The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
On Monday, Britain will become the first G7 country to end coal-fired power production, marking a significant milestone in the nation's journey toward climate targets. The closure of Uniper’s Ratcliffe-on-Soar plant in England’s Midlands signals the end of over 140 years of coal power in the UK.
Back in 2015, Britain set a goal to phase out coal plants within a decade, when nearly 30% of its electricity came from coal. By last year, this figure had dropped to just over 1%.
“The UK has proven that it is possible to phase out coal power at unprecedented speed,” said Julia Skorupska, Head of the Powering Past Coal Alliance, which includes around 60 national governments working to eliminate coal power. This phase-out has significantly contributed to the halving of Britain's greenhouse gas emissions since 1990.
Britain aims for net zero emissions by 2050 and plans to decarbonize its electricity sector by 2030, relying heavily on renewable sources such as wind and solar power.
"The era of coal might be ending, but a new age of good energy jobs for our country is just beginning," said energy minister Michael Shanks.
In contrast, coal power still constitutes over 25% of Germany’s electricity and more than 30% of Japan’s power, showing the significant challenge other nations face in reaching the same target. The G7 nations agreed in April to scrap coal power by the mid-2030s, though some countries heavily reliant on coal have been granted more flexibility, drawing criticism from environmental groups.
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