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Above-normal rainfall is expected during the 2024 southwest <keyword id="6358301" type="General" weightage="20" keywordseo="monsoon" source="Orion">monsoon</keyword> season over most parts of <keyword id="19897710" type="General" weightage="20" keywordseo="south-Asia" source="keywords">south Asia</keyword>, the South Asian <keyword id="21481676" type="General" weightage="20" keywordseo="climate-outlook" source="keywords">Climate Outlook</keyword> Forum said on Tuesday. The forecast follows the prediction of above-normal rain in the monsoon season in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> on the back of favourable <keyword id="20146476" type="General" weightage="20" keywordseo="La-Nina" source="keywords">La Nina</keyword> conditions, expected to set in by August-September. "Above normal rainfall is most likely during the 2024 southwest monsoon season (June-September) over most parts of south Asia, except some areas over northern, eastern, and northeastern parts of the region, where below-normal rainfall is most likely," the South Asian Climate Outlook Forum (SASCOF) said. Above-normal maximum and minimum temperatures are predicted over most parts of south Asia during the season, except a few areas over the southeastern part of the region where normal temperatures are most likely. This regional climate outlook for the 2024 southwest monsoon season has been developed by all nine National Meteorological and Hydrological Services (NMHSs) of south Asia with support from international experts at the 28th session of SASCOF-28, conducted online. SASCOF said moderate <keyword id="19949878" type="General" weightage="20" keywordseo="El-Nino" source="keywords">El Nino</keyword> conditions are prevailing at present. ENSO (El Nino-Southern Oscillation) neutral conditions are expected in the first half of the monsoon season. Thereafter, La Nina conditions may set in by the second half. El Nino conditions -- periodic warming of surface waters in the central Pacific Ocean -- are associated with weaker monsoon winds and drier conditions in India. La Nina conditions -- the antithesis of El Nino -- are the dominant factor in the likelihood of "above-normal" rainfall during the monsoon season, DS Pai, a senior scientist at the India Meteorological Department (IMD), told PTI. Positive Indian Ocean Dipole conditions, favourable for the Indian monsoon, are predicted in the later part of the season. Additionally, the snow cover in the northern hemisphere is low. The northern hemisphere winter and spring snow cover extent generally have an inverse relationship with the subsequent southwest <keyword id="20575709" type="General" weightage="20" keywordseo="monsoon-rainfall" source="keywords">monsoon rainfall</keyword> over south Asia. Earlier this month, the IMD said the seasonal rainfall in India will be on the higher side of 'above-normal' and pegged it at 106 per cent of the long-period average (87 cm). SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank">Mahindra XUV 3XO compact SUV launched in India starting at ₹7.49 lakh</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a>

Above-normal monsoon rainfall predicted in south Asia

<ul class="summary-list"><li>Stocks fell Monday as investors assessed the outlook on interest rates and the rebellion attempt in Russia.</li><li>Investors are expecting the Fed to continue raising interest rates, which could weigh on asset prices.</li></ul>US stocks fell on Monday, as traders assessed the outlook on interest rates and tried to shrug off the Wagner mercenary group's brief mutiny against Russian President Vladimir Putin over the weekend.The <a href="https://markets.businessinsider.com/news/currencies/russia-ruble-wagner-mutiny-rebellion-yevgeny-prigozhin-putin-forex-demand-2023-6">ruble slumped to a 15-month-low</a> intraday Monday before paring losses, as the attempted rebellion shook the confidence of Russian currency holders.Meanwhile, investors see a high likelihood that the Federal Reserve will continue to raise interest rates in the economy to lower inflation, which could weigh on asset prices. <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html" target="_blank" rel="noopener">Markets have priced in a 77% chance</a> the Fed will hike rates another 25 basis points at its next policy meeting in July, up from a 52% chance a month ago.Here's where US indexes stood as the market opened 9:30 a.m. on Monday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,328.82, down 0.45%</li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 33,714.71, down 0.04% (12.72 points)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 13,335.78, down 1.16%</li></ul>Here's what else is going on: <ul><li><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-downgrade-goldman-sachs-ev-valuation-concerns-tsla-2023-6">Goldman Sachs downgraded Tesla stock</a> after it soared 105% since the start of the year.</li><li><a href="https://markets.businessinsider.com/news/commodities/rent-prices-surging-us-housing-market-affordability-midwest-real-estate-2023-6">Rents are rising in the Midwest</a>, a sign that cash-strapped tenants are flocking to the region amidst a still-unaffordable housing climate.</li><li><a href="https://markets.businessinsider.com/news/stocks/ron-baron-stock-market-outlook-inflation-prices-us-economy-fed-2023-6?_gl=1*1g3ywql*_ga*MjMxMzA1Mzg2LjE2NTY0NDQxNTU.*_ga_E21CV80ZCZ*MTY4NzgwMjkwMi4zNzMuMS4xNjg3ODAzNDgxLjI5LjAuMA..">Inflation will propel major stock gains</a> over the next half-century, according to billionaire investor Ron Baron.</li><li><a href="https://markets.businessinsider.com/news/stocks/nancy-pelosi-apple-microsoft-stock-million-congress-alphabet-trading-markets-2023-6">Nancy Pelosi's husband exercised $2.6 million of Apple and Microsoft</a> stock options this month.</li><li><a href="https://markets.businessinsider.com/news/stocks/ai-investing-artificial-intelligence-tech-stock-rally-gold-rush-wedbush-2023-6">Tech stocks could rally 15% in the second half</a> as markets witness an $800 billion AI spending wave, Wedbush said.</li><li><a href="https://markets.businessinsider.com/news/stocks/ai-stocks-artificial-intelligence-market-analysis-unprofitable-investing-jim-bianco-2023-6">AI stocks could become unprofitable in the future</a> as money has already been made on them in the current rally, Jim Bianco said.</li><li><a href="https://markets.businessinsider.com/news/currencies/bitcoin-forecast-crypto-currency-sec-blackrock-gains-tom-lee-fundstrat-2023-6">Bitcoin could hit $200,000</a> as top Wall Street players jump in, said Fundstrat's Tom Lee.</li></ul>In commodities, bonds, and crypto: <ul><li>Oil prices inched higher, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"> West Texas Intermediate</a> up 0.52% at $69.52 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 0.17% to $74.46 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> edged higher 0.05% to $1,922.77 per ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets"> 10-year yield</a> ticked down 2 basis points to 3.719%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> fell 0.92% to $30,152.</li></ul>

US stocks fall as investors assess outlook for rates and mull impact of Russia rebellion

<ul class="summary-list"><li>Global fossil fuel demand must fall by 25% by 2030 for the world to meet climate change goals, the IEA said. </li><li>In a Tuesday report, the group said the path to limiting global warming has narrowed.</li></ul>Governments must work to reduce global fossil fuel demand by 25% by the start of the next decade to limit global warming to 1.5 °C, according to the International Energy Agency's updated outlook, Net Zero Roadmap, published Tuesday. Beyond 2030, fossil fuel demand will have to drop by 80% by 20250 in the IEA's view. Demand dropping to that level would mean the world no longer needs most new oil and gas projects, and wouldn't require new coal mining operations. "Keeping alive the goal of limiting global warming to 1.5 °C requires the world to come together quickly," said Fatih Birol, the executive director of the IEA. "[W]e also have a very clear message: Strong international cooperation is crucial to success. Governments need to separate climate from geopolitics, given the scale of the challenge at hand."Improving technology in the clean energy sector offers promise, but climate goals demand more momentum still, the group said. More investment in fossil fuel efficiency and alternative energies can help crimp demand, and the new report forecasts global renewable power capacity to triple within the next six years.Advanced economies will have to reach net-zero sooner to allow for developing countries more time to build out alternative energy sources, the IEA said.For the entire world to reach net zero, it will take an investment of about $45 billion per year, and nearly every country must "move forward their targeted net zero dates." In this outlook, global clean energy spending climbs from $1.8 trillion in 2023 to $4.5 trillion annually by the start of the next decade.Earlier this month, Birol wrote in a column for the <a href="https://www.ft.com/content/f6155d7b-2ef7-4f62-a08a-b640b7e87fca" target="_blank" rel="noopener">Financial Times</a> global demand for the three main energy sources of oil, gas, and coal would peak this decade. The age of "seemingly relentless growth" for fossil fuel demand is <a href="https://markets.businessinsider.com/news/commodities/global-oil-demand-iea-energy-prices-barrels-gas-coal-climate-2023-9">at the beginning of the end</a>, he said."Based only on today's policy settings by governments worldwide — even without any new climate policies — demand for each of the three fossil fuels is set to hit a peak in the coming years," he wrote. "This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated."The IEA's outlook comes as US and international oil prices continue to march sharply higher in the second half of 2023. On Wednesday, <a href="https://markets.businessinsider.com/news/commodities/oil-prices-wti-energy-record-brent-gas-opec-russia-energy-2023-9">US oil prices hit the highest level in 2023</a>, while international oil prices pushed closer to the important $100 per barrel threshold.

Global fossil fuel demand has to crater 25% by 2030 if the world is going to meet its climate goals, IEA says

<ul><li><keyword id="10173174" type="UNKNOWN" weightage="60" keywordseo="alternative-energy-stocks">Alternative energy stocks</keyword> will likely gain more after their run-up this year no matter who wins the election, JPMorgan said on Monday. </li><li>These stocks have probably outperformed on rising expectations of a <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> win, a group of analysts led by Paul Coster said. </li><li>But alternative energy may still gain even without a Democratic sweep, especially given the success of the renewables industry during President <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword>'s administration, said the analysts. </li><li>"The election creates a somewhat binary event, though we believe risk-reward is still favorable, particularly for distributed generation stocks," JPMorgan said. </li></ul><ul><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingestgest">Visit Business Insider's homepage for more stories</a>.</li></ul>Alternative energy stocks will gain more after their incredible run-up this year no matter who wins the election, JPMorgan said on Monday.The alternative energy stocks that the firm covers have increased 134% on average year-to-date, significantly outperforming the <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a>. These stocks have likely outperformed on rising expectations of a Biden win and the prospect of infrastructure investing that supports green energy, a group of analysts led by Paul Coster said.JPMorgan also said that even if President Trump wins the election or Republicans remain in control of Congress, many alternative energy stocks will still gain, though trading multiples will likely decline. "We believe anything other than a Democratic sweep may result in trading multiples declining, though given the success of the renewables industry during President Trump's administration, we do not see downside risk to earnings estimates," the analysts said. Read more: <a href="https://www.businessinsider.com/tesla-electric-vehicle-stock-picks-to-buy-bullish-cases-analysts-2020-10">'EVs are REALLY profitable': Morgan Stanley analyst Adam Jonas and 3 more experts lay out their bullish cases for Tesla and 3 other popular electric-car stocks</a>JPMorgan added that the alternative energy industry appears more suited to long-term investors than at any prior time during their coverage. "We therefore think investors should stay long into the print, adding to positions opportunistically," said the analysts.Distributed generation remains JPMorgan's top investment theme for investors seeking exposure to the alternative energy space. Distributed <keyword id="10114308" type="UNKNOWN" weightage="60" keywordseo="solar-stocks">solar stocks</keyword> in particular will gain from a Biden win, because the former vice president's climate plan involves increasing rooftop solar systems. "The election creates a somewhat binary event, though we believe risk-reward is still favorable, particularly for distributed generation stocks," JPMorgan said.

JPMorgan says alternative energy stocks have more upside ahead regardless of who wins the election

The <keyword id="6366068" type="General" weightage="50" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (<keyword id="6355408" type="General" weightage="100" keywordseo="imf" source="Orion">IMF</keyword>) has projected the <keyword id="11929899" type="General" weightage="20" keywordseo="global-economy" source="Orion">global economy</keyword> to grow by 3.2 per cent in 2022 and 2.7 per cent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast, according to the latest <keyword id="188983" type="General" weightage="20" keywordseo="world-economic-outlook" source="Orion">World Economic Outlook</keyword> (WEO) report. The global economy is experiencing "a number of turbulent challenges", as inflation higher than seen in several decades, tightening financial conditions in most regions, <keyword id="2461729" type="General" weightage="20" keywordseo="Russia-Ukraine-conflict" source="Orion">Russia-Ukraine conflict</keyword>, and the lingering Covid-19 pandemic all weigh heavily on the outlook, Xinhua news agency reported, citing the report. "This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the Covid-19 pandemic and reflects significant slowdowns for the largest economies," the report noted. A contraction in real gross domestic product (GDP) lasting for at least two consecutive quarters (which some economists refer to as a "technical recession") is seen at some point during 2022-2023 in about 43 percent of economies, amounting to more than one-third of world GDP, according to the report. Global inflation is forecast to rise from 4.7 per cent in 2021 to 8.8 per cent in 2022 but to decline to 6.5 per cent in 2023 and to 4.1 per cent by 2024, the report showed. Noting that risks to the outlook remain unusually large and to the downside, the latest WEO report said that monetary policy could miscalculate the right stance to reduce inflation, more energy and food price shocks might cause inflation to persist for longer, and global tightening in financing conditions could trigger widespread emerging market debt distress. The IMF warned that geopolitical fragmentation could impede trade and capital flows, further hindering climate policy cooperation. "The balance of risks is tilted firmly to the downside, with about a 25 per cent chance of one-year-ahead global growth falling below 2.0 per cent -- in the 10th percentile of global growth outturns since 1970," the report noted. The IMF argued that front-loaded and aggressive monetary tightening is "critical" to avoid inflation de-anchoring. "Misjudging yet again the stubborn persistence of inflation could prove much more detrimental to future macroeconomic stability by gravely undermining the hard-won credibility of central banks," said IMF chief economist Pierre-Olivier Gourinchas. Noting that fiscal policy's priority is the protection of vulnerable groups through targeted near-term support to alleviate the burden of the cost- of-living crisis felt across the globe, the IMF said the overall stance of fiscal policy should remain "sufficiently tight" to keep monetary policy on target. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/this-agritech-is-mobilizing-wet-waste-of-cities-as-compost-thats-saving-crops-soil-and-farmers-in-rural-areas/articleshow/94796735.cms">This agritech is mobilizing wet waste of cities as compost that’s saving crops, soil and farmers in rural areas</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-ipo-heres-how-you-can-check-the-allotment-status/articleshow/94796701.cms">Electronics Mart India IPO: Here’s how you can check the allotment status</a>

IMF downgrades 2023 global growth forecast to 2.7%

<ul class="summary-list"><li>A new study from <keyword id="6358918" type="General" weightage="60" keywordseo="deloitte" source="Orion">Deloitte</keyword> lays out four phases for tackling <keyword id="6361617" type="General" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> and its economic risks.</li><li>The team sees <keyword id="6375923" type="General" weightage="60" keywordseo="climate" source="Orion">climate</keyword> risks costing the world <keyword id="34412" type="General" weightage="100" keywordseo="economy" source="Orion">economy</keyword> $178 trillion in <keyword id="35050" type="General" weightage="60" keywordseo="gdp" source="Orion">GDP</keyword> over the next 50 years.</li></ul>Letting climate change go unchecked could decimate the global economy by 2070. A new report by Deloitte lays out the four steps that governments, corporations, and citizens need to take if they're to avoid such catastrophe. The world has plenty of economic problems on its plate, what with inflation, Russia's invasion of Ukraine, and broken supply chains all threatening global growth. The looming climate crisis, however, is too costly to ignore, Deloitte economists Pradeep Philip, Claire Ibrahim, and Cedric Hodges said in a report published Monday morning. If the world stays on its current path, average temperatures will climb 3 degrees Celsius by the end of the century. That will cost the global economy about $178 trillion in just the next 50 years, according to the study. Human costs including food scarcity, job losses, and reduced standards of living will also mount, the team said. Conversely, pushing for net-zero emissions can set the stage for stronger economic growth in the coming decades. Such a pivot can grow the world economy by $43 trillion by 2070, according to the report. The deadline for achieving that windfall is fast approaching. Deloitte's rosier estimate hinges on the world decarbonizing its economy by 2050, a feat that would limit warming to about 1.5 degrees Celsius. But getting to net-zero emissions is no easy task, and Deloitte sees four phases as key to bringing about an environmentally sustainable future. <h2>Going 'bold' on climate change</h2>The first steps toward achieving net-zero will be more theoretical than concrete. The world needs to "set the stage" for decarbonization with policies and frameworks for a low-carbon future, the team said, adding that the first step will be focused on "bold climate plays." With emissions still on the rise, the clock is running out for world governments to plan for a decarbonized economy. "Given the costs associated with each tenth of a degree of temperature increase, every month of delay brings greater risk and forestalls the eventual economic gains," the economists said. <h2>Paying upfront for boosted growth</h2>Reaching net-zero emissions will take some serious investment. Economies will have to pay up for clean energy, sustainable supply chains, and replacements for emissions-intensive industries if they're to make the transition in time, according to the report. <div type="image" title="Deloitte" height="645" width="572" msid="91746172" hostid="261"></div>The shift won't be without some "growing pains," the team added. Investing in a greener economy will dent GDP growth over the next two decades as companies shift their focus from profitability to sustainability. Deloitte estimates that the growth outlook will reach a turning point in the late 2040s, after which the investments are forecasted to yield massive returns, to say nothing of the benefits of avoiding climate disasters. <h2>Reaching the turning point</h2>The net-zero experiment will start to pay off in about 25 years, when investments in "structural economic adjustment" near completion, the team said. "Economies would realize the dividend of the transformation and experience net positive growth," they added. The turning point also represents the moment the world moves away from the risk of a $178 trillion projected loss and toward a $43 trillion gain. There will be significant costs in the first several years of the transition, but economists must regard climate change as a trend — not a temporary scenario — as they model the potential risks, according to Deloitte. "If the economic impacts of a changing climate are left out of economic baselines, the result is likely to be poor decision-making, ineffective risk management, and dangerously inadequate efforts to address the climate crisis," the team said. <h2>Maintaining a low-emissions future</h2>Staying the path can, ideally, create a decarbonized economy, but the work won't be all done then. Governments and companies will have to maintain "interconnected, low-carbon systems" to keep the green economy alive and growing, the team said. This world economy will expand "at an increasingly faster rate than its carbon-intensive alternative," they added. The benefits will differ from region to region. The Asia Pacific economy has the most exposure to climate-related damage, according to the report. The region could lose $96 trillion of economic growth by 2070 if decarbonization isn't achieved. Put another way, the area's GDP could be 9% smaller in 50 years than in a world with net-zero emissions. The Americas would follow with a combined $36 trillion loss by 2070, Deloitte said. The US alone would lose $4 trillion in potential growth, and the region's overall GDP would be 4% lower by 2070 compared to a decarbonized world. Europe faces the smallest projected loss, with the region expected to lose $10 trillion in GDP by 2070 compared to a decarbonized future. Still, economic growth would reach just 1% in the 2060s as climate problems slam into the European economy. The stakes are extremely high. Deloitte's modeling shows investments in decarbonization not just paying off, but paying dividends throughout the 21st century.

Deloitte lays out 4 steps to keep the climate crisis from tanking the global economy over the next 50 years

<ul><li>Investing legend <keyword id="155436" type="PERSON" weightage="60" keywordseo="Byron-Wien">Byron Wien</keyword> <a href="https://www.cnbc.com/video/2020/10/23/blackstones-byron-wien-on-the-outlook-for-the-markets-post-election.html">told CNBC</a> on Friday that the <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> will respond positively to <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword>'s policies on climate change and inequality. </li><li>Wien also said Biden's top priorities — getting COVID-19 under control and creating jobs — will be good for stocks. Biden's tax policy that may harm stocks will be secondary to these two priorities, he said. </li><li>"We're not going back into a <keyword id="111974" type="ORGANIZATION" weightage="60" keywordseo="bear-market">bear market</keyword>. We're not going back into a recession. I think growth is going to be gradual and I think equity returns are going to be modest, and I don't think inflation and interest rates are going to rise much," Wien added. </li></ul><ul><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest">Visit Business Insider's homepage for more stories</a>.</li></ul>Wall Street veteran Byron Wien <a href="https://www.cnbc.com/2020/10/23/blackstones-byron-wien-biden-presidency-can-be-good-for-stock-market.html">told CNBC</a> on Friday that the stock market could react positively to a Joe Biden victory. "I think Biden will deal more effectively with inequality, with climate change, and I think those are positives for the market," said the vice chairman of <keyword id="48032" type="CITY" weightage="60" keywordseo="Blackstone">Blackstone</keyword>'s Private Wealth Solutions group."I think that Biden has a better chance of bringing the country together. I think Biden will reestablish more constructive relationships with our foreign allies," he added. While some investors are concerned that Biden's tax policies may hurt stocks in the long term, Wien said the Democratic presidential nominee's initial priorities to create jobs and control the virus will boost the market. "I think the top two priorities for Biden are going to be getting the virus under control and creating jobs," said the investor. "I think raising taxes and other things that might be less favorable for the market are probably going to be secondary to those two objectives. So if we get those two objectives first, that could be good for the market."Read more: <a href="https://www.businessinsider.com/investing-strategy-position-portfolio-us-election-jp-morgan-2020-10">Strategists at JPMorgan's $1.9 trillion asset management arm share 5 investing tips for navigating the fast-approaching election — including the sectors poised to profit from every possible outcome</a>Wien added that he is impressed with how quickly the economy is recovering. However, he said the US will face a period of higher unemployment, and certain businesses that were crushed by the coronavirus may never reopen. Growth will be "gradual," and investors should brace for more modest stock gains in the future, said Wien. "We're not going back into a bear market. We're not going back into a recession. I think growth is going to be gradual and I think equity returns are going to be modest, and I don't think inflation and interest rates are going to rise much," he said. "And at these interest rates, the market can withstand a pretty high multiple, and so I think the outlook is favorable but expectations should be modest."

Investing legend Byron Wien says the stock market will respond favorably to Joe Biden's climate and foreign relations policies

<ul class="summary-list"><li>Billionaire investor <keyword id="12047041" type="UNKNOWN" weightage="60" keywordseo="mike-novogratz" source="Orion">Mike Novogratz</keyword> has said <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> prices will stay under pressure as bond yields shoot higher.</li><li>Bitcoin has tumbled over the last month to trade at around $41,000 — far below November's record high of $69,000.</li></ul>Billionaire investor Mike Novogratz has said that crypto prices are likely to stay under pressure as government bond yields rise rapidly."As long as rates go higher we will see pressure on Nasdaq and crypto," Novogratz, founder of investment company Galaxy Digital, <a href="https://twitter.com/novogratz/status/1483503847079350272?s=20">tweeted</a> Tuesday.Bond yields have risen sharply this year, with investors anticipating a <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-interest-rate-outlook-balance-sheet-reduction-goldman-sachs-2022-1">series of interest-rate increases</a> from the Federal Reserve as the US economy deals with the <a href="https://www.businessinsider.com/inflation-december-cpi-price-growth-index-supply-chain-economic-recovery-2022-1?r=US&amp;IR=T">hottest inflation in 39 years</a>.The jump in yields has whacked technology stocks and the tech-heavy <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> index, as well as cryptocurrencies such as <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> and <a href="https://markets.businessinsider.com/currencies/bnb-usd">binance coin</a>.Analysts have said that the more speculative parts of the market look less attractive when returns on government bonds, which are risk-free, are higher.Novogratz said that the yield on the key <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year US Treasury note</a> could soon break past 2%, a symbolic level that could trigger further volatility in <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.The yield rose sharply Tuesday and climbed further Wednesday to stand at 1.89%, its highest level since the start of 2020.Many investors are increasingly worried about the outlook for crypto in 2022.Bitcoin and other tokens soared in 2021, in no small part because of the easy-money policies of global central banks. But those policies are about to come to an end as developed economies grapple with soaring inflation.Read more: <a href="https://www.businessinsider.com/crypto-investing-outlook-finance-bitcoin-ethereum-altcoins-blockfi-zac-prince-2022-1?r=US&amp;IR=T">The CEO of a $10 billion crypto-finance firm breaks down the 3 key trends on his radar in 2022 — and shares his outlooks for bitcoin, ethereum, and 3 other altcoins</a>Crypto prices have fallen sharply over the last month. Bitcoin was roughly flat at $41,941 on the Bitstamp exchange on Wednesday, far below November's record high of more than $68,000. Ethereum was 2% lower at $3,111, also well below its own November record high of around $4,800.SkyBridge Capital founder Anthony Scaramucci, another well-known crypto investor, said last week his firm <a href="https://markets.businessinsider.com/news/currencies/anthony-scaramucci-skybridge-investor-bitcoin-price-outlook-dip-volatility-2022-1">was not buying crypto</a> in the current climate, even at beaten-down prices."There'll likely be some sloppiness near term," he told CNBC. "You're gonna see these volatility waves as people jump on, they get scared, [they] jump off."Novogratz <a href="https://www.cnbc.com/video/2022/01/06/galaxy-digital-ceo-crypto-will-see-a-lot-of-volatility-in-coming-weeks.html">told CNBC</a> earlier this year that bitcoin could bottom out at between $38,000 and $40,000, and that he's waiting before he buys more.

Bitcoin billionaire Mike Novogratz says crypto prices will stay under pressure as bond yields shoot higher

<ul class="summary-list"><li>Just 2% of philanthropic finance goes to nature and climate — Davos panelists want to see more.</li><li>We need to be investing $9 in renewable energy per dollar in fossil fuel, according to a top economist.</li><li>And we need to scale down anti-climate finance, says Al Gore.</li></ul>There's a financing gap in our climate pledges and we need to find a way to fill it quickly — that's the warning from panelists at the <a href="https://www.businessinsider.com/climate-conversations-must-happen-wef-2023-1">World Economic Forum's annual meeting</a> in Davos, Switzerland, this week.In his welcoming remarks, World Economic Forum founder Klaus Schwab said that the world is currently "confronted with unprecedented and multiple challenges." If the expert sessions held on Tuesday morning are anything to go by, the most pressing of those challenges is financing the climate crisis.John Kerry, US Special Presidential Envoy for Climate, opened the proceedings with an at-times gloomy outlook. "We're not doing everything we promised," he said. "I am convinced that we will get to a low-carbon economy. I'm not convinced we're going to get there in time."However, Kerry said, the solution is right in front of us: "Money, money, money." "We have to find a way to get really serious with getting the corporate world on board around the world," he said, adding that while the private sector is stepping up, it's not enough. He said companies are pledging to get to net zero by 2050, but they don't know how they're going to get there."The secret to this is partnership," said Kerry. "We need to bring the private sector to the table."<h2>Philanthropy is one part of the equation</h2>Out of the <a href="https://www.privatebank.citibank.com/newcpb-media/media/documents/insights/Philanthropy-and-global-economy.pdf">estimated $2.3 trillion</a> of philanthropic funding each year, <a href="https://www.london.ac.uk/institute-in-paris/news/beyond-2-climate-philanthropy-climate-justice-philanthropy">only 2% goes to nature and climate.</a> Panel speakers said philanthropy is often overlooked when thinking about the climate finance gap and that it could act as vital leverage. Rania Al-Mashat, Egypt's minister of international cooperation who played a key role in 2022's COP27 conference, called philanthropy the "prominent third 'P'" alongside "public" and "private."Former Governor of the Bank of England Mark Carney added that "we need layers of capital to catalyze investments that need to happen."Panelists cited the <a href="https://www.iisd.org/articles/insight/just-energy-transition-partnerships">Just Energy Transition Partnership</a> — known as JETP — as an example of philanthropy in action. A JETP deal between Indonesia and G20 countries mobilized $20 billion of funding to help Indonesia phase out fossil fuels and transition to renewable energy. The funding utilized philanthropic capital.Michael Wilkins, executive director and professor of practice at the Centre for Climate Finance &amp; Investment at Imperial College Business School, welcomed the comments made by panelists at Davos."Philanthropy has been crucial in research and development for climate finance and its development," Wilkins told Insider.<h2>The private sector has a key role to play</h2>Elsewhere at Davos, Al Gore told attendees that we are "going through a sustainability revolution that has the scale of the industrial revolution coupled with the pace of the digital revolution."The key thing about the sustainability revolution? We need to finance it. "The private sector has to join the public sector," Gore said.The solution is not just about scaling up climate investment, though, according to Gore. "We desperately need to <a href="https://www.businessinsider.com/helena-gualinga-davos-fossil-fuels-climate-crisis-2023-1" target="_blank" rel="noopener">scale down anti-climate finance</a>," he said. Gore conjured an unusual image to help illustrate his point: Imagine you're running a race, he said, and there are two bulldogs, each tugging at one of your pant legs and holding you back. Those bulldogs are oil and gas, which, Gore added, are "fighting tooth and nail in every form" to stay ahead.<h2>The world's big development banks need reform</h2>Another solution touted by Gore was to reform multilateral development banks, such as the European Bank for Reconstruction and Development (EBRD) — the cross-government organizations that give financial assistance to developing countries. Reform would include ending fossil-fuel financing and a leadership committed to promoting sustainable development.Wilkins agreed, adding that reforming multilateral banks was a <a href="https://www.businessinsider.com/climate-crisis-loss-damage-reparations-egypt-pakistan-developing-countries" target="_blank" rel="noopener">key outcome of COP27</a>. "The multilaterals have been described as 'not fit for purpose' when it comes to climate finance, largely due to their risk-averse nature," Wilkins told Insider. "Reform is being considered, especially by the World Bank."<h2>More investment is crucial</h2>While panel discussions at Davos highlighted the multiple solutions to financing the climate-funding gap, Colombian economist Mauricio Cárdenas brought things back to basics: above all, we need investment by both public and private sectors.Cárdenas cited data from the International Energy Agency on the amount of investment in clean energy relative to fossil fuel. Right now, he said, there's $1.50 invested in renewable energy for every $1 invested in fossil fuels."To get to the goals in 2030, we need to be investing $9 in renewable energy per dollar in fossil fuel," Cárdenas said. "We're still far away from there."

4 ways to pay for the climate crisis, according to Al Gore and other leaders at Davos

With only weeks from the most important UN climate event or COP27 happening in Egypt's coastal city of Sharm El-Sheikh amid a growing realisation that the impact of climate change is here and the world needs to come together to act now, <keyword id="105681" type="General" weightage="20" keywordseo="IANS" source="Orion">IANS</keyword> takes a look about how <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s updated climate plan, comprising 45 per cent reduction in emissions intensity by 2030, adds to set a good momentum. According to a new study published in the prestigious journal Nature Communications and authored by researchers at Lappeenranta-Lahti University of Technology (LUT), who modelled the Indian power sector transition in a state-wide resolution on an hourly timescale up to 2050 for the first-time, the authors estimated that the cost of electricity can come down by 40 per cent. Solar will become cheaper to be one-fifth of coal by 2030 and one-tenth of it by 2050. They say coal plants will be at a risk of becoming stranded during the transition period as they have very low capacity factors. And coal can phase out from some of the major coal dependent states like <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Odisha, West Bengal, <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword>, Gujarat and Jharkhand by 2040. "Moving to solar is the obvious choice for <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. Not just the cost of solar, the cost of battery storage is expected to drop further making it even easier for grid balancing and managing peak demand. Our study shows that any new investments in fossil fuel based thermal power capacity today is economically unviable and could be a burden for a future flexible power system," Manish Ram, an author of the study, told <keyword id="105681" type="General" weightage="20" keywordseo="IANS" source="Orion">IANS</keyword>. The recent slew of policies show that India is serious about meeting its 2030 decadal targets, which can set the pathway for its 2070 net-zero decarbonisation, pledged by Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> in November at the COP26 climate summit in Glasgow, UK. The draft National Electricity Plan 2022 (NEP2022) sees significant increase in installed solar power capacity by 2027, 2030, and a downward revision of installed coal capacity when compared to Central Electricity Authority's (CEA) Optimal Generation Capacity Mix report that was released in 2020. According to NEP22, solar targets for 2032 have increased by 18 per cent compared to India's earlier estimates. India also increased its battery storage target from 27GW of four-hour storage to 51GW of five-hour storage. Whereas 2031-32 installed coal capacity was reduced by 18GW when compared to CEA's Optimal Generation Capacity Mix 2029-30 report released in 2020. According to the International Energy Agency's 2021 India Energy Outlook, India is on track to reach net-zero emissions beyond the modelling horizon -- in the mid of 2060s. R.R. Rashmi, Distinguished Fellow at The Energy and Resources Institute, said, "We should be focussing on 2030 instead of net-zero in the long run. While net-zero is of course part of the discourse now, it needs to be seen from the context of strategic and sectoral decarbonisation policies, which are part of the long-term strategy and India is also moving in that direction. "Further enhancement of the NDCs (Nationally Determined Contributions) should await the outcome of the global stocktake, which is about a year away." While there seems to be a positive environment for India's decarbonisation with the political and policy leadership on the front, the market momentum cannot be ignored and it will drive and accelerate this pickup. A CEEW-IEA report analysed that there is a 300 per cent surge in the total value of acquisitions in India's renewable energy sector in the first 10 months of 2021, this signals an enhanced appetite for companies to invest in climate-friendly technologies. Big businesses like Adani and Reliance are betting big on clean energy as the next big pillars of their business portfolios, setting the trends for market and capital. Global energy think tank Ember released its latest analysis last week, showing that India by August had achieved two-thirds of its end of year 175 GW renewable target. Gujarat joined Telangana, Rajasthan and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword> in achieving this target. Four states account for the majority of the shortfall, namely <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword>, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Andhra Pradesh, and <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword>. The analysis shows that solar is becoming mainstream in India. It has experienced strong solar growth in 2022, with new solar installations rising by 22 per cent in the first eight months of the year compared to the same period last year. With the UNFCCC COP27 coming up in November, India's Environment Ministry is in the middle of developing its long-term strategy, which will give shape and contours to the net-zero target by 2070. Experts told IANS while internationally India's NDCs may not seem ambitious enough, domestically it is going much further and keeping the eye on how the next decade will chart the path for 2070.

India 2030 climate targets set momentum ahead of COP27

<ul class="summary-list"><li>Morgan Stanley, UBS and Wells Fargo all said that a <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword> became more likely last week.</li><li>Ordinary Americans seem to agree, with consumer sentiment polls plummeting.</li></ul>One word dominated <keyword id="11895526" type="UNKNOWN" weightage="60" keywordseo="wall-street" source="Orion">Wall Street</keyword>'s coverage of last Wednesday's <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> meeting: <a href="https://www.businessinsider.com/category/recession?r=US&amp;IR=T">recession</a>.Equity chiefs like <a href="https://markets.businessinsider.com/news/stocks/recession-risks-now-higher-after-feds-latest-hike-morgan-stanley-2022-6">Morgan Stanley's Mike Wilson</a>, economists like <a href="https://markets.businessinsider.com/news/stocks/us-recession-prediction-federal-reserve-interest-rate-hikes-wells-fargo-2022-6">Wells Fargo's Jay Bryson</a>, and billionaire investors like <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crash-us-recession-leon-cooperman-fed-rates-2022-6">Leon Cooperman</a> all warned this week that an economic downturn is becoming more likely."[Rising rates] raises the risk of a recession, because you're bringing rate hikes forward even faster," <a href="https://markets.businessinsider.com/news/stocks/recession-risks-now-higher-after-feds-latest-hike-morgan-stanley-2022-6">Wilson told CNBC's 'Closing Bell' last week</a>. "The Fed is hiking into a slowdown, and they don't really have a lot of options."The Fed is hiking interest rates as it looks to tackle soaring <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>. But there's every risk that the resulting economic contraction tips the US into a recession — typically defined as two consecutive quarters of negative growth, accompanied by a rise in unemployment and a sharp slowdown in business activity.UBS became the latest bank to predict an economic downturn Friday."The more aggressive line by central banks adds to headwinds for both economic growth and equities," the Swiss bank's chief investment officer Mark Haefele said. "The risks of a recession are rising, while achieving a soft landing for the US <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> appears increasingly challenging."And away from Wall Street, ordinary Americans are starting to fret about the economy as well.The <a href="https://data.sca.isr.umich.edu/">Michigan Consumer Sentiment Index</a>, which measures <keyword id="13645871" type="UNKNOWN" weightage="60" keywordseo="main-street" source="Orion">Main Street</keyword>'s attitude towards the overall business climate, fell sharply to a record low of 50.2 points this month, far below analysts' initial prediction of 58."The crash in sentiment means that consumers are more and more worried about future economic conditions," LPL Financial's chief economist Jeffrey Roach said. "Recession risks are rising for next year, especially if high prices get entrenched in the economy."Consumer sentiment has typically been used as a gauge of future consumer spending, which accounts for roughly three quarters of gross domestic product.Sliding consumer sentiment has coincided with dire numbers coming out of the retail sector, meaning <a href="https://www.businessinsider.com/retail-sales-may-consumer-spending-recovery-inflation-restaurants-stores-activity-2022-6?r=US&amp;IR=T">Americans are spending much less at stores and restaurants as inflation soars</a>. Consumers tend to spend less and save more when they're worried about the overall state of the economy, as evidenced by a slump in mortgage applications.And investment bankers can learn a lot from how Main Street feels about the economy, according to LPL's Roach."We need to listen to what consumers say," he said. "But more importantly, we need to watch what consumers do."Read more: <a href="https://www.businessinsider.com/investing-cheap-stocks-market-crash-recession-risk-advice-strategy-gmo-2022-6?r=US&amp;IR=T">Avoiding a recession would be a 'pleasant surprise' as risks to the economy mount and the housing market starts to weaken, says a portfolio manager who's beaten 89% of peers this year — but these 5 cheap groups of stocks should thrive anyway</a>

You Searched For "climate outlook" and got 11 results

Above-normal monsoon rainfall predicted in south Asia

PTI

US stocks fall as investors assess outlook for rates and mull impact of Russia rebellion

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Global fossil fuel demand has to crater 25% by 2030 if the world is going to meet its climate goals, IEA says

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JPMorgan says alternative energy stocks have more upside ahead regardless of who wins the election

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IMF downgrades 2023 global growth forecast to 2.7%

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Deloitte lays out 4 steps to keep the climate crisis from tanking the global economy over the next 50 years

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Investing legend Byron Wien says the stock market will respond favorably to Joe Biden's climate and foreign relations policies

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Bitcoin billionaire Mike Novogratz says crypto prices will stay under pressure as bond yields shoot higher

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4 ways to pay for the climate crisis, according to Al Gore and other leaders at Davos

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India 2030 climate targets set momentum ahead of COP27

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Investment banks are sounding the recession alarm — and Main Street is starting to fret about economic slowdown as well

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