The world is counting on the leadership and solidarity of the G7 nations, the U.N. chief said Sunday, speaking to journalists in Hiroshima, Japan, which he described as a “global symbol of the tragic consequences when nations fail to work together” and abandon multilateralism.
The G7, which consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, together with the European Union, is meeting in the city where the first atomic bomb was dropped in 1945, a place which Secretary-General António Guterres described, as a “testament to the human spirit”.
“Whenever I visit, I am inspired by the courage and resilience of the Hibakusha”, he said, referring to the survivors of that dreadful act of war. “The United Nations stands with them. We will never stop pushing for a world free of nuclear weapons.”
Haves and have-nots
Mr. Guterres said his message to the G7 leaders was clear and simple: “while the economic picture is uncertain everywhere, rich countries cannot ignore the fact that more than half the world – the vast majority of countries – are suffering through a deep financial crisis.”
He reiterated his view first expressed in an official visit to Jamaica last week, that the problems facing developing countries had three dimensions; moral, power-related, and practical.
Elaborating on the “systemic and unjust bias” in the global economic and financial system; the outdatedness of the global financial architecture; and the fact that even within the current rules, developing economies had been let down and sold short; the UN chief said the G7 had a duty now to act.
Redistribution of power
He said the financial system created by the Breton Woods realignment post World War Two, had simply “failed to fulfil its core function as a global safety net”, in the face of the economic shocks from COVID, and the Russian invasion of Ukraine.
He said the time had come to fix the Breton Woods system, and reform the UN Security Council.
“This is essentially a question of redistributing power in line with the realities of today’s world.”
He said the G7 can no longer be a bystander: “In our multipolar world, as geopolitical divisions grow, no country or group of countries, can stand by as billions of people struggle with the basics of food, water, education, healthcare and jobs.”
‘Clearly off track’
Highlighting the perils of overlooking the pace of climate change, he outlined the specific areas where the world’s richest were central to the success of climate action.
The current projections show humankind heading for a temperature rise of 2.8°C by the end of this century, he told journalists, and the next five years are likely to be the hottest ever, according to latest figures from the UN weather agency, WMO.
He said the G7, with it’s huge economic and financial clout, was “central to climate action”, which is working, “but not enough and we are clearly off track”.
“Our Acceleration Agenda aims to make up for lost time. It calls for all G7 countries to reach net zero as close as possible to 2040, and for emerging economies to do so as close as possible to 2050.”
A Climate Solidarity Pact calls for the G7 to mobilize resources to support less well-off economies in accelerating decarbonization, to stay within the 1.5° limit on heating, compared with pre-industrial levels.
Phase out coal
“This requires faster timelines to phase out fossil fuels and ramp up renewables. It means putting a price on carbon and ending fossil fuel subsidies. I call on the G7 to phase out coal completely by 2030”, the UN chief said.
But he also made a call for climate justice, on behalf of the countries who have done the least to cause the crisis, but are suffering the most.
“We must ramp up adaptation and early warning systems to help communities on the front lines…It’s high time for developed countries to provide the promised $100 billion per year”, he added.
And he also reiterated that the Loss and Damage Fund agreed in Sharm el-Sheikh, during COP27 last year, “must be operationalized.”
The “Sassoon Codex” dates from the late 9th or early 10th century
The price was reached in just 4 minutes of contested bidding between two buyers, according to Sotheby’s auction house in New York.
The world’s oldest and most complete Hebrew Bible has been sold at auction for $38.1 million. The price was reached in just 4 minutes of contested bidding between two buyers, according to Sotheby’s auction house in New York.
Thus, the Bible became the most valuable printed text or historical document ever sold at auction. It was bought by former Israeli-American diplomat Alfred Moses of Washington, D.C., on behalf of an American non-profit organization that will donate it to the Museum of the Jewish People in Tel Aviv.
“The Hebrew Bible is the most influential book in history and is the foundation of Western civilization. I am glad to know that it belongs to the Jewish people,” said Moses, who served as ambassador to President Bill Clinton.
The ancient manuscript, better known as the Codex Sassoon, is the earliest and most complete surviving Hebrew Bible. It was written on parchment around the year 900 either in Israel or in Syria. Its name comes from its previous owner – David Solomon Sassoon, who bought it in 1929.
Real events described in the Bible
The manuscript connects the Dead Sea Scrolls, which date back to the third century BCE, and the modern form of the Hebrew Bible.
It is one of only two codices or manuscripts containing all 24 books of the Hebrew Bible that have survived to the modern era, significantly more complete than the Aleppo Codex and older than the Leningrad Codex, two other known early Hebrew Bibles.
The Sassoon Codex, which has moved throughout its history, has only been on public display once before, in 1982 at the British Library in London, said Orit Shaham-Gover, chief curator of the Museum of the Jewish People.
Its price surpassed that of the sale of the “Lester Codex”, a collection of scientific works by Leonardo da Vinci, which changed hands in 1994 for the sum of 30.8 million dollars.
A third tunnel connecting the European and Asian parts of Istanbul, officially named the “Great Istanbul Tunnel” by the government, will be put into operation in 2028, announced by the Transport and Infrastructure Minister Adil Karaismailoglu.
“Studies and design are currently being done. This will be the first three-story tunnel in the world. Two floors will be car lanes, and the third will be a high-speed railway line. We anticipate that the tunnel will be opened in 2028. It will have the capacity to serve 1.3 million passengers on a daily basis,” the minister noted, stressing that the project will be one of the symbols of the “Century of Turkey” vision presented by the government last October .
The minister emphasized the importance of the project, pointing out that after the construction of the Marmaray Railway Tunnel and the Eurasia Motorway, the “Great Tunnel in Istanbul” will be the third passage under the Bosphorus, which will greatly ease traffic in the city of 16 million. It will be integrated with the leading road, metro and railway arteries of the metropolis.
Minister Karaismailoglu said that according to Istanbul’s basic transport plan, the number of crossings between the European and Asian countries currently exceeds the figure of 2 million on a daily basis. In the near future, this figure is expected to increase to 3 million per day.
“We are now developing plans to prevent future problems arising from increased traffic,” he stressed.
The new tunnel will be part of a high-capacity railway system that will connect the Asian and European parts of Istanbul, the minister said. He notes that the route across the Bosphorus will stretch from the Kadıköy district on the Asian side to the Bakırköy district in the European part of the metropolis.
The “Great Istanbul Tunnel” will have a total length of 28 kilometers and will consist of 13 stations. This ambitious infrastructure project will serve a total of 1.3 million passengers per day when it is put into operation in 2028, it will have the capacity to serve 70,000 passengers per hour in one direction,” Karaismailoglu explained.
The total travel time on the new route will be 42 minutes.
The tunnel will be integrated with 11 other railway lines and will also allow the Metrobus line, which is considered the backbone of Istanbul’s transport system, to operate at optimal capacity.
Life relies on a fine balance between energy in and energy out. But heating the world 1.2℃ with the greenhouse gases, means we’ve trapped an extraordinary amount of extra energy in the Earth system.
We are already feeling like living on a tropical island in many areas of our planet. If the climate keeps getting warmer, this will be a serious problem for all of us. Photo by Raimond Klavins via Unsplash
Since the 18th century, humans have been taking fossil fuels out of their safe storage deep underground and burning them to generate electricity or power machinery.
We’ve now converted coal, oil and gas into more than two trillion tonnes of heat-trapping carbon dioxide and other greenhouse gases and added them to the atmosphere.
The current result? The average temperature at the planet’s surface is about 1.2℃ hotter than in the pre-industrial era. That’s because adding new carbon to the world’s natural carbon cycle has caused an imbalance in the amount of energy entering and leaving the Earth system.
To warm the entire planet takes an extraordinary amount of extra energy. Recent research shows we’ve added the energy of 25 billion nuclear bombs to the Earth system in just the last 50 years.
Billions of nuclear bombs to produce 1.2℃ of heating – so what? It seems small, considering how much temperature varies on a daily basis. (The world’s average surface temperature in the 20th century was 13.9℃.)
But almost all of this energy to date has been taken up by the oceans. It’s no wonder we’re seeing rapid warming in our oceans.
The Goldilocks zone
Mercury is the closest planet to the Sun. It gets hot, at an average temperature of 167℃. But it has no atmosphere. That’s why the second planet, Venus, is the hottest in the solar system, at an average of 464℃. That’s due to an atmosphere much thicker than Earth’s, dense in carbon dioxide. Venus might once have had liquid oceans. But then a runaway greenhouse effect took place, trapping truly enormous quantities of heat.
One reason we’re alive is that our planet orbits in the Goldilocks zone, just the right distance from the Sun to be not too hot and not too cold. Little of the Earth’s internal heat gets through to the cold crust where we live. That makes us dependent on another source of heat – the Sun.
When the Sun’s light and heat hits Earth, some is absorbed at the surface and some is reflected back out into space. We see some of the energy emitted by the Sun because the Sun is hot and hotter objects emit radiation in the visible part of the electromagnetic spectrum.
Because Earth is much cooler than the Sun, the radiation it emits is invisible, at long infrared wavelengths. Much of this energy goes out into space – but not all. Some gases in our atmosphere are very effective at absorbing energy at the wavelengths Earth emits at. These greenhouse gases occur naturally in Earth’s atmosphere, and keep the planet warm enough to be habitable. That’s another Goldilocks zone.
And then there’s a third Goldilocks zone: recent history. All of human civilisation has emerged in the unusually mild 10,000 years after the last ice age, when the climate has been not too hot and not too cold across much of the world.
But now, we are at very real risk of pushing ourselves outside of the comfortable climatic conditions which allowed humans to expand, farm, build cities and create. The energy dense fuels which made industrial civilisation possible come with an enormous sting in the tail. Burn now, pay later. Now the bill has become apparent.
How do we know this is real? Satellites measure the rate at which Earth’s surface radiates heat. At any one moment, thousands of Argo robotic floats dot our oceans. They spend almost all of their lives underwater, measuring heat, and surface to transmit data. And we can measure sea level with tide levels and satellites. We can cross-check the measurements between all three approaches.
Climate change: more energy comes in than goes out
Greenhouse gases are potent. You only need small concentrations to get a big effect.
We’ve already boosted the amount of carbon dioxide in the atmosphere by about 50%, and added considerable volumes of methane and nitrous oxide as well. This is pushing our life-sustaining greenhouse effect out of balance.
A recent study suggests the energy imbalance is equivalent to trapping roughly 380 zettajoules of extra heat from 1971–2020. (The period between 1971 and the present accounts for about 60% of all emissions).
One zettajoule is 1,000,000,000,000,000,000,000 joules – a very big number!
Little Boy, the nuclear bomb which destroyed Hiroshima, produced energy estimated at 15,000,000,000,000 joules. This means the effect of humanity’s greenhouse gas emissions in that 50-year period to 2020 is about 25 billion times the energy emitted by the Hiroshima nuclear bomb.
If we’ve trapped so much extra heat, where is it?
To date, almost every joule of extra energy – about 90% – has gone into our oceans, particularly the top kilometre of water. Water is an excellent heat sink. It takes a lot of energy to heat it, but heat it we have. Hotter oceans are a major contributor to coral bleaching and sea level rise.
It takes a long time to get this much heat into the oceans, and once it is there it doesn’t disappear. Reversing global warming entirely may not be feasible. Just to stop temperatures going any higher means correcting the imbalance and bringing CO2 levels down towards the pre-industrial level of 280ppm.
If we can reach net-zero greenhouse gas emissions, we will most likely stop further global warming and carbon dioxide concentrations will slowly start to drop.
Realistically, this means rapid, large-scale reduction of emissions and deployment of carbon capture to compensate for the emissions we can’t eliminate.
To go further and cool the planet back down towards a pre-industrial climate would require net-negative emissions, meaning we would have to draw even more carbon back out of the atmosphere than any lingering emissions.
Unfortunately, we aren’t there yet. Human-caused greenhouse gas emissions are at near-record highs. But clean energy production is accelerating. This year might be the first time emissions from power begin to fall.
We’re in a race, and the stakes are as high as they could possibly be – ensuring a liveable climate for our children and for nature.
According to a recent poll, the rapid advancement of artificial intelligence (AI) technology is causing distrust among a majority of Americans, who believe it poses a potential threat to the future of humanity.
The survey conducted by Reuters/Ipsos revealed that over two-thirds of Americans express concerns about the adverse impacts of artificial intelligence(AI). 61% of all surveyed people believed that artificial intelligence could even pose a threat to civilization.
The emergence of AI applications, such as OpenAI’s ChatGPT chatbot, has propelled the integration of AI into everyday life, leading to heightened public awareness and discussion. Not only the general public but also lawmakers and AI companies themselves share these concerns, some of them calling for regulatory measures to address these concerns.
The number of Americans who anticipate negative consequences resulting from AI is three times higher than those who do not. The survey revealed that 61% of respondents believe AI poses risks to humanity, while only 22% disagreed, and 17% remained uncertain.
Although people express concerns about AI, issues related to crime and the economy hold higher priority for them. According to the survey, 77% of respondents support increasing police funding to combat crime, and 82% are worried about the risk of a recession.
The online poll, conducted between May 9 and May 15, surveyed 4,415 U.S. adults. The results have a credibility interval, which measures accuracy, of plus or minus 2 percentage points.
World Bee Day is 20 May coincides with the birthday of Anton Janša, who in the 18th century pioneered modern beekeeping techniques in his native Slovenia and praised the bees for their ability to work so hard, while needing so little attention
Bees and other pollinators, such as butterflies, bats and hummingbirds, are increasingly under threat from human activities.
Pollination is, however, a fundamental process for the survival of our ecosystems. Nearly 90% of the world’s wild flowering plant species depend, entirely, or at least in part, on animal pollination, along with more than 75% of the world’s food crops and 35% of global agricultural land. Not only do pollinators contribute directly to food security, but they are key to conserving biodiversity.
To raise awareness of the importance of pollinators, the threats they face and their contribution to sustainable development, the UN designated 20 May as World Bee Day.
The goal is to strengthen measures aimed at protecting bees and other pollinators, which would significantly contribute to solving problems related to the global food supply and eliminate hunger in developing countries.
We all depend on pollinators and it is, therefore, crucial to monitor their decline and halt the loss of biodiversity.
Bees are under threat. Present species extinction rates are 100 to 1,000 times higher than normal due to human impacts. Close to 35 percent of invertebrate pollinators, particularly bees and butterflies, and about 17 percent of vertebrate pollinators, such as bats, face extinction globally.
If this trend continues, nutritious crops, such as fruits, nuts and many vegetable crops will be substituted increasingly by staple crops like rice, corn and potatoes, eventually resulting in an imbalanced diet.
Intensive farming practices, land-use change, mono-cropping, pesticides and higher temperatures associated with climate change all pose problems for bee populations and, by extension, the quality of food we grow.
Recognizing the dimensions of the pollination crisis and its links to biodiversity and human livelihoods, the Convention on Biological Diversity has made the conservation and sustainable use of pollinators a priority. In 2000, the International Pollinator Initiative (IPI) was established (COP decision V/5, section II) at the Fifth Conference of Parties (COP V) as a cross-cutting initiative to promote the sustainable use of pollinators in agriculture and related ecosystems. Its main goals are monitoring pollinators decline, addressing the lack of taxonomic information on pollinators, assessing the economic value of pollination and the economic impact of the decline of pollination services and protect pollinator diversity.
Along with coordinating the International Pollinator Initiative (IPI), the FAO also provides technical assistance to countries on issues ranging from queen breeding to artificial insemination to sustainable solutions for honey production and export marketing.
planting a diverse set of native plants, which flower at different times of the year;
buying raw honey from local farmers;
buying products from sustainable agricultural practices;
avoiding pesticides, fungicides or herbicides in our gardens;
protecting wild bee colonies when possible;
sponsoring a hive;
making a bee water fountain by leaving a water bowl outside;
helping sustaining forest ecosystems;
raising awareness around us by sharing this information within our communities and networks; The decline of bees affects us all!
As beekeepers, or farmers by:
reducing, or changing the usage of pesticides;
diversifying crops as much as possible, and/or planting attractive crops around the field;
creating hedgerows.
As governments and decision-makers by:
strengthening the participation of local communities in decision-making, in particular that of indigenous people, who know and respect ecosystems and biodiversity;
enforcing strategic measures, including monetary incentives to help change;
increasing collaboration between national and international organizations, organizations and academic and research networks to monitor and evaluate pollination services.
The European Parliament plays a crucial role in shaping the future of Europe and the world. As the only directly elected institution of the European Union, it represents the voice of over 500 million citizens from all 27 member states. With its powers growing steadily over the years, the European Parliament is now one of the most influential bodies in the world, shaping policies and legislation that affect everything from trade and security to the environment and human rights. But what exactly is the role of the European Parliament, and why is it so important? In this article, we’ll explore the key functions of the European Parliament, its impact on global affairs, and why it matters to all of us, regardless of where we live. So, whether you’re a student of politics, a business owner, or simply a concerned citizen, read on to discover the vital role played by the European Parliament in today’s world.
The European Parliament has its roots in the European Coal and Steel Community, which was established in the aftermath of World War II. The Community was founded with the aim of pooling the coal and steel resources of six European countries: Belgium, France, Germany, Italy, Luxembourg, and the Netherlands. The idea was to create a common market for these resources, which would help to promote economic cooperation and prevent future wars.
The European Parliament was established in 1952 as an advisory body to the High Authority of the European Coal and Steel Community. Initially, it was composed of just 78 members, who were appointed by the national parliaments of the six member states. However, over the years, the Parliament’s powers and responsibilities have steadily grown. In 1979, the Parliament was directly elected for the first time, with citizens of the member states casting their votes for the candidates of their choice. Today, the European Parliament has 705 members, who are elected every five years.
The role of the European Parliament in the European Union
The European Parliament is one of the three main institutions of the European Union, alongside the European Commission and the Council of the European Union. Its role is to represent the interests of the citizens of the EU, and to ensure that their voices are heard in the decision-making process.
One of the key functions of the European Parliament is to pass legislation. The Parliament has the power to initiate, amend, and veto legislation, and it plays a crucial role in the EU’s legislative process. In addition to passing laws, the Parliament also has the power to approve the EU’s budget, and to oversee the work of the other EU institutions.
Another important role of the European Parliament is to hold the other EU institutions to account. The Parliament has the power to question the European Commission and the Council of the EU, and to demand answers on a wide range of issues. This helps to ensure transparency and accountability in the EU’s decision-making process.
The importance of the European Parliament in shaping EU policies
The European Parliament has a significant impact on the policies and legislation of the European Union. As the only directly elected institution of the EU, it represents the voice of the people, and its decisions can have a profound impact on the lives of citizens across the continent.
One of the most important areas where the European Parliament has an impact is in the field of trade. The Parliament has the power to approve or reject international trade agreements, and it plays a crucial role in ensuring that these agreements are fair and transparent. In recent years, the Parliament has been particularly active in this area, rejecting the controversial ACTA agreement in 2012, and demanding greater transparency in negotiations for the TTIP agreement with the United States.
The European Parliament also plays an important role in shaping EU policy on issues such as the environment, human rights, and social justice. Through its legislative powers, the Parliament can help to ensure that these issues are given the attention they deserve, and that EU policies are aligned with the values and priorities of its citizens.
The European Parliament’s legislative process
The legislative process of the European Parliament is complex, but it is designed to ensure that all voices are heard and that decisions are made in a transparent and democratic manner.
The process begins with a proposal from the European Commission, which is then reviewed by the relevant parliamentary committee. The committee will then make amendments to the proposal, which are debated and voted on by the full Parliament. If the proposal is approved, it becomes law, and member states are required to implement it.
Throughout the legislative process, the European Parliament is required to consult with a wide range of stakeholders, including NGOs, businesses, and citizens. This helps to ensure that the legislation is informed by a broad range of perspectives and that it reflects the needs and concerns of all those affected by it.
The European Parliament’s role in ensuring transparency and accountability
One of the key roles of the European Parliament is to ensure that the other EU institutions are transparent and accountable in their decision-making. To this end, the Parliament has a number of mechanisms in place to oversee the work of the European Commission and the Council of the EU.
One of the most important of these mechanisms is the power of the Parliament to approve or reject the appointment of the European Commission. Before taking office, the Commission must be approved by the Parliament, which can reject the entire Commission or individual Commissioners if it deems them unsuitable.
In addition to this, the Parliament also has the power to conduct inquiries into the work of the other EU institutions. This can be a powerful tool for holding those institutions to account and ensuring that they are acting in the best interests of the citizens of the EU.
The European Parliament’s impact on individual citizens and member states
The decisions of the European Parliament can have a profound impact on the lives of individual citizens and member states. For example, EU legislation on issues such as consumer protection, environmental standards, and workers’ rights can have a significant impact on the everyday lives of citizens across the EU.
In addition to this, the European Parliament plays an important role in ensuring that member states adhere to EU law and meet their obligations under EU treaties. This helps to ensure that the EU operates as a cohesive and effective entity, with all member states working together towards common goals.
Challenges faced by the European Parliament
Despite its many achievements, the European Parliament faces a number of challenges in the years ahead. One of the biggest challenges is the rise of nationalist and populist movements across Europe, which have been critical of the EU and its institutions.
Another challenge is the ongoing debate over the future of the EU itself. Some have called for greater integration and a more federalist model of governance, while others have advocated for a looser, more intergovernmental approach.
Finally, the European Parliament must also grapple with the challenges posed by a rapidly changing world. Issues such as climate change, technological disruption, and geopolitical instability will require the EU to be agile and responsive in its decision-making.
Future of the European Parliament
Despite these challenges, the European Parliament remains a vital institution (next elections will be in June 2024) in the global political landscape. Its role in shaping the policies and legislation of the EU, and its commitment to transparency and accountability, make it a powerful force for good in the world.
Looking to the future, the European Parliament will need to continue to adapt and evolve in response to the changing needs of its citizens and the world at large. This will require a renewed commitment to democratic values, a willingness to embrace new technologies and ways of working, and a recognition of the importance of international cooperation in tackling the challenges of the 21st century.
Conclusion
The European Parliament is a vital institution that plays a crucial role in shaping the future of Europe and the world. Through its legislative powers, its oversight of the other EU institutions, and its commitment to transparency and accountability, the Parliament helps to ensure that the voices of the citizens of the EU are heard and that their interests are protected. Despite the challenges it faces, the European Parliament remains a beacon of hope and a powerful force for positive change in the world. As citizens of the EU and the wider world, we must all do our part to support and strengthen this vital institution, and to work towards a brighter future for all.
Zimbabwe has released a fifth of all prisoners under a presidential amnesty order aimed at freeing up space in the country’s overcrowded prisons, reported by the BBC.
The Zimbabwe Prisons and Correctional Service announced that more than 4,000 prisoners, mostly men, had been released as a noble gesture. Violators convicted of robbery, treason and violations of public order were not pardoned.
Zimbabwe’s prisons are overcrowded.
The move comes ahead of the August election. President Emmerson Mnangagwa is grappling with a number of crises such as the rising cost of living, high inflation and power outages.
The former Kirovgrad Metropolitan Joasaf (Guben) of the UOC, as well as the secretary of the diocese, Father Roman Kondratyuk, were sentenced to three years in prison with a two-year probationary period by the Kropyvnytskyi District Court. They are accused of inciting religious hatred and justifying the Russian occupation of southern and eastern Ukrainian territories. They did this with the help of written materials, Russian books and oral instructions to their priestly wards. According to the indictment, Metropolitan Yoasaf was in the close circle of the Moscow Patriarch Kirill and carried out his orders to inculcate among the Christians in his diocese sentiments in support of the Russian occupation and hostility to the Ukrainian state and its actions in defense of its sovereignty. He did this by presenting his pro-Russian activities as a defense of the canonical Church in Ukraine, and the importation of Russian literature on this topic into his diocese increased especially in 2021, the year before the Russian invasion.
“Do you understand the cause-and-effect relationship related to your actions regarding the distribution of these books?” Judge Serhiy Ozhog asked the accused clerics. The former Metropolitan of Kirovgrad answered succinctly: “I admit my guilt and will not say anything more.”
Metropolitan Yosaf and the secretary of the Kirovograd Diocese were convicted under Part 2 of Art. 28 and part 1 of Art. 161 of the Criminal Code of Ukraine (violation of the equality of citizens depending on their racial, national, regional affiliation, religious beliefs, disability and on other grounds, committed by a group of persons on a preliminary conspiracy).
The two will not effectively serve the sentence, but will have to appear periodically for registration with the probation authorities.
Their defense can appeal the sentence within thirty days.
Metropolitan Joasaf was released from his metropolitan post in November 2022, and then St. The UOC Synod was motivated by his deteriorating health. At the same time, the leadership of two more dioceses was changed – in the Sumy region and in the Kharkiv region, as their metropolitans fled to Russia.
Last year, nickel savings fell into the spotlight, thanks to the tropical climate in the nickel floor, which drove prices down, and so on. reached the astonishing 100,000 dollars per ton.
This is the background of the London-based metals shop in an existential way. However, in the case of nickel, the exact opposite is true. Nickel prices will end in 2023, up 21% from the beginning of the year to 23,300 dollars per ton, thanks to heavy refining. Production in Indonesia continues to challenge the global pressure. According to the International Nickel Exploration Group (INSG), the metal stockpile saw an excess of 239,000 tonnes of rolling and stockpiling, which is too much This is a higher figure than the government’s last forecast, which expected the surplus to reach 171,000. until 2023, Oіlріse writes.
Global nickel prices are on track to record a 6.1% gain in 2023. Nickel prices will not increase at all in 2022. The global a a non-required contract states that the non-required contract has fallen c 5 .2% per year. The stainless steel industry is the largest consumer of nickel, accounting for 75% of global production in a typical year.
However, the production of electric vehicles requires nickel and the automobile industry will be a major consumer. According to Adams Intelligence, 17,137 tons of nickel were used in batteries for electric vehicles as of February.
All of the nickel-plated parts have been polished before cleaning the products. Grade II nickel output continues to contract, but grade I nickel output – the LME’s deadliest grade – is down 28% so far this year to 40,032 tonnes. it, the lowest level since 2007.
Nickel plates are not the only ones that repeat the process. The World Bank predicts that real estate prices worldwide will fall this year at the fastest rate since the beginning of the COVID-19 pandemic.
According to the bank, property prices will grow by 21% in 2023 on an annual basis, while energy prices are expected to fall by 26%. Ahead of forecasts is Cypriot crude, which will hit 84 barrels per barrel this year, down 16% year-on-year, while US and European natural gas prices are expected to to fall in half. They also predict that coal prices will fall 42% in 2023, while coal prices will fall 37%, marking the biggest annual decline since 1 976 onwards