A new study predicts that rising energy costs that have followed in the wake of Russia's war with Ukraine could push millions of people around the globe into extreme poverty.
In a joint research effort between the United States, China, the UK and Netherlands, the study from the journal Nature Energy assessed the impact of the war and found that energy prices have jumped 4.8 percent with the surge in the cost of coal and natural gas directly linked to Russia's invasion.
Low income-communities that were already facing issues like food insecurity are now at even greater risk of falling into extreme poverty, with countries like Poland and the Czech Republic, facing greater hardships with their economies heavily dependent on energy resources like coal.
In the U.S., consumers spent 14.3 percent more on energy last year than they did in 2021. Electricity prices alone rose 11.9 percent over the 12 months ending in January, according to the U.S. Bureau of Labor Statistics.
The study estimates that 141 million people around the world are at risk of falling into extreme poverty as costs continue to rise.
"Unaffordable costs of energy and other necessities would push vulnerable populations into energy poverty and even extreme poverty. Understanding how global energy prices are transmitted to households through global supply chains and how they are affected is crucial for effective and equitable policy design," the researchers wrote.
JP Richardson, CEO at Exodus, discusses bringing Exodus public, his thoughts on the future of crypto markets, and tips to take the first steps into the space.
Jonathan Alter, journalist and author, discusses Trump's threats to take back the Panama Canal, unraveling foreign policy work done by Jimmy Carter in 1978.
Curious as to what your latest streaming bundle will look like? Find out what the future of media looks like from Ken Leon, Research Director, at CFRA. Watch!
Nathan Bomey, Reporter at Axios, discusses where Tesla stands, Musk's relationship with the incoming president and expectations for Tesla throughout 2025.
Senior Writer at Fast Company, Elizabeth Segran, discusses how Sephora has become the dominant beauty retailer and why brands want to sell there. Watch!
Matt Calkins, CEO of Appian, breaks down the recent bipartisan report on AI safety and shares thoughts on future privacy enhancements needed in the space.
