Hussainy, senior interest rate and currency analyst at Columbia Threadneedle, said pension funds and insurance companies were “exceptionally predisposed” at the moment to buy debt.

Banks are typically first to take advantage of narrow spreads and are among the most active issuers so far. But market participants said non-financial borrowers could join the rush before the 10-year Treasury yield — a benchmark for global borrowing costs — rises any further. It now sits at about 4.7 per cent after climbing sharply in recent weeks.

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“We have a couple of fairly critical risk events in January,” said O’Connor, pointing to US jobs data due on Friday, which will offer investors clues about the future path of interest rates, and Trump’s January 20 inauguration.

“We’ve heard quite a bit of rhetoric from the incoming administration on what the market could see quickly on the back of that,” O’Connor said. “I think there is a concern that that could catalyse another leg higher in Treasury yields.” Some “coupon-focused borrowers” — meaning companies focused primarily on the total yield they pay to investors — “are trying to get in front of that”, she added.

This week’s volumes, which have been condensed to just three days by shortened trading hours on Thursday, and Friday’s payrolls, follow on from a borrowing bonanza in 2024 — when global issuance of corporate bonds and leveraged loans hit a record $8tn.

While the current conditions remained favourable for sellers of debt, some buyers said they were now willing to sit on the sidelines until more alluring conditions emerge.

“The vast majority of deals are coming at levels that leave very little value on the table,” said Andrzej Skiba, head of BlueBay US fixed income at RBC GAM. “[It has] looked rather unappealing and we prefer to keep powder dry for a potential increase in volatility following the inauguration, as the market finds out this new policy mix and the Fed’s response to that.”

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The NHL postpones a game and the Lakers coach evacuates his family amid LA fires

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The NHL postpones a game and the Lakers coach evacuates his family amid LA fires

The Rose Bowl stadium in Pasadena, pictured last week ahead of the College Football Playoff quarterfinal game between Ohio State and Oregon. The stadium is now under evacuation warning.

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The National Hockey League postponed a game in Los Angeles, and Pasadena’s iconic Rose Bowl Stadium came under evacuation warning as the wildfires burning across Southern California grew Wednesday.

The NHL announced it would indefinitely delay a game between the Los Angeles Kings and Calgary Flames that had been set to take place Wednesday night at Crypto.com Arena in downtown Los Angeles.

In a statement on social media, the Kings said the postponement would help keep fans, staff and players safe.

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“Our hearts are with our entire Los Angeles community,” the team wrote, thanking first responders.

An NBA game between the Los Angeles Lakers and Charlotte Hornets is scheduled to take place Thursday at the same arena. As of Wednesday evening, the league had not announced whether it would postpone the game.

“We are in communication with the Lakers and Hornets and continue to closely monitor the situation to determine if any scheduling adjustments are necessary related to tomorrow night’s game,” NBA spokesperson Mike Bass said in a statement to NPR.

Tens of thousands of people are under mandatory evacuation orders across the region. Residents of Pacific Palisades, which include many professional athletes among other celebrities, were told to evacuate on Tuesday.

That included Lakers coach JJ Redick, who said Tuesday his family had evacuated.

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“I know a lot of people are freaking out right now, including my family,” he said in a pregame press conference ahead of a game in Dallas. “Thoughts and prayers, for sure, and I hope everybody stays safe.”

The Clippers said their star Kawhi Leonard, who has family in the Los Angeles area, would miss Wednesday’s game in Denver for personal reasons.

Golden State Warriors coach Steve Kerr said his 90-year-old mother was among the evacuees, and that the family home of a Warriors staff member had been destroyed by the fire.

The city’s two NFL teams, the Rams and the Chargers, had each planned to spend this week preparing for a playoff game. Neither team’s practice facility is directly threatened by fire, but smoke has affected air quality around the region.

On Wednesday, the Chargers adjusted its practice schedule to limit time outdoors. The team is set to travel to Houston later this week for a game against the Texans on Saturday.

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In case they’re unable to practice entirely, “Coach [Jim] Harbaugh’s got a great Plan B in place if needed,” said Chargers offensive coordinator Greg Roman, speaking to the media on Wednesday.

Some of the team’s personnel have been affected directly, including wide receivers coach Sanjay Lal, who lives in the vicinity of the Palisades Fire.

“Last night was a really intense night for him,” Roman said.

The Rams are set to host their playoff game Monday night against the Minnesota Vikings at home at SoFi Stadium in Inglewood. In a statement, the NFL said there is a contingency plan to move the game to State Farm Stadium in Glendale, Ariz., if necessary.

The Chargers cancelled a pre-playoff fan event scheduled for Friday in Sherman Oaks, north of the Palisades Fire. The team said it would donate $200,000 to relief efforts and asked people attending other fan events to bring donations of bottled water, clothes and toiletries for evacuees.

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The historic Rose Bowl stadium in Pasadena, one of the most iconic sites in college football, received an evacuation warning on Wednesday as the Eaton Fire grew to encompass more than 10,000 acres.

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Mourners Defy Subfreezing Temperatures to Honor Jimmy Carter at the Capitol

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Mourners Defy Subfreezing Temperatures to Honor Jimmy Carter at the Capitol

They came amid the ice and snow, bundled in parkas and long johns, expecting an hourslong wait in the subfreezing temperatures and whipping winds.

Instead, the mourners who journeyed through the maze of barricades around the Capitol to pay their final respects to President Jimmy Carter were shocked to find such a short queue, waiting just 10 to 20 minutes at most to honor the 39th president, who died at 100 last month.

Parents pushed strollers. Children and adults alike lumbered into the Capitol dressed in insulated snow pants and clunky winter boots. No celebrities, sports stars or internet icons made appearances in the Rotunda, as they have for previous presidents.

But President-elect Donald J. Trump and his wife, Melania, were expected to pay their respects later Wednesday.

And the slow and steady stream of regular people — as well as several members of Congress, staff, military leaders and dignitaries — seemed a fitting tableau for the lying-in-state of the humble peanut farmer from Georgia, who prided himself on living more than 60 years in a four-bedroom home valued at just over $250,000.

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First in line to bid farewell to Mr. Carter was Chris Forward, a Virginia educator who showed up on Tuesday afternoon, just before Vice President Kamala Harris and congressional leaders gathered to eulogize Mr. Carter in a closed-door ceremony in the Rotunda.

“I was sort of surprised,” said Ms. Forward, who became fast friends with three other women who joined the line shortly after she did. “I thought it’d be a long wait because he was such a great man.”

Peter and Uta Schreiner, a couple from Germany, were also near the front of the line. During a trip to the United States to celebrate Mr. Schreiner’s 50th birthday, they had been attending a Washington Commanders football game on Dec. 29 when they learned that Mr. Carter had died. Then winter weather delayed their flight back home until Thursday, and the couple decided to head to the Capitol to pay their respects.

“It’s a special moment. It’s hard to describe — it’s incredible to be a part of all this,” Mr. Schreiner said. “He was a special man, and it’s an honor to be here right now to give him the last honor.”

As well-wishers slowly processed around the coffin, some wiping tears and others somberly bowing their heads, a near silence gripped the cavernous and echoey hall under the Capitol dome, which is usually awash with noise from tourists and frenzied staffers. Only the shutters of cameras, yelps from agitated children and the occasional cough or stray cellphone alert broke the hush.

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The solemn ritual in the Capitol was a prelude to Mr. Carter’s state funeral on Thursday morning at Washington National Cathedral, which the four living presidents will attend and where President Biden is scheduled to deliver a eulogy.

Throughout the day on Wednesday, several members of Congress passed through the Rotunda to pay tribute, including Senator Mitch McConnell of Kentucky, the former Republican leader, and Senator Tammy Duckworth of Illinois, a Democrat and one of the Senate’s first female combat veterans, who offered a salute.

Becky Carter, the president’s daughter-in-law, arrived on Wednesday afternoon to shake hands with mourners and thank them for coming.

“God bless you,” one of them told her.

Carlos Del Toro, the secretary of the Navy, stood in silence as he honored Mr. Carter, a Naval Academy graduate and veteran submariner, before laying a hand on his flag-draped coffin. Thomas Donilon, who worked for Mr. Carter and served as President Barack Obama’s national security adviser, also stopped by to pay his respects.

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Most who came to the Capitol to mourn Mr. Carter were not old enough to remember his presidency. But many lauded his legacy as a humanitarian and pointed to him as an example of decency and humility in a world racked with incivility.

Shermanda Williams of Maryland, who came with her two sons, said she had brought them to teach them about “having the heart for humanity,” as the former president did.

“That was very, very important to come and show our respect,” Ms. Williams said, “and to let them see that someone who is kind and gentle and concerned about others can be successful.”

Her younger son, 11-year-old Kellen, chose to come to the Capitol even though he could have enjoyed a free day at home since school was canceled because of the winter weather.

“Jimmy Carter was a great man,” he said. “With all his decisions, he was not going to make everybody happy, but he made as many people happy as he could. Because nobody — no country — is perfect, so he did all he could.”

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