GLOBAL DEBT AND INFLATION
- Global debt grew $4.8 trillion (to $296 trillion) in Q2 according to IIF (Institute of International Finance).
- Increase was led by households (added $1.5 trillion of debt in H1 2021), driven by US, China, and Brazil
- Government debt increased $1.3 trillion H1 2021
- Corporate debt increased $1.2 trillion H1 2021
- Total debt load is now 353% of the world’s annual economic output vs 362% at the peak in Q1 2021.
- Global food prices were up 33% in August Y/Y (source: UN Food and Agriculture Organization).
- France is giving lower income families €580 million (C$867 mill) to pay energy bills this year in addition to €870 million (C$1.3 bill) already provided in grants.
ENERGY AND ENVIRONMENT
- Total global ‘production’ is 100 million barrels/day. In 2022, oil ‘consumption’ is expected to increase to 100.8 million bbl/day (up 4.2 million bbl/day).
- OPEC is predicting demand for its’ crude to increase 1.12 million bbl/day for 2022 (currently 27.5 mill).
- Global demand for fossil fuels could peak as early as 2032 (IHS Markit Ltd) and they expect global refining capacity to shrink more than 3 million barrels (3%) a day through 2050, in addition to the 2.3 million barrels of capacity already permanently shut down.
- Global industrial heat production accounts for 29% of all energy consumed by end users like homes, industries, and agriculture.
- 41% from coal; 23% from gas; 11% from oil; 10% electricity; 9% renewables; 6% other
- 19 of the G20 countries account for 80% of global low to medium temperature heat demand
- 6 countries account for 46% of total demand: China, South Korea, France, Germany, Italy, UK
- Bitcoin network consumed 67TWh of electricity in 2020 and is expected to use 91TWh by the end of 2021 – as much as Pakistan.
- State of Vermont is suing ExxonMobil, Shell, Sunoco, CITGO Petroleum and others alleging that they misled the public about the impact their products have on climate change.
- Across Africa, luxury safari lodges are transitioning to solar-powered 4×4’s, allowing the safaris to get closer to animals without being heard.
- After 24 years of boil water advisories Shoal Lake (MB) First Nations have a new water plant and can drink water from their taps.
- Over 50 container ships are waiting to enter the Port of Los Angeles (largest gateway for US transpacific trade), now an average wait of 8 days – a new pandemic record for both ships and waiting time.
- Amazon is hiring 15,000 employees in Canada at wages of $17 to $21.65 per hour
- Also hiring 125,000 employees in US; starting wage $18
- Teamsters are trying to unionize Canadian employees at 9 facilities, starting with a facility in Nisku, Alberta
- In 2018, Amazon was among the first companies to increase starting wage to $15