Meta Platforms Inc. is planning to begin large-scale layoffs this week that will affect thousands of employees, The Wall Street Journal reported on Sunday, citing people familiar with the matter, with an announcement planned as early as Wednesday.

Meta declined to comment on the WSJ report.

Facebook parent Meta in October forecasted a weak holiday quarter and significantly more costs next year wiping about $67 billion off Meta’s stock market value, adding to the more than half a trillion dollars in value already lost this year.

The disappointing outlook comes as Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.

Chief Executive Mark Zuckerberg has said he expects the metaverse investments to take about a decade to bear fruit. In the meantime, he has had to freeze hiring, shutter projects and reorganize teams to trim costs.

“In 2023, we’re going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today” Zuckerberg said on the last earnings call in late October.

The social media company had in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn.

Meta’s shareholder Altimeter Capital Management in an open letter to Zuckerberg had previously said the company needs to streamline by cutting jobs and capital expenditure, adding that Meta has lost investor confidence as it ramped up spending and pivoted to the metaverse.

Several technology companies, including Microsoft Corp., Twitter and Snap have cut jobs and scaled back hiring in recent months as global economic growth slows due to higher interest rates, rising inflation and an energy crisis in Europe.
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When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don’t expect them to part the Red Sea or other miracles that would make huge steps in curbing global warming.

Each year there are high hopes for the two-week United Nations climate gathering and, almost inevitably, disappointment when it doesn’t deliver another landmark pact like the one agreed 2015 in Paris.

But those were different days, marked by a spirit of cooperation between the world’s two biggest polluters — the United States and China — as well as a global realization that failure to reach an agreement would put humanity on a self-chosen track to oblivion.

This November the geopolitical tiles have shifted: a devastating war in Ukraine, skyrocketing energy and food prices, and growing enmity between the West on the one hand and Russia and China on the other make for difficult conditions at a gathering that requires cooperation and consensus.

“There’s a lot of high and low expectations around this Egypt COP, a lot of mix of ambition and fatalism,” said Avinash Persaud, special envoy for the Barbados prime minister.

Here’s what to look out for during the 27th Conference of the Parties, or COP27, from Nov. 6-18 and why it might still end up being a success.

Science warnings

Scientists are more concerned about global warming than three decades ago, when governments first came together to discuss the problem because the pace of warming in the past decade is 33% faster than in the 1990s.

Greenhouse gas emissions are still rising, while tangible impacts from climate change are already being felt around the world.

But there is some progress. Before Paris, the world was heading for 4.5 degrees Celsius of warming by the end of the century compared to pre-industrial times.

Recent forecasts have that down to 2.6 C, thanks to measures taken or firm commitments governments have already made. That’s far above the 1.5 C limit countries agreed to seven years ago, however, and the time for keeping that target is fast running out.

Researchers say the world has already warmed by 1.2 C and capping temperatures at 1.5 C would require emissions to drop by 43% by the end of the decade, a highly ambitious goal. To get to the less ambitious 2 C goal emissions have to fall 27%.

“The 1.5 degrees is in intensive care and the machines are shaking. So, it is in high danger. But it is still possible,” United Nations Secretary-General Antonio Guterres said. “My objective in Egypt is to make sure that we gather enough political will to make this possibility really moving forward, to make the machines work … We’re getting close to moments where tipping points might, at a certain moment, make it irreversibly impossible to achieve. Let’s avoid it at all costs.”

Energy scramble

Prices for oil, coal and natural gas have jumped since Russia’s invasion of Ukraine. Some countries have responded by trying to tap new sources of fossil fuel.

This has raised concerns about governments backsliding on their commitments to cut emissions, including the agreement at last year’s climate talks to “phase down” the use of coal and sharply reduce the amount of methane — a powerful greenhouse gas — released into the atmosphere.

At the same time, rising fossil fuel prices have made renewable energy more competitive. Building solar and wind power plants remains more expensive for developing countries though. To help them cut their emissions quickly, rich nations are negotiating aid projects known as ‘just transition energy partnerships’, or JET-Ps, with several major emerging economies including Indonesia and India that could be finalized during or shortly after COP27.

Climate finance

One of the big sticking points in past negotiations concerned the financial support poor countries receive from rich nations to cope with climate change.

A deadline to provide $100 billion annually by 2020 was missed and now looks set to be achieved only next year. Future funding needs are likely to be in the trillions, not billions, said Mohamed Nasr, Egypt’s lead negotiator.

“The gap on finance is huge,” he said, noting that half the population of Africa doesn’t yet have access to electricity, much less clean energy.

Developed countries including the United States have also yet to make good on a pledge to double the amount they provide for adaptation, and make that half of the overall funding.

Discussions on climate finance also include the highly contentious issue of countries being compensated for the irreparable harm they’ve suffered as a result of global warming. Big polluters have strongly opposed demands for ‘loss and damage’ payments in the past, but observers say they’ve seen a softening of positions recently, including by the United States.

“I think that people are not expecting miracles in terms of a huge fund just miraculously appearing, but they are expecting a credible, meaningful pathway,” said Inger Andersen, head of the U.N. Environment Programme.

This would give countries that have done very little to cause the climate crisis but are on the front line of dealing with it “something to hold on to,” she said.

Activist voices

Swedish climate activist Greta Thunberg is not coming to this year’s gathering and recently called the U.N. process a “scam.”

Other activists have also voiced frustration at the slow pace of negotiations, given the scale of the threat posed by climate change. But Harjeet Singh of Climate Action Network International said there is no other space where all countries are equal.

“Tuvalu theoretically is as powerful as the U.S. and Malawi as powerful as the European Union,” he said of the talks. “For us as civil society it’s also a place to call out these countries, to call their bluff, to put a spotlight on those polluters and raise our voices.”

University of Maryland social scientist Dana Fisher, who studies the environmental movement, said given Egypt’s authoritarian government and an escalation of in-your-face tactics by frustrated protestors, especially youth, she would not be surprised if there are clashes.

“There’s going to be a vanguard of them who are going to be willing to break the law and engage in probably what will start out as civil disobedience, peaceful civil disobedience,” Fisher said. “And they’re probably going to get beaten up. And it’s going to be very good for mobilizing sympathizers.”

Egypt has insisted that campaigners will have “full opportunity of participation, of activism, of demonstration, of voicing that opinion.”

Eye on Africa

The gathering in Egypt will be the first time since 2016 that U.N. climate talks have taken place in Africa. Experts say it is important the continent gets more attention, given how heavily it is affected by rising temperatures.

“If we look at the 50 countries that are most vulnerable to climate change impacts and who have the least resilience, these are low income countries and most of them are in Africa,” said Preety Bhandari of the World Resources Institute. “So it is fortuitous that we are having this particular COP in Africa to highlight what the vulnerable countries are asking from the climate regime.”

Campaigners say that recognizing the challenges Africa faces and prioritizing the needs of vulnerable countries is essential for a successful outcome this year.
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НБУ вніс тепловізори та «низку інших приладів» до переліку товарів, для купівлі яких волонтери можуть розраховуватися гривневими картками за кордоном
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In South Africa, a country where ‘braai’ all-day barbecuing is a national pastime, plant-based substitutes are making surprising inroads despite a deep cultural love of meat and hostility from the regulator.

That could be heartening for climate scientists, who say shifting diets from emissions-heavy meat and dairy towards more plant-based foods is vital to the fight against climate change.

Plant-based meat substitutes are growing by 6.5% a year and sales are expected to reach $561 million by 2023, according to Research and Markets – more than half Africa’s share of a global market forecast to hit $162 billion by 2030.

That is still pretty niche – South Africans spent $15 billion on meat products in 2018 and is now the world’s 9th biggest per capita consumer of beef.

But the popularity of veggie alternatives would have been unthinkable even a decade ago and the market is outstripping forecast growth for meat. The shift has so unnerved South Africa’s processed meat industry that in June it lobbed for – and got – a government ban on plant-based products using words like ‘nugget’, ‘sausage’ or ‘burger’ on packaging.

The agriculture department at the time said the move was aimed at preventing consumer confusion. A spokesperson did not respond to repeated requests for comment.

Food producers remain undeterred.

At meat processor Feinschmecker, staff pour powdered soy and pea protein into vats and rehydrate them to make its plant-based ‘deli slice’ – called so in anticipation of a ban on labeling it ‘ham’.

“A lot of it’s driven by flexitarianism. People who want to make a bit of an effort to eat less meat,” Alistair Hayward, Feinschmecker managing director, told Reuters.

Top food producer Tiger Brands TBSJ.J bought a stake in meat-substitute start-up Herbivoire in March, while supermarkets like Woolworths WHLJ.J have introduced their own ranges.

Clearly, ethical food choices are a luxury of the relatively well-to-do – a quarter of South Africans struggle to put any food on the table.

Consumer climate

Evidence is accumulating that curbing consumption of meat and dairy – which the latest estimates put at around a fifth of all emissions – is key to meeting U.N. climate goals.

A paper in Science in February said ending animal agriculture could stabilize greenhouse gas levels for 30 years and offset 68% of CO2 emissions this century; another in 2018 showed switching the world to a purely plant-based diet could slash food-related emissions – which are about 30% of the total – by nearly half.

Yet forgoing cheeseburgers is not something governments, many of which dole out billions of dollars to livestock farmers, are likely to propose at this month’s climate talks in Egypt.

Lowering animal consumption, then, may boil down to consumers – like Angie Raphalalani, 57. She gave up meat over climate concerns and her diabetes.

“My immediate family … were shocked,” she said, after lunching at plant-based restaurant Lexi’s Healthy Eatery in Johannesburg. “But probably they’ll follow me. I’m quite influential in their lives.”
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