2018
May
24
Thursday

Monitor Daily Podcast

May 24, 2018
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Yvonne Zipp
Features Editor

It wasn’t the avocado toast.

Much has been made of cultural explanations of why Millennials put off homeownership and having kids – including what they spread on bread. (Locally, avocados run two for $4 on sale, so I’ve never been sure how that would empty out anyone’s account.)

And it’s not their spending habits: Millennials actually save at a higher rate than baby boomers and Gen Xers, according to a new study by the Federal Reserve Bank of St. Louis’s Center for Household Stability. All ages suffered financially during the Great Recession. But those born in the 1980s are the only group studied to have lost even more financial ground between 2010 and 2016.

Both Generation X and Millennials took severe financial hits, but because more Gen Xers went into debt to buy homes, their personal wealth recovered along with housing prices. Millennials, meanwhile, bet big on their futures, the college degrees they were told were the secret to financial security. As a result of that debt-load, the study says, they missed out on purchasing assets that would increase in value, putting those born in the 1980s in danger of becoming “members of a lost generation for wealth accumulation.”

The study does lay out reasons for hope for younger Americans: “Two reasons for optimism are that the 1980s cohort has many years to get back on track, and it is the most educated – hence, also potentially the highest-earning – group ever.”

Before we get to our five stories of the day, staff writer Peter Grier examines three of the most immediate questions in the wake of today’s cancellation of the US-North Korea summit. We’ll be looking at the long-term prospects for peace on the Korean Peninsula next week.


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Today’s stories

And why we wrote them

Clodagh Kilcoyne/Reuters
Presiding Officer Carmel McBride and Garda Alan Gallagher carry the polling box for the referendum on changing Ireland's abortion law onto the island of Inishbofin, Ireland, May 24.

Ireland has been forging a secular path in recent years: electing an openly gay prime minister, celebrating legalization of same-sex marriage. But its current debate over abortion has been deeply emotional and divisive. And the more we looked into why, the more we found that people saw paternalism in this referendum – and in Irish history.

As some states map a low-carbon energy future, an important debate is shaping up: How diverse will the mix of energy sources need to be?

SOURCE:

US Energy Information Administration

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Karen Norris/Staff

Monitor Breakfast

When it comes to measuring the strength of Democrats in November – will it be a blue wave or a ripple? – traditional polling may not have the answers. Politics editor Liz Marlantes points to a piece in Forbes by John Zogby: “The Donald Trump presidency defies all the rules, not unlike the Trump personality.”

Mark Naftalin/UNICEF/AP
Schoolchildren wash their hands before entering a classroom in the northwestern city of Mbandaka, Congo, May 22. Congo’s Health Ministry announced six new confirmed Ebola cases and two new suspected cases as vaccinations entered a second day in an effort to contain the virus in the city of more than 1 million.

After the 2014 Ebola epidemic, there was grief and outrage that the world had not responded quickly enough to stem the loss of life. With a new Ebola outbreak in the Congo comes a vow: “Not this time.”

Finding ‘home’

An occasional series exploring what it means to belong

Corning, Ohio, "is a town that would look at Mayberry as being the big city,” says Larry Monson. That's partly why the new baker chose it. The Monsons left the big city, with its job opportunities, behind for a chance to redefine their own lives and find a sense of community.


The Monitor's View

Photo by Melanie Stetson Freeman/The Christian Science Monitor
Workers walk past steam storage tanks at Reykjavik Energy's Hellisheidi Geothermal Power Plant outside Reykjavik, Iceland. Reykjavik Energy is a public utility company providing electricity and geothermal water for heating. To offset global warming, since year 2007, scientists have collaborated with Reykjavík Energy on developing the idea of fixating CO2 into basaltic rock. They recently started working on a revolutionary pilot project to have the world's first carbon negative plant enabled by direct air capture of CO2. The company is working towards carbon neutrality through a pilot program called CarbFix2 that is funded by the EU.

 

Is the political climate over climate change finally changing for the better in Washington?

Perhaps, if you listen to the buzz about a bipartisan effort in Congress to take action on carbon emissions from the use of coal, oil, and natural gas.

In February, lawmakers of both parties supported a provision in a budget bill that provides tax credits for the emerging technology of capturing carbon emissions from industrial and power plants before the gas enters Earth’s atmosphere.

Then this week, in another show of consensus on climate change, a Senate panel passed a measure to ensure federal agencies coordinate on the building of pipelines to transmit carbon emissions for storage or other use.

In addition, a report by a think tank established by President Barack Obama’s former energy secretary, Ernest Moniz, stated that the tax credits “are a critical step forward and will enable substantial emissions reductions for many facilities, especially industrial sites.”

For years the subject of carbon capture and storage (CCS)has been politically charged. “The Right underestimates the magnitude of the problem [of developing CCS technologies]; the Left underestimates the magnitude of the solution,” says Howard Herzog, a researcher at the Massachusetts Institute of Technology.

But that political debate over CCS has run into a stubborn fact: In the past three decades, the world’s use of fossil fuels as a proportion of total energy consumption is still the same – about 80 percent. Despite progress on renewable energy and conservation, humanity must recognize its dependency on dirty fuels for now and act to clean up their use.

The solution to reducing emissions “is not [a choice between] renewable energy or carbon capture; it’s a combination of both,” says Niall Mac Dowell, who models low-carbon energy systems at Imperial College London. “It’s everything, all at once, now.”

Currently 17 CCS demonstration projects around the world are capturing nearly 40 million tons of carbon dioxide annually. But that’s not making much of a dent: The world’s energy industry emits 32 billion tons. Various technologies to solve the problem are at roughly the same stage today as solar and wind were 20 years ago, says Julio Friedmann, one of the authors of a 2017 United Nations Environment Program report on global options for emissions reductions.

“We have to scale up all [carbon] removal approaches. All of them have limits. All of them are nascent,” he says. “All of them have some mix of technical or societal or political or financial issues. [But] there’s nothing in physics or chemistry that says we can’t scale up.”

The International Energy Agency estimates that the new tax credits could generate $1 billion in new investments in CCS technologies in the next six years. In addition, fossil fuel companies may now adopt the concept of “extended producer responsibility,” or the idea that they are responsible for the “life cycle” of the resources they exploit.

Some environmentalists fear that CCS may be seen as a panacea, an easy answer to climate change that will stunt research into other needed efforts. But every promising avenue for solutions should be explored – and CCS is one of them.

Environmentalist Paul Hawken founded Project Drawdown to combat fear-based responses and instead highlight the myriad ways to combat climate change that are constantly emerging.

“Ninety-eight percent of all climate communication is about the probability of what’s going to go wrong and when. Those probabilities are based on impeccable science, for which we have profound respect, but constant repetition of a problem does not solve the problem. It shuts people down,” he told The New York Times recently.

At Project Drawdown, he said, “we don’t blame, shame or demonize. We don’t use fear as a motivating theme. We explore possibility because virtually all human beings move toward the possibility of a better life.”

The immense benefits that would emerge from a technologically and economically feasible means of capturing carbon emissions make CCS one of the brightest possibilities in climate science. 


A Christian Science Perspective

About this feature

Each weekday, the Monitor includes one clearly labeled religious article offering spiritual insight on contemporary issues, including the news. The publication – in its various forms – is produced for anyone who cares about the progress of the human endeavor around the world and seeks news reported with compassion, intelligence, and an essentially constructive lens. For many, that caring has religious roots. For many, it does not. The Monitor has always embraced both audiences. The Monitor is owned by a church – The First Church of Christ, Scientist, in Boston – whose founder was concerned with both the state of the world and the quality of available news.

As he found a more spiritual way to think about others, today’s contributor found a richer relationship with his dad and saw him freed from alcoholism.


A message of love

Cathal McNaughton/Reuters
A man cools down at a water pump in Delhi, May 24. Temperatures have soared to dangerous levels in northern India and Pakistan, with temperatures during the day reaching about 115 F. and often dipping only to the lower 80s at night.
( The illustrations in today’s Monitor Daily are by Jacob Turcotte. )

A look ahead

Thanks so much for joining us. Come back tomorrow! With new privacy laws going into effect Friday, will Europe set the new global standard for internet privacy?

More issues

2018
May
24
Thursday

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