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Speaking at an event hosted by the Association of Foreign Banks, Sir James Bevan warned that banks which failed to divest from coal and oil would be left behind.
Banks around the world have been warned not to fight against the winds of change from COP26 and to seize the massive investment opportunities of tacking the climate emergency by the Chief Executive of the Environment Agency.
Speaking at an event hosted by the Association of Foreign Banks, Sir James Bevan warned that banks which failed to divest from coal and oil would be left behind following the global signals towards a net zero future made by the private sector at COP26:
The main messages out of Glasgow are brutally simple, and they apply to banks and other businesses as much as to the rest of us. There is no future in carbon. We must adapt or die.
After COP, investments in coal, oil and other dirty energy are no longer safe bets. As more and more nations move to net zero, fossil fuels will increasingly need to stay in the ground. The market sees that and is on the move.
Since the 2015 Paris agreement, coal’s share of global electricity generation has fallen from 39% to 35%, with wind up from 3.5% to nearly 7%, and solar from 1% to 3.5%. Renewable sources of energy now generate electricity at a lower cost than coal. The cost of solar energy has dropped from around $8 per watt in 1988 to 20 cents or less now. Smart companies, including smart banks, are getting out of carbon fast and divesting themselves of what will soon be stranded assets.
Sir James said the speed of the shift to a low or no carbon economy was likely to increase following the Glasgow Summit:
Throughout history, the most important and disruptive changes have gone through the same cycle. First they are unthinkable, then they look impossible. After that they begin to become feasible, and then they start to happen – slowly at first and then suddenly.
Action on climate which may look politically difficult today could become a massive vote winner after the next devastating firestorm or flood.
Would you really bet against the climate emergency itself, which is driving the actions of politicians and the market? Would you bet against the ingenuity of humans, who have a habit of coming up with game-changing solutions to seemingly impossible technological problems? Would you bet against the courts? Or the consumers? Or public opinion? That’s a pretty big coalition to risk your money on.
As well as warning banks of the dangers of sticking with the status quo, Sir James urged them to seize the opportunities of making investments to tackle the climate emergency and praised the work of many that are already going down the path.
A recent report by the Global Commission on Adaptation which found that although it would cost $1.8 trillion this decade to make the world more resilient to the effects of climate change, that investment could yield over $7 trillion in net benefits. The Environment Agency has previously said it is much cheaper to invest early in climate resilience than to live with the costs of inaction.
All businesses exist to make money. They all need to do well but in my experience most of them also want to do good. The reality today is that the business world is leading the way on climate and more and more of it is doing well by doing good. Much of the progress now being made, and perhaps the most decisive progress of all, is being made by you – by the banks, the pension funds and the wider financial sector.
The European Central Bank has set out expectations of how banks should manage and disclose their climate risks and is an international advocate for an effective carbon price. At home the Bank of England is ensuring that the financial system is resilient to climate risks and supportive of the transition to net-zero. Lloyds, the UK’s largest domestic bank, has set itself the goal of reducing the carbon emissions it finances by more than 50% by 2030. Another UK bank, Triodos, aims to finance only projects with a positive impact on society and the environment.
The Environment Agency’s own Pension Fund has a commitment to reduce our listed equity emissions by 95% by 2030 and to allocate money to fund the low carbon transition and help build resilience. In 2017 we joined with the Church of England to launch the Transition Pathway Initiative, which empowers investors to align their portfolios with the goals of the Paris Agreement: it now has support from over 100 global investors with combined assets of over $39 trillion.
So far from gambling the planet away on dirty investments as some activists claim, let’s recognise that more and more investors are actually driving the evolution of the new economy we need to save the planet. So here’s a sentence I never thought I’d say: when we talk about tackling the climate emergency, let’s say thanks to the banks.”
He concluded that on climate, COP26 has given us a chance to make history, or be judged by it. As an essential part of the economy, and with more power than most countries, banks will be crucial in delivering on that ambition.
On its own, COP26 could never put out the planet’s fire. But it offers us a path to do so. When historians look back at Glasgow, how they judge it will depend on what we all do now.
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Microsoft to Buy Activision Blizzard for Nearly $70 Billion – The New York Times
Karen Weise, Andrew Ross Sorkin, Kellen Browning and
SEATTLE — Microsoft plans to buy the powerhouse but troubled video game company Activision Blizzard for nearly $70 billion, its biggest deal ever and one that places a major bet that people will be spending more and more time in the digital world.
The blockbuster acquisition, announced on Tuesday, would catapult the company into a leading spot in the $175 billion gaming industry. Games on virtually every kind of device, from bulky consoles to smartphones, have gained even greater popularity during the pandemic. Technology companies are swarming around the industry, looking for a bigger share of attention and money from the world’s three billion gamers.
In an industry driven by big franchises, Activision makes some of the most popular titles, including Call of Duty and Candy Crush. Yet the company has been roiled in recent months by an employee revolt over accusations of sexual harassment and discrimination.
Microsoft framed the deal as strengthening the company’s hand in the so-called metaverse, the nascent world of virtual and augmented reality. The metaverse has attracted huge amounts of investment and talent, though so far is more of a buzzword than a thriving business. Facebook renamed its parent company to Meta late last year to underscore its commitment.
But the focus on the futuristic metaverse belies the significance of the deal in the present: The acquisition helps Microsoft gain on its rival Sony in the long-running battle for gamers’ attentions and wallets by offering top titles. It also helps the software giant stay ahead of powerful newer competitors in gaming, like Amazon and Google.
Phil Spencer, the chief executive of Microsoft’s gaming business, said that whatever the metaverse may end up being, “gaming will be at the forefront of making that mainstream.” For now, he said, the acquisition is about gaining a stronghold in mobile gaming, where Microsoft barely competes, and a studio that produces hugely popular games. He called Call of Duty “one of the amazing entertainment franchises on the planet.”
Federal regulators may raise concerns about the acquisition, as Democrats and Republicans alike have pushed to limit the power of technology giants. On Tuesday, the Justice Department and Federal Trade Commission announced a new effort to broaden how they should determine if deals are anticompetitive.
Microsoft is valued at more than $2.3 trillion, second only to Apple. The takeover of Activision would make Microsoft the world’s third-largest gaming company by revenue, behind Tencent and Sony, the company said. Microsoft now makes Xbox consoles and owns studios that produce hits like Minecraft.
The game industry has been consolidating rapidly. A force behind that — and one that could grab the attention of regulators — is the arms race for exclusive content. Microsoft sometimes makes the games it owns available only on its own devices, such as its Xbox console, and unavailable on those made by competitors, like Sony’s PlayStation.
When asked whether Activision games like Call of Duty would become exclusive to Xbox, Mr. Spencer would say only that “our goal is to allow the content to reach as many players as possible.”
Microsoft has been hunting for ways to spend its immense cash reserve — more than $130 billion — to expand its consumer business. It has looked at acquiring the booming social network TikTok and the popular chat app Discord.
In Activision, which faces accusations that senior executives ignored sexual harassment and discrimination, Microsoft found a target under stress. The allegations have weighed on Activision, with its shares falling 27 percent since California sued the company in July over the claims.
The game maker’s shares rose more than 25 percent in trading on Tuesday. Microsoft’s shares fell by 2 percent.
The transaction may be seen as a victory for Bobby Kotick, Activision’s longtime chief executive, whom some critics had sought to force out over the controversy. Mr. Kotick negotiated a big premium for investors — Microsoft is paying $95 a share, roughly 45 percent above his company’s stock price before the announcement, though only slightly more than the trading price before the scandal broke.
Mr. Kotick will stay in his role until the deal is complete. Then the expectation is that he will step down as chief executive, though he could move into an advisory role, according to two people with knowledge of his plans, who would speak only anonymously because the talks were private.
The controversy at Activision began last summer when a California employment agency sued the company over accusations of fostering a toxic workplace culture in which women were routinely sexually harassed and discriminated against. In the ensuing months, employees staged protests, launched social media campaigns and called for executives to resign.
Some top leaders at Activision did leave, including J. Allen Brack, the head of the Blizzard Entertainment subsidiary, and the company pledged $250 million toward increasing employee diversity and said it would strengthen anti-harassment policies. But when The Wall Street Journal reported in November that Mr. Kotick had known for years about accusations of harassment against employees and in some cases had not taken action, calls for his resignation only grew.
Doing a deal with Activision is something of an about-face for Microsoft, which as recently as November was questioning the company’s culture. In an email to Xbox employees that was earlier reported on by Bloomberg and confirmed by the company, Mr. Spencer wrote in November that he was “disturbed and deeply troubled by the horrific events and actions” at Activision. On Tuesday, he appeared alongside Mr. Kotick to praise the deal, and Mr. Kotick said that he felt the two companies had “similar values and think about our cultures similarly.”
Mr. Spencer said Microsoft “sat down with Bobby and the team and looked at the plan that they have in place,” adding that company culture was always a work in progress. “We are very supportive of the progress that he and the team are making.”
Current and former Activision employees who have been leading the efforts to get the company to reform its culture did not think the purchase was likely to prompt change in the short term, especially because the sale may face a long review from regulators.
The origins. The word “metaverse” describes a fully realized digital world that exists beyond the one in which we live. It was coined by Neal Stephenson in his 1992 novel “Snow Crash,” and the concept was further explored by Ernest Cline in his novel “Ready Player One.”
An expanding universe. The metaverse appears to have gained momentum during the online-everything shift of the pandemic. The term today refers to a variety of experiences, environments and assets that exist in the virtual space.
Some examples. Video games in which players can build their own worlds have metaverse tendencies, as does most social media. If you own a non-fungible token, virtual-reality headset or some cryptocurrency, you’re also part of the metaversal experience.
How big Tech is shifting. Facebook staked its claim to the metaverse last year, after shipping 10 million of its virtual-reality headsets and announcing it had renamed itself Meta. Google, Microsoft and Apple have all been working on metaverse-related technology.
The future. Many people in tech believe the metaverse will herald an era in which our virtual lives will play as important a role as our physical realities. Some experts warn that it could still turn out to be a fad or even dangerous.
The deal could take 12 to 18 months to close, Mr. Spencer said.
“We will continue to fight for improvement and stress proper employee representation,” said Jessica Gonzalez, a former Activision employee and one of the organizers of the ABetterABK activist movement. She added that “this doesn’t change anything.”
Game companies, flush with cash since the pandemic increased the industry’s profits, have been consolidating rapidly. The previous record for the biggest merger in the game industry was set just last week, when Take-Two Interactive, the creator of games like Grand Theft Auto, announced plans to buy the mobile game publisher Zynga for more than $11 billion.
Last year, Electronic Arts and Take-Two engaged in a bidding war over Codemasters, a racing game company that eventually went to EA for $1.2 billion. Microsoft made another splashy purchase in 2020 when it bought ZeniMax Media and its slate of gaming studios for $7.5 billion.
Activision itself was the product of serial deal-making by Mr. Kotick over decades, rolling up smaller game studios. It took shape in its current form when Activision — then known primarily for producing titles for traditional gaming consoles — agreed to combine with the gaming unit of France’s Vivendi to expand into multiplayer online games like World of Warcraft.
Activision later bought King, the European gaming company behind Candy Crush, to expand into mobile games. King produced $1 billion in operating profit during the latest 12-month period.
“Scale truly is a tremendous benefit in the world of gaming,” said Hope Cochran, King’s former chief financial officer, who is now a managing director at Madrona Venture Group. “You want to build a community, and you need enough people to build it.”
Activision’s gaming efforts are facing headwinds. Players panned the most recent Call of Duty release, and releases of titles like Diablo and Overwatch have been delayed. Still, Activision remains quite profitable, reporting $639 million in profit in its most recent quarter.
Mr. Kotick characterized the deal as a calculation that Activision did not have the tools to keep up with big tech companies like Google, Apple, Amazon and Tencent in the rapidly evolving gaming landscape.
“We realized it was going to be an increasingly competitive world with resources that we just didn’t have,” he said.
Intel’s Flagship ARC Alchemist Gaming Graphics Card With 32 Xe Cores Spotted: On Par With NVIDIA RTX 3070 Ti, Up To 2.1 GHz Clocks – Wccftech
A brand new entry of Intel’s flagship ARC Alchemist Gaming graphics card has been spotted within the SiSoftware Sandra database.
The Intel ARC Alchemist graphics cards for desktop PCs are scheduled for a launch in the coming months. Despite being so close to launch, Intel hasn’t shared a lot of info regarding product specs, names, and performance although they had several opportunities to do so with the most recent one being CES 2022. Instead, Intel decided to announce that 50+ desktop and notebook systems from its partners will be ready for launch.
Intel warns users to NOT overclock their non-K Alder Lake CPUs, cites “Damaging”
With that said, a brand new entry of Intel’s flagship ARC Alchemist graphics card based on the Xe-HPG architecture has been leaked within the SiSoftware Sandra database. The new entry is for the 32 Xe SKU (DG2-512) which features 4096 ALUs and a clock speed of up to 2.10 GHz. There’s also 4 MB of L2 cache and the GPU most likely features 16 GB of GDDR6 memory configured along a 256-bit wide bus interface. It’s easy to tell that this is still an engineering sample considering that it has no official branding attached to it whereas the ARC A380 has already shown up in SANDRA with its naming scheme.
As for performance, the Intel ARC Alchemist flagship graphics card scored up to 9017 Mpix/s which is slightly above the NVIDIA GeForce RTX 3070 Ti that scored 8369.51 Mpix/s. The AMD Radeon RX 6800 scores 10,607.29 Mpix/s in the same benchmark while the Radeon RX 6700 XT scores 7910.91 Mpix/s. The Intel ARC A380 scored 2956.10 Mpix/s. So we know that the flagship is over 3 times more powerful than the entry-level DG2-128 graphics card which should be correct considering it packs 4 times more cores.
Here’s Everything We Know About Intel’s ARC Alchemist Graphics Lineup
Intel will have at least three configurations of ARC Alchemist GPUs ready for launch in Q1 2022. These will include two configurations based on the top 512 EU die and one configuration based on the 128 EU die. Although there are more GPU configs that we have seen in leaks, it looks like those may be used in future products though that cannot be confirmed. So let’s start with the top-end configuration.
Intel Xe-HPG 512 EU ARC Alchemist Graphics Card
Intel Next-Gen Xeon CPU Rumors: 10nm Emerald Rapids, 7nm Granite Rapids, 5nm Diamond Rapids Detailed, Up To 144 Lion Cove Cores by 2025
The top Alchemist 512 EU (32 Xe Cores) variant has just one configuration listed so far and that utilizes the full die with 4096 cores, 256-bit bus interface, and up to 16 GB GDDR6 memory featuring a 16 Gbps clock though 18 Gbps cannot be ruled out as per the rumor.
The Alchemist 512 EU chip is expected to measure at around 396mm2 which makes it bigger than the AMD RDNA 2 and NVIDIA Ampere offerings. The Alchemist -512 GPU will come in the BGA-2660 package which measures 37.5mm x 43mm. NVIDIA’s Ampere GA104 measures 392mm2 which means that the flagship Alchemist chip is comparable in size while the Navi 22 GPU measures 336mm2 or around 60mm2 less. This isn’t the final die size of the chip but it should be very close.
NVIDIA packs in tensor cores and much bigger RT/FP32 cores in its chips while AMD RDNA 2 chips pack a single ray accelerator unit per CU and Infinity Cache. Intel will also have dedicated hardware onboard its Alchemist GPUs for Raytracing & AI-assisted super-sampling tech.
The Xe-HPG Alchemist 512 EU chip is suggested to feature clocks of around 2.2 – 2.5 GHz though we don’t know if these are the average clocks or the maximum boost clocks. Let’s assume that it’s the max clock speed and in that case, the card would deliver up to 18.5 TFLOPs FP32 compute which is 40% more than the RX 6700 XT but 9% lower than the NVIDIA RTX 3070.
Also, it is stated that Intel’s initial TDP target was 225-250W but that’s been upped to around 275W now. We can expect a 300W variant with dual 8-pin connectors too if Intel wants to push its clocks even further. In either case, we can expect the final model to rock an 8+6 pin connector config, The reference model is also going to look very much like the drone marketing shot Intel put out during the ARC branding reveal. That reference design was leaked a while back by MLID too. There’re also talks about a custom lineup being worked upon by Intel’s AIB partners.
News Source: TUM_APISAK
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Get this HP gaming PC for only $550 while stock lasts – Digital Trends
Gamers who are planning to buy a new machine shouldn’t settle for regular desktop computer deals, as some of these PCs won’t be able to meet the strict requirements of today’s games. To avoid disappointments, you should instead invest in gaming PC deals, which currently include HP’s $100 discount for the HP Pavilion Gaming Desktop that brings its price down to just $550, from its original price of $650.
The HP Pavilion Gaming Desktop, like the best gaming desktops, combines performance and style in a package that will fulfill the needs of most gamers. The sleek design of the gaming PC comes with customizable LED lights, which you can adjust depending on your preference. The computer also comes with a robust power supply that keeps it ready for any component upgrades, and a thermal system that keeps it cool and quiet even while you play games at the highest settings.
In Digital Trends’ guide on how to buy a gaming desktop, your decision starts with the processor. You won’t be let down by the HP Pavilion Gaming Desktop, which is equipped with the AMD Ryzen 3 processor alongside the AMD Radeon RX 5500 graphics card and 8GB of RAM. With Windows 11 Home pre-installed, you’ll be able to install and play today’s games as soon as you set up the gaming PC with your monitor and other accessories.
For an affordable gaming PC that will be able to run the latest games, you can’t go wrong with the HP Pavilion Gaming Desktop. It’s an even better option because of HP’s $100 discount, which brings its price down to just $550 from its original price of $650. Stocks could run out at any moment though, so if you’re already looking forward to playing your favorite titles on the HP Pavilion Gaming Desktop, don’t hold yourself back. Click that Buy Now button as soon as you can.
You surely won’t regret going for the HP Pavilion Gaming Desktop as your next gaming PC, but if you want to check out other options for comparison’s sake, we’ve got your back. Here are some of the best gaming PC deals that you can shop right now, so you won’t have to go anywhere else.
Upgrade your lifestyleDigital Trends helps readers keep tabs on the fast-paced world of tech with all the latest news, fun product reviews, insightful editorials, and one-of-a-kind sneak peeks.
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