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
Gerelateerde activa
Laatste nieuws
Disclaimer: De entiteiten van de XM Group bieden diensten en toegang tot ons online handelsplatform op basis van uitsluitend-uitvoering, waardoor een persoon de beschikbare content op of via de website kan bekijken en/of gebruiken, zonder dat dit is bedoeld voor wijziging of uitbreiding. Dergelijk(e) toegang en gebruik vallen onder: (i) de algemene voorwaarden; (ii) risicowaarschuwingen; en de (iii) volledige disclaimer. Dergelijke content wordt daarom alleen aangeboden als algemene informatie. Wees u er daarnaast vooral van bewust dat de inhoud op ons online handelsplatform geen verzoek of aanbieding omvat om transacties op de financiële markten uit te voeren. Het beleggen op welke financiële markt dan ook vormt een aanzienlijk risico voor uw vermogen.
Alle materialen die op ons online handelsplatform worden gepubliceerd zijn bedoeld voor educatieve/informatieve doeleinden en omvatten geen – en moeten niet worden beschouwd als het bevatten van – financieel, vermogensbelastings- of handelsadvies en aanbevelingen, of een overzicht van onze handelsprijzen, of een aanbod of aanvraag van een transactie in financiële instrumenten of ongevraagde financiële promoties voor u.
Alle content van derden, alsmede content die is voorbereid door XM, zoals opinies, nieuws, onderzoeken, analyses, prijzen en andere informatie of koppelingen naar externe websites op deze website worden aangeboden op een 'zoals-ze-zijn'-basis, als algemene marktcommentaren, en vormen geen beleggingsadvies. Voor zover dat content wordt beschouwd als beleggingsonderzoek, moet u zich ervan bewust zijn en accepteren dat de content niet bedoeld was en niet is voorbereid in overeenstemming met de wettelijke vereisten die zijn opgesteld om de onafhankelijkheid van beleggingsonderzoek te bevorderen en als zodanig onder de geldende wetgeving en richtlijnen moet worden beschouwd als marketingcommunicatie. Zorg ervoor dat u onze Mededeling over niet-onafhankelijk beleggingsonderzoek en risicowaarschuwing in verband met de voorgaande informatie doorneemt en begrijpt; die kunt u hier lezen.
