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    Your Friday Briefing: The U.S. Economy Grew, Slowly

    Plus the war in Ukraine may boost clean energy and investigations into Chinese outposts overseas.Quarterly changes in gross domestic product, adjusted for inflation.By The New York TimesU.S. economy grows, but slowlyThe U.S. economy grew slowly over the summer, adding to fears of a looming recession while simultaneously keeping alive the hope that one might be avoided.Gross domestic product, adjusted for inflation, increased by 0.6 percent after six months of decline, slightly exceeding forecasters’ expectations. That suggests that a path to “soft landing,” in which policymakers cool off red-hot demand without snuffing out the recovery entirely, remains open, but narrow.There are still plenty of economic headwinds. Consumer spending slowed as inflation cut into households’ buying power, and mortgage rates rose to the highest level since 2002, leading to a steep contraction in the housing sector. Big tech companies like Meta and Microsoft, which are usually two drivers of U.S. growth, are also signaling that tough times might be ahead amid inflation.In Europe: The European Central Bank raised interest rates again. In just three months, the bank has raised rates at the fastest pace in its history.Ripple effects: Interest rate increases by the U.S. Federal Reserve have hurt other currencies — including those of Japan, China and India — by making it harder for foreign borrowers with debt in U.S. dollars to repay their loans.Quotable: “Ignore the headline number — growth rates are slowing,” Michael Gapen, chief U.S. economist for Bank of America, said. “It wouldn’t take much further slowing from here to tip the economy into a recession.”Europe has seen an uptick in coal use as countries scramble to replace lost Russian gas.Martin Meissner/Associated PressThe war in Ukraine may boost clean energyIn response to natural gas shortages caused by the war in Ukraine, some countries are burning more coal. In the short term, European leaders looking for alternatives to Russian gas are turning to Africa to drill for more fossil fuels.But the International Energy Agency said yesterday that the war could speed up the shift to clean energy rather than slowing it down. One major reason is that soaring fossil fuel prices have led to a wider embrace of wind turbines, solar panels, nuclear power plants, hydrogen fuels, electric vehicles and electric heat pumps.The State of the WarFears of Escalation: President Vladimir V. Putin of Russia repeated the unfounded claim that Ukraine was preparing to explode a so-called dirty bomb, as concerns rose in the West that the Kremlin was seeking a pretext to escalate the war.The Looming Fight for Kherson: As Russian forces pillage the occupied southern port city and pressure residents to leave for Russia, a nearby hydroelectric dam has emerged as a linchpin in what is shaping up to be the site of the next major battle in Ukraine.A Coalition Under Strain: President Biden is facing new challenges keeping together the bipartisan, multinational coalition supporting Ukraine, which has shown recent signs of fraying with the approach of U.S. midterm elections and a cold European winter.Anti-Drone Warfare: Since Russia began terrorizing Ukrainian cities in recent weeks with Iranian-made drones, Ukraine has turned its focus to an intense counter-drone strategy. The hastily assembled effort has been surprisingly successful.The I.E.A. said global investment in clean energy is now expected to rise to more than $2 trillion annually by 2030 from $1.3 trillion in 2022.Still, the shift is not happening fast enough to avoid dangerous levels of global warming. The agency said that for things to change, governments would have to take much stronger action to reduce their emissions over the next few years.Notable: A climate protester glued his head to “Girl With a Pearl Earring,” a painting by Johannes Vermeer, at a museum in The Hague.Beyond catastrophe: In The Times Magazine, David Wallace-Wells argues that while there’s plenty of bad climate news, thanks to real progress, the world is headed toward a less apocalyptic future.From Opinion: The runoff election in Brazil on Sunday will determine the fate of the Amazon rainforest and Earth’s future.“It is such a brazen escalation and violation of territorial sovereignty,” said a member of a rights group.Bart Maat/EPA, via ShutterstockChina’s offshore police stationsThe Dutch government is investigating reports that Chinese law enforcement agencies are illegally operating offices in the Netherlands to police Chinese citizens overseas.The recent reports, which come from the news media and a human rights group, add to a growing body of evidence that suggests that Beijing surveils Chinese nationals from overseas outposts. The authorities in Canada are investigating similar operations there, and a rights group said that there are dozens of surveillance outfits around the world — including in New York, Paris, London, Madrid and Toronto.China said that the operations, which it described as “service stations” meant to help Chinese citizens with administrative tasks like passport renewals, also have the aim of “resolutely cracking down on all kinds of illegal and criminal activities related to overseas Chinese people.”Reaction: China’s Embassy in the Netherlands said it was “not aware” of and “not involved” with the offices. According to the Vienna Convention, an international pact that both China and the Netherlands signed, administrative matters are to be handled by consulates.THE LATEST NEWSAsia PacificFoxconn is now making the new iPhone 14.Gilles Sabrie for The New York TimesA Covid outbreak in China forced workers at a major iPhone manufacturing plant into quarantine right before an expected holiday buying surge.An Australian judge ordered a new trial of a former parliamentary staff member accused of raping a colleague in the Parliament House, after a juror brought a research article on sexual assault cases into the jury room.Around the WorldThe deal has stirred fierce debate in Israel: Some view it as an achievement; others see it as a dangerous capitulation.Jack Guez/Agence France-Presse — Getty ImagesIsrael and Lebanon, which are technically still at war, signed a maritime agreement regulating their rights to gas reserves at sea.Brazil’s presidential runoff is Sunday. Many fear that President Jair Bolsonaro, who spent months building the myth of a stolen election, may not accept defeat.The War in UkraineVladimir Putin, Russia’s president, used an annual foreign policy speech to try to appeal to conservatives in the U.S. and Europe.Fearing aggression from Belarus, Ukraine said it had increased its troop presence in the north.Russian loyalists stole the bones of Prince Grigory Aleksandrovich Potemkin from Ukraine. Potemkin is an inspiration to Putin: He persuaded Catherine the Great, his lover, to annex Crimea in 1783.The Week in CultureSkechers said it escorted Kanye West, now known as Ye, from its Los Angeles offices after he showed up there unannounced. Many wonder whether his music can withstand the backlash to his recent string of offensive outbursts.A memoir by Prince Harry is due in January. Some royal experts say the project is fraught with risk for him.A Morning Read“We should lead this world,” Wang Xiaodong once said.Gilles Sabrié for The New York TimesWang Xiaodong was once called the standard-bearer of Chinese nationalism.Now, he warns that the movement he helped to ignite nearly 35 years ago has gone too far. “I’ve been called nationalism’s godfather,” he told my colleague Vivian Wang. “I created them. But I never told them to be this crazy.”SPOTLIGHT ON AFRICAA demonstration in Addis Ababa in support of Ethiopia’s armed forces last weekend.Amanuel Sileshi/Agence France-Presse — Getty ImagesHigh-stakes talks on EthiopiaAfter nearly two years of civil war, representatives from the Ethiopian government and rebel forces in the country’s Tigray region began holding formal peace talks this week.The failure of the talks could exacerbate a conflict that began when fighting broke out after a contested election, and in which thousands have been killed and millions have been displaced.Little has emerged so far from the negotiations, which are being held in South Africa and mediated by former African leaders on behalf of the African Union. Tigrayans in exile have said they have little hope that the talks will end the fighting.“Ethiopia faces multiple challenges including major climatic stresses, an economy in deep distress, partly due to the war, and a number of other rebellions,” Murithi Mutiga, the Africa program director at the International Crisis Group, said.“It can’t afford a years’ long war on its borders,” he added. “A collapse in the talks will mean even more carnage in a war that’s already one of the world’s deadliest.”— Lynsey Chutel, reporter based in JohannesburgPLAY, WATCH, EATWhat to CookJohnny Miller for The New York TimesIf you have leftover rice, put it to good use in this crispy rice salad with halloumi and ginger-lime vinaigrette.What to ReadSome standout newly published books include “The Rebel and the Kingdom,” about a secret mission to overthrow the North Korean government.What to Watch“All That Breathes,” a subtle, poetic documentary, follows three men trying to rehabilitate New Delhi’s birds of prey.TravelHow to spend 36 hours in Sydney.Now Time to PlayPlay the Mini Crossword, and here’s a clue: Get older (three letters).Here are the Wordle and the Spelling Bee.You can find all our puzzles here.That’s it for today’s briefing. See you next time. — AmeliaP.S. Vivian Nereim will be our new Gulf bureau chief, becoming the first Times correspondent to lead a bureau in Saudi Arabia.The latest episode of “The Daily” is on the midterm elections in New York. Lynsey Chutel wrote today’s Spotlight on Africa. You can reach Amelia and the team at briefing@nytimes.com. More

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    Al Gore: I Have Hope on the Climate Crisis. America Must Lead.

    AdvertisementContinue reading the main storyOpinionSupported byContinue reading the main storyAl Gore: Where I Find HopeThe Biden administration will have the opportunity to restore confidence in America and take on the worsening climate crisis.Mr. Gore was the 45th vice president of the United States.Dec. 12, 2020Al Gore at the United Nations Climate Change Conference in 2015.Credit…Francois Mori/Associated Press­­­­­This weekend marks two anniversaries that, for me, point a way forward through the accumulated wreckage of the past year.The first is personal. Twenty years ago, I ended my presidential campaign after the Supreme Court abruptly decided the 2000 election. As the incumbent vice president, my duty then turned to presiding over the tallying of Electoral College votes in Congress to elect my opponent. This process will unfold again on Monday as the college’s electors ratify America’s choice of Joe Biden as the next president, ending a long and fraught campaign and reaffirming the continuity of our democracy.The second anniversary is universal and hopeful. This weekend also marks the fifth anniversary of the adoption of the Paris Agreement. One of President Trump’s first orders of business nearly four years ago was to pull the United States out of the accord, signed by 194 other nations to reduce the emissions of greenhouse gases threatening the planet. With Mr. Trump heading for the exit, President-elect Biden plans to rejoin the agreement on his Inauguration Day, Jan. 20.Now, with Mr. Biden about to take up residence in the White House, the United States has the chance to reclaim America’s leadership position in the world after four years in the back seat.Mr. Biden’s challenges will be monumental. Most immediately, he assumes office in the midst of the chaos from the colossal failure to respond effectively to the coronavirus pandemic and the economic devastation that has resulted.And though the pandemic fills our field of vision at the moment, it is only the most urgent of the multiple crises facing the country and planet, including 40 years of economic stagnation for middle-income families; hyper-inequality of incomes and wealth, with high levels of poverty; horrific structural racism; toxic partisanship; the impending collapse of nuclear arms control agreements; an epistemological crisis undermining the authority of knowledge; recklessly unprincipled behavior by social media companies; and, most dangerous of all, the climate crisis.What lies before us is the opportunity to build a more just and equitable way of life for all humankind. This potential new beginning comes at a rare moment when it may be possible to break the stranglehold of the past over the future, when the trajectory of history might be altered by what we choose to do with a new vision.With the coronavirus death toll rising rapidly, the battle against the pandemic is desperate, but it will be won. Yet we will still be in the midst of an even more life-threatening battle — to protect the Earth’s climate balance — with consequences measured not only in months and years, but also in centuries and millenniums. Winning will require us to re-establish our compact with nature and our place within the planet’s ecological systems, for the sake not only of civilization’s survival but also of the preservation of the rich web of biodiversity on which human life depends.The daunting prospect of successfully confronting such large challenges at a time after bitter divisions were exposed and weaponized in the presidential campaign has caused many people to despair. Yet these problems, however profound, are all solvable.Look at the pandemic. Despite the policy failures and human tragedies, at least one success now burns bright: Scientists have harnessed incredible breakthroughs in biotechnology to produce several vaccines in record time. With medical trials demonstrating their safety and efficacy, these new vaccines prefigure an end to the pandemic in the new year. This triumph alone should put an end to the concerted challenges to facts and science that have threatened to undermine reason as the basis for decision-making.Similarly, even as the climate crisis rapidly worsens, scientists, engineers and business leaders are making use of stunning advances in technology to end the world’s dependence on fossil fuels far sooner than was hoped possible.Mr. Biden will take office at a time when humankind faces the choice of life over death. Two years ago, the Intergovernmental Panel on Climate Change warned of severe consequences — coastal inundations and worsening droughts, among other catastrophes — if greenhouse gas emissions are not reduced by 45 percent from 2010 levels by 2030 and 100 percent by 2050.Slowing the rapid warming of the planet will require a unified global effort. Mr. Biden can lead by strengthening the country’s commitment to reduce emissions under the Paris Agreement — something the country is poised to do thanks to the work of cities, states, businesses and investors, which have continued to make progress despite resistance from the Trump administration.Solar energy is one example. The cost of solar panels has fallen 89 percent in the past decade, and the cost of wind turbines has dropped 59 percent. The International Energy Agency projects that 90 percent of all new electricity capacity worldwide in 2020 will be from clean energy — up from 80 percent in 2019, when total global investment in wind and solar was already more than three times as large as investments in gas and coal.Over the next five years, the I.E.A. projects that clean energy will constitute 95 percent of all new power generation globally. The agency recently called solar power “the new king” in global energy markets and “the cheapest source of electricity in history.”As renewable energy costs continue to drop, many utilities are speeding up the retirement of existing fossil fuel plants well before their projected lifetimes expire and replacing them with solar and wind, plus batteries. In a study this summer, the Rocky Mountain Institute, the Carbon Tracker Initiative and the Sierra Club reported that clean energy is now cheaper than 79 percent of U.S. coal plants and 39 percent of coal plants in the rest of the world — a number projected to increase rapidly. Other analyses show that clean energy combined with batteries is already cheaper than most new natural gas plants.As a former oil minister in Saudi Arabia put it 20 years ago, “the Stone Age came to an end, not because we had a lack of stones, and the oil age will come to an end not because we have a lack of oil.” Many global investors have reached the same conclusion and are beginning to shift capital away from climate-destroying businesses to sustainable solutions. The pressure is no longer coming from only a small group of pioneers, endowments, family foundations and church-based pension funds; some of the world’s largest investment firms are now joining this movement, too, having belatedly recognized that fossil fuels have been extremely poor investments for a long while. Thirty asset managers overseeing $9 trillion announced on Friday an agreement to align their portfolios with net-zero emissions by 2050.Exxon Mobil, long a major source of funding for grossly unethical climate denial propaganda, just wrote down the value of its fossil fuel reserves by as much as $20 billion, adding to the unbelievable $170 billion in oil and gas assets written down by the industry in just the first half of this year. Last year, a BP executive said that some of the company’s reserves “won’t see the light of day,” and this summer it committed to a 10-fold increase in low-carbon investments this decade as part of its commitment to net-zero emissions.The world has finally begun to cross a political tipping point, too. Grass-roots climate activists, often led by young people of Greta Thunberg’s generation, are marching every week now (even virtually during the pandemic). In the United States, this movement crosses party lines. More than 50 college conservative and Republican organizations have petitioned the Republican National Committee to change its position on climate, lest the party lose younger voters.Significantly, in just the past three months, several of the world’s most important political leaders have introduced important initiatives. Thanks to the leadership of Ursula von der Leyen, the president of the European Commission, the E.U. just announced that it will reduce greenhouse gas emissions by 55 percent in the next nine years. President Xi Jinping has pledged that China will achieve net-zero carbon emissions in 2060. Leaders in Japan and South Korea said a few weeks ago said that their countries will reach net-zero emissions in 2050.Denmark, the E.U.’s largest producer of gas and oil, has announced a ban on further exploration for fossil fuels. Britain has pledged a 68 percent reduction by 2030, along with a ban on sales of vehicles equipped with only gasoline-powered internal-combustion engines.The cost of batteries for electric vehicles has dropped by 89 percent over the past decade, and according to Bloomberg New Energy Finance, these vehicles will reach price parity with internal-combustion vehicles within two years in key segments of vehicle markets in the United States, Europe and Australia, followed quickly by China and much of the rest of the world. Sales of internal-combustion passenger vehicles worldwide peaked in 2017. It is in this new global context that President-elect Biden has made the decarbonization of the U.S. electricity grid by 2035 a centerpiece of his economic plan. Coupled with an accelerated conversion to electric vehicles and an end to government subsidies for fossil fuels, among other initiatives, these efforts can help put the nation on a path toward net-zero emissions by 2050.As the United States moves forward, it must put frontline communities — often poor, Black, brown or Indigenous — at the center of the climate agenda. They have suffered disproportionate harm from climate pollution. This is reinforced by recent evidence that air pollution from the burning of fossil fuels — to which these communities bear outsize exposure — makes them more vulnerable to Covid-19.With millions of new jobs needed to recover from the economic ravages of the pandemic, sustainable businesses are among the best bets. A recent study in the Oxford Review of Economic Policy noted that investments in those enterprises result in three times as many new jobs as investments in fossil fuels. Between 2014 and 2019, solar jobs grew five times as fast in the United States as average job growth.Still, all of these positive developments fall far short of the emissions reductions required. The climate crisis is getting worse faster than we are deploying solutions.In November of next year, all of the signatories to the Paris Agreement will meet in Glasgow with a mandate to reduce greenhouse gas emissions much faster than they pledged to do in 2015. What will be new in Glasgow is transparency: By the time the delegates arrive, a new monitoring effort made possible by an array of advanced technologies will have precisely measured the emissions from every major source of greenhouse gases in the world, with most of that data updated every six hours.With this radical transparency, a result of efforts of a broad coalition of corporations and nonprofits I helped to start called Climate Trace (for tracking real-time atmospheric carbon emissions), countries will have no place to hide when failing to meet their emissions commitments. This precision tracking will replace the erratic, self-reported and often inaccurate data on which past climate agreements were based.Even then, a speedy phaseout of carbon pollution will require functional democracies. With the casting of a majority of the Electoral College votes on Monday for Mr. Biden, and then his inauguration, we will make a start in restoring America as the country best positioned to lead the world’s struggle to solve the climate crisis.To do that, we need to deal forthrightly with our shortcomings instead of touting our strengths. That, and that alone, can position the United States to recover the respect of other nations and restore their confidence in America as a reliable partner in the great challenges humankind faces. As in the pandemic, knowledge will be our salvation, but to succeed, we must learn to work together, lest we perish together.Al Gore shared the 2007 Nobel Peace Prize with the Intergovernmental Panel on Climate Change for his work to slow global warming.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram.AdvertisementContinue reading the main story More