A new report from the Deloitte Center for Sustainable Progress says inaction on climate change will cost the global economy $178 trillion over the next 50 years, enough loss for a 7.6% cut to global GDP in 2070 alone. The consultancy says if global warming — which is already costing the world more in severe storm damage, crop loss, health risks, compromised travel and more — reaches around 3°C toward the century’s end, the toll on human lives could be significant.
The head of Saudi Aramco says the world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, adding it cannot expand production capacity any faster than promised. Amin Nasser, head of the world's largest oil producer, told Reuters he is sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster.
