>> let's get to the top stories that set your agenda. markets go risk off. traders dialing back bets on rate cuts going into next year. the rba holding its key rate at a 12 year high as inflation cools. brent steadies after a three-day loss. saudi arabia's energy ministers has output cuts by opec-plus will be delivered in full. they could even be extended. >> i honestly believe the delivery of the 2.2 will happen. i honestly believe 2.2 million will overcome even the usual from the first quarter. kriti: we will discuss how climate talks are progressing at

cop 28. our interview with john kerry joining us in just a few minutes time. stick with us. in the meantime a check on the markets because things are very fluid as we talk about how the markets are thinking about monetary policy around the world. it gets interesting when you look at futures trading. when you look at the european futures story there is not a lot going on. take a look at the atlantic. s&p futures taking a step back. down 0.2%. nasdaq 100 is well down 0.3%. we are going back to a dynamic where asian and european traders are not diving into american assets with the force they were in the front half of this year. you are seeing risk sentiment on the equity story. that is flowing into the cross asset story. a bid into the bond market. the 10 year yield down one basis point across the curve. 423 on that yield. that is pressuring the dollar creating a tailwind for the euro, the pound of course. euro-dollar 108, cable at 126.

dollar weakness also creating a tailwind for brent crude. perhaps you are seeing stabilization. 78 handle on brent crude. it is now seeing a five dollar spread with nymex crude which speaks to the geopolitics baked into the price relative to the installation of the american market. that is your cross asset story. i want to get a check on how the asian markets are faring. avril hong standing by with that story. avril: in the asia-pacific we are seeing the unwinding of fed rate cut bets. markets do not seem so sure. doubt is creeping in. the stock benchmark is falling. the hang seng leading losses 1.7% off. dragged by the chinese tech names as well as i would like to mention, biologics. i have to toss it back to you now. kriti: a lot of really interesting market dynamics. we have to get to our main story here. one of the major focuses of the

cop 28 talk is the financial implications of climate change. bloomberg's head of esg speaking to john kerry in dubai. >> you said to politico yesterday the bottom line is that this cop needs to be committed to phasing out fossil fuels in the final text. saudi arabia's oil minister told bloomberg his country will not support any language around a phaseout of fossil fuels. does that make you worried that real ambition will get stymied by fossil fuel interests? >> no. but let me begin first. first of all it is great to be with you and thank you to bloomberg and to mike particularly for his incredible commitment to this and what he's been able to do. including getting rid of literally 500 coal plants in our

country. that is significant. we are doing pretty well. i want to begin to underscore to everybody because it is so critical. this moment is not just another moment. it is not inconsequential. it is not -- it cannot be business as usual in any regard. the dangers we are facing, and i'm not an alarmist, most people know i have been practical trying to find solutions to challenges. but the dangers we face are just monumental. and even scary. scientists are saying that. the best scientists in the world are saying what we face now is alarming. terrifying. these are quotes. we are in uncharted territory. let me just say to you.

it was 70 degrees fahrenheit above normal in the arctic last summer. it was 100 degrees fahrenheit above normal in the antarctic. a massive ice sheet that has been tied up for thousands of years because it was so big and heavy it was stuck in the mud has now disappeared enough, melted enough that it floated, it is no longer stuck. just like 86 million metric tons of ice every single day in greenland. we have to really decide, are we serious or are we fooling around with an existential issue? existential. you hear that out of the amounts -- out of the mouths of sober politicians to understand what is going on. i do that as a preface because it has to be the guidepost. for everything we are thinking about choosing to do.

the fact is emissions are going up in too many places. and what science says is 2018, they could not have been more clear. they pointed the finger at all the people in positions of responsibility. you have 12 years within which to make the decisions and implement them that will avoid the worst consequences of the climate crisis. that is science, mathematics, physics. and we are ignoring it in too many parts of the world. and so we are inviting the worst consequences. we see what is happening. $18.1 million events in the u.s., climate events. 30 million people displaced in pakistan. record fires in greece and parts of the world. come on. when do we get really focused on this? and by the way, this is not

asking people to sacrifice, for god sakes. we are not suggesting that in the transition to the new energy economy, you are going to give up something. on the contrary. 8 million people are dying every year. it is pollution, folks. it is poison. yesterday or the day before, i forget which, they blend together, we had our first ever session on health. the largest cause of children being hospitalized in america is environmentally induced asthma. i promise i will come to hear. >> i think you have laid it out well. the saudi said we will not support an actual phaseout.

>> he can speak for himself and he did yesterday. the united states has said, and we set it in the g7, all g7 members voted for this, that we are for the phaseout of all unabated fossil fuel. unabated. why? because science says you have to reduce emissions. how can we reduce emissions of we are building a new set of coal-fired power plants? and they are in asia. 550 gigawatts of coal power is backed up in the line for construction. we are saying do not permit. does that mean somebody's going to take a haircut? yes. does that mean we have to come up with some measurement of how we are going to manage things? yes. it is not a rational. what is a rational is permitting

an unabated coal-fired power plant which wipes out all the gains of other countries who are trying to do renewables and trying to do hydrogen, a bunch of different things. >> are you worried about a blocking coalition? you have the saudi's all worried about this language. >> we have worked closely with everybody. we are working with them right now. there is a reason we were able to get a new fund for climate impact response. that is that we worked all summer with transition committee meeting. we had one several weeks ago to try to resolve it. we came to an agreement on the framework we needed to make this happen. think about it. 195 countries came to an agreement on this new fund. we supported it. i even pushed that we would not

just do it two years from now, which was agreeable to people, i said no. if this is really urgent we should do it next year. not wait. not make the developing world think we are not serious by pushing it off. so we did it. never has a cop ever passed on the first day anything. we had the first-ever health day, the first ever gender day. women inevitably in most parts of the world are the biggest victims in the climate crisis because they do the caretaking of the family, getting the food, building -- finding means of cooking the food and so forth. they are also the most vulnerable in the sense that when there's a crisis, they are the ones who pay the highest price. >> are you confident we will get

phasing out of unabated fossil fuel? >> i'm not saying what it will be. i'm saying we will find a way to do something i think is realistic. and finds the appropriate terminology and framework within which to be able to do our job. >> the other point the saudi's and others make is about hypocrisy. they would point out that the u.s. is producing a record amount of oil itself as you are making this call. isn't it time for the u.s. to walk the walk? >> we are. president biden has done more than any president in history. he got the ira past and the ira was $369 billion of tax incentive. it does not have a ceiling. it has a floor. we have probably got about a trillion already and it is moving like crazy. more money, venture capital, moving into that sector then we

ever imagined. we are seeing a lot going on. i'm really encouraged. there is just a change of spirit. a change of spirit in this cop. i have been to cop since 1992. in rio. i can tell you i've never seen one that is more ambitious, pulling as many different threads of how we respond together. we have a shipping challenge. we had four days with the chinese and we came up with an agreement that all greenhouse gases will be contained. china did not include their ndc. we agreed that we will both accelerate the deployment of renewables with a specific view to having a deployment of

additional -- reducing emissions in the 20 20's, which is a real move for china to accelerate. we have a methane summit just the other day. the to raise 200 million to help countries reduce methane. over $1 billion on the table. real money. we got six oil and gas companies who have committed they are going to do 25 million each to specifically help countries to be able to change. turkmenistan, because extent -- kazakhstan. kenya, angola, kosovo. we are at 155 countries that have plans to do 30% reduction globally of methane. pretty good. we are moving. we have a new ability from satellites to trace the footprints. any of you represent big-time

international corporations with footprints around the world, you can run but you cannot hide now. there is going to be an ability to trace every hour and a half satellites go around the planet and they're going to be able to pinpoint methane leaks in various parts of the world. we will. we will name and shame and we will be pushing like crazy to be out there getting the transition done. there are other things that have happened here. >> we saw side-by-side announcements from china and the u.s.. at the same time they continued to build coal plants. does that highlight the frustrations and contradictions of climate diplomacy? you say one thing here, we make these noises. >> it also highlights the

complications of realities of the marketplace. yes, we are the largest oil and gas producer in the world but we are also living up a legitimate track to keep 1.5 degrees alive. there's a slight bleep up. it is a reflection of demand. massive demand. we cannot just come at this from the supply side. we have to come out on the demand side. ira is a demand segment, massive, and it's having an impact. the iea, have come out with an analysis that they say they have detected an earlier peak in global demand on fossil fuel's and they foresee it somewhere the next couple years because of the rapid rate of electric vehicle deployment and also the rapid rate of renewable deployment.

they are saying this is a terminal decline by the way. terminal. if i am an analyst on wall street on going to look differently at oil and gas companies for the long haul and that will accelerate things. also job growth in the u.s., greater in the renewable sector than fossil fuel. many of the people in fossil fuel are finding it easy to transition to other disciplines. they have the skill sets, extraction and so forth. we are living in a new world here. here's the problem. everybody knows i'm not an apologist. for china. i do not think there is one in the u.s. right now. but it is a fact that china only had coal and nuclear. they are building 22 nuclear plants. they are also building any factoring and deploying --

building, manufacturing, and deploying more renewables than the rest of the world put together. china will have 3000 gigawatts of new renewable power by 2030. you have to look realistically. they have these coal plants. but they insist they are the minimal backup. they want to find out how can we do a better job dealing with our grid? how do we integrate the grid? ai will play a role. we have all the tools. people are working on that now. i just went to commonwealth fusion in massachusetts. it is really exciting what's happening there. by 2028 or 2029 they are going to be producing enough heat in an incipient commercial manner the next round already, they are looking at the build out beyond that will be a real commercial enterprise infusion. that could be a huge game

changer. they are about 10 different places, companies that are chasing this, two or three of them are probably the most realistic and we will see where it goes. >> back to the u.s., one of the most notable things about this cop is how fossil fuel companies have been involved. we saw that chevron and exxon are not paying into the grant funds meant to help companies cut emissions. do you think american oil and gas companies have gotten on the road with you for a net zero? >> not all of them. regrettably. i want to be very fair. exxon mobil is working with us on a plan they have to do an in kind effort with on the ground training and working with

people, being able to help on methane. they are moving differently than chevron. we are hoping to close that out in the next hours if not the next couple days. we will work with the world bank and hopefully be effective. >> what more can chevron do? >> everything. [laughter] >> tell me more. >> very respectfully, i would say you cannot be outside this initiative. we have no real evidence that they and a lot of others are doing what every company needs to do. scope one, scope two. methane 100% by 2030. this is what companies signed up for by the way in the initiative

-- i'm not sure who it came from. it was announced there is this global decarbonization alliance and companies have come together. it's not insignificant. a lot of criticism has been leveled at the uae but the fact is this is the first time ever those companies have come to the table with a cop. but they have agreed to do is not enough in my judgment. i would rather have them doing it than not doing it and that is a pledge to do that zero 2050, net zero's -- to do scope one and two by 2030, all methane by 2030. and to raise their capex on renewables and a couple of other things. the bottom line is, we need -- look.

we have to be honest here with each other everybody. that requires the oil and gas companies to be as equally honest with us. the evidence is overwhelming. there is no doubt about science and that is why i say it is inexcusable. there is no reason to be permitting unabated efforts at this point. this is urgency. we need them to stop flaring. we have flaring down in texas. not only is it a stupid thing to do because you are wasting gas you could be selling. it is dangerous and damaging to the atmosphere. methane folks is 80 to 100 times more destructive than co2 in its early years of exposure. when it just leaks as methane, when you burn it you get co2. but when it is leaking and you

are flaring, it just is not helpful. iraq is one of the big flarer in the world but they are agreeing to work with us. we are sending people to help them. dealing with methane folks is not high-tech. it is basic plumbing. it is tightening screws. putting in a new joint in your connectors. it is also the single fastest, biggest, easiest, least expensive gain on holding the temperature. if you do the methane pledge you are notching about 0.1 degrees, maybe 0.2, of cooling, of keeping the planet less warm. that is another reason to want to do it. you asked me where the other companies -- they ought to be doing that. they ought to be leading the

charge, not to mention that there's only one simple reason we are in the predicament we are in. no rocket science needed, no new algorithm, no mathematician genius. this is happening because we burn fossil fuel unabated in the world. that is what is doing this. [applause] >> i would like to talk about the future. you can feel american leadership at this cop. hanging over all of this is the prospect of donald trump going back to the white house next year. >> i don't think so. >> that is journalistic license. if he gets in, the prospect -- there is the prospect all of this could be for not. that makes an awkward and

difficult question. how good is the word of the united states on the international stage? >> it is 100% good. the nightmarish prospect, i'm not allowed to comment on politics actually so i should not. >> i'm not stopping you. i'm sure the room would love to hear your thoughts. >> my body language was enough. folks, no. i'm not worried. could hear someone else who does not want to listen to the science and does not read about it, does not care about the facts, have an impact? sure. but they are not going to stop this. they are not going to stop what is happening on a global basis. this economic transformation is going to be the biggest transformation in human history. bigger by far than the industrial revolution. and it is going to happen.

i have no question but that we are going to get to a no carbon economy globally. i just do not know if we are going to get there in time to avoid the worst consequences. that's the issue. that's why we have to accelerate everything. we know we can do it. the iea tells us if we just deployed more renewables, between now and 2030, we could make our goals just with renewables. germany is getting above 50% renewable. other countries are 80%, 70%, and they are not having problems balancing the energy supply. there are ways to do that regionally and globally if you could connect grades, which we can do. france sends germany nuclear power. norway sends germany and other parts of europe gas with pipeline.

we can do these things. but we have to work at it in an authoritative way. the ford motor company and general motors are both part of our first movers coalition. we created a coalition of about 100 companies. best companies in the world as far as i am concerned. google and apple and microsoft and salesforce. fedex. ford. general motors. run the list. boeing. united airlines. mastercard. big companies with big interest. their ceos are smart and they have made smart decisions and they are out front. they are buying green now to accelerate the message to the marketplace that you can do it. they are buying -- general motors buying 10% of the steel they buy for manufacturing cars, it is green steel. the largest cement maker in the

world making green cement. people are buying it not because it is green but because it is better. kriti: the u.s. special envoy for climate john kerry speaking to a panel at the bloomberg cup 28 climate summit -- cop 28 climate summit. he's been talking about exxon and chevron not just in terms of their share price and what they need to be doing on climate but also their capex share as well. you are seeing risk off sentiment. as we get more comments about the commitment from the u.s. and others around the world it is something we are going to be keeping a close eye on. more after the break. this is bloomberg. ♪ (jennifer) the reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real food and lose this much weight. the release supplement makes losing weight easy.

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kriti: good morning and welcome back to daybreak europe. when you look at markets traders are dialing back bets on rate cuts next year, a theme that is going global. rb holding its rate as inflation cools. oil markets are studying after a three day lost. output cuts by opec-plus will be delivered in full and could be extended. >> delivery, i honestly believe 2.2 or 2.3 billion -- million will happen in the first quarter. kriti: we will discuss how

climate talks are progressing. our interview with the founder of bridgewater associates in a few minutes. that's get a quick check on markets because you're seeing risk off sentiment. the sentiment in the last couple of days getting pared back. futures are unchanged but when you look at the defensive bid in the u.s. assets you're not seeing that man best. nasdaq is the underperformer. let's go across asset and talk about the theme we are seeing. the bond market is catching a bid. rba halting their bids. jgb's are flowing into u.s. treasuries. that will create dollar weakness but your senior turnaround. euro-dollar and cable were higher 30 minutes ago. 126 on the cable rate and brent

crude is joining the 77 handle. back to the climate story john kerry is with john at the bloomberg green festival. let's listen to what he had to say. >> we had announced $3 billion for the green climate fund. we are judged by the oecd. where is the hundred billion? you promised 100 billion? we've done it and we did it last year. 2022 is judged to have had it in this year president biden put a $12 billion adaptation program. we are up to nine something. we are moving and despite these handicaps when i was in the senate i was there for 28 years.

we would go out to dinner and talk, republican and democrat. you could have a bottle of wine and tell jokes. i remember going to teddy kennedy's house and or would be there. then we would go back to the senate and get something done. everyone is running around chasing money. the best thing would be for the supreme court to recognize citizens united as unleashed dark money, corrupt money, unbelievable amounts of money freezing the possibility for good things to happen. the status quo is winning that part of the battle does that make you feel better? i have to tell you i'm an

optimist. who was it -- winston churchill said democracy is the worst form of government in the world except for everything else. there's a diplomat who came to the united states from another part of the world and was asked what do you think of democracy? he said democracy is like sex, when it is good, it is very good and when it is bad it is still quite good. [applause] ♪ kriti: u.s. special envoy john kerry speaking to john at a bloomberg panel. we know he has been an advocate for science for quite some time but he's also been talking about

how wall street needs to approach the climate change. he named his efforts with international governments and within the u.s. when john asked him what you do when the u.s. is one of the biggest drillers of oil? he said were working on exxon and called out chevron for their lack of investment saying that something wall street will help as well. that has been a controversial issue in terms of esg and portfolio building. john kerry addressing what that might look like. i thought the capex comment was important because that will be a big piece of the equation when you talk about the idea that after the war in ukraine one of the concerns from oil companies was whether they can invest in capex. i want to bring more interviews

from the panel in dubai. bloomberg's francine is with us speaking with ray from bridgewater associates. >> those forces were the amounts of depth we are creating, governments particularly, and the money, someone to finance the debt. it is unprecedented other than 1930 through 1945. internal divisions, the largest wealth and values gaps. a populist is an individualist who will fight and win at all costs, not as a threat to the system. our politics is different than any time in my lifetime. third is geopolitical, great power conflict. 1945 we began the new world

order and this always happens. you have a war, the winter set the rules. the united states had 90% of the world's money so the world order is changing. competitions, more risk for conflict. when i studied history i found that the fourth influence was droughts, floods and pandemics that have killed more people and had a bigger effect in toppling orders than the first three. number five is technology. man's inventiveness and development of technology. i saw how they are interrelated in creating big cycles because if you spend more money than you earn and get into debt money issuance matters.

that is the case and as we look at next year certainly populism and the threat to our ability to decisions together, that issue is of paramount. number three, geopolitical. as we deal with climate never in our lifetimes have we had a bigger decision pertaining to climate and its consequences. then technology. >> could be positive on technology and the other four are getting worse have we ever seen a more uncertain time for livelihoods? >> this is analogous to 1930 to 45 and other times when there is a confluence of these because on the climate issue it's estimated

that between five and intentionally in dollars, if you neglected it you will pay the price, if you do not neglect it, either way it'll be five to $10 trillion a year. it is expensive and so we're living in a world that does not have enough money. even if we fiddle around with how this will work from the money point of view you have to look at who has the money and what are the motivations. if you want to talk about that we can but there is a big money issue. money is a proxy for productivity. >> who has the money and what is their motivation? >> i'm going to start with the multilateral development banks that have about 2 trillion and

they have responsibilities. the world bank and so on have about 2 trillion, that is how much they have. we have to spend five to 10 trillion a year. philanthropists have about one trillion a year world wide, 500 in the united states, not much, a drop in the bucket. the biggest pool of money is large institutional money. 200 trillion, that is the big pot of money. .3% of that money goes into climate in various forms of ecological investments. .3%. i know those people, i know the circumstances. everybody has to take care of the money.

so they have to have a return on the money and there is a great possibility to make great money go into these initiatives if they make it profitable. profit is a proxy for productivity. one of the great things about this conference that people don't have a good sense for and i was lucky because of some of the things i do in oceans and so on. there are many deals going on. the answer is you have to make it profitable. you can't just say it's a good thing, go do it. regulations matter. politics matter but in order to turn it loose it is creativity that gets reinforced because

there has to be financial sustainability and ecological. >> which one of the five forces holds back investors? some prices for technology are going down so it's easier to make profit if you invest in the right project. >> it's the money thing. that's the biggest influence. let's see what bill gates is doing with breakthrough energy, that's a double bottom line. that's why some deals that are happening that will never make the headlines, 80,000 people here are so and so many deals, those are powerful. >> volterra, that's a lot of

money going to brookfield. is that a template? >> yes, it's a wonderful template. that has to be converted to profits but there is so much invented this now that's the biggest change. there are questions like carbon tax or reducing subsidies for carbon. we've got a politics issue. i think the other aspect is let's be realistic, we are unlikely to achieve 1.5 target. there are three things, what you can do to achieve the target. the second is adaptation. if you don't achieve 1.5 what

needs to be done to make that acceptable? consequences of not doing that are big migration and all sorts of problems but how do you adapt? the third cost is the cost of damage. i believe we are going to be moving in an economic way to adaptation. that affects everybody so whereas there is an element of let's be good and get the money, but if you go to banks they say banks have a lot of money. banks have assets and liabilities and if they do not receive or give depositors or those who are putting money with them an adequate amount of return they will not have any money. you have to have the return component of that. self-interest is a great

motivator. adaptation will be some area for great investment. >> isn't climate change the biggest risk to any company? when do we see regulation that forces every company to look at it as the longest risk? >> secretary kerry did a wonderful job describing the realities of that. as a practical person one cannot say it's going to be all or nothing. you have to look at what is happening in as you deal with regulation, that is right, that is good. there is a meme that if you are not a good citizen -- the political aspect and social aspect plays a role. it is the social pressure what

has a role? those are all good things that are helping. the real question is is that enough? it's not like you have them or you don't have them. >> we have central banks that have gone from zero interest rates to 5%. does that make these projects more difficult to get off the ground? you cannot issue debt to finance projects. >> we have to deal with the intersection of the various realities so from a central bank point of view what they did was give away money. made interest rates more negative and you did not have to pay back principal because they had interest only loans so you got money. the problem is one man's debt is another man's assets and if you do not create an asset that will give you a return above inflation create a skew so

everybody borrowed money, that's a problem. is it more difficult to finance now that you might have 8% cost of funds rather than free money? yes it is so what are you going to do? you can't not take care of the fact that you need to give real return or you create a bubble. we could produce a lot more debt. we can say the government can give us money. the government should give us money or protect risks, but there are costs to that. you are optimizing for all of the parts of the machine. >> i cannot tell whether you are optimistic or pessimistic. >> i'm realistic and practical i hope. >> how quickly can we see real returns for investors to make a

real difference? >> you're going to seem rapid growth in profitable all sorts of forms, however it will come too late and too small to be the solution to that. we look at the whole thing this is going to produce two or three times more than any cop has produced and we will also walk away that it is only one third of what we need to produce and that's just reality. so it's the glass that is one third full or half full, we will ask if it was a success or a failure. and a lot of great stuff is

happening in terms of impact but is not enough. >> is the u.s. election the most important thing for climate change? >> is the most important thing for the world probably because for climate change of course the secretary said it very well u.s. leadership in u.s. policies is fundamental for climate and the world that works well. we have a choice about that. there will be issues regarding cooperation. donald trump's position is tariffs of 10% across-the-board. others will respond.

it makes a trade war then you have capital wars and less cooperation as you have not a policy -- a policy that will focus on america. you have that not lending itself to as much the common interest in cooperation. you have a world government that works like the u.s. government works now or does not work. >> how do you see it playing out? >> a lot will have to do with the primaries. we will go through the politics. the game plan of republicans who do not want donald trump to be elected is that there will be

three primaries, iowa caucus, new hampshire, south carolina. in candidates who are not number one opponents should drop out then there will be one candidate. it looks like most likely nikki haley. nikki haley is somebody who will have to work across party lines, be smart. i'm in favor of a system that has those people on both sides. you need a strong middle and that strong middle has to have reforms. there will need to be a lot of reforms that make the country able to do well. the primary, who gets the nomination will be the most important. if you get an opponent, let saint nikki haley, that affects

the -- let's say nikki haley, that affects the democratic side. most americans do not want a joe biden donald trump alexion and do not want either for each of their various reasons. and so there is consideration within the democratic party will that happen? it's likely that -- if the alternative were to run she would win the presidential election is what the polls would show. that puts democrats in a position where the choice becomes difficult. the question of who is running against him in the election carries forward to whether you have a system that works well, because if you have the polarity of the extreme, neither side can win, there will not be acceptance of policies,

including how opposition is dealt with. you have irreconcilable differences. the election will be critically important for not just the united states, the world. >> what will the american economy look like when people go to the votes? >> the american economy will be softening, ok? because what what what kept it relatively strong was there was a transfer of power from the government. central banks bought the debt by printing money. we had an inflation piece. they put out twice as much money as necessary to compensate for covid losses. the government got a lot into debt. that is going down and the

household and business sectors are good but at the same time as that goes down you have debt maturing and rolling over so higher interest rates into the picture of funding. at this interest-rate it is a whole different story. all of that is favoring then the weakening of the economy. i don't think there will be a big financial crisis but it will not be strong economy. a lot of that has to do with supply and demand of bonds. i don't think that there will be economic happiness and because there is not going to be economic happiness it will mean that the party in power's going to have more challenges, plus of the same time there is the age question and the things that you know, the succession to

president biden, who will choose the successor. will that be the public? all those issues come together to make an interesting election. >> what does that mean for raising finance for climate projects? >> if entrepreneurship is good as i said earlier you will see a lot more but it will be difficult and will not be the game changer. >> thank you for joining us. [applause] ♪ kriti: bridgewater founder ray speaking to bloomberg at the cop 28 summit. he made interesting points talking about u.s. elections. following john kerry that u.s.

leadership is essential. one big climate story is whether a trump or republican president would mean an end to u.s. leadership and ray and john both really throw cold water saying it's more of an investment story than a political one on the global stage. we will bring you plenty more interviews including ceos. we speak to the president scott kleiman as well. all-star lineup throughout television and radio, up next is markets today. this is bloomberg. ♪

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