Climate and Carbon Connections to the Current Economic Crisis
Among the many reasons for concern about the near future of the global economy, markets are looking at food price inflation in China as a factor that might increase the likelihood of a world recession.
The world has actually been under a global food price inflation for a few years, mainly due to a sequence of extreme climate events affecting grain production almost everywhere: in China; in several Asian and African countries where the monsoon regime has been disruptive; in the U.S. and Canada; in Australia; in Argentina, Brazil, and Uruguay. Over the last three years, most of these countries have gone through severe droughts and floods, extreme winters and summers.
The chart shows a clear trend, with some oscillation, of rising