the spiralling cost of climate change. businesses warn of $2 trillion in losses over the past decade as leaders gather for the cop29 climate summit. also coming up — marching on. wall street's trump rally continues as the s&p 500 closes above 6,000 for the first time ever and the dow above a4,000 as tesla and bitcoin keep rising. plus — lighter than air — better than batteries? hydrogen could be powering everything from trucks to planes but huge investment is needed if it's to take off. we will be speaking to the boss of a leading fuel cell company. live from london this is business today. i'm sally bundock. let's return to our top global story — the un climate change conference in baku, azerbaijan, otherwise known as the 29th conference of

the parties or cop29. delegates from around the world have been told this year is likely to be the warmest on record and will overshoot the target agreed in paris in 2015 to keep global warming to 1.5 degrees celsius above pre—industrial levels. they are also being warned of the escalating cost of extreme weather events linked to climate change. according to research by the international chambers of commerce, total economic losses since the paris agreement was signed have hit $2 trillion. that includes destruction of property, but also losses in human capital in the form of early deaths, injuries and health issues. that figure is the result of almost four thousand natural disasters over the past decade directly affecting some $1.6 billion.

"1.6 —— 1.6 billion people. let's cross to baku and speak tojohn denton — secretary general of the international chamber of commerce. good to have you on the programme. those are very stark figures that you've put together at the icc. is the message getting across, though, to the world leaders gathered in baku? ~ ,., to the world leaders gathered in baku? ~ ., in baku? well, part of it, the reason that _ in baku? well, part of it, the reason that we _ in baku? well, part of it, the reason that we put _ in baku? well, part of it, the reason that we put this - in baku? well, part of it, the| reason that we put this report out and we timed it for the opening of cop29 is to actually focus the attention of the leaders and the negotiators on the reality of not ten years down the track — but what's actually happening right here, right now. one of the dangers in the way in which this whole process is unfolding is that politicians and bureaucrats have been able to kick the issue down the road. what we're saying is that this is a here and now issue. the other reality that we're pointing out to them is the economic damage caused to it is the same as the economic damage that was caused by the global financial crisis.

and yet, then, leaders were able to coalesce and come out with a clear plan for moving forward. we have the same damage. we have the same opportunity. and yet, we're yet to get the leadership coalescing, and that's what we're focusing on now. and to be relevant, uk itself has suffered something like $14 billion worth of damage here. this is really important. and also, for some of the commonwealth territories, the british virgin islands, the actual damage per capita is something like $135,000 for an individual in those islands. that's — that's almost mind—boggling. so no wonder small islands don't see as existential, but also incredibly relevant to a g7 country like the uk. it's time to actually focus on getting a pathway forward. and that's what we're still lacking. find what we're still lacking. and et, what we're still lacking. and yet. there — what we're still lacking. and yet, there must _ what we're still lacking. and yet, there must be - what we're still lacking. and yet, there must be huge frustration where you are this year, because so many key leaders are not even attending. you know, for example,

president biden isn't there this time. he didn't go to the previous cop summit in dubai. leaders from china, key leaders from europe. i know that our leader, sir keir starmer, is there today, but so many global leaders are not attending this summit? , . ., , summit? yes, and in many respects. _ summit? yes, and in many respects, the _ summit? yes, and in many respects, the reason - summit? yes, and in many respects, the reason that l summit? yes, and in many. respects, the reason that we put this report out is that it is not a matter of sitting around and waiting for a global consensus to emerge — individual countries are suffering right now, their own economies, which is why we're putting this directly into capitals as well. it's in the interest of the us, not out of a sense of generosity, it's actually in the national interest. the us is itself is one of the countries that is experiencing the most extreme value destruction through the continuing climate—related events we discussed before. i mean, this is going to per capita income. this is actually hitting the hip pocket. so what we're trying to do is help

leaders understand that they've got to see this as a do—good conference — this is actually in the national interest, which is why the leadership needs to be very focuses on what needs to happen next. and congratulations to sir keir starmerfor turning up, and as most of us know, international relations is sometimes just about turning up and making sure that things keep moving. it's good to see him here much the finnish presidency. something like 80 heads of state will attend here, but key leaders are not here, so we keep drawing the attention to the reality of what's happening in their own domestic economies as well. �* , ., in their own domestic economies as well. �* ,, _, . as well. are you concerned about what _ as well. are you concerned about what a _ as well. are you concerned about what a trump - as well. are you concerned - about what a trump presidency means for this agenda? it’s about what a trump presidency means for this agenda? it's not a matter of _ means for this agenda? it's not a matter of concern. _ means for this agenda? it's not a matter of concern. the - a matter of concern. the reality is — this agenda, which is being pushed now by the private sector, is global anyway. the private sector has already accepted that they will need to invest in the energy transition. it's certainly helpful to have governments at a national level engaged, but at the same time, we're already seeing huge amounts of private sector capital flow into enabling this to happen in

their vast economies. what we're trying to do now is create the settings to enable private capital to flow into developing countries and that's where we will need government support because they support some of the macrocredential frameworks that support that. but we will keep pushing anyway. there is huge demand to enable this to happen from the private sector. so the private sector to be innovative and entrepreneurial, will find a way to do it. it's just easier if there is a global consensus about the ways to get global capital. because we're not looking at massive amounts of it, the money will come from the private sector.— the private sector. thank you forjoining — the private sector. thank you forjoining us— the private sector. thank you forjoining us live _ the private sector. thank you forjoining us live from - the private sector. thank you forjoining us live from baku. j forjoining us live from baku. secretary general of the international chamber of commerce. let's stay with that theme — because people in the valencia region in eastern spain are still grappling with the aftermath of extreme weather. the recent storm and flooding which left more than 220 dead is one of the country's worst natural disasters

in living memory. the local government is asking madrid for more than 30 billion euros to fund reconstruction. montserrat guillen is professor of economics at the university of barcelona. it's a huge problem there for the valencia region, and also barcelona recently hit by quite heavy flooding. talk us through the implications of this? the implications are immediate. three sectors have been hit by this disaster. first of all, the infrastructures around valencia are very damaged. there are 33 infrastructures like bridges, the train between valencia and madrid is still not workingment and mobility is difficult. the second sector is agriculture in the area has been severely also influ

especiallied by this —— influenced by this catastrophe. and then small firms, stores and the retail sector around madrid is not functioning well. it's still worried. i madrid is not functioning well. it's still worried.— it's still worried. i mean, we're talking _ it's still worried. i mean, we're talking about - it's still worried. i mean, we're talking about huge | it's still worried. i mean, - we're talking about huge sums of money are required here to get this region back on its feet. it's going to take a long time. it's affected everyone — individuals, households, businesses. the logistics are huge, aren't they?— businesses. the logistics are huge, aren't they? yes. they are. actually, _ huge, aren't they? yes. they are. actually, last _ huge, aren't they? yes. they are. actually, last weekend, | are. actually, last weekend, the consortium of insurance gave a figure of claims — not the amount, but that they said that they had received over 150,000 claims, which is about ten times of the volcano eruption that we suffered years ago in the canary islands. 60% of those claims concerned vehicles — cars, mainly. 30%

properties, and then 10% industries and also farms, agriculture and fields and so on. so, of course, no—one is really giving a definite figure but we're already starting to have an idea of how much business interruptions, which i think is the main cost that we're going to see, we expect to have in the following month. however, yesterday, i was talking to a in the university of valencia and he told me that people expect things to go back to normal by february. so, it will be a few months of cleaning up and rebuilding. the area in barcelona is not really affected — that's just valencia. that's the zero zone. and talk us through how this is being felt right now? because we saw a lot of anger — people in valencia felt that they were

abandoned, they were not warned with enough time, they were not looked after properly. what's the feeling now? the looked after properly. what's the feeling now?— looked after properly. what's the feeling now? the feeling is much better— the feeling now? the feeling is much better now. _ the feeling now? the feeling is much better now. there - the feeling now? the feeling is much better now. there is - the feeling now? the feeling is much better now. there is a i much better now. there is a huge wave of solidarity. for example, i see — i've seen my own students going there at the weekend to help. people feel that now they are in a state of tension. everyone is talking about this in spain. and the good thing is that we have a public agency called a consortium which is a mutual nonprofit organisation for insurance that are already organising the compensation so money can arrive to people that need that. money can arrive to people that need that-— money can arrive to people that need that. 0k. we feel much need that. ok. we feel much better. well, _ need that. ok. we feel much better. well, that _ need that. ok. we feel much better. well, that is - need that. ok. we feel much better. well, that is good - need that. ok. we feel much better. well, that is good to | better. well, that is good to hear at least. _ better. well, that is good to hear at least. and _ better. well, that is good to hear at least. and yes, - better. well, that is good to hear at least. and yes, we l better. well, that is good to l hear at least. and yes, we are keeping a close eye on how valencia gets back to normal eventually. thank you for joining us from the university of barcelona. let's stay with climate

but move to the netherlands where a court will decide later whether to uphold a landmark ruling against shell, which in 2021 ordered the oil and gas company to slash greenhouse gas emissions. the ruling by the hague district court ordered shell to cut its absolute carbon emissions by 45% by 2030 compared to 2019 levels, including those caused by the use of its products. shell argues the ruling would force it to shrink its business without any benefit to the fight against climate change, as customers would simply shift to other suppliers. the appeals court in the hague can either uphold or dismiss the entire ruling, or it can modify it, for instance by excluding emissions caused by shell's customers. over the weekend reuters spoke to friends of the earth which brought the case

with other climate campaigners they say the effect of the ruling the impact of this court judgement is potentially phenomenal. because large polluters, such as shell, play a crucial role — not only in causing climate change, but in addressing climate change. 57 companies are responsible for 80% of all global greenhouse gas pollution. and shell is one of those. and so, the impact will not only be on shell that has to reduce its contribution to dangerous climate change, but as a legal precedent, it will be applicable to all major polluters. will be applicable to all ma'or olluters. ~ ., polluters. whatever the ruling toda , it polluters. whatever the ruling today. it is — polluters. whatever the ruling today, it is likely _ polluters. whatever the ruling today, it is likely to _ polluters. whatever the ruling today, it is likely to end - polluters. whatever the ruling today, it is likely to end up . today, it is likely to end up in the netherlands supreme court and we'll keep a close eye on bbc news. now to new york — where the trump rally on wall street keeps marching on. us shares hit a major milestone as the s&p 500 index closed above 6,000 points for

the first time ever. the dowjones industrial average also hit a record — notching up its first close above 44,000. it comes as wall street commemorated veterans day — with the us marine corps taking over bell—ringing duties on the new york stock exchange. ritika gupta is in new york. us stocks rose for a fifth straight session on monday with the s&p 500 topping 6,000 for the first time and the dowjones industrial average hitting a fresh record. investors continue to bet those trades will benefit from president—elect donald trump's agenda. economically sensitive shares also outperformed with the russel 2000 index of smaller firms claiming to the highest since 2021. a closely watched gauge of banks rose in anticipation of deregulation and lower taxes

under a donald trump presidency. while most big tech fell with nvidia down over 1.5%, tesla bucked the trend as part of the broader so—called trump trade, investors piled into elon musk�*s ev maker, confident a second trump term will bring windfalls to the company. the stockjumped 9% on monday. meanwhile the bond market was closed for veterans day. with the election out of the way, investors will turn their attention to inflation data on wednesday and more fed speak later this week. lets take a look at how asia is faring. it's interesting what's going on. declines across—the—board and the big losers are the chip makers in asia because the us has placed further restrictions on chip sales to china. so taiwan's semi—conductor manufacturing is down nearly 3%. manufacturing is down