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Fossil fuels: The world is "transitioning away" from the energy source

Fossil fuels: The world is "transitioning away" from the energy source

Fossilized

After a few newsworthy bumps in the road, the COP28 climate conference came to a somewhat happy ending — depending on who you ask — as almost 200 countries made a landmark pledge to "transition away" from fossil fuels for the first time in history.

Representatives agreed to the deal in the final hours of the annual UN summit and were met with a standing ovation, though activists took issue with the way the language around fossil fuels, which account for almost 90% of the world’s CO₂emissions, had been dialed down in the new agreement.

The beginning of the end

With a slew of extreme weather events, ever-warming waters, and 2023 officially being declared as the hottest year on record this month, the intervention couldn't have come soon enough. Indeed, UN Climate Change Executive Secretary Simon Stiell expressed regret at not having “turned the page on the fossil fuel era” — but did hail the outcome as “the beginning of the end”.

While renewable energy generation has been ticking up in recent years, even surpassing coal for the first time in 2022, the amount of fossil fuel-generated energy that we’ve been using globally has hit new heights. According to the Energy Institute, consumption of fossil fuel energy reached a record 137,000 terawatt-hours in 2022, with 39% of that coming from oil alone.

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Starbucks sells control of China business for $4 billion

Starbucks disclosed on Monday evening in a regulatory filing that it will sell control of its ailing China business to Boyu Capital for about $4 billion.

Under the agreement, Boyu will own a 60% stake in the China segment, which will become a joint venture between Boyu and Starbucks. The coffee chain will retain a 40% interest in the entity and will continue to own and license the brand and intellectual property.

Bloomberg reported earlier this year that the company was looking to sell its China segment. The American coffee giant has struggled to succeed in China, its second-largest market after the US.

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John Wayne Airport in Orange County tops the list of North America’s favorite airports

Despite a record year of passenger numbers, flight cancellations, and delays, a new survey has revealed that flyers have been increasingly satisfied about their experiences in North American airports. 

According to this year’s North America Airport Satisfaction Study from data analysts at J.D. Power, overall passenger satisfaction scores were up 10 points (on a 1,000-point scale), largely from “improvements in food, beverage and retail and ease of travel through the airport.” The annual survey measures overall traveler satisfaction across the region’s airports in seven categories (in order of importance): ease of travel, level of trust, terminal facilities, airport staff, airport departure experience, food and retail, and airport arrival experience.

Here are the regions favorites:

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