It's Not Just One Thing, Multiple Global Events Are Converging
With rapidly increasing gas bills and record-high prices at the pump, consumers around the globe are confronting a serious energy crisis in the midst of Russia’s war with Ukraine. Europe has been hit particularly hard, as 40% of its natural gas consumption comes from Russia. The Russia-Ukraine conflict has also disrupted global supply chains, logistics, and business operations, while creating no-fly zones and interrupting freight routing. This is all in addition to previous global supply chain disruptions, due to the COVID pandemic, spurring the highest inflation rates in 40 years.
At the same time, the United Nations’ Intergovernmental Panel on Climate Change (IPCC), just released a new report indicating that “It’s now or never” for addressing climate change. The world is on track to blow through its 1.5 degrees C warming limit (proposed by the Paris Climate Agreement), and despite a brief decline due to the pandemic, it is forecasted to surge to 3.2 degrees C (5.8 degrees F) by the end of the century. The IPCC,…
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