Recession? 'junk' Risk Premiums Suggest Possibility

It could almost have been a vacation. U. S. Secretary of State Antony Blinken arrived in Shanghai on Wednesday to be whisked to a basketball game and a dinner of steamed buns atop a balcony overlooking the city’s Ming Dynasty Yu Garden. America’s top diplomat even took time to post on Instagram from Shanghai’s neo-classical Bund, where he lauded the students and business leaders “building bridges and ties between our countries” as the neon lights of the Lujiazui business district twinkled in the background.

Actress Jane Fonda plans to devote the rest of her life to the fight for climate justice, because she knows just what we stand to lose. “I grew up to the sounds of coyotes and nightingales and mourning doves. I’ve swum and scuba dived on the Great Barrier Reef and in the Galapagos, I’ve looked at sea turtles right in the eye,” she said after accepting an Earth Award from TIME CEO Jessica Sibley on Wednesday evening.

“This isn’t happenstance,” remarked Gloria Walton, former TIME Earth Award honoree, on the environmental justice movement being recognized as a powerful force. “It is a reality created by the energy and love of frontline communities and grassroots organizations who have worked for decades,” Walton said, as she presented an Earth Award to the man known as the “Father of Environmental Justice,” Robert Bullard. [time-brightcove not-tgx=”true”] Bullard, who was appointed to the White House Environmental Justice Advisory Council in 2021, spoke of the long fight he’s waged for environmental justice in his acceptance speech.

Former Secretary of State John Kerry knows that battling the climate crisis is an uphill battle— but that doesn’t mean it’s time to give up the fight. “Every analysis of finance of the transition to clean energy says we need something like 2.5 to 4.5 trillion dollars every year for the next three years,” said Kerry during his TIME Earth Award acceptance speech, after being presented the honor by former honoree Tom Steyer.

Nemonte Nenquimo believes that Mother Nature is sending us a message—we just need to listen. “She’s crying. She’s shouting. She’s screaming. She’s saying that I am when the tides are rising, the rivers are rising. There are droughts. And this is my language. This is my alarm to you.” [time-brightcove not-tgx=”true”] Nenquimo, an Indigenous leader of the Waorani peoples in Ecuador and founder of the nonprofits Ceibo Alliance and Amazon Frontlines, has focused much of her activism on preserving the Amazon from deforestation and oil extraction.

Designer Gabriela Hearst accepted a TIME Earth Award on Wednesday, presented to her by actress Jodie Comer, who praised Hearst’s commitment to sustainability through simplicity. Hearst made clear that the admiration was mutual. “Artists and scientists hold the important keys to get us out of the mess we have gotten ourselves in,” she said before discussing her passion for clean energy. [time-brightcove not-tgx=”true”] Hearst has weaved sustainability into her namesake company’s practices—her brand sells handbags on a made-to-order basis, and is constantly finding new ways to reduce waste in packaging and fabrics.