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news-ld · 1 year
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First Republic Bank's shares plunge as it reveals more than $100bn of withdrawals | Business News
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Shares in First Republic Financial institution have tumbled to a brand new file low after the troubled US regional lender admitted final month's banking disaster sparked a buyer deposit flight of more than $100bn.The financial institution, which was saved from doable collapse by a $30bn money injection agreed by main lenders, noticed its inventory drop by 29% on Tuesday. It adopted the discharge of its first quarter earnings report that exposed the extent of the problem it confronted to get better the enterprise.First Republic stated the deposit outflow, which amounted to more than half its pre-crisis whole, had cooled because the rescue money was introduced however it was but to get better any significant deposits.Monetary market analysts stated the quantity, which was greater than the market had anticipated, had revived fears that First Republic may turn out to be the third US financial institution to fail after the collapse of Silicon Valley Financial institution and Signature Financial institution. The disaster of confidence additionally noticed Switzerland's Credit score Suisse, which endured a £55bn deposit outflow, compelled to merge with rival UBS.The saga was largely born out of considerations that rising rates of interest imposed by central banks to deal with inflation had broken their steadiness sheets. Please use Chrome browser for a more accessible video participant 0:58 March: Will First Republic be subsequent financial institution to fall? San Francisco-based First Republic stated it would transfer to shrink its steadiness sheet and slash prices.Govt pay cuts, it stated, could be adopted by 1000's of job losses to be accomplished by the top of June. The financial institution stated it anticipated to axe between 20%-25% of its workforce, which was reported at 7,200 on the finish of final yr.Its outcomes assertion did little to assist shares of different US regional lenders, with some seeing shares down by more than 5%.Learn more from Sky News: Hundreds of jobs in danger as Ocado reveals warehouse closure Chancellor blames pandemic and power invoice assist for 'eye-watering' authorities borrowingAnalysts stated the sector, however particularly First Republic, needed to guarantee clients that their deposits remained protected and buyers that they'd the liquidity to function successfully.Susannah Streeter, head of cash and markets at Hargreaves Lansdown, stated: "It appears the lifeline thrown to First Republic by massive lenders hasn't stopped confidence sinking."With nearly 1 / 4 of the workforce being axed and a quick-fire asset sale getting underway, buyers are sensing panic and fleeing the inventory and worries are rising about one other banking collapse." Read the full article
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African countries are being forced to spend billions of dollars a year coping with the effects of the climate crisis, which is diverting potential investment from schools and hospitals and threatens to drive countries into ever deeper poverty.
Dealing with extreme weather is costing close to 6% of GDP in Ethiopia alone, equating to a spend of more than $1 repairing climate damage for every $20 of national income, according to research by the thinktank Power Shift Africa.
The warning comes just before the major new scientific report from the global authority on climate science, the Intergovernmental Panel on Climate Change. This report, the second part of the IPCC’s comprehensive summary of global climate science, will set out the consequences of climate breakdown across the world, looking at the floods, droughts, heatwaves and storms that are affecting food systems, water supplies and infrastructure. As global temperatures have risen in recent decades, and as the impact of extreme weather has become more apparent around the world, efforts to make infrastructure and communities more resilient have largely stalled.
Africa will be one of the worst-hit regions, despite having done least to cause the climate crisis. According to the Power Shift Africa study, titled Adapt or Die: An analysis of African climate adaptation strategies, African countries will spend an average of 4% of GDP on adapting to climate breakdown.
These countries include some of the world’s poorest people, whose responsibility for greenhouse gas emissions is many times less than those of people in developed countries, or in large emerging economies such as China. Sierra Leone will have to spend $90m a year on adapting to the climate crisis, though its citizens are responsible for about 0.2 tonnes of carbon dioxide emissions a year each, while US citizens generate about 80 times more.
Mohamed Adow, director of Power Shift Africa, said: “This report shows the deep injustice of the climate emergency. Some of the poorest countries in the world are having to use scarce resources to adapt to a crisis not of their making. Despite only having tiny carbon footprints compared with those of the rich world, these African countries are suffering from droughts, storms and floods which are putting already stretched public finances under strain and limiting their ability to tackle other problems.”
He called for more funding from developed countries, which promised at the Cop26 UN climate summit to double the money available to help poor countries adapt to the climate crisis. Rich countries promised in 2009 to provide $100bn a year to help poor countries cut their greenhouse gas emissions and cope with the effects of climate breakdown. But so far they have fallen short of that target, and most of the funds that have been provided have gone to projects to cut emissions, such as windfarms and solar panels, rather than efforts to help countries adapt.
The study examined national adaptation plans submitted to the UN by seven African countries: Ethiopia, Kenya, Liberia, Sierra Leone, South Africa, South Sudan and Togo. South Sudan, which is the world’s second poorest country, was hit by floods last year that displaced 850,000 people, and led to outbreaks of water-borne diseases. The country is to spend $376m a year on adaptation, about 3.1% of its GDP.
Chukwumerije Okereke, director of the centre for climate change and development at the Alex Ekwueme Federal University in Nigeria, said rich countries must respond to the findings, and to the IPCC report.
“It is both irresponsible and immoral for those that are the chief cause of climate change to look on while Africa, which has contributed next to nothing to climate change, continues to bear a disproportionate share of the impact,” he said. “The time for warm words is long gone. We need urgent, scaled-up, long-term support from the world-leading climate polluters.”
  —  African countries spending billions to cope with climate crisis
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Rich G7 nations owe poor ones an estimated $13 trillion in unpaid development aid as well as support in the fight against climate change, British charity Oxfam says.
Instead of fulfilling their obligations, the International Group of Seven nations and their banks are demanding debt repayments of $232m per day, the organisation said on Wednesday.
“Wealthy G7 countries like to cast themselves as saviours but what they are is operating a deadly double standard – they play by one set of rules while their former colonies are forced to play by another,” Oxfam’s interim Executive Director Amitabh Behar said in a statement.
“It’s the rich world that owes the Global South: the aid they promised decades ago but never gave, the huge costs from climate damage caused by their reckless burning of fossil fuels, the immense wealth built on colonialism and slavery.”
Developed countries promised in 2009 to transfer $100bn annually between 2020 and 2025 to vulnerable states hit by increasingly severe climate-linked impacts and disasters – but that target was never met.
[...]
Oxfam said the G7 leaders are meeting as billions of workers face pay cuts and steep price rises.
“Global hunger has risen for a fifth consecutive year, while extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years,” it said.
The G7 is home to 1,123 billionaires with a combined wealth of $6.5 trillion, and their wealth has grown in real terms by 45 percent over the past 10 years, noted Oxfam.
Carbon emissions from rich nations are estimated to have caused $8.7 trillion in losses and damage to low and middle-income countries, the charity added.
“The G7 must pay its debts. This is not about goodwill or charity – it is a moral obligation,” Behar said.
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zvaigzdelasas · 1 year
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[AlJazeera is Qatari State Media]
Ivory Coast produces around 45 percent of the world’s cocoa beans, but receives only around four percent of the chocolate industry’s estimated annual worth of $100bn.[...] Since 2020, several attempts by the Ivorian government to make chocolatiers pay premiums on the price of cocoa have failed as large companies push back on anything that will eat into their margins.
22 Dec 22
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mariacallous · 22 days
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fleshadept · 1 year
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while the criticism of glass onion being a bourgeois art piece hegemonically negotiating hatred of the 1% into standard discourse is understandable, i think it's important to remember that rian johnson and daniel craig and whoever you want to criticise for making "performative" art about the systemic ways in which the ultrawealthy maintain power and specifically marginalize women of color are far closer in wealth to the average american than they ever will be to elon musk or any billionaire. daniel craig's net worth is $8 million dollars. his WHOLE net worth. you have to multiply that by 19,500 to get anywhere near elon musk's net worth of $156,000,000,000. and that's after he's lost $100bn this YEAR.
it's true that people shouldn't count watching movies as activism and definitely shouldn't see media produced by huge corporations as praxis, but that doesn't mean what political standpoints they do contain lack value or are disingenuous. the human mind is literally incapable of conceptualizing numbers after a certain point, so it's easy to think of hollywood rich and billionaire rich as similar, because both kinds of people live lives that most of us could barely dream of with privileges and access to resources that we will never have. but the difference between a millionaire and a billionaire is the difference between being able to make a movie starring daniel craig and being able to bankroll dozens of politicians and buy one of the largest social media websites used by millions of people daily on a whim
as "rich people bad" movies go, glass onion deals with it REALLY well. the scene at the end when helen destroys miles's house demonstrates a very nuanced understanding of how billionaires maintain power; blanc recognizes and tells helen that even though they found the truth, they can't do anything legally because miles burned their only physical evidence and the courts will unequivocally side with the billionaire. again. so in lieu of any justice system that will work, helen starts breaking shit. but miles doesn't even care that much, because what's a dozen million dollar glass art pieces to a man who accrues that in interest every minute? even when everyone else joins in, he doesn't care. it's annoying, but it doesn't mean anything. so the other "disruptors" stop after they've gotten their minimal catharsis, having done no real damage to his reputation or, frankly, their reliance on him.
helen burning the mona lisa to take him down, and that being presented as the best option, is really significant. as movies go, taking the stance of "destroying priceless art and private property is not only justified and moral but effective in the face of a system that gives you no other option for justice" is pretty damn rare.
it's true that if glass onion or other high budget films actually tangibly threatened the system in any way they would never get funded or see the light of day. but the cool thing about stories, and about art, is that you can't predict the effects they have on people. anti-billionaire bourgeois art isn't direct action, it isn't activism, and it isn't even important politically, but that doesn't mean it has no effect on the discourse whatsoever and can't be important to how people see the 1%
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programmerhumour · 1 year
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When a 100bn dollar gargentua is dependent on your node package
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‘Police don’t produce safety’: the Black feminist scholars fighting for abolition | US policing | The Guardian
When killings by US police make national headlines, a familiar call for reform often follows: police need more training, more body cameras, more rules restricting lethal force.
But evidence has shown the widespread adoption of such reforms, after years of protest, has made no dent in the national death toll. US police continue to kill three people a day, with 2021 the deadliest year on record, making America a leader in law enforcement violence.
The persistent killings as well as stories of police abuse of Black people in spite of reforms has led to growing mainstream interest in a different response – the fight to defund, dismantle and abolish police. In their new book, No More Police: A Case for Abolition, the Black feminist scholars Mariame Kaba and Andrea J Ritchie lay out their vision of a world free of the “death-making institutions” of police and prisons.
The longtime organizers argue that police don’t promote safety, pointing to the fact that the vast majority of policing has nothing to do with preventing violence. Less than 5% of the 10 million arrests each year are for incidents classified as “violent crime”. Police typically arrive after harm has occurred and solve 20-25% of “serious crimes”. Research suggests there is no relationship between the number of police and crime rates, and that higher incarceration levels don’t correspond to reduced violence, yet 2 million people remain behind bars. Police have also systematically failed domestic violence and sexual assault survivors while perpetrating those offenses themselves or enabling the violence in prisons.
Still, the US spends more than $100bn a year and rising on policing and $80bn on prisons and jails, which dominate local budgets and capture resources that could go to healthcare, housing, food and other community needs that prevent violence, the authors say.
They oppose reforms intended to “improve” policing, arguing such tactics have failed and can instead serve to legitimize and expand police. There are plenty of examples, they say. In Minneapolis, police killed Amir Locke in a “no-knock raid” after the mayor announced a ban on the practice. Officers trained to de-escalate have repeatedly killed people in seconds. Police given “less lethal” weapons for crowd control have caused grave injuries to protesters.
Kaba and Ritchie don’t want to make police and prisons “kinder and gentler”; they want to do away with the system rooted in punishment. Defunding the police is “the floor, not the ceiling” and communities can start by removing police from specific tasks and settings, like schools and mental health calls. The authors promote community-based safety strategies.
The Guardian spoke to Kaba and Ritchie about the defund movement, “copaganda” and their vision of abolition.
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This is fucked. So much important info I and probably most people don't know, like this:
"The estimated cost of running and cleaning up the site have soared. Sellafield is so expensive to maintain that it is considered a fiscal risk by budgetary officials. The latest estimate for cleaning up the Britain’s nuclear sites is £263bn, of which Sellafield is by far the biggest proportion. However, adjustments to its treatments in accounts can move the dial by more than £100bn, more than the UK’s entire annual deficit."
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notwiselybuttoowell · 5 months
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“Money is being spent on militarization rather than on climate action,” said Nick Buxton, a researcher with the Transnational Institute, “though the climate crisis is the biggest [common] security threat that we face today.”
By diverting just 5% of global military budgets, the world could raise $110.4bn for climate finance – more than enough to meet a repeatedly broken annual climate finance target of $100bn, the organization has found.
The world’s militaries produce at least 5.5% of greenhouse gas emissions – more than the total footprint of Japan – according to one 2022 estimate. But no country is required to provide data on military emissions thanks to successful lobbying by the US at the Kyoto conference in 1997. Leaders removed the exemption in 2015 but made reporting military emissions optional.
Military spending has grown by more than a quarter in the past decade, exceeding $2.2tn in 2022. During the same time period, attempts to mobilize funds for climate finance have faltered.
In 2009, for instance, rich countries agreed to spend $100bn on climate finance for developing world annually by 2020, but they broke that promise, providing only $90bn for climate finance in 2021.
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thoughtlessarse · 6 days
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Governments of wealthy countries must pledge hundreds of billions more in overseas aid payments channelled through the World Bank to avert the worst effects of the climate crisis, civil society experts and economists have said. The International Development Association fund, the arm of the World Bank that disburses loans and grants to poor countries, is worth about $93bn (£75bn) but that figure must be roughly tripled by 2030, according to economic experts. Governments are expected to discuss new aid pledges this week at the World Bank’s annual spring meetings in Washington DC. The World Bank, its fellow publicly funded development banks around the world and the International Monetary Fund are under pressure to show they can lead the world to the low-carbon transition needed. Ajay Banga, the president of the World Bank, told journalists the climate crisis would be a priority. “The world is facing a set of intertwined challenges: the climate crisis, debt, food insecurity, pandemics, fragility, and there is clearly a need to accelerate access to clean air, water and energy,” he said. “The [World Bank] needs a fit-for-purpose mission and vision, and that is to create a world free from poverty on a liveable planet.”
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Hundreds of billions. I'll not hold my breath. The rich countries were at least 3 years late with their first $100bn, and I'm not sure if they met that in full. There will be a lot of humming and hawing about the costs but had they heeded the warnings and started phasing out fossil fuels sooner, in the '80s or '90s the costs would have been far, far lower.
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"He says one of the only countries to have recently started a nuclear industry is the United Arab Emirates that drew up its first nuclear policy in 2008, commissioning South Korean company Kepco to build four 1,400MW units.
Quiggin says these four reactors will likely have cost the UAE as much as $100bn – enough money to put a large solar system on the roof of every Australian house, he says.
The first of the country’s four nuclear power units came online in 2020 and a fourth is expected to start producing electricity in the coming months – all between three and four years later than expected.
That’s a 16-year process in a country that, without a democratic system, can make arbitrary decisions to get plants built. It is not a good comparison for what might happen in Australia.
“When the economics of this comes up in Australia, it will look very bad,” he says."
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sarkos · 11 days
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The third stage of the cycle – euphoria – is the one we’re now in. Caution has been thrown to the winds and ostensibly rational companies are gambling colossal amounts of money on AI. Sam Altman, the boss of OpenAI, started talking about raising $7tn from Middle Eastern petrostates for a big push that would create AGI (artificial general intelligence). He’s also hedging his bets by teaming up with Microsoft to spend $100bn on building the Stargate supercomputer. All this seems to be based on an article of faith; namely, that all that is needed to create superintelligent machines is (a) infinitely more data and (b) infinitely more computing power. And the strange thing is that at the moment the world seems to be taking these fantasies at face value. Which brings us to stage four of the cycle: profit-taking. This is where canny operators spot that the process is becoming unhinged and start to get out before the bubble bursts. Since nobody is making real money yet from AI except those that build the hardware, there are precious few profits to take, save perhaps for those who own shares in Nvidia or Apple, Amazon, Meta, Microsoft and Alphabet (nee Google). This generative AI turns out to be great at spending money, but not at producing returns on investment. Stage five – panic – lies ahead. At some stage a bubble gets punctured and a rapid downward curve begins as people frantically try to get out while they can. It’s not clear what will trigger this process in the AI case. It could be that governments eventually tire of having uncontrollable corporate behemoths running loose with investors’ money. Or that shareholders come to the same conclusion. Or that it finally dawns on us that AI technology is an environmental disaster in the making; the planet cannot be paved with datacentres.
From boom to burst, the AI bubble is only heading in one direction | John Naughton | The Guardian
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Brazil’s sanitation concessions, PPP pipeline
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Brazil started 2024 with 49 sanitation projects in the structuring phase, some of which could be offered to the private sector during the year.
The combined investments involved in these concessions and PPPs is around 100bn reais (US$20.4bn), according to figures compiled for BNamericas by Brazilian water and sewerage concessionaires association Abcon.
“We expect a very promising 2024 with 49 projects in the structuring phase, 38 of which are municipal and 11 regional, which in total foresees more than 100bn reais in investments in partnerships with the private sector. This is a sector with a very strong project pipeline,” Percy Soares Neto, the executive director of Abcon, told BNamericas.
The initiatives cover more than 62mn people nationwide.
Continue reading.
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amor-est-potestas · 4 months
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Good Stuff in 2023
Since every year seems to be shit, I thought I would go through some major news stories and pick out the ones that seemed pretty good, actually. There's a bit of a USA bias in the source I used... but here's some year-end positivity, anyway!
January
An ebola outbreak was successfully controlled in Uganda
Sierra Leone introduced a law that reserves more jobs for women
The UN declared the current approach to repairing the ozone layer is successful and could return it to 1980 levels
New York's gun restrictions were upheld by the Supreme Court
February
Google lost $100bn in shares because its chatbot was crap (lol)
Tesla had to recall over 350,000 cars because its self-driving system was crap (lmao)
March
The International Criminal Court put out a warrant for the arrest of Vladimir Putin
12 Democrat-led states in the USA sued to attempt to protect access to mifepristone (an abortion inducing drug)
Donald Trump was charged with criminal offences in New York
The Royal Society tested robotic prosthetics with the public and found that over 95% of people could use them well within the first minute
April
Finland was approved to join NATO
Christina Koch was announced as the first woman and Victor Glover as the first black astronaut on a NASA lunar mission
The tiger population of India was confirmed to have risen by around 200
A SpaceX rocket blew up (haha)
Japan approved an abortion pill for use for the first time
Pope Francis announced that women would be allowed to vote in meetings of bishops
The US Supreme Court rejected a West Virginia transgender athlete ban
Washington state eliminated the death penalty and sterilisation as criminal punishment
The US Supreme Court protected access to mifepristone (see March)
The UK fined TikTok for mishandling children's data
NASA was able to extract oxygen from lunar soil
Germany confirmed the shut down of nuclear power stations in the interest of safety
May
Colorado state signed several gun control bills into law
Donald Trump was found liable in a civil case where he was accused of rape and defamation
North Carolina's governor vetoed an abortion ban
The UK's first "three-parent baby" was born via IVF
June
Former Brazil president (Collor) was sentenced to prison for corruption
Federal courts blocked laws preventing healthcare for young trans people in Kentucky and Tennessee
July
Donald Trump's request for a new trial (see May) was rejected
Sweden's bid to join NATO was backed by Turkey
August
FDA approved use of the first drug (Zuranolone) to treat postpartum depression
Direct detection and nanopore sequencing (DDNS) used to halve the time for polio detection
India's space agency achieved their first unmanned moon landing
September
Mexico's Supreme Court decriminalised abortion rights
The African Union permanently joined the G20
The EU raised their renewable energy targets
Donald Trump was found guilty of fraud in New York
Apple announced a switch to USB-C charging ports in its new iPhone
October
California banned driverless taxis
November
A court in South Africa ruled in favour of introducing shared parental leave
The UK Supreme Court blocked plans to send asylum seekers to Rwanda
An assault weapons ban in Illinois was upheld by an appeals court
The first images were received from ESA's Euclid space telescope
The EU started talks to bring Ukraine into the union
December
41 workers were rescued from a tunnel under the Himalayas in India
Pope Francis allowed priests to bless same-sex couples (but not for marriage... but still a win maybe?)
Supreme Court dismissed Ohio's attempt to enforce an abortion ban
Colorado's Supreme Court declared Donald Trump ineligible to run for office (only applies to Colorado)
IBM unveiled a quantum computing chip and machine
Google, Meta and other tech companies agreed to work towards open digital ecosystems (prompted by EU regulations on digital markets)
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enerdatics · 1 year
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Renewable Energy M&A hits a record high of $100bn!
The global deal value surged by 48% y/y to $108bn in 2022; transacted capacity more than doubled to 740 GW. Corporate consolidations in the US and acquisitions of offshore wind assets in Europe were the major contributors to this rise.
Enerdatics has published its annual analysis of renewable energy transactions, globally. To access the full copy of this report, kindly visit enerdatics.com.
In the US, large, integrated power producers and oil majors expanded their presence in the onshore wind, solar and biofuels segments, fueled by incentives offered under the Inflation Reduction Act (IRA). The Biden administration’s waiver of import tariffs on solar panels from certain Southeast Asian countries improved the outlook for the US’s solar sector, contributing to a 309% y/y rise solar deal value during the year. Meanwhile, clean fuel tax credits and the rising demand to decarbonize domestic heating and power spurred billion-dollar investments in renewable natural gas (RNG) and alcohol fuels assets by bp and Chevron.
In Europe, private equity (PE)-led farm-ins in offshore wind assets, primarily in the UK and Germany accounted for ~40% of the region's transaction value. Ambitious government targets and supportive legislation, such as Germany’s Easter Package, drove deal activity. Further, the EU's plan to offset 3.5 billion cubic metres of Russian gas annually and efforts to decarbonize fossil fuel-based power and heating is spurring investments in renewable natural gas and energy-from-waste platforms. Shell and KKR led activity in the sector during the year.
APAC accounted for $19bn of transactions during the year, with India emerging as the premier market in the region. Onshore wind M&A activity surged by 69% y/y, as countries in the region overcame supply chain bottlenecks due to proximity to steel and equipment manufacturing hubs. Additionally, continued elevated prices of oil, coal, and LNG drove C&I customers to turn to corporate power purchase agreements, leading to a surge in interest for assets backed by bilateral contracts
LatAm deal value surged by 314% y/y, with Brazil accounting for 84% of the region’s transaction value. A 2021 regulation that allows companies to sign dollar-denominated PPAs incentivized foreign investment in Brazil's renewables sector by reducing forex risk. Meanwhile, Chile recorded $1bn of deals in 2022, however, transmission bottlenecks continue to impact investor appetite in the country.
PS: The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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