Hello, Today's newsletter counts the toll of the destruction caused by the Los Angeles wildfires which is becoming one of the most devastating natural disasters in U.S. history. Firefighters continue to tackle persistently strong and dry winds fueling two giant wildfires that have terrified Los Angeles for nine days, testing the resolve of a city upended by the worst disaster in its history. Red Flag warnings advising of extreme wildfire danger expired across the Los Angeles area late on Wednesday, but forecasters warned that dry and windy conditions will persist on Thursday, and that the threat of blazes remains. "We want to reiterate the particularly dangerous situation today. Get ready now and be prepared to leave," County Supervisor Lindsey Horvath told a press conference. Also on my radar today: |
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A helicopter makes a drop as smoke billows from the Palisades Fire at the Encino neighborhood of Los Angeles, California, U.S. REUTERS/Daniel Dreifuss/File Photo |
Some 6.5 million people remain under a critical fire threat, after the fires consumed an area nearly the size of Washington, D.C., resulting in at least 25 deaths, authorities said. Here's what we know so far about the Los Angeles wildfires: - 200,000 people have been displaced from their homes. - 12,000 homes and other structures have been damaged or destroyed. - 82,400 people remain under evacuation orders. - 90,400 people are facing evacuation warnings as of Wednesday, according to the County Sheriff Robert Luna. - 8,500 firefighters from the western United States, Canada and Mexico have kept the growth of the fires in check for three days. - $250 billion - $275 billion are the estimates of the total damage and economic loss according to private forecaster AccuWeather. |
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| President Joe Biden's administration announced that the federal government will cover 100 percent of the cost for the next 180 days for things like firefighter overtime pay, debris removal and temporary shelters. "It's going to cost tens of billions of dollars to get Los Angeles back to where it was," Biden said during an official briefing. Additionally, the Los Angeles Area Chamber of Commerce announced the creation of a relief fund to support and rebuild small businesses affected by the wildfires. The Chamber will provide grants ranging from $5,000 to$10,000 as direct support along with disaster recovery webinars and business advising support to guide through the rebuilding phase. The new fund got an initial donation of $500,000 from Bank of America and additional contributions of $250,000 from Chevron and home security company Ring. Bank of America committed $1 million to the American Red Cross last week to help with the recovery efforts, $500,000 to the LA Regional Food Bank. Meanwhile Canadian lender Royal Bank of Canada and L.A.'s City National Bank announced a combined donation of $3 million to support victims of the devastating wildfires in Southern California. Meanwhile, JPMorgan Chase and Bank of America are easing mortgage repayment conditions for customers affected by the Los Angeles wildfires. |
A Palestinian child sits amid the rubble of buildings destroyed in previous Israeli strikes, ahead of a ceasefire set to take effect on Sunday, in Gaza City. REUTERS/Mahmoud Issa |
- Gaza ceasefire: While people around the world celebrated the ceasefire agreement between Israel and Hamas, Israel's military conducted more attacks, the civil emergency service and residents said. The agreement calls for a surge in humanitarian assistance to Gaza, and the U.N. and the International Committee of the Red Cross said they were preparing to scale up their aid operations.
- Climate regulations: The G20's Financial Stability Board (FSB) has called for broader and more standardised adoption of climate transition plans by firms. The FSB's call for more comprehensive disclosure on transition plans comes amid signs of backsliding on climate change commitments in global industry.
- TikTok tech ban: Want to know where all the TikTok U.S. content creators and users are headed to next after the ban on Jan 19? Then click here for an explainer on the Chinese social media app RedNote, or 'Xiaohongshu' as it's known in China, which TikTok users have flocked to in rebellion of the ban which was based on 'national security concerns' around the company's data policies.
- AGM season: Reuters' U.S. sustainable business correspondent Ross Kerber shares his take on the ongoing scrutiny that diversity, equity and inclusion (DEI) policies are facing, especially during the annual general meeting season which is fast approaching. Farm equipment maker Deere & Co was one of the first firms to back away from supporting things like LGBTQ+ Pride events. Faced with two resolutions on its hiring practices at the end of February, Deere's meeting might set the tone for what to expect on ESG resolutions this year. Click here for the full column.
- Climate litigation: A judge has dismissed New York City's lawsuit alleging that Exxon Mobil, BP, and Shell were liable for misleading the public about their products, and their commitment to renewable energy and fighting climate change.
- U.S. Energy Secretary: Chris Wright, President-elect Donald Trump's pick to head the U.S. Energy Department believes fossil fuels are the key to ending world poverty, which is a greater problem than climate change's "distant" threat, according to a report he wrote as CEO of oilfield services company Liberty Energy. His first priority is expanding domestic energy production including liquefied natural gas and nuclear power. Click here to learn more about Wright's U.S. energy goals.
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Lindsay Brugger, vice president of urban resilience at the Urban Land Institute, shares her thoughts on wildfire mitigation in housing: "The recent fires in California highlight an urgent crisis: the housing market's undeniable vulnerability against extreme weather events. "The scope of such destructive wildfires can make us feel hopeless when it comes to prevention, but resilience action can reduce wildfire risk. "Selecting ignition-resistant materials, such as cementitious sliding and class A roofs, eliminating combustible materials from around the building to create a zone of defensible space, and utilizing native, drought-resistant landscaping can all mitigate property damage, reduce displacement, and preserve housing stock. "To be most effective, these actions need to be orchestrated community wide. "Not investing in resilience can lead to rising insurance premiums, reduced coverage, and a lack of available insurance policies. "Property insurance premiums are a strong market signal that can incentivize resilient development. "Programs that reward wildfire mitigation actions with tangible insurance discounts – like California's Safer from Wildfires Program or IBHS' Wildfire Prepared Home Program – motivate building owners to take action. "Additionally, government grant programs need to be developed that support low-income owners in overcoming the often high, first-cost barriers of wildfire resilient retrofits." |
Special report: Berkshire coal plants are emitting more nitrogen oxide gases than any other coal-fired fleet in the country, despite investments to date of $41 billion in renewable energies. A modeling tool of the Environmental Protection Agency, or EPA, shows that pollution from the plants each year causes up to seven premature deaths, $104 million in healthcare expenses and 1,800 lost school days in the metropolitan area of Omaha, with nearly 1 million people. Berkshire didn't address the toll its coal plants have exacted on the health of residents affected by their emissions. Click here for the full Reuters analysis. |
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Sustainable Switch was edited by Christina Fincher. |
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