Ray Dalio Looks to the Past to Predict the Future
As a recent guest on CBS's Value Investing With Legends podcast, Dalio discusses how he made his name in investments, the future of innovation, and the trajectory of US partisan politics.
Tax Subcommittee Hearing: Biden’s Global Tax Surrender Harms American Workers and Our Economy
Watch Now as Richman Center Co-Director David M. Schizer Addresses the Ways & Means Tax Subcommittee
Insight 3: The world needs a consensus definition of green steel (and green iron).
“I think we need a green steel definition,” noted Marie Jaroni, senior vice president of decarbonization and ESG at Germany’s ThyssenKrupp. “Everyone is doing their own thing. It would help our clients and our customers to have one green steel definition, and I think that’s very crucial for all of us.”
Insight 1: Multiple technologies for producing lower carbon steel are here — including electrolysis and clean hydrogen — with each presenting its own challenges.
For many years, steelmaking has followed a consistent, two-step process: First, iron ore is mined and mixed with coal, as well as other substances, to make molten iron. This process most often happens using highly polluting blast furnaces. Some 90% of steel-related emissions come from this first iron-producing step.
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Insight 2: Steelmakers and sustainability advocates alike must be willing to embrace a ‘messy middle’ as the industry transitions to a decarbonized future.
Steel is an infamously hard-to-abate sector. For one thing, steel production assets have long lifespans before they are due for expensive upgrades. For another, the sector’s energy requirements are massive and will likely tax emerging clean energy systems. Some of these roadblocks can be circumvented — at least for the time being — with an embrace of transitional, “messy middle” technologies and processes, which can represent decarbonization potentials of between 10% and 50% (though they still carry significant green price premiums).
Work to Live or Live to Work? How Macroeconomic Conditions Shape Young Workers' Priorities for Life
CBS's Professor Stephan Meier finds that favorable macroeconomic conditions cause young workers to prioritize meaningful work, while recessions prompt them to prefer high pay.