1. PM pledges $1bn investment in climate change initiatives

Scott Morrison has announced that his government will be injecting $1bn into “emerging technologies” as part of its net zero by 2050 roadmap. The funding will come via the Low Emissions Technology Commercialisation Fund, to be administered by the Clean Energy Finance Corporation (CEFC). “Such technologies include changes to livestock feed to reduce methane emissions, more efficient glass coatings on solar panels, methods to measure soil carbon, software improvements, lighter and more efficient batteries, and the direct atmospheric capture of carbon dioxide and storage underground,” the AFR reports.

2. US sees largest CPI rise since the 90s

Economists expect the consumer price index rose 0.6% in October and 5.9% on a year-over-year basis, the most since 1990. The CPI is hotter than economists initially expected it would be, and they now see it staying elevated into next year. “What we’re seeing is there’s this second wave of inflation that appears more broad based, and it’s also backed up with a sharp increase in wages,” said one economist. In Australia, over the twelve months to the September 2021 quarter, the CPI rose 3.0%.

3. Biden tackles supply chain crisis with multi-billion-dollar ports upgrade

The Biden administration has outlined several initiatives on Tuesday aimed at addressing immediate supply-chain challenges and other disruptions affecting global commerce, a move that follows the passage of the bipartisan infrastructure bill. The $1 trillion infrastructure bill, the single largest federal investment in American history, includes $17 billion for infrastructure improvements at coastal and inland ports, waterways and ports of entry along the U.S. border.

4. Twiggy strikes deal with green hydrogen startup

Australian mining magnate Andrew ‘Twiggy’ Forrest has struck a deal with LA-based startup Universal Hydrogen to purchase its green hydrogen for Fortescue Future Industries, the clean-energy subsidiary of Fortescue Metals Group (FMG). “The memorandum of understanding covers hydrogen for regional aviation through 2035, according to a statement Tuesday, during the COP26 climate summit in Glasgow. FFI will also study developing green hydrogen production and logistics hubs in Iceland, New Zealand and southeast Queensland, Australia, with a goal of stimulating uptake,” Bloomberg reports.

5. ASX to rebound as Tesla takes a 12% blow

After a poor start to the week, Australian shares are set to reclaim some lost ground this morning. The big news in the US remains that Tesla’s shares extended losses on Tuesday as investors brace for a possible stake sale by CEO Elon Musk. Just before the market close, Tesla’s stock was down 10% to $US1,039.89 following a more than 4% decline in the previous session. It is now currently down 12%. And the rest of Wall St has felt the crunch: Dow -0.5%, S&P 500 -0.5%, and the Nasdaq -0.6%.