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Graphic Truth: Billion-dollar disasters have become more common
In addition to the devastating human toll of last weekend’s Texas floods, which have so far taken the lives of at least 100 people – including dozens of children – initial estimates put the economic damage to people’s homes, businesses, and public infrastructure at upwards of $18 billion.
The number of US weather and climate-related disasters that have inflicted at least $1 billion worth of damage has in fact grown significantly over the past two decades, as weather patterns become more severe, a phenomenon experts attribute to climate change. Here is a look at this tragic trend since 1980.
U.S. President Donald Trump arrives to attend the G7 Leaders' Summit at the Rocky Mountain resort town of Kananaskis, Alberta, Canada, June 15, 2025.
The G7: Now G6 + 1?
The G7 is no longer setting the table; it’s struggling to hold the cutlery. Once a pillar of the post-war world order, the group today is split between the US and the rest, casting about for common ground. Before this week’s summit even kicked off in Kananaskis, Canada, host Prime Minister Mark Carney warned there would be no final joint communique. So what’s up for discussion - and what could be achieved?
The official agenda: Trade, defense, and AI
Trade trumps climate change. With US President Donald Trump back on the scene, tariffs are huge, while climate action takes a backseat. Leaders will try to defend existing net-zero goals, update plans to tackle wildfires, and boost clean tech cooperation. But the meetings’ first focus is on trade, and striking deals. Countries will seek to defend themselves against Trump’s protectionist policies by both expanding trade with each other and getting Trump to lift tariffs on their countries.
Defense and Industry. While the Iran-Israel war now overshadows existing conflicts in Gaza and Ukraine, support for Kyiv is still on the menu. The tone is shifting, however, to talk of pan-European defense against Russian aggression. Carney, French president Emmanuel Macron, and German Chancellor Friedrich Merz are expected to push for a “defense-industrial pact,” a long-term commitment to arms production and supply chains to “Re-Arm Europe”.
Artificial Intelligence and Misinformation Leaders are looking at baseline safeguards around algorithmic transparency and deepfake detection, given the worldwide rise in election interference, cybercrime and cyberwarfare. While global AI regulation is unlikely, the G7 may commit to coordinating digital watchdogs and fighting cross-border disinformation campaigns.
The backstory: America alone
All these items are dominated by a larger issue: the widening gap between the US and its allies. Trump’s view of the world order diverges starkly from that of the other members of the group. His thin skin and volatility could also compromise the outcome of the talks, especially if he storms out like he did at the infamous 2018 Charlevoix summit. Carney’s main tasks include preventing Trump from feeling disrespected, and navigating the divide between G6 goals and US ambitions such as Trump’s takedown of China.
What can this meeting achieve, then?
Expect no joint statement, but lots of bilateral action, with both Trump and other world leaders. On Sunday, for example, Carney and UK Prime Minister Keir Starmer announced a strengthened partnership on a range of issues including trade and defense. Carney has also invited a slew of non-G7 leaders, including Indian Prime Minister Narendra Modi, arguing that they are key to solving major questions such as energy security and AI. Ukrainian President Volodymyr Zelensky will also be present, as will the leaders of Australia, Brazil, Indonesia, Mexico, South Korea and South Africa. In the end, the biggest achievement may simply be keeping the group alive to meet another day.A migrant carries his child after crossing the Darien Gap and arriving at the migrant reception center, in the village of Lajas Blancas, Darien Province, Panama, on September 26, 2024.
The migration issue will only get worse
On Tuesday, a coalition government in the Netherlands collapsed. The trigger? Geert Wilders, leader of the anti-immigration Party of Freedom (PVV) and a coalition partner, demanded new restrictions on the government’s grant of asylum to migrants. When these weren’t met, he pulled his party from the governing coalition.
Elsewhere in Europe, anti-immigration frustrations have fueled the rising political fortunes of nativist parties and politicians in France, Germany, Italy, Poland, Spain, the United Kingdom, and several other countries. In the United States, Donald Trump was again elected president in 2024 after centering his campaign not just on curbing illegal immigration across the southern border from Mexico, but also on deporting millions of undocumented immigrants.
This political trend isn’t limited to wealthy Western countries. The entry of a million Rohingya Muslims fleeing a bloody state crackdown in Myanmar has roiled the politics of Bangladesh. Refugees are moving across African borders in large numbers, fueling violence in many countries.
Globally, the number of people on the move is on the rise. In 2024, the UN reported 304 million international migrants, nearly double the number in 1990.
There are three main drivers of all these border crossings. The first is violence. Wars force civilians to flee, but less organized violence – like criminal gang activity in Central America – also pushes people to seek new lives abroad.
The second driver is climate change. Changing weather patterns disrupt farming, fishing, and herding, and can generate famine. Rising sea levels force people from over-crowded, low-lying areas.
But the principal cause is that a clear majority of the world’s migrants are simply looking for better economic opportunities for themselves and their families. This is especially true for those in developing countries. Counterintuitively, it isn’t poverty but their rising incomes that give them new opportunities to move toward richer countries.
Given these sources of migration, we should expect bigger waves ahead. The current lack of leadership in the international system, a problem that Eurasia Group’s Ian Bremmer calls the “G-zero world order,” will make armed conflict and an expansion of the world’s ungoverned spaces within countries, both more likely and more violent.
The Institute for the Study of Economics and Peace, a think tank, warns that more than one billion people live in 31 countries where “the country’s resilience is unlikely to sufficiently withstand the impact of ecological events” by 2050, contributing to “mass population displacement,” and that as many as 3.5 billion people could suffer from food insecurity by that date.
What’s more, as living standards and populations continue to grow in developing countries, more people will have the opportunity to move abroad.
As people increasingly go on the road, the politics in wealthy countries will also become uglier. Politicians on one side will insist that all new border restrictions are hateful and cruel, while those on the other will warn that surges of new arrivals will spread crime and disease.
Even when the debate is more nuanced, political leaders seem more interested in scoring points – and raising cash – at the other side’s expense than in finding common ground and enacting sensible immigration policies.
This deadlock over how to accommodate hundreds of millions of migrants in coming years will ensure this problem will become a much larger-scale international emergency than it is today. The situation in the Netherlands is the tip of the iceberg.
And, speaking as the husband of someone who migrated to America as a six-year-old girl, the scale of human tragedy becomes almost unthinkable.
Traders work as screens broadcast a news conference by US Federal Reserve Chair Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, USA, on May 7, 2025.
Hard Numbers: Federal Reserve holds interest rates steady, US Navy jets skid into the sea, The one-percent impact on the climate, Feathery “mass cannibalism” in South Africa
4.5: The US Federal Reserve on Wednesday left its key interest rate unchanged for the third time in a row, keeping it at 4.25%-4.5%, where it’s been since December. President Donald Trump has publicly pressured Federal Reserve Chair Jerome Powell to lower rates. “The economy itself is still in solid shape,” Powell told reporters Wednesday, but he said a “great deal of uncertainty” remains about the impact of Trump’s global tariffs and wider trade wars.
2: Speaking of uncertainty, why are US warplanes falling into the sea? According to reports, two F/A-18 Super Hornet fighter jets have slid off the deck of the USS Harry S. Truman carrier into the Red Sea over the past week alone. The first plunged into the water when the warship made a hard turn to evade fire from Houthi rebels. The second may have experienced a landing problem. Each jet costs a cool $60 million – cue Commander Stinger, “you don’t own that plane, the taxpayers do!”
10: The richest 10% of the global population are responsible for two-thirds of the global temperature rise since 1990, according to new research published by Nature Climate Change. The study also claims that compared to the average person, the world’s richest 1% contributed 26 times more to extreme heat globally and 17 times as much to droughts in the Amazon. Private jets are not, as it happens, great for the environment.
350,000: Animal welfare officers in South Africa euthanized more than 350,000 chickens after a state-owned poultry company ran out of funds to feed them. Officials couldn't estimate how many other chickens had died before this intervention due to “mass cannibalism” at the farm (yes, chickens eating each other). Still, on the plus side, the NSCPA’s action saved more than 500,000 chickens who may now be… eaten by people anyway.Climate change activists hang a sign on Tower Bridge during a demonstration against the climate crisis, in central London, Britain, April 8, 2022.
Climate change, Trump tariffs, India rice rules
2.2: As the world gets hotter from climate change, we are using more energy to cool ourselves down, which is making climate change worse. According to the IEA, record-high temps in 2024 were responsible for half of the rise in emissions from energy – as severe heat waves caused air conditioning usage to surge, fueling electricity demand, and in turn raising emissions. This contributed to a 2.2% increase in global energy demand, up from 1.8% the year before. As a result, greenhouse gas emissions from energy consumption grew by 0.8% over the past year.
25: Donald Trump on Monday announced a 25% tariff on all imports from countries that buy Venezuelan oil or gas, starting April 2, alongside new tariffs on Venezuela itself. Venezuela will face a “secondary” tariff because it is the home to the Tren de Aragua gang, which Trump said is sending members to the US.
40: India has lifted its restrictions on rice exports, a move that should help curb food price inflation and increase agricultural workers’ salaries amid an economic slowdown in the country. Initially imposed after Russia’s 2022 invasion of Ukraine to prevent domestic shortages, the curbs drove up prices worldwide. As the largest rice exporter – accounting for over 40% of global rice exports – India’s decision should benefit poorer nations, especially in Africa, where rising food costs have fueled unrest. However, it will come at a cost for other rice-producing countries like Thailand and Pakistan, which worry that India will flood the market and prices will plummet.
93: US egg imports from Brazil surged 93% in February as a part of the Trump administration’s $1 billion plan to lower egg prices, which includes upping imports, helping farmers prevent the spread of the virus, and researching vaccine options. The eggs will end up in processed foods, freeing up more fresh eggs for grocery shelves. The US Food and Drug Administration is also reviewing a petition from the National Chicken Council to allow for the sale of eggs laid by chickens raised for meat – something it has previously forbidden because of salmonella risks.
200,000: Speaking of eggs, the Trump administration is seeking corporate sponsors for the White House Easter Egg Roll, a departure from tradition. Sponsorship packages range from $75,000 to $200,000, offering perks like logo placement, media engagement, and exclusive tickets. But there will still be a number of free tickets available.
How does Europe balance AI and energy transition?
“I can tell you Europe is absolutely committed to tackling climate change, to developing this green economy, and to making the green transition a European success,” said Nadia Calviño, President of the European Investment Bank.
The rollout of artificial intelligence has raised big questions about how it will impact Europe’s transition to a more sustainable economy. During a Global Stage livestream at the World Economic Forum in Davos, Calviño stressed the continent’s role in addressing risks generated by AI. She said, “I think it will be key when we're talking about these technologies that have such a huge demand for energy supply.” Alongside countries being energy-conscious, Calviño stresses that building strong trust between businesses and citizens will help the new technologies “unleash their full potential.”
This conversation, moderated by Becky Anderson, was part of the Global Stage series at the 2025 World Economic Forum in Davos, Switzerland, presented by GZERO in partnership with Microsoft.
Click to watch the full discussion for our panel's insights on AI's future and how it is expected to transform our economy and society by 2030.
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Protesters gather at the venue of the 29th Conference of the Parties to the U.N. Framework Convention on Climate Change, dubbed COP29, in Baku, Azerbaijan, on Nov. 16, 2024, calling for developed countries to take responsibility for the greenhouse gasses they have emitted.
Developing nations decry climate deal at COP29
After marathon sessions and deep divisions, COP29 concluded in Baku, Azerbaijan, with a commitment of $300 billion in annual assistance by 2035 to help poorer nations cope with climate change. That’s up from today’s pledges of $100 billion a year. Twenty-three contributors will kick in the funds, including the UK, US, Japan, and countries in the EU. Recipients include countries in Africa and South America, as well as a host of small island states.
While some delegates applauded the deal, many developing nations branded it a “betrayal.” Indian delegate Chandni Raina called it “an optical illusion.” “This will not address the enormity of the challenge,” she said. Meanwhile, low-lying nations like the Marshall Islands acknowledged that the deal is a “start” but ultimately insufficient.
While the agreement also lays groundwork for next year’s COP30 in Brazil, big questions remain. Will wealthy nations deliver on their pledges? How will the funds be divided? What can developing nations do if it isn’t enough?
The urgency is real. 2024 is expected to be the hottest year ever (the second record year in a row), with global emissions still rising. The world is currently on track for temperature increases of up to 3.1 C (5.6 F) by the end of the century, according to the 2024 UN Emissions Gap report.Cop29
Trump ‘dominating conversation’ at COP29
Tensions are high at the COP29 climate summit in Baku, Azerbaijan.
France’s top climate official is shunning the UN climate talks after Azerbaijani President Ilham Aliyev criticized its handling of deadly protests in New Caledonia, a French overseas territory, earlier this year. Aliyev also characterized France’s Pacific island territories as “colonies.”
Donald Trump’s victory in the US presidential election is also at the forefront of discussions at the summit.
“Trump’s win is a dominating conversation. However, it’s not the same mood as in 2016, when people were more in shock and processing,” says Shari Friedman, Eurasia Group’s managing director for climate and sustainability
“This time, the world has gone through this before” and “plans to move forward, as they did last time,” adds Friedman.
The president-elect has repeatedly suggested that climate change is a hoax, and his pick to oversee the EPA, Lee Zeldin, has vowed to “roll back regulations” he said are causing US businesses to “struggle.”
Trump withdrew from the Paris Agreement on climate change — a global pact to reduce greenhouse gas emissions — during his first term. The Biden administration rejoined the accord, but Trump has pledged to pull the US out once again. Interestingly, Israel, one of Trump’s top allies on the global stage, at COP29 cautioned the president-elect against yanking the US from the Paris Agreement.
Meanwhile, Argentina’s delegation was abruptly ordered to leave the two-week summit on Wednesday. This comes amid reports that Argentina’s Trump-friendly president, Javier Milei, is considering withdrawing from the Paris Agreement. Milei was set to meet with Trump at Mar-a-Lago on Thursday.
We’ll be watching to see how Trump’s win continues to shape conversations at COP29 in the days ahead — and how it impacts US climate policy in the months and years to come.