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- Behind the Numbers: May Consumer Price Index Day!
Behind the Numbers: May Consumer Price Index Day!
Behind the Numbers: May Consumer Price Index Day, EU Elections Shift Power, Casting Doubt on Future Climate Policies ,Push for $10 Billion Climate Bond Gains Momentum in California , Honolulu's Climate Change Lawsuit Faces Supreme Court Delay
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Behind the Numbers
May Consumer Price Index Day!
We’re doing something a little different this week at Climate Money Work Newsletter. We’re kicking things off with our “Behind the Numbers” segment!
Today’s data confirmed consumer prices stayed the same in May, as the annual inflation rate was 3.3 percent, a bit lower than expected. This data comes right before the Federal Reserve's decision on interest rates, hinting that inflation is slowing down. The lower inflation rate may point to positive news around controlling prices, and it follows a strong jobs report for May.
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EU Elections Shift Power, Casting Doubt on Future Climate Policies
This weekend's European Union elections ended the bloc's greenest parliament, with populist parties gaining support due to concerns about climate policies and migration. The Greens, who once led Europe’s ambitious climate strategy, and climate-friendly liberals faced significant losses, while far-right nationalist parties gained strength in countries like Germany and Italy. Although mainstream parties supporting the Green Deal still hold a majority, the election results may weaken government commitment to future climate measures. The EU now faces challenges in maintaining progress towards its climate goals amid economic pressures and political divisions.
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Bloomberg Green Daily June 10, 2024
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Push for $10 Billion Climate Bond Gains Momentum in California
Environmental groups, renewable energy companies, labor unions, and social justice advocates are pushing California lawmakers to put a multibillion-dollar climate bond on the November ballot. This bond would allow the state to borrow up to $10 billion for environmental and climate projects. If lawmakers approve, voters will decide in November whether to authorize this borrowing, which would be repaid over decades. The decision must be made by June 27, as lawmakers balance this proposal with other funding needs like school construction.
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Honolulu's Climate Change Lawsuit Faces Supreme Court Delay
The U.S. Supreme Court has asked the Biden administration for its opinion on a bid by Sunoco and other oil companies to dismiss a Honolulu lawsuit accusing them of misleading the public about climate change. This request delays the Court's decision on whether to hear the oil companies' appeal after Hawaii's top court allowed the suit to proceed. The lawsuit, filed in 2020, claims companies like Exxon Mobil, BP, and Chevron made false statements about the impact of fossil fuels, leading to property and infrastructure damage in Honolulu.
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