- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Ratan Tata: Indian mogul who built a global powerhouse
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- AI steps into science limelight with Nobel wins
- Overshooting 1.5C risks 'irreversible' climate impact: study
- Demis Hassabis, from chess prodigy to Nobel-winning AI pioneer
- Global stocks diverge as Chinese shares tumble
- Time runs out in Florida to flee Hurricane Milton
- Chad issues warning ahead of more devastating floods
- Creator's death no bar to new 'Dragon Ball' products
- Chinese stocks tumble on lack of fresh stimulus
- Trio wins chemistry Nobel for protein design, prediction
- Braving war: Lebanon's 'badass' airline defies odds
- US weighs Google breakup in landmark trial
- Chinese stocks tumble on stimulus upset, Asia tracks Wall St higher
- 7-Eleven owner confirms new takeover offer from Couche-Tard
- A US climate scientist sees hurricane Helene's devastation firsthand
- Can carbon credits help close coal plants?
- Boeing suspends negotiations with striking workers
- 7-Eleven owner's shares spike on report of new buyout offer
- Your 'local everything': what 7-Eleven buyout battle means for Japan
- AI-aided research, new materials eyed for Nobel Chemistry Prize
- The US economy is solid: Why are voters gloomy?
- Scientists sound AI alarm after winning physics Nobel
- Nobel-winning physicist 'unnerved' by AI technology he helped create
- Trump secretly sent Covid tests to Putin: Bob Woodward book
- Neural networks, machine learning? Nobel-winning AI science explained
- Boeing delivers 27 MAX jets in September despite strike
- Stock markets diverge as Hong Kong sinks, oil prices fall
- US trade gap narrowest in five months as imports slip
- Stay and 'you are going to die': Florida braces for next hurricane
- Geoffrey Hinton, soft-spoken godfather of AI
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Duo wins Physics Nobel for key breakthroughs in AI
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- China stocks rally fizzles on stimulus worries amid Asia retreat
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Nobel literature jury may go for non-Western writer
- From Bolivia to Indonesia, deforestation continues apace
- China holds off on fresh stimulus but 'confident' will hit growth target
Western climate subsidies risk hitting emerging markets: IMF
The head of the IMF warned Friday that Western subsidies to combat climate change and encourage the transition to clean energy sources risked hitting the economies of the developing world.
The United States under President Joe Biden has passed the Inflation Reduction Act (IRA) which contains sweeping subsidies and tax cuts worth around $370 billion for reducing greenhouse gas emissions, making it the largest-ever US programme to combat climate change.
The European Union is considering responding in kind amid fears that the IRA will encourage businesses to move factories and production to the United States at a time when it is trying to strengthen its industrial base.
"My biggest concern is that something that in principle is very good to accelerate the transition to the green economy by using public money to step up private investment... may not serve well the emerging markets and the developing world," IMF head Kristalina Georgieva said at the World Economic Forum in Davos, Switzerland.
She warned that the subsidies could lead to technology and production transfers from poorer emerging countries to the rich world.
"If we are to strive to get the industrialised world clean and we don't think about the emerging markets, we are all cooked," she said.
Speaking alongside Georgieva, French Economy Minister Bruno Le Maire defended government backing for efforts to accelerate the transition away from fossil fuels.
"The key question is not 'China first' or 'America first', or 'Europe first': the key question is climate first," he told the audience.
Also speaking in Davos on Tuesday, EU Commission chief Ursula von der Leyen announced plans for a "sovereignty fund" and a "Net Zero Industry Act" to defend Europe's industrial base from US and Chinese industrial subsidies.
Von der Leyen said she saw "aggressive attempts to attract our industrial capacities away to China and elsewhere."
She said the EU had been "working with our US friends to find solutions" to the risk of US subsidies distorting transatlantic trade.
US climate envoy John Kerry argued that countries complaining about the act should instead try to imitate the United States -- even though this would not be possible for emerging countries with smaller government budgets.
"The reaction of other countries shouldn't be, 'oh my god, you shouldn't be doing that, that's putting us in an unfair position'. Do it, too. Everybody's got to do the same thing to accelerate this process even more," Kerry told a panel discussion in Davos on Tuesday.
L.K.Baumgartner--CPN