Middle East & North Africa Economics Update Israel’s strikes on Iran: assessing the macro impact The overnight strikes by Israel on Iran mark a major escalation in the conflict in the region and, with the oil market tighter than it was a few months ago, the risks to oil prices look more balanced... 13th June 2025 · 6 mins read
Climate Economics Update EU carbon market surplus keeps prices in check The surplus in the EU carbon market dampened incentives to decarbonise in 2024, and the likelihood that the surplus is maintained until 2027 will keep a lid on carbon prices in the near term. Further... 29th May 2025 · 3 mins read
Climate Economics Update No sign of a tariff hit to China’s green exports in April Despite the jump in US tariffs this year, China’s exports of the “New Three” reached a record high in April. This was mainly driven by increased exports to non-US markets, such as the EU. Looking... 20th May 2025 · 3 mins read
Climate Economics Update EU faces “difficult second album” syndrome with ETS2 By seeking to extend the “polluter pays” principle to building owners and road users, the ‘sequel’ to the EU’s Emissions Trading Scheme was always likely to run into public and political opposition... 19th May 2025 · 4 mins read
Global Economics Update Global Trade Stress Monitor To cut through the noise surrounding tariff impacts, we’ve pinpointed seven key stages in the global trade cycle – tracking in real time how each is responding to tariffs. This tool helps clients... 13th May 2025 (Updated 11th June 2025) · 0 mins read
Global Economics Update A truce in the US-China trade war The US and China have each suspended for 90 days all but 10% of their Liberation Day tariffs and cancelled other retaliatory tariffs. This is a substantial de-escalation. However, the US still has... 12th May 2025 · 4 mins read
Commodities Update Iberian blackout puts spotlight on grid infrastructure It’s possible that the recent blackout on the Iberian peninsula goes down in history as a catalyst for widescale electricity grid upgrades which ultimately help to bolster the pace of the renewable... 1st May 2025 · 4 mins read
Climate Economics Update China green exports surge but tariff hit looms ahead The surge in China’s green exports to a new record high in March could be the final strong showing for a while given the escalation in US tariffs on all Chinese imports. However, green tech exporters... 23rd April 2025 · 2 mins read
Climate Economics Update Major tests for IMF climate deals in Egypt and Pakistan The IMF’s Resilience and Sustainability Facilities with Egypt and Pakistan will incentivise policymakers to implement climate adaptation and mitigation policies. That said, both countries still need... 14th April 2025 · 3 mins read
Global Economics Update Answering your questions about Liberation Day tariffs We hosted two online Drop-In sessions on 3rd April to discuss the fallout from President Trump’s Liberation Day tariff announcement. (See a recording here.) This Update contains answers to some of the... 3rd April 2025 · 9 mins read
Climate Economics Update Tariff-front running boost to China green exports fades China’s exports of the “New Three” technologies fell in early 2025 as the boost from front-running tariffs in the US appeared to fade. With tariffs only likely to climb and the adoption of clean... 21st March 2025 · 2 mins read
Commodities Update China NPC is no gamechanger for commodity markets Although industrial metals prices have risen following the National People’s Congress (NPC) in China, we still think that prices will fall over 2025 and 2026 given that the policies outlined do not go... 5th March 2025 · 4 mins read
Global Economics Update Is the US bloc splintering? The events of the past two weeks have called into question whether the US is severing ties not just with adversaries such as China but also allies, including Canada, Mexico and the European Union... 4th March 2025 · 6 mins read
Climate Economics Update Is the EU backsliding on climate policy? The EU’s Clean Industrial Deal and Omnibus packages mark a shift in climate policy as pushback against the costs of climate action grows. With the EU less willing to impose costs on the private sector... 27th February 2025 · 4 mins read
Climate Economics Update Emissions reduction efforts becoming fractured Whereas political pushback against the cost of climate action is hindering policy in North America and Europe, the tailwinds from China’s low-cost green technology exports are becoming more... 19th February 2025 · 3 mins read
Climate Economics Update Solar take-up in Saudi will be felt in global oil markets The renewable rollout in Saudi Arabia is set to accelerate on the back of cheap solar panel imports from China. Given that Saudi Arabia is one of a few countries that directly burns crude oil for... 5th February 2025 · 3 mins read
