Global tourism is expected to end the year with USD 2 tn in foregone revenues thanks to covid-19, as the tourism industry has been the worst-hit by the pandemic, the UN’s tourism body said. While tourism income has rebounded from last year’s historic losses, international tourist arrivals are forecast to remain 70-75% below 2019 levels this year. The report warns that travel demand could be further affected by the uneven distribution of vaccines around the world, along with new strains (hello, Omicron) prompting travel restrictions. The economic contribution from international tourism in 2021 is estimated at USD 1.9 tn, far below the pre-pandemic value of USD 3.5 tn. Tap / click here to read the full UNWTO report (pdf).

Would you like a side of sustainability with that arms purchase? As socially conscious investors seeking ESG investing cut ties with or call for greater accountability of arms producers in the EU, executives at European defense companies fear being shunned in the investment world, reports the Financial Times. It’s hard to imagine weapons manufacturers having any sort of ESG credit to their name, but some investors want these companies to cut back on their carbon footprints, for example, or increase transparency in the production and sales of their goods. One of the bigger challenges on that front is the lack of clear ESG definitions, while some companies point to their industry as being critical for security, without which “we cannot have sustainability.”

Big Oil is under pressure to make meaningful climate pledges: ExxonMobil’s pledge to spend USD 15 bn on cutting greenhouse gas emissions by 20-30% by 2030 were immediately criticized for being “grossly inadequate” compared to more ambitious climate commitments by rivals in Europe, the Financial Times reports. Despite being the US oil supermajor’s most ambitious emission targets to date, they pale in comparison to BP and Royal Dutch Shell, for example, which have laid out strategies to totally eliminate emissions by 2050. Exxon’s new goals were announced yesterday amid a revamp of its environmental goals after the company recently lost board seats in a proxy battle with activist hedge fund Engine No 1.

Is this the most niche spot in the “ecosystem” ever to exist? Startups are cropping up to help car aficionados hang on to vintage cars while abiding by new auto regulations through EV retrofitting, reports Reuters. The industry, which has emerged over the past five years in the US and Europe, has only really picked up over the past two years with advances in battery technology and electric motors. While some startups buy classic cars and strip them down and rebuild them, others are using them as a gateway to enter the increasingly attractive EV market or to retrofit diesel cars already on the roads, with some startups selling conversion kits for popular diesel cars.

WTA suspends China tournaments over Peng Shuai case: The Women’s Tennis Association (WTA) has announced that it will suspend its tournaments in China and Hong Kong over Beijing’s handling of Chinese tennis player Peng Shuai’s [redacted] assault allegations, reports the Financial Times. Early last month, Peng accused a former high-ranking Chinese Communist party member of assault on social media platform Weibo and then disappeared from public view for weeks, prompting questions about her safety. A Chinese Communist Party newspaper later posted videos of her eating at a restaurant and attending a tennis match and the International Olympic Committee president later spoke with the athlete via video call, all of which did little to quell concerns. China hosts 10 of the WTA’s 50 annual tournaments and the 2022 marquee WTA Finals are due to be played in Shenzhen as part of a 10-year contract to host the event.