Day: November 9, 2022

U.S. climate envoy John Kerry on Wednesday announced the creation of a carbon offset plan meant to help developing countries speed their transition away from fossil fuels.

Kerry launched the Energy Transition Accelerator (ETA) with the intention of funding renewable energy projects and accelerating clean energy transitions in developing countries.

The United States will develop the program with the Bezos Earth Fund and Rockefeller Foundation, with input from the public and private sectors which would operate through 2030 and possibly be extended to 2035.

Kerry said Chile and Nigeria were among the developing countries to have shown early interest in the ETA, and that Bank of America, Microsoft, PepsiCo and Standard Chartered Bank had voiced interest in “informing the ETA’s development”.

“Our intention is to put the carbon market to work to deploy capital to speed the transition from dirty to clean power specifically, to retire unabated coal-fired power and accelerate the buildout of renewables,” he said at the event launch on Wednesday. Kerry added that the carbon credits used in the program would be “high quality” and meet “strong safeguards”.

The U.S. climate envoy acknowledged widespread criticism of voluntary carbon offset schemes raised by environmental groups and a task force created by U.N. Secretary General Antonio Guterres, which on Tuesday recommended that carbon credits be used sparingly by companies and governments to avoiding undermining their net-zero emission plans.

Kerry said Guterres was supportive of the U.S.-led carbon market initiative provided there were safeguards to it.

The two had met earlier on Wednesday at the COP27 climate summit in Egypt.

Environmental groups panned the initiative, saying that the scheme would delay real efforts to slash emissions.

“A voluntary carbon credit program won’t guarantee deep, real cuts in emissions – it’s tantamount to rearranging the deck chairs as the climate ship is going down,” said Rachel Cleetus, policy director at the Union of Concerned Scientists.

At the event launch, a protester interrupted Kerry saying: “You’re providing false solutions.”

Kerry responded that fossil fuel companies would not participate in the program.
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Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.

The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.

Zuckerberg as well said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic ended.

“Unfortunately, this did not play out the way I expected,” Zuckerberg said in a prepared statement. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”

Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter.

An economic slowdown and a grim outlook for online advertising — by far Meta’s biggest revenue source — have contributed to Meta’s woes. This summer, Meta posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall.

Some of the pain is company-specific, while some is tied to broader economic and technological forces.

Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm. He tweeted that there was no choice but to cut the jobs “when the company is losing over $4M/day,” though did not provide details about the losses.

Meta has worried investors by pouring over $10 billion a year into the “metaverse” as it shifts its focus away from social media. Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use technology.

Meta and its advertisers are bracing for a potential recession. There’s also the challenge of Apple’s privacy tools, which make it more difficult for social media platforms like Facebook, Instagram and Snap to track people without their consent and target ads to them.

Competition from TikTok is also an a growing threat as younger people flock to the video sharing app over Instagram, which Meta also owns.

“We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint,” Zuckerberg said. ”We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.”

Zuckerberg told employees Wednesday that they will receive an email letting them know if they are among those being let go.
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NASA again rescheduled its long-delayed uncrewed mission to the Moon on Tuesday as Tropical Storm Nicole churned toward the east coast of Florida, officials said.

A launch attempt, which had been scheduled for November 14, will now take place on November 16, Jim Free, a senior official at the U.S. space agency, said on Twitter.

It is the third delay of the highly anticipated launch in as many months.

“Our people are the most important aspect of our mission,” wrote Free, who is NASA’s associate administrator for exploration systems development. “Adjusting our target launch date for #Artemis I prioritizes employee safety and allows our team to tend to the needs of their families and homes.”

The Atlantic Ocean storm was expected to develop into a hurricane Wednesday near the Bahamas, before making landfall in Florida either later that evening or early Thursday, the National Hurricane Center said.

A hurricane warning has been issued near the Kennedy Space Center, where the rocket — NASA’s most powerful ever — is to blast off.

With Nicole gaining strength, “NASA … has decided to retarget a launch for the Artemis I mission for Wednesday, November 16, pending safe conditions for employees to return to work, as well as inspections after the storm has passed,” the agency said in a statement Tuesday evening.

NASA added that a launch occurring during a two-hour window that opens at 1:04 a.m. EST (0604 GMT) on November 16 would result in a splashdown on Friday, December 11.

A back-up launch date has been set for November 19.

NASA said it would leave the 98-meter SLS rocket on the launch pad, where it had been placed several days before.

After two launch attempts were scrubbed this summer because of technical problems, the rocket had to be returned to the Vehicle Assembly Building to protect it from Hurricane Ian.

Earlier Tuesday, Nicole was packing sustained winds near 100 kilometers per hour with higher gusts and was expected to strengthen even further, according to the NHC.

Some experts have voiced concern that the rocket, which is estimated to cost several billion dollars, could be damaged by debris from the hurricane if it remains exposed.

The SLS rocket is designed to withstand 136 kph winds at the 18-meter level, NASA said. It is designed to also withstand heavy rains at the launch pad and the spacecraft hatches have been secured to prevent water intrusion.

The uncrewed mission, dubbed Artemis 1, will bring the United States a step closer to returning astronauts to the Moon five decades after humans last walked on the lunar surface.

The goal of Artemis 1, named after the twin sister of Apollo, is to test the SLS rocket and Orion crew capsule that sits on top.

Mannequins are standing in for astronauts on the mission and will record acceleration, vibration, and radiation levels.
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