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[Global Economic Shifts: Shipping Decarbonization, Energy Outlooks, and Social Unrest]-[COP30: Amid protests, a call for a global carbon tax]

World Business Report · B2 · 2025-11-12

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📋 Summary

Navigating Global Challenges: From Decarbonization to Economic Instability

This week’s World Business Express highlights a complex intersection of climate policy, energy market volatility, and social unrest across the globe.

The Struggle for Maritime Decarbonization

At the COP30 climate talks in Belém, the shipping industry remains a focal point of intense scrutiny. Arsenio Dominguez, Secretary General of the International Maritime Organization (IMO), addressed the ongoing challenges in securing a global carbon levy. Despite resistance from major economies like the United States and Saudi Arabia, Dominguez emphasized that the work has not "completely stalled." He noted that the IMO remains "committed to that decarbonization in an equitable way," aiming to reach net-zero by approximately 2050. A critical part of this strategy involves a "well to wake" assessment of fuel emissions, ensuring the industry does not simply "transfer the emissions" to other sectors.

Global Energy Outlook and Market Dynamics

Ross Mould of AJ Bell discussed the International Energy Agency’s (IEA) latest World Energy Outlook. The report offers a sobering projection: if current behaviors persist, global oil demand is expected to grow by 13% through 2050, contradicting previous hopes that demand would peak by 2030. However, the transition is being supported by the growth of renewables, and oil companies are increasingly "at the forefront of trying to manage this transition" due to their substantial cash flow. Meanwhile, OPEC Plus reports suggest that global supply will likely match demand by 2026, creating downward pressure on oil prices.

India’s Economic Anomalies

India has reported a record-low inflation figure of 0.25% year-on-year. This unusual stability is attributed to "fantastic harvests" that kept food prices low, decreased energy import costs, and structural adjustments to the Goods and Services Tax (GST). These factors have pushed inflation well below the Reserve Bank of India’s target range, potentially opening the door for interest rate cuts despite the economy’s rapid 8% growth.

Social Unrest and Governance Issues

  • Myanmar/China: A significant legal development occurred as a Chinese tycoon, accused of operating a "scam compound" involving trafficked workers, was extradited from Thailand to Beijing.
  • Greece’s Agricultural Crisis: Greece is facing significant political instability as farmers protest against rising costs, livestock diseases (such as sheep and goat pox), and the failure of subsidies. Economist Elena Panaritis highlighted that the "accumulated discontent" is the result of years of environmental disasters—including Hurricane Daniel in 2023—and alleged fraud within the subsidy distribution agency, OPQP. Panaritis argues that the Greek government’s slow response, characterized by bureaucratic delays in parliamentary and judicial investigations, has left the population feeling "betrayed," with the middle class being "squeezed" by high rents and poverty.

🎯Key Sentences

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it doesn't mean that the work has completely stalled.
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There's plenty of countries who are on board with that as well.
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Challenges is what makes our life and jobs even more interesting.
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because shipping cannot decarbonise on its own.
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is there any alternative?
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📝Key Phrases

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under particular scrutiny
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keep that momentum going
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on board with
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take into account
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speak in hypotheticals
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📖 Transcript

A global shipping boss is fighting against President Trump's climate pushback.
It's World Business Express from the BBC World Service.
I'm Leanna Byrne.
Farmers' protests in Greece are threatening the country's political stability and a casino tycoon, accused of running a scam centre, has been extradited to Beijing.
So we start in Brazil, where dozens of indigenous protesters have stormed the venue in Belém which is hosting the COP30 climate talks.
They're angry over what they say are broken promises on land rights.

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