Business news and discussion on TalkFuse.
UN climate chief links fossil fuel costs to rising global inflation
UN climate chief Simon Stiell warned that volatile fossil fuel prices are worsening inflation worldwide as climate talks opened in Turkey. He urged countries to accelerate the shift to renewable energy and electrification, arguing that the economic disruption from fossil fuels adds to the case for moving away from them.
The article says petrol prices rose by 50% after disruption to oil supplies through the Strait of Hormuz, contributing to inflation and slower growth. Nearly 200 countries are taking part in the two-week summit, with Turkey expecting 100,000 visitors and at least 95 heads of state. Talks face pressure to produce faster action as scientists say warming will exceed the Paris agreement’s 1.5C goal; a 20-country coalition says that risk must not become an excuse for inaction.
In short
- UN climate chief says fossil fuel price shocks are driving inflation.
- Petrol prices rose 50% after disruption to oil supplies.
- COP31 faces calls to speed up the clean energy transition.
Business Climate Economy Geopolitics Health Medicine Politics Science World
Read the full article at the source →
Originally published by The Guardian as “High fossil fuel prices spread inflation ‘like a cancer’, UN climate negotiator tells Cop31”.