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Global leaders promise to end deforestation by 2030. The pledge by more than 100 world leaders includes $19 billion in public and private funds, some of which will go to developing countries to restore damaged land, tackle wildfires, and support indigenous communities. Separately, prime minister Narendra Modi promised a net-zero India by 2070, and an EU and US-led pact on slashing methane emissions is expected today.
US Supreme Court justices may allow challenges to Texas’s strict abortion law. The law itself is structured in a way that evades judicial review—a loophole that might be closed.
The price of coal dropped below $100 in Europe. China has stepped up its own coal production, but also joined G20 nations to pledge to stop financing coal overseas.
Rivian Automotive is seeking a $60 billion valuation for its IPO. Next week’s listing, the latest in a series of electric vehicle IPOS, is expected to make the Amazon and Ford-backed startup more valuable than Honda.
American Airlines canceled 6% of its flights. The airline joins competitors in feeling the strain of not having enough staff to meet a rising demand in travel.
What to watch for
The US Centers for Disease Control and Prevention (CDC) is expected to approve Pfizer’s covid-19 vaccine for children ages 5 to 11 this week. This will be the first covid-19 shot available for the 28 million US children of that age, and 15 million doses have already been shipped to pharmacies to be administered once the approval is announced.
The CDC’s expected signoff comes as Pfizer releases its third quarter earnings. With booster shots well underway in rich countries, analysts expect Pfizer to deliver a blowout report today, with revenues of nearly $23 billion—a massive increase over the $12.7 billion in the same quarter last year, brought by the steady vaccine sales.
Solar’s supply setback
As with virtually everything, supply chain disruptions have come for solar energy, threatening to derail projects for at least the next year. Analysts at the consulting firm Rystad Energy estimate rising shipping and equipment costs could postpone or cancel 56% of worldwide utility-scale solar projects planned for 2022—a major setback as the need for alternative power sources grows.
Given these items represent as much as one-third of project costs, even a small price can turn a narrowly profitable project into a money-loser. And utility companies’ solar plans could be hit especially hard.
But it’s not all about solar
To avert catastrophic climate change, the global economy needs to rapidly shift to new energy sources that emit little or no greenhouse gases. Solar and wind are great, but they can’t do it alone.
The fuel ecosystem is slated to undergo significant change in the decades leading up to 2050:
- By 2030, the cost of green hydrogen is projected to fall by 30%.
- By 2040, the demand for energy storage is expected to grow to 10,000 gigawatt-hours, and the market could overtake the value of the oil market.
- By 2050, green hydrogen could supply up to 20% of total global energy, and total biofuel demand could more than double, and power 40% of aircraft.
Advancements in fuels of the future was the topic of our latest Forecast email, a weekly look into an emerging industry, technology, or trend only for Quartz members. ✦ Never miss a prediction—enjoy a membership free for seven days.
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Surprising discoveries
Astronauts are perfecting their space taco recipe. The crew aboard the ISS grew the hatch chiles themselves.
Important update: The bat won. New Zealand’s controversial entry into its Bird of the Year contest doesn’t even know about its own victory.
Your childhood phone toy is now a real phone. Fisher-Price made a bluetooth version of its iconic “Chatter.”
Jessica Simpson won her name back. No one contested the singer in Sequential Brands Group’s bankruptcy auction.
Researchers wondered what made up the red paint in a 1,000-year-old Peruvian mask. You know where this is going.
Our best wishes for a productive day. Send any news, comments, solar-powered gadgets, and space tacos to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief was brought to you by Nicolás Rivero, Tim McDonnell, Susan Howson, Morgan Haefner, Jackie Bischof, and Ananya Bhattacharya.