Turkey has deployed two navy ships to evacuate its citizens from Lebanon amid rising tensions in the region. According to a statement from the Turkish Foreign Ministry, the ships, which can accommodate up to 2,000 passengers, will start evacuations Wednesday. (AP Video shot by Mehmet Guzel; AP Production: Ayse Wieting)

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India’s finance minister Nirmala Sitharaman has denounced the EU’s planned carbon tax on imports as an arbitrary “trade barrier” that will hurt the world’s fastest-growing large economy and other industrialising nations.

Sitharaman said the EU Carbon Border Adjustment Mechanism (CBAM), under which tariffs are to be levied from 2026, would impede developing countries’ transition away from fossil fuels by making the change harder to fund.

“They are unilateral and are not helpful,” Sitharaman told the Financial Times’ Energy Transition Summit India in New Delhi. “Absolutely, it is a trade barrier.”

“You are being stifled by steps which are not going to facilitate the green transition,” she added.

The CBAM is intended to penalise embedded carbon emissions from the production of goods imported to the EU such as cement, fertilisers, iron and steel, and chemicals. The tax, which was approved last year, has triggered alarm among India’s fast-growing heavy industries, which fear it could wipe out one of their biggest markets.

A report by the New Delhi-based Centre for Science and Environment estimated the CBAM would result in an additional 25 per cent tax on carbon-intensive goods exported from India to the EU, a burden that at 2022-23 levels would be equivalent to 0.05 per cent of the country’s GDP.

India relies on coal for more than half of its electricity generation and to directly power much of its production of goods such as steel.

New Delhi has also been riled by a controversial EU anti-deforestation law that will block foreign companies from exporting to the bloc if their products are deemed to have contributed to forest loss.

After widespread international criticism of the deforestation law, which was meant to enter into force in December, Brussels last week proposed a one-year delay to its implementation.

Sitharaman said India was on track to be a net zero carbon emitter by 2070, barring “unilateral” external challenges such as the EU carbon tariff and deforestation initiatives.

“That is another one of those steps which can hurt countries like India,” she said of the deforestation rules. “You will have major disruptions in the supply chain, that’s not going to help countries spending a lot on transition costs.”

Under the CBAM, exporters to the EU must register the emissions produced in creating their products, with charges kicking in from 2026. The EU is confident the measure would survive a possible challenge at the World Trade Organization because it applies to domestic producers as well imports.

Sitharaman said India had raised concerns with the EU “several times” and would do so again, but that she did not expect the issue to affect ongoing free trade negotiations with the bloc.

“I’m sure it won’t be escalated to the level of hurting the talks,” the finance minister added. “But our concerns will definitely be voiced.”

Ignacio Garcia Bercero, non-resident fellow at the Breugel think-tank in Brussels, said the EU measures were being taken to meet the global challenge of climate change and damage to nature, not for protectionist reasons.

“We are not going to meet internationally agreed global goals to stop deforestation unless importing countries contribute. Europe does not produce most of these commodities so it is not protectionist,” he said.

On CBAM, Bercero said the EU’s heavy industry was paying more for emissions and without the tariff would simply be forced out of business by cheaper imports from countries without a carbon tax.

Ngozi Okonjo-Iweala, the WTO director-general, told the FT last month that global carbon pricing was necessary, but that poorer countries should pay less.

MARTIN Lewis has clashed with government minister Lisa Nandy over the decision to scrap the £300 Winter Fuel Payments for millions of pensioners.

The fiery exchange on Good Morning Britain today saw the Money Saving Expert founder slam the move as “indefensible” and call out the government for failing to reach the poorest pensioners.

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Speaking directly to the Culture Secretary, Lewis didn’t hold back.

The money-saving guru said: “Why are you defending this?

“You’ve been a campaigner for the poorest in society for so long, yet you’re sitting there defending a policy that charities like Age UK are pulling their hair out about.”

The row comes after AgeUK urged the government to scrap the policy, warning that the poorest pensioners, some earning under £11,000 a year, will be left without support.

Lewis was especially concerned that many of the elderly eligible for pension credit wouldn’t apply for it – and therefore miss out on the vital £300 Winter Fuel Payment.

The argument heated up as Lewis continued to press Nandy on the government’s failure to reach those most in need, describing the policy as a “huge flaw.”

He said: “You believe they should get pension credit and the Winter Fuel Payment, but you’re not doing enough to make sure they do.

” You’re not writing individual letters to the hardest-to-reach pensioners.

“‘There’s lots you could do. So to try and talk about it, ‘we’re targeting the poorest’… The truth is you’re not targeting them. Why aren’t you writing them bloody letters?’

“You have to accept that there are hundreds of thousands of pensioners earning under £11,400 who will not get this payment this year.”

In response, Nandy defended the government’s efforts, pointing to the rise in pension credit claims, claiming that a “huge drive” had resulted in a 115 per cent increase in applications.

But Lewis wasn’t convinced, he added: “It will take four years for everyone to be signed up. And what’s the solution now? Why aren’t you writing them bloody letters?”.

Despite the tension, Nandy stuck to her guns, stressing that the government was writing letters to eligible pensioners, but acknowledged the frustration from campaigners like Lewis.

The Sun’s Winter Fuel S.O.S Campaign

WORRIED about energy bills? The Sun’s Winter Fuel SOS crew are taking calls on Wednesday.

We want to help thousands of pensioners worried about energy bills this winter, with tips and advice on how to make cash go further.

Our Winter Fuel SOS crew will be able to help answer your questions on whether you can get Pension Credit and the Winter Fuel Payment.

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Ten million OAPs are set to lose the £300 Winter Fuel Payment due to government cutbacks.

It comes in the same month that millions of households are hit by a ten per cent rise in bills as the Energy Price Cap shoots up.

We can help with advice on how else to save money.
Our phone line is open 7am to 7pm Wednesday October 9 – you can call us on 0800 028 1978.

Or you can email now: WinterfuelSOS@the-sun.co.uk

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Nandy said: “We are working with a wide range of people to reach those who need help.

“I just want to make it clear, we are not leaving anyone high and dry.”

What’s at stake for pensioners?

With changes announced in July, the government confirmed that from this winter, only pensioners who claim pension credit or certain other means-tested benefits will be eligible for the Winter Fuel Payment.

Previously it went to around 11million of state pension age regardless of income.

But around 880,000 eligible pensioners on the lowest incomes may miss out on the energy help because they haven’t claimed pension credit.

Lewis pressed further, saying: “You’re taking money out of their hands.

“Are you willing to accept the collateral damage of pensioners, many with dementia, not getting the Winter Fuel Payment?”

Nandy responded, insisting the cut-off point for pension credit applications had been extended to April 2025.

This means pensioners who are eligible, but have yet to apply, can still receive backdated payments.

Typically claims for pension credit can be backdated up to three months.

As the qualifying week for the payment is September 16 to 22, It means the last date for claiming the benefit is December 21.

We’ve asked the government which date applies and will update when we hear back.

DON’T MISS OUT

The message is clear: if you’re eligible for pension credit, it’s crucial to act fast.

Applications are still being accepted, but pensioners must apply by December 21 to receive this year’s Winter Fuel Payment.

Lewis, however, remains sceptical that many of the most vulnerable will get the help they need.

With Christmas just around the corner, time is running out, and the pressure is on for the government to ensure no one is left out in the cold.

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About 90 percent of rainforest carbon offsets certified by Verra, the world’s largest offset certifier, do not reflect real reductions in emissions, according to reports produced jointly by the Guardian, SourceMaterial, and Die Zeit in January 2023, with subsequent coverage from Truthout. Verra, which runs the Verified Carbon Standard that has issued more than one billion metric tons worth of carbon offsets, certifies three-fourths of all voluntary carbon offsets.

Overall, the investigative reports found that where Verra claimed to have certified 94.9 million credits—each of which is supposed to represent a one-metric ton reduction of carbon emissions—the actual benefits of the projects validated by Verra amounted to a much more modest 5.5 million credits. To assess the efficacy of Verra’s carbon offset certification program, investigative journalists from the Guardian, SourceMaterial, and Die Zeit analyzed the only three scientific studies to use robust, scientifically sound methods to assess the impact of carbon offsets on deforestation. The journalists also consulted with indigenous communities, industry insiders, and scientists.

The investigation of twenty-nine Verra rainforest offset projects found that twenty-one had no climate benefit, seven had significantly less climate benefit than claimed (by margins of 52 to 98 percent less benefit than claimed), while one project yielded 80 percent more climate benefit than claimed. Overall, the study concluded that 94 percent of the credits approved by these projects were “worthless” and never should have been approved.

Another study conducted by a team of scientists at the University of Cambridge found that in thirty-two of the forty forest offset projects investigated, the claims concerning forest protection and emission reductions were overstated by an average of 400 percent. Despite claims that these thirty-two projects together protected an area of rainforest the size of Italy, they only protected an area the size of Venice. Verra has criticized the studies’ conclusions and questioned their methodology.

Several internationally renowned corporations—including Disney, Shell, Gucci, Salesforce, Netflix, and United Airlines, among others—have purchased Verra rainforest carbon credits.

Because Verra sets the standards for offset programs and profits from them, it has an incentive to overstate the climate benefits of carbon offsets. In one project on the shores of Lake Kariba in Zimbabwe, for example, the threat to protected rainforest lands was massively overstated. Project managers on the ground claimed to have originally intended to report that the project would offset fifty-two metric tons of carbon emissions, but Verra instructed them to recalculate the impact, prompting the managers to report that the project would offset 197 million metric tons.

In separate coverage, SourceMaterial reported that a reforestation project in the Republic of the Congo, promoted by the French energy company TotalEnergies, displaced more than four hundred local farmers, some of whom told reporters they received the equivalent of as little as one dollar per hectare in compensation, or nothing at all in some cases, for their land, undermining their livelihoods and local food security in the name of fighting climate change [Note: We thank Santo Carroccia and Lisa Lynch of Drew University for bringing this story to Project Censored’s attention].

The investigations by the Guardian, Die Zeit, and SourceMaterial appear to have made a difference. In March 2023, Verra announced that it would phase out its flawed rainforest offset program by mid-2025. A senior Verra spokesperson made the announcement “amid growing scrutiny of the carbon offsetting sector’s ability to mitigate climate breakdown,” according to the Guardian, which noted that the multibillion-dollar carbon offset industry is unregulated and, according to insiders, “rife with conflicts of interest.”

Nevertheless, establishment news outlets have almost entirely ignored the findings of the joint investigation by the Guardian, Die Zeit, and SourceMaterial, while offering a mixed assessment of carbon offset programs more generally. In September 2022, the Wall Street Journal reported that “companies looking to offset their emissions are buying credits in vast numbers that do little to help neutralize their carbon output.” By contrast, in an October 2022 article on “the bold promises” of carbon offset programs, Time described how Verra and other major carbon offset organizations only certify “scientifically sound” projects “with permanent, measurable emissions that are conservatively estimated—meaning the methodology doesn’t overestimate the climate benefits of the project.” The subsequent investigation by the Guardian, Die Zeit, and SourceMaterial casts serious doubt on Time magazine’s bold assertion.

In January 2023, the Chicago Tribune published an editorial that briefly addressed the joint investigation by the Guardian, Die Zeit, and SourceMaterial in light of (inaccurate) reports that the federal Consumer Product Safety Commission was preparing to issue a ban on gas stoves [Note: On the panic, promoted by Republican lawmakers, see, e.g., Nikki McCann Ramirez, “No, the Government Is Not Seizing Your Gas Stove,” Rolling Stone, January 11, 2023]. The Tribune’s editorial is the only example Project Censored has been able to document of a major US newspaper acknowledging the finding that more than 90 percent of Verra’s certified rainforest offsets are “phantom credits” that “do not represent genuine carbon reductions.”

Patrick Greenfield, “Revealed: More than 90% Of Rainforest Carbon Offsets by Biggest Certifier Are Worthless, Analysis Shows,” The Guardian, January 18, 2023.

“The Carbon Con,” SourceMaterial, January 18, 2023.

Tin Fischer and Hannah Knuth, “Disguised Green” (“Grün Getarnt”), Die Zeit, January 18, 2023, updated May 1, 2023.

Sharon Zhang, “Report: 94 Percent of Big Provider’s Rainforest Carbon Offsets Don’t Cut Carbon,” Truthout, January 18, 2023.

Student Researcher: Annie Koruga (Ohlone College)

Faculty Evaluator: Mickey Huff (Diablo Valley College)

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Germany is facing its first two-year recession since the early 2000s, as the government downgraded its growth forecast for 2024, predicting a contraction of 0.2 per cent.

“The situation is not satisfactory,” Robert Habeck, economy minister, said on Wednesday. “Since 2018, the German economy has not been growing strongly any more.”

Just a few months ago he had forecast the economy would grow by 0.3 per cent this year.

Germany has been battered by high interest rates, inflation and an increasingly uncertain geopolitical environment, which has suppressed consumer demand and investment activity.

Some companies, complaining of high labour and energy costs, a big tax burden and political turbulence, are considering locating some of their production to cheaper countries.

At the same time, consumer spending remains depressed, despite an increase in real wages and falling inflation. The government’s earlier forecast had expected a more robust rebound in consumer demand.

Political instability is also taking its toll on sentiment. Chancellor Olaf Scholz’s three-party coalition is riven by policy conflicts and the rise of populist parties on the far right and far left is undermining business confidence.

Ministers said the economy was increasingly beset by both structural problems, such as demographic change, and short-term challenges such as weak domestic and foreign demand.

“Early indications such as industrial production and the business climate suggest this phase of economic weakness will last into the second half of the year,” the economy ministry said in a statement.

However, the government also forecast the economy would grow by 1.1 per cent next year and by 1.6 per cent in 2026.

The ministry said a revival in private consumption and in international demand for industrial goods, as well as a resurgence in investment activity, would power an economic recovery at the start of 2025.

If Habeck’s prediction for this year proves accurate, Germany will experience its first two-year recession in more than 20 years. The economy shrank by 0.3 per cent in 2023. In 2002, it contracted by 0.2 per cent and in 2003 by 0.5 per cent.

BORROWERS could face a surge in mortgage costs as rates increase and lenders withdraw their cheapest deals.

Coventry Building Society, Co-operative Bank, Molo, and LiveMore have all announced plans to raise their rates in the coming days.

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It follows an increase in swap rates, which are used to price fixed rate mortgage deals.

As swap rates rise, mortgage lenders tend to increase their rates to avoid financial losses.

The two-year swap rate was 4.06% as of 7 October, while the five-year swap rate was 3.81%, according to Chatham Financial.

These figures are higher than the respective rates of 3.91% and 3.56% recorded in September.

At Coventry Building Society, all fixed rates offered at 65-75% loan-to-value (LTV) for new borrowers, as well as all two and five year fixed remortgage rates at 80% LTV, will rise at on Friday.

Prior to these latest changes, Coventry offered a 3.69% five-year fixed-rate mortgage, one of the lowest rates on the market.

Co-operative Bank will withdraw some of its lowest rates Thursday night.

Experts predict other lenders will soon follow suit.

David Hollingworth, associate director at L&C Mortgages, said: “The mortgage market has seen rates fall in recent months, but that may be coming to an abrupt halt.

“Fixed rate pricing depends on what the market anticipates may happen to interest rates and uncertainty over the forthcoming budget, mixed messages from the Bank of England and global unrest is pushing costs back up for lenders.”

HSBC, Metro Bank, Santander, and Yorkshire Building Society told The Sun they are keeping their fixed rates under review.

Why is this happening?

A variety of factors have unsettled market expectations, causing an increase in both gilt yields and swap rates, according to Nicholas Mendes, mortgage technical manager at John Charcol.

He said: “First, Andrew Bailey’s recent comments, in which he indicated expectations for larger or more frequent interest rate reductions, have introduced some uncertainty.”

Currently, interest rates stand at 5%.

The rate, which banks use to determine the interest on mortgages and loans, was last reduced from 5.25% in August.

Nicholas added: “Markets had been pricing in interest rate cuts for November and December, but expectations for December have softened slightly.”

This shift has occurred because various members of the Bank of England Monetary Policy Committee (MPC) have expressed views contrary to those of Andrew Bailey.

Last week, MPC member Huw Pill indicated that rates should be reduced “gradually,” citing caution over the long-term trajectory of inflation.

A similar situation arose at the beginning of the year when mortgage rates initially fell below 4%, only to be increased again as it became apparent that the Bank of England would not reduce rates as swiftly as anticipated.

The Bank of England will decide whether or not to cut interest rates on November 7.

What are the different types of mortgages?

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We break down all you need to know about mortgages and what categories they fall into.

A fixed rate mortgage provides an interest rate that remains the same for an agreed period such as two, five or even 10 years.

Your monthly repayments would remain the same for the whole deal period.

There are a few different types of variable mortgages and, as the name suggests, the rates can change.

A tracker mortgage sets your rate a certain percentage above or below an external benchmark.

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This is usually the Bank of England base rate or a bank may have its figure.

If the base rate rises, so will your mortgage but if it drops then your monthly repayments will be reduced.

A standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term, unless you get a new one.

SVRs are generally higher than other types of mortgage, so if you’re on one then you’re likely to be paying more than you need to.

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Variable rate mortgages often don’t have exit fees while a fixed rate could do.

What does this mean for mortgage holders?

Swap rates primarily influence fixed-rate mortgages.

As a result, these are the main products that lenders are currently increasing.

Those on standard variable and tracker deals remain unaffected, as these mortgages are tied to the Bank of England’s base rate, which has not changed.

If you are already locked into a fixed-rate deal, you will also be unaffected.

However, the rise in fixed rates will be a significant blow to prospective homebuyers and those looking to remortgage.

According to the banking trade body UK Finance, approximately 1.6 million mortgage deals are set to expire in 2024.

This means that over a million households also face the prospect of their monthly payments increasing by hundreds of pounds.

According to moneyfactscompare.co.uk, the average two year fixed rate homeowner mortgage stands at 5.37%.

This is down from an average rate of 5.56% last month.

Meanwhile, the average five-year fixed residential mortgage rate is 5.21%, a decrease from 5.37% the previous month.