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.
His Royal Highness Prince Emanuele Filiberto Di Savoia, Prince of Venice, joined Cheddar to discuss his new game that lets everyday folks feel like a royal.
GJ Hart, CEO of Red Robin, discusses the company's place in the "value wars," what's next for the restaurant and his thoughts on Shake Shack in the sky. Watch!
Chiza Vitta, Managing Director Global Analytics at S&P Global Ratings joined Cheddar to discuss S&P's recent Megatrend findings and other 2025 predictions.
Greg O'Hara CEO at Certares joined Cheddar to discuss his personal experience with Wellness Tourism and his predictions for the future of the growing industry.
Meghna Maharishi, Airlines Reporter at Skift, answers your biggest questions about what is happening since Spirit Airlines filed for bankruptcy. Watch!
Managing Director at Wells Fargo, Adam Davis, joins Cheddar to discuss how both the consumer and retailer are approaching shopping's busiest time of the year.
