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The <keyword id="19903456" type="General" weightage="20" keywordseo="Income-Tax-department" source="keywords">Income Tax department</keyword> on Wednesday said 'substantial <keyword id="20138064" type="General" weightage="100" keywordseo="tax-savings" source="keywords">tax savings</keyword>' are expected for a vast majority of taxpayers due to reduction in the <keyword id="22526761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long term capital gains</keyword> <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> (LTCG) rate in the <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> sector. The Budget has reduced tax rates on capital gains earned from sale of house properties held for long term, but has removed the <keyword id="22142879" type="General" weightage="20" keywordseo="indexation-benefit" source="keywords">indexation benefit</keyword> available to taxpayers. The LTCG has been reduced from 20 per cent with indexation benefit to 12.5 per cent without indexation for the real estate sector. The indexation benefit allowed taxpayers to compute gains arising out of sale of <keyword id="801267" type="General" weightage="20" keywordseo="capital-assets" source="Orion">capital assets</keyword> after adjusting inflation. In a post on X, the income tax department said the nominal real estate returns are generally in the region of 12-16 per cent per annum, much higher than inflation. "The indexation for inflation is in the region of 4-5 per cent, depending on the period of holding. Therefore, substantial tax savings are expected to a vast majority of such taxpayers," it said. Giving a comparison of benefits based on the holding period of the real estate property, the I-T department said the new <keyword id="22422932" type="General" weightage="20" keywordseo="tax-rate" source="keywords">tax rate</keyword> without indexation is beneficial in most cases. For property held for five years, the new regime is beneficial when property has appreciated 1.7 times or more, while for a property held for 10 years, it is beneficial when the value has increased 2.4 times or more. For a property purchased in 2009-10, if value has increased to 4.9 times or more, it is beneficial, it said. "From the above examples, it is clear that only where returns are low (less than about 9-11 per cent per annum) that the earlier tax rate is beneficial, but such low returns in real estate are unrealistic and rare," the I-T department said. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for taxpayers on properties bought or inherited before 2001. The changes in the tax rate have been made effective from July 23, 2024.

Majority of taxpayers to have substantial tax savings due to reduction of long term capital gains on real estate: IT Dept

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

<ul class="summary-list"><li>Ukraine started this year on the back foot in its fightback against Russia's invasion.</li><li>But since the start of the year, it's switched things up, including by going on the offensive.</li></ul>After entering 2024 in a sorry state, Ukraine has notched up a series of notable achievements since the start of the year, giving fresh impetus to its fight back against Russia.After struggling with ammunition shortages, in February the US approved an urgently needed <a target="_blank" class="" href="https://www.businessinsider.com/house-republicans-plan-ukraine-israel-aid-explained-2024-4">$60 billion military aid package</a> for Ukraine after months of political wrangling and <a target="_blank" class="" href="https://www.businessinsider.com/which-house-republicans-voted-against-ukraine-russia-aid-2024-4">Republican blockade</a>.Western allies have let it use some of the missile systems they've supplied to hit targets inside Russia, with notable caveats, giving it a better chance to defend itself against incoming Russian attacks.And it also <a target="_blank" class="" href="https://www.businessinsider.com/kursk-battle-ukraine-russia-war-strategy-2024-8">regained</a> the initiative with its surprise incursion into the Russian region of Kursk in August, even while gradually <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-kursk-invasion-russia-hasnt-eased-pressure-off-front-line-2024-9">losing ground</a> in eastern Ukraine.Ukraine remains locked in a ground fight with a Russian army that's absorbing heavy losses and continuing to swell as it eyes a grinding victory. The greatest danger is this pressure collapses part of Ukraine's defenses in the east."What Ukraine has done in the past month, starting with Kursk, is not going to turn around the war by any means," Abishur Prakash, the founder of The Geopolitical Business, Inc., a strategy advisory firm in Toronto, told BI."But it's definitely changed the war," he added.<h2 id="3d77a8ff-5cba-455e-a24a-68cfdc483296">Getting F-16s and long-awaited weapons</h2>Delays in getting Western equipment have long been a source of frustration for Ukraine.In May, Ukrainian President Volodymyr Zelenskyy said the West always seems to provide weapons a year after it needs them."Every decision to which we, then later everyone together, comes to is late by around one year," Zelenskyy told <a target="_blank" class="" href="https://www.businessinsider.com/west-always-gives-ukraine-weapons-year-after-needs-them-zelenskyy-2024-5">Reuters</a>.But some long-awaited Western weapons have started to arrive.These include US-provided Army Tactical Missile Systems, or <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-longe-range-missiles-atacms-storm-shadow-russian-cant-hide-2024-5">ATACMS</a>, in April, and <a target="_blank" class="" href="https://www.businessinsider.com/missiles-on-ukraines-f-16s-hint-at-missions-against-russia-2024-8">F-16 fighter jets</a> last month.<div type="image" title="Ukrainian President Volodymyr Zelenskyi in front of the first F-16 fighter jets received by Ukraine on August 4, 2024." height="3333" width="5000" msid="113193883" hostid="261" sizebytes="445220"></div>According to Mark Temnycky, a nonresident fellow with the Atlantic Council's Eurasia Center, F-16s will not immediately give Ukraine air superiority in the conflict — something neither side has managed to accomplish — but they will bolster Ukraine's ability to shoot down missiles and drones from the skies."Aside from the military capabilities of these aircraft, the arrival of these jets will provide a morale boost to Ukrainian soldiers and civilians," he said.But it's not all good news for Ukraine: Lithuania's foreign minister, Gabrielius Landsbergis, <a target="_blank" href="https://www.businessinsider.com/ukraine-promised-aid-not-coming-until-2027-nato-state-says-2024-8">said</a> recently that some vital military equipment that had been pledged to Ukraine wouldn't arrive until 2027.<h2 id="345d72bd-b695-440e-b13c-68b8478ab7bb">Striking inside Russia</h2>From the start of Russia's full-scale invasion, allies, including the US, barred Ukraine from using advanced weapons they'd supplied to strike targets inside Russia like the air bases and resupply lines critical to its invasion.A Ukrainian commander operating in the Kharkiv region near the Russian border told <a target="_blank" class="" href="https://www.businessinsider.com/russia-troops-in-sight-couldnt-attack-us-ban-ukraine-commander-2024-5">The Times of London</a> in May that his unit watched as Russia amassed a huge force but had to wait for the troops to cross the border into Ukraine to hit them.Western allies lifted some <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-using-allies-weapons-russia-soil-wont-change-war-experts-2024-5">restrictions</a> in May, allowing Ukraine to strike Russian troops building up at its borders.But Ukraine is still not allowed to use Western weapons to carry out <a target="_blank" class="" href="https://www.businessinsider.com/why-ukraine-is-striking-deep-inside-russian-territory-experts-2024-8">deep strikes</a> within Russia, despite the <a target="_blank" class="" href="https://www.businessinsider.com/russia-missile-attack-shows-us-must-drop-weapon-restrictions-ukraine-2024-8">pleas</a> of Ukrainian President Volodymyr Zelenskyy.There are 245 military targets in Russia within range of the ATACMS missiles Ukraine now has on hand, according to a <a target="_blank" href="https://www.businessinsider.com/interactive-map-shows-russian-targets-ukraine-could-hit-with-atacms-2024-8">map</a> released last month by the Institute for the Study of War and the American Enterprise Institute's Critical Threats Project.<h2 id="0f3992bf-25f4-4916-8ce1-7d9fb3971aee">Taking the war inside Russia</h2>The biggest change this year is that Ukraine altered the dynamics of the conflict by launching a surprise attack on Russia's Kursk region.The incursion — the <a target="_blank" class="" href="https://www.businessinsider.com/russia-messy-response-ukraine-kursk-shows-weaknesses-still-plaguing-army-2024-8">first foreign military operation</a> on Russian soil since World War II — caught Russia and the West off guard.In just two weeks, starting on August 6, Ukraine <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-captured-more-territory-kursk-than-russia-seized-ukraine-year-2024-8">claims</a> its forces took more territory in Kursk than Russia had since the beginning of 2024.<div type="image" title="An aerial shot of Ukrainian forces fighting in&#xa0;Kursk with smoke everywhere" height="2130" width="3788" msid="113193887" hostid="261" sizebytes="118908"></div>Russia, meanwhile, has struggled to respond quickly and effectively, partly due to its <a target="_blank" rel="" class="" href="https://www.businessinsider.com/kursk-ukraine-exploited-russias-dysfunctional-military-command-2024-8">complex military structures</a>, a lack of <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-general-disbanded-group-meant-protect-kursk-border-ukraine-report-2024-8">contingency plans,</a> and <a target="_blank" class="" href="https://www.businessinsider.com/russia-messy-response-ukraine-kursk-shows-weaknesses-still-plaguing-army-2024-8">poor command and control</a>.According to Mark Cancian, a retired US Marine Corps colonel and defense strategy expert at the Center for Strategic and International Studies, what Ukraine has done is show that it can shift to the attack.This is important "after eight months on the defensive and last year's failed counteroffensive," he told BI.However, "Ukraine is still in a precarious military situation," he said.<h2 id="1b65cfc1-284e-4507-958e-8f9afadf0397">Creating a winning strategy</h2>According to an <a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-september-3-2024">update</a> from the Institute for the Study of War, the Kursk incursion has likely failed to change Putin's strategic thinking.Putin still believes Russia can slowly and indefinitely take over Ukraine through grinding advances and accomplish its objectives by fighting a war of attrition and outlasting Western support, it said. Ukraine's emphasis on regaining territory and reluctance to mobilize more soldiers may have complicated its defenses.Ukraine, meanwhile, is hoping its incursion will help it to achieve victory.During a <a target="_blank" rel=" nofollow" href="https://www.youtube.com/watch?v=pfYXPOVCuWM">press conference</a> in Kyiv last month, Zelenskyy said Kursk was the first step in a four-part plan for victory, which he would present to President Joe Biden this month.The other steps include Ukraine's strategic place in the world's security infrastructure and a powerful package of diplomatic and economic pressures on Russia to end the war, per <a target="_blank" class="" href="https://edition.cnn.com/2024/08/27/americas/ukraine-zelensky-victory-plan-biden-unga-intl-latam/index.html">CNN</a>.Ukrainian officials seem focused on retaining the territory they hold and threatening more, which could affect the war's course or negotiations for its end. However, it's increasingly possible that the battle for Kursk fails to alter the difficult battle for the Donbas.Ukraine is "losing territory and may suffer a breakthrough," Benjamin Friedman, policy director at the Defense Priorities think tank, told BI."They need manpower most of all," he added.The Kursk offensive "has shifted the formerly gloomy narrative, at least for the moment, about the negative trajectory of the war," wrote Michael Kofman, a senior fellow at the Carnegie Endowment for International Peace, and Rob Lee, a senior policy fellow at the Foreign Policy Research Institute, in <a target="_blank" class="" href="https://www.foreignaffairs.com/ukraine/ukraines-gamble">Foreign Affairs</a> last week.But they added: "But Kyiv must decide what to make of its initial win.""Kyiv will have to choose whether to hold what it has or to invest more scarce resources into the operation in an effort to force a much larger Russian effort to counter it," they wrote.However, this comes with risks, they said.In the worst-case scenario, this could mean losing substantial areas of land in its east and not holding territory in Kursk that could be used as leverage in peace negotiations.Ultimately, Ukraine may have to make some big decisions about its available resources.Prakash, the founder of The Geopolitical Business, Inc., asked, pointedly, what the next steps are for Kyiv, "because what happens if Ukrainian forces in Kursk are pushed back, and what happens if Russia starts making a big push in eastern Ukraine?"

Ukraine started this year on the brink of disaster. A lot has changed since.

As the Olympic Games draw to a close, the spotlight not only shines on the athletes competing for glory but also on the transformative role <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> has played in shaping modern <keyword id="20010841" type="General" weightage="20" keywordseo="sports" source="keywords">sports</keyword> and <keyword id="22746553" type="General" weightage="20" keywordseo="training-methodologies" source="keywords">training methodologies</keyword>. Over the past few years, <keyword id="20142309" type="General" weightage="20" keywordseo="innovations" source="keywords">innovations</keyword> such as <keyword id="20624226" type="General" weightage="20" keywordseo="wearable-devices" source="keywords">wearable devices</keyword>, <keyword id="22746554" type="General" weightage="20" keywordseo="performance-analytics" source="keywords">performance analytics</keyword>, and <keyword id="19948295" type="General" weightage="20" keywordseo="virtual-reality" source="keywords">virtual reality</keyword> have revolutionised how athletes prepare for competition, enhancing their training regimens and optimising performance. The intersection of sports and technology is dramatically altering the landscape. From advanced sensors that track physiological metrics to smart equipment that provide real-time feedback, technology has become an integral part of an athlete's toolkit. "Technology fits like a glove in the macro fabric of the modern-day ecosystem of sports performance analysis. It empowers young athletes and coaches by democratising access to pro-level analysis and tools, which helps nurture grassroots talent and instill a sense of competitiveness by providing insights that were traditionally available only to top-tier athletes," said Sudeep Kulkarni, founder and CEO, Game Theory. The sports industry is increasingly leveraging the power of <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) to transform the way performance is analysed and outcomes are predicted, he said. Athletes can practice against virtual opponents and mimic game circumstances using augmented reality (AR), which aids in developing rapid decision-making under pressure. Stupa Sports Analytics, a sports technology firm based out of Gurugram, recently provided analytics support to the Indian table tennis team at a preparatory camp for the Paris Olympics, which included performance analytics, rally analysis, and AI insights for both players and coaches. "The data helped in articulating strategies to play against the world's best players. Prominent players like Sharath Kamal, Harmeet Desai, Manav Thakker, Manika Batra, Archana Kamath, and Sreeja Akula benefited from these insights, enhancing their preparation and performance," said Megha Gambhir, CEO and co-founder, Stupa Sports Analytics. Augmented Reality (AR) is also enhancing the spectator experience. AR solutions allow fans to access additional information about players and stats during live events. A report from the Capgemini Research Institute revealed that nearly 70 per cent of respondents surveyed (10,000) said that emerging technologies have enhanced their overall viewing experience, both inside and outside the stadium. Emerging technologies are undeniably the future of sports, and at the forefront of this golden era are tech startups. The integration of technology in sports through startups is reshaping how athletes train, compete, and engage with fans. These startups are driving innovation and setting new standards in the sports industry. Founder and general partner at Centre Court Capital, a gaming and sports tech VC, Mustafa Ghouse said sports tech startups are increasingly becoming target sectors for venture capital due to the vast potential for innovation and growth in the sector. "In India, the interest is becoming more pronounced, particularly in niche areas of sports technology. In the last three years, India saw investments of USD 1.2 billion in sports tech. India is also the 3rd largest funded country in sports tech after the US between 2018 through 2022 followed by China," he said. Indian sports tech startups are starting to attract attention from global investors alongside domestic investors, Ghouse added. "The increasing allocation of media rights and the surge in digital consumption of sports content are driving demand for advanced tech requirements. This, coupled with the proliferation of smart devices and internet connectivity, sets a fertile ground for sports tech startups to flourish and draw substantial investment," he said.

Tech innovations, AI changing the game for modern sports, training methodologies

<ul class="summary-list"><li>The climate crisis is affecting business across industries, and the art market is no exception.</li><li>Art investors, collectors, and curators can take steps to build more sustainable portfolios.</li></ul>In an era when the climate crisis is <a target="_blank" class="" href="https://www.businessinsider.com/extreme-weather-biggest-concern-business-leaders-politicians-world-economic-forum-2024-1">redefining</a> business across industries worldwide, the art market is also faced with the need to adapt to the effects of <a target="_blank" class="" href="https://www.businessinsider.com/worlds-largest-carbon-removal-plant-iceland-climeworks-2024-5">rising emissions</a>.<a target="_blank" class="" href="https://www.businessinsider.com/climate-change-migration-where-moved-escape-natural-disasters-extreme-weather">Extreme weather events</a>, <a target="_blank" class="" href="https://www.businessinsider.com/more-expensive-cool-home-this-summer-extreme-heat-energy-bills-2024-6">temperature fluctuations</a>, and pollution are no longer abstract concerns but tangible threats to the longevity of art collections. Pollutants such as sulfur dioxide and nitrogen oxides, produced from fossil fuel combustion, can <a target="_blank" href="https://www.jstor.org/stable/1506270">cause pigments to degrade more rapidly</a> than in controlled environments. This could reduce both the lifespan and the <a target="_blank" href="https://www.theeditgallery.com/blog/7-factors-that-determine-the-commercial-value-of-art/">value</a> of artworks.As a result, some investors, collectors, and gallery curators in the art market are placing emphasis on environmental responsibility when assembling their portfolios — part of a practice called "<a target="_blank" class="" href="https://www.businessinsider.com/companies-still-doing-esg-work-despite-politics-criticism-2023-11">impact investing</a>."Hauser &amp; Wirth, a gallery at the forefront of this movement, has set a new precedent for major galleries by <a target="_blank" href="https://www.hauserwirth.com/sustainability/">committing to reduce at least 50%</a> of its greenhouse-gas emissions by 2030 by adopting <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">renewable energy</a>, reducing freight travel, and <a target="_blank" href="https://www.hauserwirth.com/resources/36036-industry-collaboration/">collaborating</a> with climate-conscious artists who promote sustainable practices in the industry. The gallery's approach exemplifies how investors in the art world can adapt to and mitigate the effects of the climate crisis when curating their collections.From investing in artists who also prioritize environmental awareness to adopting renewable energy in art facilities, here are four green strategies for building a low-carbon art portfolio.<h2 id="eb55b99a-543e-4bfe-98c5-a5aa201f34dd">Invest in artists who promote environmental awareness</h2>Some artworks that tackle environmental themes have been <a target="_blank" href="https://www.christies.com/about-us/press-archive/details?PressReleaseID=10156">rising in market value</a>, as more collectors and galleries recognize the growing importance of backing artists whose work resonates with the <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-climate-jobs-skills-gap-linkedin-2024-6">climate priorities</a> of younger generations.The value of art is often linked with its cultural relevance — aligning a portfolio with social-impact initiatives can elevate its worth by tackling current issues.For instance, <a target="_blank" href="https://www.bohnettfoundation.org/david-bohnett-bio/">David Bohnett</a>, a philanthropist and tech entrepreneur, is known for his contemporary art collection focused on social justice and sustainable art. His collection features notable figures like <a target="_blank" href="https://www.haring.com">Keith Haring</a>, an artist who championed LGBTQ+ rights, and <a target="_blank" href="https://www.instagram.com/robbieconal/?hl=en">Robbie Conal</a>, known for his street art critiquing societal and environmental injustices. Bohnett's portfolio, estimated to be worth <a target="_blank" href="https://labusinessjournal.com/news/weekly-news/former-internet-executive-social-causes-technology/">$300 million,</a> reflects a broader trend in which a growing demand for civic art, especially in niche markets, can drive value appreciation.<h2 id="c0c53a51-5816-44cd-a0ba-94f9de2cf87b">Reduce carbon emissions in transportation</h2>From public exhibits to private collections, the global transportation of art can significantly increase the carbon footprints of galleries, collectors, and investors — especially when air travel is involved.Our World in Data found that air travel is one of the <a target="_blank" href="https://ourworldindata.org/global-aviation-emissions">most carbon-intensive shipping methods.</a> Exploring transportation alternatives offers collectors an opportunity to make a substantial impact.The art collector <a target="_blank" href="https://affiliate.insider.com?h=92e88559d49ece5eda2f8562277f4b94f913cc23f9e8a016a985b0ef95f48097&amp;postID=66e3163c78044123bec3af96&amp;postSlug=art-investors-collectors-gallery-curators-build-sustainable-climate-portfolio-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.sothebys.com%2Fen%2Farticles%2Feco-revolution">Sibylle Rochat</a> opts for consolidated land transport that combines multiple shipments into one vehicle and sea freights that use fuel-efficient ships for long distances, both of which can significantly <a target="_blank" href="https://www.freightos.com/freight-resources/air-sea-freight-co2-emissions-calculator/#:~:text=How%20Much%20CO%E2%82%82%20Does%20A,ton%20per%20kilometer%20of%20transportation.">reduce</a> carbon emissions.<h2 id="474b1606-7596-45e5-9875-3a6bdb4ce3e9">Transition to renewable energy for art facilities</h2>Art storage facilities are designed to maintain optimal conditions for artworks, ensuring appropriate temperature, humidity, and lighting to prevent deterioration or damage.These sites traditionally rely on energy-intensive climate-control systems powered by fossil fuels. By transitioning to renewable energy sources like <a target="_blank" class="" href="https://www.businessinsider.com/fastest-growing-career-wind-technicians-job-salary-us-2024-6">wind</a> and <a target="_blank" class="" href="https://www.businessinsider.com/solar-careers-in-demand-workforce-shortage-2024-7">solar</a>, upgrading climate-control systems for greater energy efficiency, and adopting LED lighting that can cut energy <a target="_blank" href="https://www.energy.gov/energysaver/led-lighting">consumption by up to 75%</a>, collectors and gallery curators can reduce the environmental impact of their art storage.The art collector <a target="_blank" href="https://www.theartnewspaper.com/2020/05/29/the-green-debate-how-can-the-international-art-market-recover-sustainably">Patrizia Sandretto Re Rebaudengo</a> is known for her philanthropic work in the arts and sustainability. She plans to transform the small Italian island of San Giacomo into an art center with galleries, performances, and educational programming. The island is set to open to the public in 2026 and will be <a target="_blank" class="" href="https://affiliate.insider.com?h=2076c8cb19f6cc35f23092635f451d8381d45772c637e5fbd05ed2e083ce1cfd&amp;postID=66e3163c78044123bec3af96&amp;postSlug=art-investors-collectors-gallery-curators-build-sustainable-climate-portfolio-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.sothebys.com%2Fen%2Farticles%2Fgulls-gunpowder-and-avant-garde-art-patrizia-sandretto-re-rebaudengos-venetian-dream">fully powered by green energy</a>, Sandretto Re Rebaudengo said.<div type="image" title="Patrizia Sandretto Re Rebaudengo standing in front of a red tree sculpture with ornaments hanging from the branches." height="683" width="1024" msid="113607066" hostid="261" sizebytes="42906"></div><h2 id="974da666-4871-4b46-9045-bbd114022b5f">Go digital</h2>The international art circuit consists of global <a target="_blank" class="" href="https://www.businessinsider.com/art-basel-unlimited-switzerland-curator-shares-how-exhibit-comes-together-2024-6">exhibitions</a>, events, and art auctions. It has long relied on extensive travel and foot traffic that can increase the industry's carbon footprint.As digital platforms gain widespread adoption, online exhibits present a cost-effective way to diversify investments while reducing transportation and storage needs.The COVID-19 pandemic prompted galleries like <a target="_blank" href="https://deitch.com/archive/deitch-projects">Deitch Projects</a> to adopt digital showcases and <a target="_blank" href="https://www.nytimes.com/2020/04/23/arts/design/los-angeles-galleries-coronavirus.html">online viewing rooms</a>, reducing international travel and reshaping art acquisition practices. The <a target="_blank" href="https://www.stephenfriedman.com/viewing-room/">Stephen Friedman Gallery</a> is hosting five online viewing room showcases throughout 2024, bringing in-person exhibitions directly to screens at home.Collectors, gallery curators, and investors play a crucial role in shaping a sustainable future. The assembly of portfolios that prioritize environmental responsibility actively contributes to a greener legacy that will inspire future generations to take action and stand as a testament to art's power to shape a better world.From supporting artists who promote environmental awareness to reducing carbon footprints in operations and embracing digital platforms, collectors, gallery curators, and investors are preserving art and its legacy in their fight to curb the climate crisis.

I'm an artist calling for change in the climate-crisis fight. Here are 4 ways art investors can build greener portfolios.

<ul class="summary-list"><li>Ukraine's F-16 pilots have had to get up to speed on a different fighter jet quickly.</li><li>Their training isn't just to teach them to fly a new plane but also to break them of habits from their days flying Soviet jets.</li></ul>Ukraine's <a target="_blank" class="" href="https://www.businessinsider.com/ukraines-f16-jets-shot-down-missiles-during-massive-russian-strike-2024-8">F-16 pilots</a> have had to dramatically change the way they fly in a very short period of time <a target="_blank" class="" href="https://www.businessinsider.com/how-ukraine-could-get-air-superiority-use-f-16s-experts-2024-7">in order to fight Russia</a>, and it's a tremendous challenge for pilots when they are under pressure, an air warfare expert told Business Insider.Michael Bohnert, an air warfare expert at the RAND Corporation, told BI that the big changes Ukrainian pilots have had to make so quickly make it difficult for them to overcome old habits and muscle memory in a crisis.Ukrainian pilots were given roughly nine months of training in the US and some European countries, while most Western pilots are given three years to learn the jets, <a target="_blank" class="" href="https://apnews.com/article/russia-ukraine-war-f16s-what-to-know-224d96ff2ad4f416d3969676a55876e2">according to The Associated Press</a>.And more broadly, Ukraine's air force is having to rapidly undergo a wider transition that its international partners took significantly longer to do. Across the board, Ukraine's military has had to adapt to new weapons and fighting styles on wild timelines, and the results have been mixed. It's far from an easy task, and in a fight, it is easiest to revert to what you know best.Before the <a target="_blank" class="" href="https://www.businessinsider.com/missiles-on-ukraines-f-16s-hint-at-missions-against-russia-2024-8">F-16s first arrived in Ukraine in August,</a> the country's fighter fleet consisted only of much older, Soviet-era aircraft. Those older jets have hydraulic systems, while F-16 jets are fly-by-wire, which means computers process the input by pilots."What it means is that F-16S are not just more maneuverable, they're more responsive," Bohnert said."And transitioning pilots from the older to the newer is a problem because you can teach someone to fly a plane in six months to a year. But to teach them that muscle memory to know what to do when something goes wrong takes four or five, six, takes many more years," Bohnert said.<div type="image" title="Ukrainian President Volodymyr Zelenskyi in front of the first F-16 fighter jets received by Ukraine on August 4, 2024." height="2509" width="3763" msid="113940845" hostid="261" sizebytes="260716"></div>He said that it is difficult for pilots to retrain on such radically different jet types because "if something's going wrong, your muscle memory reverts back to something that's older."He said it's something that can be overcome with more and more time on simulators — but Ukraine's military does not have much time to spare.<h2 id="2f637335-59d6-4a6f-ba63-aa0624fee40f">A challenging task for Ukraine's pilots</h2>Ukrainian pilots have praised the combat power of their new F-16s compared to the older jets but have also noted how big a transition they have been.A Ukrainian pilot with the call sign "Moonfish" earlier this year called it "a really awesome jet to fly" that was easier to fly. They <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-danish-f-16s-summer-russia-2024-2">compared the change to upgrading</a> from a basic phone "like a Nokia, straight to an iPhone, without all those steps in between."Tom Richter, a former US Marine pilot who flew F-16s for the National Guard, called the jet "a sensitive beast" compared to Ukraine's Soviet-era aircraft in an interview with <a target="_blank" rel=" nofollow" href="https://www.politico.eu/article/ukraine-f-16-fighter-jets-war-russia-base-runway/">Politico</a>.The reality that Ukrainian pilots are new to F-16s was acknowledged by Gen. James Hecker, commander of US Air Forces in Europe and NATO Allied Air Command, in September, when he said <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-isnt-flying-most-dangerous-missions-f-16s-us-general-2024-9">Ukraine was not using the jets for the riskiest types of missions</a> as "the pilots are new to it."<div type="image" title="A Ukrainian air force F-16 fighter jet banking across grey skies." height="1933" width="3000" msid="113940844" hostid="261" sizebytes="244994"></div>The transition to F-16s and the integration of these weapons into the combat operations of the Ukrainian military <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-air-force-f-16-fighter-jets-western-soviet-warfare-2024-7">require Ukraine to overhaul decades of Soviet doctrine and training</a>, two American air warfare experts said in July."Old habits die hard. They must be willing to embrace new concepts and training — as well as a willingness to 'rewrite the books' on military employment," <a target="_blank" class="" href="https://mitchellaerospacepower.org/the-significance-of-air-superiority-the-ukraine-russia-war/">wrote</a> the Mitchell Institute's David Deptula and Christopher Bowie in a report this past summer.Changes in militaries don't usually happen overnight. The transition to fly-by-wire aircraft took years for Western air forces and, Bohnert said, "there were still accidents and unhappiness." The Ukrainians do not have that kind of time, though, and are under much greater pressure to adapt much faster.And Ukrainian pilots have risen to that great challenge. An internal US Air Force assessment from last year said that two Ukrainian pilots proved they could complete the training for the F-16 in just four months — more than four times faster than what the Pentagon had predicted.But as former US military pilots <a target="_blank" class="" href="https://www.businessinsider.com/f-16-to-ukraine-most-dangerous-battlefield-2024-4">warned</a> in interviews with BI in April, the contested skies above Ukraine will be the most dangerous battlefield that F-16s have ever faced.Though causes remain unknown, Bohnert said inexperience on the new fighter jet might have been a factor when <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-faces-questions-f16-downed-friendly-fire-patriot-missile-2024-9">an F-16 crashed</a> in August while defending against a Russian attack. In that fatal incident, both the jet and Ukrainian Air Force pilot Oleksiy Mes were lost.<div type="image" title="A service member carries a Ukrainian flag at a memorial event for a downed F-16 pilot as hundreds kneel nearby." height="1436" width="1918" msid="113940662" hostid="261" sizebytes="138778"></div>The loss could have also been the result of a mechanical failure on the aging aircraft, or friendly fire could have caused it as Ukraine works to get all of its combat systems, a hodgepodge of equipment, working smoothly together. Ukraine has not given a reason for the loss, but the investigation considered these possibilities.<h2 id="6cbae3fe-6082-4a49-869e-c642b9a15728">Ukraine's F-16s are limited</h2>Air warfare experts previously told BI that the F-16s are not likely to be major game changers but will help Ukraine replenish lost aircraft, protect cities and other targets, and potentially allow Ukraine to launch new raids in the air.The jets Ukraine is receiving, though a capability jump over its Soviet-era planes, are older F-16s without some of the newer upgrades. Bohnert described the fighters as "older airframes with not a lot of life left," though he said that "doesn't mean they're bad." Still, they're not a match, though, for Russia's better jets or its formidable air defenses.A bigger problem is that Ukraine was not given enough of the jets to use them like the West does and make a substantial difference.Denmark, Norway, Belgium, and the Netherlands have pledged more than 85 F-16s to Ukraine. Only a handful were delivered in August. Roughly 20 of the fighters are expected to be delivered to Ukraine by the end of this year.<div type="image" title="Two F-16 fighter jets flying side-by-side against blue skies." height="1201" width="1801" msid="113940843" hostid="261" sizebytes="41698"></div>Ukrainian President Volodymyr Zelenskyy, who said in July that his country <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-faces-same-problem-with-f16s-as-abrams-tanks-zelenskyy-2024-7">wasn't getting enough new jets</a>, said last month that there are plans to increase Ukraine's number of jets and trained pilots. But he offered no details.Partners have hamstrung Ukraine <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/ukraine-f16s-less-effective-russia-defenses-missiles-cant-strike-experts-2024-9">in how it uses Western weapons</a>, and those limitations could potentially prevent it from leveraging the F-16's capabilities in the way it might without restrictions. But limited airframes and trained pilots are big issues.Not enough pilots are being trained for the jets Ukraine was promised, <a target="_blank" class="" href="https://www.politico.com/news/2024/06/05/ukraine-f-16-pilot-training-00161742">Politico</a> reported in June. The outlet reported that partner nations had fewer training spots than Ukraine does jets and pilots ready to be trained. The delays in getting this program spun up have been detrimental.Ukraine began asking for F-16s shortly after Russia invaded over two and a half years ago. But the US, which has to give permission for the jets it manufactured to be donated even by other countries, was long reluctant.Keir Giles, a senior consulting fellow at Chatham House's Russia and Eurasia Programme, said last this month that the delay in meeting Ukraine's demands meant "Russia has been given ample time to plan for the appearance of Ukraine's new aircraft type and adapt to it."Ukraine, on the other hand, is still setting up its new F-16 program and trying to resolve issues with pilot training and integrating the jets into Ukraine's military.Michael Clarke, a Russia and Ukraine expert and a British national security advisor, told BI this summer that "if the West donated F-16s a year earlier, then most of these problems would be solved by now."And he also said that if more planes aren't on the table, then, "in terms of defending Ukrainian airspace and being able to deal all the way across the front with Russia's numbers, the F-16s are a long way from being able to do that."The challenges, limitations, and restrictions aside, air warfare experts still say the jets are a positive for Ukraine.Retired US Army Maj. Gen. Gordon 'Skip' Davis, who was NATO's deputy assistant secretary-general for its Defense Investment Division, told BI Ukraine's F-16s "are making a difference now" and more arriving "will help them make more of a difference."

Ukrainian F-16 fighter pilots have had to dramatically change the way they fly after long flying Soviet jets, and it's a lot to overcome

<ul class="summary-list"><li>Global warming and extreme heat will drive inflation higher, a new study says.</li><li>In the next decade, climate change could bump up food inflation by as much as 3.23% per year and headline inflation by as much as 1.18%.</li></ul>Climate change is turning up the heat on inflation.According to a new <a href="https://affiliate.insider.com?h=c073b0d8998961eebaa1b62e11bd34797c6d36067545222e939b069dc87c9f03&amp;postID=66018e91669ae113e1bf2c1d&amp;postSlug=climate-change-global-warming-extreme-heat-inflation-global-economy-impact-2024-3&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs43247-023-01173-x">study</a> published in the journal Communications Earth &amp; Environment, the effects of global warming and extreme heat are expected to create persistent increases in headline and food inflation."We find that the temperature conditions projected for 2035 under future warming imply upwards inflationary pressures across all of the world," the researchers from the Potsdam Institute for Climate Impact Research and European Central Bank wrote.That could bump up food inflation by as much as 3.23% a year on average globally, and push headline inflation up by as much as 1.18% in the coming decade. "Beyond 2035 the magnitude of estimated pressures on inflation diverges strongly across emission scenarios, suggesting that decisive mitigation of greenhouse gases could substantially reduce them," they wrote.Climate change has already begun <a href="https://markets.businessinsider.com/news/stocks/heatwaves-climate-change-global-warming-mega-shock-economy-market-outlook-2023-7">affecting parts of the economy</a>, driving up the <a href="https://www.businessinsider.com/housing-market-higher-home-prices-climate-change-air-quality-impact-2024-2">cost of housing</a> in high-climate-risk areas and stoking severe supply shortages in food commodities across the globe, from <a href="https://markets.businessinsider.com/news/commodities/europe-olive-oil-shortage-extreme-weather-heatwaves-prices-harvests-2023-9">olive oil</a> to <a href="https://markets.businessinsider.com/news/commodities/chocolate-west-africa-cocoa-beans-supply-crunch-prices-suppliers-commodities-2024-2">cocoa</a>.Food is likely to be the largest component of inflation to be impacted, the researchers wrote. The inflationary impact would be lopsided, too, with the largest pressures on countries in Africa and South America.Those pressures could be curbed with the right policy approach, but the researchers also warned that if emissions are not reduced, it means the inflationary impacts will only worsen."Under a best-case emission scenario, exogenous pressures on inflation are only marginally larger in 2060 than in 2035, but a worst-case emission scenario would cause pressures on food inflation exceeding 4% [per year] across large parts of the world," they said.

Climate change and extreme heat will drive inflation higher, study says

<ul class="summary-list"><li>WeWork warned Tuesday that it had "substantial doubt" about its ability to keep operating.</li><li>The company reported a loss and a decline in memberships in its second-quarter earnings.</li></ul>Co-working company WeWork is apparently in troubled waters. In its second quarter earnings <a href="https://investors.wework.com/news-and-events/press-releases/financial-releases-details/2023/WeWork-Reports-Second-Quarter-2023-Results/default.aspx" target="_blank" rel="noopener">report</a> on Tuesday, the company said there's "substantial doubt" about its ability to keep going as a business. The company issued what's known as a "going-concern" warning. Publicly traded companies typically issue these when they're worried, broadly speaking, that they don't have the money to pay their bills over the next year, an S&amp;P Global report on the topic <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/deep-dive-going-concern-warnings-8211-no-longer-just-for-auditors-59431004" target="_blank" rel="noopener">explains</a>.As for WeWork, its statement pointed to "losses and projected cash needs, combined with increased member churn and current liquidity levels."The company's stock tanked nearly 25% in after-hours trade following the release. (It closed normal-hours trade at just 21 cents — down more than 95% over the past year.)Still, WeWork said in a statement to Insider that it's confident it can execute on a turnaround plan."Although we have more work to do, the talent and energy of the WeWork team is extraordinary and we are resolutely focused on delivering for our members for the long term," David Tolley, the company's interim CEO, said in a statement. "The company's transformation continues at pace, with a laser focus on member retention and growth, doubling down on our real estate portfolio optimization efforts, and maintaining a disciplined approach to reducing operating costs."He pointed to what he called "excess supply" in commercial real estate, along with increased competition when it comes to offering flexible work space, as challenges for the business that led to higher member turnover and softer-than-expected demand. The company also reported a decline in memberships.The warning doesn't mean anything immediately changes for WeWork customers. "We are confident in our ability to meet the evolving workplace needs of businesses of all sizes across sectors and geographies, and our long term company vision remains unchanged," Tolley said.WeWork reported a net loss of $397 million on consolidated revenue of $844 million for the quarter.It also outlined a plan for the coming year that it said will include reducing rental costs, raising capital, and increasing revenue by improving sales and reducing the number of canceled memberships. WeWork's warning of its uncertain future comes after several months of tumult. In May, the company saw the departure of its CEO, Sandeep Mathrani, <a href="https://www.businessinsider.com/wework-to-name-sandeep-mathrani-as-ceo-according-to-report-2020-2">who stepped into the role in 2020</a>.In April, the company was asked to issue a press release <a href="https://www.businessinsider.com/wework-startup-failure-benchmark-insight-partners-venture-capitalists-learned-nothing-2023-4">saying it was in danger of being delisted from the NYSE</a> because its stock had been trading at less than $1 per share for too long.And in March, the company struck a deal with some of its creditors, including Softbank, to cut its debt by $1.5 billion, <a href="https://www.bloomberg.com/news/articles/2023-03-16/wework-said-to-near-deal-for-capital-injection-debt-conversion" target="_blank" rel="noopener">according</a> to Bloomberg.

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Ukraine started this year on the brink of disaster. A lot has changed since.

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I'm an artist calling for change in the climate-crisis fight. Here are 4 ways art investors can build greener portfolios.

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Ukrainian F-16 fighter pilots have had to dramatically change the way they fly after long flying Soviet jets, and it's a lot to overcome

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