Chevron has agreed to buy oil and gas company Hess Corporation in a $53 billion deal as the consolidation of the US energy sector continues. The move comes as developed countries try to reduce their reliance on fossil fuels. In other news, the OECD has reported that international migration to wealthy countries hit a record high last year, driven by humanitarian crises and demand for workers. The number of new permanent migrants to its 38 member countries increased by 26% compared to 2021 and 14% compared to 2019. Meanwhile, an open letter signed by over 130 global businesses is urging world leaders to agree on a timeline to phase out fossil fuels at next month’s COP28 climate summit. However, there is disagreement on this issue, both at the upcoming summit and within the European Union. The UK is working on a new plan for advanced manufacturing to compete in the global green technology market.
Finally, Toyota has announced it will soon be able to produce next-generation solid-state batteries for electric vehicles at the same rate as existing batteries, which could be a game-changer for the EV industry.
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