An Ignoble Experiment: World powers agree to curb fossil fuel financing

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Thursday 11.04.21

It's Diwali, the cultural and religious festival of lights celebrated by many with South Asian heritage. For many Indian Americans, it's a time to make longstanding traditions and celebrations their own. Here's what else you need to know to Get Up to Speed and On With Your Day.

By AJ Willingham

A customer pumps gas last week in Honolulu.

Economy

After more than a year and a half of intense economic stimulus measures, the Federal Reserve is finally -- gently -- applying the brakes on bond buying and other economic supports. This is called tapering, and it's intended to return things to normal in a way that keeps prices and unemployment as stable as possible. The Fed also hopes the move will address high inflation, which is quelling hope of an economic recovery. Prices of groceries and gas are still rising, with a national average of $3.40 a gallon at the pump -- a seven-year high. This tapering process will have a long tail, and for now, the Fed will maintain its target interest rates near zero. However, it still feels like a milestone in the pandemic, and the results could have a huge impact on everyday people, especially those looking to buy a home or run a business.

Climate

At least 20 countries have agreed to end financing for fossil fuel projects abroad in a deal that's expected to be announced today as part of the COP26 summit in Glasgow. Several countries made a similar deal this week to end international financing for coal, but this new one will be the first of its kind to include oil and gas projects, too. The summit is now in the nitty-gritty phase of negotiations, with groups trying to reach agreements on everything from emissions reporting transparency to forest protection. More than 450 companies across 45 countries have also signed on to the Glasgow Financial Alliance for Net Zero, which aims to deliver $100 trillion in financing over the next three decades to combat the climate crisis.

Coronavirus

Some employers, including New York's Metropolitan Transportation Authority, may not pay death benefits to families whose unvaccinated loved ones die of Covid-19. While some are calling such policies needlessly cruel, others say they are in line with some penalties leveraged against workers who ignore on-the-job safety precautions. As employers work to create or maintain vaccine mandates, limiting other benefits -- such as short-term disability payments -- to unvaccinated workers are also on the table. Meanwhile, China is scrambling to contain its most widespread Covid-19 outbreak since the first wave of infections that began in 2019 in Wuhan.

Elections

New Jersey Gov. Phil Murphy has eked out a victory, becoming the first Democratic governor in more than four decades to win reelection there. The race was far closer than many Democrats had assumed. Combined with a demoralizing defeat in the Virginia gubernatorial election, Democrats are now trying to glean lessons from this week's big races to take into the midterm elections next year. Tuesday's races provided other road tests as well, like in Georgia, where voters headed to the polls for the first time under the state's new restrictive voting laws. Activists used the opportunity to try to estimate what conditions would look like in a larger-scale election.

Immigration

Attorneys are still trying to reach the parents of 270 migrant children who were separated at the US-Mexico border under the Trump administration. President Biden created a reunification task force after taking office, and 58 children have been reunited since then. However, it looks like earlier pledges of financial compensation for such families are now blowing in the wind. Migrant families separated at the US-Mexico border under the Trump administration's "zero-tolerance" policy were reported to be eligible for significant financial compensation, to the tune of $450,000, as part of ongoing settlement negotiations between the Justice Department and the families' lawyers. Biden said yesterday those families will not get those payments but did not get into details about any other possible monetary settlements for them.

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