World
The EU is firmly in the global race for green tech leadership: study
The European Union has not yet fallen behind in the global race for net-zero technologies, despite fears of a loss of competitiveness.
While China is a clear leader in deploying technologies such as renewable energy and electric vehicles, the EU is not far behind, according to a new study released by Strategic Perspectives, a think tank focused on climate action.
Last year, the bloc had the largest share of wind and solar electricity generation among the world’s leading economies.
The EU also has the highest use of electric cars per capita compared to other large economies and is edging ahead of its competitors in investments in heat pumps, a cleaner alternative to gas, coal and fuel boilers.
The report uses manufacturing and investment data to provide a first-of-its-kind comparison of the deployment of green technologies in five major economies: China, the European Union, the United States, Japan and India.
The authors argue that by investing in green technologies, countries can sharpen their competitive edge and ensure social and economic benefits for their populations.
The study praises the EU for having initiated the Green Deal, an ambitious set of policies to achieve climate neutrality by 2050, “at the right time” and helping strengthen the bloc’s position vis-à-vis China, a mighty producer of solar panels and electric vehicles.
The EU, however, needs to “scale up domestic production and financial support for these technologies in the next few years,” or otherwise risk falling behind, it warns.
The data also confirms that the Inflation Reduction Act (IRA), the $369-billion programme of tax credits and rebates introduced by US President Joe Biden to incentivise the domestic manufacturing of green tech, can boost America’s economic performance.
The American-made provision in the IRA has stoked fears that EU companies will move to the other side of the Atlantic Ocean to benefit from the generous subsidies, dealing a fatal blow to the bloc’s competitiveness and global leadership in climate action.
The panic is such that the European Commission was forced to come up with a new industrial strategy in record time to drastically increase the domestic production of net-zero technology and reduce administrative burden. The strategy, which is still under negotiations, complements a legal framework that makes it easier for member states to pump subsidies into the green economy.
Amidst the frenzy, the report by Strategic Perspectives offers a glimmer of hope: the Green Deal “could turn into the best strategic response to the multiple crises Europe is facing, improving its energy security, restoring its competitiveness and protecting households from high energy bills,” it says.
“It’s really up to the next Commission” to take the Green Deal to the next level, Linda Kalcher, director at Strategic Perspectives, told Euronews.
“It’s really key that they’re scaling up, especially as we’ve seen how the Inflation Reduction Act has brought the US again to the forefront,” she went on. “There’s a real threat the EU lacks behind the US.”
World
Israel keeping its ‘eyes open’ for Iranian attacks during Trump transition period, ambassador says
Israel’s U.N. Ambassador Danny Danon tells Fox News Digital that his country is keeping its “eyes open” for any potential aggression from Iran during the Trump transition period, adding it would be a “mistake” for the Islamic Republic to carry out an attack.
The comments come after Iranian Foreign Minister Abbas Araghchi vowed earlier this week that Iran would retaliate against Israel for the strategic airstrikes it carried out against Tehran on Oct. 26. Araghchi was quoted in Iranian media saying “we have not given up our right to react, and we will react in our time and in the way we see fit.”
“I would advise him not to challenge us. We have already shown our capabilities. We have proved that they are vulnerable. We can actually target any location in Iran. They know that,” Danon told Fox News Digital.
“So I would advise them not to make that mistake. If they think that now, because of the transition period, they can take advantage of it, they are wrong,” he added. “We are keeping our eyes open and we are ready for all scenarios.”
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Danon says he believes one of the most important challenges for the incoming Trump administration will be the way the U.S. deals with Iran.
“Regarding the new administration, I think the most important challenge will be the way you challenge Iran, the aggression, the threat of the Iranian regime. I believe that the U.S. will have to go back to a leading position on this issue,” he told Fox News Digital.
“We are fighting the same enemies, the enemies of the United States of America. When you look at the Iranians, the Houthis, Hezbollah, Hamas, all those bad actors that are coming against Israel… that is the enemy of the United States. So I think every American should support us and understand what we are doing now,” Danon also said.
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Danon spoke as the U.S. vetoed a draft resolution against Israel at the U.N. Security Council on Wednesday.
The resolution, which was overseen by Algeria, sought an “immediate, unconditional and permanent cease-fire” to be imposed on Israel. The resolution did not guarantee the release of the hostages still being held by Hamas within Gaza.
“It was a shameful resolution because… it didn’t have the linkage between the cease-fire and the call [for] the release of the hostages. And I want to thank the United States for taking a strong position and vetoing this resolution,” Danon said. “I think it sent a very clear message that the U.S. stands with its strongest ally with Israel. And, you know, it was shameful, too, to hear the voices of so many ambassadors speaking about a cease-fire but abandoning the 101 hostages. We will not forget them. We will never abandon them. We will continue to fight until we bring all of them back home.”
Fox News’ Benjamin Weinthal contributed to this report.
World
Fact-check: What do we know about Russia’s nuclear arsenal?
Moscow has lowered the bar for using nuclear weapons and fired a missile capable of carrying a nuclear warhead into Ukraine, heightening tensions with the West.
Russia’s nuclear arsenal is under fresh scrutiny after an intermediate-range ballistic missile capable of carrying an atomic warhead was fired into Ukrainian territory.
President Vladimir Putin says the unprecedented attack using the so-called “Oreshnik” missile is a direct response to Ukraine’s use of US and UK-made missiles to strike targets deep in Russian territory.
He has also warned that the military facilities of Western countries allowing Ukraine to use their weapons to strike Russia could become targets.
The escalation comes days after the Russian President approved small but significant changes to his country’s nuclear doctrine, which would allow a nuclear response to a conventional, non-nuclear attack on Russian territory.
While Western officials, including US defence secretary Lloyd Austin, have dismissed the notion that Moscow’s use of nuclear weapons is imminent, experts warn that recent developments could increase the possibility of nuclear weapons use.
Here’s what we know about Russia’s inventory of atomic weapons.
How big is Russia’s nuclear arsenal?
Russia holds more nuclear warheads than any other nation at an estimated 5,580, which amounts to 47% of global stockpiles, according to data from the Federation of American Scientists (FAS).
But only an estimated 1,710 of those weapons are deployed, a fraction more than the 1,670 deployed by the US.
Both nations have the necessary nuclear might to destroy each other several times over, and considerably more atomic warheads than the world’s seven other nuclear nations: China, France, India, Israel, North Korea, Pakistan and the United Kingdom.
Of Moscow’s deployed weapons, an estimated 870 are on land-based ballistic missiles, 640 on submarine-launched ballistic missiles, and potentially 200 at heavy bomber bases.
According to FAS, there are no signs Russia is significantly scaling up its nuclear arsenal, but the federation does warn of a potential surge in the future as the country replaces single-warhead missiles with those capable of carrying multiple warheads.
Russia is also steadily modernising its nuclear arsenal.
What could trigger a Russian nuclear response?
Moscow’s previous 2020 doctrine stated that its nuclear weapons could be used in response to an attack using nuclear or other weapons of mass destruction “when the very existence of the state is put under threat.”
Now, the conditions under which a nuclear response could be launched have changed in three crucial ways:
- Russia will consider using nuclear weapons in the case of a strike on its territory using conventional weapons, such as cruise missiles, drones and tactical aircraft.
- It could launch a nuclear attack in response to an aggression by a non-nuclear state acting “with the participation or support of a nuclear state”, as is the case for Ukraine.
- Moscow will also apply the same conditions to an attack on Belarus’ territory, in agreement with President Lukashenko.
Is there a rising nuclear threat?
The size of the world’s nuclear stockpiles has rapidly decreased amid the post-Cold War détente. The Soviet Union had some 40,000 warheads, and the US around 30,000, when stockpiles peaked during the 1960s and 70s.
But FAS warns that while the overall number is still in decline, operational warheads are on the rise once again. More countries are also upgrading their missiles to deploy multiple warheads.
“In nearly all of the nuclear-armed states there are either plans or a significant push to increase nuclear forces,” Hans M. Kristensen, Director of the Nuclear Information Project at the Federation of American Scientists (FAS), said in June this year.
Is the West reacting?
When Putin approved the updated nuclear protocol last week, many Western leaders dismissed it as sabre rattling.
German Foreign Minister Annalena Baerbock said Germany and its partners would “not be intimidated” and accused Putin of “playing with our fear.”
But since Russia used a hypersonic ballistic missile capable of carrying a nuclear warhead in an attack on Dnipro, European leaders have raised the alarm.
“The last few dozen hours have shown that the threat is serious and real when it comes to global conflict,” Polish Prime Minister Donald Tusk said on Friday.
According to Dutch media reports, NATO’s secretary-general Mark Rutte is in Florida to urgently meet President-elect Donald Trump, potentially to discuss the recent escalation.
NATO and Ukraine will hold an extraordinary meeting in Brussels next Tuesday to discuss the situation and the possible allied reaction, according to Euronews sources.
World
Rental home investors poised to benefit as mortgage rates, high home prices sideline buyers in 2025
LOS ANGELES (AP) — Rental homes will remain an attractive option next year to would-be homebuyers sidelined by high mortgage rates and rising home prices, analysts say.
American Homes 4 Rent and Invitation Homes are two big real estate investment trusts poised to benefit from the trend, say analysts at Mizuho Securities USA and Raymond James & Associates.
Their outlooks boil down to a simple thesis: Many Americans will continue to have a difficult time finding a single-family home that they can afford to buy, which will make renting a house an attractive alternative.
It starts with mortgage rates. While the average rate on a 30-year mortgage fell to a two-year low of 6.08% in late September, it’s been mostly rising since then, echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The yield, which has hovered around 4.4% this week, surged after the presidential election, reflecting expectations among investors that President-elect Donald Trump’s proposed economic policies may widen the federal deficit and crank up inflation.
Analysts at Raymond James and Associates say they see mortgage rates remaining “higher for longer,” given the outcome of the election. Last week, they reiterated their “Outperform” ratings on American Homes 4 Rent and Invitation Homes, noting “we are increasingly confident in the longer-term outlook for single-family rental fundamentals and the industry’s growth prospects.”
They also believe the two companies will continue to benefit from “outsized demographic demand for suburban homes,” and the monthly payment gap between renting and owning a home, which they estimate can be as much as 30% less to rent.
Analysts at Mizuho also expect that homeownership affordability hurdles will maintain “a supportive backdrop” and stoke demand for rental houses, helping American Homes 4 Rent and Invitation Homes to maintain their tenant retention rates.
The companies are averaging higher new and renewal tenant lease rates when compared to several of the largest U.S. apartment owners, including AvalonBay, Equity Residential and Camden Property Trust, according to Mizuho. It has an “Outperform” rating on American Homes 4 Rent and a “Neutral” rating on Invitation Homes.
Shares in Invitation Homes are down 1.2% so far this year, while American Homes 4 Rent is up 4.4%. That’s well below the S&P 500’s 24% gain in the same period.
While individual homeowners and mom-and-pop investors still account for the vast majority of single-family rental homes, homebuilders have stepped up construction of new houses planned for rental communities.
In the third quarter, builders broke ground on about 24,000 single-family homes slated to become rentals. That’s up from 17,000 a year earlier. In the second quarter, single-family rental starts climbed to 25,000, the highest quarterly total going back to at least 1990, according to an analysis of U.S. Census data by the National Association of Home Builders.
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