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Ed Webb

Degrowth is not austerity - it is actually just the opposite | Climate Crisis | Al Jazeera - 0 views

  • In this context of accelerating ecological breakdown and economic crises, the degrowth movement has steadily been gaining ground. Based on a robust body of scientific literature, degrowth proponents suggest that capitalism’s demand for unlimited growth is destroying the planet. Only degrowth policies can repair this by rapidly scaling back our material and energy use, slowing down production and transitioning to an economy focused around needs, care and the sharing of wealth.
  • In the 1990s, it was reintroduced as a “missile word” against the then-dominant ideology of sustainable development and green growth: an ideology that was being used by governments and international organisations to greenwash ineffective climate politics, attacks on public services and predatory lending.
  • Capitalism in the Anthropocene by Kohei Saito, a Japanese Marxist scholar, sold more than half a million copies and became a bestseller in Japan.
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  • degrowth has come under severe criticism from pundits, mainstream economists, and the jet-setting Davos elite
  • austerity is always imposed for the sake of growth. We have been convinced, for half a century now, that cutting public services is good for us because it will increase competitiveness, balance the budget, and eventually lead to growth. Degrowth, by contrast, is the argument that we can, and should, move away from an economy that exclusively depends on economic growth.
  • infrastructure projects which will lock in fossil fuel use for decades continue to be built and expanded, while banks, energy companies and multinationals that are involved in polluting and carbon-intensive industries are bailed out with public money and given lucrative government contracts
  • Recessions make inequality worse, degrowth is about making sure everyone has their needs met. Recessions often cause bold policies for sustainability to be abandoned for the sake of restarting growth, while degrowth is explicitly for a rapid and decisive transformation.
  • Because profits are based on making labour and nature as cheap as possible, the very basis of profit is always at risk, for example, through labour shortages or supply bottlenecks. Thus, constant economic expansion will also see constant crises.
  • While austerity increases inequality by curbing public services and benefitting the rich through tax cuts and privatisation of government services, degrowth policies focus on democratising production, curbing the wealth and overconsumption of the rich, expanding public services, and increasing equality within and between societies.
  • As argued by Naomi Klein in the book Shock Doctrine, crises are often taken advantage of by the owners of capital because they make it possible to thrash social and ecological legislation, thus lowering the costs of wages and resources, and further generating windfall profits through inflation.
  • A recent UN report found that nine out of 10 countries worldwide have fallen behind on life expectancy, education and living standards. For decades, international organisations have promised to fight global inequality and poverty with growth – but the results are anything but promising.
  • guarantee access to “universal basic services” like housing, food, healthcare, mobility, and childcare to the general population, by taking them out of the market.
  • Germany’s three-month experiment with a $9 monthly ticket for all regional and city public transport could serve as an example. It not only reduced carbon dioxide emissions by 1.8 million tonnes – equivalent to powering about 350,000 homes for a year – but it also helped mitigate the effects of high inflation rates, increased freedom of mobility for all, and was quite popular with the public.
  • a 2020 research paper on energy sufficiency found that it is possible to provide a decent life to the entire global population at 40 percent of current energy use, despite population growth until 2050.
  • reducing the excess energy and resource use of the rich and making designs more efficient within the framework of a truly circular economy have huge potential to reduce demand
  • many people would likely possess fewer material objects – but most would have access to better services and society would be more sustainable, just, convivial, and fulfilling
Ed Webb

Syria: Cholera surge sparks fears of uncontrollable outbreak in Idlib camps | Middle Ea... - 0 views

  • the outbreak is linked to the presence of bacteria responsible for cholera in the waters of the Euphrates river, the river's water level has suffered a serious decline because of climate change and is, in many areas, transforming into swamp land.
  • “The lack of treated drinking water through water stations and the irrigation of vegetables from the Euphrates river were the main cause of cholera infecting my wife and child.”
  • "We do not have potable water because of the interruption of pipe water, which makes us buy water from tanks filled from surface wells, which are not subject to sanitary control at all,"
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  • cholera crisis is partly a result of the effects of climate change but also a consequence of the civil war
  • the war has damaged two-thirds of water treatment plants, half of pumping stations and one-third of water towers.
  • Turkey has justified stopping the pumping of the station, claiming it was due to the cutting off of electricity by the SDF, which controls the power station in al-Darbasiyah, which feeds the Ras al-Ain and Tal Abyad regions.
  • "We demanded several times that Alouk station come under international auspices and that a UN flag be raised on it in order [for it] not to be bombarded and interrupted," Sarhan said. "The conflict between Turkey, Russia, the SDF and Assad should not be at the expense of vulnerable people."
  • “Our concerns are not about the spread of cholera within cities, but its spread within the camps, which are an incubator environment for infectious diseases due to the weak humanitarian response in them,”
Ed Webb

Leaking Ghost Tankers: Pollution in the Port of Aden - Peace Organization PAX - 0 views

  • Decaying oil tankers at the coasts of Yemen pose serious risks to the environment and the people depending on it, reminding us starkly how conflicts can bring serious pollution risks. New open source research by PAX reveals multiple oil spills from rusty ships that have been polluting the coastal areas around the Port of Aden. If no action is taken by the authorities to remove these ships, it is only a matter of time before a new disaster will unfold.
  • Current international attention is mainly focused on finding a solution for the decaying oil tanker FSO SAFER loaded with 1.1 million barrels of oil. The tanker is at risk of sinking or exploding, which would create a regional environmental catastrophe. Yet over the course of the last years, smaller incidents around oil tankers in Yemen’s ports, the Red Sea and the Gulf of Aden have been mounting as well. Ranging from direct attacks on oil tankers to abandoned ships sinking and fires at port refineries, the conflict continues to create serious local pollution problems.
  • The war itself already poses serious environmental challenges that impact both Yemen’s population and its precious ecosystems. This ranges from structural leaking oil incidents documented by the Yemen environmentalist group Holmakhdar and the Sanaa Center, to broader environmental problems, and conflict-linked cutting and dying of millions of date palms, demonstrated by the open-source investigative group Bellingcat. The current weak state of governance and oversight around the many environmental challenges Yemen is facing continues to result in ongoing incidents that worsen the state of environment and affect the people depending on it.  Not only does this currently already lead to mounting environmental health risks and degraded ecosystems, these impacts will also worsen climate resilience for the conflict-affected country due to more extreme weather events, water shortages and rising temperatures
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  • According to the experts, over 40 tons of oil was leaked from the leaking tanker, though this has not been confirmed by the local authorities
  • PAX has observed leaks from two ships, including a large spill on July 5,2022 from the PEARL OF ATHENA that continued for 18 days until July 23. Oil slicks have washed ashore, polluting the coastal environment, and could pose a long-term risk to the marine environment in and around the bay of Aden, which could pose particular threats to the livelihoods of fishing communities. Hydrocarbons from crude oil and refined products contain toxic heavy metals such as lead, zinc, cadmium and mercury that can accumulate around coastal soils and sediments, be ingested by marine organisms such as fish, affect marine birds and mammals and impact marine ecosystems.
  • Large spills such as this one are also likely to hold up the arrival of ships that need to offload humanitarian goods in the container terminal. This is because ships are not able to go into the port until such slicks are removed to prevent further dispersal of the oil by the movement of incoming ships.  
  • The ongoing war in Yemen continues to stress local authorities’ capacities to address both the issues with dilapidated oil tankers and set up a proper environmental monitoring and enforcement mechanism for ships arriving in the Port of Aden
  • A damage assessment conducted by the UN Development Programme (UNDP) in 2021 found that at over 20 million USD was needed for reparations at the container terminal alone. The report, also stated that:  “Health, safety, and environmental awareness in the Port is currently unacceptable. The Port contains large areas of conflict-damaged debris, damaged and unusable equipment, and equipment and materials being stored for future use.”  
  • The arrival of ballast water on ships trading to ports in the Red Sea and Gulf of Aden (..) has the potential to do more harm to the marine environment than a major oil pollution incident. (..) Dumping of hazardous materials at sea in waters close to the Gulf of Aden has the potential to carry serious pollution hazards into the region.”   
  • the international community has failed to pick up the bill to effectively prevent a major environmental disaster with the FSO SAFER, despite the UN starting a public campaign to raise $20 million dollar to prevent a serious disaster posed by the tanker. Meanwhile, western countries continue to allow for billions in weapons sales to the countries bombing Yemen.  
  • The remaining tankers in the Port of Aden continue to pose a risk of sinking, which would likely lead to further environmental pollution with effects on coastal areas. This would particularly impact fishing communities and surrounding ecosystems
Ed Webb

These are the places that could become 'unlivable' as the Earth warms - The Washington ... - 1 views

  • in a warming world, temperatures and humidity will, for growing stretches of every year, surpass a threshold that even young and healthy people could struggle to survive
  • In the Red Sea port of Al Hudaydah, Yemen, such oppressive conditions are expected to last a month or two — or, at the highest levels of global warming projections, would endure for most of the year
  • Delhi, with 39 hours at 2 degrees of warming and 556.9 hours at 4 degrees of warming.Hanoi, with 37.7 hours at 2 degrees of warming and 602.1 hours at 4 degrees.Dammam, Saudi Arabia, with 223.6 hours at 2 degrees of warming and 804.7 hours at 4 degrees.Dubai, with 117.7 hours at 2 degrees of warming and 783.9 hours at 4 degrees.Bandar Abbas, Iran, with 175.5 hours at 2 degrees of warming and 958.6 at 4 degrees.
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  • The research underscores how the most severe impacts of climate change will be felt in countries that have done the least to create i
Ed Webb

NASA - NASA Satellites Find Freshwater Losses in Middle East - 1 views

  • during a seven-year period beginning in 2003 that parts of Turkey, Syria, Iraq and Iran along the Tigris and Euphrates river basins lost 117 million acre feet (144 cubic kilometers) of total stored freshwater. That is almost the amount of water in the Dead Sea. The researchers attribute about 60 percent of the loss to pumping of groundwater from underground reservoirs
  • "GRACE data show an alarming rate of decrease in total water storage in the Tigris and Euphrates river basins, which currently have the second fastest rate of groundwater storage loss on Earth, after India," said Jay Famiglietti, principal investigator of the study and a hydrologist and professor at UC Irvine. "The rate was especially striking after the 2007 drought. Meanwhile, demand for freshwater continues to rise, and the region does not coordinate its water management because of different interpretations of international laws."
  • the Iraqi government drilled about 1,000 wells in response to the 2007 drought, a number that does not include the numerous private wells landowners also very likely drilled
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  • "The Middle East just does not have that much water to begin with, and it's a part of the world that will be experiencing less rainfall with climate change," said Famiglietti. "Those dry areas are getting dryer. The Middle East and the world's other arid regions need to manage available water resources as best they can."
Ed Webb

Could hydroponics save Yemen from starving? | Green Prophet - 0 views

  • The number of food insecure people in Yemen has risen by 3 million in seven months, with an estimated 17.1 million people now struggling to feed themselves
  • More than two-thirds of Yemen’s population of 27.4 million people now lack access to food and consume an inadequate diet. Another Syria-style crisis may be on our way, and climate change and lack of water is making it worse.
  • “We are witnessing some of the highest numbers of malnutrition amongst children in Yemen in recent times. Children who are severely and acutely malnourished are 11 times more at risk of death as compared to their healthy peers, if not treated on time. Even if they survive, these children risk not fulfilling their developmental potentials, posing a serious threat to an entire generation in Yemen and keeping the country mired in the vicious cycle of poverty and under development,”
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  • 80 percent of Yemenis are in now in debt, and more than half of all households have had to buy food on credit.
  • Up to 1.5 million households engaged in agriculture now lack access to critical agricultural inputs (including seeds, fertiliser, fuel for irrigation) and are in urgent need of emergency agricultural support. Of these, 860 000 households engaged in livestock production lack access to animal feed (fodder, concentrate, mineral blocks) and many livestock-dependent households have been forced to sell their herds to cater for other household needs
Ed Webb

The Real Jerusalem Platform Fight - The Daily Beast - 0 views

  • All this because Democrats had the audacity to write a platform that did not publicly reject the position on Jerusalem held by every American administration since the founding of the Jewish state
  • AIPAC has helped create a climate in which being deemed insufficiently “pro-Israel” is almost as dangerous to a politicians’ career as being deemed insufficiently “anti-communist” was in the early 1950s. But this very climate gives politicians and activists an incentive to keep raising the “pro-Israel” bar higher and higher so as to gain an advantage over their political foes. As the definition of “pro-Israel” becomes more extreme, it becomes harder and harder to reconcile with a commitment to Palestinian statehood, America’s standing in the Arab and Muslim world or even the simple realities of the foreign policy-making process. The people least fettered by those concerns—those least concerned about international opinion and Palestinian dignity—thus wield power over everyone else since they can keep establishing new “pro-Israel” litmus tests that their political foes find difficult to meet. It’s hardly news that this dynamic breeds terror inside the Democratic Party, especially around election time. What the Jerusalem platform flap reveals is the terror it can breed inside AIPAC itself.
Ed Webb

'Deadly' heat waves predicted for Arabian Gulf by 2100 - Al Jazeera English - 2 views

  • Scorching temperatures are already standard for people living in the Arabian Gulf, but by the end of the century parts of the region could become so hot that it will be impossible for humans to spend time outside
  • if climate change continues at the same pace the severe conditions that now happen roughly once every 20 summer days will become a normal occurrence
  • potential danger for the millions of Muslims attending the annual pilgrimage of Hajj
Jim Franklin

BBC NEWS | Middle East | Jordan faces up to water crisis - 1 views

  • In Jordan, the government can provide tap water to the capital only once a week
  • Demand is enormous, but supply has been a problem.
  • Jordanians are quite literally tapping into their very last supplies: underground water resources that can never be renewed.
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  • "We have no surface water left, no rivers, no lakes - nothing whatsoever. According to the experts in the climate change, things are not looking promising either. It's actually very scary," says the Jordanian Minister for Water and Irrigation, Raed Abu Saud.
  • the political climate in the Middle East is making things worse.
  • The government says its second, even more ambitious project, could not only generate drinking water but also save the disappearing Dead Sea.
  • The country's main river, the River Jordan, has lost 95% of its natural flow because of diversion. Syria, Israel and Jordan have built dams along the banks of the river Jordan and its tributaries.
  • The government says re-distribution and desalination are the only solutions. At the heart of the country's new water strategy are two major projects that would carry water from the deep aquifers and the Red Sea in the South to the north.
  • The first pipeline would pump water from the Disy aquifer, which Jordan shares with Saudi Arabia. The Saudis have long voiced concerns about the project, but the Jordanian government says the agreement has now been reached and that construction is due to begin within months.
  • "Even building those dams or not building dams, at the end of the day you have to have rain to fill the dams," says Mr Abu Saud. "When you get less water, things get more sensitive, and we have to be very careful about how we approach the subject of water with our neighbours."
  • The project, called the Red Dead Canal, has been hailed as an example of regional co-operation. But it is still very much of a pipe dream: getting investment for it has been a problem and there are some serious concerns about the environmental impact of mixing waters of two seas.
  • "Agriculture is one example of water mismanagement. It uses up 70% of our water resources, while its contribution to the economy is minimal. All of these are things that we need to rethink," says Mr Mehyar.
Ed Webb

Ethiopia dam fears exaggerated, say experts : EgyptMonocle - 2 views

  • Political outbidding aside, local and international experts claim that Egypt’s concerns regarding water and power shortages that may result from the construction of the Ethiopia dam are unfounded, and that the dam could in fact provide more resources for Egypt. Ethiopia, a Nile Basin country, diverted the flow of the river last week in preparation for the construction of the Grand Ethiopian Renaissance Dam, a $4.2 billion project on the Blue Nile, which started in 2011. Egypt has demanded a halt in construction but to no avail since Ethiopia is pressing ahead with the project even as it continues to hold official talks with Egypt, which fears the dam could cause water and power shortages. Ethiopia claims it has reported evidence to claim otherwise. Of the 84 billion cubic meters (BCM) of the Nile water, which reaches the Aswan High Dam annually, 68 percent comes from the Blue Nile. A 10-man tripartite commission, composed of four international experts, two Egyptians, two Sudanese and two Ethiopians, has claimed that although “inconclusive”, the results from its year-long analysis of the project and inspection of the site show  that it will not significantly impact Egypt or Sudan.
  • A Nile Basin Initiative (NBI) was created in 1999 to begin cooperation among Nile riparian countries, but its participants have failed to reach an agreement to date. Tensions have been rising since 2007 when negotiations stalled, leading to the signing of a Cooperative Framework Agreement in 2010 by five upstream states to seek more Nile River water,  a move fiercely opposed by Egypt and Sudan.
  • It is predicted that by 2050, at the current rates of consumption, Egypt will be under extreme water stress since 95 percent of its population is living on the Nile basin, compared to 39 percent in Ethiopia. With annual precipitation at 150 mm/year and few water resources, according to a government report released last February, Egypt’s per capita share of water is 660 cubic meters – well below the international standard of water poverty of 1,000 cubic meters – compared to Ethiopia, where the per capita share is about 1,575 cubic meters. Egypt has 24 cubic meters per capita access to renewable freshwater compared to Ethiopia, which stands at 1,543 cubic meters.
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  • “The Renaissance Dam is not designed to hold back huge amounts of water, but rather to let the water pass for the generation of hydro-electricity.” Mohammed El-Mongy, of the Water Institute of the Nile, claims that having legal and financial ownership rights in the dam could allow Egypt to reduce loss of water by 6 percent through ensuring water is released right before the peak agricultural season. During his assessment of the Renaissance Dam, Islam Awad, a geotechnical consultant engineer at Dar El-Handasah, discovered that water losses from evaporation could be minimised by 5 percent, equivalent to 0.58 BCM, by storing water in Ethiopia for a period of time before it reaches Egypt.
  • Egypt’s arid climate causes 10 BCM, about 12 percent of its stored water, to evaporate per year. Evaporation rates reach as high as 2,970 mm/year in Egypt, about half of what is lost in Ethiopia at a rate of 1,520 mm/year.
  • Another possible benefit of the Renaissance Dam is its reduction of siltation, a process where soil erosion or sediment spill creates large particles that pollute water. By acting as a barrier, the dam could reduce approximately 160 million tones of silt which flows in the Blue Nile every year, and therefore increases the Aswan Dam’s efficiency in power generation.
  • The Renaissance Dam could also have economic benefits if Egypt pursues economic integration with Nile Basin countries and become an investment partner in the project. Egypt’s close proximity to Ethiopia, feasibility of transportation and demand for power, would create a favourable climate for cooperation with Ethiopia. Only 40 percent of the project is locally funded, which means that Egypt could invest in the remaining  60 percent guaranteeing some ownership rights. “Egypt can play a proactive role to economically integrate the 400 million inhabitants that live in the Nile Basin countries,” says Ana Cascao, Programme Manager at Stockholm International Water Institute (SIWI).
  • Historically, Egypt is seen by many of its African neighbors as being hegemonic and quasi-colonial in its water usage.
Ed Webb

Translation project offers Israelis look into Palestinian literature - 0 views

  • Only 0.4% of Israeli Jews under the age of 70 can read the stories in the original Arabic language, he says. He also points to the fact that according to Israel’s National Library, less than 1% of all literature translated into Hebrew was written in Arabic, and 90% of the translators were Jews
  • The stories of “Amputated Tongue," which all deal in various ways with language deprivation, is written by 57 Palestinian writers from Israel, the West Bank, the Gaza Strip and abroad. The impressive compilation of contemporary Palestinian prose was translated into Hebrew according to a unique model by 36 translators, where one Arab and one Jewish translator collaborated. One-third of them were Palestinians. The short stories by some of the best Palestinian writers provide Israeli readers with more than a glimpse of entire lives lived in this land, and of this land.
  • The project lasted three years. Its goal was to give a voice to Palestinian Arabic society in the hostile climate created by Israel’s right-wing regime that views Arabic as an enemy language — as made abundantly clear in the 2018 Nationality Law, which downgraded the status of Arabic as an official language. The anthology targeted those few Israelis who want to know more about Palestinians but have had little exposure to them until now.
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  • The first story in the compilation is by Gaza resident Sama Hassan, titled “No." It tells the story of a woman whose husband repeatedly rapes her, sometimes until she is bleeding, but she cannot utter the word “No." “… Over and over he cut into her flesh, which grew increasingly tough until she emitted a groan of pain. … You are nothing but the family’s property, was the first grating thought. Hands and womb, hands and womb." I told Burbara that the story had shocked me. I put the book aside and could not continue reading for a few days. “We put ‘No’ first on purpose,” she explained. “We wanted readers to feel and tell themselves, ‘Wow, what is she telling us? How will we learn more about the women in Gaza who are not heard.’”
  • Given the nationalistic climate in Israel, with a prime minister who incites hatred of Arabs, I asked Burbara how many Jewish Israelis she thought would read the book. “That is the million-dollar question,” she answered. “But I believe that if you start to drip water on a stone, it digs into its surface and leaves a mark. 'Amputated Tongue' is the first rain that will drip onto the Israeli stone and dig into it deeper and deeper.”
Ed Webb

The Coronavirus Oil Shock Is Just Getting Started - 0 views

  • People in the West tend to think about oil shocks from the perspective of the consumer. They notice when prices go up. The price spikes in 1973 and 1979 triggered by boycotts by oil producers are etched in their collective consciousness, as price controls left Americans lining up for gas and European governments imposed weekend driving bans. This was more than an economic shock. The balance of power in the world economy seemed to be shifting from the developed to the developing world.
  • If a surge in fossil fuel prices rearranges the world economy, the effect also operates in reverse. For the vast majority of countries in the world, the decline in oil prices is a boon. Among emerging markets, Indonesia, Philippines, India, Argentina, Turkey, and South Africa all benefit, as imported fuel is a big part of their import bill. Cheaper energy will cushion the pain of the COVID-19 recession. But at the same time, and by the same token, plunging oil prices deliver a concentrated and devastating shock to the producers. By comparison with the diffuse benefit enjoyed by consumers, the producers suffer immediate immiseration.
  • In inflation-adjusted terms, oil prices are similar to those last seen in the 1950s, when the Persian Gulf states were little more than clients of the oil majors, the United States and the British Empire
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  • Fiscal crises caused by falling prices limit governments’ room for domestic maneuver and force painful political choices
  • The economic profile of the Gulf states is not, however, typical of most oil-producing states. Most have a much lower ratio of oil reserves to population. Many large oil exporters have large and rapidly growing populations that are hungry for consumption, social spending, subsidies, and investment
  • In February, even before the coronavirus hit, the International Monetary Fund was warning Saudi Arabia and the United Arab Emirates that by 2034 they would be net debtors to the rest of the world. That prediction was based on a 2020 price of $55 per barrel. At a price of $30, that timeline will shorten. And even in the Gulf there are weak links. Bahrain avoids financial crisis only through the financial patronage of Saudi Arabia. Oman is in even worse shape. Its government debt is so heavily discounted that it may soon slip into the distressed debt category
  • Ecuador is the second Latin American country after Argentina to enter technical default this year.
  • Populous middle-income countries that depend critically on oil are uniquely vulnerable. Iran is a special case because of the punitive sanctions regime imposed by the United States. But its neighbor Iraq, with a population of 38 million and a government budget that is 90 percent dependent on oil, will struggle to keep civil servants paid.
  • Algeria—with a population of 44 million and an official unemployment rate of 15 percent—depends on oil and gas imports for 85 percent of its foreign exchange revenue
  • The oil and gas boom of the early 2000s provided the financial foundation for the subsequent pacification of Algerian society under National Liberation Front President Abdelaziz Bouteflika. Algeria’s giant military, the basic pillar of the regime, was the chief beneficiaries of this largesse, along with its Russian arms suppliers. The country’s foreign currency reserves peaked at $200 billion in 2012. Spending this windfall on assistance programs and subsidies allowed Bouteflika’s government to survive the initial wave of protests during the Arab Spring. But with oil prices trending down, this was not a sustainable long-run course. By 2018 the government’s oil stabilization fund, which once held reserves worth more than one-third of GDP, had been depleted. Given Algeria’s yawning trade deficit, the IMF expects reserves to fall below $13 billion in 2021. A strict COVID-19 lockdown is containing popular protest for now, but given that the fragile government in Algiers is now bracing for budget cuts of 30 percent, do not expect that calm to last.
  • Before last month’s price collapse, Angola was already spending between one fifth and one third of its export revenues on debt service. That burden is now bound to increase significantly. Ten-year Angolan bonds were this week trading at 44 cents on the dollar. Having been downgraded to a lowly CCC+, it is now widely considered to be at imminent risk of default. Because servicing its debts requires a share of public spending six times larger than that which Angola spends on the health of its citizens, the case for doing so in the face of the COVID-19 crisis is unarguable.
  • Faced with the price collapse of 2020, Finance Minister Zainab Ahmed has declared that Nigeria is now in “crisis.” In March, the rating agency Standard & Poor’s lowered Nigeria’s sovereign debt rating to B-. This will raise the cost of borrowing and slow economic growth in a country in which more than 86 million people, 47 percent of the population, live in extreme poverty—the largest number in the world. Furthermore, with 65 percent of government revenues devoted to servicing existing debt, the government may have to resort to printing money to pay civil servants, further spurring an already high inflation rate caused by food supply shortages
  • The price surge of the 1970s and the nationalization of the Middle East oil industry announced the definitive end of the imperial era. The 1980s saw the creation of a market-based global energy economy. The early 2000s seemed to open the door on a new age of state capitalism, in which China was the main driver of demand and titans like Saudi Aramco and Rosneft managed supply
  • The giants such as Saudi Arabia and Russia will exploit their muscle to survive the crisis. But the same cannot so easily be said for the weaker producers. For states such as Iraq, Algeria, and Angola, the threat is nothing short of existential.
  • Beijing has so far shown little interest in exploiting the crisis for debt-book diplomacy. It has signaled its willingness to cooperate with the other members of the G-20 in supporting a debt moratorium.
  • In a century that will be marked by climate change, how useful is it to restore profits and prosperity based on fossil fuel extraction?
  • The shock of the coronavirus is offering a glimpse of the future and it is harsh. The COVID-19 crisis drives home that high-cost producers are on a dangerously unsustainable path that can’t be resolved by states propping up their uncompetitive oil sectors. Even more important is the need to diversify the economies of the truly vulnerable producers in the Middle East, North Africa, sub-Saharan Africa, and Latin America.
Ed Webb

Live blog: Al-Monitor/Semafor Middle East Global Summit - Al-Monitor: Independent, trus... - 0 views

  • the Middle East “is one of the least integrated regions in the world in economic terms.”
    • Ed Webb
       
      This has long been true.
  • with an extreme right-wing coalition in power in Israel and Riyadh seeking heavy concessions from Washington, the future of a Palestinian state remains uncertain as ever.
  • COP28 Director General Majid Al-SuwaidiMajid Al-Suwaidi pushed back against criticism that the Middle East was not meeting climate change goals, saying “transformation in the region has been amazing.” He said the Middle East is “not just talking but actually doing things on the ground.”The main challenge to tackling climate change goals was finance, Suwaidi said. “We need to move from hundreds of billions of dollars to trillions of dollars.”
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  • Ansari touted his government’s role as a global mediator, claiming a secret meeting between Qatar’s Prime Minister Mohammed bin Abdulrahman bin Jassim Al-Thani and the Taliban’s supreme leader Haibatullah Akhundzada marked a “breakthrough.”It was the first known contact between the Taliban’s top leader with a non-Afghan official, Ansari said, adding that Qatar has sought to encourage the hard-line Islamist group on human rights, in particular those of women and girls. “We found that the more they engage, the more they are willing to listen,” Ansari said.
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