Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

Democratic presidential hopefuls are calling for aggressive action to reduce heat-trapping emissions, while nations are facing pressure to ramp up commitments ahead of a major United Nations summit next month.

The big picture: Despite that fervor, progress on climate change remains elusive. We have cultivated a deep dependence on fossil fuels that have been driving Earth’s temperature up for more than a century, creating a problem whose mostly negative impacts are unfolding over more centuries.

This column and next week's edition will try to distill what makes this such a uniquely difficult problem.

This week: A global problem + time and cost dissonance

Global (in)action

This just might be the world's greatest collective action problem, which is when rational, self-interested decisions of individuals make the circumstances of the group worse, and vice versa.

  • It's rational for an individual country not to drastically reduce greenhouse gases, given most economies are heavily based on energy resources that emit them. Yet, if all nations act that way — indeed, that's what's happening — most countries would eventually be worse off due to the cumulative impacts of all our emissions.
  • Put another way, what's better for each individual country in isolation is actually worse for the planet as a whole. Conversely, what is worse for each individual country, over time would be better for the planet.

Republicans often argue the U.S. shouldn't reduce its emissions since China and India aren't reducing theirs. That's how the collective action problem works, and it could prevent even modest efforts addressing the problem.

By contrast, most other policies are not nearly as directly dependent upon global cooperation. Take, for example, gay rights. Same-sex marriage is legal in roughly 30 countries, yet same-sex sexual activity is considered a criminal act in 70 nations.

The bottom line: Action (or inaction) on climate change is by definition unable to occur in national silos.

Time disconnect

Enacting policies today to cut greenhouse gas emissions won't have a discernible impact on global warming for decades, if not centuries. That's because we have already locked in significant warming due to our historical emissions. This makes it a tough sell, but especially in our 2- to 6-year election cycles.

  • Joe Biden's climate plan promises net-zero greenhouse gas emissions by 2050, a common benchmark among other Democratic presidential hopefuls — and climate science broadly. Biden would be pushing 110 years old when he'd have to check (likely from the afterlife) on how his policy did. I'll be 65. How old will you be?

Unlike other policies, climate change is cumulative. The longer we wait to address it, the bigger the problem it becomes and the harder it gets to solve, fueling a feedback loop that makes solutions ever more difficult.

By contrast, passing legislation on most other public policy issues aren't cumulative and would result in almost immediate, direct impact on millions of people.

  • A new health care law can affect people on day 1 of enactment.
  • President Trump's immigration policies have had near instantaneous impacts on people.

The bottom line: Big climate policy would have to offer concrete benefits outside of its impact on emissions — think jobs or energy security — to overcome this time disconnect.

Pay now and pay later

Climate change presents two separate costs.

  • Cost No. 1: Responding to flooding, heat waves and other extreme weather that climate change is often making worse.
  • Cost No. 2: Enacting policies to reduce emissions, which would come in the form of higher fossil-fuel costs today.
  • Cost No. 1 will continue for decades, if not centuries, even in addition to Cost No. 2. This is because of the aforementioned time disconnect: the amount of warming locked in already has also locked in associated costs — which will come in the form of not just money, but also health, lives and nature losses.

The costs hit different parts of America and the world disproportionately, setting the stage for conflict, not cooperation (further complicating the first point).

  • Low-lying nations whose very existences are at risk due to climate change have a very different set of cost concerns than Saudi Arabia.

By contrast, you invest money in your 401(K) with a reasonable level of confidence you’ll get it when you retire. Imagine getting taxed before you put that money into your fund and then not living long enough to reap the payoffs of your fund. That’s happening with climate change, on a global scale.

The bottom line: We are the first generation of humans to start paying the price for a warmer world, and we are also the first to face costs as we try to address it. We’re paying now and later.

What's next: Next week's column will tackle our stubborn — yet effective — energy system.

Go deeper

New era for local journalism

Illustration: Sarah Grillo/Axios

New, independent digital outlets and nonprofits have begun to fill some of the gap left by fading local newspapers. Limited resources and the pandemic have driven many toward providing community news, information and services rather than traditional accountability journalism.

Why it matters: "It's not just about a legal or structural shift, but it also represents a shift in how the mission of journalism is changing," said Emily Roseman, research director & editor at the Institute for Nonprofit News (INN).

7 hours ago - World

Hong Kong police arrest 6 people after Stand News raid

Patrick Lam, acting editor-in-chief of Stand News (C), is escorted by officers with the Hong Kong Police Force's national security department during a raid of the media outlet's offices in Hong Kong on Wednesday. Photo: Paul Yeung/Bloomberg via Getty Images

Hong Kong police said Wednesday they arrested six people at Stand News for "conspiracy to publish seditious publications" after over 200 national security officers raided the online pro-democracy news outlet.

Why it matters: It's the latest blow to free speech, independent journalism and the democracy movement in Hong Kong since China's government passed a draconian national security law last year, which has encroached on the autonomy that had seen it flourish as a global financial hub.

Updated 8 hours ago - Politics & Policy

Former Senate Majority Leader Harry Reid dies at 82

Photo: Andrew Harrer/Bloomberg via Getty Images

Former Senate Majority Leader Harry Reid (D-Nev.) died at 82 Tuesday "following a courageous, four-year battle with pancreatic cancer," his wife, Landra Reid announced.

The big picture: The influential politician was Senate majority leader from 2007 to 2015, and served in Congress for more than three decades. Both President Biden and former President Obama said Reid was a "great" Senate leader.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!