Concerns about climate are high
Tensions are rising on Monday On controversial comments Sultan Ahmed Al Jaber, oil executive and Emirati politician presiding over the COP28 climate conference.
His skepticism about the world’s ability to curb global warming by cutting hydrocarbon use is casting fresh doubt on the UAE’s commitment to tackling the climate crisis.
Al Jaber hit back at critics of fossil fuels, Those who want to see them phased out over the coming decades in an effort to keep global temperatures from rising to 1.5 degrees Celsius are considered catastrophic by many experts. “There is no science, or there is no scenario, that says fossil fuel phasing out is going to achieve 1.5 C,” he said at an event before the summit.
The controversy reignites concerns about his role as leader of COP28, as he is also chairman of the Abu Dhabi National Oil Company. Al Jaber has long debated Fossil fuel companies should play a prominent role in the world’s energy transition to lower global temperatures.
His words with the climate hawk struck a nerve. Critic and scientist Called the Declaration of Al Jaber “farcical” and “terrifying.” And US climate envoy John Kerry, out of touch with the latest scientific research, dismissed it as: “Every decision we make should be prepared to say, ‘Is it going to go 1.5 degrees or is it going to be more destructive and take it? Are we on the wrong track?’ he told CNBC.
Al Jaber tried on Monday Reduce noise. In a hastily arranged news conference, he said his comments were taken out of context and acknowledged that “the phase-down and phaseout of fossil fuels is inevitable.” “I respect science in everything I do,” he added.
Other experts wonder if the 1.5-degree goal is even achievable. Bill GatesFor one, it seems unlikely that global temperature rise will be limited to less than 2°C.
Other news from COP28:
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Fifty oil giants, including Exxon Mobil and Saudi Aramco, pledged this weekend Cap methane emissions from the operation. The catch: No company wants to reduce oil and gas production, and planned cuts to methane, a potent greenhouse gas, would be mostly voluntary.
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The Biden administration Promulgated regulations That requires energy companies to detect and fix methane leaks from their operations.
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Kerry said the world should Construction stopped Coal-fired power plants.
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More than 20 countries have pledged, including the US, Britain and South Korea Triple nuclear power capacity Called it important to reduce carbon emissions by 2050. High interest rates and inflation have recently driven up the cost of building nuclear power plants, forcing some developers to shy away from these expensive projects.
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Artificial intelligence played A prominent role at COP28Providers pitch their technology as a way to help countries meet their emissions targets
what’s going on here
Supreme Court to hear arguments on OxyContin settlement Judges to consider whether settlement between bankrupt opioid maker Purdue Pharma and victims Violates federal law. The settlement will protect members of Purdue’s controlling Sackler family From the civil case; Its annulment could have far-reaching implications for other corporate bankruptcies linked to mass injury claims.
Alaska Airlines tests regulators’ tolerance for industry consolidation. The carrier agrees Buy a rival, Hawaiian Airlines, at $1.9 billion, creating a regional titan for the western United States and the South Pacific. Antitrust watchdogs, who have sought to block deals involving JetBlue and other airlines, may focus on whether they unfairly reduce competition in areas such as Hawaii.
Spotify has laid off an additional 1,500 workers. Job lost, which represents about a fifth of its workforce, is the streaming giant’s third and largest round this year. It’s Spotify’s latest effort to cut costs and make money more consistently, as investors pressure streaming services to prioritize profits over growth.
China Evergrande gets a lifeline. The bankrupt Chinese property developer was granted one Two months extension To strike a deal with foreign investors, helping it avoid a widely expected liquidation. It may only be a brief reprieve, however, as Evergrande still faces the challenge of servicing $300 billion in defaulted loans.
How close is too close?
The return of Sam Altman His drama-filled ouster as CEO of OpenAI ended with a shakeup of the startup’s corporate governance. Among these changes are the hiring of interim managers – with Microsoft, OpenAI’s largest investor, gaining a nonvoting observer role on the board. But some antitrust experts say that could be problematic.
It is a question of competition. The two companies say they have shown how much they are incorporating OpenAI’s services into products such as Collaborative, Microsoft Bing and Office 365. But Microsoft is also developing its own artificial intelligence capabilities; The urgency of those efforts became clear amid the uproar of Altman’s ouster and reinstatement, showing just how much internal capacity the tech giant needs to have.
With access to OpenAI board discussions, Microsoft could face more scrutiny from watchdogs.
This raises questions about how the observer role is structured and what fences are put in place. To avoid running afoul of rules governing interlocking directorates, or shared directors. Under a broad interpretation, companies can be seen as competitors if they operate independently in the same sector, accordingly Maurice Stukeis a law professor at the University of Tennessee and a former senior counsel to the FTC
Regulators may also be concerned about larger questions involving the concentration of power in the AI industry. “The evolution of AI will dominate some players,” Stuke told DealBook; Government agencies may try to advance.
Elon Musk’s tumultuous relationship with AI
Elon Musk has repeatedly made clear his concerns about artificial intelligence and the dangers it could pose to humanity. (Among the less attention-grabbing things he said At the Dealbook Summit Last week he predicted how fast AI could evolve.)
But Musk has invested deeply in AI over the years and has at times advocated rapid technological progress in the field. In a long test Beginning of the current AI arms raceThe Times looks at how he came to invest in DeepMind, a research lab acquired by Google, after meeting co-founder Demis Hassabis at a conference hosted by tech investor Peter Thiel:
Dr. Hassabis secured a tour of SpaceX headquarters. Afterwards, with rocket hulls hanging from the ceiling, the two men have lunch and talk in the cafeteria.
Mr. Musk explained that his plan was to colonize Mars to escape Earth’s overpopulation and other dangers. Dr. Hassabis replied that the plan would work — as long as superintelligent machines followed and destroyed humanity on Mars.
Mr Musk is speechless. He did not think of any particular danger. Mr. Musk soon invested in DeepMind with Mr. Thiel to get closer to building this technology.
The Times also reported that Musk left OpenAI after trying to control operations to help commercialize the product quickly. When an OpenAI employee told him his plans were reckless, the billionaire called him a “jackass.”
week ahead
A breakdown of jobs reports and earnings will be in the spotlight this week. Here’s what to see.
Tomorrow: The health of the auto market will be the focus, with Autozone and Neo, the Chinese electric vehicle maker, set to deliver results.
Wednesday: Investor enthusiasm for artificial intelligence includes earnings reports from GameStop and C3.ai, with shares up nearly 175 percent this year.
Thursday: Lululemon and Dollar General report results.
Friday: This is a job report. Economists estimated that employers added about 200,000 positions last month, which would keep the unemployment rate unchanged at 3.9 percent. Market watchers will pay particular attention to revisions to the previous month’s data to gauge wage growth and whether the labor market is cooling. October’s bitter report There was just a blip.
Speed Read
Deal
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Roche agreed Pay up to $3.1 billion for Carmot Therapeutics, as drugmakers scramble to get hold of a new class of weight-loss drugs. (Bloomberg)
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Underscores Proposed Sale of NBA’s Dallas Mavericks to Miriam Adelson and Others Associated with Sands Corporation Growing Links Among pro sports teams and gambling giants. (NYT)
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AI start-up Corewave has secured a funding round from investors including Fidelity and State Street, it has been reported. The price is 7 billion dollars. (Bloomberg)
Policy
The rest is the best
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The life and untimely death of a Disney executive turned upside down Self-help influencer. (WSJ)
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HBO is making a movie George Santos, the recently ousted New York congressman accused of ethics violations, will be overseen by Frank Rich, a former Times columnist and an executive producer on “Veep” and “Legacy.” (Last Date)
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how to get old “The architecture of sleep” disturbs And a good night’s rest becomes more elusive as we age. (salon)
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