>> welcome to bloomberg. we focus on the companies in the trading behind the hottest commodities with the smartest voices in the business. it is earth day. there's really interesting moves here under the surface. let's take a look at oil in india. nds on the world -- india saw the world's biggest one to ever of infections on thursday. india is hugely important for the crude market accounting for one in every 20 barrels of oil in 2019. you can see the reactions is small but significant. specifically asked cases continued to rise. something else that cap the commodity market abuzz is lumber prices. the difference between lumber prices, what lumber companies pay to landowners for trees.

sawmills are exploding. timber hit the lowest level since 20 11. -- 2011. europe come also laying out criteria for investing. a key part in the plan in this carbon permit. you think of it as the cost for pollution. price has reached a fresh record this weekend are up about 40% so far this year. president biden promised to cut u.s. greenhouse gas, emissions in half by 2030 as he opened up a virtual summit with 40 world leaders. >> no nation can solve this crisis on their own as i know you will fully understand. all of us, particularly those who represent the world's largest economies, we have to step up. >> i'm joined now by our bloomberg energy financer. how does that compare to major

economies? >> the target out today marks a significant omission. -- significant ambition. the same ambition in the 2025 pledge out to 2030. with a reduction of around dirty something -- 30%. it does mark a significant increase in ambition and it puts the u.s. more on a path with the u.k. and the eu, which have really sought to establish themselves as climate leaders. >> how do you guys determine who is winning and losing? what china will be reducing can be very different than what the u.s. is reducing considering their growth profile. >> absolutely. great question. countries are free to decide how they structure their targets.

they can choose different baselines, deadlines. different gases or sectors they include in their target. it makes it difficult to compare. what we have done in a recent report is that we have used for metrics to compare countries' targets. the change in absolute volume. but we have also looked at the price target for the emerging economy, like china and india. emissions per unit of gdp. we hope that by taking those together, it gives more of an overall view of ambition, it's more of an apples and apples comparison. >> thank you very much, victoria coming, of bloomberg nes. time now for commodity and key. we talked to one executive in the commodity world. today is one to cromwell, vice chair and director of -- this one is wendy cromwell, vice

chair and director of her company, one of the private managers managing over $1 trillion for hundreds of clients at 60 plus countries. insurers rely on them for investment vice. focusing on assessing and mapping the physical impact of a climate risks, heat, drought, fire, hurricanes, air quality, water availability, and sealevel rise. it uses risks to help inform their existing portfolio. they have a strategic plan to lower carbon exposure like using less oil and gas. they can adapt to climate change like avoiding areas that will be hit by extreme weather events. and they create innovative solutions to help people and society manage those climate risks. to do this, wellington partnered

with a climate think tank, using science to screen for problems and opportunities and his portfolios. wellington is also a founding member of net zero asset managers initiative, setting a target for the amount of asset that will be managed in keeping with the 2050 net zero emissions goal. there are 73 asset managers on board like black rock, vanguard, ubs, with a combined $32 trillion. it is real money behind the climate problem. i recently sat down with wendy cromwell, heading these initiatives for wellington. i asked her how this informs portfolio decisions. >> when people hear that we are aligning portfolios with a net zero target by 2050, they automatically assume that we are going to be divesting from certain securities. we recognize that we can't just he carbon eyes are portfolios by selling out of

securities because we wouldn't be insulating them from climate risks. instead, we would realize things come our risks in the portfolio spirit so we have to work with companies to set signs based targets and get them on the pathway to really do carbonized economy and society -- d carbonized -- de-carbonized the economy and society. if we saw a lot of the companies with omission footprints, than they are going to continue to exist. you would need all of the actors and capital markets to say we are not going to fund you anymore. and then their cost of capital would go up. then maybe they would make different decisions. that is sort of a secure -- a much more direct route is to stay we are owners by choice. we recognize that you have this risk. we would like to own your

security. but we don't have to. so why don't we talk about your plans for the future? we believe the low carbon transition is underway. it's only going one way. good companies are going to have a strategic plan for grappling with it. what's years? >> how do you find those companies? do you screen them as you would normally and investable asset? -- an investable asset? let me run it through this filter, then the conversation moves on? >> the primary rationale for the partnership we have with the research center is to bridge the gap between climate science and finance. and so, explicitly what we are looking at is how heat, drought, wildfire, access to water is going to change over time geography by geography. scientists help us with that. creating maps that show us what that change looks like. then we overlay those maps with capital market insight. usually our holdings for the locational data of our holdings. very visual.

and we can see, ok, this company has more flood or hurricane risk, or heat risk than this company, helping us both with our engagements and also with her active -- our active decision-making. as you study physical climate risk, he realized that we are going to need new technologies -- you realize we are going to need new technologies in the future to help society adapt. because we are not going to be able to mitigate our pay out of these risks. they are all baked into the cake over certain times. once you understand that and what those impacts are going to be, you can say yes, we are going to need more air-conditioner companies, yes we are going to need more engineering companies to help us solve these problems. sometimes, we see potential in companies that they haven't yet recognized for themselves through the lens of climate risk. that might sound like climate capitalism, but it really is us

trying to invest in solutions that are going to help people survive these changes. >> that was my interview with wendy cromwell. time now for our commodity kicker. iron man is making a big squeal about fake bacon. actor robert downey junior is investing in an and talkative -- in an alternative protein startup that tastes like bacon, but made from fungus. he's raised $40 million to help build the world's largest farm for a type of mushroom route that is a key ingredient in the product. avenging the peg is a juicy proposition -- pig is a juicy proposition. it could reach 230 billion by 2035. this is bloomberg.. -- this is

♪ >> welcome to "bloomberg markets." this hour, we speak to the president of general motors about the debut of the electric catalog. plus we will hear from the s.a.p. -- electric cadillac. plus, we will discuss what companies can do to support global climate plans. i want to bring you some breaking news, president biden is set to propose a capital gains tax as high as 43.4% for the wealthy, more than double the rate of tony percent currently. those will be paid by those making more --

there's been a market reaction to this futures, the s&p 500 now down by about 5/10 of one percent. the kbw bank index, taking a bit of a hit. it is now down the better part of 1%. as for what is going on and other asset classes, we were seeing selling in the treasury market with stocks taking a leg lower. right now we are essentially flat on the u.s. 10 year yields, which sits at 1.55%. we are getting a stronger dollar today. up against potentially everything in the g10 space. including the euro after the ecb decision. crude has been fluctuating between gains and losses. now that we have a bit of a more risk off tone, crude is lower. around 61.28 dollars a barrel on wti.

as for some more idiosyncratic stories in the equity market, it's of course earnings season on top of all of that. we have a number of movers on the back of earnings. equifax is the outperformer and the s&p 500 today after its first quarter results. it easily beat expectations, boosting guidance for the top and bottom lines. shares up 17% as a result. at&t, also higher by 4%. also beating expectations. profit driven by gains. to the downside, las vegas, the casino operator down by 2% after revenue fell 33% on the year on year basis. american airlines, shares were high earlier. now lower by about 2%. their loss was smaller than expected. they are optimistic about the future. they say the recovery is accelerating. but the ceo of the company, saying it is far from over, this crisis. while domestic travel is recovering, there still a huge

weight -- there still is a huge weight on international travel. let's turn over to automobiles from airplanes. i want to turn the conversation over to our very own david westin, standing by with a general motors president -- the general motors president. i will toss it over to you, david. >> we welcome now are bloomberg radio television audience as we are joined by the president of general motors. mark, welcome. you've got a big announcement. tell us all about the suv. you love these cars. >> i do. we are redoing and remaking and giving our electric vehicles the highest technical attention that we can. cadillac, our first cadillac that we are launching here is the lyric. it's just a beautiful car. we showed it for the first time in production. i have to say, very proud of our teams.

we really have a production vehicle that is a rolling sculpture and very close to the concept car. in almost every way. we are very excited. it's the new ev. as we go to convert the plan. and also, we announced over the last couple of weeks that we are building a brand-new battery factory. a second battery factory in ohio in springhill next to the plan. it is a jv with our partner, algae. -- lg. it is a great partnership for many fracturing. we spend a lot of time developing our battery chemistries and doing platforms at will give us over 300 miles of range on the lyriq and about 340 horsepower. it's a 12 module pack. 100 kilowatts. we've got some great fast

charging. the list goes on and on. from a styling and design standpoint, we have now a 33 inch beautiful screen in the car. we are just very excited. this is really the first cadillac platform for ev. very exciting. >> it looks a lot like the concept car. it doesn't always happen in this business. number one. number two, it is at least nine months early. how did you get it in this direction so fast? >> those are great points. if you look at the concept car and the production car, again, history's littered with great concept cars that never make it to production. or they are so far away from the concept vehicle, that people are very disappointed. this actually has great enhancements over the concept car, and the see color -- seat

color. it's a delivery of the promise we said we were going to do. with our electric vehicles. that's the first point. we did. we brought it ahead nine months. and we were able to do that because we are changing our vehicle development process. the first vehicle that we are doing that with is the hummer ev. which will be built in detroit. that program is slightly ahead of the lyriq. everything we learned off of the hummer ev in terms of the virtual tools, simulations, engineering come all the things we were able to do fast with very high quality were validated on the hummer. now we put it into the development of the lyriq and we were able to bring it ahead nine months. >> put this in a larger context for general motors. you set some pretty high bars for yourself. about really moving over to ev's .

we decided from the beginning cadillac would be your first big move here. -- you decided from the beginning cadillac would be your first big move here. where are you in the process? >> catalog, from every new vehicle launch -- cadillac, from every new vehicle launch, will be electric. we just launched a highly successful escalade. that's been a homerun for us as well. every one of the vehicles that we do is really again the tip of the technology spirit. they all have our driver assistance technology and super cruise, where we actually monitor the driver. it's really the only hands-free driving system in the market today. we are very proud of that. it's very safe. we've got tons of miles on it. millions of miles on it. those are the places we are going to excel. cadillac is going to lead the way. for the electric vehicle piece of it, for gm in full, we

are not just converting one or two plants, these are many plants. the rest of the assembly plants, including factory zero, are going to be converted for this line is it comes out. we have 30 electric vehicles by 2025. yes permission here is to be -- the aspiration here is to be completely ev by 2035. the entire company's facilities in the country by 2040. it's not just wanted to plants or one or two vehicles. it is big scale. we are doing that your drive our cost for the customer -- to drive our cost for the customer. we think we are going to be able to do it in a very short timeframe. 60% of the cost out of what the battery packs and electric vehicle costs. >> we are all mindful of the

automakers in the u.s. with respect microchips. if you had to rethink long term, your supply chains, to make sure you can have the technology you need to do what you want to do. >> it has. this is probably one of the bigger supply chain and supply problems industry has ever had. -- the industry has ever had. i don't want to marginalize that. we're doing everything we can to repair that. but it does cause you to step back and reflect on what we are doing here to create our electric vehicle portfolio and our internal combustion portfolio in all areas. particularly in some of the precious metals that are used when we begin to sell production with our proprietary chemistries. we've done things in cobol, for instance. -- cobalt for instance. we are going to reduce

the amount of cobalt we use by 70%. we are trying to ease the production and manufacturing and supply chain, of actually making ourselves in high-volume. we've got a great supply. and great purchasing system. our suppliers are wonderful. it is all hands on deck. >> the move to electric vehicles is a big move for general motors, but there's also a big issue, climate. if you take a look at greenhouse gas emissions in the u.s., about 20% is from transportation. of that, sexy percent is from small and medium-size vehicles -- 60% is from small end medium-size vehicles. that means a lot of new technology in order to cut the omissions. is it doable? >> i think it is.

again, we make these decisions -- happy earth day, by the way. this is got to be -- this has got to be a vital part. you are absolutely correct. i don't think there's any one thing that is going to enable the completion of that goal. i would say it is a huge start. you know, i think it is going to create, in all different areas, sort of a new sustainable economy, if it's done right. that is a very powerful notion, that frankly all businesses need to get behind and really create a better tomorrow. >> i've talked to pete buttigieg, the transportation secretary earlier today, and i said to him, if we stopped making all internal combustion engines today, and we were all electric, the fleet normally turns over every 15 years or so. does the government need to step in and do cash for clunkers,

cash for combustion engine cars? will the government need to put their thumb on the scale to get this done quickly enough? >> i think that is a great question. i'm not a policymaker. but i can tell you there's some great initiatives that could happen, that could speed that conversion and change the car market faster than anyone can imagine. those are stimulus around really getting into an electric vehicle, for instance. as lots of different ways to do that -- there's lots of different ways to do that. certainly that would help. they know it. they are very much in dialogue with the industry around how to do that. so that the conversion is accelerated. so, very much working together to do that, which is a great, powerful notion as well, when you have federal policy match with industrial policy around transportation. >> you are a car guy.

back to the lyriq. what's the range of it, how fast is ago? -- how fast does it go? when is it going to be available? >> quarter one of next year. we will begin taking reservations in september. it is a great vehicle to drive. it is everything that cadillac should be. it is highly refined. very quiet. very fun. with got a lot of fun cadillacs in the portfolio. that remains a crucial part of the dna. but it's also very much a design statement. it is something that evokes passion. you almost can do anything you want with steering and brakes with electric vehicles. it's going to be one of the only vehicles on the road that is sort of a variable regen. also one pedal driving. there's lots of customizable things. the skies the limit. what you want to do from a power electronics and control standpoint is, we are looking forward to providing the

customer different ways to drive the car, all in a beta full package. >> i'm looking forward to driving it. -- all in a beautiful package. >> i'm looking forward to driving it. the president of general motors. >> thank you for that interview with the president of general motors. i want to recap the breaking years we got moments ago. a bloomberg exclusive report that president biden will propose a capital gains tax as high as 43.4% for wealthy americans making more than $1 million a year. almost doubling the current tax rates on capital gains from 20% to 39.6 percent, coupled with the existing 3.8% surtax on investment income. stocks taking a leg lower on the back of this. we have more coming up. this is bloomberg. ♪

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first word news. president biden made a new commitment to cut u.s. fossil

fuel emissions by 2030 to 52%. it came at a virtual summit on climate change where he convened global leaders. it also marks an american return to climate efforts after a four-year absence. a grim milestone in new york, the state has surpassed 2 million total covid-19 cases. the county with the most reported cases is in brooklyn, also the county that has experienced the most confirmed deaths. this comes as the state ramps up vaccinations and public health measures to reduce the virus spread. one year ago, new york city became a global epicenter of the virus. police across the united states are praising the guilty verdict of derek chauvin. they say this is the first step towards healing the tattered relationship between communities and police officers. on tuesday, a jury convicted the

former cop of murdering george floyd last may by kneeling on his neck for 10 minutes. in russia imprisoned opposition leader alexei navalny says he feels pride and hope, this after learning about his lawyer about the protests across russia mending his release. police arrested almost 1500 people at rallies. after weeks of hunger striking, no valley -- navelny is reportedly in poor health. he was arrested for receiving treatment in germany for poisoning which he blames on the kremlin. global news, 24 hours a day on air, on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg.

>> i am kailey leinz and for matt miller. in -- in for matt miller. here are our top stories. president joe biden is said to be ready to propose almost doubling capital gains tax rate. the headline is sending stocks lower. plus a blowout quarter. this enterprise software company embarks on a plan to compete with rivals. we speak to the ceo in a moment. and how is the world reacting to bidens climate land -- plan? -- biden's climate plan? amanda: the markets had been in positive territory. we are seeing buy-in on earnings

so less of a momentum play on earnings. but if you are wondering what happened after 1:00, bloomberg news reported that biden is considering a proposal that would almost double the capital gains tax on investing income and that would have a pretty dramatic effect. details still to follow. it is really the story of the day on the day when individual names had been moving on their own earnings. another name we are watching today is also moving higher on its outlook. sap trading close to a six-month high as it delivers on growth in its cloud driven business. it's ceo is with us now and we are joined by emily chang. emily, over to you. >> thank you so much, and

christian, thank you for joining us. as amanda said, shares are rallying today in what you called a blowout quarter at a massive start to the cloud transformation you kicked off when you took over. talk about what is driving this. is it the pandemic in particular? christian: thanks for having me. indeed, the pandemic accelerated the digital transformation. years ago, companies had to dramatically transform their digital model. also building up capabilities for the future of work, enabling remote working at digitizing the value chain. that is actually the sweet spot of sap. we are providing solutions in the cloud for commerce, we have been up market leader for finance, offering unique models.

all of the digital capabilities our customers need. it's why we have seen in q1 the highest order entry into the cloud in years. emily: if you are winning share, who are you taking share from? christian: that's a good question. when you look at our quarter, we had 5000 net new customers, so we are gaining market share. as we've seen in our personal life, commerce is a solution of high demand. we also see high demand in our supply chain business. when you look at how disrupted supply chains were, it is critical for companies across the globe to have intelligent supply chain solutions. in the core year, we are clearly gaining market share.

their are other large vendors that follow this example like toshiba and many more. emily: when you took over as ceo, i understand you had a baby on the day of the worldwide lockdown. how has that impacted your key learnings and decision-making? christian: when you are running such a critical enterprise customers are relying on your software to run critical is this versus -- critical business purposes, it was important to serve the customer in a remote way. second, you don't have to end up

on a plane to go to meetings across the globe. the family likes it, the daughter likes it to have data home. and you can also spend time with family and to be as productive as before the crisis. emily: i'm glad your daughter is happy. in october, sap cut its forecast sending shares plummeting and a dire warning to the rest of the software industry that maybe they were in trouble, maybe remote work would not be as beneficial as everybody thought it would be for tech companies more broadly. how do you expect this memento to continue and when will we get to some sort of normal? christian: what we are observing is that the vaccination actually accelerate.

-- accelerates. and half of q2, i will expect we are almost back to normal. in asia, we see that businesses again are already rate accelerated. back then in q3, we made a bold decision. we followed our customers needs and said we want to now migrate our mission critical purposes to the cloud, we want to connect better to our stakeholders. this is what we are drooling -- doing driving the customization of our customer and you can see they are responding well to this strategy. emily: one of your ambitious deplatforms. but do you run into competitive,

regulatory issues around these kind of shared networks? christian: absolutely not. i just heard in the news how important now sustainability has become for everyone across the globe. for me, this is a new way of running enterprises going forward. coming together in a network, bring able to change the supply chain, making the carbon footprint more important. that is sap. we can make this visible to really drive that change and then make conscious decisions not about only the supplier who delivers the best quality at the lowest cost but to take the ones that can deliver in the most sustainable way. that's the way i see the evolution of our software portfolio and also how enterprises will transform even

more. emily: larry ellison has claimed a huge number of customers from sap and moved over to oracle, including government agencies. sap has blasted his claims as spurious. he blasted you right back. is there anything you would like to say? christian: look, i actually find it is a very positive sign when one of our competitors spends so much time talking about sap after their earnings. -- at their earnings. today we released a few competitors names. -- competitor names aired -- names. google, toshiba. i don't want to get into that, i want to let the numbers talk and we are expanding very well,

expanding market share. emily: christian klein, ceo of sap joining us from your headquarters in waldorf, germany. back to you. kailey: thank you so much for bringing that great conversation to us. from new york and toronto, this is bloomberg. ♪

kailey: this is bloomberg: it's. back to that breaking news that drove stocks lower in the session, and ask lucy report that joe biden will propose doubling the corporate gains tax rate for wealthy individuals.

laura davidson joins us now with more. this is up from 20% that people have to pay at the moment. what is the likelihood any republican would be on board? >> the likelihood of republicans being on board is near zero. republicans have said we are not voting for any tax increases to pay for anything. the question is can they get all 50 democrats? this is one of the things they can move through the senate procedure budget reconciliation, but they need pretty much everyone to agree to do this. kailey: obviously, that might be an uphill battle. having said that, this may be territory that is ripe for governments around the world. do you get the sense that this is one of those areas like we

heard about a global corporate tax? >> countries are also making sure they are taxing individuals. we remember back to the panama papers, there has been a lot of tax evasion in the caribbean. the governments have said we should band together and set a rate. there are not talks as formal on the corporate side but this could be a way where the u.s. says let's keep wealth where the wealthy are actually living. kailey: this could mean that for new yorkers, the tax rate is north of 50%. could even democrats use this as leverage to get the salt cap repealed? >> they could. we are already seeing proposals from democrats who want to see other ways to tax the wealthy to

offset this. a democrat from long island says let's raise the top rate of individual income. this is one of the areas you could see some negotiations happening as a way to get revenue on one side to pay for a valuable tax break on the other. this will be the key issue. there are already 20 plus democrats who have come out and said they are not voting for any plans unless salt is addressed and this can be leverage joe biden has. kailey: great to have you, bloomberg's laura davidson with that story. coming up, president biden also making news with some new climate pledges. we are going to check in with the ceo of pg i am -- coo, pardon me, on those new pledges.

>> no nation can solve this crisis on its own. >> the fight against kermit clinch will be the engine for a global recovery. >> we can build back better from this endemic by building back greener. >> we need to work on the basis of international law, following the principles of equity and justice. >> concrete action is needed on a large scale and with a global scope. >> the united states is back to work together with us in climate politics. there can be no doubt about the world needing your contributions if we really want to fill our ambitious goals. >> all of us, particular those who represent the world's largest economies, have to step up. kailey: president biden and a

host of other world leaders speaking at a virtual summit on climate change. investors are taking a stand, saying they must proactively seize the array of investment opportunities that will speed the transition to a greener planet. that was written by pgim's chief investment officer -- chief operating officer. investors like you have been in some ways laying the readiness for what we assume will be a global framework. what do you need to see from governments in a cooperative way to move things along? taimur: government is absolutely essential, head in the u.s. a missing piece, of the equation.

i think the remarkable u-turn the u.s. administration has taken in rejoining the global community on climate change is very welcome. but our stance has always been green sourcing trends that markets are already pricing in. renewables were clearly very much in demand and what is more interesting as you pointed out is the way our markets -- market signals are changed. it's what the head of the imf had around market prices. those changes in market signals are what investors need to look for and much of it reinforces a direction where it regardless of the whip song of u.s. policy -- with saw -- whipsawing of u.s. policy, investors are moving.

kailey: is there enough data for esg investing now? taimur: there is significantly better data than there was years ago and that is allowing a range of things. we now have the data to differentiate within the fossil fuel sector, which will be with us through 2050, no matter how fast we move. figuring out the greener companies within this brown sector, ones that are moving towards renewables, towards liquid natural gas and their focus on renewables, that's what we need to focus on and the european energy companies for example are a little ahead of their u.s. brethren. so there is decorating lee -- definitely some differentiation,

even in sectors that may have seen -- seemed the same years ago. kailey: we also begin to hear talks of carbon tariffs on a way to smooth out the pricing differentials. does that worry you? taimur: if it is in a way that internalizes the risks, it was inevitable and we very much saw it as part of the future regime. even outside of the obvious opportunities that investors look at at pgim. there is a whole infrastructure behind renewables. to some extent it is saturated, but there are opportunities in latin america, opportunities in the infrastructure around the energy transition network,

around the need to create insurance structures, all of that is charging stations for electric vehicles. the range of secondary opportunities is where we recommend investors look. kailey: talking about infrastructure spending, there has to be a revenue raising aspect to it. we got news that the president is looking at doubling the capital gains tax rate. i am wondering what your reaction to that is. taimur: when you have stimuli of this size around the world, there are taxes coming down the line. we recognize that some point, this needs to be financed. there are lots of steps that need to go through congress so we can see how this plays out. so we recognize much will happen before we figure out where the

funding will come from. kailey: great to have you on that and on your thoughts on the climate summit. pgim's coo, we appreciate it. amanda: that is it for bloomberg: markets. see you tomorrow.

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>> i am mark crumpton bloomberg first word news. the new surge in coronavirus

infections threatens to further divide world economies and could damage overall global growth. more people were diagnosed with covid last week then any other since the pandemic began. president biden convened leaders of the world's most powerful countries to try to spur global efforts against climate change, drawing commitments from chinese present xi jinping and russian president vladimir putin to operate on cutting emissions despite their own sharp rivalries with the united states. >> no nation can solve this crisis on its own. all of us, particularly those of us who represent the world's largest economies, have to step up. >> president biden's own commitment is to cut u.s. fossil fuel omissions up to 52% by 2030, marking a return to the