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What a difference an administration makes! Almost 200 countries ratified the Paris climate accord at COP21 in 2015, agreeing to limit the planet’s temperature increase to well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C. Afterward, President Donald Trump withdrew from the Paris agreement. On Friday, US President Joe Biden hosted a virtual climate summit titled the “Virtual Meeting of the Major Major Economies Forum on Energy and Climate.”

Biden spoke about the “urgency of this moment” and the need for a collective “plan to contribute to the climate ambition the world so urgently needs.”

The Power of Story to Make the Climate Crisis Relevant

Former President Donald Trump denied that the climate crisis was a reality, attacked the value of clean energy, and fired scientists in federal departments in favor of installing political friends. Taking a completely different approach, President Biden has acknowledged scientific consensus that the climate crisis poses an existential threat and implored leaders during Friday’s climate summit to take action.

During opening remarks, the President affirmed his promise that the US “would return immediately to the world stage and address the climate crisis.” With some of the most powerful economic forces in the world surrounding him, Biden expressed hope in a “silver lining” — one that would restrict global temperatures from rising to catastrophic levels through “real and incredible economic opportunities to create jobs and lift up the standard of living of people around the world.” The public opening to the Forum was a counterpoint to the otherwise private talks.

Always forthright, Biden told his audience that countries representing the Major Economies Forum account for 80% of global emissions.

The backdrop stage set was specially designed with virtual solar panel arrays as the global leaders were visible on thumbnail screens. Biden called upon the power of story and described the “damage and destruction” in the US and the destructive flooding in Europe. He zoomed in on the experience of seeing California firefighters battling powerful, widespread, and deadly wildfires more than ever before due to rising temperatures and unrelenting drought. He spoke how natural disasters like numerous hurricanes have wreaked havoc on US regions from the Gulf Coast to the Northeast.

Pledges to Do More to Mitigate the Effects of the Climate Crisis

The Biden administration has pledged to cut emissions 50% to 52% below 2005 levels by 2030 and is working to pass historic investments — to modernize what can become a more climate-resilient infrastructure and to build a clean energy future. In doing so, the administration hopes to create millions of jobs and usher in new industries of the future.

To reach such levels, Biden said the US would:

  • have a power sector free of carbon by 2035;
  • sell 50% of total cars as electric by 2050;
  • align efforts with the work of forums like Clean Energy Ministerial and Mission Innovation (which the US will chair next year);
  • focus on ocean initiatives in advance of the Our Ocean Conference in February;
  • convene a leaders-level gathering to take stock of the collective progress the countries in attendance make; and,
  • work with the European Union and other partners to launch a Global Methane Pledge to reduce global methane emissions by at least 30% below 2020 levels by 2030.

Specifically, Biden’s prodding at the Forum for participants to join a global pledge of cutting methane (aka “natural gas”) was deconstructed recently by CleanTechnica‘s Joe Wachunas. “Burning methane is currently responsible for nearly 25% of all carbon emissions in the US, and its use is growing,” Wachunas began. “Methane is also deeply embedded in many of our homes, and this will make it a challenge to extricate. We aren’t anywhere near hitting peak natural gas usage on our current trajectory.”

Methane is one of the most potent agents of climate damage, bursting by the ton from countless uncapped oil and gas rigs, leaky natural gas pipelines, and other oil and gas facilities. Although methane has a shorter lifetime in the atmosphere than carbon dioxide, it is, per unit, more than 20× as potent at warming the planet. During the Forum, Biden pointed to US efforts to plug leaks and cap abandoned wells as “big steps domestically to tackle these emissions.”

“Swift & Bold Action” Necessary beyond the Collegiality of the Climate Summit

It will take substantive effort to push through legislation to put into place the types of emissions levels that Biden outlined. China and India aren’t any better than the US, either, having yet to announce their new targets.

An area of contention at the Forum was pressure for the largest economies to assist less wealthy countries to transition to cleaner energy and to make sense of the changes to their countries that the climate crisis has created. In April, the Biden administration pledged to deliver $5.7 billion annually to these countries by 2024. During today’s Forum, Biden increased that amount by pointing to a “collective goal of mobilizing $100 billion a year.”

During a letter sent earlier this month to the climate summit’s invited guests, Biden offered the opportunity for “a focused, private discussion” to address the “profound generational challenge” posed by the climate crisis. Not to be deterred by the enormous task, Biden affirmed that the world’s largest economies possessed an “extraordinary opportunity to create a more prosperous and sustainable economy benefitting all.” Ever the negotiator and compromiser, Biden used the imperative of strengthening climate efforts so that action might be “swift and bold enough” to make a lasting impact that would “benefit […] both present and future generations.”

The invitation to Argentinian President Fernandez was posted on that country’s website.

Final Thoughts about the Climate Summit & What’s Ahead

From October 31 to November 1, the United Nations conference in Glasgow — the COP26 summit — will bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Nearly 200 nations are expected to announce more ambitious emissions-cutting targets than they had previously set in order to keep the world from overheating.

“Glasgow,” President Biden told his audience at the Forum, “is not our final destination.” Instead, countries around the world must “continue strengthening our ambition and our actions next year and throughout the decisive decade to keep us at one point — below 1.5 degrees and to keep that within reach.”

Participants at Friday’s climate summit included:

President Alberto Fernandez, Argentine Republic
Prime Minister Scott Morrison, Commonwealth of Australia
Prime Minister Sheikh Hasina, People’s Republic of Bangladesh
President Ursula von der Leyen, European Commission
President Charles Michel, European Council
President Joko Widodo, Republic of Indonesia
Prime Minister Mario Draghi, Italian Republic
Prime Minister Yoshihide Suga, Japan
President Moon Jae-in, Republic of Korea
President Andrés Manuel López Obrador, United Mexican States
Prime Minister Boris Johnson, United Kingdom of Great Britain and Northern Ireland
Secretary-General António Guterres, United Nations
Special Envoy of the President and China Special Envoy for Climate Change Xie Zhenhua, People’s Republic of China
Parliamentary State Secretary at the Ministry for Environment, Nature Conservation and Nuclear Safety Rita Schwarzelühr-Sutter, Federal Republic of Germany
Union Cabinet Minister of Labour and Employment, Environment, Forest and Climate Change Bhupender Yadav, India
Special Presidential Envoy for Climate Change Ruslan Edelgeriyev, Russian Federation

Image screenshot taken from YouTube during Presidential welcome remarks

 

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Paris’ popular bike share program has a big sticky finger problem

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Paris' popular bike share program has a big sticky finger problem

Paris’ bike-share system, Vélib has long been considered one of the shining success stories of urban micromobility. With a massive fleet of over 20,000 pedal and electric-assist bicycles around Paris, the service has helped millions of residents and tourists get around the City of Light without needing a car or scooter. But lately, a growing problem is threatening to knock the wheels off this urban mobility marvel: theft and joyriding.

According to city officials and the service operator, more than 600 Vélib bikes are now going missing every single week. That’s over 30 bikes a day simply vanishing from the system – some stolen outright, others taken on “joy rides” and never returned.

“At the moment we’re missing 3,000 bikes,” explained Sylvain Raifaud, head of the Agemob company that currently operates the Velib system. That’s nearly 15% of over 20,000 Vélib bikes across Paris.

The sticky-fingered culprits aren’t necessarily professional thieves or organized crime rings. Instead, they’re often regular users who treat the shared bikes like disposable toys.

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The city estimates that many people have figured out how to pry the bikes out of the system’s parking docks, unlocking one for a casual cruise and then ditching it somewhere far from a docking station.

Once pried free, the bikes are technically usable for the next 24 hours until their automatic locking feature kicks in. At that point, the bikes are often simply abandoned. Some end up in alleyways. Others get tossed in rivers. A few just disappear completely.

And since the bikes are intended to be parked at their many docking stations around the city, they don’t have GPS chips, further complicating recovery of “liberated” bikes.

The issue started small but has grown into more than an inconvenience – it’s beginning to undermine the entire purpose of the service. With bikes going missing at such a high rate, many Vélib docking stations are left empty, especially during rush hours.

Riders looking for a quick commute or a convenient hop across town are increasingly finding themselves without available bikes, or having to walk long distances to find a functioning one.

That kind of unreliability chips away at user confidence and threatens to drive potential riders back into cars, cabs, or other less sustainable forms of transport at a time when Paris has already made great strides to dramatically reduce car usage in the city.

The losses are financially painful, too. Replacing stolen or vandalized bikes isn’t cheap, and the resources spent on tracking down missing equipment or reinforcing anti-theft measures are stretching thin. Vélib has faced theft and vandalism issues before, especially during its early years, but this latest surge has officials sounding the alarm with renewed urgency.

Officials acknowledge that there’s no easy fix. Paris, like many cities with bike-share systems, walks a fine line between accessibility and accountability. Part of what makes Vélib so successful is its ease of use and widespread availability. But those same features make it vulnerable to misuse – especially when enforcement is limited and the consequences for abuse are minimal.

The timing of the problem is especially unfortunate. In recent years, Paris has seen impressive results in reducing car traffic, expanding bike lanes, and promoting cycling as a key part of its sustainable transport strategy. Vélib is a cornerstone of that plan. But if the system becomes too unreliable, it risks losing the very people it was designed to serve.

Meanwhile, as Parisians increasingly find themselves staring at empty docks, the challenge for the city and Vélib will be to restore confidence in the system without making it harder to use. That means striking the right balance between freedom and responsibility, between open access and protection against abuse.

In a city where cycling is supposed to be the future of mobility, losing thousands of bikes to joyriders and sticky fingers isn’t just frustrating; it’s unsustainable.

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CNBC Daily Open: Elon Musk, founder of companies and political parties

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CNBC Daily Open: Elon Musk, founder of companies and political parties

U.S. President Donald Trump and Elon Musk attend a press event in the Oval Office of the White House in Washington, D.C., U.S., May 30, 2025.

Nathan Howard | Reuters

When they lose a significant other, most men do indeed become a “TRAIN WRECK.” Then they pick up the pieces of their lives and start living again — paying attention to their personal grooming, hitting the gym and discovering new hobbies.

What does the world’s richest man do? He starts a political party.

Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”

Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.

It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.

To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.

Folks, here’s direct democracy — and the powerful post-separation motivation — in action.

 — CNBC’s Erin Doherty contributed to this report.

What you need to know today

And finally…

An investor sits in front of a board showing stock information at a brokerage office in Beijing, China.

Thomas Peter | Reuters

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CNBC Daily Open: Most people don’t start a political party after separation

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CNBC Daily Open: Most people don't start a political party after separation

US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025.

Francis Chung | Bloomberg | Getty Images

When they find themselves without a significant other, most men finally start living: They pay attention to their personal grooming, hit the gym and discover new hobbies.

What does the world’s richest man do? He starts a political party.

Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”

Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.

It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.

To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.

Folks, here’s direct democracy — and the powerful post-separation motivation — in action.

 — CNBC’s Erin Doherty contributed to this report.

What you need to know today

Trump confirms tariffs will kick in Aug. 1. That postpones the deadline by a month, but tariffs could “boomerang” back to April levels for countries without deals. Trump on Friday said letters with “take it or leave it” offers will go out to 12 countries Monday.

U.S. stock futures slipped Sunday. Despite the White House pushing back the return of “reciprocal” tariffs, some investors could be worried trade negotiations would result in higher-than-expected duties. Europe’s Stoxx 600 index dropped 0.48% Friday.

OPEC+ members to increase oil output. Eight members of the alliance agreed on Saturday to hike their collective crude production by 548,000 barrels per day, around 100,000 more than expected.

Elon Musk forms a new political party. On Saturday, the world’s richest man said he has formed a new U.S. political party named the “American Party,” which he claims will give Americans “back your freedom.”

[PRO] Wall Street is growing cautious on European equities. As investors seek shelter from tumult in U.S., the Stoxx 600 index has risen 6.6% year to date. Analysts, however, think the foundations of that growth could be shaky.

And finally…

Ayrton Senna driving the Marlboro McLaren during the Belgian Grand Prix in 1992.

Pascal Rondeau | Hulton Archive | Getty Images

The CEO mindset is shifting. It’s no longer all about winning

https://www.cnbc.com/2025/07/06/the-ceo-mindset-is-shifting-its-no-longer-all-about-winning.html

CEOs today aren’t just steering companies — they’re navigating a minefield. From geopolitical shocks and economic volatility to rapid shifts in tech and consumer behavior, the playbook for leadership is being rewritten in real time.

In an exclusive interview with CNBC earlier this week, McLaren Racing CEO Zak Brown outlined a leadership approach centered on urgency, momentum and learning from failure. 

— Spriha Srivastava

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