The Latest Trending Economic, Environmental and Infrastructure News Curated for You by The Balmoral Group
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Happy Friday!
Welcome back to the Economic Perspective! In this week's edition, we're highlighting the recent extinction of the Key Largo tree cactus, the first local extinction of a species due to climate change in the U.S. As part of our work with performing Cost-Benefit Analysis on natural resource adaptation in the Florida Keys, this news lands close to home for us. Other topics we're covering include new developments in EV charging, U.S. fertilizer technology, and overvaluation of climate finance. Check them out below and let us know what you think!
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Florida Keys Cactus Species Determined Extinct Due to Sea Level Rise
A new study reports that the first local extinction of a species due to climate change in the U.S. may have occurred in the Florida Keys. Scientists have been studying the Key Largo tree cactus since the 1990s in John Pennekamp State Park, its only known location. As of last year, the cactus had disappeared completely, and researchers believe that rising tides and increasing groundwater and soil salinity due to sea level rise impacted its ability to survive. TBG has been conducting research on the cost effectiveness of natural resource adaptation strategies in the Keys, including those to facilitate provision of freshwater critical to species survival. Read more here.
VW's MAN and E.ON Join Forces to Charge Electric Trucks
E.ON, a German energy company, and Volkswagen subsidiary MAN Truck & Bus have partnered to assist with electric charging trucks for trucks. This comes as Europe has set a standard of reducing emissions from heavy commercial vehicles by 90%. Zero emissions electric trucks are rare in Europe as the lack of charging infrastructure is a limiting factor. The goal is open more charging locations in Germany and other European countries. The first site in this multi-country network will open this year with 80 to follow by the end of 2025 and 170 locations planned long-term with 125 in Germany. VW MAN plans to launch a 800 km range truck later this year as well. Read More.
U.S. Backs Lower-Emission Fertilizer Application
The U.S. Department of Energy (DOE) on Thursday announced its intent to spend $36 million on technologies to potentially decrease emissions from synthetic nitrogen fertilizer application to sorghum and corn used in the production of ethanol. Ultimately, the money spent will be put forth to reduce fertilizer for farms while keeping consistent crop yields. It is noted from the Environmental Protection Agency (EPA) that agriculture is responsible for roughly 11% of U.S. greenhouse gas emissions, and nitrous oxide which releases from fertilizer vehicle application accounts for roughly half of that. The DOE is searching for ways to reduce this, hopeful in new agriculture and environmental technologies. Read more about this topic here.
Washington's Department of Natural Resources Issues Statewide Burn Ban
Washington State banned outdoor fires on state lands this week, including prescribed burns, charcoal briquettes, and campfires. Amid record-breaking high temperatures, drought conditions, and several active wildfires, the Department of Natural Resources (DNR) issued the ban on Wednesday and anticipates the ban to last through September 30th of this year. The ban affects 5.6 million acres across the state, though that is only the land that DNR holds ownership to; many counties have adopted similar measures independent of the statewide ban. Read more here and here. A map of burn bans and wildfire risk in Washington can also be found here, courtesy of DNR.
Rich Countries Overstating the Value of Climate Finance by up to $88 Billion
According to Oxfam, the “true value” of climate finance provided by wealthy nations in 2022 was estimated to be between $28 billion and $35 billion, with at least only about $15 billion set aside for adaptation. However, developed countries claimed they surpassed the $100 billion pledge in climate finance to developing countries in 2022. It was estimated that they provided nearly $116 billion to climate finance, while the actual figures were far less than this amount. It is believed developed countries have been short-changing global south countries for years by doing climate finance on the cheap. Read more here.
Data Visualization of the Week
Latest Wildfire Risk Map Highlights Florida Fire Risks
A newly updated wildfire risk map, developed by the U.S. Forest Service and Headwaters Economics, promises equitable access to critical wildfire risk assessments for rural communities lacking resources. Covering every U.S. county and tribal area, the map integrates latest data on vegetation, climate, and housing to aid in identifying and mitigating fire hazards. With approximately one-third of Americans residing in high-risk counties, understanding local fire risks becomes increasingly crucial amidst climate-driven increases in temperatures and aridity. Federal initiatives like the $250 million Community Wildfire Defense Grant Program aim to bolster community resilience, highlighting ongoing efforts to safeguard vulnerable areas nationwide.
Click the visual below for more information.
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