plus riding a wave of euphoria — bitcoin approaches 90,000 dollars for the first time as investors bet on crypto friendly trump administration. welcome to business today. the oil giant shell has won a landmark appeal in a dutch court, which overturns an earlier ruling — that required it to cut its carbon emissions by 45%. the court in the hague said that shell is required to reduce its carbon emissions but it cannot order it to do so by a precise amount. 0ur correspondent, anna holligan was following the case in the hague. iam inside i am inside the appeals court in the hague and this is the latest twist in a precedent—setting case that could have far—reaching applications for global climate

litigation but inevitably the planet as well. according to the judges, planet as well. according to thejudges, companies that planet as well. according to the judges, companies that have contributed to climate change haveit contributed to climate change have it within their power to contribute to tackling it and they have a responsibility towards citizens of this arty do so, because protection against climate change is a human right. however, and this is the critical part of the verdict, the court said forcing shout to cut its emissions will not mitigate the global problem. it acknowledged shell was working towards reducing its c02 was working towards reducing its co2 emissions and the court cannot impose a percentage, as fans of the earth had requested because there was no current accepted agreement on climate science on the specific amount, therefore it has cancelled the original district court decision. we have had a reaction from shell and friends of the earth. shell said it was pleased with the quite's

decision and aims to become a net zero company by 2050. friends on the earth have said this is a marathon and not a sprint, and the race is not over yet. what it may be alluding to there is the possibility to appeal, so they are studying the judgment, going through this extensive ruling before deciding to appeal. if that happens, it will go up to the netherlands supreme court, the highest court, and a final verdict could still be years away. earlier i spoke to someone who helped to shape the original case, which was taken by the environmental organisation friends of the earth. laurie van der burg, now works for oil change international, and gave me this response to the court's ruling. while the ruling is obviously a setback, i am while the ruling is obviously a setback, iam not while the ruling is obviously a setback, i am not that concerned about it creating an unhelpful precedent, and this is because the building actually has a really strong elements that will help hold big polluters accountable for the climate crisis going forward. the court was very

clear that notjust forward. the court was very clear that not just states forward. the court was very clear that notjust states but also companies have a legal obligation to reduce their emissions to protect human rights and fulfil their duty of care. while it was unable to impose a specific emission reduction target on shell, it did say that the investments of companies like shell any new oil and gas fields are incompatible with the new temperature requirements. this is potentially an opening for the continuation of this case, but also for other future court cases to challenge these investments, specifically. fin investments, specifically. on that point. — investments, specifically. on that point, do you think it is likely we are going to see more similar cases, were environmental campaigners such as yourself go down a rates to try and get big generations of carbon cut back.— carbon cut back. yes, i think that is likely. _ carbon cut back. yes, i think that is likely. it _ carbon cut back. yes, i think that is likely. it is _ carbon cut back. yes, i think that is likely. it is already i that is likely. it is already happening. at least 86 lawsuits

have been filed against fossil fuel producers, and the majority of these cases were filed following the paris agreement. also after the dutch court case against the state, there was a massive wave of climate litigation that was launched, and i think that will continue to see such cases being filed, as countries and companies continue to invest in fossilfuels and not companies continue to invest in fossil fuels and not do what is needed to avert the worst climate crisis scenarios. they sa in climate crisis scenarios. they say in cases _ climate crisis scenarios. they say in cases like _ climate crisis scenarios. they say in cases like this, - climate crisis scenarios. they say in cases like this, it - climate crisis scenarios. they say in cases like this, it is - say in cases like this, it is only the lawyers who really win. is it expensive for environmental groups such as yours to go down these legal avenues? i yours to go down these legal avenues?— yours to go down these legal avenues? ., , ., avenues? i would say it is not. it is not not — avenues? i would say it is not. it is not not costly, _ avenues? i would say it is not. it is not not costly, the - avenues? i would say it is not. it is not not costly, the costs l it is not not costly, the costs of inaction are much higher, and the investments that companies are making in fossil fuels that are in the billions are really the cost, or the investments we should be

avoiding here, we also know that governments are continuing to prop up fossil fuels with billions in taxpayer money, and if we were to redirect those funds to climate action, we would be much closer to meeting our climate calls. here in the uk... protesters have gathered in edinburgh where a legal challenge over the decision to give consent to the uk s largest untapped oil field is taking place. a judicial review brought by the environmental groups greenpeace and uplift is being heard — as campaigners try to stop the development of the rosebank oil field off shetland. oil companies say the project is vital. staying on the subject of climate change, let's take you to the climate conference — cop29 — in baku, azerbaijan now. the head of the european central bank, christine lagarde, has warned that the financing needs to reduce greenhouse gas emissions are now calculated to be 50% higher than previous estimates. delegates have been told this year is likely to be the warmest on record —

overshooting the paris agreement target to keep global warming to 1.5 degrees celsius above pre—industrial levels. according to research by the international chambers of commerce,total economic losses since the paris agreement was signed have hit 2 trillion dollars. with natural disaters over the past decade directly affecting some 1.6 billion people. john denton — from the international chamber of commerce which is behind those numbers — told the bbc that he hopes to focus minds at the summit. 0ne one of the dangers in the way in which this whole process is unfolding is that politicians and bureaucrats have been able to keep the issue down the road. what we are saying is this is now, the other reality we are pointing at them is the economic damage caused here is the same as the economic

damaged caused by the global financial crisis, and yet then readers were able to coalesce and come out with a clear plan for moving forward. we have the same damage, and the same opportunity, yet we yet to get the leadership coalescing. the uk itself has suffered something like $40 billion worth of damage here. it is really important. and also for some of the commonwealth territories, like the british virgin islands, the actual damage per capita something like hundred and $35,000 for an individual in those aisles. that is almost mind—boggling. it is also incredibly relevant to a g7 country like the uk. it is time to actually focus on getting a pathway forward to, and that is what we are still lacking. and that is what we are still lackina. , ., , ., , . and that is what we are still lackin. , ., , ., ., lacking. john denton bear and the international _ lacking. john denton bear and the international chambers i lacking. john denton bear and the international chambers ofj the international chambers of comments. —— commerce.

to cryptocurrencies now — the value of which have been surging since donald trump won the us presidential election last week. bitcoin — the world's biggest — has broken into new territory on monday heading towards 90,000 dollars a token — it has since pared back a bit now trading around 87,000 dollars. traders looking forward to a new crypto—friendly administration and the potential for new regulations. let's speak now to the independent cryptocurrency consultant and author of the "crypto trader" glen goodman. join the dots for us...why do crypto investors see donald trump as someone who's going to unlock value in crypto? basically donald trump has promised to make all the crypto industry dreams come true. it is very disorientating for those of us who have been involved in the crypto industry for a while because we are faced hostile demonstrations, even his previous demonstration. trump used to hate crypto. he said it was a

scam, and then he started selling some nft is, digital images of themselves dressed as a superhero and things like this, and he made millions of dollars, and lo and behold, suddenly crypto is wonderful after all, suddenly crypto is wonderful afterall, he suddenly crypto is wonderful after all, he decided, and he even launched his own crypto currency this year, and he declared that he wants to make america the crypto capital of the world. america the crypto capital of the world-— america the crypto capital of the world. ., ., ., , the world. someone who does want to make _ the world. someone who does want to make it _ the world. someone who does want to make it is... - a couple of months ago, i spoke to the head of the securities and exchange commission gary gensler for our talking business programme. he drew a parallel between what he described as the hucksters and grifters who sell crypto today and the kind of stock market behaviour that precipitated the crash of the 1920s and the great depression that follows. what do you make of that comparison? is it isita is it a bit dramatic or on the button? i is it a bit dramatic or on the button? ., ., ~' is it a bit dramatic or on the button? ., ., ~ , button? i do not think it is that dramatic _ button? i do not think it is that dramatic a _ button? i do not think it is | that dramatic a comparison because there are a huge number of scams around in the world of crypto currency. the problem is

that gary has been excellent at diagnosing the problem is that not so great that the solutions, as we saw with his failure to stop the fdx scandal, where there was massive fraud committed. the one thing i would say, that is pushed crypto prices at more than anything else is donald trump's promise at the crypto currency conference earlier this year to fire gary gansler on day one. he got a standing ovation for that announcement. and he said wow, i did not know he was so unpopular. i will say it again. i will fire him on day one. it again. i will fire him on day one-— it again. i will fire him on da one. ~ ., ., , day one. we will have to see if that happens- _ day one. we will have to see if that happens. gary _ day one. we will have to see if that happens. gary gansler - day one. we will have to see if| that happens. gary gansler has said there is regulation out there already, and that crypto should follow the same rules as all other types of investment. it is the crypto companies themselves they do not want that. as somebody who follows this issue closely, what do you think should actually happen to crypto? should it follow in the existing regulations or get its own bespoke set of regulations? my own bespoke set of regulations? my own personal view is that

gary has been wrong on this and thatis gary has been wrong on this and that is why the standing ovation happens because people in the crypto industry have always been told by him that these 100—year—old security regulations are fine for governing crypto. there is a huge amount of uncertainty at all times about what counts as all times about what counts as a security and what doesn't count. it is really confusing for people in the industry and all the everyt wanted, a lot of them say, is regulatory clarity. i think bringing someone new on board as trump plans to, someone who is not that favourable to correct it would not necessarily be a bad thing, as long as they got in this book regulations that worked specifically for crypto, rather than blankly covering all financial securities. thank ou for all financial securities. thank you for that _ all financial securities. thank you for that analysis. - in other news.... in the uk the unemployment rate has risen, while pay growth continues to slow. the rate of unemployment stood at 4.3% in the three months to september,

up from 4% the previous quarter, according to the office for national statistics. while wage growth has eased, it is still rising faster than inflation, growing at an annual rate of 4.8% between july and september. inflation in india has increased at its fastest pace in 14 months — as food prices remained stubbornly high. retail inflation for the month of october accelerated to 6.21% year—on—year, up from 5.49% in september, breaching the central bank's target range for the first time in over a year. that is your business today. stay with us on bbc news.

welcome back to bbc news. let's return to our main story, the archbishop of canterbury has resigned days after a damning report into a perfect child abuse associated with the church of england. we spoke

to dr stephen cherry — dean of king's college cambridge. here is what he shared with us. i felt when i saw the channel 4 interview last thursday, that justin was in an extremely uncomfortable position, that wasn't going to be satisfactory for him, for the church orfor the victims., so i felt at that point that really, the right thing to do was for him to resign and step aside. as the weekend went on, and nothing happened, i began to reflect on the advice that he was getting and thinking maybe the advice he is getting isn't the right advice, that is why i wrote to him yesterday morning, and then with the petition out i thought i don't want to sign the petition, i am i don't want to sign the petition, iam not i don't want to sign the petition, i am not a petition person, but i do want to share my