romaine: from bloomberg world headquarters in new york, i'm romaine bostick. today, we are going to talk about climate change and the intersection between climate change and wall street. the conference of parties, cop 26, kicks off with a procession of world leaders resenting their plan for curbing global warming. u.n. calling to speed down missions and joe biden says the u.s. is ready to be a leader

again on this. we will dig into the money going into the fight happening on the shadow of an energy crisis. let's look at what we have heard so far from the heads of state at cop 26. >> we must speed up our race to net zero. >> the united states is not only back at the table, but will hopefully lead by the power of our example. my administration is working overtime to show our climate commitment is action, not words. >> the european union as well as the united kingdom are ready to meet their commitments. >> india is the only big economy in the world that has delivered both in n word on its paris commitment. >> all of those promises will be nothing but blob loblaw, to coin a phrase, and the anger will be

uncontainable unless we make this moment any glascow the moment we get real about climate change. taylor: for the latest developments, we are joined by maria tadeo live. no blah, blah blah from you. talk to us about the latest. >> that is a reference to greta finn berg. she said i don't want to see bla h, blah, blah, i want to see action. the much everyone, the u.s. president joe biden, boris johnson, emmanuel macron, the indian prime minister all said we are ready to do something. there are two big narratives

coming out of the meeting and this is day one. there's a lot of negotiating ahead of us, but one is the call on the big polluters to be more ambitious on their targets. the second is nations that will need financial help in emerging economies are saying we want to do it, but you need to help us complete this transition. the developed countries are saying we are happy to do that, but it will take time. and again, we have heard this before. the question is come next friday, will we get details and something new to add to promises that in many ways we have heard before. sonali: i'm wondering what the leaders who are at cop 26 are saying about the leaders who are not at cop 26 like russia, china, brazil -- what's the discourse around getting them more involved? maria: we heard from u.s. diplomats insisting on this

line, the fact that russia and china also skips that g20 in rome that happened over the weekend, once again showing they are retreating from international diplomacy when they should be doing much more. the europeans are softer on china, saying china is making progress and they believe they are willing to take on things they weren't. at the big question is what's going to happen with russia? in particular, brazil. president bolson era had been very skeptical about climate and this is a big polluter. they will need brazil to play ball if they want to get to that temperature check. there's a lot of talk in glascow about getting into a trading system, and an order for that to art, you need brazil to enter the game. romaine: let's move ahead today number two. what can we expect? just more folks talking on the stage?

maria: most leaders have now left the country and have left glascow. -- have left glasgow. this is where the negotiators get to the table to try to get a communique. we will hear from the leaders but the heavyweights have already spoken and are on their way back. this takes us to next week, potentially friday, and the question of whether we get something that gives momentum to the pledge to get to net zero but also keep the temperature in check. that's the biggest goal in this climate meeting. boris johnson was very big -- everything else will fail. -- if this fails, everything else will fail. sonali: really appreciate your time there on the ground. let's bring in the director for climate negotiations at the

world resources institute. she leads climates -- climate negotiations for the paris agreement and the u.n. framework. you heard it from our own reporter, there were a lot of speeches but we are waiting to get into the details and the meat and potatoes of this. what are you looking for to come out of this? >> thank. the next two weeks, we need to power what we heard today. we need to see whether the package is going to keep 1.5 alive. we have the solidarity we need. sometimes we have good intentions, but is it going to make it to where it is needed most? also, are we going to see resilience? how are we going to tackle

economical philosophies? what is ambition and what is not? the rules of the game matter. we need to be able to hold countries accountable. sonali: speaking of greenwashing, that means or needs to be clearer rules and it comes to corporations and the investment firms that operate within these countries. do we expect more finite rules that come out of the major nations, including the u.s. and key members of the eu? yamide: we have to because they are much overdue. some of the rules include transparency rules and to capture that, we can really

compare. we also need to understand market incentive and the use of the market is not fake but is going to accelerate the pace of actions and add to the ambition in this game. the third is to make sure we have a common enemy. to provide the clarity and understanding to propel the transformation. romaine: one of the big obstacles here is going to come from some of the emerging markets which look at this and say this is going to hamper our growth. you are talking about an industrial economy that needs to pollute in order to make whatever it is they want to make and they feel they need either compensation or some sort of

alternative to grow their economy here. what's going to be factored into this plan that addresses that issue? yamide: those who need compensation are the countries and communities that committed least to the problem and are facing the brunt of the impact because of the emissions by the richest countries. we need to make it clear, to hold those companies accountable and use the tools as base targets and they are going to say yes and let's move and reach carbon neutrality. there are tools to make this happen. those words matter for this exact reason. taylor: talk to us about --

punishment is the wrong word, but if you agree to a commitment and fail to follow through, what are some of the ramifications are pressures you can put on countries to make sure they maintain what they promise? yamide: you need to make sure they report what they do and report the same way so they can compare. there needs to be some sort of audit by independent experts that follow the guidelines. if they are not following the rules, are they missing the targets? maybe it provides more warning and create spaces for countries to figure out how they can address those barriers and go back on track.

there's going to be -- this is going to look at where we are, where we need to be and how we get there. to see how we transform all sectors in the economy. sonali: i'm wondering what you are thinking about india's goal in particular. the net zero comes by 2070. what do you make of this? yamide: i know there have been mixed messages here. did dates may not be in line with what everyone was expecting but six months ago, it was not even in the card. but it's going to provide is a signal. more needs to be done and the older elements contribute to

countries like australia that come a year ago. india has put effort and has declined a number of actions by the near term that are probably significant. romaine: on the ground in glasgow, we appreciate you taking time to be with us. the director for climate negotiations at the world resources institute. we will continue this conversation. in a minute, global leaders are working toward a climate promise. we are going to get some perspective from the chief investment officer of carlisle's infrastructure group. she will talk about how investors are positioning themselves not only for climate change but some of the changes

these governments might make in anticipation. that's coming up next on bloomberg. ♪

romaine: today, we are focused on the very serious issue of climate change. cop 26 summit underway in scotland and as governments work toward their climate ambition, some investors are trying to get ahead of this. we've been taking a lot about people investing in ev and solar power and solar power enter next guest is trying to get ahead of the game. taylor: you said it perfectly when you said is it going to be a public-private investment. how much is coming from the private sector? this is interesting and i know you have been following this. this is carlisle's total

megawatt development by region. they are trying to find opportunities in green energy and renewables. most of those are coming from the u.s.. but you scatter in australia and europe and you're making progress. sonali: that has carlisle thinking about it. more about this -- to tell us more about this -- this is not your first rodeo. you were doing it at goldman and are doing it at carlisle. why is right now different than all the times before? pooja: thank you for having me today. at carlisle, we believe the investment opportunity around energy transition and re-carbonization more generally is incredibly scalable. there are opportunities for us to put capital to work. this is a global investment

thesis that will play out over the next several decades. you're not going to see it just happen over the next year or two. it's our responsibility to continue to deploy capital and it will not only be resilient but perform irrespective. looking at the pipeline of deals, we see a lot of opportunities to deploy capital that fits in with energy transition and decarbonization. romaine: talk more about -- when we talk about transitioning to decarbonization, a lot of people just focus on oil, reduction in fossil fuel. we wouldn't think about it in the traditional sense as a play on climate change you would not be interested in. pooja: right now, there are many

opportunities that are of interest to us. but we are interested in opportunities related to areas and storage solution, infrastructure. we believe the greater penetration of electric vehicles is going to fundamentally changed how electricity is produced. we think this decentralization of the energy mix is going to create interesting disruptions as well as create interesting investment opportunities. those are the opportunities we think are most exciting right now. sonali: there's been a big debate about how clean it really is to create the storage and

provide the electricity. can you tell us the narrative? pooja: you are asking an incredible good question. it's also around supply chain. it's our view that it is a multi-decade investment opportunity. significant demand of investment. i will say the reason batteries and storage are most compelling right now is what makes it really reliable is the integration of storage solutions. you can dispatch a renewable

energy project and fundamentally it's a critical component to making this happen. -- making this happen. taylor: what are some of the factors proving to you that consumers and investments want this? pooja: we do like to monitor what's happening from a policy perspective. it gives an insight into how world leaders are thinking about public policy and driving the energy transition. having said that, even one factor -- ultimately, the success of your investment will come down to the execution of your portfolio company. it's just one tool in our toolkit. candidly, i have to tell you i'm

very excited about the goals the private sector can play in the energy transition. if you are thinking about your old carbon footprint and how do you get on to decarbonization, one of the things you can do is look at your own energy consumption and can you procure renewable energy to offset your own emissions? it's not only cost-effective but reliable. sonali: taylor made the point about how much of your investment is still in the united states but you are talking about a global opportunity. where are the most immediate opportunities globally? pooja: different countries have a different approach to climate change and energy independent -- energy independence. we are investing not in just the united states but also in japan,

australia, western europe, so we think it is a global team that will play out. as a global investment firm with local investment, we have access to proprietary deals and a lot of companies are looking to partner up with us because they find not just access to capital but true leadership as well as partnerships because these companies, while they may be small right now, they are looking for support as they take advantage of the opportunities. sonali: the chief investment officer of carlisle's infrastructure group. we will do our final thoughts next. -- an earlier story from dow jones. looking at an ipo valuation of

$60 million. romaine: i've got 57 at the low end. that would put them right around $60 billion. you're talking about a company like ford with a valuation of $68 billion. sonali: tesla is $1.2 trillion. taylor: don't front run our final thoughts. this is bloomberg.

romaine: a great 30 minutes where we broke down climate change, cop 26 and what may come out of it. how is that for private investment? sonali: not only carlisle involved, but it's not just

words and blah, blah, blah, but significant movements. romaine: you are talking about a climate change agreement that six years old and nothing to show for it yet. sonali: this is bloomberg. ♪

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