Betting on a climate crisis
Late last week, the Trump administration issued a report with a stark warning: Left unchecked, climate change could erase 10 percent off the size of the American economy by 2100.
Investments could reduce that hit. The economic impact of climate change drops by up to 70 percent if greenhouse-gas emissions peak before the middle of the century and then fall. Breakingviews calculates that “fully decarbonizing the world’s cement, steel, plastics, trucking, shipping and aviation sectors by 2050 could require investing some 0.5 percent of global G.D.P. a year,” but adds that “it would bring efficiencies, employment and advances in technology that could more than offset the costs.”
Some politicians are seizing the opportunity. Today, the E.U. will publish a road map for tackling climate change. It will show that cutting carbon emissions to zero in Europe by 2050 could require annual investments of as much as €290 billion, or about $330 billion. “We are an early mover, showing the rest of the world how this can be done,” said Miguel Arias Cañete, the E.U.’s commissioner for climate action and energy.
President Trump is not. His response to his own administration’s report: “I don’t believe it.”
The U.S. busted a global ad fraud ring
The Justice Department indicted eight men yesterday for running a fraud scheme that it says posed a huge risk to the entire digital ad industry. F.B.I. agents investigated the operation, code-named “3ve,” after being tipped off by Google and the bot-detection consultancy White Ops.
More from Craig Silverman of BuzzFeed News on the scale of the fraud:
At its peak, 3ve involved about 1.7 million PCs infected with malware, an array of servers that could generate mountains of fake traffic with bots, roughly 5,000 counterfeit websites created to impersonate legitimate web publishers, and over 60,000 accounts with digital advertising companies to help fraudsters receive ad placements and get paid. The indictment also alleges the fraudsters created their own advertising networks to help facilitate the fraud.
This complex infrastructure served one goal: steal as much money as possible from the $250 billion global digital ad industry while avoiding detection.
Robert Sauerberg will step down as Condé Nast’s C.E.O. as the publisher merges its U.S. and international arms.
Mark Clouse, a former C.E.O. of Pinnacle Foods, is reportedly the top choice to lead Campbell Soup.
Sylvie Matherat, Deutsche Bank’s chief regulatory officer, and Tom Patrick, its Americas C.E.O., may depart.
The stock-trading platform Robinhood hired Jason Warnick from Amazon as its first C.F.O.
Waymo, the autonomous vehicle company spun out from Google, hired Amee Chande, a former Alibaba executive, as its chief commercial officer, and Deborah Hersman, once head of the National Transportation Safety Board, as chief safety officer.