The Financial Post brings you the top business stories as they happen for September 26, 2023. Read on for breaking news you need to know.
The report released Sept. 26 says the worldwide rollout of key technologies such as renewable power, electric vehicles and heat pumps is happening so quickly that demand for coal, oil and natural gas is set to peak within the next 10 years.are needed anywhere around the globe, nor any new coal mines, mine extensions or unabated coal plants.
Still, the report’s authors pointed out that while the transition is occurring, more needs to be done to hold global warming to the 1.5-degree Celsius target the international community agreed to at the 2015 climate summit in Paris. The world is set to invest a record US$1.8 trillion in clean energy in 2023, but the IEA said that needs to climb to US$4.5 trillion by the early 2030s in order to achieve net zero by 2050.Article content
The threat of tight policy is undoing some of the market’s biggest gains this year in high-flying tech stocks. These growth companies are prized for their long-term prospects but hold less appeal when future profits get discounted at higher rates. That’s reflected in growing short positions against the technology-heavy Nasdaq 100 Index.
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