Elections in US & Brazil; COP27 & G20
Ahead of midterm elections in the US that are expected to tip the balance of power in Congress, this is an analysis from both sides of the Atlantic. The gridlock resulting from Congress falling under the control of one party while the White House remains under another has actually been good for the economy in the past – but that’s probably not the case anymore. A few weeks before the midterms, where is Europe headed in terms of policy reactions and risks? More here.
Brazil should have the results of its own election soon, this one for president, and the country’s relationship with its top trading partner China has become campaign fodder.
BRAZIL TURNS LEFT…
LULA DEFEATS BOLSONARO…
FINAL: 50.9% 49.1%…
According to this piece (Why Brazil Sought Chinese Investments to Diversify Its Manufacturing Economy), that relationship could help point Brazil’s economy away from an over-reliance on commodities and towards more tech-intensive sectors…Some Chinese firms have sought to localize to meet Brazil’s stringent local content requirements. Many argue that China exports its developmental model and imposes it on other countries. But Chinese players also extend their influence by working through local actors and institutions while adapting and assimilating local and traditional forms, norms, and practices.This has yielded mixed results. More here.
COP27 will get underway during those US elections; the climate talks in Sharm El Sheikh are expected to include a focus on financial assistance for developing economies disproportionately impacted by “damage and loss,” and this piece explains why. Come for the First Minister of Scotland describing the “injustice at the heart of the climate emergency,” stay for the US special presidential envoy for climate expressing “solidarity with vulnerable countries.” Those who have often contributed the least to greenhouse gas emissions, because they are poor or live in the global south, often end up bearing the brunt of climate impacts. This is why, for many, the “loss and damage” caused by climate change is at its heart an issue of climate justice. The UN Climate Change Conference (COP27) will take place from 6 to 18 November, drawing together heads of state and government from around the world. Similar themes will be discussed when the G20 summit begins roughly a week later in Bali; host country Indonesia is expected to outline a multi-billion-dollar clean energy agreement with wealthier nations, which according to this piece could help it retire coal-fired plants early and ramp up investment in renewables. More here.
The G20 summit will be held shortly before the G20 presidency passes to India; this piece argues that India can use it as a platform to showcase technology development related to green hydrogen, and advance its ambition to become a green hydrogen export hub. The meeting of heads of state and government from the world’s 20 major developed and emerging economies (G20) will take place on 15 and 16 November. More here.
SOURCED from WEF Strategic Intelligence Newsletter
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