Economy & Business

"China has become the world’s biggest importer of beef, and Brazil is China’s biggest supplier, according to United Nations Comtrade data. More beef moves from Brazil to China than between any other two countries. But the Brazilian cattle industry is a major driver of the destruction of the Amazon rainforest."

"The UN Environment Programme (Unep) report estimated that between $215bn and $387bn a year is needed for climate adaptation in poor and vulnerable countries alone this decade. However, funding fell by 15% – to just $21bn – in 2021, the report said."

"Senate Majority Leader Chuck Schumer (D-N.Y.) and 22 other Democratic senators sent a letter to Federal Trade Commission (FTC) Chair Lina Khan on Wednesday demanding an investigation of two major proposed oil industry mergers and warning that the consolidations could hurt consumers."

"Insurers are already pulling back from California, Florida and Louisiana. Senate Democrats are trying to find out which states could be next."

"Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry."

"Louisiana has increased fines for inactive oil and gas wells in an effort to reduce the number of polluting and dangerous wells that are eventually abandoned and made the responsibility of the state."

"It’s a glaring weak spot in climate protection: Millions of U.S. residents don’t have flood insurance and face financial ruin if their home is inundated. But the nation’s insurance gap would shrink under a dramatic proposal that could require millions of property owners to buy flood coverage for the first time, potentially costing them thousands of dollars a year."

"The White House on Monday issued veto threats against two GOP-led House appropriations bills expected to come up for a vote this week as lawmakers seek to avoid a government shutdown in November."