Pubblicato in: Devoluzione socialismo, Geopolitica Mondiale

G20. Prima giornata. Una altra disastrosa débâcle dei liberal. Contano quasi nulla.

Giuseppe Sandro Mela.

2021-10-31.

Buco nell'acqua. Lago Berryessa. California. 001

«The G20 bloc, which includes Brazil, China, India, Germany and the United States, accounts for an estimated 80% of the global greenhouse gas emissions which scientists say must be steeply reduced to avoid climate catastrophe»

«For that reason, this weekend’s gathering is seen as an important stepping stone to the UN’s “COP26” climate summit attended by almost 200 countries, in Glasgow, Scotland, where most of the G20 leaders will fly directly from Rome»

«The latest reports are disappointing, with little sense of urgency in the face of an existential emergency, …. There is no more time for vague wish-lists, we need concrete commitments and action»

«A fifth draft of the G20’s final statement seen by Reuters on Saturday did not toughen the language on climate action compared with previous versions, and in some key areas, such as the need to achieve net zero emissions by 2050, it softened it»

«The planet’s largest carbon emitter China, is aiming for net zero in 2060, while other major polluters such as India and Russia have also not committed to the mid-century deadline»

«G20 energy and environment ministers who met in Naples in July failed to reach agreement on setting a date to phase out fossil fuel subsidies and end coal power, asking the leaders to find a resolution at this weekend’s summit»

«Some developing countries are reluctant to commit to steep emission cuts until rich nations make good on a pledge made 12 years ago to provide $100 billion per year from 2020 to help them tackle the effects of global warming»

* * * * * * *

Joe Biden ed i liberal europei avevano a suo tempo imposto al G20 l’ordine del giorno di abbandonare la estrazione e l’uso del carbone fossile.

Avevano la granitica certezza che tutti i paesi del G20 avrebbe sicuramente accettato, obtorto collo, i  loro voleri.

Ma i fatti li stanno smentendo.

Afganistan. Biden, lo zimbello del mondo. I media lo abbandonano irati. Terrorismo.

Cop26. O l’ovest paga oppure India resterà a lungo con il carbone. ~5 trilioni di Usd.

Questa nuova débâcle di Joe Biden segna la tappa epocale della perdita di controllo delle UN.

«Da venerdì Stati Uniti ed enclave liberal europea sono diventati minoranza nelle assemblee delle Nazioni Unite..

I media liberal si son chiusi in un muto silenzio, come se nulla fosse successo.

Questa è una svolta storica, epocale: adesso è la Cina a controllare la maggioranza in seno alle Nazioni Unite»

G20. Roma. Cina, Russia ed India non vogliono abbandonare il carbone.

Cina. Silura ed affonda con scherno COP26. Costruirà nuove centrali a carbone e petrolio.

* * *

Adesso sta evidenziandosi una ancor più cocente débâcle. I liberal sono rimasti isolati sul ‘clima’ e non sono riusciti a fare accettare agli altri paesi l’abbandono del carbone, punta di diamante della loro ideologia.

Questo ulteriore fallimento avrà ripercussioni mondiali: sono mutati gli equilibri del potere.

Non solo.

Sul piano della politica domestica americana stanno notandosi i segni della dissolvenza dei democratici.

Biden. Anche i democratici si stanno ribellando pensando a midterm. Trombati.

A quanto potrebbe sembrare, il futuro sarà tutto una farsa.

* * *


G20 leaders face tough climate talks on second day of summit

Rome, Oct 31 (Reuters) – Leaders of the Group of 20 major economies sit down for a second day of talks on Sunday faced with the difficult task of bridging their differences on how to combat global warming ahead of a crucial United Nations summit on climate change.

The first day of the Rome summit – the leaders’ first face-to-face gathering since the start of the COVID pandemic – focused mainly on health and the economy, while climate and the environment is front and centre of Sunday’s agenda.

Climate scientists and activists are likely to be disappointed unless late breakthroughs are made, with drafts of the G20’s final communique showing little progress in terms of new commitments to curb pollution.

The G20 bloc, which includes Brazil, China, India, Germany and the United States, accounts for an estimated 80% of the global greenhouse gas emissions which scientists say must be steeply reduced to avoid climate catastrophe.

For that reason, this weekend’s gathering is seen as an important stepping stone to the UN’s “COP26” climate summit attended by almost 200 countries, in Glasgow, Scotland, where most of the G20 leaders will fly directly from Rome.

“The latest reports are disappointing, with little sense of urgency in the face of an existential emergency,” said Oscar Soria of the activist network Avaaz. “There is no more time for vague wish-lists, we need concrete commitments and action.”

A fifth draft of the G20’s final statement seen by Reuters on Saturday did not toughen the language on climate action compared with previous versions, and in some key areas, such as the need to achieve net zero emissions by 2050, it softened it.

This mid-century target date is a goal that United Nations experts say is needed to cap global warming at 1.5 degrees Celsius, seen as the limit to avoid a dramatic acceleration of extreme events such as droughts, storms and floods.

U.N. experts say even if current national plans to curb emissions are fully implemented, the world is headed for global warming of 2.7C.

The planet’s largest carbon emitter China, is aiming for net zero in 2060, while other major polluters such as India and Russia have also not committed to the mid-century deadline.

G20 energy and environment ministers who met in Naples in July failed to reach agreement on setting a date to phase out fossil fuel subsidies and end coal power, asking the leaders to find a resolution at this weekend’s summit.

Based on the latest draft, they have made little progress, pledging to “do our utmost” to stop building new coal power plants before the end of the 2030s and saying they will phase out fossil fuel subsidies “over the medium term.”

On the other hand, they do pledge to halt financing of overseas coal-fired power generation by the end of this year.

Some developing countries are reluctant to commit to steep emission cuts until rich nations make good on a pledge made 12 years ago to provide $100 billion per year from 2020 to help them tackle the effects of global warming.

That promise has still not been kept, contributing to the “mistrust” which UN Secretary General Antonio Guterres said on Friday was blighting progress in climate negotiations.

The draft stresses the importance of meeting the goal and doing so in a transparent way.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Geopolitica Asiatica

Australia. La Banca Centrale ha perso il controllo sugli interessi del debito.

Giuseppe Sandro Mela.

2021-10-31.

Australia 001

«The Reserve Bank of Australia (RBA) again declined to defend its 0.1% target for the key April 2024 bond, even though its yield was all the way up at 0.58%»

«The yield sky-rocketed to 0.75% while yields on three-year bonds recorded their biggest monthly increase since 1994»

«Australia’s central bank on Friday lost all control of the yield target key to its stimulus policy as bonds suffered their biggest shellacking in decades and markets howled for rate hikes as soon as April»

«An already torrid week for debt got even worse when the Reserve Bank of Australia (RBA) again declined to defend its 0.1% target for the key April 2024 bond, even though its yield was all the way up at 0.58%»

«Scenting capitulation, speculators sent the yield sky-rocketing to 0.75%»

«The only conclusion we can draw is that the YCC regime is about to be formally dumped at next week’s meeting»

«swaps have rates above 1% by year-end»

«With the economy now recovering again we believe that the conditions for the start of rate hikes will now be in place by late 2022»

«The RBA is hardly alone in being at odds with increasingly aggressive market pricing for early tightening»

«The European Central Bank on Thursday tried to push back against market hawks but with scant success, as bond yields jumped across the continent»

«Many central banks are conceding that global inflationary pressures look likely to be more lasting than first thought, given supply bottlenecks and surging energy prices»

* * * * * * *

Il governo australiano ha nutrito ambizioni politiche ed economiche smodate, impossibili da sostenersi.

I suoi litigi ideologici con la Cina sono costati ben cari.

Ma il mercato ha una forza tale da stritolare anche le banche centrali dei paesi mediamente potenti.

Adesso la Banca Centrale ha perso il controllo sugli interessi del debito, i quali si sono impennati, e verosimilmente tali rimarranno per lungo tempo.

* * * * * * *


Australia’s central bank loses yield control as bonds melt down.

– The Reserve Bank of Australia (RBA) again declined to defend its 0.1% target for the key April 2024 bond, even though its yield was all the way up at 0.58%.

– The yield sky-rocketed to 0.75% while yields on three-year bonds recorded their biggest monthly increase since 1994.

– All eyes were now on the RBA’s policy meeting on Nov.2 where investors were wagering

– it would call time on yield curve control (YCC).

* * *

Australia’s central bank on Friday lost all control of the yield target key to its stimulus policy as bonds suffered their biggest shellacking in decades and markets howled for rate hikes as soon as April.

An already torrid week for debt got even worse when the Reserve Bank of Australia (RBA) again declined to defend its 0.1% target for the key April 2024 bond, even though its yield was all the way up at 0.58%.

Scenting capitulation, speculators sent the yield sky-rocketing to 0.75% while yields on three-year bonds recorded their biggest monthly increase since 1994.

All eyes were now on the RBA’s policy meeting on Nov.2 where investors were wagering it would call time on yield curve control (YCC) and its guidance of no rate rises until 2024.

“The only conclusion we can draw is that the YCC regime is about to be formally dumped at next week’s meeting,” said Ben Jarman, a rate strategist at JPMorgan.

“If so this is a startling about-face,” he added. “Dropping YCC is a strong signal, so we bring forward our expectation for the first hike from late 2023 to Q4, 2022.”

Markets are already well ahead of him with futures pricing in a hike in the 0.1% cash rate to 0.25% as early as April, while swaps have rates above 1% by year-end.

Yields on three-year bonds surged to their highest since mid-2019 at 1.25%, bringing the rise for the week to a portfolio punishing 47 basis points. For the month, yields were up an astonishing 90 basis points likely leaving many investors deeply underwater.

                         Gone too far

Most analysts argue the market has got ahead of itself on hikes given annual wage growth in Australia of 1.7% is still far below the RBA’s desired level of 3% or more.

While core inflation data this week surprised on the high side at 2.1%, that is still only just in the RBA’s target band of 2-3% having been under it for almost six years. To average 2.5%, it would need to run above 3% for an equal period.

A Reuters poll of analysts found the median expectation was for a hike in the second quarter of 2023, though the risk was clearly for an earlier move.

Calling for a hike at all might seem odd given the economy almost certainly contracted sharply in the third quarter as coronavirus restrictions shut Sydney and Melbourne.

However, the country’s success in vaccinations has seen the lockdowns relaxed and consumer spending pick up. Data out Friday showed retail sales rebounded 1.3% in September after three months of steep losses, handily beating forecasts.

The job market has also proved resilient, leading analysts to predict an economic rebound this quarter.

“With the economy now recovering again we believe that the conditions for the start of rate hikes will now be in place by late 2022,” said Shane Oliver, chief economist at AMP Capital, who sees rates at 0.5% by the end of next year.

“While this will mean an increase in consumer and housing interest rates, the overall level of the cash rate will still be incredibly low and will be far from tight monetary conditions.”

The RBA is hardly alone in being at odds with increasingly aggressive market pricing for early tightening.

The European Central Bank on Thursday tried to push back against market hawks but with scant success, as bond yields jumped across the continent.

Many central banks are conceding that global inflationary pressures look likely to be more lasting than first thought, given supply bottlenecks and surging energy prices.

Pubblicato in: Devoluzione socialismo, Materie Prime, Problemia Energetici, Stati Uniti

Biden. Si dichiara impotente contro la inflazione. I Cittadini se la tengano. – Cnbc.

Giuseppe Sandro Mela.

2021-10-31.

2021-10-28__ Biden Inflazione 001

«the administration can create a problem, and then declare an emergency arising from the problem it created»

«Prices at the pump are increasing as global oil prices surge 70% this year»

«The White House has acknowledged it has few options»

«60% said the administration is not focused closely enough on the issue»

* * * * * * *

«Biden has few options to combat surging gas prices as voters grow concerned about inflation»

«Retail gas prices – averaging $3.38 per gallon on Oct. 25 – have risen roughly 50% in 2021, surpassing pre-pandemic levels»

«inflation is hitting Americans’ wallets and threatening the economic rebound heading into the 2022 midterm elections»

«→→ The White House has acknowledged it has limited options to address the problem ←←»

«For months, the Biden administration has vowed to use every tool at its disposal to curb rising energy prices that are contributing to inflation across the country, but there aren’t many tools available to the White House»

«Administration officials have suggested privately that a release from the strategic petroleum reserve would have a negligible impact, and curtailing exports would risk angering allies and violating long-term business contracts»

«→→ Prices at the pump are increasing as global oil prices surge 70% this year ←←»

«U.S. production below pre-pandemic levels»

«The White House has acknowledged it has few options»

«domestic energy advocates say the White House’s own environmental policies have served to limit the supply of oil and natural gas coming into the market»

«At the start of the year, President Joe Biden cancelled a permit for the Keystone XL Pipeline and paused drilling activity on federal lands and waters»

«The Bureau of Ocean Management will lease water in the Gulf of Mexico this year, a sale rescheduled after the federal judge’s injunction»

«Louisiana is one of 13 energy-producing states that are suing the administration over the drilling ban»

«→→ I don’t think that the administration can create a problem, and then declare an emergency arising from the problem it created ←←»

«That’s not an emergency, that’s a problem you created yourself»

«inflation is hitting Americans’ wallets and threatening the economic rebound heading into the 2022 midterm elections»

* * * * * * *

Joe Biden si è cacciato in un vicolo cieco, e con lui l’America.

Gli Stati Uniti sono in stagflazione.

In ossequio alla sua ideologia liberal, agendo sotto la spinta di un pensiero dominante coatto, Joe Biden ha bloccato sia la estrazione del natural gas sia quella del petrolio, prodotti energetici che adesso deve importare pagando un prezzo ben salato.

I prezzi delle materie prime energetiche sono quasi raddoppiati nel volgere di pochi mesi sui mercati internazionali.

Se è vero che Joe Biden ben poco può fare sui mercati mondiali, questa è inflazione importata, una mente pragmatica toglierebbe immediatamente i vincoli che lui stesso ha imposto alla produzione di natural gas e di petrolio.

Così facendo, almeno questo problema sarebbe completamente risolto.

* * * * * * *


Biden has few options to combat surging gas prices as voters grow concerned about inflation.

– Retail gas prices – averaging $3.38 per gallon on Oct. 25 – have risen roughly 50% in 2021, surpassing pre-pandemic levels.

– There are “no immediate plans” to tap into emergency reserves or limit energy exports outside the United States, the Energy Department told CNBC.

– Combined with price spikes across a variety of goods, inflation is hitting Americans’ wallets and threatening the economic rebound heading into the 2022 midterm elections. 

– The White House has acknowledged it has limited options to address the problem.

* * *

For months, the Biden administration has vowed to use every tool at its disposal to curb rising energy prices that are contributing to inflation across the country, but there aren’t many tools available to the White House.

There are “no immediate plans” to tap into emergency reserves or limit energy exports outside the United States, the Energy Department told CNBC. Those are two market levers the executive branch could pull.

Administration officials have suggested privately that a release from the strategic petroleum reserve would have a negligible impact, and curtailing exports would risk angering allies and violating long-term business contracts. 

Retail gas prices – averaging $3.38 per gallon on Oct. 25 – have risen roughly 50% in 2021, surpassing pre-pandemic levels. Prices at the pump are increasing as global oil prices surge 70% this year due in part to a rebound in demand from pandemic lows.

Supply is also constrained, with U.S. production below pre-pandemic levels and OPEC and its allies keeping barrels off the global market.

The White House has acknowledged it has few options. “There are limitations to what any president can do, as it relates to gas prices,” press secretary Jen Psaki told reporters Friday. 

The White House said it directed the Federal Trade Commission to investigate possible price gouging and the National Security Council to urge countries represented by OPEC+ to increase production.

Oil prices are the byproduct of market forces of supply and demand, and domestic energy advocates say the White House’s own environmental policies have served to limit the supply of oil and natural gas coming into the market. 

At the start of the year, President Joe Biden cancelled a permit for the Keystone XL Pipeline and paused drilling activity on federal lands and waters. A judge overturned the drilling ban and ordered the Biden administration to restart leasing activity. The administration is appealing the decision.

The federal government will resume leasing land for oil and gas drilling next year, after the Bureau of Land Management cancelled planned quarterly lease auctions in 2021 to comply with the White House’s executive order calling for a comprehensive review of the program.

The Bureau of Ocean Management will lease water in the Gulf of Mexico this year, a sale rescheduled after the federal judge’s injunction.

Louisiana is one of 13 energy-producing states that are suing the administration over the drilling ban. State Solicitor General Liz Murrill says the White House should “take the handcuffs” off energy producers if it wants to improve the situation sooner.   

“I don’t think that the administration can create a problem, and then declare an emergency arising from the problem it created,” Murrill told CNBC.  “That’s not an emergency, that’s a problem you created yourself.”

Combined with price spikes across a variety of goods, inflation is hitting Americans’ wallets and threatening the economic rebound heading into the 2022 midterm elections. 

Voters are increasingly blaming Biden for the spike in prices: 66% of respondents in an early October survey conducted by CBS News blamed U.S. government policy for inflation, and 60% said the administration is not focused closely enough on the issue. 

“Politically speaking, Democrats need the economy to be going as well as it can,” said Stephen Myrow, managing partner of Beacon Policy Advisors and a former Treasury official. “At the same time, [Biden] has prioritized climate change and clean energy, and inevitably there’s conflict between those priorities.” 

The conflict is intensifying in the weeks leading up to the United Nations climate summit beginning in Glasgow, Scotland on Nov. 1. According to progressive lawmakers, Biden has said he needs to show up with a trillion-dollar policy framework on climate change to protect “American prestige.” 

Pubblicato in: Banche Centrali, Unione Europea

Ecb. Lagarde inerte mentre la stagflazione dilaga. Après moi le déluge.

Giuseppe Sandro Mela.

2021-10-30.

Giulio Romano. Palazzo Gonzaga. Sala dei giganti. 004

Il blocco europeo è entrato da mesi in stagflazione, ma la Ecb afferma che

«inflation is largely transitory»

Aspetta quindi che la situazione evolva.

* * * * * * *

«European Central Bank expected to hold steady as economy slows and inflation soars»

«Euro zone inflation hit a 13-year high in September, mainly pushed up by higher energy prices, rising car prices and higher costs for accommodation»

«Decisions on the future of the European Central Bank’s pandemic stimulus package aren’t expected until December»

«We see scope for the ECB to continue its pushback against current market pricing in its communications at the meeting»

«we also expect Christine Lagarde to maintain that the current spike in inflation is largely transitory»

«the central bank has said it won’t lift rates until inflation is at 2% over the medium term»

* * * * * * *

Zona Euro. Sept21. PPI, Indice dei prezzi alla produzione, 13.4% anno su anno

Blocco Europeo. Settembre21. Immatricolazioni auto crollate di più di un quarto, anno su anno.

A nostro sommesso parere, quando, e se interverrà, sarà pur sempre troppo tardi.

* * * * * * *


European Central Bank expected to hold steady as economy slows and inflation soars.

– Investors will be watching for any indication of a shift in the ECB’s thinking on the nature of the current spike in inflation.

– Euro zone inflation hit a 13-year high in September, mainly pushed up by higher energy prices, rising car prices and higher costs for accommodation.

– Decisions on the future of the European Central Bank’s pandemic stimulus package aren’t expected until December.

*

For some time, central-bank watchers have expected the ECB’s October meeting to be relatively unexciting, but the current mix of slowing growth and higher inflation could render it more eventful than originally anticipated.

Although big decisions on the future of the European Central Bank’s emergency stimulus package — the Pandemic Emergency Purchase Program — are unlikely to be revealed until December, investor interest will be focused on comments made by bank President Christine Lagarde in this Thursday’s press conference.

“We see scope for the ECB to continue its pushback against current market pricing in its communications at the meeting,” Spyros Adreopoulos, senior European economist at BNP Paribas, said in a recent note.

“The flipside of pushing back against market pricing is that we also expect Christine Lagarde to maintain that the current spike in inflation is largely transitory.”

The euro zone economy currently is facing multiple adverse economic shocks. Supply chain bottlenecks have created shortages of all sorts of goods and gas prices are at record highs. Despite these uncertainties the market is currently pricing in a first rate hike by the central bank at the end of 2022.

“The market will be keen to hear if President Lagarde argues as strongly as ECB Chief Economist Lane that the market timing of lift-off is inconsistent with the new guidance,” writes Mark Wall, chief economist at Deutsche Bank.

Earlier this month, ECB Chief Economist Philip Lane called into question whether interest rates would rise at the end of next year, given that the central bank has said it won’t lift rates until inflation is at 2% over the medium term.

“When you look at market prices of the forward interest rate curve I think it’s challenging to reconcile some of the market views with our pretty clear, straightforward forward guidance,” Lane said at an online event, according to Reuters.

Euro zone inflation hit a 13-year high in September, mainly pushed up by higher energy prices, rising car prices and higher costs for accommodation.

“While the rise in prices for ‘accommodation’ should be interpreted as [a] “catch up” price increase, rising car prices reflect supply side bottlenecks,” Dirk Schumacher said in a note to clients.

“The September figures provide tentative evidence that the catch up part of inflation is an one-off and therefore temporary, while the price pressure emanating from bottlenecks is, so far, not abating.”

Investors will be watching for any indication of a shift in the ECB’s thinking on the nature of the current spike in inflation. So far, the persistent narrative has been that “the current increase in inflation is expected to be largely temporary and underlying price pressures are building up only slowly,” as Lagarde stated in September. Any change to this assessment could be a real market mover as it would also imply a more hawkish tone inside the bank’s Governing Council.

So far, the majority of economists expect the ECB to err on the dovish side in an effort to prevent an unwarranted tightening of financial conditions when the euro zone economic recovery is slowing.

Pubblicato in: Cina, Materie Prime, Russia

Cina. Import di carbone dalla Russia aumentato del 230% in un anno, dalla Indonesia dell’89%.

Giuseppe Sandro Mela.

2021-10-30.

Putin_003__ - Copia

«China is ramping up coal imports from Russia — but not Australia»

«China imported about 3.7 million tons of thermal coal, the primary fuel for electricity production, from Russia in September, customs data showed»

«That’s up 28% from August and more than 230% higher than a year ago»

«China’s imports of coal surged by 76% from a year ago»

«Despite China’s increased need for coal, reported imports of thermal coal from Australia remained zero»

«This “illustrates the economic costs and dislocations that can be created when trade restrictions are used as a means to apply geopolitical pressure,”»

* * *

«New customs data out late Tuesday showed that much of the coal came from Russia and Indonesia — not Australia. In 2019, the country had accounted for about 38% of China’s imports of thermal coal, the primary fuel for electricity production»

«Australia was once China’s largest source of imported coal. But political tensions between the two countries escalated after Australia supported an investigation into how Beijing handled the coronavirus pandemic.»

«China imported 3 million tons of thermal coal from Indonesia last month, up 19% from August and a gain of 89% from September 2020»

* * * * * * *

Nel 2019 l’Australia rendeva conto del 38% delle importazioni cinesi di carbone.

Nel 2020 la Cina ha sospeso quelle importazioni perché l’Australia aveva messo in dubbio la buonafede cinese sulla emergenza del covid.

Quanto accaduto è però un fatto da valutarsi in un contesto ben più ampio di quello meramente economico.

Ancora una volta i cinesi hanno dimostrato al mondo di avere la volontà di sobbarcarsi anche grandi oneri economici e produttivi pur di mantenere integra la loro posizione politica.

E questa volontà era ben nota a tutti coloro che conoscono anche superficialmente la Cina, tranne che ai liberal occidentali, troppo femminilizzati, privi di volontà e quindi costituzionalmente incapaci di capire che altri invece la abbiano e la conservino con grande cura.

* * * * * * *


China is ramping up coal imports from Russia — but not Australia.

– China imported about 3.7 million tons of thermal coal, the primary fuel for electricity production, from Russia in September, customs data showed. That’s up 28% from August and more than 230% higher than a year ago.

– Despite China’s increased need for coal, reported imports of thermal coal from Australia remained zero, as they have been since an unofficial ban took place in late 2020.

– This “illustrates the economic costs and dislocations that can be created when trade restrictions are used as a means to apply geopolitical pressure,” said Stephen Olson, senior research fellow at the Hinrich Foundation.

* * *

BEIJING — As China tries to resolve its power shortage, the country is also ramping up its coal imports — bringing in three times as much coal from Russia compared to last year, China customs data show.

Reports of power cuts at factories across China intensified in September as local governments struggled to balance rising demand for electricity with efforts to reduce carbon emissions. Initial trade data showed China’s imports of coal surged by 76% from a year ago in September to 32.9 million tons.

New customs data out late Tuesday showed that much of the coal came from Russia and Indonesia — not Australia. In 2019, the country had accounted for about 38% of China’s imports of thermal coal, the primary fuel for electricity production.

China imported about 3.7 million tons of thermal coal from Russia in September, according to customs data accessed through Wind Information. That’s up 28% from August and more than 230% higher than a year ago.

The surge is not a one-off. China’s imports of thermal coal from Russia have either doubled or tripled from 2020 levels every month since May. The monthly figures this year also remain well above pre-pandemic levels in 2019.

“This demonstrates that China still needs the global trade system, despite its concerted efforts to reduce its dependence on trade,” said Stephen Olson, senior research fellow at the Hinrich Foundation, a nonprofit organization focused on trade issues.

“It also illustrates the economic costs and dislocations that can be created when trade restrictions are used as a means to apply geopolitical pressure,” he said in an email.

Despite China’s increased need for coal, the customs agency’s data showed imports of thermal coal from Australia remained zero, as they have been since an unofficial ban took place in late 2020.

Australia was once China’s largest source of imported coal. But political tensions between the two countries escalated after Australia supported an investigation into how Beijing handled the coronavirus pandemic.

China imported 3 million tons of thermal coal from Indonesia last month, up 19% from August and a gain of 89% from September 2020, customs data showed.

Pubblicato in: Cina, Economia e Produzione Industriale

Cina. 2021Sept. Profitti Industriali degli ultimi dodici mesi +44.7%.

Giuseppe Sandro Mela.

2021-10-29.

2021-10-28__ Cina Profitti Industriali 001

I media occidentali danno la Cina per morta economicamente, schiacciata sotto il peso delle loro sanzioni.

I macrodati attesterebbero però una ben differente realtà.

Un sistema industriale che genera simili profitti  produce ben qualcosa.

«an increase of 10.2 percent over the same period in 2019»

* * * * * * *


Il National Bureau of Statistics of China ha rilasciato il Report Industrial Production Operation in September 2021.

In September, the added value of industries above designated size actually increased by 3.1 percent year-on-year (the growth rate of the following added value was the actual growth rate excluding price factors), an increase of 10.2 percent over the same period in 2019 and an average increase of 5.0 percent over the two years. On a month-on-month basis, in September, the added value of industries above designated size increased by 0.05 percent over the previous month. From January to September, the added value of industries above designated size increased by 11.8 percent year-on-year, with an average growth of 6.4 percent in the two years.

Divided into three categories, in September, the added value of the mining industry increased by 3.2 percent year-on-year; that of manufacturing industry increased by 2.4 percent; and that of production and supply of electricity, heat, gas and water increased by 9.7 percent.

In terms of economic types, in September, the added value of state-owned holding enterprises increased by 4.5 percent year-on-year; that of joint stock enterprises increased by 4.0 percent, and that of foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan increased by 0.4 percent; private enterprises increased by 2.8 percent.

By industry, in September, the added value of 30 of the 41 major industries maintained year-on-year growth. The agricultural and sideline food processing industry increased by 2.5 percent, the textile industry decreased by 5.8 percent, the manufacturing of chemical raw materials and chemicals remained unchanged year-on-year, the non-metallic mineral products industry decreased by 1.1 percent, the ferrous metal smelting and processing industry decreased by 9.7 percent, the non-ferrous metal smelting and processing industry increased by 1.2 percent, the general equipment manufacturing industry increased by 3.0 percent, the special equipment manufacturing industry increased by 8.8 percent, the automobile manufacturing industry decreased by 8.2 percent, and the railway, shipbuilding, aerospace and other transportation equipment manufacturing grew by 7.9 percent, electrical machinery and equipment manufacturing grew by 6.8 percent, computer, communication and other electronic equipment manufacturing grew by 9.5 percent, and power and heat production and supply grew by 8.9 percent.

By product, in September, the output of 255 of 612 products increased year-on-year. Of which, 101.95 million tons of steel, a year-on-year decrease of 14.8 percent; 205.04 million tons of cement, down 13.0 percent; 5.23 million tons of ten non-ferrous metals, down 1.6 percent; 2.23 million tons of ethylene, an increase of 9.3 percent; 2,186,000 vehicles, down 13.7 percent, including 362,000 new energy vehicles, up 141.3 percent; the power generation was 675.1 billion kwh, an increase of 4.9 percent; crude oil processing capacity was 56.07 million tons, down 2.6 percent.

In September, the product sales rate of industrial enterprises was 98.2 percent, a year-on-year decrease of 0.4 percentage point; industrial enterprises achieved an export delivery value of 1,339.1 billion yuan, a year-on-year nominal increase of 16.8 percent.

* * * * * * *

Un report analitico è riportato qui: NSDP/SDDS for the People’s Republic of China

Pubblicato in: Devoluzione socialismo, Stati Uniti

Biden. Colleziona una altra gaffe su Taiwan. Cina furente. È un presidente sui generis.

Giuseppe Sandro Mela.

2021-10-29.

Biden 001

Letteralmente, il termine ‘gaffe’ indica un atto, comportamento, od espressione commessi o detti per goffaggine, inesperienza o anche semplice distrazione, che creano comunque imbarazzo negli altri.

È tutto l’opposto di quello che dovrebbe essere il fraseggio di un presidente degli Stati Uniti.

A dire il vero, Joe Biden ci ha abituato a comportamenti del genere.

* * * * * * *

Biden. Anche i democratici si stanno ribellando pensando a midterm. Trombati.

Usa. Joe Biden. Il 52% dei votanti vorrebbe che si dimettesse.

Dushanbe. Russia e Cina integrano l’Iran nello SCO. Altra débâcle irredimibile di Joe Biden.

Arabia Saudita. Biden ritira i missili Patriot, lasciandola indifesa. È inaffidabile.

Brics. 13mo Summit, con novità. Vogliono un ruolo politico internazionale.

Biden. Débâcle in Afghanistan. 51% disapprova, 38% approva.

Aukus. Gli (ex) alleati in rivolta. Ma Australia e Regno Unito si fidano di Biden.

Arabia Saudita. Biden ritira i missili Patriot, lasciandola indifesa. È inaffidabile.

Cina. Biden travolto da critiche interne ed estere per la vergognosa débâcle in Afganistan.

Usa. The New York Times accusa Biden di aver detto detto cose false

Afganistan. Biden, lo zimbello del mondo. I media lo abbandonano irati. Terrorismo.

* * * * * * *

«The White House on Friday reiterated that Joe Biden was not signaling a change in U.S. policy toward Taiwan when he said the United States would come to the island’s aid if it was attacked by China, and analysts dismissed the president’s remark as a gaffe»

«While Washington is required by law to provide Taiwan with the means to defend itself, it has long followed a policy of “strategic ambiguity” on whether it would intervene militarily to protect Taiwan in the event of a Chinese attack»

«Biden called that into question when he was asked at a CNN town hall in Baltimore on Thursday night whether the United States would come to Taiwan’s defense if it was attacked by China and he replied: “Yes, we have a commitment to do that.”»

«Asked at a Friday news briefing whether it was Biden’s intention to move away from strategic ambiguity to make an unambiguous statement about how the United States would respond to a Chinese attack on Taiwan, White House spokeswoman Jen Psaki said: “Our policy has not changed. He was not intending to convey a change in policy, nor has he made a decision to change our policy.”»

«Another principle of the act was that Washington “would regard any efforts to determine the future of Taiwan by other than peaceful means a threat to the peace and security of the Western Pacific and of grave concern to the United States”»

«Some are suggesting a deliberate effort to send unclear signals, but in my view, that makes no sense. A confused U.S. policy weakens deterrence»

«Despite his reputation on foreign affairs, he can be occasionally sloppy when distracted»

«China, which claims self-ruled Taiwan as its own, expressed its displeasure, with a foreign ministry spokesman saying Beijing has no room for concessions on its core interests»

* * * * * * *

Lasciare incertezze sulla posizione americana nei confronti di Formosa sembrerebbe essere stata una idea davvero maldestra.

Già poi che il mondo si fida poco o nulla degli Stati Uniti.

* * * * * * *


White House repeats no Taiwan policy change; experts see Biden gaffe.

Washington, Oct 22 (Reuters) – The White House on Friday reiterated that Joe Biden was not signaling a change in U.S. policy toward Taiwan when he said the United States would come to the island’s aid if it was attacked by China, and analysts dismissed the president’s remark as a gaffe.

While Washington is required by law to provide Taiwan with the means to defend itself, it has long followed a policy of “strategic ambiguity” on whether it would intervene militarily to protect Taiwan in the event of a Chinese attack.

Biden called that into question when he was asked at a CNN town hall in Baltimore on Thursday night whether the United States would come to Taiwan’s defense if it was attacked by China and he replied: “Yes, we have a commitment to do that.”

Shortly after he spoke, a White House spokesperson said there was no change in policy and analysts said it appeared the president misspoke.

Asked at a Friday news briefing whether it was Biden’s intention to move away from strategic ambiguity to make an unambiguous statement about how the United States would respond to a Chinese attack on Taiwan, White House spokeswoman Jen Psaki said: “Our policy has not changed. He was not intending to convey a change in policy, nor has he made a decision to change our policy.”

Psaki added that, as stated in Brussels earlier on Friday by U.S. Defense Secretary Lloyd Austin, “nobody wants to see cross-strait issues come to blows, certainly not President Biden, and there’s no reason that it should.”

Psaki said the U.S. defense relationship with Taiwan was guided by the long-established Taiwan Relations Act, under which Washington would “continue assisting Taiwan in maintaining a sufficient self-defense capability.”

Another principle of the act was that Washington “would regard any efforts to determine the future of Taiwan by other than peaceful means a threat to the peace and security of the Western Pacific and of grave concern to the United States,” she added.

Bonnie Glaser, a Taiwan expert at the German Marshall Fund of the United States, called Biden’s remark a “gaffe” and said it was “patently not true” that Washington has a commitment to defend Taiwan.

“Some are suggesting a deliberate effort to send unclear signals, but in my view, that makes no sense. A confused U.S. policy weakens deterrence,” she said, noting that Biden’s Asia policy czar, Kurt Campbell, had rejected “strategic clarity” over Taiwan.

Another Taiwan expert, Douglas Paal, a former U.S. representative in Taipei, said Biden was focused at the town hall on selling his domestic economic agenda.

“Despite his reputation on foreign affairs, he can be occasionally sloppy when distracted,” Paal said. “The White House was right to issue a speedy ‘no-change-in-policy’ correction, because that is where policy is.”

Biden’s remark comes at an awkward time, while White House officials are gearing up for a virtual meeting between him and Chinese leader Xi Jinping, which, sources say, they hope will show the world Washington can responsibly manage tense relations between the rival superpowers.

China, which claims self-ruled Taiwan as its own, expressed its displeasure, with a foreign ministry spokesman saying Beijing has no room for concessions on its core interests.

China urges the United States “not to send the wrong signals to the forces of Taiwan independence, to avoid seriously harming Sino-U.S. ties and peace and stability in the Taiwan Strait,” spokesman Wang Wenbin said.

Taiwan’s presidential office said its position remained the same, which is that it will neither give in to pressure nor “rashly advance” when it gets support.

Pubblicato in: Agricoltura, Devoluzione socialismo, Economia e Produzione Industriale

Italia. Oct21. Prezzi medi all’ingrosso di Sardine ed Acciughe. Cibo solo per Faraoni ricchi.

Giuseppe Sandro Mela.

2021-10-29.

2021-10-28__ Sardine ed Acciughe 001

Come si constata, anno su anno all’ingrosso le sardine sono aumentate del 100%, e le acciughe del 70%.

Si tenga presente come questi prezzi all’ingrosso si trasferiscano poi a quelli al consumo con un fattore moltiplicativo variabile da tre a cinque, a seconda della distribuzione al dettaglio. Il trasferimento spesso non è immediato.

Questa è inflazione bella e buona, ma Istat non considera sardine ed acciughe nel paniere con cui valuta la inflazione al consumo. I burocrati non vanno a fare la spesa.

Oramai sardine ed acciughe sono diventate cibo da Faraoni, e solo quelli ricchi.

* * * * * * *

Italia. Sept21. Prezzi medi all’ingrosso al caseificio dei formaggi.

Italia. Ott21. Gamberi rosa. Listino Prezzi Ingrosso. Prezzi stellari.

Italia. Dacci oggi il nostro pane quotidiano. Listino prezzi. La fame si avvicina.

Italia. Settembre21. Prezzi medi degli ortaggi all’origine. Roba da straricchi.

Italia. Sept21. Olio di oliva. Listino costi produzione. – Inflazione.

Mondo. Grano duro. Produzione dimezzata e costi cresciuti del 74% anno su anno.

Pubblicato in: Banche Centrali, Regno Unito

Banca Inghilterra. Verosimile una inflazione sopra il 5%.

Giuseppe Sandro Mela.

2021-10-28.

Regno Unito 001

PCI, Indice dei Prezzi al Consumo, +3.1%, dato del 20 ottobre 2021

PPI, Producer Price Index, +11.4%, dato del 20 ottobre 2021

Vendite al dettaglio -2.6%, dato del 22 ottobre 2021

Immatricolazioni auto -34.4%, dato del 15 ottobre 2021

* * * * * * *

«→→ Bank of England official warns inflation could top 5% as UK economy slows ←←»

«→→ Inflation could surge above 5% early next year in the United Kingdom ←←»

«I would not be shocked — let’s put it that way — if we see an inflation print close to or above 5% [in the months ahead], ….And that’s a very uncomfortable place for a central bank with an inflation target of 2% to be»

«But there are signs the recovery is faltering, even as inflation remains stubbornly high»

«The latest worrying signal came Friday, when the Office for National Statistics said that retail sales volumes fell for a fifth consecutive month in September»

«United Kingdom may be entering a period of “stagflation” characterized by weak economic growth and rising prices»

«The whiff of stagflation is greater in the UK than in most other economies and we now think temporary shortages will restrain GDP for longer and boost inflation by more than we previously thought»

«The United Kingdom is facing severe labor shortages, including a shortfall of 100,000 truck drivers, and workers are demanding higher wages, contributing to inflation»

«British consumer goods giant Unilever (UL) — which sells products around the world — said Thursday that it hiked prices by 4.1% in the quarter to September»

* * * * * * *

Il Regno Unito è entrato nella stagflazione.

Se sicuramente la situazione politica ed economica mondiale non favorisca una ripresa, altrettanto sicuramente si dovrebbe ammettere che l’odio ideologico nutrito contro il carbone abbia potentemente concorso al rapido deterioramento della situazione economica.

* * * * * * *

Bank of England official warns inflation could top 5% as UK economy slows.

London (CNN Business) Inflation could surge above 5% early next year in the United Kingdom, according to the Bank of England’s top economist, as product and labor shortages continue to hamper the country’s economic recovery.

“I would not be shocked — let’s put it that way — if we see an inflation print close to or above 5% [in the months ahead],” Huw Pill told the Financial Times. “And that’s a very uncomfortable place for a central bank with an inflation target of 2% to be.”

Pill declined to reveal how he would vote at the Bank of England’s next meeting on November 4, but he said that the question of whether policymakers should hike interest rates from 0.1% is “live.” Central banks use interest rates to keep inflation low and stable.

Inflation has been running near 3% in the United Kingdom as the country’s economy bounces back from a steep contraction in 2020 caused by the coronavirus pandemic. But there are signs the recovery is faltering, even as inflation remains stubbornly high.

The latest worrying signal came Friday, when the Office for National Statistics said that retail sales volumes fell for a fifth consecutive month in September. That’s the longest streak of consecutive declines since records began in 1996. Non-retail spending was also weak.

Economists worry that the United Kingdom may be entering a period of “stagflation” characterized by weak economic growth and rising prices.

“The whiff of stagflation is greater in the UK than in most other economies and we now think temporary shortages will restrain GDP for longer and boost inflation by more than we previously thought,” Capital Economics analysts wrote this week.

“This won’t be anywhere near as severe or as persistent as in the 1970s,” the analysts said.

“But for the next six months, the worsening product and labor shortages will put the brakes on the economic recovery at the same time as higher energy prices drive up CPI inflation from 3.2% in August to a peak of around 5.0% in April next year,” they added.

The United Kingdom is facing severe labor shortages, including a shortfall of 100,000 truck drivers, and workers are demanding higher wages, contributing to inflation. Energy prices have risen sharply across Europe, and some businesses are passing along higher costs to consumers.

British consumer goods giant Unilever (UL) — which sells products around the world — said Thursday that it hiked prices by 4.1% in the quarter to September.

Governor Andrew Bailey said last weekend that the Bank of England would “have to act” in response to surging prices. He said he continues to “believe that higher inflation will be temporary,” but conceded it could last longer than previously thought as a result of energy price hikes.

Pubblicato in: Devoluzione socialismo, Geopolitica Mondiale

Usa. Cnn. Cop26 è un flop. Questa volta i liberal dicono (quasi) il vero.

Giuseppe Sandro Mela.

2021-10-28.

Buco nell'acqua. Lago Berryessa. California. 001

«→→ If Glasgow fails, then Paris also failed ←←»

La Cnn è una storica roccaforte liberal, tutta grembiulini, aborto, clima, decarbonizzazione, lgbt, vaccini, etc.

Fa specie leggere articoli di tal fatta.

* * * * * * *

«A COP flop? Covid looms over crucial climate talks as some key leaders snub the event»

«world leaders together to make new commitments to save the planet»

«There are also worries over the symbolic absence of several key leaders»

«Chinese President Xi Jinping, leader of the world’s largest emitter, is unlikely to attend, having not left the country since the start of the Covid-19 pandemic»

«The pandemic is part of the reason some world leaders say they won’t attend»

«Russian President Vladimir Putin and Brazilian President Jair Bolsonaro have confirmed they aren’t coming, while yet to confirm are Mexico’s Andres Manuel Lopez Obrador, South Africa’s Cyril Ramaphosa and Japanese Prime Minister Fumio Kishida»

«If a world leader chooses not to attend for whatever reason, it sends a very clear signal that climate simply isn’t at the top of their priority list and depletes the momentum going into the summit»

«”It cannot be entirely coincidental that many of those reluctant to attend COP in person happen to lead countries that are high emitters or producers of fossil fuels»

«But even by that metric, the picture is bleak. Saudi Arabia made a pledge to achieve net zero on Sunday, but only by 2060, which scientists say is 10 years too late»

«We need hard commitments from India, Saudi Arabia, China, South Africa, Brazil on switching to clean energy and helping poorer countries make the switch»

«Ambition is one thing; real-world action — like cutting coal, scrapping cars, planting trees and putting money on the table — is what matters now»

«→→ If Glasgow fails, then Paris also failed ←←»

«That’s hardly a sign of global unity on climate»

* * * * * * *

Cop26. O l’ovest paga oppure India resterà a lungo con il carbone. ~5 trilioni di Usd.

«→→ If Glasgow fails, then Paris also failed ←←»

Questa frase sommarizza il punto centrale in poche parole.

Joe Biden e Mr Johnson aveva posto attese smisurate sul successo di Cop26, essendosi convinti di poter ancora imporre a tutto l’orbe terracqueo la loro Weltanschauung.

Il flop di Cop26 è il loro flop, sarà un’altra debacles di Joe Biden, che si somma a tutte le altre.

La Harris-Biden Administration ha appena perso la maggioranza in seno alle Nazioni Unite, maggioranza saldamente adesso in mano alla Cina ed ai suoi alleati.

Questa nuova débâcle di Joe Biden segna la tappa epocale della perdita di controllo delle UN.

Si deve constatare come il potere politico dei liberal si trovi adesso ad essere confinato nella loro ristretta enclave.

Che quella sia il loro ‘mondo’ possono crederselo più che bene, ma che quello sia il ‘mondo’ se lo dovranno ben togliere dalla testa.

I liberal occidentali sono sicuramente liberi di suicidarsi: nessuno li fermi!

* * * * * * *

A COP flop? Covid looms over crucial climate talks as some key leaders snub the event.

Just months ago, consensus was growing that COP26 would be a once-in-a-lifetime opportunity to hit the reset button on the climate crisis, bringing world leaders together to make new commitments to save the planet.

While the summit in Glasgow, Scotland, is still of vital importance in the battle against climate change, there is now a question mark on whether it will adequately put flesh on the bones of the 2015 Paris Agreement, which is its main purpose.

During a summer of extreme weather and new science showing that climate change is happening faster than we previously understood, there was a real sense that COP26 would be a huge moment for the global community to come together and lay out clear, real-world actions to halve emissions over this decade with the aim of keeping global warming to 1.5 degrees Celsius. But less than a week out, things are looking shaky.

British government officials shared with CNN their concerns that some of the most important nations in the G20 have yet to disclose their updated Nationally Determined Contributions (NDCs) on cutting emissions with just days to go until the summit kicks off.

There are also worries over the symbolic absence of several key leaders. Chinese President Xi Jinping, leader of the world’s largest emitter, is unlikely to attend, having not left the country since the start of the Covid-19 pandemic.

British officials had hoped that the UK’s successful vaccine rollout and the broader global response to the pandemic would mean the summit would go ahead as close to normal as possible. However, in recent weeks, the UK’s infection rate has soared and last week the country saw its deadliest day since March. The consequences of lifting almost all Covid restrictions before summer and returning life to normal have become impossible to ignore.

Ministers are now facing calls to impose further restrictions, and Health Secretary Sajid Javid has floated the possibility of introducing vaccine passports and other measures for those most vulnerable to the virus.

Questions are now being raised over how this all might affect COP26, which 25,000 people are expected to attend amid planned mass protests, as well as potential rail and bus strikes.

The pandemic is part of the reason some world leaders say they won’t attend. Russian President Vladimir Putin and Brazilian President Jair Bolsonaro have confirmed they aren’t coming, while yet to confirm are Mexico’s Andres Manuel Lopez Obrador, South Africa’s Cyril Ramaphosa and Japanese Prime Minister Fumio Kishida — all G20 leaders who are significant in the climate discourse because of their countries’ emissions, fossil fuel production, or both.

“If a world leader chooses not to attend for whatever reason, it sends a very clear signal that climate simply isn’t at the top of their priority list and depletes the momentum going into the summit,” says Mark Lynas, author of the book “Our Final Warning: Six Degrees of Climate Emergency.”

“It cannot be entirely coincidental that many of those reluctant to attend COP in person happen to lead countries that are high emitters or producers of fossil fuels,” Lynas says.

Underscoring the importance of COP26, Lynas says that Glasgow’s gathering “won’t just be a shindig where people can pose for photos,” but our “last real chance of setting out measures to meet the commitments made in Paris” of limiting warming to 1.5C and halving emissions by 2030.

UK government officials have played down the significance of any specific no-shows, stating that what really matters are commitments on emissions and spending that accompany any national delegation. They are awake to the fact, however, that Glasgow needs real-world commitments to match the rhetoric of Paris, and anything resembling a lack of seriousness from some of the most powerful or big-emitting countries sets the tone for an unsuccessful summit.

But even by that metric, the picture is bleak. Saudi Arabia made a pledge to achieve net zero on Sunday, but only by 2060, which scientists say is 10 years too late. And as China unveiled its climate road map the same day, it failed to mention any actual increase in its ambitions on slashing greenhouse gas emissions, despite vowing to cut fossil fuel use to 20% by 2060.

Lynas reasons that as the scientific consensus on climate change is now even more comprehensive than in 2015, the only reason anyone might be reluctant to make the necessary commitments is “short-term financial considerations.”

Lynas isn’t alone in his belief of how serious this moment is.

“This COP must be very honest about how little time we actually have,” says Mary Robinson, a former UN High Representative on human rights, and campaigner for climate justice.

“It’s not just a step along the way, but the moment we need to come good on Paris and commit to even more ambitious goals. We need hard commitments from India, Saudi Arabia, China, South Africa, Brazil on switching to clean energy and helping poorer countries make the switch. There is no wriggle room left.”

At this late stage ahead of COP26, it’s not just Covid putting the summit at risk.

The global energy crisis has served as a reminder that there are very few ready-to-use alternatives to gas and coal, while data shows that without serious government intervention, humans are not ready to stop burning fossils any time soon.

A report backed by the UN and published earlier this year revealed that, despite commitments made in Paris and a reduction due to the global pandemic, “emissions are rapidly recovering” and are “nowhere close to reduction targets.” Meanwhile, “greenhouse gas concentrations in the atmosphere continue at record levels, committing the planet to dangerous future warming.”

That’s why COP26 is so important. As UN Secretary-General António Guterres puts it, unless something happens in this “critical year for climate action,” then “limiting warming to 1.5°C will be impossible, with catastrophic consequences for people and the planet on which we depend.”

There has been much focus on to what extent the summit in Glasgow will be a success for Boris Johnson, given he is hosting this critical meeting. However, British government officials pointed out to CNN, not unreasonably, that Glasgow is about proving whether the commitments made in Paris are possible. Ambition is one thing; real-world action — like cutting coal, scrapping cars, planting trees and putting money on the table — is what matters now. If Glasgow fails, then Paris also failed.

For all the optimism surrounding COP26 earlier this year, as the event gets nearer, the mood music isn’t great. Multiple sources have told CNN that fossil fuel producing countries have been fighting against any firm language committing to the 1.5C target, and China has publicly accused the US and UK of moving goalposts from the original top end of 2C in Paris.

Reports have emerged in British media that some of the world’s biggest coal producing nations are trying to water down the Intergovernmental Panel on Climate Change’s (IPCC) forthcoming report of findings that threaten their national economic interest. Some of those nations — Australia, Brazil, Saudi Arabia and Japan — happen to be the same ones that either failed to update their emissions-cutting pledges or have done so without any meaningful increase in their pledges.

That’s hardly a sign of global unity on climate.

COP26 comes as the world reaches a point of no return. If the commitments in the Paris Agreement are not met, then, the vast majority of the science suggests, it will be too late to curb the long-term impact of global warming.

What must be exasperating for Johnson is that as he gets ready to host this summit of huge importance, the solution to the greatest threat humanity faces is well known and perfectly achievable. It just relies on his fellow global leaders caring enough. And somehow, in 2021, that is not something that can be banked on.