A year ago this week, US President Joe Biden signed into law the landmark Inflation Reduction Act, pouring hundreds of billions of dollars into efforts to respond to the climate crisis and boost the nation’s reliance on clean energy. This year, the world has seen devastating wildfires, extreme weather and war combine to further destabilise food and energy markets and push power grids to their limits.
Agriculture The combination of India’s decision to ban a large portion of its rice exports and the increasing threat of an El Niño weather pattern on harvests in key producers has sent prices of the grain surging. Benchmark Thai white rice jumped to $648 a ton last week and is on course for the biggest monthly advance since January 2018, threatening the availability of a food staple for billions in Asia and Africa.
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