SCOTUS deals the EPA a huge blow
Good morning! SCOTUS ruled 6-3 yesterday that the EPA cannot use the Clean Air Act to regulate power plant greenhouse gas emissions. Now what?
What’s next for controlling emissions
The Supreme Court stripped away the EPA’s power to regulate greenhouse gas emissions from power plants, which produce 25% of the country’s carbon emissions.
Now, any attempt to regulate power plant emissions will likely go to court and will not end well for the agency, Protocol Climate editor Brian Kahn told me.
But all is not lost. States, utilities and tech companies are going to need to pick up the slack.
- States could pass legislation to crack down on power plant emissions within their borders (California is a good example of this). And utilities can speed up decarbonization in their power mixes and adopt net zero plans.
- Tech companies can also work with utilities companies by agreeing to buy cleaner energy, a method that Brian said is “not to be discounted as an important way for tech companies to use their influence.”
Tech companies could make the biggest impact of all by taking an active role in lobbying for stricter climate legislation to combat the outsized influence that the fossil fuel industry has on Washington.
But given that few tech companies jumped to support climate initiatives in the Build Back Better Act earlier this year, “that's probably the best we can hope for and maybe not one of the more likely outcomes,” Brian said.
— Nat Rubio-Licht (they/them/theirs)
Mr. Cook, tear down this walled garden
Apple is finally complying with South Korea’s new law on App Store purchases, allowing developers to bypass the iPhone maker’s own payment system.
The rule might not hurt Apple that much. The company was worried last year that making the change would open the door for fraud, hurt privacy and make it harder to manage payments. But Apple is still taking a sizable chunk of money from apps using third-party payment methods, so developers might not think an external payment system is even worth it.
- Apple still plans to take a 27% cut for transactions outside its payment system, and developers will need to report sales to Apple every month.
- If developers aren’t going to save that much, then what’s the point of using an alternative system? Apple knows it can get devs to keep their payments on the App Store even with these rules.
But South Korea’s rules still pave the way for other governments to take a crack at Apple and Google’s rules. And some already have.
- The Digital Markets Act in Europe, for example, would require the company to let customers sideload apps and use alternative payment systems. There’s legislation in the U.S. that would ask the same of Apple.
- That legislation has been scarier for Apple. Sideloading apps has been particularly worrying for the company, which once likened it to forcing secure homes to install unlocked doors during an increase in burglaries.
Since Epic’s lawsuit against Apple last year, the company’s so-called walled garden is getting more and more cracks. But rules targeting Apple and Google may need to be more aggressive to be impactful.
— Sarah Roach (she/her/hers)
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People are talking
Chris Cox said Meta's preparing for slow growth in the second half of this year:
- “We are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets.”
Clarity AI's Rebeca Minguela said lots of investors misunderstand ESG, even Elon Musk:
- “Many investors believe it might be only focused on climate impact. Not just ‘many investors’ — even Elon Musk tweeted about it.”
Triller's looking to IPO. The short-form video app had just ended a $5 billion merger in hopes of going public instead.
But FTX doesn’t want to buy Celsius anymore, seeing a $2 billion hole in its balance sheet.
Thomas Hansen is Amplitude's first president. Hansen was most recently UiPath's CRO.
Maggie McLean Suniewick is joining Twitter as VP of Partnerships. Suniewick last oversaw distribution and business development at NBCUniversal.
Shane Torchiana is replacing Travis VanderZanden as Bird’s president. VanderZanden will stay on as CEO and board chair.
Mark Uyeda has been sworn in as an SEC commissioner. Uyeda has served on the agency’s staff since 2006.
In other news
A former Apple lawyer pleaded guilty to insider trading. Gene Levoff was in charge of reviewing earnings documents before they were released to the public.
Tencent and ByteDance are laying off thousands of employees, sources told The Wall Street Journal. Chinese internet companies have already laid off thousands in recent months.
Starlink satellites can be used in trains, planes and automobiles now that it's gotten FCC approval.
The number of people reporting sexual assaults to Uber dropped in 2019 and 2020 compared to the previous two years. The pandemic could have played a role in that, but Uber said more than 99.9% of trips were completed without a safety complaint.
New York regulators denied the Greenidge crypto mining plant a key air-quality permitfor not complying with the state's climate laws.
The FBI is digging the “Cryptoqueen.” Ruja Ignatova was added to the list of Ten Most Wanted fugitives over the $4 billion OneCoin fraud.
Just Eat might sell Grubhub. It’s also looking into a strategic partnership or partial sale. Who knows what will happen at this point!
Facebook NFTs are here. The platform started letting a select group of U.S. creators post them.
YouTube is cracking down on doppelgangers. The platform added three new policies to stop scammers from impersonating creators.
Amazon is censoring results of LGBTQ+ products in the UAE after facing government pressure. This includes flags, books and chest binders.
What to do if your offer’s rescinded
Companies have ripped job offers out from under their candidates in recent weeks. If you find yourself in that position, CNBC offers a few things you can do to pick yourself back up:
- Use your network. Posting about your lost offer on LinkedIn can yield thousands of comments from companies looking to scoop up job-seeking talent.
- Revisit other offers. If you turned down good offers for what you thought was your dream job, reach back out and see if the positions were filled.
- Look at past jobs. Talk with your previous employer to see if they’d bring you back.
SPONSORED CONTENT FROM SAP
The competitive edge of digital solutions: When companies invest in maintaining their “green ledger” with the same commitment they have to their financial ledgers, they will be able to connect their environmental, social, and financial data holistically so they can steer their business towards sustainability. At the end of the day, what gets measured, gets managed.
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