South Africa is one of the world’s biggest carbon criminals, with Eskom recently surpassing China and the US combined on emitting sulphur dioxide. It’s no wonder that some of the world’s superpowers have pledged R131bn over the next three to five years to help pay for rehab to rid us of our coal addiction. The announcement at COP26, currently underway in Glasgow, Scotland, follows a plea from President Cyril Ramaphosa for the world’s developed economies, who he says should carry the greatest responsibility for climate change, to provide funding for SA and other developing countries to transition to a renewable, clean energy future. He wrote in the Financial Times that it’s not about charity, but about fairness and mutual benefit.
Also at one of the biggest and most important global gatherings held during Covid-19, leaders from 105 countries, including the US, China and Brazil, made a game-changing commitment to cut methane emissions by 30% by 2030 through ending and then reversing deforestation.
But the world leaders will have to do more than pledges and commitments to stave off the anger and frustration of the youth who urged COP26 to “stop talking and start doing” to give them a fighting chance to live in a habitable world.
And while the world’s leaders hammer out new agreements to cut emissions to a level scientists hope will limit global warming, UK Prime Minister Boris Johnson couldn’t be bothered to wear a face mask at the event. He is pictured not wearing a face covering while sitting next to 95-year-old broadcaster Sir David Attenborough. He was also pictured sitting maskless next to 72-year-old UN secretary-general Antonio Guterres during the opening of the crucial climate summit on Monday.
In the markets, today is taper day, and the rand is trading a touch firmer at R15.40 but “remains stuck in a relatively tight range ahead of the FOMC”, comments TreasuryONE.
“The Fed FOMC is expected to announce a $15bn reduction in asset purchases today, but the markets will also be looking for clues as to when the interest rate hikes are likely to start,” says the forex trading house.
Meanwhile, Nedbank reckons R15-plus to the dollar is going to be the new normal in 2022.
And, due to rand weakness among other factors, one bitcoin will now set you back R1-million.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Here’s how much mayors and other top municipal workers earn in South Africa – BusinessTech
Treasury announces changes to draft laws that allow pension fund investments in infrastructure – Fin24
This SA business could turn R8 investment into R1.5 trillion after new gas find – BusinessTech
Global Business
Amazon drivers handed $60m in tips withheld by company – after action by US watchdog – Sky News
Social media giant Facebook ends facial recognition system and will delete scan data on a billion people – SCMP
Rate-hike bets are accelerating across Asia’s emerging markets – Bloomberg
Markets
Asian markets mixed ahead of Fed as China concerns weigh – AFP
Ether prices extend gains to reach latest record above $4,600 – Forbes
Tesla shares slide as Musk tweets on lack of Hertz contract – Bloomberg
Opinion/In-depth
In the belly of extremes: What does business bring to the table of the poor? That’s the main ingredient of a social compact – Daily Maverick
South Africa’s power grid is under pressure: the how and the why – The Conversation
The great no-vote: South Africa’s return to minority rule – Daily Maverick
Video
COP26 opens with demands for action – Al Jazeera
People in China, world’s largest contributor to global warming, are already suffering the brunt of climate change – AP
Will a global minimum tax rate stop corporate tax dodging? – Al Jazeera
Download the news aggregator app SAccess, available on Google Play and the App Store, to stay on top of business and market news from around the world.
