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UN urges the world to ready for extreme heat risk from El Nino

UN urges the world to ready for extreme heat risk from El Nino

By Olivia Le Poidevin GENEVA, June 2 (Reuters) - The United Nations weather agency forecast on Tuesday a moderate or possibly a strong El Nino that could drive up global temperatures and increase the risk of extreme weather over the coming months.
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UK Government Sets Ambitious Emissions Target to Boost Clean Energy and Economic Growth

UK Government Sets Ambitious Emissions Target to Boost Clean Energy and Economic Growth

The UK government has announced a new emissions target as part of its Seventh Carbon Budget, aiming for an 87% reduction in emissions between 2038 and 2042. This target is endorsed by the Environmental Audit Committee and the Climate Change Committee, aligning with long-term national climate goals. The initiative is part of a broader strategy to transition to clean, home-grown energy, reducing reliance on volatile fossil fuel markets. This move comes amid the UK's second fossil fuel price shock in five years, linked to global instability, including conflicts involving Iran. The government believes that accelerating the transition to clean energy will enhance financial resilience for households and businesses. The net zero economy is already contributing significantly to the UK, supporting over one million jobs and adding £105 billion in gross value added in 2025. The strategy includes consumer-led adoption of technologies like solar panels and electric vehicles, which offer direct cost savings to household...
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OECD Warns Middle East Conflict Could Trigger Global Recession

OECD Warns Middle East Conflict Could Trigger Global Recession

The Organisation for Economic Co-operation and Development (OECD) has issued a warning that a prolonged conflict in the Middle East, particularly involving Iran, could lead to a global recession and heightened inflation. The ongoing risk to shipping through the Strait of Hormuz has significantly reduced traffic, impacting global supplies of crude oil, fuel products, and natural gas. This disruption is expected to slow global growth to 2.1% in 2026 and 1.8% in 2027, potentially pushing some economies into recession. The OECD highlights that energy-related costs are the primary driver of inflationary pressures, affecting shipping, groceries, and fertilizer prices.
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U.S. Agriculture Faces Drought Challenges Amidst El Niño Prospects

U.S. Agriculture Faces Drought Challenges Amidst El Niño Prospects

The U.S. agriculture industry is grappling with severe drought conditions, with over 60% of the continental U.S. experiencing moderate drought or worse since April. The Midwest, particularly the Great Plains, has been hit hard, affecting winter wheat crops. The U.S. Department of Agriculture reports that up to 44% of winter wheat is rated very poor to poor, with Nebraska facing the worst conditions. The drought has also impacted the cattle industry due to poor rangeland conditions. However, relief may come with the onset of the monsoon season in July and the development of El Niño conditions in October, which could bring more rainfall.
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Australia says its wheat output will be shrunk by Iran war costs, dry weather

Australia says its wheat output will be shrunk by Iran war costs, dry weather

CANBERRA, June 2 (Reuters) - Australia's upcoming wheat harvest will be the smallest in three years, as high fertiliser costs and dry conditions in some areas reduce planting and yields, the government said on Tuesday. Australia is a major exporter of wheat and other crops.
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Iran War Pushes Farmers Toward Natural Fertilizers

Iran War Pushes Farmers Toward Natural Fertilizers

The Iran war and disruptions around the Strait of Hormuz are driving fertilizer prices sharply higher, forcing farmers worldwide to seek cheaper natural alternatives. Farmers in Senegal, Brazil, India and Mexico are increasingly turning to compost, manure, cow dung and biofertilizers as chemical fertilizer costs surge. Experts say the shift could benefit both food security and the environment by reducing dependence on fossil fuels and lowering greenhouse gas emissions. Governments are also promoting organic farming practices as global supply chains remain strained by the ongoing conflict.
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Analysis-A strong El Nino may be imminent. Climate change will make its effects worse

Analysis-A strong El Nino may be imminent. Climate change will make its effects worse

By Kate Abnett BRUSSELS, June 2 (Reuters) - The El Nino weather pattern is forming, and is expected to cause extreme weather around the world this year, the WMO said on Tuesday. Scientists say climate change will make its impact especially severe.
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Europe Faces Significant Food Price Increases Due to Climate Change, Study Finds

Europe Faces Significant Food Price Increases Due to Climate Change, Study Finds

A report by Oxford Economics warns that Europe is likely to experience the most significant food price increases among G7 nations due to climate change. The study highlights that extreme weather events, such as heat waves and natural disasters, are expected to cause more frequent harvest failures and supply chain disruptions. These events could lead to a 1.6 percentage point annual increase in food prices in the euro area, impacting headline inflation by up to 0.6 percentage points. The report notes that Europe is particularly vulnerable to global market fluctuations, with recent climate events already causing significant price spikes in commodities like coffee and cocoa.
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Iran Regains Missile Arsenal Access, Challenging U.S. Claims

Iran Regains Missile Arsenal Access, Challenging U.S. Claims

New satellite imagery analyzed by CNN reveals that Iran is regaining access to a significant number of missiles stored in its underground facilities. This development casts doubt on President Trump's assertions about the effectiveness of U.S. military strikes aimed at obliterating Tehran's missile capabilities. The Pentagon, however, maintains that its campaign has been successful. The imagery suggests that Iran's missile arsenal remains largely intact, raising questions about the long-term impact of U.S. military actions in the region.
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Oil steadies as uncertainty over US-Iran talks keeps markets on edge

Oil steadies as uncertainty over US-Iran talks keeps markets on edge

By Pooja Menon June 2 (Reuters) - Oil prices held on to most of the previous session's sharp gains in early trade on Tuesday on uncertainty over the status of ceasefire talks between the United States and Iran and the potential reopening of the Strait of Hormuz. U.S.
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Israel kills 8 in southern Lebanon, a day after Trump said Israel and Hezbollah to de-escalate

Israel kills 8 in southern Lebanon, a day after Trump said Israel and Hezbollah to de-escalate

Israeli drone strikes on southern Lebanon on Tuesday killed eight people, including a father and his two children