The past year has witnessed millions die in a pandemic, a global economic downturn and political ferment fueled by extremists. But none of those things mean the biggest antagonist of the planet’s inhabitants slowed its pace. In fact, human-induced warming of the earth (and its catastrophic consequences) has quickened its step. The climate crisis is causing oceans to rise more quickly than even the most pessimistic forecasts, resulting in earlier flood risks to coastal populations already struggling to adapt. Insured property worth trillions of dollars could face even greater danger from superstorms and tidal surges. But the biggest economies are failing to meet climate goals that are already outdated. New research suggests they must now set the bar still higher if humanity is to avoid the very worst. —David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America.

Here are today’s top stories

Amazon Chief Executive Officer Jeff Bezos, the world’s richest person, will step down from his post in the third quarter of 2021 and be replaced by Andy Jassy, head of the company’s cloud computing unit. Bezos, Amazon’s driving force since its founding, will become executive chairman.

“If provoking an insurrectionary riot against a Joint Session of Congress after losing an election is not an impeachable offense, it is hard to imagine what would be.” This, in a nutshell, is the case the House of Representatives presented to the Senate on Tuesday in the second impeachment trial of Donald Trump. The Republican is accused of inciting the deadly Jan. 6 attack on the Capitol by his followers, which included groups of white supremacists and QAnon adherents, in which a police officer was killed. The House prosecutors concluded their brief by saying that, because Trump refused to accept the results of a free and fair election, “the Capitol was defiled. The line of succession was imperiled. America’s global reputation was damaged. For the first time in history, the transfer of presidential power was interrupted.”

A memorial in Washington D.C. honoring Capitol Police Officer Brian Sicknick. He was killed on Jan. 6 as followers of Donald Trump attacked Congress while it was confirming President Joe Biden’s election.

Photographer: Eric Lee/Bloomberg

The U.S. Centers for Disease Control may recommend wearing two masks—one over the other—to protect against the growing number of more easily transmitted coronavirus variants. The Biden administration plans to start giving vaccines to local pharmacies for distribution. Doctors Without Borders said Southern Africa is in dire need of vaccine doses, and called for more-equitable distribution of shots with health workers and people at highest risk given priority. More than half the residents in India’s capital New Delhi have had the virus and developed antibodies. Here is the latest on the pandemic.

China’s top diplomat warned the U.S. not to cross the country’s “red line,” in a pointed speech that pushed back against early moves by President Joe Biden to press Beijing on its human rights record. Yang Jiechi, who sits on the Communist Party’s 25-member Politburo, placed the onus on America to repair the damage it said was done Trump.

Sailors stand near fighter jets on the deck of the Chinese aircraft carrier Liaoning as it participates in a naval parade in 2019.

Photographer: Mark Schiefelbein/AFP

Google parent Alphabet reported quarterly sales that beat Wall Street estimates, buoyed by heavy digital advertising spending during the holiday shopping quarter. The shares jumped about 7% in extended trading.

The retail frenzy that hit markets last week has been a boon for trading apps. No matter if investors are buying or selling, online brokers are benefiting by taking a cut of each transaction. That’s making their founders rich, and very fast—especially at these Chinese firms.

The era of earning decent interest rates on savings may not return anytime soon as the global economy struggles to recover. Yet a new crop of financial products has emerged offering eye-popping annual rates as high as 12%. But there’s a catch.

What you’ll need to know tomorrow

What you’ll want to read in Bloomberg Hyperdrive

Airstream’s New Trailer Doubles as Your Office

As the pandemic grinds on, Airstream is turning its focus to white-collar workers. The luxury brand is unveiling yet another silver towable camper—one geared for the work-from-home crowd. Two of the three beds on the so-called Flying Cloud 30FB Office will convert to desks, allowing owners to sleep where they work, just like they do now.

Photographer: Airstream

Photographer: Airstream

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