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@NYCMayor / Via Twitter

The sheer number of backers of a new coalition seeking to meet America's commitment under the Paris climate deal is impressive — more than 1,200 states, cities, businesses and universities. But the leaders, regions and businesses in the U.S. that have the biggest impact in cutting carbon emissions are so far not represented.

Why it matters: The coalition, called We Are Still In, won't be able to meet the U.S. commitment unless it gets a lot more support from the biggest carbon-emitting states, like Texas and Pennsylvania, and influential fossil-fuel companies that backed the Paris deal itself, like ExxonMobil Corp. And even then, it's going to be a stretch.

Rhodium Group

In case you forgot: Even the Obama administration wasn't on track to meet its own target, according to an analysis by the Rhodium Group from January of last year. Obama's target -- 26% to 28% by 2025 based off 2005 emissions levels -- was a heavy lift even with an ambitious administration. It's hard to imagine how portions of the U.S. will be able to meet it while the federal government is curtailing carbon regulations.

Only up from here? Organizers of the effort concede they are mostly attracting only the usual suspects for the coalition right now: blue states along the coasts, consumer-facing companies and urban centers. But they stress they're building a bottom-up coalition that will eventually have far greater impact. "This is the way we're going to get to the unusual suspects," said one organizer of the effort.

What we're hearing: Trevor Houser, a partner at the Rhodium Group, said if the states, cities, companies and universities signed onto the effort "follow up by developing and implementing new policy or, in the case of companies and universities, new procurement, it could have a meaningful impact."

Stay tuned: The coalition doesn't actually compel its backers to do anything as of now, and being a non-governmental body, it probably won't ever be able to. But organizers are plotting the next steps for how they can measure the potential impact they could have and what they need to do to get there.

Go deeper

2 hours ago - Health

NYC to impose vaccine mandate on private employers

New York City Mayor Bill de Blasio (D) on Monday announced a new COVID vaccine mandate for all private companies.

Why it matters: De Blasio, speaking on MSNBC's "Morning Joe," said the "first-in-the-nation measure" will go into effect starting Dec. 27. It will apply to approximately 184,000 businesses.

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent. 

5 hours ago - Health
Axios Investigates

Documents reveal the secrecy of America's drug pricing matrix

Illustration: Aïda Amer/Axios

American businesses spend hundreds of billions of dollars a year on prescription drugs, and the bills keep getting bigger. But some of the companies promising to help rein in those costs prevent employers from looking under the hood.

Why it matters: Documents provided to Axios reveal a new layer of secrecy within the maze of American drug pricing — one in which firms that manage drug coverage for hundreds of employers, representing millions of workers, obscure the details of their work and make it difficult to figure out whether they're actually providing a good deal.