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Happy Friday!
And thanks for tuning into another edition of the Economic Perspective! This week we are covering topics like AI flood predictions, molten salt capturing CO2, upgrading solar power, and more! Our data visualization this week covers the continuing rise of food insecurity in the United States.
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Thank you and have a great weekend!
Congress Responds to Roadway Safety Concerns
As American’s vehicles are getting bigger and taller over time, roadway fatalities have also climbed sharply over the past decade. Lawmakers in Congress have introduced a bill called the Pedestrian Protection Act that would require federal standards for hood height and visibility in an effort to provide pedestrian protections as part of their safety assessments. Over the last 30 years, the average vehicle has become 1,000 pounds heavier, 10 inches longer and 8 inches taller, and SUVs and trucks now account for over two-thirds of the vehicles on the road today. According to an Insurance Institute for Highway Safety study of real-world crashes, vehicles with higher front ends and blunter profiles are 45% more likely to result in pedestrian fatalities than smaller cars and trucks. NPR
AI Flood Awareness Solution
Engineers at Rice University have developed a possible AI solution to improving situational flood level awareness to observe flooded roads and evaluate conditions in real time. Existing tools can provide observations of flooding, but often are not primarily designed for sensing conditions on roads. A network of sensors could improve awareness, but are expensive to operate. The engineer’s developed a data fusion framework that leverages existing individual reporting mechanisms and public data sources to quickly sense conditions during urban flooding events which are becoming more frequent. Rice University.
U.S. Construction Spending Up in July
According to data compiled from the U.S. Census Bureau, total construction spending rose 7.5% year-on-year in July to a record of $199 billion. The seasonally adjusted annual rate through July totals $2.16 trillion, a 6.7% increase year-over-year. Nonresidential construction spending led the increase, accounting for the majority (56%) of total construction spending in July. Nonresidential construction spending is up by 6.1% year-over-year. Read more here.
Climate Tech Startup Mantel to Use Molten Salt to Capture Flue CO2
Shell and Eni have led an early stage funding round for a climate technology start-up, Mantel Capture, which aims to use molten salts to capture carbon dioxide emissions at various industrial sites. This capture would hopefully allow polluters to reduce emissions while keeping expensive infrastructure. Mantel aims to pull 95% of the carbon out of smokestack emissions at significantly cheaper rates than rival capture methods. Mantel is hoping to reach a rate of $30-$50 a ton, which would make it economically viable in many countries. Shell is waiting to see success and viability before they implement this technology in their own work. Read More.
How Solar Power Has Changed
A recent report by Inside Climate News showcased new data by the Lawrence Berkeley National Laboratory on trends of median solar size and pricing. Notable improvements in solar capacity (size), price decreases, accessibility, efficiency, and more have led to the major increase in solar panel usage within the country over the years. Since 2000, capacity of each solar panel has tripled from 2.4 kilowatts to 7.4 kilowatts, and median solar price per watt install has decreased from $14.40 to $4.20, inflation adjusted. Data showing the growth in solar panels is important for the country’s usage and next steps within the renewable energy market. Read a lot more statistics about the solar panel growth and story here.
Trace Cocoa as EU Deforestation Law Looms
Ghana is piloting a system that traces coca beans from farm to port as it prepares for new EU laws which ban the import of commodities linked to deforestation. EU importers must prove their supply chains are not contributing to deforestation anywhere in the world otherwise they are fined 4% of their turnover. The cocoa bean industry in Ghana is highly dependent on Europe as 60% of their cocoa is exported to the EU and 17% of their working population is involved in cocoa bean production. While some countries have criticized this law as being protectionist and potentially threaten small-scale farmers, Ghana claims to have mapped out their farms and ensured they are ready. Read More.
Data Visualization of the Week
U.S. Food Insecurity on the Rise
During the pandemic food insecurity had already ticked up, and the ongoing inflation crisis has intensified the issue even more. Families with children have been the hardest hit by these problems with 18% of households with children being food insecure. 13.5% of all households are food insecure as of 2023. Food insecurity is defined by the inability to buy enough food, buy balanced meals, or eat regular portion sizes. Read more.
Click the visual below for more information.
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