US narrowly avoids a government shutdown; Panel on Ukraine, China and more
Oct 1, 2023
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Catherine Rampell of The Washington Post discusses US government spending. Zanny Minton Beddoes and Richard Haass talk about the war in Ukraine and Russia's influence. Fareed speaks with Fatih Birol about the future of fossil fuels.
The US government narrowly averted a shutdown highlighting America's addiction to government spending.
The global demand for fossil fuels is expected to peak soon due to the rapid emergence of a clean energy economy.
Deep dives
Emerging Clean Energy Economy
A clean energy economy is rapidly emerging, driven by the increasing dominance of renewable energy sources such as solar and wind power. More than 80% of new power plants installed this year are renewables, making them the dominant force in the energy mix.
Peaking of Fossil Fuels
According to the International Energy Agency, global demand for fossil fuels is expected to peak before the end of this decade. While oil, gas, and coal will still be used, their consumption will decline, aligning with efforts to reach climate targets.
Importance of Green Subsidies
The Infrastructure Investment and Jobs Act, passed by the US government, is seen as a crucial climate action as it provides significant subsidies for green energies. This legislation is expected to accelerate the transition to clean energy.
Transition Challenges and Nuclear Power
Transitioning from coal to renewable energies is the ideal approach, but challenges related to base load capacity and intermittency can be addressed through nuclear power, hydro power, and the development of reliable battery storage systems.
This week on the show, Fareed speaks with Catherine Rampell, opinion columnist for The Washington Post, about the US government's narrowly averted shutdown and the consequences of America's addiction to government spending. Then, an all-star foreign policy panel with The Economist's Zanny Minton Beddoes and Richard Haass of the Council on Foreign Relations. They speak about the West's waning support for the war in Ukraine, America's gerontocracy, and what the fighting in Nagorno-Karabakh says about Russia's geopolitical influence. Plus, Fareed talks to Fatih Birol, the Executive Director of the International Energy Agency, about whether it's the beginning of the end for fossil fuels.
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