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Happy Friday!
And thanks for tuning in to another weekly economic perspective! We hope everyone has stayed safe from Hurricane Helene this week, and to those still in its ongoing path, take care and stay out of danger! This week's edition of the EP features recent news on the EPA launching new initiatives in environmental Justice, litigation between the state of California and ExxonMobil, looming port strikes threatening the agricultual economy, and more! Our data visualization showcases the effects of the recent interest rate cut by the Federal Reserve.
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Have a great weekend!
EU Antitrust Regulators to Spell Out How Environmental Justice Climate Corps Launched to Advance Careers in Climate Resilience
This week, the U.S. Environmental Protection Agency and AmeriCorps announced a new partnership, the Environmental Justice Climate Corps, that will support over 250 people to serve in careers that will benefit disadvantaged and low-income communities. The initiative will provide skills-based training for jobs in the clean energy and climate resilience economy to advance the goals of restoration, community resilience, clean energy, and advancing environmental justice while also providing good-paying private and public sector jobs. The US EPA will begin accepting applications in early 2025. Read more here and here.
California Sues ExxonMobil, Alleging Deception About Plastics Recycling
California’s attorney general sued ExxonMobil on Monday, alleging the company has mislead consumers about recycling being a viable solution for plastic waste. The lawsuit states that Exxon promoted recycling as a “cure-all” for plastic waste reduction. However, much of the plastic waste cannot be recycled, and as stated by the lawsuit, 95% of the plastic waste would be incinerated, released into the environment, or fill up a landfill. The lawsuit claims Exxon knew this, but Exxon counters saying that their “advanced recycling” has kept 60 million pounds of plastic waste out of landfills. This terms refers to chemical or heat-based recycling processes that break-down plastics for future potential use. Read More about background for the lawsuit and ExxonMobil’s defense here.
As Coral Reefs Face Unprecedented Heat, Scientists Experiment with New Ways to Protect Them
Record-breaking sea surface temperatures that have persisted since March 2023 have led to enough heat stress to bleach coral reefs. More than 75% of coral reefs have been somewhat affected by heat stress over this past year. As these problems persist, scientists have experimented with ways to save the reefs. Suspended homes for sea urchins that help coral regrowth, replanting or nursed coral, and imported corals that are more survivable in warmer waters have all been utilized to help save the reefs. Research shows that some of these efforts have been successful as lab-reared corals have survived the worst of the marine heat in 2023. Read More.
Port Strikes Threaten Agricultural Economy
Potential port strikes are threatening the East and Gulf coasts of the U.S., causing concern for the agriculture import and export industries. The strike is in question between the International Longshoremen’s Association (ILA) and the U.S. Maritime Alliance, with presumptions that a failure to reach an agreement before the end of September will induce a strike. Strike implications could drastically affect agricultural imports and exports, causing worry and concern for farmers across country. In 2023 alone, U.S. ag exports represented $122 billion in value, 70% of the nation’s total ag export value. Over a single week, this disruption could lead to losses of over $318 million for containerized agricultural exports alone. Certain commodities such as soybean and poultry face major risks by the potential strike. This is a story worth monitoring, read more here.
Washington State Debuts Climate Funding Website
Earlier this week Washington State debuted its new website, FundHubWA, which aims to connect agencies and households to state and federal climate funding. The website, funded by revenue from Washington’s landmark Climate Commitment Act (CCA), allows individuals, businesses, nonprofits, public agencies, and tribal governments to search for grants, tax incentives, and other funding opportunities offered from federal sources such as the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as state legislation through the CCA. Interested parties can browse the online portal or sign up for email updates to access these opportunities. Read more here and view FundHubWA here
Data Visualization of the Week
Report From Federal Reserve Shows Prices Increasing at Lower Than Expected Rates
After the recent cut by the Federal Reserve to lower interest rates by .5 percentage points, the latest reading of the Fed's preferred inflation gauge showed that prices increased at a slower pace than expected on a monthly basis in August. The report is the first look at inflation since the Federal Reserve cut interest rates on Sept. 18. In a press conference after the decision, Jerome Powell noted the Fed now has "greater confidence" in inflation's path down the central bank's 2% target, while also noting that further cooling in the labor market is now as big of a concern for the Fed as inflation.
Click the visual below for more information.
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