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Food prices soar to record levels on Ukraine war disruptions
The UN Food and Agriculture Organization reports food prices hit unprecedented levels in March, with grains and vegetable oils experiencing significant price increases. Russia's invasion of Ukraine has caused massive supply disruptions, potentially leading to widespread hunger and malnutrition in vulnerable regions.
Europe agrees to ban Russian coal but struggles with oil, gas
The European Union has agreed to ban Russian coal, marking its first significant energy sanctions over the Ukraine conflict. While the €4 billion annual ban represents a symbolic break from Russian energy dependence, deeper challenges remain in restricting oil and natural gas imports without triggering potential economic recession.
Congress votes to suspend Russia’s trade status, enact an oil ban
Congress overwhelmingly approved measures to end normal trade relations with Russia and ban oil imports, escalating economic pressure over the Ukraine conflict. The Senate passed both bills unanimously, and the legislation now awaits President Biden's signature.
Germany seeks to boost renewable energy and cut Russian imports.
Germany's government unveiled a comprehensive energy reform package aimed at dramatically increasing renewable power generation. The 600-page "Easter package" prioritizes wind and solar energy expansion, streamlining bureaucratic processes and targeting nearly 100% renewable electricity by 2035. This strategic move addresses climate goals and reduces dependence on Russian energy imports.
UN to vote on suspending Russia from the rights council.
The United Nations will vote on suspending Russia from the Human Rights Council following the discovery of civilian casualties in Bucha, near Kyiv, sparking international condemnation and calls for accountability.
The US hits Russia with ‘war crimes’ sanctions, Europe following.
The United States has launched a fresh wave of financial sanctions against Russia, focusing on President Vladimir Putin's family and blocking two major Russian banks. The move comes in response to alleged war crimes in Ukraine, with the UK and EU expected to follow suit in escalating economic pressure.
Asia’s US$350bil gas projects intensify the clean energy debate.
Asia is investing over $350 billion in liquefied natural gas (LNG) infrastructure, aiming to reduce coal usage. While these projects could help lower emissions, they also risk prolonging fossil fuel dependency and potentially slowing renewable energy adoption.
Guyana OKs Exxon’s $10B Yellowtail offshore oil project.
Guyana has granted ExxonMobil permission to develop its fourth offshore oil field, the $10 billion Yellowtail Project. Expected to produce up to 250,000 barrels per day, the project will come onstream by 2025, adding to the company's existing Liza and Payara fields.
The US to seek Russia’s suspension from Human Rights Council.
The United States plans to seek Russia's suspension from the UN Human Rights Council after reports of potential war crimes in Ukraine. U.S. Ambassador Linda Thomas-Greenfield cited evidence of violence against civilians in Bucha, near Kyiv, calling for Russia to be held accountable for its actions during the ongoing conflict.
WHO says 99% of the world’s population breathes poor-quality air.
The World Health Organization reports that nearly everyone worldwide breathes air failing its quality standards, highlighting severe health risks from pollutants that cause respiratory and cardiovascular problems, leading to millions of preventable deaths annually.
