U.S. faces last chance to salvage stimulus deal, investment priorities for a green recovery, and more

Treasury Secretary Steven Mnuchin opened this month by saying that despite the stalemate over Covid-19 relief funding, the Trump administration and Congress could agree on one thing: a stimulus package was needed.

That hasn’t produced serious negotiations, however, and prospects for a relief bill before the November election are dwindling fast.

From planting more trees to saving on energy use in old buildings, governments should look at greening their cities to create jobs and spur growth as they seek to revive economies hit hard by the coronavirus pandemic, researchers said on Monday.

Home to more than half of the world’s population, cities have borne the brunt of the COVID-19 crisis, which is projected to cost the global economy more than $12 trillion over two years, according to a report by urban and climate experts.

Cities must be the primary beneficiaries of green investments for global nations to pursue a resilient, low-carbon recovery from the coronavirus pandemic, according to the Coalition for Urban Transitions.

That's the focus of the coalition's newest report, released Monday in partnership with the World Resources Institute (WRI) and C40 Cities. The paper analyzed how the allocation of stimulus funding across a number of environmental sectors can aid the international COVID-19 response and promote resiliency amid future crises.

Until recently, Exxon toughed out the oil crash with big spending; the proverbial zigging as others zagged, preparing for the next oil bounce. Covid-19 rather undercut that story, but it was a tough sell even before the pandemic. Climate change and peak oil demand have become mainstream topics of conversation. Perhaps more importantly, the past decade’s shale miracle did wonders for drivers, oil executives and “energy dominance” fantasies, but not for investors. It isn’t a coincidence the hit to Exxon’s credibility is rooted in the same thing that turned investors off the sector in general: an expensive pivot to shale.