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.

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The transformation of the Fed

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.

33 mins ago - Sports

The college football season is on the brink

Illustration: Eniola Odetunde/Axios

Power 5 commissioners held an emergency meeting on Sunday to discuss the growing concern that fall sports can't be played because of COVID-19.

Driving the news: The Mid-American Conference on Saturday became the first FBS league to postpone fall sports and move them to the spring, and there are rumblings that Power 5 conferences are ready to follow suit.

Uber CEO proposes "benefits funds" for gig workers

Uber CEO Dara Khosrowshahi. Photo: Scott Heins/Getty Images)

Uber CEO Dara Khosrowshahi called for establishing "benefits funds" for gig workers in a New York Times op-ed out Monday.

Why it matters: Gig workers, who remain independent contractors and not employees, have long pushed companies like Uber for benefits comparable to those received by traditional workers. The coronavirus pandemic and its resultant economic strain has broadened those calls.