i'm craig melvin. thank you for watching. [theme music playing] ♪ welcome to "street signs," everybody, live from davos and laund. i'm mandy shipped over from australia along with carolyn rocket in the london studio. thanks for joining us today. let's take a look at the headlines. the spanish prime minister says a shift to the far right poses the biggest shift to europe in a critical election year, and following his own political challenges. >> not only that, but the advance of the far right, it is

something -- i would say the biggest concern for western democracies. the rates debate heating up with ecb policy maker saying any policy pivot this year will be measured despite widespread forecasts for a rut of cuts. >> we will stick to our guns we will stick to what we believe is the right path. we think we can do it. but there are risks out there. the u.s. launches fresh strikes on targets in yemen, and in an exclusive interview it's said america is the greatest cause of tensions in the middle east. >> president biden should not tie his fate to the destiny of aetna you. it's the root of insecurity in the region. mining stocks lower with

u.s. futures also in the red this is after china misses on fourth quarter gdp forecasts once again thank you so much for joining us here on cnbc's "street signs" live from davos ukrainian president yz volodymyr zelenskyy addressed the economic forum asking for more aid we spoke with the prime minister sanchez and he stressed european support for ukraine will not waver no matter how long the conflict lasts. >> we had a great year last year that is to say, we opened negotiations with ukraine, also moldova, in the future, georgia, and the western european union

and this is a political shift that in my opinion is very, very important. second, the political message we're sending to the europeans is we're going to back president zelenskyy and ukraine for as long as it takes, you know, this war. and finally i do believe there's a relation and a link between our political position in ukraine and what is happening in the middle east because if we defend an international order based on rules, this is -- this is the same position, the political position that we should or must have regarding the middle east. elsewhere polish president andrzej duda has also pledged to stay by ukraine, saying it's an issue of regional and global security steve asked him whether there needed to be a greater effort to back ukraine on the battlefield or beta diplomacy.

>> translator: we've always stood by ukraine from day one from the day before the russian invasion i literally left the city in the few hours before russia hit the city with missiles i embraced him and promised him i would support ukraine until the russians were driven out, and i continue the support poland as a nation supports and will continue to support the country. that goes for all politicians. this isn't just a question of regional security. it's global security it's about fundamental human decency. if someone's invaded by another country, by a superpower, it deserves our support because every nation has a right to live as an independent sovereign country, especially having been one already. so when the country is invaded, the basic response is to defend itself that's why i defend yukraine an

support ukraine. territory, population, military might, the heritage commands respect. we also send military aid. we were the first to send them 100 tanks. in total we've sent them more than 300 as well as a dozen or so of the newest leopard tanks we had in our arsenal. we also sent long distance hhs howitzers, and we hope ukraine continues to receive support until it can finally oust the russians from its territories. >> and yet huge support from poland, a lot of support from other western allies and yet russia seems implacable to a certain degree they still control 20% of the country. i spoke the other day and they say that will be no negotiations

with mr. pew tip but in order for this war not to last another two years or ten years, which is when the inv invasion started, surely they won't speak to the russians. they won't speak to them >> translator: it's hardly surprising ukrainian authorities won't speak to vladimir putin because they made it clear from the start, which i as polish president completely understand. the russians have to leave illegally occupied regions of ukraine. this is land they're occupying, they invaded unprovoked for no reason simply to gain new territory. they attacked an pin pen accident sovereign nation. i'm not surprised volodymyr zelenskyy and his team say clearly the end of the war will come when they drive out the russians from all of their occupied territories for me this is obvious today when i hear many countries have long-range missiles in their arsenals that can reach enemy targets, i thank them for

sending support to ukraine i they ukraine, france, and germany because their response is pair month. this war has to end fairly, that is, when ukraine is successful at defending itself. and we caught up with the swedish prime minister and asked whether we could see the country join the nato military alliance in the first quarter >> i hope so, and i think that it is reasonable sweden has fulfilled all of its commitments it undertook in madrid we have done everything that was expected of us we also know that once we arrive and we're rectified, we're very well members of nato we'll wring more safety to nato and sweden will be safer we'll bring well-equipped troops and forces to the table and we'll have capabilities when it

comes to cyber, ai, and also space, which will be very welcomed by nato. on a programming note, the president of fran. iiemmanuel macron will make a le speech later on tofrmtd do not miss that speech it's coming up at 1715 cte. let's move over to the other side of the world where we've got a raft of data it missed fourth quarter gdp estimates coming in at 5.2%, but it did hit its full year tar get of, quote, around 5% home prices fell the most, though, in nine years last month, while retail sales grew 7.4% but that also missed forecasts industrial productions surprised to the upside, and china also resumed reporting its youth unemployment rate, a politically sense active number. it fell from above 20% before the hiatus to below 50% in

december. so all this week we've been taking the polls of some of the key figures in the business world asking what they see on the horizon for that country, the world's second largest economy, china. >> ultimately what china needs are structural reforms to continue to open up the economy, to balance the growth model more toward domestic consumption, meaning create more confident people so they don't save, they spend more. >> try to accommodate the situation, but for the time being, not yet there's too much money that remains there. fiscal means won't help much because the debt level is pretty high, so china is not stumbling, but it is not walking straight as it was, yes. >> china is going through a major transition from old economy focus to new economy

focus. you see that in the property sector, which has been a disaster but you see some of the other heavy industries where chinese are effectively scaling back relative to the rest of the world, but with huge growth in the new economy. i mean those transitions, they've happened in every country that's gone through the development cycle. usually by a financial crisis. i would say in either of my home lands, the u.s. or uk, it's created financial stress, and chinese are determined to avoid financial stress. let's give you a quick update of the market action this morning. we are decidedly risk off today, very much taking our cues from the u.s., but primarily from the asian trading session as sentiment is being weighed down by the china data that you just alluded. to let me show you the indexes one by one the xetra dax is off by 1.2%

the ftse is down 1.5%. why? we got the inflation data this morning for the month of december and that came in a touch hotter than expected at 4% most importantly, we're still looking at core inflation at 5.1% services inflation, which is so important for the boe to watch still at 6.4%. so that is weighing on the sentiment when it comes to the uk investors elsewhere, the smi and switzerland holding up a little better, off by only 1%. let's move things on to the sectors here we're seeing once again indiscriminate selling in taerms of the relative outperformers, telco, a bit better. real estate and retail bearing the brunt of the loss. the loss by more than 2% yesterday we got the rio tinto update that wasn't too great. the china data was out too

i also want to show you what's happening when it comes to the u.s. futures we're expecting the negativity to continue. the s&p could fall the dow jones seen off by 153. the nasdaq could open lower beroughly 140 points u.s. stocks also ending the day lower yesterday. we got the mixed earnings from morgan stanley, goldman sachs. and u.s. retail sales will be on tap along with industrial production. let's get back to some corporate news out of the uk this morning bp has named murray okenclaus let's have a quick look at the shares this morning, off by 1.12%. why? the bases resource and pressure.

according to analysts from bernstein they say this is continuity he's been well respected one of the key architects of the new strategies mandy. >> thank you so much for that, carolyn. we'll catch you up later on in the show. coming up we'll be joined by siemens energy chairman of the board joe kaeser don't miss that interview coming up next. pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free shopify's point of sale system helps you sell at every stage of your

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"street signs" live from davos we asked key players so far this week where sustainability fits into their plans let's take a listen. >> it is about getting to perma anyonecy faster. it means you can in crease faster, but you get access to small new technology upbeat. if you have a permanent that's in your pipeline for seven to nine years, you get an iphone in front of you instead of the latest iphone 15.

the tension that's been in the agreement is who pays and particularly for developing countries, how do they allow their economies to develop in a way that's competitive and raises the standard of living, and that's different than what we see in the developing world where you've already got great wecht. >> it's not only for the planet, but for the people they're generating millions of jobs worldwide, so everybody's doing it i think now solar, wind are less expensive to generate with another kind of technology and another important thing. the world is aware about the need to be more energy self-sufficient. joe kaeser is the chairman of the board at siemens energy and joins me now on the podium at davos joe, thank you so much for stopping by. >> hi, mandy. >> let's talk macroand we'll get

more micro toward the end of the conversation i wantlet to start out with the inflation numbers that came out of germany the number was 3.8%. yes, it was as expected, but it was a big jump from 2.3% in november on top of that, we saw the german economy contract by 0.3%. are you concerned about a stagflationary environmental setting in in germany? what does it mean for you? >> if you compare month over month, quarter over quarter, i wouldn't be too concerned about inflation. i would be concerned about the mood we have in germany. people are in a downbeat mood. everybody's asking what's going to happen next, what's in it for me i think that's something we need to explain to people look, folks, the night is over, darkness before dawn look for opportunities, not so much about the issues. i have to say the government

needs to come to terms in a way to say this is what it's going to be in energy, in jobs, in economy, growth. today they talk about all kinds of legal issues and this and that the defense was agriculture right now. we need to go from defense to offense again. >> the world economic forum says we need a new economic model globally, less speed, more quality, more things like sustainability and inclusiveness. how would you rate germany on that front and where do you fit into that in terms of the green transition and the sustainability path ahead? >> first of all, i believe especially in germany, they need to look at the world as a market because no matter whether you con flact 1% or 3%, activity is up by 5% that means -- that's going to

grow so germany needs to be open to the world and look at what is the export model of tomorrow one of the things of ask export models of tomorrow can be sustainable solutions that can help bring down the world's emissions. germany needs to be a role model. i think it's good they want to cut their emissions in half by 2030, but the fact of the matter is it's only 1.8% of the global emissions. if you cut that in half, it's a big, big effort for germany and its industry making, policy making three, seven years from now, that 8% or 9% is going to be totally compensated by economic growth so it means germany needs to come up with solutions and economically feasible as a business model and then apply it in germany and export it to the world that's the model germany needs to follow or there's not going

to be much left, you know, for the economic wealth which germany has accumulated. as far as theycy, you're involved in all kinds of green economy and help countries reduce their carbon emissions. green hydrogen one thing you said this is an area that may not make any profit until about 2027, but you're still obviously banking on this as a way forward for the future >> i'm just talking about facts. >> mm-hmm. >> it says two things. first of all, green hydrogen, today, if you have to make it out of a scarce good, which is green electricity, with a more or less inefficient process in hydroizing, i mean, why would you do this if green energy is already a scarce good? we need to throw it out in places where electricity as an opportunity costs zero

that could be in deserts, areas where solar and wind is producing electricity, which is not being needed at the time so if your opportunity costs on the electricity is basically zero, you can make sort of a meaningful business case for green energy, but that's pretty much it. then you still would have the issue that typically we have the green hydrogens being produced is not the place that's been used so you have to transport it. for hydrogen to be transported, it's complicated we have several customers leading like saudi arabia or others which have been setting up the green hydrogen protection i really would like to do more, but nobody's buying that stuff and i said, well, let's work together maybe we can find panel

projects industrial feisable asible wille available right away. >> what about your business? any business involved in wind farms or creating the turbines themselves or setting up the projects say that rising costs, you know, from everything, from input costs to higher interest rates has made it really, really difficult, even in some cases leading to wind projects being stalled. when do you think the skies will clear for wind >> the skies will clear on wind when we are honest that we have an energy triangle which we cannot escape. and the energy triangle is about sustainable, affordable, and it is about security of supply. that's the triangle. whether you like it or not you cannot escape. you've got to have a position in there. to be sustainable, you have to do that at a cost.

you may need to have bridging technologies such as gas-fired turbines, which can also use hydrogen so we need to have more honesty about the cost of sustainability that's essentially what it is. we have 80% market share of the global offshore wind, so we know what you're doing and you know what the cost basically is to be really honest about it, if you want to be green, this is at a cost otherwise it has no profit pool of sustainable energy and nobody will profit. this is about being honest about the triangle, and then we have a lot of solutions and innovation power that can help. >> maybe the honesty is if there's no pain, there's no gain, right? >> i've been in my many, many years, 45 years in industry, the transformation, is if it doesn't

hurt, it's's not a not a good transformation. >> have you had enough of ai i've had enough of ai. thank you so much for coming in and speaking to us. u.s. secretary of state antony blinken is also in davos having completed his diplomatic tour around the middle east. speaking exclusively to our u.s. colleagues, he discussed israel's reaction to the hamas attack in october. >> what we're trying to do is make sure october 7th never happened again that should be the bar that should be the measure israel has made good progress in doing to hamas what needs to be done so it can't do october 7th again. that's what israel should be focused on that's what we are focused on. at the same time, we've said from day one, how israel does that matters vitale, and that's

especially true when it comes to civilian casualties. far too many innocent palestinians have been killed. and, of course, for those linking in gazaing they're in a very, very difficult dire situation. we're trying to get much more humanitarian assistance to them. >> the united states has launched a third round of strikes on targets in yemen linked to houthi militants they sejt four anti-missiles that the group had been prepared to launch tuesday. let's check in with dan. this is your wheelhouse. tell us more. >> indeed, mandy i spoke with iran's minister about a whole range pertinent to the financial market ts. chief among them were the attacks we saw on commercial ships on the red sea over the last two months that have undermined international trade and shipping and international

supply chains as well. the u.s. intelligence says iran was directly involved in the planning of those houthi attacks. so i pressed the foreign minister on whether or not indeed the houthis were responsible for this and what iran's involvement was, and here's how he responded. >> translator: in the developments in the region, we have always been on the positive side of the events in the past years practically it was iran that rushed to the aid of the people and the government of syria and iraq and helped them fight i.s.i.s., and regarding what is happening now in the red sea, attention must be paid to the origin and the root of the problem. we should not just look at one piece of the puzzle, namely the red sea. first of all, we believe the roots go back to the crimes and genocides in gaza. if they're stopped gnarly, the situation and the spread of war can be logically contained secondly, the people of yemen and other countries in the

region who defend the palestinian people are acting according to their own experience and through their own interests and they're not receiving any order of instructions from us maritime and waterway security is of paramount importance to us because we trade and export oil. of course we appreciate the efforts in the region in defense of the palestinians, but we believe that any action to destabilize the region is rooted in israel and the genocide in gaza these crimes should be stopped and the roots should be thwarted. >> clearly saying that according to him at least that iran was not involved here as i mentioned earlier. the u.s. intelligence suggests otherwise. >> what did the intelligence say about the united states? >> this is interesting as well he said the u.s. is the reason we have stole instability in the middle east. of course, antony blinken was on cnbc discussing these issues, and it's very clear we have a

big divergence of narratives in the region right now no doubt still a lot of conversations to come. >> thanks for coming in, dan murphy. coming up we'll speak with the edp ceo miguel stil stilwell d'andre that's coming up next. energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or

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signs," everybody, live from davos and london i'm mandy drury along with carolin roth and these are your headlines. spain's prime minister pedro sanchez says there are big changes ahead of a political year >> it's something -- i would say the biggest concern for western democracies. the rate debate heats up and that any policy will be heated

up external factors are influencing the decisions. >> we will stick to our guns we will stick to what we believe is the right path to take us to that 2% in 2025. we think we can do it, but there are risks. an escalation in the middle east or in eastern europe or far east, that could easily have an impact on enterprises, on the u.s. economy, the inflation, tax rate, et cetera. the u.s. launches fresh strikes on targets in yemen while the prime minister tells cnbc america is the root cause of tensions in the middle east. >> the united states should not -- mr. biden should not tie their detonation to the fate of netanyahu. the full cooperation of bidend and the white house along with netanyahu is the root of insecurity in the region. mining stocks lower and u.s.

futures in the red as china misses on gdp fourth quarter forecasts. the china data, that was disappoint edmonton across the board. we saw retail sales and industrial production below expectations in terms of f the fourth quarter gdp print that was also a touch below. expectations at 5.2%. this is what it's doing. quite negative the s&p 500 is seen off by 24 points, the dow jones off by 142 and the nasdaq off by 114. the trading session ended lower in yesterday's session why we had mixed earnings, boeing on the decline along with apple. today all eyes on the retail

sales. when it comes to the european market picture, a sea of red the ftse 100 down by 1.65% we got the inflation data that's a big blow to any dove hoping for an early rate cut in the spring the xetra draks off by 1% and the ibex off by 1.3% we're seeing quite a bit of pressure cable is trending higher, of course, on the back of the higher yield picture here, up by 0.2% 126.63 that's the print on cable right now. we're seeing dollar strength across the board on the back of the hawkish comments coming from the fed governor christopher waller and that's putting a lot of pressure on the euro dollar,

108.69 i mentioned the yield picture and we saw the yields in the uk rising across the curve really take a look at the 10-year guild yield currently sitting at 3.88%. mandy. >> thanks very much for that, carolin. growing political geo instability is threatening to drive prices higher again. we've been asking central bankers to dust off their crystal balls and tell us what they see >> everything we've seen in recent weeks points to the opposite direction, so i may er even foresee no cut at all this year. >> the first quarter of 2024 is going to be challenging. inflation is coming down we sometimes focus on core or services inflation. >> if i think in nominal terms, obviously they should. be higher than to date, and bearing major surprises, we look

at the middle east our next move will be cut probably this year. we will stick to our guns. we will stick to what is the right path to take in 2025 we think we can do it. but there are risks out there. we've also heard from the swiss national bank chairman thomas jordan in the last hour sylvia asked him about the raise rising with the central bank. >> we do not have forward guidance regarding our policy rate, but in december it was clearly not necessary to increase rates given the inflation and the outlook. if you look at our newest inflation forecast, it's always a conditional forecast under the assumption that the s&p policy rate remains unchanged over the next three years and this inflation forecast is entirely below 2%

there's no reason to change it of course, they're looking at the new situation in march when we have the next policy meeting, we'll take into account the new inflation forecast, a new outlook for the economy, and the exchange will also play an important role. >> and are you worried that these tensions we're seeing in the red sea could actually force you to take action when it comes to rates if we see inflation cropping up? >> it's very hard to predict but the geopolitical situation is not a very good one, and, of course, if you have an escalation in the middle east or in eastern europe or the far east, that could easily have an impact on the enterprise and the economy. it could have an impact on the exchange rate, et cetera, and then you have to see how we

react in the best possible way but, of course, we have all of those risks, and we have a risk management approach to our monetary policy. we will take these risks into account and then find the best way to react to those developments. well, the green transition is a very hot topic here in very cold davos we just had a conversation with the chairman of siemens energy who called for, quote, more honesty about the cost of transitioning to renewable energy let's continue the discussion about the challenges he's facing with the ceo of the portuguese company edp, miguel still well de'a d'andrade. you said the share is going to rise to over 90% s&p crowned you europe's most sustainable utility. >> actually the world's most sustainable.

>> it's even bigger. >> yes. >> do you think you can keep that crown this year, and when is that 890% going to be 100% >> we're working hard to keep the crown. we've already decommissioned some of our coal plants and our do commissioning the rest by 20 ta and we'll be all green by 2030 by 2040, being net zero. noords, not just scope one, but scope two, and scope three those are the targets. those are hard targets that people believe in and are credible. >> we were speaking with siemens energy it's not just the cost, isn't it other obstacles are things like red tape, lack of infrastructure and i know you're on the record as saying, you know, in the past it used to be, look, we can't have so many on the road because we don't have the infrastructure now we have the infrastructure

and the red tape when do you see we're going to hit the tipping point that the roads are clear? >> first i think the energy transition is inevitable i think it's become more of a geopolitical national security issue. in terms of cost we need to be realistic about them, but they certainly have a lot less volatility and that, perhaps, fossil fuel. one of the good things we saw is throughout the energy crisis, the prices were stable because we had a very high penetration of renewables. we had six days of around-the-clock renewable energy at a fixed price. it's not dependent on what is the price of gas or fossil fuels. we need to do it much faster i think europe is fantastic. it's done a great job in terms of setting the vision. but a lot of the legislation they've produced hasn't been transposed to the state level. i think we need to get rid of that we need to do it much faster and

that's essentially what we're pushing for. >> does it need to be consistent across all the member states >> it certainly helps. i think things like the one stop shop having permanency and being more digitalized, being able to benchmark and how long it takes to permits certain things, all of that will have been helpful across the board by different countries. that's why it's so important to have that european member down to the states. that's where a lot of the projects are actually getting built. >> you're also involved in wind farm development and i don't need to tell you about the problems there when do you see the problems coming down on a sustainable basis? i would say they're the most competitive. >> in terms of developing the wind farms themselves. >> in terms of the costs that's built into the actual price of the wind and the solar. and europe has fantastic resources both in winds and in

solar. more obviously toward the south, but even the north has fantastic situations and there's been a lot of build-out over the years. it certainly is very comp competitive. the development costs are incorporated in that price one of the good things is once you lock the prices in, you can lock them in for the next 20 to 30 years you don't need to be following what is the brent cost every day because you can have a fictsed price for that long term. >> you mentioned solar china has been big in solar for many, many years, in fact, decades. i did a story on solar development in china supply chains have really undergone a transformation how much of a china plus one strategy do you need to implement in your business >> i think it's a necessary risk management strategy. i think certainly for wind, europe has a great industry, wind industry, and there's been

a recent wind package which hopes to promote and encourage that development of the industry here in europe you know, some of the big players globally are european, whether it's got presence in the u.s. on the solar side, clearly that's very much dominated by china and has been it's beginning to be more diversified. you're getting countries like vie vietnam, south korea, and others as well. the inflation reduction act in the u.s. is bringing lot of manufacturing for solar back into the u.s so in general i think there's an attempt to diversify more, but there's still a lot of work to be done. >> i'm sorry for interrupting. i'm thinking aboutroutes you have to take do you have to go through the red sea? is this becoming a bigger issue or do you have to go all the way around the pond? >> it's becoming an issue. the recent issues, i'm sure,

have been talked about already it means more time, more costs obviously that's a concern we do have some flexibility in the project we built, so hopefully to incorporate that buffer, but if it becomes worse or if it -- the situation becomes more aggravated, then i think it will become more of a problem. >> you have a game plan for that right now. >> yes. >> thank you for joining us today. it's been a pleasure also coming up, we'll bring you our conversation with the novozymes ceo. mi uw an exclusive intervie congp right here on cnbc ah, these bills are crazy. she

has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free i'm andrea, founder of a boutique handbag brand - andi - and this is why i switched to shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work. what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and

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ceo and what he expects for 2024. >> the biotech sector is really a 10-year low. with that in recent years you've seen cash come out from the companies as they burn through it as they continue to run through the program. now i think we're seeing an openness in biotech. and with companies like ours that have been streamlined down, we need to bring the next wash of innovations into the organization so i think there is a moment right now where you're going to see some pickup. we saw some pickup december was a pretty active time in the biotech sector, and i would expect that to continue over the course of the year. the one thing i would say has to be underpinned by strong science, of course, we only want to partner with companies with sound science and continue with the innovations they're working on. >> ester baiget joins us in studio

lovely bright and green, bringing color you're almost over the line. you're still waiting for final approval from the e.c. are you going to get it to create this design >> it's a beautiful company. i wouldn't call it a mega giant, but, yes, meaningful from an impact point of view yes, when we sign and we collectively agree that we will create this amazing company, we said we'll close in q4 and q1. q4 last year, q1 this year here we are in q1, and, yes, we're going to be closing this year, in this quarter. we had an extraordinary guide dialogue there's conditional approval that the european authorities have already provided approval we have approval from u.s., uk, korea, china, brazil, turkey,

all the countries. we are ready we have prepared ourselves ready. we have prepared ourselves diligently this year with the building blocks to rebuild. >> what does this reflect? >> we're creating a new company. it reflects exactly that message. it's a new beginning it's a genesis a new start. a company based on life. it brings contagions of science from the regional greek word science. no one misses it biosolutions are here to stay. >> let's get down to the nitty-gritty you have enzymes you create all kinds of industrial enzymes, pharmaceutical ingredients i could go on. food systems globally are

attributed to a third of the green house gas emissions. we've seen a problem because of the modern intensetive agricultural sense what are you doing from your side >> we're part of the answer of the future our responses are based on the enzymes. we're present in the cultural, replacing pesticides and enzymes. we're decreasing the emissions we are present also and a big enabler of plant-based nutrients that is increasing that will double in the next year you will need, yes, meat, and chickens and cows but more alternatives for plant-based solutions. enzyme, protein. they enable the health, the texture, the nature. so we're part of enabling, also bringing preservations for food

preservation across all areas, we're part of a future. >> i'm hearing bioengineering in there somewhere, right how are you using ai >> we are heavily using ai to get that to scale, it rew e choirs a lot of testing, prototype, a lot of trial, and also error today through the use of advanced analytics we can predict from the amino acid chain, the 3-d animation of it this process before it could take six months to one year. today through advanced analytics it can be done in minutes. that's a huge break through. it brings again accelerations for the future. >> what have you found as being the hiccups in developing ai

>> you have to learn how to use it you have to bring in smart data and more importantly understand the need for the market too. we're using ai to capture the leads from the market and translate them into the concept where to focus the energy. there's also a respectful use of using ai, and that would take it very con us havely. >> do you think the biosciences industry is getting support it needs, the nurturing it needs in europe compared to other places like the united states >> i feel and i know -- it's not that i feel, that we're going to be a stronger enabler of solutions over the future. i know the solutions are ready regulation is not ready. we're still -- we treat biobased solutions as they're degradable and observable by nature in the path of the chemical process, chemical alternatives a and that speaks to the penetration and creates unnecessary roadblocks it take six years in europe to replace a fertilizer

in the u.s. u you can do it in o years. it also creates unnecessary roadblocks. >> you need red tape to decrease. >> what we need -- this all starts with responsibility from the companies to sit together with authorities and help procreate how it looks like. it's not only about complaining. it's about sitting at the table and creating a path for regulation that does not create unnecessary roadblocks. >> best of luck. thanks for joining us today. it's been a real pleasure. i've been speaking with ester baiget of novozymes. up next we'll speak with the uk former prime minister gordon brown. we're going to be sitting at this podium pretty much all day. i can guarantee there are lots of people we need to talk to so, please, do make sure to tune in

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it is 5:00 a.m. here at cnbc global headquarters and here's your "five@5." we begin with going for three. wall street comes to grips with the fed's outlook of higher for longer. also activist alert. disney taking issue with nelson peltz and his slate of board nominations as the proxy battle escalates yet again. and a rough day for aerospace after another bad day for boeing and even worse day for spirit airlines. plus, troubling sips out of china as its economy does something for the first time in