![]() ![]() Meanwhile the U.K., which hosted COP26 and should offer a smooth transition to the next host, has undergone A major change in leadership. Some human rights activists have called for governments to boycott the conference in protest of Egypt's record of persecuting political dissidents and LGBT people. The next major UN meeting on climate change, COP27, is due to be held in Egypt next month, but politics are already jeopardizing the success of the international summit. Now the fuel shortage in Europe is providing a new market for the resale of LNG in an unlikely trade triangle that benefits China and the U.S. The long-term purchasing deals are part of China’s concession to the Trump-era trade war, but COVID-lockdowns decimated domestic demand. BBCĭemand for natural gas has slumped in China, providing an opportunity for Chinese energy importers, locked into long-term purchasing agreements with the U.S., to re-export liquified natural gas (LNG) at a high margin. According to the BBC, in 2021, unreported emissions from gas flares accounted for 20 million tonnes of CO2 equivalent, roughly the same volume of GHG 4.4 million cars produce in a year. Gas flaring is a process of burning methane that leaks from oil or gas wells, producing carbon dioxide and other toxins in the process. CNBCĪ BBC investigation found that major oil companies including BP, Exxon and Chevron, are underreporting greenhouse gas emissions by failing to disclose the gas flaring at subcontracted oil fields. The cartel is meeting in Austria on Wednesday, to decide on future production. Oil prices have traded high on the rumor, with international Brent crude rising 3% on Tuesday to $91.80 per barrel. OPEC+, the oil producing cartel, is reportedly planning a major cut to production this week, orchestrating the biggest fall in oil output since the pandemic began. The storms are devastating but relatively rare-a compromise most Floridians seem willing to make. The southern state is home to the fastest growing residential areas in the U.S., with newcomers drawn by the promise of zero income tax and a year-round summer. But how bad will it have to get before people stop building and rebuilding homes on low-lying, coastal swamp land? If more insurers go bankrupt and homeowners fall into delinquency, flood insurance will become less obtainable for more Floridians, despite the importance of policy ownership growing with climate change. In Florida, a state whose land the Atlantic writer Michael Grunwald describes as “such a soggy mush of low-lying marshes that mapmakers couldn’t decide whether to draw it as land or water,” home owners already pay an average four times more on insurance premiums than elsewhere in the U.S. Mohsen Rahnama, chief risk modeling officer at Risk Management Solutions (RMS), told catastrophe bond news site Artemis that “Ian has the potential to be one of the largest catastrophe losses for the insurance industry” and that he believes “this event will change the Florida insurance market landscape.”įollowing Ian’s unprecedented impact zone and the Federal Emergency Management Agency’s (FEMA) revelation last month that climate change has rendered its flood prediction maps woefully inaccurate, you can expect millions more homeowners to see insurance premiums rise. According to Politico, only 29% of households in the nine worst-hit districts have federal flood insurance. But the ferocity of the hurricane caused storm surges in areas that aren’t usually prone to flooding. ![]() The cost to federal coffers could have easily been higher if more Floridians had taken out flood insurance. More bankruptcies would force more debt on taxpayers by way of government-backed insurance schemes. Fallout from Hurricane Ian could easily lead to more bankruptcy in the sector, if a surge in damages claims exceeds the amount insurance brokers have in reserve. The number of policyholders under Citizens Property protection has doubled in the past two years. In July the Florida Office of Insurance Regulation placed a further 27 insurance providers on a watchlist over concerns that they are no longer financially viable.Ī government-backed insurer, Citizens Property Insurance Corp, assumed liability for the households previously insured under the six now-defunct providers. In the months preceding Ian’s landfall last Wednesday, six insurance providers covering the Sunshine State went bust, after underwriting losses exceeding $1 billion for the second year in a row. But Ian slammed into Florida at a time when the state’s flood and storm damage protection industry is limping, leaving open the possibility that some victims of the storm will be waiting years for reparations. ![]()
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