LONDON, Oct 12 (Reuters) – Tens of billions of pounds-worth of private investment will be needed for the United Kingdom to achieve the nature-related targets it has set as part of its climate change and biodiversity commitments, a report said on Tuesday.
Commissioned by the Green Finance Institute (GFI), the report added that public finance would not be enough to make up the gap between required and committed spending, which it put at a minimum of up to 97 billion pounds ($132 billion).
The report, entitled ‘The Finance Gap for UK Nature’ covers England, Scotland, Northern Ireland, Wales and the UK’s overseas territories, said England had the most ground to make up, with a gap of up to 53 billion pounds.
Biocarbon projects to reduce greenhouse gas emissions and increase carbon sequestration were the biggest single area, needing 20 billion pounds over the decade, the report said. Such projects include planting woodland, preserving peat bogs and switching to more regenerative farming practices.
“The data is conclusive that public investment – even if funding commitments increase – will not be enough to fund the UK’s nature recovery ambitions,” said GFI Chief Executive Rhian-Mari Thomas.
“Private investment is therefore urgently required in addition to public sector funding if we hope to transition to a net zero and nature-positive economy.”
The GFI, a forum for public-private collaboration in green finance, commissioned the report from environmental economics consultancy eftec.
“Natural capital”, which seeks to monetise protecting resources such as water, soil and air, is of growing interest to investors, with some aiming to sell carbon credits based on the overall reduction in emissions such projects produce.
The UK has enshrined its net-zero target for carbon emissions by 2050 into law but been criticised by environmentalists for not setting out an ambitious enough path to that goal.
With animal and plant species going extinct at a rate not seen in 10 million years, global leaders are meeting this week at the U.N. Conference on Biodiversity, known as COP15, in the city of Kunming, China. read more
One of the aims of the conference is for more countries to commit to conserving 30% of their land. At present, around 70 countries, including the UK, have signed up, according to the High Ambition Coalition for Nature and People.
A May report from the United Nations Environment Programme said $8.1 trillion would need to be spent across the world before 2050 to solve the interlinked climate, biodiversity and land degradation crises.
($1 = 0.7342 pounds)
Reporting by Simon Jessop; editing by Philippa Fletcher
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
