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What We’re Watching: Left wins Norway’s climate vote, everyone wants India’s jabs, junta denied Myanmar’s UN seat

Norway's climate election result: Most votes have now been counted from Norway's parliamentary election, and the left-leaning Labour party, headed by former FM Jonas Gahr Støre, has reaped 46 out of 168 seats up for grabs, ousting the conservative government led by PM Erna Solberg. Støre will now try to form a coalition government that's expected to include the agrarian Centre Party as well as the Socialist Party. The election was broadly seen as a referendum on climate change policy, given that oil accounts for more than 40 percent of Norway's exports and employs 7 percent of the entire workforce — though Norway itself has rolled out an ambitious green agenda at home. Støre says that he'll limit new oil explorations, but has ruled out getting rid of fossil fuels, saying that oil revenues could help fund the transition away from oil in the long run. Importantly, the Greens, the only political party that called for an end to all oil exploration, reaped only 4 percent of the vote, and is therefore unlikely to yield enough (or any) influence. Regardless, Støre may need to incorporate some smaller left-wing parties in his coalition that could force him to take a more forceful stance on climate change, like raising carbon taxes.

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The Graphic Truth: Petrostates' grim low-carbon future

Reducing carbon emissions is good for the planet and good for your lungs, but there's one group of countries that might not be so keen on green: those that rely heavily on oil and gas exports to run their economies. As the rest of the world gets closer to "Net Zero" in the coming decades, these petrostates will be in big trouble unless they diversify their economies — fast. So, how vulnerable are the world's top oil and gas producers to a low-carbon future? We look at how the treasuries of the 20 most hydrocarbon-dependent nations will fare over the next two decades under what the Carbon Tracker Initiative refers to as a scenario in which global demand for oil and gas will be much lower than today.

Quick Take: Trump's foreign policy legacy - the wins

Ian Bremmer's Quick Take:

Hi everybody. It is the last day of the Trump administration. Most of you, probably pretty pleased about that. A majority of Americans, though not a large majority, but certainly a majority of people around the world. And given that that's a good half of the folks that follow what we do at GZERO, that counts to a majority. And look, I ought to be clear, when we talk about the Trump administration and their foreign policy legacy, "America First" was not intended to be popular outside of the United States. So, it's not surprising that most people are happy to see the back of this president. But I thought what I would do would be to go back four years after say, what are the successes? Is there anything that Trump has actually done, the Trump administration has done that we think is better off in terms of foreign policy for the United States and in some cases for the world than it would have been if he hadn't been there? And I actually came up with a list. So, I thought I'd give it to you.

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What We’re Watching: The politics of ESG, the priorities of “Renewable China”, and the Big Losers in all of this

The future of ESG: Global investor interest in supporting sustainable companies has soared in recent years. But how do you define "sustainable"? One widely used criteria is ESG, which stands for "environmental, societal, and (corporate) governance." The catch, however, is that there still isn't a uniform definition of ESG criteria and regulation across different markets. For example, the EU and the US — home to the largest financial markets in the world — still disagree on the basic question of whether pension funds can classify or not. Meanwhile, outside of these two markets and some parts of Asia, the concept of ESG is relatively scarce in much of the developing world. So, what about China, where the sustainable investment market remains virtually untapped? If the Chinese join the party, it could be a game-changer. The larger the ESG market, the more lucrative it can be — and the better that is for society and the planet. But that means that the world's three largest economies, which hardly see eye-to-eye on anything these days, will have to agree on common standards for global ESG investment to truly take off. We're watching to see if and how that might happen.

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Betty Liu Explains: Why Oil Prices Went Negative

Why did oil prices go negative last week?

That was really quite a day on Monday. So, you saw WTI crude go into negative price territory. As you can imagine, the demand for oil has dropped dramatically. We're not driving as many cars. We're not flying as many airplanes. And so, that decline in demand means that oil is piling up in storage. That price drop also was likely exacerbated by an expiring futures contract and it basically capped off three straight weeks of losses in oil.

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Religious Tensions Rise in Sri Lanka: World in 60 Seconds

Are religious tensions rising in Sri Lanka?

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