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Stellantis is ramping up its commitment to Archer, an electric flying vehicle company, by providing manufacturing support and up to $150 million in investments over the next few years.
Archer projects its flying cars will be available for commercial use by 2025.
The eVTOL market has been valued as a potentially trillion dollar industry.

Stellantis is leaning into its bet on a future that includes flying cars.
The Chrysler maker is doubling down on its commitment to help Archer Aviation produce its first batch of electric flying vehicles by 2025, announced Stellantis CEO Carlos Tavares and Archer CEO Adam Goldstein in an interview on CNBC’s Tech Check.

Stellantis, the fifth largest automaker in the world, will assist in Archer’s manufacturing process for its “Midnight” model, as well as invest up to $150 million in the company over the next few years.
Fiat Chrysler, Stellantis’ predecessor, initially partnered with Archer in 2021 to get the startup’s flying vehicles off the ground, providing access to a streamlined supply chain, engineering and material resources. Wednesday’s announcement deepens Stellantis’ investment in the potentially trillion dollar electric vertical takeoff and landing, or eVTOL, market.
Archer expects that its electric flying cars will be available for commercial use by 2025, granted it receives proper certification from the Federal Aviation Administration. To meet that deadline, Stellantis, which is accustomed to producing over 500,000 cars per month, will assist in Archer’s manufacturing process.
“We see a perfect complementarity, a perfect synergy between what they are doing and what we can bring namely, but not only on the manufacturing system,” said Tavares. “Manufacturing and high-volume manufacturing is something we think we know how to do.”
Stellantis, which was created by the merger of Fiat Chrysler and PSA Groupe, has already spent billions developing electric vehicles through brands like Jeep, Ram, Dodge and Chrysler. The company is pushing into the eVTOL market even as recession fears weigh on automakers.

Archer Aviation Midnight aircraft
Source: Archer Aviation

“Yes, there is a crisis. Yes, there is a slowdown. We’ll make it. We have absolutely all the techniques, the financial robustness to face that,” said Tavares.
Electric flying vehicles are designed to propel themselves vertically using electrically-powered motors and rotating wings — like smaller, quieter helicopters.
The vision of the eVTOL industry is to eventually create broader infrastructure to allow flying cars to become a consumer’s personal mode of transport. For example, installing “vertistops” — vehicle charging stations on top of buildings — in residential areas could make flying cars a driving norm.
Before that vision can become reality, and manufacturing can ramp up in a meaningful way, the FAA must certify eVTOL vehicles as safe and “airworthy.”
“We’ve seen incredible buy-in and support from the FAA,” said Goldstein, who expects Archer’s vehicles to be “very present and widely used” in the 2028 Olympics in Los Angeles. “In order to make that happen, we’re going to have to get to market in 2025.”
Archer’s prototype is built to fly 150 miles per hour for up to 60 miles, enabling transportation at 10 times greater speeds than a traditional car.
In addition to startups like Archer, major producers like Boeing, Hyundai, and NASA are experimenting with their own designs.
Major airlines have also seen potential in the space. United Airlines ordered 100 of Archer’s electric air vehicles in 2022 and invested $10 million in the startup.

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After Tesla’s market capitalisation swept past that of Toyota, then the world’s most valuable carmaker, in the summer of 2020, devoted fans and incredulous sceptics deployed a new unit of measurement. As the electric-vehicle (EV) champion’s share price rose, its worth was couched in terms of the combined value of the next two, then five, then ten biggest carmakers. A year ago Tesla’s market value surpassed $1.2trn, more than most other car firms put together. Since then it has lost 72% of that—a sum likewise exceeding the value of most of the industry. The fortune of its mercurial boss, Elon Musk, has shrivelled by more than $200bn as a result.The latest blow came on January 3rd, after Tesla missed analysts’ expectations for deliveries for the third quarter in a row and reported that the gap between production and deliveries had grown, suggesting softening demand for its EVs. It lost 12% of its value—roughly $50bn, or one Ford Motor Company—in a day. Even bullish investors now doubt that Mr Musk will fulfil his promise of making 20m cars a year by 2030, or that Tesla’s ”Autopilot” is close to becoming a world-changing fully autonomous driving system. Yet the main reason for the market’s recalibration of Tesla’s prospects is a dawning realisation that the company is chiefly a carmaker—and that its boss is not superhuman.Mr Musk has always regarded his company as a tech firm, a peer of digital giants like Alphabet, Apple or Meta, not of old-economy metal-bashers such as Toyota or Volkswagen. For a time, so did the market—first as tech shares soared amid the pandemic-era boom in all things digital, then as they slumped last year, after their growth began to slow and higher interest rates made their promised future profits look less valuable today. In the past few months, however, Tesla’s share price has suffered a sharper correction than big tech. This has coincided with its more mundane tribulations as a car business. Having managed to avoid the worst of the pandemic supply-chain disruptions, Tesla has been caught up in China’s chaotic retreat from its zero-covid policy; its big factory in Shanghai has been hit by virus-related shutdowns. And having set the course for the industry’s EV transition, it now faces plenty of competition from established rivals and a host of newcomers it inspired. Days after Tesla reported the disappointing figures Volkswagen unveiled its id.7, a challenger to Tesla’s entry-level Model 3 saloon. EV-buyers, for their part, are becoming less willing than early adopters to overlook Tesla’s questionable build quality and the interior of a much cheaper car. And the natural Tesla-owners among the wealthy progressive set are less prepared to overlook Mr Musk’s libertarian antics at Twitter, which he bought in October and has mismanaged with gusto—especially now that they have plenty of conscience-salving EV alternatives to choose from.Tesla is, in other words, no longer the only game in town—and certainly no tech behemoth. As EV-makers go, though, it still looks impressive. In 2022 it delivered 1.3m cars, 40% more than the year before, and opened two new assembly plants. It is working on a smaller, cheaper car and this year will start to deliver its long-awaited Cybertruck pick-up. And it is still worth $340bn—nearly as much as the next three biggest carmakers combined. ■ More

Paramount Pictures has been hit with a $500 million sexual abuse case stemming from a nude scene featured in its 1968 adaptation of “Romeo & Juliet.”
Leonard Whiting and Olivia Hussey claim director Franco Zeffirelli “secretly” filmed them nude or partially nude without their knowledge.

British actress Olivia Hussey and actor Leonard Whiting star in Franco Zeffirelli’s ‘Romeo and Juliet,’ circa 1967.
Keystone | Hulton Archive | Getty Images

Two stars of the 1968 film adaptation of “Romeo & Juliet” have sued Paramount Pictures for more than $500 million over a nude scene the actors shot when they were teenagers, according to a copy obtained by CNBC.
Leonard Whiting, 72, and Olivia Hussey, 71, claim director Franco Zeffirelli “secretly” filmed them nude or partially nude without their knowledge despite previous assurances that there would be no nudity exhibited in the Oscar-winning film. At the time of filming, Whiting, who portrayed Romeo, was 16, and Hussey, who portrayed Juliet, was 15.

The pair filed the suit in Los Angeles County Superior Court alleging sexual abuse, sexual harassment and fraud.
Paramount has not made any public statement about the suit and did not respond to a request for comment from CNBC.
According to the filing, Zeffirelli, who died in 2019, initially told the actors that they would wear flesh-colored undergarments in the bedroom scene in which Whiting’s bare buttocks and Hussey’s bare breasts are briefly shown. However, when the scene was shot in the final days of filming, the actors were told they would wear only body makeup and that the camera would be positioned in a way that would not show nudity, according to the suit.
The actors said they “believed they had no choice but to act in the nude in body makeup as demanded” and allege the scene was in violation of California and federal laws against indecency and the exploitation of children.
Solomon Gresen, the actors’ attorney, said they’re seeking punitive damages of $100 million, but are possibly entitled to damages of more than $500 million to match the amount the film has earned since 1968.

“Paramount continues to display and profit from these images of nude minor children,” said Gresen. “They surely know better. Time should be up.”
Upon its release, the film also proved a critical success, winning Academy Awards in the best cinematography and costume design categories and earning a nomination for best picture.

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General Motors reclaimed its U.S. sales crown from Toyota Motor.
GM said it sold 2.27 million vehicles in the U.S. in 2022, up by 2.5% over 2021.
Toyota said it sold 2.1 million vehicles in the U.S. last year, down 9.6% from 2021.

2022 GMC Sierra 1500 Denali Ultimate

DETROIT – General Motors reclaimed its U.S. sales crown from Toyota Motor last year as the Detroit automaker eked out a slight gain in annual U.S. vehicle sales despite supply chain problems.
GM said Wednesday it sold 2.27 million vehicles in the U.S. in 2022, up by 2.5% over 2021, including a 41.4% increase during the fourth quarter. Analysts expect overall U.S. auto industry sales to have declined by 7% and 10% last year compared to 2021.

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Toyota said it sold 2.1 million vehicles in the U.S. last year, down 9.6% from 2021. The company was able to manage supply chain problems, specifically with semiconductor chips, better than others.
Toyota edged out GM in sales by 114,034 vehicles in 2021 – dethroning the Detroit automaker for the first time since 1931 when it surpassed Ford Motor. Toyota executives previously said the top sales spot was unattainable, but CEO Akio Toyoda last year told dealers he did a “happy dance” when he heard the news.
Jack Hollis, executive vice president of Toyota Motor North America, on Wednesday said the Japanese automaker remains focused on retail sales, which are traditionally more profitable than commercial or fleet sales. Toyota has led those sales for several years.

EVs

Despite recent criticism of its all-electric vehicle strategy, Toyota on Wednesday touted that it leads the country in electrified vehicle sales. Those include hybrid, plug-in and all-electric cars and trucks.
GM, in contrast, largely ditched hybrids for an all-electric vehicle strategy but has been slow to ramp up production. GM’s U.S. EV sales represented less than 2% of its sales in 2022.

Comparison of GM and Toyota stocks.

In a release Wednesday, GM called EVs “growth opportunities.” It’s expected to release more mainstream models such as the Chevrolet Blazer and Chevrolet Equinox EV crossovers.
GM was able to achieve record U.S. sales of 38,120 Chevrolet Bolt EV and EUV models in 2022. However, it sold fewer than 1,000 units of its luxury GMC Hummer EV and Cadillac Lyriq, combined.
GM said production of the Bolt models is expected to increase to more than 70,000 units this year to meet strong global demand. The company last year pushed back plans to produce 400,000 EVs in North America through 2023 to mid-2024.

Pickups

While GM’s future may be EVs, its present is large, gas-guzzling pickup trucks and SUVs. The Detroit automaker sold more than 1.1 million mid-size pickups and full-size trucks, including SUVs, in 2022. Those sales represented nearly 50% of their total annual sales.
Such vehicles are highly profitable and crucial to GM’s bottom line as it invests in capital-intensive electric and autonomous vehicles.
GM has been the top seller of pickups for nine years, including topping crosstown rival Ford in full-size pickups for three consecutive years. However, Ford’s F-Series has been America’s bestselling truck for 46 consecutive years and bestselling vehicle for 41 years.
The accolades come despite declining sales of full-size pickups for both automakers due to supply chain issues. GM sold 754,876 Chevrolet Silverado and GMC Sierra pickups in 2022, down by roughly 2%. Sales of Ford’s F-Series were off by nearly 13% through November compared with a year earlier, however Ford said Tuesday that last month’s sales were anticipated to be the best of 2022 for the F-Series.

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It’s the first full working week of 2023. You have two new year’s resolutions. First, to turn yourself into a humming machine of productivity. No more procrastinating, no more afternoon naps. Second, to maximise your own sense of well-being. A few days in, and your daily journal bears witness to a changed person, a model of self-caring efficiency. 07:00: Go to the gym. Leave phone at home. Mens sana in corpore sano.08:00: Tell au pair to wake children, and to keep them out of your way.08:15: Listen briefly to the call of a whale on Spotify. Shower. Dress.08:30: Eat something with chia seeds. 08:40: Remove chia seeds from teeth.08:58: Enter home office. Great sense of wellness. Never felt weller.09:00: Turn phone off aeroplane mode and start laptop. Phone goes mad: missed calls, Slack messages, texts. Precisely where the day went wrong in the bad old days of 2022. Use new batching technique: respond to the oldest five emails and ignore everything else. Turn notifications off again.09:30: Make a list of tasks that need to be completed today. Colour-code those tasks according to priority. Chunk each of the high-priority tasks into discrete segments. Use combination of time-boxing and Pomodoro techniques to put them into the calendar for the day ahead.10:30: Calendar for the day is now complete. Very full few hours ahead. Get up and go for a walk around the block to avoid musculoskeletal problems. Every so often stop and look 20 yards into the distance to maintain eye health. See friend on street.11:30: Back at desk. Decide to find a “Study with Me” video, a recording of someone else working at their desk, as extra motivation for the day to come. Very effective technique, just need to choose the right recording. Might have one with rain pattering on the windows. Or a cat sleeping. Or logs on a fire.12:00: “Study with Me” recording is now playing. Went with the cats. Day is slightly off-track now. Begin first 25-minute Pomodoro session. 12:25: Excellent session. Get up. Stretch.12:30: Second Pomodoro session begins. Lasers are less focused than me. 12:40: Extremely bored. Try to get onto Wordle but have installed blocker on laptop that means I cannot use the site until 18:00. Only way round this is to change the time on the computer. Not sure how to do this but it cannot be that hard. 13:30: It is quite hard. But Wordle is done (in four tries!). Clock on computer is now totally wrong; saying it is 2024. Just need to change it back. 14:00: No time for second email-batching session. Lunch and well-being hour begins an hour late. Make open sandwich with rye bread, salmon, dill. Use stacked-habits advice to do two mindfulness exercises at once: self-administer head massage while listening to soundtrack of grasshopper noises. 15:00: Activating hermit mode. Ditch Pomodoro technique: need to get at least two hours done before final email-batching session. Use timer tab to set countdown clock going on my browser. 15:30: Not made great progress. Feeling a bit worthless. Open the compliments folder in my email inbox to remind myself of praise I have received from colleagues in the past. 15:45: Starting to feel a bit panicky. As last resort use “Write or Die”, an old program that starts deleting your work if you have not met targets for word count. Helps just to get something on the page. 16:15: FFS. Child came in with something hairy (a rat? someone else’s hair?) glued to her hand. By the time I had shooed her out, “Write or Die” had erased most of what I had got done. 17:00: Have used child’s stencil set to make a very professional poster that says “Do not enter: I am working”. I will paste it on my door here. Good to get this done. Need a pick-me-up, so am going to attend laughter-therapy session that the company has been advertising. 17:30: Couldn’t get sound to work for some reason. Everyone looked completely mad on the laughter-therapy thing. Have logged the problem with IT.17:45: Third (well, second) email-batching session begins. Notifications back on, and email opened. Torrent of messages. Four calls from my boss. Hard to tell what is going on, but everyone seems upset that I have been consciously prioritising work. Typical. 18:00: Ring boss. I have until 9am tomorrow morning to get something done for a new client. Feel much better. If only people could just set me an urgent deadline every day. More

More than one-third of Americans took on holiday debt in 2022, with an average amount of $1,549, a recent survey found.
About 37% of holiday debtors said it will take them at least five months to pay it off.

While some Americans are still recovering from holiday festivities, many others may have lingering effects of spending regrets. Overall U.S. retail sales increased 7.6% year-over-year between Nov. 1 and Dec. 24, according to the latest Mastercard SpendingPulse survey.
For many consumers, the amount of debt they took on to pay for holiday purchases grew as well. A new LendingTree study found 35% of Americans amassed holiday debt in 2022. The average amount was $1,549, the highest level since 2015 when the survey was first taken. And 37% of those taking on holiday debt said it would take them at least five months to pay it off.

If you want to pay off your holiday debt well before this summer, here are seven steps you need to take now.

1. Pay off a set amount of debt in 3 to 5 months

2. Work on improving your credit score

If your credit score is “good” to “excellent” — a FICO score of 670 or higher on a scale of 300 to 850 — you’re more likely to qualify for lower interest rates on credit cards, car loans and mortgages, experts say. So having a good score can have a dramatic impact on the cost of your debt. The more you cut the cost of the debt, the faster you’ll pay it off. 
Some credit card companies will provide your credit score for free. It’s often on your billing statement. To improve your score, start by checking your credit report and disputing any errors.

Sdi Productions | E+ | Getty Images

Through the end of 2023, you can get a free weekly copy of your report from each of the major credit bureaus — Equifax, Experian and TransUnion — at annualcreditreport.com.
Of course, you should pay your bills on time every time.
Also, don’t get too close to your credit limit on your cards. Using less than 30% of your available credit can help you maintain your score, credit experts say, while using less than 10% can actually help raise that number.

3. Apply for a 0% interest balance transfer credit card

Apply for a card with an introductory 0% annual percentage rate offer on balance transfers. Transfer your current credit card balances to that new card. You may be charged a 3% fee on the amount you transfer, but you’ll pay no interest on your debt for 12 to 20 months. 
“A 0% balance transfer card, if you have good enough credit to get one, is the best weapon against credit card debt,” said Matt Schulz, chief credit analyst at LendingTree. “You can get almost two years without gaining interest.” 
Again, you generally have to have a good or excellent credit score to qualify for the best offers. Also, you probably won’t be able to do a balance transfer with the same card issuer. 

4. Ask your credit card issuer to lower your rate

Sewcream | Istock | Getty Images

If you don’t ask for a lower rate, you won’t get it. But if you do ask, you probably will. A Lending Tree survey found 70% of people who asked for a lower interest rate on a card got one, and the average reduction was seven percentage points.
Making this phone call now is more important than ever. After seven consecutive interest rate hikes from the Federal Reserve, the average rate on a credit card is about 23%. Rates on store credit cards are over 30%.
Asking for a lower rate “is a good hedge against the Fed raising rates again and against the skyrocketing costs we’ve seen over the past year,” Schulz said. 

5. Consolidate debt with a personal loan

If you can’t get a 0% offer or lower rate on a card, try applying for a personal loan. If you qualify for a big enough loan with a lower interest rate than your current card’s rate, then you can consolidate all or most of your credit card debt with that loan. 
In early December, the average rate on a personal loan was 10.64%, less than half as much as the average credit card rate, according to Bankrate.com. 
Just don’t spend that loan money. If you take out a personal loan to pay off credit card debt, make sure you immediately pay off your card balances with the cash from the loan. 

6. Double-check the terms of buy now, pay later loans

About 1 in 10 consumers planned to use buy now, pay later loans to make holiday purchases, according to the PwC survey. You make an upfront payment with buy now, pay later products, then pay off the rest of the purchase in a predetermined number of installments. 
Buy now, pay later plans often don’t charge interest unless you miss a payment. If you miss one, you could get hit with interest on the unpaid balance, as well as a late fee. So make sure you double-check the terms of the buy now, pay later offer, and comply fully. 

7. Reach out to a nonprofit credit counselor

Get a comprehensive review of your financial situation and a look at your credit obligations — credit cards and loans — for free from a credit counselor. When you work with a nonprofit credit counseling agency that is part of the National Foundation for Credit Counseling, you’ll pay no fee for the initial counseling session.
“The outcome of the session results in the delivery of an action plan, identifying each possible option for improving financial well-being and managing debt,” said NFCC senior vice president Bruce McClary. 

The counselor may recommend coming up with a “debt management plan” between you and card issuers or lenders to amend your original payment agreement. That plan may allow you to lengthen your repayment term, lower the interest rate, and/or waive fees. You’ll still have to pay in full, just under more manageable circumstances. 
Fees are typically charged for a debt management plan, McClary said, with a program activation fee of $40 to $50 and monthly fees of $25 to $35. The cost can vary depending on the amount of debt that’s part of the plan or the number of accounts included.
SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version, Dinero 101, click here.

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Mortgage application volume was down 13.2% at the end of last week from two weeks earlier.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.58% from 6.34% two weeks prior.
At the end of 2021, the rate was 3.33%.

A ‘For Sale’ sign stands in a vacant lot near new homes in Dunlap, Illinois.
Daniel Acker | Bloomberg | Getty Images

After a brief reprieve in the first half of December, mortgage interest rates shot up again to end the year, weighing on mortgage demand.
Mortgage application volume was down 13.2% at the end of last week from two weeks earlier, according to the Mortgage Bankers Association’s seasonally adjusted index. The MBA was closed last week due to the holidays.

The average contract interest rate for 30-year fixed-rate mortgages with conforming balances ($647,200 or less), for loans with a 20% down payment, increased to 6.58% from 6.34% two weeks prior. At the end of 2021, the rate was 3.33%.
Demand for refinancing, which is most sensitive to weekly interest rate changes, dropped 16.3% from two weeks earlier and was down 87% from the same period in 2021.
“Mortgage rates are lower than October 2022 highs, but would have to decline substantially to generate additional refinance activity,” noted Joel Kan, an MBA economist.
Mortgage applications to purchase a home dove 12.2% from two weeks earlier and were down 42% year over year. They ended the year at the lowest level since 1996.
Read more: Home price increases weakened sharply in November

“Purchase applications have been impacted by slowing home sales in both the new and existing segments of the market. Even as home-price growth slows in many parts of the country, elevated mortgage rates continue to put a strain on affordability and are keeping prospective homebuyers out of the market,” said Kan, who also pointed to the threat of a wider economic recession.
Mortgage rates started this week, and this year, slightly lower, but all eyes are now on the all-important monthly employment report expected to be released Friday. Rates will likely move more dramatically on the data – but it’s unclear which direction they’ll move.

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Among the European countries that recorded their hottest January days in history were the Netherlands, Denmark, Poland, Czech Republic, Belarus, Latvia and Lithuania.
Meteorologists and climatologists expressed alarm over the unseasonably warm winter weather.
Guillaume Séchet, a broadcast meteorologist in France, said Europe “experienced one of the most incredible climatic days in history” on the first day of 2023.

Poland’s capital of Warsaw recorded temperatures of 18.9 degrees Celsius on Jan. 1; more than 5 degrees Celsius above the previous record set 30 years ago.
Nurphoto | Nurphoto | Getty Images

A winter heatwave smashed several national temperature records across Europe over the New Year’s weekend, prompting meteorologists to sound the alarm, while some ski resorts were forced to close due to an absence of snow.
January temperatures reached an all-time high in several European states, with national records set in at least seven countries.

Polish capital Warsaw recorded temperatures of 18.9 degrees Celsius (66 degrees Fahrenheit) on Jan. 1 — more than 5 degrees Celsius above the previous record set 30 years ago.
Northern Spanish city Bilbao logged 24.9 degrees Celsius on New Year’s Day — temperatures that might typically be expected at the start of July. Switzerland experienced 20 degrees Celsius on Sunday.
Warm weather and low snowfall forced some low-altitude ski resorts in the northern Alps and French Pyrenees to close a few weeks after opening.
Among the European countries that recorded their hottest days in history were the Netherlands, Denmark, Poland, Czech Republic, Belarus, Latvia and Lithuania.
Regional records were also broken in France, Germany and Ukraine.

The most extreme event ever seen in European climatology.

Maximiliano Herrera
climatologist

Meteorologists and climatologists expressed alarm over the unseasonably warm winter weather, saying there were “too many records to count” and that many of the overnight minimum temperatures were comparable to summer.
“We just observed the warmest January day on record for many countries in Europe,” Scottish meteorologist Scott Duncan said via Twitter.
“Truly unprecedented in modern records,” Duncan said Sunday, adding that the intensity and extent of the warmth across the region was “hard to comprehend.”

Many ski resorts in Bavaria are currently suffering from a lack of snow.
Picture Alliance | Picture Alliance | Getty Images

Maximiliano Herrera, a climatologist who tracks global weather extremes, described the temperature records as “the most extreme event ever seen in European climatology.” In remarks reported by The Washington Post on Monday, Herrera added, “Nothing stands close to this.”
Guillaume Séchet, a broadcast meteorologist in France, said Europe had “experienced one of the most incredible climatic days in history” on the first day of 2023.

Winter heat follows record-breaking summer

The record-breaking winter heat in Europe follows the region’s hottest summer on record and comes in stark contrast to the extreme cold snap seen in the U.S. in recent weeks.
The Copernicus Climate Change Service, an intergovernmental agency that supports European climate policy, found that the average European temperature for August and for the three-month June-August period was the highest on record in 2022 by “substantial margins.”
A severe lack of rainfall and a sequence of summer heatwaves took a visible toll on European waterways, ratcheting up fears over food and energy production at a time when prices were skyrocketing because of Russia’s war with Ukraine.
In April last year, the world’s top climate scientists warned the fight to keep global heating below the critical threshold of 1.5 degrees Celsius had reached “now or never” territory.
The U.N.’s Intergovernmental Panel on Climate Change repeated calls for a massive reduction in global fossil fuel use to avert a climate catastrophe.
“It’s now or never, if we want to limit global warming to 1.5°C,” IPCC Working Group III co-chair Jim Skea said in a statement accompanying the report. “Without immediate and deep emissions reductions across all sectors, it will be impossible.”
The burning of fossil fuels — such as coal, oil and gas — is the chief driver of the climate emergency.

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