Economics & Peace Weekly

Welcome to the IEP Economics & Peace Newsletter. This week, we bring you curated stories at the intersection of peace, economics, and social progress: Delhi and the Punjab cop deadly pollution as world doubles down on fossil fuels; Prosecutors threaten Le Pen's French presidential hopes; Peru megaport opens up Latin America to Chinese trade; How AI can detect a brain tumour in 10 seconds.

🌍️Delhi and the Punjab cop deadly pollution as world doubles down on fossil fuels.

While the world convened for its annual landmark climate conference, there was a change in top spot on the pollution rankings. Delhi overtook Pakistan's Lahore as the world's most polluted city. The concentration of PM2.5 particles was more than 120 times the World Health Organisation's recommendation.

In neighbouring Pakistan, worsening air pollution sickened an estimated 1.8 million people in the eastern Punjab province in the past month. The province banned outdoor activities, closed schools and ordered some shops, markets, and malls to close early. The concentration of PM2.5 means particulate matter measuring 2.5 microns or less in diameter that can be carried into lungs, causing deadly diseases and cardiac issues.

At the same time, Hardeep Singh Puri, Oil Minister for India, said the world's No 3 oil importer and consumer is expected to rely on fossil fuels until at least 2040. While global refining centres are downsizing as energy transition progresses at an unpredictable pace, India's rising daily crude utilisation means it continues to rely on fossil fuels, and it is also building coal fired power stations. India is the world’s third-largest emitter of greenhouse gases, behind China and the US, and has pledged to achieve a net zero carbon emission target by 2070.

Back at COP29, the president of host country Azerbaijan, Ilham Aliyev, told the UN climate conference that oil and gas are a "gift of God", saying nations "should not be blamed" for having fossil fuel reserves. The country plans to expand gas production by up to a third over the next decade. UN chief António Guterres countered by telling the conference that doubling down on the use of fossil fuels was "absurd", adding that the "clean energy revolution" had arrived and that no government could stop it.

With the world on track for its warmest year on record, G20 leaders meeting in Rio agreed that COP29 negotiators need to reach a deal on a new financial goal for how much money rich nations must provide to poorer developing nations in climate finance.

Economists suggest that goal should be at least $1 trillion annually.

📰 This week in Economics & Peace 

Le Pen allies rally as prosecutors threaten her French presidential hopes: Allies of French far-right leader Marine Le Pen have accused the judiciary of a witch hunt and undue meddling in democracy after prosecutors requested she face an obligatory five-year ban from public office if convicted of misusing European Union funds.

Peru megaport opens up Latin America to Chinese trade. The new China backed megaport has the potential to create whole new trade routes that will bypass North America entirely. President Xi Jinping attended the inauguration of the Chancay port, which will allow larger ships with goods from Chile, Ecuador, Colombia and even Brazil to pass through it on their way to Shanghai and other Asian ports, also cutting shipping times by a third.

Sweden liberal bastion no more? The country has gone from having one of the lowest rates of gun violence in Europe to its highest rate. Last year alone, 55 people were shot dead in 363 separate shootings in a population of just 10 million, by far the deadliest shootings per capita in Europe. In a bid to get more people to testify against gang members, the government proposed a bill allowing the use of anonymous witnesses, electronic surveillance and phone tapping.

Senegal ruling party victorious. President Bassirou Diomaye Faye's Pastef party was on course to win a parliamentary majority, with the country’s main opposition leaders, including former president Macky Sall, conceding electoral defeat.

Biden lets Ukraine use long-range missiles in Russia's Kursk region. It's the first time Biden has authorised Ukraine to use US-supplied long-range missiles to strike inside Russia. It was reported these Army Tactical Missile System (ATACMS) were only authorised for use in the Kursk area, where North Korean troops have been deployed.

In 10 seconds, AI detects cancerous brain tumour often missed during surgery. Researchers have developed an AI powered model that can quickly determine during surgery if any part of a cancerous brain tumour is remaining and could be removed.

Germany, Finland warn of 'hybrid warfare' after sea cable cut. Germany and Finland launched a probe after the severing of an undersea communications cable through the Baltic Sea linking the countries, warning of the threat of "hybrid warfare" amid heightened tensions between the two NATO countries and Russia.

Investors ignore the law of long-term averages: The US stock market has hit 50 new highs so far this year, with investors now anticipating tax cuts and further fiscal largesse from the next Trump administration. Yet each new peak pushes the market further away from fair value. 

Global measles cases jump due to 'inadequate' vaccine coverage. Measles cases rose 20% last year, driven by a lack of vaccine coverage in the world's poorest countries and those riddled with conflict. Nearly half of all the large and disruptive outbreaks occurred in the African region where the number of deaths increased by 37%.

💡 Insight of the Week

 “Oil, gas, wind, sun, gold, silver, copper, all... are natural resources and countries should not be blamed for having them, and should not be blamed for bringing these resources to the market, because the market needs them.” Azerbaijan's President Ilham Aliyev, to the COP29 climate conference being hosted by his country.

What are your thoughts on these global developments? Share in the comments below! 

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