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The Economic Perspective 12/20/2024

The Latest Trending Economic, Environmental and Infrastructure News Curated for You by The Balmoral Group


The Balmoral Group provides practical, professional and precise Economics, Data Analytics, and Engineering Consulting services and is part of a globally integrated team.


Happy Holidays!


As 2024 draws to a close, we reflect on some of the headlines from the year that caught our attention. We saw stories highlighting the increases in clean energy sources like wind-generated power that set a new global record in 2024, and advances in solar that are increasing its use around the world. We saw lots of news about AI, both on the positive and negative side – while AI is providing solutions to improve situational flood level awareness and evaluate flooding conditions in real time, it is also extremely resource-intensive, requiring very large quantities of water to provide cooling to large data center facilities. We saw significant federal policy developments this year with US EPA regulations to reduce power plant emissions and new limits on PFAS, or forever chemicals, in drinking water.


In Florida, we saw continued land conservation efforts with Gov. DeSantis’ and the Florida Cabinet’s approval of numerous new land conservation deals, including multiple properties in the Florida Wildlife Corridor that will help provide critical habitat linkages into the future. In addition, the state rolled out a new payment for ecosystem services program to protect panther habitat. The Balmoral Group undertook its first July Plastics Challenge where staff learned new ways to reduce their plastic consumption and learned about global plastics pollution. We sadly saw the first extinction of a plant species due to sea level rise with the news about the Keys tree cactus. But there was also good news for wildlife species like the Florida grasshopper sparrow, an endangered species that had been down to only 11 breeding pairs in 2018, but that has experienced a population increase thanks to a conservation breeding program that released the 1,000th program-reared bird this year.  


This week, TBG’s President Valerie Seidel, and Edwin Chihava who has been visiting us from our Brisbane, Australia office, attended the 16th Annual Southeast Florida Climate Leadership Summit in Key West with almost 400 other attendees where they heard fascinating presentations on a broad array of topics ranging from re-freezing the Arctic; to climate work including updated weather and climate projections and linking Vulnerability Assessments to policy and operations, to innovative tech and funding models.


We’ll be taking a break next week but look forward to sharing more news and events with everyone in the first week of January 2025. This final 2024 edition of our weekly newsletter features articles about using AI in transportation, murder hornets, orcas sporting salmon hats, and more!


We wish you all a very happy and safe holiday season and a Happy New Year!




 

Salmon Hats for Orcas Are Back in Vogue

Nearly 40 years after the fashion trend first started, the Northwest Pacific Orcas have once again been spotted sporting dead salmon on their heads. In the 1980s, one female orca started the behavior, and within a few weeks the rest of the pod followed. The motivation for the current trend remains a mystery, though Dr. Deborah Giles, Science and Research Director at Wild Orca, hypothesizes that it could be occurring due to the larger than normal abundance of chum salmon here in the Puget Sound this year. The increase in salmon could be providing the whales with the opportunity to play with their food, even setting new fashion trends. Read more here and here.  



Goodbye, Murder Hornets

After three years of being undetected in the US, northern giant hornets, otherwise known as “murder hornets,” Agriculture and wildlife officials have announced the species has officially been eradicated. The invasive species, originally from Asia, pack a powerful punch with their sting; enough to kill a human. They’ve also been known to destroy entire honeybee colonies. The species was first identified in Washington State. Since then, nests that were discovered through tracking beacons were destroyed. This represents a landmark victory against the invasive aggressors. Read more here.


Texas DOT to Begin Using AI in Transportation Systems

The Texas Department of Transportation has unveiled its AI Strategic Plan to enhance road safety, mobility, and operational efficiency across the state, outlining 230 AI use cases developed by TxDOT engineers and planners. With a focus on optimizing infrastructure and data-driven decision making, the plan aims to improve traffic monitoring and real-time incident detection in order to increase the efficiency of road systems and improve real-time incident detection. In order to manage the development of the project, the TxDOT has also established an AI Risk Management Workgroup as well as acceptable use policies in order to mitigate risks and responsibly implement AI innovations over the next several years. Read more here.


Supreme Court Will Consider Challenge to California Vehicle Emissions Standards

The Supreme Court said on Friday that it will hear a case related to California’s ability to set vehicle emission standards that include curbs on greenhouse gas emissions. Due to California’s size, these regulations have implications for vehicle manufacturers. The EPA gives California significant leeway to set their own standards outside of the EPA’s authority under the Clean Air Act due to California’s historic role in regulating emissions. This was supported under the Obama and Biden administrations, but was challenged under Trump’s first administration. As the issue has become more politicized, the Supreme Court has now agreed to take up the question if businesses can sue based on California’s rules affecting demand for their products. Read more here.


Working Florida Farms and Ranches

Recent land and conservation easements worth $318 million were approved for purchase by Florida’s state cabinet on Tuesday, December 17th. Many of the easements proposed are part of the Florida Wildlife Corridor. The purchase of the conservation lands covers 134 square miles, and establishes the largest increment of conservation land and easement purchases ever proposed on a single Cabinet agenda. This record marks an important step in Florida’s economy, environmental sustainability, and quality of life for the future. Read the whole story and specific projects here.



 

Data Visualization of the Week


'Tis the Season for Stats on Seasonal Goods

Seasonal traditions include goodies such as holiday spirits, toys, dolls, and games, candles, trees, and good food. This year, the U.S. Census Bureau presented facts and figures ahead of the 2024 Winter Holiday Season on all things that we love about this holiday season. For example, toys, dolls, and games have 403 establishments in the U.S. where families go to buy toys for their tiny tots. The bubble chart below provides additional information on the states that have the most (and fewest), according to the 2021 U.S. Census results. In fact, it’s estimated that December 2023 accounted for 13.6% of sales throughout the year in these establishments. Looks like Santa’s elves had some help this year! Read more fun stats here and here


Click the visual below for more information.



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