The renewable energy sector was one of the best investment opportunities in 2020, as the new US administration plans to re-join the Paris Climate Accord and make the country a global leader on climate change policy.
Joe Biden plans to make the US a 100% clean energy economy with net-zero emissions by 2050, while he also plans to decarbonize the US power sector by 2035, utilizing renewable energy solutions.
The entire auto market is pivoting from gasoline-powered cars to electric cars, and analysts believe that we are still in the early stages of this seismic shift as the electric car industry is young and growing quickly.
Electric Vehicle penetration of total passenger car sales measured less than 5% in 2020, while that share is expected to rise at 20% in 2025 and up to 50% in 20 years. Traditional car companies such as Volkswagen and Ford have started getting involved in the sector to match the increasing demand.
The large growth rate in the Chinese and European EV markets and the favourable government policies have made electric vehicles one of the hottest topics on the financial markets in 2020.
Tesla has become the world’s largest automaker in the world with a market capitalization of $800 billion, after its share skyrocketed by 800% last year, making its founder, Elon Musk the world’s richest man in 2021.
Two devastating explosions have heavily damaged the Lebanese capital of Beirut on Tuesday afternoon local time, killing more than 100 people, injuring nearly 4,000, and leaving homeless more than 300,000 residents.
The explosion was caused by an estimated 2.750 tons of ammonium nitrate (a highly explosive material) stored unsecured and without preventive measures for six years in a warehouse next to the main port of the capital. The explosion created a mushroom-shaped cloud, destroying buildings in surrounding areas next to the port and shattering windows in the rest of the city, trapping people underneath rubbles.
The Lebanese Red Cross said that hundreds of people have been rushed to hospitals, asking for blood donations at its transfusion centers across the country. Beirut’s hospitals have been overwhelmed, with local reporters tweeting images of medical staff treating patients in a parking lot
Political conflict in Lebanon:
According to Reuters, the explosion happened few days before a long-awaited U.N. tribunal decision regarding the assassination of the former Lebanese Prime Minister Rafik Hariri, the father of Saad Hariri, who was killed by a truck bomb in 2005. The four suspects in the trial are all members of Hezbollah, the Iran-backed Shia paramilitary and political group widely seen as the most powerful political party in Lebanon. The suspects deny any role in Hariri’s death. Hezbollah is designated a terrorist organization by the US government.
Economic meltdown in Lebanon:
Lebanon has been in a deep economic recession before yesterday’s catastrophic explosions and well before the pandemic of the coronavirus. The country has been suffering from the worst economic and banking crisis in its history, being even in the worst condition than it was during the civil war between 1975-1990.
Numerous demonstrations and anti-government protests have occurred during the last years, triggered from high unemployment, years of political and state corruption, enormous sovereign, banking, and retail debt which led the local currency to devaluate against the US dollar..
The European Commission, amid the coronavirus outbreak, approved a Finnish guarantee plan of around $671 million (€600 million) in supporting the maritime companies.
The plan was approved by the state aid Temporary Framework and adopted in March this year.
The maritime operators that are maintaining the security of supply to Finland will have access to this scheme.
The goal of the Finnish guarantee plan is to support the companies in terms of liquidity, operations, maritime cargo traffic, supplies to Finland, and cover the working capital needs following the coronavirus outbreak.
Moreover, as per the Executive Vice-President in charge of competition policy, Margrethe Vestager, the Finnish guarantee plan will assist the companies transporting supplies to Finland to somehow cover their immediate or urgent working capital needs.