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Brazil's president-elect Jair Bolsonaro. Photo: Evaristo Sa/AFP via Getty Images

Brazil's government says it will no longer host next year's United Nations annual climate summit, citing "budgetary and financial restrictions," reports Bloomberg.

The big picture: Experts have warned that the environmental policies favored by right-wing president-elect Jair Bolsonaro could cause a spike in greenhouse gas emissions and deforestation in the Amazon rainforest — which a recent report claims has reached its highest level in a decade.

The withdrawal of Brazil as a host venue is symbolically important, since it was the Rio Earth Summit of 1992 that kicked off multilateral negotiations on climate change in the first place.

Per Axios' Amy Harder, Brazil's retreat is the latest sign of the rise of leaders around the world who are resistant to globalism and multilateral diplomacy, which is what these climate talks and the 2015 Paris Climate Agreement are all about.

Go deeper:

Go deeper

11 mins ago - Politics & Policy

Biden to attempt "emergency economic relief" by executive order

President Biden. Photo: Mark Wilson/Getty Images

President Biden will continue his executive action blitz on Friday, issuing two more orders in an attempt to provide immediate relief to struggling families without waiting for Congress.

Why it matters: In his second full day in office, Biden is again resorting to executive actions as he tries to increase payments for nutritional assistance and protect workers' rights during the pandemic.

12 mins ago - Economy & Business

What Biden's EV push could mean for jobs

Illustration: Sarah Grillo/Axios

President Biden's swift effort to re-establish stricter fuel efficiency mandates, along with his broader push toward vehicle electrification, is as much about creating new jobs as it is protecting the environment.

Why it matters: The U.S. lags far behind the rest of the world in electric vehicle adoption. Catching up will require big investments in EV production — including battery cell manufacturing and mining of raw materials — to avoid dependence on imports and foreign supply chains.

8 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.