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Texas grid shows need to fix infrastructure in US; RIP Rush Limbaugh

Ian Bremmer discusses the World In (more than) 60 Seconds:

What's happening in Texas?

Speaking of weird weather, my goodness yeah, I didn't know this was coming up here. Yeah, it's cold, right? There's snow. It looks horrible and millions of people without energy and of course that is because the level of infrastructure investment into the Texas grid is well below what it needs to be. There's a lack of integration. Texas' grid largely stands by itself. It is not under the authority of or coordinated multilaterally with broader energy infrastructure. And there has been a lot of investment into renewables in Texas. It is certainly true. They've been very interested in that. Sped up under former Governor Perry but still the vast majority of electricity is coming from fossil fuels. It's coming from coal and mostly oil and gas.

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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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