Good morning from the Financial Times. Today is Tuesday, August 3rd. This is your FT news briefing.

North American wildfires are doing damage to companies' carbon emission goals.

The goal of SACS is going to scale back on its gangbusters asset management business.

Plus, the airline industry is surging back after getting hit hard by the pandemic,

but are the good times here to stay.

One of the key questions really is going to be business travel. How much of those

fly-in fly-out trips are going to be replaced by virtual conferencing, which has worked so well

during the crisis, and obviously that will be a significant problem for airlines.

I'm Mark Filipino and here's the news you need to start your day.

When it comes to fighting climate change, forests are important. Not just because they absorb

carbon dioxide, but also because big corporations buy forests to offset their own emissions

to meet their net zero goals. But the recent wildfires in North America makes the reliability of

this approach questionable. Just take two forestry projects bought by Microsoft and BP that

recently set ablaze. The FT's Camilla Hodson says we might see more of this happen too.

This is something that people are really worried about. As climate change accelerates, wildfires

are likely to become more common and also more intense in certain parts of the world,

and that includes the west coast of the US, where quite a lot of offset projects are based.

The concern is that there'll be more forests that are burned, and that will mean that more

offsetting projects are impacted. So Camilla, have Microsoft and BP figured out what to do next?

No, I think it's quite early days still in terms of assessing the extent of the damage and what to

do about it. I think it's worth mentioning that offsetting projects will contribute a proportion

of the credits that they generate to something called a buffer pool, which kind of works like an

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