Illustration: Lazaro Gamio/Axios

A climate policy pursued under former President Obama is poised to create thousands of jobs and lower America’s trade deficit, according to a report backed by a trade group representing some 300 companies in the air conditioning, heating and refrigeration industries.

Why it matters: Usually it’s the other way around, with industry slamming an Obama-era regulation. This issue — phasing down refrigerants that emit powerful greenhouse gas emissions — flips conventional wisdom on its head. The reason why is simple, and it has nothing to do with climate change: Companies like Honeywell, Trane and Carrier have invested millions of dollars adapting to what they have long expected the policy to be, and they want to make sure their investments aren’t wasted.

Gritty details: The report by two industry groups — the Air-Conditioning, Heating and Refrigeration Institute and the Alliance for Responsible Atmospheric Policy — was sent Wednesday to the Trump administration.

  • It finds that the United States would reap broad economic gains if the federal government ratifies what’s known as the Kigali amendment to the Montreal Protocol.
  • The Montreal Protocol is an environmental treaty agreed to 30 years ago to help mend the hole in the Earth’s ozone layer (it’s working.)
  • This new amendment is named after the Rwandan city where world leaders agreed in October 2016 to phase down refrigerants found in appliances like air conditioners and refrigerators that contain greenhouse gases called hydrofluorocarbons, or HFCs.
  • For the amendment to go into effect, the administration would need to send it over to the Senate, which then would need to vote to ratify it.
  • The report finds economic gains happen regardless but are greater if the Kigali amendment is ratified, including an additional 33,000 jobs on top of an estimated 138,000 by 2027 and more exports and fewer imports.

For the record: The White House and EPA, both which were sent the report, declined to comment.

What’s next: EPA said recently it’s going to rewrite an Obama-era regulation that was supposed to be how America complies with the amendment. A federal court last year struck down the rule and ordered EPA to rewrite it.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 33,137,748 — Total deaths: 998,372 — Total recoveries: 22,952,164Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 7,116,456 — Total deaths: 204,762 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week
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  5. World: India the second country after U.S. to hit 6 million cases
Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Big Tech's share of the S&P 500 reached record level in August

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Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.

Fortune 100 companies commit $3.3 billion to fight racism and inequality

Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.