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    BlackRock, JPMorgan and State Street Retreat From a Climate Group

    BlackRock, JPMorgan Chase and State Street are quitting or scaling back their ties to an influential global investment coalition.BlackRock, which has been criticized for its embrace of environmental considerations in investing, was among the firms that scaled back or withdrew from a climate coalition.Victor J. Blue for The New York TimesA $14 trillion exit Climate hawks have long questioned the financial industry’s commitment to sustainable investing. But few foresaw JPMorgan Chase and State Street quitting Climate Action 100+, a global investment coalition that has been pushing companies to decarbonize. Meanwhile, BlackRock, the world’s biggest asset manager, scaled back its ties to the group.All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda.The retreat jolted the political landscape. Representative Jim Jordan, the Ohio Republican who compared the coalition to a “cartel” forcing businesses to cut emissions, called for more financial companies to follow suit. And Brad Lander, New York City’s comptroller, accused the firms of “caving into the demands of right-wing politicians funded by the fossil-fuel industry.”The companies say they’re committed to the climate cause. JPMorgan said it had built an in-house sustainable investment team to focus on green issues. And BlackRock will maintain some ties to the coalition: It has transferred its membership to an international entity.A recent shift by Climate Action raised red flags. Last summer, the group shifted its focus from pressuring companies to disclose their net-zero progress to getting them to reduce emissions.State Street said the new priorities compromised its “independent approach to proxy voting and portfolio company management.” And BlackRock, which has become a political lightning rod over its embrace of climate considerations in investing, said those tactics “would raise legal considerations, particularly in the U.S.” (Hence the transfer to an overseas division.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Grading Biden’s Big Law

    The climate-focused Inflation Reduction Act is popular with businesses. But its cost is expected to double over the next decade, and its outlook is uncertain.The Inflation Reduction Act is popular with business, and that’s adding to its cost.Kenny Holston/The New York TimesThe costs, and the benefits, of the I.R.A.In the past 24 hours, President Biden has taken questions (and heat) on his age, memory and mental fitness. But the one economic issue that is most likely to generate scrutiny from the business community and beyond over the next several months is the biggest bill he has passed, the Inflation Reduction Act, which he hailed at his news conference last night.Big questions still hang over the law, which many Americans appear not to know exists. How much will it add to the federal deficit? And can the law survive a potential Trump second term?The I.R.A. is expected to cost more than $800 billion through 2033, the Congressional Budget Office said, up from the $391 billion price tag assessed when it was passed in 2022.One reason: There’s huge demand for the credits and subsidies created by the law for building solar, hydrogen and nuclear energy projects, as well as discounts for buying electric vehicles. (An analysis by Goldman Sachs last fall showed that the law led to about $282 billion in investment and roughly 175,000 jobs in its first year.)The green transition won’t come cheap. The I.R.A., which aims for steep emissions cuts, is expected to add $250 billion more to the deficit than initially forecast, according to the C.B.O., despite cost-saving promises by the White House.That said, the math isn’t set in stone. The Treasury Department forecast this week that additional tax-collection resources provided by the I.R.A. would help the I.R.S. gather up to $851 billion more in tax revenue over the next decade. That raises the question of whether this is actually a deficit-paring law.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    January Temperatures Hit Record Highs on Land and at Sea

    On the heels of Earth’s warmest year, January was the eighth month in a row in which global temperatures blew past previous records.The exceptional warmth that first enveloped the planet last summer is continuing strong into 2024: Last month clocked in as the hottest January ever measured, the European Union climate monitor announced on Thursday. More

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    Biden Administration Toughens Limits on Deadly Air Pollution

    The E.P.A. says the new rule will prevent 4,500 premature deaths annually. Industry leaders are expected to challenge the regulation, saying it will harm the economy.The Environmental Protection Agency on Wednesday tightened limits on fine industrial particles, one of the most common and deadliest forms of air pollution, for the first time in a decade.Business groups immediately objected, saying the new regulation could raise costs and hurt manufacturing jobs across the country. Public health organizations said the pollution rules would save lives and strengthen the economy by reducing hospitalizations and lost workdays.Fine particulate matter, which can include soot, can come from factories, power plants and other industrial facilities. It can penetrate the lungs and bloodstream and has been linked to serious health effects like asthma and heart and lung disease. Long-term exposure has been associated with premature deaths.The new rule lowers the annual standard for fine particulate matter to nine micrograms per cubic meter of air, down from the current standard of 12 micrograms. Over the next two years, the E.P.A. will use air sampling to identify areas that do not meet the new standard. States would then have 18 months to develop compliance plans for those areas. By 2032, any that exceed the new standard could face penalties.“Soot pollution is one of the most dangerous forms of air pollution,” Michael S. Regan, the E.P.A. administrator, said in a call with reporters on Tuesday. “This is truly a game changer for the health and well-being of communities in our country.”Mr. Regan estimated that the rule would prevent 4,500 premature deaths every year and 290,000 lost workdays because of illness. The E.P.A. maintained that the rule also would deliver as much as $46 billion in net health benefits in the first year that the standards would be fully implemented.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Colombia, Normally a Wet Country, Battles Widespread Wildfires

    Firefighters, many of them volunteers, have been confronting dozens of blazes amid high temperatures this month. The conditions have been linked to climate change.Helicopters hauling buckets of water fly toward the mountains where fires burn, a thick haze periodically covers the sky, and residents have been ordered to wear masks and limit driving because of the poor air quality.For a full week, firefighters have been battling fires in the mountains around Bogotá, Colombia’s capital, as dozens of other blazes have burned across the country, in what officials say is the hottest January in three decades.The president has declared a national disaster and asked for international help fighting the fires, which he says could reach beyond the Andes Mountains and erupt on the Pacific Coast and in the Amazon.Colombia’s fires this month are unusual in a country where people are more accustomed to torrential rain and mudslides than fire and ash. They have been attributed to high temperatures and drought exacerbated by the climate phenomenon known as El Niño.Ricardo Lozano, a geologist and former environment minister of Colombia, said El Niño was a natural phenomenon that occurred cyclically, but that with climate change, “these events are more and more intense and more and more extreme.”Heavy smoke from wildfires near the capital, Bogotá.Federico Rios for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    Biden Vetoes Republican Measure to Block Electric Vehicle Charging Stations

    Republicans and some Democrats tried to repeal a waiver issued by the Biden administration that allows federally funded E.V. chargers to be made from imported iron and steel.President Biden on Wednesday vetoed a Republican-led effort that could have thwarted the administration’s plans to invest $7.5 billion to build electric vehicle charging stations across the country.In issuing the veto, Mr. Biden argued that the congressional resolution would have hurt domestic manufacturing as well as the clean energy transition.“If enacted, this resolution would undermine the hundreds of millions of dollars that the private sector has already invested in domestic E.V. charging manufacturing, and chill further domestic investment in this critical market,” Mr. Biden said in a statement.The move comes amid a growing political divide over electric vehicles. The Biden administration is aggressively promoting them as an important part of the fight to slow global warming. The landmark climate law signed in 2022 by Mr. Biden, the Inflation Reduction Act, offers incentives to consumers to buy electric vehicles and to manufacturers to build them in the United States.Republicans, including former President Donald J. Trump, Mr. Biden’s likely challenger in the 2024 election, have attacked electric vehicles as unreliable, inconvenient and ceding America’s auto manufacturing to China, which dominates the supply chain for electric vehicles.Republicans, with some Democrats, voted to repeal a waiver issued by the Biden administration that allows federally funded electric vehicle chargers to be made from imported iron and steel, as long as they are assembled in the United States.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    At Davos, War Is on the Agenda, but the Focus Is on A.I. and Elections

    The leaders and executives gathering at the World Economic Forum are obsessed with elections and artificial intelligence, not Ukraine or Gaza.Each day this week has brought a new and fleeting reminder to the executives and politicians at the annual World Economic Forum meeting of the two wars threatening global security and clouding the economy. Ukraine’s president spoke on Tuesday. Israel’s spoke on Thursday.Neither was able to hold the collective attention of a gathering that this year has focused overwhelmingly on artificial intelligence and populist politics.Gaza and Ukraine have made daily appearances on the public agenda in Davos, along with climate change and economic inequality. But in the warm halls and slushy streets around town, conversations almost inevitably turn to the two accelerating trends that are destabilizing business models and democracies.Everyone wants to talk about how A.I. and this year’s elections, especially in the United States, could shake up the world. The Russian invasion of Ukraine, the Oct. 7 attacks on Israel led by Hamas or the ensuing Israeli bombing of Gaza? Drowned out in comparison.“No one is talking about Israel,” said Rachel Goldberg, who came to Davos to urge action to free the more than 100 hostages who were taken on Oct. 7 and continue to be held by Hamas, including her 23-year-old son, Hersh.In an interview on Wednesday, Ms. Goldberg said she was not surprised the war had taken a back seat here. “I think it’s complicated,” she said. “And I think it’s very polarizing.”Davos is many things layered on top of one another. It is a font of wealthy idealism, where the phrase “committed to improving the state of the world” frequently adorns the walls of the main meeting center.The forum is a networking event where chief executives, world leaders, celebrities, philanthropists and journalists speed-date through half-hour coffee meetings. It is a trade show for big ideas, with overlapping panel discussions on topics including gender equity, media misinformation and the transition to green energy.It is also a venue for top government officials to speak on grave issues, including war. That is where much of the Gaza and Ukraine discussion played out this week.President Volodymyr Zelensky of Ukraine and Klaus Schwab, the founder and executive chairman of the World Economic Forum, meeting on Tuesday.Laurent Gillieron/Keystone, via Associated PressPresident Volodymyr Zelensky of Ukraine called for international aid — but not more weapons — in a packed-house address on Tuesday to hundreds of people. He also took questions from reporters afterward.Without more assistance from the United States and others, Mr. Zelensky said, “a huge crisis will happen.” He added: “We have a war now, and we will have a huge crisis — a crisis for the whole of Europe.”Several leaders spoke about Gaza and the broader conflict it has spawned in the Middle East, though typically to smaller crowds. In a room of about 60 attendees on Wednesday, Mohammad Mustafa, the chairman of Palestine Investment Fund and the former deputy prime minister of Palestine, called for additional international aid for the people in Gaza and for an end to the war.“The military action has got to stop very quickly,” Mr. Mustafa said. “There is no need for anyone to build their political careers at the expense of more Palestinian people.”Hossein Amir Abdollahian, the foreign minister of Iran, blamed Israel for raising tensions in the Middle East in the past several months. “If the genocide in Gaza stops, then it will lead to the end of the other crises and attacks in the region,” he said.In his Thursday speech, President Isaac Herzog of Israel called Iran the center of an “empire of evil” destabilizing the Middle East and displayed a photograph of Kfir Bibas, a 1-year-old hostage being held in Gaza. “We have a very cruel, sadistic enemy who has taken a decision to try to torture the Israeli national psyche as well as the hostages themselves,” Mr. Herzog said.But those speeches rarely dominated the conversations on the sidelines of the event, at the nightly private dinners after the day’s agenda concluded or in most of the storefronts that large corporations paid to transform into branded event spaces along the main promenade in town.President Isaac Herzog of Israel with a picture of Kfir Bibas, a child who was taken hostage by Hamas, on Thursday.Denis Balibouse/ReutersOne possible explanation: Attendees and leaders here do not view either war as a significant threat at the moment to the global economy. Neither Gaza nor Ukraine cracked the Top 10 near-term concerns in the Global Risk Report — a survey of 1,500 global leaders — that the forum released on the eve of the gathering. A World Economic Forum chief economists’ report released this week suggested that growth forecasts for the Middle East had “slightly weakened” amid uncertainties about the war between Israel and Hamas. It did not mention Ukraine.In private conversations around Davos this week, corporate leaders acknowledged the wars in Gaza and Ukraine as one of many concerns. But they grew much more animated about other topics that they said they expected to affect their businesses in the near term — potentially enormously, for good or ill.A.I. topped that list. In interviews, executives expounded, usually with significant enthusiasm, on the benefits and drawbacks of the technology. They also talked politics, exhaustively. Over dinner, they and other attendees debated whether former President Donald J. Trump would win back the White House in November — and how his populist, protectionist policy could roil markets and upend their business models.Some executives explicitly ranked Gaza and Ukraine lower than the American elections on their list of geopolitical concerns. Many attendees lamented that there was not more energy behind war discussions, or recognition of the risks the wars pose to the economy and global security. Last year, concerns about Ukraine shared the spotlight at the gathering, along with a surge of A.I. interest.This year, “everyone is focusing on other subjects,” Pascal Cagni, France’s ambassador for international exports, said in an interview. Economically and politically, he added, Ukraine is “a critical issue.”There were a few exceptions. Supporters of Ukraine opened their own storefront space on the main promenade and staged several events each day to draw attention to the conflict. The technology company Palantir and its chief executive, Alex Karp, hosted Ms. Goldberg and other parents of hostages for events and interviews.Waiting for the arrival of Mr. Zelensky at the Ukraine House in Davos on Tuesday.Gian Ehrenzeller/EPA, via ShutterstockSeveral governments sent leaders to Davos in an attempt to quietly advance back-channel diplomacy in Ukraine or Gaza. That was true of the Biden administration, which sent Secretary of State Antony J. Blinken and Jake Sullivan, the White House’s national security adviser, to Davos for a flurry of meetings centered on Gaza.In an interview on Wednesday, Ms. Goldberg said she was grateful for all efforts to bring her son and the other hostages home. She wore “103” taped to her sweater, which represented the number of days since her son had been taken.In Davos, Ms. Goldberg was sharing a house with other parents of hostages. “I walked out this morning and here, you know, you have these, like, gorgeous views and beautiful mountains,” she said. She said she had turned to another mother and said: “It’s so beautiful. It’s perverse.”But, she added a moment later: “I’m very grateful that I’m here. Because I am having access to people that I would never have access to. And the goal is to save Hersh’s life, and everyone who is there, their lives. I can only do that if we have access to people who have power. And that’s people who are here.”Reporting was contributed by More

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    Climate is on the Ballot Around the World

    About half of the world’s population will be electing leaders this year.More than 40 countries that are home to about half of the world’s population — including the United States, India and South Africa — will be electing their leaders this year.My colleagues at The Times report that it’s “one of the largest and most consequential democratic exercises in living memory,” which “will affect how the world is run for decades to come.”Climate is front and center on many of the ballots. The leaders chosen in this year’s elections will face daunting challenges laid out in global climate commitments for the end of the decade, such as ending deforestation, tripling renewable energy capacity and sharply reducing greenhouse gas emissions.Here are the issues and races to watch closely:Major climate policies at stakeClimate change is one of the issues on which Republicans and Democrats are farthest apart.President Biden signed what many called the most powerful climate legislation in the country’s history. Former President Trump, who is likely to be the Republican presidential candidate — especially after his victory in the Iowa caucuses — withdrew the United States from the Paris Agreement, the 2015 treaty that guided much of the world’s progress in curbing climate change.Republicans have also prepared a sweeping strategy called Project 2025 if Trump wins back the White House. As my colleague Lisa Friedman wrote last year, “the plan calls for shredding regulations to curb greenhouse gas pollution from cars, oil and gas wells and power plants, dismantling almost every clean energy program in the federal government and boosting the production of fossil fuels.”Ursula von der Leyen, the European Commission president, is expected to seek re-election.Martin Divisek/EPA, via ShutterstockEuropean Union incumbents will also be defending their climate policies, known as the Green Deal, in elections for the European Parliament in June. Ursula von der Leyen, the European Commission president who is expected to seek re-election by the European Parliament, kicked off a series of policies designed to ensure the bloc achieves carbon neutrality by 2050. But opposition to these policies is growing. Farmers in several countries have tried to block measures to restore natural ecosystems, while homeowners have grown increasingly worried about the cost of the green energy transition.Opinion polls analyzed by Reuters in a commentary piece suggest far-right lawmakers, who oppose Green Deal policies, will grow in number but remain a minority. Climate may also play a role in elections in Britain, which may happen in the second half of the year. They became a key point of disagreement between the Labour Party and the governing Conservative Party, which are trailing in the polls, after Prime Minister Rishi Sunak rolled back some of the country’s most ambitious climate policies.The future of coalCountries that rely heavily on coal as a source of energy, such as India, Indonesia and South Africa, are also going to the polls this year. In South Africa, elections could influence how fast the country is able to switch to renewables. Any shake up to the ruling African National Congress’ hold on power could boost the shift to renewables, my colleague Lynsey Chutel, who covers South Africa, told me.Environmental activists demonstrated outside of Standard Bank South Africa in Johannesburg, South Africa, in September.Kim Ludbrook/EPA, via ShutterstockRight now, one of the party’s most powerful leaders is an energy minister who has fiercely defended the country’s continued use of coal. Many voters are angry at the A.N.C. for its inability to address an energy crisis partially created by aging coal plants.There seems to be less room for a shift in the elections in Indonesia and India. My colleague Suhasini Raj, who is based in India, told me that, despite high rates of pollution and the pressure on India to let go of coal, the current prime minister Narendra Modi is likely to be re-elected and continue his pro-coal policies.In Indonesia none of the candidates running for president have put forward a concrete plan to transition to clean energy, Mongabay, an environmental news service, reported. The country is by far the world’s biggest exporter of coal. Oil on the ballotFor leaders in oil producing nations around the world, balancing climate policies and drilling has been a delicate act that will be tested on the ballot.President Biden risked losing the support of many climate-conscious voters when he approved Willow, an $8 billion oil drilling project on pristine federal land in Alaska. But Biden’s support for more drilling has been, at least in part, an effort to curb inflation, which angers many more voters.Claudia Sheinbaum’s presidential campaign in Mexico is also balancing climate proposals with her country’s dependence on oil. A climate scientist who is now the mayor of Mexico City, Sheinbaum is a protégé of President Andrés Manuel López Obrador, whose administration has tried to boost the oil sector’s role in the country’s economy.Claudia Sheinbaum, running for president in Mexico.Carlos Lopez/EPA, via ShutterstockSheinbaum, a favorite to win in June, has vowed to act to protect the climate. But it’s unclear how much Obrador’s oil legacy will color her policies. “We are going to keep advancing with renewable energies and with the protection of the environment, but without betraying the people of Mexico,” she told voters, according to Bloomberg.The oil industry is also on the ballot in Venezuela and Russia, where it lends strength to authoritarian leaders.Vladimir Putin’s re-election — and his disregard for the climate — seems to be a foregone conclusion. But, in Nicolás Maduro’s Venezuela, there is tiny window for change, though it seems to be closing fast.Venezuela freed five political prisoners in October after the United States vowed to lift some sanctions to its oil industry if it holds free and fair elections. But the main opposition candidate is still banned from running.It may sound contradictory, but some investment in Venezuela’s oil sector could help clean it up. As my colleagues reported last year, government dysfunction has left the industry unable to maintain minimum safeguards, with devastating consequences to the environment.We will report back with key developments on these races throughout the year. When it comes to the climate crisis, even far-off elections have implications for us all. Plaintiffs in the Loper Bright Enterprises case, from left, William Bright, Wayne Reichle and Stefan Axelsson, in Cape May, N.J.Rachel Wisniewski for The New York TimesA Supreme Court case could dismantle federal regulationThe Supreme Court is set to hear arguments on Wednesday for a case that could severely curb the federal government’s regulatory power, with potentially drastic repercussions for the climate.The case is about a group of commercial fishermen who oppose a government fee designed to help prevent overfishing. But a victory for the fishermen could achieve a long-sought goal of the conservative legal movement: undermining a longstanding legal doctrine known as the Chevron deference.That could have implications for the environment, but also health care, finance, telecommunications and other sectors, legal experts told my colleague Hiroko Tabuchi.“It might all sound very innocuous,” said Jody Freeman, founder and director of the Harvard Law School Environmental and Energy Law Program. “But it’s connected to a much larger agenda, which is essentially to disable and dismantle federal regulation.”The Chevron deference was created by a 1984 Supreme Court ruling involving the oil and gas giant. It empowers federal agencies to interpret ambiguities in laws passed by Congress. Weakening or eliminating the Chevron deference would limit the agencies’s ability to interpret the laws they administer. A victory for the fishermen would also shift power from agencies to judges, my colleague Adam Liptak wrote.The lawyers who have helped to propel the case to the nation’s highest court have a powerful backer: the petrochemicals billionaire Charles Koch. Court records show that the lawyers who represent the New Jersey-based fishermen also work for Americans for Prosperity, a group funded by Koch, who is a champion of anti-regulatory causes.In their briefs, the groups supporting the fishermen pointed out that the Chevron deference has fallen out of favor at the Supreme Court in recent years, and several justices have criticized it.Justice Clarence Thomas was initially a backer of the Chevron deference, writing the concurring opinion in 2005 that expanded its protections. But Thomas, who has close ties to the Koch’s political network, has since renounced his earlier ruling. Other climate newsNearly a quarter of humanity were living under drought in 2022 and 2023, the United Nations estimates.The Biden administration announced a plan to charge oil and gas companies a steep fee for emitting methane.John Kerry, President Biden’s special envoy for climate, plans to step down in the spring.A U.S. government map that show extreme weather threats now frequently covers almost the whole country.Chevron, the oil giant, and other companies are building an underground hydrogen battery in Utah.Denial about climate change is on the rise, according to an analysis of 12,000 disinformation videos by U.K. researchers, Grist reports.Colombia created its newest national park by befriending the traditional ranches that surround it.The Crochet Coral Reef, a long-running craft-science collaborative artwork, is the environmental version of the AIDS quilt. More