Notes today:

• The World Health Organization contends that the coronavirus can be beaten by mid-2022—if the world is vaccinated - IF!

• FT: ‘One law of physics still holds: the warmer the air, the more moisture it can hold. The more moisture, the more rain.’ 

• Bloomberg reports the number of rail cars unloading grain at the Port of Vancouver the first week of July fell 77% YoY as wildfires hamper rail movement. Smoke from wildfires in the west caused hazy skies as air quality index surged to 157 in Manhattan, well above threshold of 100..

• The G20 countries have provided more than $3.3tn (£2.4tn) in subsidies for fossil fuels since the Paris climate agreement was sealed in 2015, despite many committing to tackle the crisis. Australia increased its fossil fuel subsidies by 48% over the period, Canada’s support rose by 40% and that from the US by 37%.

• McCarthy, trying to discredit house committee, says that Republicans will now form their own team… “to investigate the insurrection"… that members of their own party incited.
• Liz Cheney (👍Republican) on the Jan. 6 select committee: "This investigation must go forward. The idea that anybody would be playing politics with an attack on the United States Capitol is despicable and disgraceful."👍

• 1000+ coal miners in Alabama have been on strike for over 100 days and neither CNN, Fox News, nor MSNBC has made a single mention of it on air. (Robert Reich)

• Republicans signal major fight coming on debt ceiling. $28.5 trillion debt was added to the national debt during Trump – now they want democrats to figure out how to pay for it.

• The CME now has a micro-Crude contract. Symbol mcl and it is 100 barrels. 1/10 the regular contract.

• British Columbia declared a state of emergency  as the fires snarl transportation and supply chains. Lumber futures rose. However do-it-yourself renovation demand has dropped by a reported 40% at big-box retailers.