Fwd: Wonking Out: Russian gas, acid rain and industrial scaremongers

Fri Apr 8 16:32:56 UTC 2022

---------- Forwarded message ---------
From: Paul Krugman <nytdirect at nytimes.com>
Date: Fri, Apr 8, 2022 at 12:01 PM
Subject: Wonking Out: Russian gas, acid rain and industrial scaremongers
To: <mark.kohut at gmail.com>

Why you can’t trust economic advice from big business.
Read online
<https://nl.nytimes.com/f/a/L4DifJ04jKL0UZQhZiD5xA~~/AAAAAQA~/RgRkMuE7P4QnAWh0dHBzOi8vbWVzc2FnaW5nLWN1c3RvbS1uZXdzbGV0dGVycy5ueXRpbWVzLmNvbS90ZW1wbGF0ZS9vYWt2Mj9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnByb2R1Y3RDb2RlPVBLJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVyaT1ueXQlM0ElMkYlMkZuZXdzbGV0dGVyJTJGNjk0NGZlNDUtZjAxZi01MDBhLTlkZDctNGVkYTRhZDliZjI4JnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>

Subscriber-Only Newsletter
[image: New York Times logo]
<https://nl.nytimes.com/f/a/sjsV2wo_Wx8yDL-FMr3D9A~~/AAAAAQA~/RgRkMuE7P0TCaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vY29sdW1uL3BhdWwta3J1Z21hbj9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>
[image: Paul Krugman]
<https://nl.nytimes.com/f/a/sjsV2wo_Wx8yDL-FMr3D9A~~/AAAAAQA~/RgRkMuE7P0TCaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vY29sdW1uL3BhdWwta3J1Z21hbj9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>

April 8, 2022
Lisi Niesner/Reuters
[image: Author Headshot]
<https://nl.nytimes.com/f/a/9wOdXgq4E8KCdNfIERdxNQ~~/AAAAAQA~/RgRkMuE7P0S-aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vYnkvcGF1bC1rcnVnbWFuP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>

By Paul Krugman
<https://nl.nytimes.com/f/a/9wOdXgq4E8KCdNfIERdxNQ~~/AAAAAQA~/RgRkMuE7P0S-aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vYnkvcGF1bC1rcnVnbWFuP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>

Opinion Columnist

In yesterday’s column
<https://nl.nytimes.com/f/newsletter/W6PgkLh6g61nwLZLfRzIQw~~/AAAAAQA~/RgRkMuE7P0TkaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMi8wNC8wNy9vcGluaW9uL2dlcm1hbnktcnVzc2lhLXVrcmFpbmUtZW5lcmd5Lmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0VwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>
I highlighted Germany’s infuriating unwillingness to wean itself from
Russian gas, something that would be costly but not devastating to the
nation’s economy. Part of my point was the hypocrisy: Germany was willing
to demand almost inconceivable pain from southern European countries that,
the Germans claimed, had borrowed irresponsibly — but is unwilling to
accept far smaller penalties for its own feckless policy of relying on
Russian energy, despite decades of warnings about the risk this policy
created.

The other part of my point, however, was the foolishness of German
politicians in attacking economists — including German economists — who say
that the costs of a gas embargo would be tolerable, and believing the dire
claims of industrialists instead. As I suggested, there’s a strong parallel
here with the history of environmental protection. Industry always claims
that proposed regulations will have a devastating economic impact. These
predictions have never, to my knowledge, been remotely right. So the lesson
should be clear: Never trust policy advice from big businesses that are
talking their own book.

In today’s newsletter I want to expand on that point, first with a
discussion of the history of America’s acid rain policy, then with some
broader considerations.

Background: In 1990, more than half of America’s electricity was generated
by coal-burning power plants
<https://nl.nytimes.com/f/a/CEJF-VAVETzSrd0I5Lx6Pg~~/AAAAAQA~/RgRkMuE7P4SRAWh0dHBzOi8vd3d3LmVpYS5nb3YvZW5lcmd5ZXhwbGFpbmVkL2VsZWN0cmljaXR5L2VsZWN0cmljaXR5LWluLXRoZS11cy1nZW5lcmF0aW9uLWNhcGFjaXR5LWFuZC1zYWxlcy5waHA_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0Izp-OnRleHQ9RW5lcmd5JTIwc291cmNlcyUyMGZvciUyMFUuUy4lMjBlbGVjdHJpY2l0eSUyMGdlbmVyYXRpb24mdGV4dD1CeSUyMHRoZSUyMGVuZCUyMG9mJTIwMjAyMCx0b3RhbCUyMHV0aWxpdHktc2NhbGUlMjBlbGVjdHJpY2l0eSUyMGdlbmVyYXRpb24uVwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>
(a number that was down to 19 percent as of 2020). These plants released
sulfur dioxide, which combined with atmospheric water to produce sulfuric
acid — something you really don’t want raining down on your farms, forests
and people. So the 1990 amendment to the Clean Air Act introduced a system
to reduce, though not eliminate, acid rain: Power plants were allocated
rights to emit limited amounts of S02, but also allowed to sell emission
rights they weren’t using to other plants that were having a harder time
cutting their sulfur emissions.

This cap and trade system greatly reduced the damage from acid rain. Here’s
a map of pollution before the new system went into effect:
The acidic America that was.Environmental Protection Agency

And here’s what it looked like more recently:
The cap and trade difference.Environmental Protection Agency

But what were the financial costs? Industrial groups warned of disaster.
For example, the Business Roundtable predicted
<https://nl.nytimes.com/f/a/1fQgLZH4MTMtv7EjtpMMQg~~/AAAAAQA~/RgRkMuE7P0TXaHR0cHM6Ly9ibG9ncy5lZGYub3JnL2NsaW1hdGU0MTEvMjAxMC8xMi8wMi90aGVyZS10aGV5LWdvLWFnYWluLz9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>
that the new rules would cost $104 billion a year. Since the total value of
electricity production in the early 1990s was around $200 billion a year
<https://nl.nytimes.com/f/a/vfxh9gCKEdGak0ZnsbTfMA~~/AAAAAQA~/RgRkMuE7P0TNaHR0cHM6Ly9mcmVkLnN0bG91aXNmZWQub3JnL2dyYXBoL2ZyZWRncmFwaC5wbmc_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmc9TzIxSyZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>,
this should have led to something like a 50 percent rise in electricity
prices.

In reality, the real price of electricity — measured here in 2021 dollars —
fell steadily as the acid rain program went into effect:
And electricity actually got cheaper.FRED

In fact, the costs of compliance
<https://nl.nytimes.com/f/a/HlQEcq5EcehsNxbPRlf_5w~~/AAAAAQA~/RgRkMuE7P0TyaHR0cHM6Ly92b3hldS5vcmcvYXJ0aWNsZS9sZXNzb25zLWNsaW1hdGUtcG9saWN5LXVzLXN1bHBodXItZGlveGlkZS1jYXAtYW5kLXRyYWRlLXByb2dyYW1tZT9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>
with the new rules were far lower than even advocates of the program had
expected.

The big lesson here is that you can’t trust industries to provide a
reliable, or even honest, assessment of the economic impact of policies
that might hurt their bottom line.

This runs counter to the instincts of many people, including politicians.
As I said, Germany’s leaders seem to have decided to believe industrialists
who say they can’t live without Russian gas and have lashed out at
economists who disagree. And in a way I can understand this attitude:
Surely executives who actually run companies, who deal every day with
business problems, know more about economic reality than nerdy guys in
think tanks. Right?

But this presumption has been wrong time and again. I think for two
reasons. First, industrialists who weigh in on policy issues that affect
them have a huge incentive to talk their own book — to throw out numbers
that are meant to scare the public into leaving them alone, rather than to
provide realistic assessments.

Oh, and for anyone saying that fine upstanding business leaders wouldn’t do
something like that, remember Dieselgate
<https://nl.nytimes.com/f/a/rcMeBc31rEQxmzMeP1rm2w~~/AAAAAQA~/RgRkMuE7P4QFAWh0dHBzOi8vd3d3LmNhcmFuZGRyaXZlci5jb20vbmV3cy9hMTUzMzkyNTAvZXZlcnl0aGluZy15b3UtbmVlZC10by1rbm93LWFib3V0LXRoZS12dy1kaWVzZWwtZW1pc3Npb25zLXNjYW5kYWwvP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
— the massive fraud perpetrated by German automakers to make their cars
seem far less polluting than they were.

Second, executives within an industry do indeed know a lot about how things
work in their business right now. There’s much less reason to believe that
they have a good sense of how things might be done differently — of the
adaptations and innovations they might be able to make in the face of a
drastically changed situation. It’s like what happens in financial crises:
Wall Street types are infinitely better than academics at guessing what
will happen day to day, but when things fall apart, economists familiar
with economic history tend to do better than those immersed in normal
trading.

The lessons here go well beyond the immediate scandal of Germany’s timid
response to Russian atrocities. The same considerations apply to policies
that are even more important: actions to limit climate change, which looks
more than ever like an existential threat. Business leaders and the
politicians who listen to them always claim that the economic costs of
adequate action would be unsupportable. Don’t believe them.
Quick Hits

Germany’s chancellor is also refusing to reconsider the ill-advised
decision to exit nuclear power
<https://nl.nytimes.com/f/a/HLxbpwmdIgs9mXQLUUcibA~~/AAAAAQA~/RgRkMuE7P4QTAWh0dHBzOi8vd3d3LmJsb29tYmVyZy5jb20vbmV3cy9hcnRpY2xlcy8yMDIyLTA0LTA2L3NjaG9sei1zaG9vdHMtZG93bi1hcHBlYWwtdG8tcmV2ZXJzZS1nZXJtYW55LXMtbnVjbGVhci1leGl0P2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnNyZWY9cXp1c2E4YkMmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0VwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>
.

Russia’s economy is hurting badly
<https://nl.nytimes.com/f/a/XXuR3J9CXpuKVMRR1OSdBA~~/AAAAAQA~/RgRkMuE7P0TUaHR0cHM6Ly93d3cuY2JzbmV3cy5jb20vbmV3cy9zYW5jdGlvbnMtcnVzc2lhLWVjb25vbXktZWZmZWN0Lz9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>,
but an oil and gas embargo would accomplish much more.

A timeline of the sanctions
<https://nl.nytimes.com/f/a/HKxf5F7nZp3k4gl-Ro8pAg~~/AAAAAQA~/RgRkMuE7P0T3aHR0cHM6Ly93d3cucGlpZS5jb20vYmxvZ3MvcmVhbHRpbWUtZWNvbm9taWMtaXNzdWVzLXdhdGNoL3J1c3NpYXMtd2FyLXVrcmFpbmUtc2FuY3Rpb25zLXRpbWVsaW5lP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
.

The Trump administration did its best to keep mercury pollution
<https://nl.nytimes.com/f/a/p5uAgReiUKT3djqZ_FXBFw~~/AAAAAQA~/RgRkMuE7P4QFAWh0dHBzOi8vd3d3Lm5wci5vcmcvMjAxOC8xMi8yOC82NzkxMjk2MTMvdHJ1bXAtZXBhLXNheXMtbWVyY3VyeS1saW1pdHMtb24tY29hbC1wbGFudHMtdG9vLWNvc3RseS1ub3QtbmVjZXNzYXJ5P2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
high.

Feedback If you’re enjoying what you’re reading, please consider
recommending it to friends. They can sign up here
<https://nl.nytimes.com/f/a/XYaSoUkRTDid7oiN8OKHjQ~~/AAAAAQA~/RgRkMuE7P0THaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vbmV3c2xldHRlcnMvcGF1bC1rcnVnbWFuP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>.
If you want to share your thoughts on an item in this week’s newsletter or
on the newsletter in general, please email me at
krugman-newsletter at nytimes.com
<krugman-newsletter at nytimes.com?subject=Paul%20Krugman%20Newsletter%20Feedback>
.

With Russian forces gone, Kyiv starts to reopen.

By Maria Varenikova and Andrew E. Kramer
<https://nl.nytimes.com/f/a/roB7itucKAxlDW6l9jKpbQ~~/AAAAAQA~/RgRkMuE7P4QLAWh0dHBzOi8vd3d3Lm55dGltZXMuY29tL2xpdmUvMjAyMi8wNC8wOC93b3JsZC91a3JhaW5lLXJ1c3NpYS13YXItbmV3cy93aXRoLXJ1c3NpYW4tZm9yY2VzLWdvbmUta3lpdi1zdGFydHMtdG8tcmVvcGVuP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
[image:
Article Image]
<https://nl.nytimes.com/f/a/roB7itucKAxlDW6l9jKpbQ~~/AAAAAQA~/RgRkMuE7P4QLAWh0dHBzOi8vd3d3Lm55dGltZXMuY29tL2xpdmUvMjAyMi8wNC8wOC93b3JsZC91a3JhaW5lLXJ1c3NpYS13YXItbmV3cy93aXRoLXJ1c3NpYW4tZm9yY2VzLWdvbmUta3lpdi1zdGFydHMtdG8tcmVvcGVuP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
‘The Daily’ explores why Germany’s approach to Russia backfired.
<https://nl.nytimes.com/f/a/-bHWGmdxVD7esWiSAakHXA~~/AAAAAQA~/RgRkMuE7P4QZAWh0dHBzOi8vd3d3Lm55dGltZXMuY29tL2xpdmUvMjAyMi8wNC8wOC93b3JsZC91a3JhaW5lLXJ1c3NpYS13YXItbmV3cy90aGUtZGFpbHktZXhwbG9yZXMtd2h5LWdlcm1hbnlzLWFwcHJvYWNoLXRvLXJ1c3NpYS1iYWNrZmlyZWQ_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0VwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>
Some of the Biggest Brands Are Leaving Russia. Others Just Can’t Quit
Putin. Here’s a List.

Which companies have left Russia? And which are staying?

By Jeffrey A. Sonnenfeld and Steven Tian
<https://nl.nytimes.com/f/a/qNjc7rWRwQ7liVTseqFEXg~~/AAAAAQA~/RgRkMuE7P0TsaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vaW50ZXJhY3RpdmUvMjAyMi8wNC8wNy9vcGluaW9uL2NvbXBhbmllcy11a3JhaW5lLWJveWNvdHQuaHRtbD9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>
[image:
Article Image]
<https://nl.nytimes.com/f/a/qNjc7rWRwQ7liVTseqFEXg~~/AAAAAQA~/RgRkMuE7P0TsaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vaW50ZXJhY3RpdmUvMjAyMi8wNC8wNy9vcGluaW9uL2NvbXBhbmllcy11a3JhaW5lLWJveWNvdHQuaHRtbD9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>
Methane Emissions Soared to a Record in 2021, Scientists Say

For the second year in a row, concentrations of the potent planet-warming
gas jumped by the largest amount since measurements began four decades ago.

By Raymond Zhong
<https://nl.nytimes.com/f/newsletter/R0WeFHE6OnKaxeJNGEdVUQ~~/AAAAAQA~/RgRkMuE7P0TfaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMi8wNC8wNy9jbGltYXRlL21ldGhhbmUtZW1pc3Npb25zLXJlY29yZC5odG1sP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
[image:
Article Image]
<https://nl.nytimes.com/f/newsletter/R0WeFHE6OnKaxeJNGEdVUQ~~/AAAAAQA~/RgRkMuE7P0TfaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMi8wNC8wNy9jbGltYXRlL21ldGhhbmUtZW1pc3Npb25zLXJlY29yZC5odG1sP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>

Need help? Review our newsletter help page
<https://nl.nytimes.com/f/a/LtjmT7vJoCFnRofHnrr_Eg~~/AAAAAQA~/RgRkMuE7P0TaaHR0cHM6Ly9oZWxwLm55dGltZXMuY29tL2hjL2VuLXVzL2FydGljbGVzLzM2MDAwMTQ4ODI2Ni1OZXdzbGV0dGVycz9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>
or contact us
<https://nl.nytimes.com/f/a/hZo9MfjpDhGKvp-jl--vMA~~/AAAAAQA~/RgRkMuE7P0TZaHR0cHM6Ly9oZWxwLm55dGltZXMuY29tL2hjL2VuLXVzL2FydGljbGVzLzExNTAxNTM4NTg4Ny1Db250YWN0LXVzP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
for assistance.

You received this email because you signed up for Paul Krugman from The New
York Times.

To stop receiving these emails, unsubscribe
<https://nl.nytimes.com/f/a/2vLQMgRbBVcwHNee8q7Okg~~/AAAAAQA~/RgRkMuE7P0TJaHR0cHM6Ly9teWFjY291bnQubnl0aW1lcy5jb20vc2VnL3Vuc3Vic2NyaWJlL1BLLzIyNjI4NmY3ZjMwYzdhNzcwNTI5ZmEwZGRkMzJmZjI3YjkyOWQ1MjEwMDM2Y2JlZTIzM2Q3NmI5NzM2OWRiMTNiNDc5NGU4N2U2YjE2OGVmY2Y1Y2E2MDA3MjNkYzM4MD9lbWM9ZWRpdF9wa18yMDIyMDQwOCZubD1wYXVsLWtydWdtYW4mc2VuZF9pZD04Nzg4OCZ0ZT0xVwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>
or manage your email preferences
<https://nl.nytimes.com/f/a/dYOeriAHmZuBO1P1bgdwxA~~/AAAAAQA~/RgRkMuE7P0S0aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vZW1haWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0VwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>
.

Explore more subscriber-only newsletters.
<https://nl.nytimes.com/f/a/HfQXJgfoxXaDJlIR7wcm-Q~~/AAAAAQA~/RgRkMuE7P0TWaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vbmV3c2xldHRlcnM_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0I3N1YnNjcmliZXItb25seS1uZXdzbGV0dGVyc1cDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>Get
The New York Times app
<https://nl.nytimes.com/f/a/zyy7XPr4K3xfkeqv6_yq8Q~~/AAAAAQA~/RgRkMuE7P0TJaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vc2VydmljZXMvbW9iaWxlL2luZGV4Lmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0VwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>

Connect with us on:
[image: facebook]
<https://nl.nytimes.com/f/a/SX6UClwmVAH2uXKAJJpc9A~~/AAAAAQA~/RgRkMuE7P0S7aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL255dG9waW5pb24vP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
[image:
twitter]
<https://nl.nytimes.com/f/a/oxhS30f-euHblmFjv7YJvw~~/AAAAAQA~/RgRkMuE7P0S1aHR0cHM6Ly90d2l0dGVyLmNvbS9ueXRvcGluaW9uP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIyMDQwOCZpbnN0YW5jZV9pZD01Nzk1OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NTUyNzIxOCZzZWdtZW50X2lkPTg3ODg4JnRlPTEmdXNlcl9pZD02Yjc2MTZlNmIwMzA4YjQ4ODI5NDYzOWNhMjlkN2ZkNFcDbnl0QgpiSztcUGI2iCUVUhRtYXJrLmtvaHV0QGdtYWlsLmNvbVgEAAAAAA~~>
[image:
instagram]
<https://nl.nytimes.com/f/a/IOwBZhY0WRAKTX6ctVuelQ~~/AAAAAQA~/RgRkMuE7P0S8aHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9ueXRvcGluaW9uLz9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>

Change Your Email
<https://nl.nytimes.com/f/a/I9_KOVeVsk0EKku9Zvz71Q~~/AAAAAQA~/RgRkMuE7P0TDaHR0cHM6Ly9teWFjY291bnQubnl0aW1lcy5jb20vbWVtL2VtYWlsLmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0VwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>Privacy
Policy
<https://nl.nytimes.com/f/a/Sz5L_QVCx5d15Xvvf9uQKQ~~/AAAAAQA~/RgRkMuE7P0TkaHR0cDovL3d3dy5ueXRpbWVzLmNvbS9jb250ZW50L2hlbHAvcmlnaHRzL3ByaXZhY3kvcG9saWN5L3ByaXZhY3ktcG9saWN5Lmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjIwNDA4Jmluc3RhbmNlX2lkPTU3OTU5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY1NTI3MjE4JnNlZ21lbnRfaWQ9ODc4ODgmdGU9MSZ1c2VyX2lkPTZiNzYxNmU2YjAzMDhiNDg4Mjk0NjM5Y2EyOWQ3ZmQ0VwNueXRCCmJLO1xQYjaIJRVSFG1hcmsua29odXRAZ21haWwuY29tWAQAAAAA>Contact
Us
<https://nl.nytimes.com/f/a/uZwD44mBboGfbbzMDutKZQ~~/AAAAAQA~/RgRkMuE7P0TLaHR0cHM6Ly9teWFjY291bnQubnl0aW1lcy5jb20vbWVtYmVyY2VudGVyL2hlbHAuaHRtbD9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>California
Notices
<https://nl.nytimes.com/f/a/P5h117A6v783e3iWUguJDQ~~/AAAAAQA~/RgRkMuE7P0TIaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vcHJpdmFjeS9jYWxpZm9ybmlhLW5vdGljZT9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMjA0MDgmaW5zdGFuY2VfaWQ9NTc5NTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjU1MjcyMTgmc2VnbWVudF9pZD04Nzg4OCZ0ZT0xJnVzZXJfaWQ9NmI3NjE2ZTZiMDMwOGI0ODgyOTQ2MzljYTI5ZDdmZDRXA255dEIKYks7XFBiNoglFVIUbWFyay5rb2h1dEBnbWFpbC5jb21YBAAAAAA~>

The New York Times Company. 620 Eighth Avenue New York, NY 10018