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The opening ceremony of the 2026 Winter Olympics commenced on February 6th in Milan, as the city simultaneously navigates a surge in global investment and escalating concerns over affordability. Originally spurred by Italy’s flat-tax policies, Milan is attracting international wealth, positioning itself as a competitor to established financial centers like London and Paris.

This influx of capital is reshaping Milan’s economic landscape, fostering a cosmopolitan atmosphere and expanding financial activity. However, the rapid growth is accompanied by a significant increase in property values and a rising cost of living, creating a complex challenge for city officials. The Olympic Games, intended to showcase Italy’s capabilities, are unfolding against this backdrop of economic transformation and social tension.

The 2026 Winter Olympics, officially known as Milano Cortina 2026, will run until February 22nd, encompassing events across Lombardy and Northeast Italy. A total of 2,871 athletes – 1,533 men and 1,338 women – are competing in 116 events across eight sports and sixteen disciplines. The opening ceremony was presided over by President Sergio Mattarella at the Stadio San Siro, with Deborah Compagnoni and Alberto Tomba carrying the Olympic flame in Milan, and Sofia Goggia performing the same duty in Cortina d’Ampezzo.

Recent competition highlights include Yuto Totsuka’s victory in the men’s snowboard halfpipe final, and Kazakhstan’s Mikhail Shaidorov’s unexpected gold medal win in skeleton. Team USA has advanced to the Olympic semifinals in men’s ice hockey after defeating Italy. The Games have also seen notable performances in biathlon, with Merkushyna setting the standard, and in cross-country skiing, where Maillet secured gold in the 10km sprint.

The closing ceremony is scheduled to take place at the Verona Arena. As the Games progress, the long-term impact of the economic boom on Milan’s social fabric remains uncertain. The city faces the task of balancing continued prosperity with the preservation of its unique character and ensuring accessibility for all residents.

MUNICH – California Governor Gavin Newsom used the world’s premier forum for international security discussions to highlight the state’s continued commitment to climate action, a move framed as a counterpoint to shifting U.S. Federal policy. Speaking at the Munich Security Conference on Saturday, Newsom presented California as a reliable partner in global climate efforts, even as President Donald Trump signals a potential withdrawal from the Paris Agreement.

“Even as Donald Trump continues to demonstrate that he is unstable and unreliable, California is leaning in on the partnerships that make California stronger, Americans safer, and our planet healthier,” Newsom said, according to a statement released by the California State Portal. “Growth and security depend on democratic values, credibility, and climate action. California delivers all three.”

Newsom’s presence at the conference, traditionally focused on geopolitical and military strategy, underscores a growing trend of subnational actors taking on a more prominent role in international diplomacy, particularly on climate change. The governor’s day included meetings with key European officials to discuss renewable technologies, carbon pricing mechanisms, and the transition to zero-emission vehicles.

He met with Lars Løkke Rasmussen, Denmark’s foreign minister, to build on a 2025 memorandum of understanding between California and Denmark focused on the green economy, digital safety, and innovation. Discussions with Germany’s federal minister for the environment, climate action, nature conservation and nuclear safety, Carsten Schneider, centered on renewable technologies and economic growth. Newsom also engaged with Wopke Hoekstra, the European commissioner for climate, net zero and clean growth, to discuss zero-emission vehicles and California’s Cap-and-Invest carbon pricing system.

During a panel discussion titled “Playing With Fire: The Need for Decisive Climate Action,” Newsom joined Ralph Regenvanu of Vanuatu, Lídia Pereira of the European Parliament, and Andrew Forrest, executive chairman of Fortescue, in a conversation moderated by Bloomberg’s Francine Lacqua. The discussion focused on climate finance, geopolitical instability, and the role of subnational actors in preserving international cooperation.

California officials emphasize that while the state cannot independently enter into international agreements, it can pursue policies aligned with the Paris Agreement’s goals and foster networks that complement federal diplomacy. The state co-founded the U.S. Climate Alliance in 2017, following the initial Trump administration withdrawal from the Paris Agreement, a coalition now encompassing 24 governors representing approximately 60 percent of the American economy.

Beyond the U.S. Climate Alliance, California has established a network of subnational climate cooperation, co-founding the Under2 Coalition, which includes over 270 governments committed to limiting global temperature rise to under 2 degrees Celsius. California also joined the Beyond Oil & Gas Alliance in 2021 and launched the Subnational Methane Action Coalition at COP28 in Dubai to address methane emissions.

These partnerships extend to Brazil, Denmark, Kenya, the Netherlands, Australia, British Columbia, and multiple Chinese provinces and municipalities, as well as collaborations with Baja California and Sonora in Mexico. These agreements, while not legally binding treaties, aim to shape regulatory standards, align markets, and provide policy stability for investors.

California points to its own emissions data as evidence of its commitment. Since 2000, the state’s greenhouse gas emissions have decreased by 21 percent while its gross domestic product has increased by 81 percent. In 2023, two-thirds of California’s electricity came from clean sources, and battery storage capacity has expanded to nearly 17,000 megawatts.

Despite these achievements, California’s climate diplomacy is constrained by constitutional limitations. States cannot negotiate trade deals or bind the nation to international accords. Critics also suggest that the symbolic value of these agreements may exceed their practical impact, with implementation dependent on domestic politics and funding.

The governor’s visit to Munich, however, served as a signal that American leadership on climate change may extend beyond the federal government, and that climate policy is increasingly intertwined with economic strategy and national security. Newsom’s trip reinforces his positioning as a global leader and presents California as a model for economic growth that is decoupled from rising emissions.