All articles tagged with #economic opportunity
Canadian Prime Minister Mark Carney indicated that a new oil pipeline to the British Columbia coast is highly likely to be designated as a project of national importance, emphasizing the economic benefits and the role of the private sector, alongside support for a C$16.5 billion carbon capture system for Alberta's oil sands, amid recent legislation to expedite resource project approvals.
The U.S. Department of the Treasury, alongside other federal agencies, has released a Joint Policy Statement and Principles for Responsible Participation in Voluntary Carbon Markets (VCMs). These markets, which trade carbon credits to reduce emissions, are seen as crucial for mobilizing private capital to drive decarbonization and economic opportunities. The Biden-Harris Administration aims to ensure these markets operate with high integrity to effectively combat climate change and support economic development, particularly for farmers, ranchers, and developing countries.
The top 1% of American earners now own more wealth than the entire middle class, according to Federal Reserve data. The top 1% holds $38.7 trillion in wealth, surpassing the combined wealth of the middle class. Real estate, stocks, and owning a private business are key factors contributing to the concentration of wealth among the rich. While economists debate the implications of this wealth disparity, stagnant wages and wealth among the middle class hinder economic growth and opportunity. Homeownership, investing in stocks, and pursuing education are suggested strategies for middle-class Americans to access economic opportunities.
New legislation has been signed in New York to modernize the state's alcohol laws, expanding options for consumers and supporting small businesses in the alcoholic beverage sector. The new laws allow for the sale of beer, cider, and other alcoholic beverages on any day of the week, including Sundays, and extend the Sunday hours for liquor and wine stores. Additionally, alcohol to-go was established as law, and catering establishments can now apply for off-premises licenses to serve liquor at event locations.
Bank of America has committed over $500 million in equity investments to funds led by minority and women entrepreneurs, more than doubling its initial commitment of $200 million. The bank has committed equity to more than 150 funds, which have invested in over 1,000 companies led by 1,500 diverse entrepreneurs and employing over 21,000 people. The move is aimed at supporting women and diverse entrepreneurs and unlocking their potential to grow their businesses locally and create economic opportunity.
Vice President Kamala Harris embarks on a six-day trip to Africa, becoming the first Black woman US vice president to visit the continent. The trip aims to deepen relationships and build on themes of African innovation and technology, regional security, food security, women empowerment, climate, and democracy. Harris hopes to convey the US' sincerity of its long-term commitment to the region and its promise of economic opportunity. The trip comes amid US-China competition for influence in Africa, and Harris will have to balance the need to counter rival investments with avoiding framing African nations as pawns in the United States' larger geopolitical strategy.