FT News Briefing The new commodity superpowers
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Aug 14, 2023 The rouble has hit a 16-month low as military spending rises and exports fall. U.S. airlines are teaming up with farmers to lobby for subsidies to promote corn-based jet fuel. The demand for minerals crucial for green technology is changing the geopolitical landscape, especially in energy. The complexities surrounding alternative fuels are explored, highlighting the contrast between sustainable aviation fuel and ethanol, along with the challenges farmers face. The podcast also dives into how resource-rich nations are adapting to the shift towards sustainable energy and battery minerals.
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Ruble's Decline
- The ruble has dropped to a 16-month low due to increased military spending and decreased exports.
- Western sanctions and aggressive interest rate cuts by Russia's central bank also contributed to the decline.
Ethanol Debate
- U.S. airlines and farmers are lobbying for green tax breaks for corn-based ethanol as an alternative to jet fuel.
- Environmentalists oppose this, arguing that ethanol's environmental benefits are questionable and could hinder the development of more sustainable fuels.
Resource-Rich Nations
- Countries rich in minerals crucial for green technology, like Indonesia, Chile, and the DRC, are seeking to maximize their gains.
- They're demanding more processing and manufacturing within their borders instead of just exporting raw materials.