4/ @ProfessorKaren:""Gulf partners"(aka UAE) to do the work on financing green power across MENA,de-escalation &massive FDI effort. Political transformation as a US goal in MENA is over;Gulf state capitalism wins. Oil price flexibility expected in return"
5/ Rich countries had promised developing countries a measly $100 billion in climate $. They never coughed up
Last yr, US signed a $100Bn clean energy partnership w UAE to finance 100 GW in developing countries! We call it the outsourced energy transition phenomenalworld.org/analysis/stran…
6/Before OPEC,there were only Western Oil Cartels. "On both climate & politics, too many ppl resort to stereotypes of OPEC..that are all too convenient to US & European geopolitical interests"
Could it help Global South's just transition? ht @FuelOnTheFirepriceofoil.org/2020/02/10/wha…
7/ Well some bankers are getting punished. Just not European or American ones.
Saudi Crown Prince MBS fires Saudi national Bank chairman Al Khudairy after Swiss takeover of Credit Suisse wiped out shareholders and SNB lost over a billion dollars
8/ 👀"Saudi National Bank chair resigns following Credit Suisse comments" ft.com/content/6b715d…
We wrote about how every story is an oil story last Thursday. Dumb banker fired Monday.
Conclusion: MBS is reading @polycrisis newsletter ;)
9/ Perhaps the stiffest challenge for a 2ºC Global CO2 budget: The "Unburnable Wealth of Nations". When Petrostates, some US allies others adversaries, can't fund fiscal budgets w Oil & become #StrandedCountries ht @davidmihalyi foreignpolicy.com/2019/06/05/oil…
10/ Western investors are rushing to Middle east sovereign wealth funds who are raking in an extra trillion dollars from hi oil and gas prices
Saudi king MBS is the moneybags. Dubai's sheikh MBZ is the brains. Ignore the bombastic words,& follow the money ft.com/content/33a985…
11/ Responding to recession fears, OPEC+ announces a surprise cut of more than 1 million barrels a day!
Prices likely to shoot up.
Money going straight from ppl's pockets into BigOil shareholders and into the treasuries of oil & gas producing nations. bloomberg.com/news/articles/…
12/ "Saudi officials are at pains to say they don’t have a particular price target. But from their actions it’s clear Riyadh wants to keep Brent crude as close to $100 a barrel as it can." bloomberg.com/opinion/articl…
MBS wants $$ to diversify economy from oil to finance + services.
13/ Adam Neumann of WeWork scam wants to take new real estate startup 'Flow' to Saudi Arabia.
Truly no bottom to Silicon Valley VCs and firms who contine to benefit from Gulf oil $ bloomberg.com/news/articles/…
1/ "What's happening in Guyana isn't just happening there. All over the globe, oil companies are racing to tap as many of the remaining fossil fuel reserves as they can"
@jeffgoodell :
2/ This is not a a story of Guyana’s PM lecturing western liberals over hypocrisy climate, oil & Amazonian forests.
But a geopolitical story of developing country elites working with western firms (Exxon) to sell to western markets (oil goes to europe) phenomenalworld.org/analysis/offsh…
3/ "Guyana is now producing nearly as much oil as Venezuela -1 of the largest oil exporters since the 1920s & founder of OPEC
This amazing article on Exxon shows that the logic of imperial exploitation of natural resources is alive & kicking"-@GaraviniG phenomenalworld.org/analysis/offsh…
White House request to Congress for $106 billion in emergency funding for foreign aid.
A budget tells you more than words about actual priorities. Full breakdown in this PDF incl military aid to Ukraine, Israel, intl development (World bank) etc Thread whitehouse.gov/wp-content/upl…
2/ UKRAINE: US so far has sent more than $75 billion to Ukraine. Of new $106B, Biden asks $61B for Ukraine.
~$50B military aid, loans for military gear, DOD stocks of weapons etc (Pg 4-27_
~$11.75B economic (pg 42)
3/Reminder why Biden's request for emergency funding looks the way it does-$106B for ukraine,israel,border, humanitarian. US congressional politics when governed by Dem president+Dem senate+Republican house makes funding requests look like a dogs breakfast
Three guesses:
1 Energy transition is from fossil fuels to metal-based economy
2 Revenues from metals is tiny compared to selling fossils => No current petrostate turns into electrostate.
3 Hi Capital requirments =>Majority of extraction will take place in Global North not South
if 2 is true, then the future has no electrostates. None. Not Indonesia, Australia, certainly not Canada.
Revenues that a state will earn from digging metals & processing it will be too tiny to support an entire population with welfare or dividends. ft.com/content/0d2fba…
sure, very metal specific. cobalt, nickel, copper etc will continue to be in global south countries
to clarify, by majority I meant more than half, not less than half. in most ppls minds, global south is going to do all of it
Ppl forget Australia+Canada+US have capital & metals
The deranged idea—as @GhoshAmitav describes—that we are safe, that things are under control, that bad things only happen to people who are far away, persists.
Amid the climate crises, other records have been smashed too: the most air travel passengers in a single day in the US; the highest-ever profits for European carriers IAG and Air France-KLM; record oil consumption and record coal production. phenomenalworld.org/analysis/globa…
Former US National Security advisor Fiona Hill acknowledged that the “Rest” were rebelling against the West. She cited an Indian interlocutor asking, “Where are you when things go wrong for us?”
Climate needs investments. But there is global Austerity. Countries make terrible choices between debt payments & food, energy, social services. And they almost always choose to make debt payments to not risk further downgrades. phenomenalworld.org/analysis/globa…