Daily News Brief

December 15, 2022

Top of the Agenda

In an update to its climate policies, HSBC announced that it will no longer finance (Bloomberg) new oil and gas fields or related infrastructure. It will still finance existing fossil fuel projects and energy companies, though it said the companies it backs need to have plans consistent with its climate targets. Climate activists welcomed the move while urging HSBC to further clarify its financing policies and calling on other banks to make similar commitments.

HSBC is among the biggest funders of fossil fuel companies in the world, and its London headquarters has been the site of repeated protests by climate activists. In a report last year, the International Energy Agency said investments in new coal, oil, and gas extraction need to end immediately (AP) for the world to meet the Paris Agreement goal of limiting global warming to 1.5°C (2.7°F).

Analysis

“Financial institutions writ large play a really, really important role in keeping afloat the fossil fuel economy that we have, but also they have a huge role and an opportunity to drive the shift towards a clean energy economy,” the Rainforest Action Network’s Aditi Sen tells the Associated Press.

“[HSBC’s] symbolic step to limit its direct exposure to the most polluting fossil fuels does not restrict its financing of energy companies with expansion plans, but it could place some pressure on competitors to follow suit,” the Financial Times’ Kenza Bryan and Emma Dunkley write.

For Foreign Affairs, Tufts University’s Kelly Sims Gallagher discusses the role of banks in reaching net-zero emissions goals. 

Pacific Rim

In Brussels, the Association of Southeast Asian Nations (ASEAN) and the European Union (EU) vowed to cooperate more closely (Nikkei) on economic, environmental, and security issues. EU countries emphasized their participation in an $18 billion plan to help wean Vietnam off coal.

For Foreign Affairs, German Chancellor Olaf Scholz argues for broadening EU ties with Asian countries. 

Fiji: Opposition leader Sitiveni Rabuka alleged vote counting irregularities (AAP) in yesterday’s elections because an election results app showed his party losing its apparent lead after the app went offline for several hours. Election authorities blamed a glitch in the app and said the data was correct.

South and Central Asia

Hundreds of cars were stranded (RFE/RL) by the blockade, which sparked standoffs between the protesters and Russian troops that have been deployed to the area since a Russia-brokered cease-fire ended fighting between Azerbaijani forces and ethnic Armenian fighters in 2020.

Afghanistan/Myanmar: A UN credentials committee again delayed a decision (Reuters) on whether Taliban-led Afghanistan and junta-ruled Myanmar can send diplomats to the United Nations, effectively blocking them from UN representation for now.

Middle East and North Africa

The UN Economic and Social Council voted 29-8 (CNN), with 16 abstentions, to remove Iran from the Commission on the Status of Women over the country’s crackdown on women-led anti-government protests.

This In Brief looks at whether Iran’s women protesters have the power to topple the regime.

Tunisia: On a visit to Washington, Tunisian President Kais Saied blamed “fake news” (WaPo) for Western criticism of his consolidation of power. Citing democratic backsliding, the United States has slashed its aid to Tunisia by nearly half in its 2023 budget.

Sub-Saharan Africa

The two vaccines tested in four West African countries produced antibodies (Reuters) that were detectable one year later.

Africa: In a private meeting, U.S. President Joe Biden urged the leaders (Bloomberg) of six African countries—the Democratic Republic of Congo, Gabon, Liberia, Nigeria, Madagascar, and Sierra Leone—to ensure that their 2023 elections are free and fair. 

Europe

A court sentenced Istanbul Mayor Ekrem İmamoğlu (FT) to two years in prison and banned him from politics for “insulting” election officials in 2019. Polls showed him as a top potential challenger to President Recep Tayyip Erdoğan in Turkey’s 2023 presidential election.

Americas

The government suspended the right to move freely (The Guardian) across the country and gave police expanded powers to search people’s homes. The measures follow a week of unrest caused by the ouster of former President Pedro Castillo Terrones.

Americas: International nonprofit Reporters Without Borders said the Americas were the most dangerous region (MercoPress) for journalists in 2022, pointing to the murders and disappearances of reporters in Brazil, Haiti, and Mexico. It counted fifty-seven reporters killed worldwide this year.

United States

To contain a potential COVID-19 surge caused by holiday gatherings, the Biden administration will allow Americans to order four free, at-home COVID-19 tests (NPR) beginning today. The administration had previously paused a program to deliver free tests through the mail over funding concerns. 

This In Brief discusses what it will look like when COVID-19 becomes endemic.

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