Sustainable Switch: Hurricane Beryl barrels across the Caribbean
By Sharon Kimathi
Energy and ESG Editor, Reuters Digital
sharon.kimathi@thomsonreuters.com
Hello,
Today’s newsletter focuses on the devastating hurricane wreaking havoc across the Caribbean.
Hurricane Beryl thrashed Jamaica with heavy winds and rain, killing at least one person after forging a destructive, water-soaked path across smaller Caribbean islands over the past couple of days. The hurricane steamed towards the Cayman Islands and Mexico on Thursday.
The death toll from the Category 4 hurricane climbed to at least 10, but it is widely expected to rise further as communications come back online across islands damaged by flooding and deadly winds.
‘Everything’s gone’
In Jamaica, Beryl's eyewall skirted the island's southern coast, pummeling communities as emergency groups rushed to evacuate people from flood-prone areas.
"It's terrible. Everything's gone. I'm in my house and scared," said Amoy Wellington, a 51-year-old cashier who lives in Top Hill, a rural farming community in Jamaica's southern St. Elizabeth parish. "It's a disaster."
A woman died in Jamaica's Hanover parish after a tree fell on her home, Richard Thompson, acting director general at Jamaica's disaster agency said in an interview on local news. Nearly a thousand Jamaicans were in shelters by Wednesday evening, Thompson added.
Power outages were widespread across Jamaica, while some roads near the coast were washed out.
Ralph Gonsalves, prime minister of St. Vincent and the Grenadines, one of the hardest-hit areas in the eastern Caribbean, said in a radio interview that the country's Union Island was "flattened" by Beryl. "Everybody is homeless ... It is going to be a Herculean effort to rebuild."
In Grenada, Prime Minister Dickon Mitchell described "Armageddon-like" conditions with no power and widespread destruction, while also confirming three deaths.
In Venezuela, President Nicolas Maduro told state television that three people had died and four were missing, along with more than 8,000 homes damaged by torrential rains, including at least 400 destroyed.
Category 5
Hurricane Beryl was the 2024 Atlantic season's first hurricane and the earliest storm on record to reach the strongest possible ranking of Category 5, before weakening to Category 4 as it barrelled towards Jamaica on Wednesday.
Record-breaking sea temperatures that allow tropical storms to get stronger faster, driven by human-caused climate change and cyclical weather patterns, are fueling what scientists say is shaping up to be a very dangerous hurricane season.
A Category 5 is the strongest hurricane on the Saffir-Simpson Scale, bringing winds of 157 mph (252 kph) or higher, capable of causing catastrophic damage including the destruction of homes and infrastructure.
Since 1960, only 30 Atlantic hurricanes have reached Category 5, with 2005 - the year Hurricane Katrina devastated New Orleans - setting the record for the most recorded in a single season, at four.
La Nina
Latin America and the Caribbean should brace for the arrival of La Nina, the climate pattern seen fueling a highly active hurricane season in the Atlantic and greater climate variability across the region, experts said.
The World Meteorological Organization organized a webinar on La Nina's threat as Hurricane Beryl was tearing across the eastern Caribbean.
La Nina, a climate pattern that begins with colder-than-normal ocean temperatures in the central and eastern equatorial Pacific, is linked to both floods and drought, as well as an increase in the frequency of hurricanes in the Caribbean.
"Again, now, (we are in) a transition to the La Nina phenomenon," said Jose Luis Stella, of the Regional Climate Center for Southern South America, warning that La Nina threatens to bring "rapid variability" to an already extreme climate.
The experts said that La Nina could cause a repeat of historic droughts in South America similar to those recorded between 2020 and 2023.
Talking Points
Racial discrimination: The last two living survivors of the 1921 Tulsa massacre called for a federal investigation into attacks by a white mob that killed hundreds of Black Americans in Oklahoma. Lessie Benningfield Randle, 109, and Viola Fletcher, 110, condemned the Oklahoma Supreme Court's decision last month to dismiss their lawsuit seeking reparations.
A United States conservative group sued Northwestern University, claiming its law school discriminates against white men in faculty hiring and in the selection of articles that appear in its flagship law review.
Humanitarian crisis: Trapped in a Catholic mission sheltering dozens of women and children from the war raging on the streets of Khartoum, Father Jacob Thelekkadan punched new holes in his belt as the supplies of food dwindled and he grew thinner. As food has grown scarce, the nuns have boiled tree leaves for the children to eat and many of the adults have skipped meals. Click here for the full Reuters article.
The World Bank and other major development banks got a double boost as Fitch said debt payment freezes for climate-disaster hit countries would not hit the banks' credit ratings and it would no longer cap ratings on new 'hybrid' bonds.
Challengers to federal rules covering a range of industries, including mining and farming, got a fresh shot at rolling back regulations as the U.S. Supreme Court applied a new standard for reviewing the power of federal agencies. This ruling would mean judges must perform an independent assessment of whether a regulation is legal. Click here for the full Reuters article.
Diversity fund case: Just weeks after a U.S. appeals court blocked a Black-owned venture capitalist from funding women-of-color-led businesses, the ruling has had a chilling effect across the small industry of diversity-focused venture capital funds, according to founders, investors and lawyers who spoke to Reuters. Click here for the full Reuters report.
In Conversation
Andrew Griffiths, director of policy and corporate development at Planet Mark, a UK-based environmental services firm, shares his thoughts on the UK general election and his hopes for future climate policies:
“We are quickly approaching several crucial climate tipping points. It is vital for the next government to recognise net zero as an investment opportunity, paving the way for a cleaner, healthier, and more prosperous society.
“To do this, the new Government needs to first set a policy-driven timeline and deadline for businesses to report at least Scope 1 and Scope 2 emissions on an annual basis to deliver emissions transparency. It also needs to encourage education and training in the green sector to fill the crucial demands from businesses for carbon emissions measurement, reductions and strategy.”
ESG Lens
When floods hit the eastern Australian town of Lismore two years ago, Adam Bailey lost all the historic collections from his antique store, including rare photos of the Dardanelles taken during World War One.
Now, when it rains at night, he can't sleep. If he wants to insure his new store and its contents at a nearby location, he needs to fork out almost A$80,000 ($53,272.00) - peace of mind he says he cannot afford. Click here for the full Reuters analysis.
ESG Spotlight
Today’s spotlight focuses on a heartwarming animal conservation and mental health initiative in Italy.
In an area of Rome that once hosted horse races, four horses and two ponies move at a much slower pace to help neurological patients restore their movements and confidence.
With handles on the side of their saddles, the animals at the San Giovanni Battista Hospital allow some people to take their first halting steps after trauma, strokes, degenerative diseases, as well as long COVID.
"It's a beautiful feeling, to be able to stay in equilibrium, to be able to walk. It's difficult but with the horse I can do it," said former shooting champion Matteo Santopadre, who relies on a wheelchair after a months-long coma following a car accident.
Looking Ahead
July 5, United Kingdom: Britons react to the results of the UK general election as the ballots are counted.
July 5, Geneva, Switzerland: U.N. agencies will launch a report on the risks faced by refugees and migrants in the Mediterranean route.
July 5, Shanghai, China: The World AI Conference will be held in China’s most populous city. The event will gather government officials, industry leaders, and corporate executives. Confirmed attendees include Chinese Premier Li Qiang, Baidu CEO Robin Li, and Qualcomm China Chairman Frank Meng, among others.
July 8, Delaware, United States: Lawyers for the Tesla shareholder who voided Elon Musk's $56 billion pay package will make their case before a Delaware judge that they deserve a legal fee of $6 billion for pursuing and winning the case.
Today’s Sustainable Switch was edited by Jane Merriman
Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.
Sharp drop in Lismore property prices https://reut.rs/3W1Emyy
Ähnliche Finanzinstrumente
Neueste News
Rechtlicher Hinweis: Die Unternehmen der XM Group bieten Dienstleistungen ausschließlich zur Ausführung an sowie Zugang zu unserer Online-Handelsplattform. Durch diese können Personen die verfügbaren Inhalte auf oder über die Internetseite betrachten und/oder nutzen. Eine Änderung oder Erweiterung dieser Regelung ist nicht vorgesehen und findet nicht statt. Der Zugang wird stets geregelt durch folgende Vorschriften: (i) Allgemeine Geschäftsbedingungen; (ii) Risikowarnungen und (iii) Vollständiger rechtlicher Hinweis. Die bereitgestellten Inhalte sind somit lediglich als allgemeine Informationen zu verstehen. Bitte beachten Sie, dass die Inhalte auf unserer Online-Handelsplattform keine Aufforderung und kein Angebot zum Abschluss von Transaktionen auf den Finanzmärkten darstellen. Der Handel auf Finanzmärkten birgt ein hohes Risiko für Ihr eingesetztes Kapital.
Sämtliche Materialien, die auf unserer Online-Handelsplattform veröffentlicht sind, dienen ausschließlich dem Zweck der Weiterbildung und Information. Die Materialien beinhalten keine Beratung und Empfehlung im Hinblick auf Finanzen, Anlagesteuer oder Handel und sollten nicht als eine dahingehende Beratung und Empfehlung aufgefasst werden. Zudem enthalten die Materialien keine Aufzeichnungen unserer Handelspreise sowie kein Angebot und keine Aufforderung für jegliche Transaktionen mit Finanzinstrumenten oder unverlangte Werbemaßnahmen für Sie zum Thema Finanzen. Die Materialien sollten auch nicht dahingehend aufgefasst werden.
Alle Inhalte von Dritten und die von XM bereitgestellten Inhalte sowie die auf dieser Internetseite zur Verfügung gestellten Meinungen, Nachrichten, Forschungsergebnisse, Analysen, Kurse, sonstigen Informationen oder Links zu Seiten von Dritten werden ohne Gewähr bereitgestellt. Sie sind als allgemeine Kommentare zum Marktgeschehen zu verstehen und stellen keine Anlageberatung dar. Soweit ein Inhalt als Anlageforschung aufgefasst wird, müssen Sie beachten und akzeptieren, dass der Inhalt nicht in Übereinstimmung mit gesetzlichen Bestimmungen zur Förderung der Unabhängigkeit der Anlageforschung erstellt wurde. Somit ist der Inhalt als Werbemitteilung unter Beachtung der geltenden Gesetze und Vorschriften anzusehen. Bitte stellen Sie sicher, dass Sie unseren Hinweis auf die nicht unabhängige Anlageforschung und die Risikowarnung im Hinblick auf die vorstehenden Informationen gelesen und zur Kenntnis genommen haben, die Sie hier finden.
