with some principles. the dea agent and the secret service guys who were ripping off the silk road were just in it for the money. ♪♪ very warm welcome to the market open this hour. this bweek watch the stocks infill it was a strong performance on headline indices, to close out the month of october, normally a month people are wary of because of its history of corrections. we come into the fresh month of november with markets on a positive tack.

but be aware this week is heavy on events we have the cop meeting, steve and jeweulianna p in glass go on that. we have an opec meeting. a lot of events happening. but the early open, as you can see, pretty much in feeling based on expectations on the futures. up about .3% right now on the stoxx 600. this blended wall of blue chips stock in europe. let's look at how this breaks down in terms of sectors and who's benefits or otherwise from these current trends we have been talking about whether central banks are focused on interest rate rises or shifting the monetary environment to make it tighter interesting that we have real estate down at the bottom end here, which would be one of those sectors that would be

disproportionately impacted by tightening in monetary conditions as i walk back around the wall here, utility retail banks somewhere in the middle. we're watching barclays here, the early quote down over 3% but we'll tell you a little bit more about that and talk to a guest about what is going on at bar barclays and how investors should feel about it as i walk around the wall, resources up nearly .5%. leading the gates, auto, health care, and construction stock let's focus on the way this breaks down geographically here's a snapshot of the european markets ftse 100 we have a bit of movement going on in sterling right now. mostly that seems to be weakening against the dollar the dollar very much in the driving seat but just another factor as you

think about reasons why the ftse 100 may be hanging onto some gains here, even though there are some negative stories in the ftse this morning. across the other european markets, to a greater or lesser extent then, we are higher up about .5% right now. so we have a green map here. let's talk about the barclays story then because this is clearly having some impact on how the ftse has started the trading session. we are down over 3% here and investors seems it's taken the news of the departure of jes staley fairly badly. the ceo is leaving following british regulators' investigations into his relationships with jeffrey epstein. barclays says the board and

staley have agreed on his departure, quote, in view of those conclusions. but added that staley intends to contest the findings the bank said it has named vs c van cater as jes staley's replacement. he takes over as chief executive today. staley says that his departure is a personal response to the ongoing probes, according to an internal memo seen by "reuters." i just printed out a quick copy of that report and i think it is worth dwelling on this for a moment the barclay ceo telling staff, quote, i'm sorry i will not be with you for the next chapter of barclays' story. telling staff he does not want his personal response to the regulatory probes to be a

distraction. fahed kunwar joins us. what do you make of what's happening at barclays and how the market has responded >> good morning, thanks for having me on i guess the initial reaction is one of surprise. there were rumors about him leaving after the chevron deal as well. a mix of the business wasn't right and that's been rumbling for the first three or four years but the last year the bank has had a solid performance and his position was entrenched and investors really changed his mind on him and liked the direction of the travel of barclays so this move comes as a shock. so i would say the uk regulators in general had had previous with mr. sataley so the whistle-blowe previous that led to a fine for

mr. staley in 2018 meant that the regulators weren't quite -- they had concerns about him. this is another addition to the concerns clearly they haven't released their findings yet so we shouldn't speculate on that. but i think this adds to a picture of a different relationship between the barclay ceo and the regulators. clearly we need to see what the actual allegations or review said but this adds to a widening picture of him being difficult and that's why he has stepped down so quickly today i think. >> surely he won't be the last at this point, the board does need to look at itself at this stage, given that this story has been around for some time. and consistently the board has backed jes staley over this issue. and a spokesman previously when

this emerged -- this story emerged said that the bank had been made aware of the relationship with epstein before s staley's appointment in 2015 surely there are broader questions to be asked about the role of the board. >> the detail i think is critical here. i think the relationship with epstein and staley was known it was more about staley's characterization of that relationship with the fca that the board backed his characterization the fca has come out with potentially what seems like could be a different view from what mr. staley represented at the time so i think it's hard to prejudge that point so they've acted on information when it came out so i don't think it was just about his relationship with mr. epstein, it was more about his characterization of that so if an inconsistency has potentially been found, we don't know yet

i think the board acting now feels like the timing is fine. i think it would have been quite aggressive to really move against him without that information and investigation being concluded. so i don't think there are huge board issues here. it does look like, you know, a personal characterization from mr. staley regarding his relationship with mr. epstein. it goes back to further points around the whistle-blower as well clearly maybe there are issues around him before the regulators so i think from the board's point of view it's more about the relationship management has with the regulators as anything else i must say we need to see exactly what the fca said and their conclusion is very wide and very far from the characterization mr. staley presented then perhaps the board will have to ask more questions, but i think we should wait and see what's said on the findings. >> let's talk about the company and the share price performance

then how critical do you think jes staley was to performance at the bank and strategy at the bank and should investors be bailing out, as some of them appear to be at this point, on news of his departure? >> the short answer to that is no but it's worth kind of going through a history of barclays to inform why the market has reacted as it has. the first five or six years after the financial crisis to the point anthony jenkins was put in charge in 2013. what they wanted is the investment bank to be shutdown and be a smaller part of the group. mr. staley came in and reversed that course in the first two or three years of his tenure. investors were unsure that was the right choice and then they took a stake to force him to change his mind and strategy of the business

but in the last two years mr. staley has been vindicated because the investment bank has held up barclays for the last few years while european peers have been struggling so it's a business he's turned around i think investors are looking that's the right decision in the end and back his strategy. the question is now considering he was the driving force behind that strategy retaining and investing in the investment bank do we have another discussion around barclays. the reason we think that shouldn't be the case is, vennford has been appointed ceo. he was global head of markets. so it does feel like this is a continuation of jes staley's strategy so the concern around the strategy direction of barclay

will be there today and a driving weakness today but overall it does feel like it's going to be continuing as they were given who they appointed ceo. i go back to the appointment of anthony jenkins. when a head of retail was appointed as head of barclays, it was clear the board wanted a different direction for barclays and that came to pass because they didn't try to cut the bank down to size it wasn't successful but now given for an investment banker it does feel like it's unlikely to be big strategic changes here we don't see this as a threat to the way barclays is going to work here. >> great to have you on. thank you for joining us at short notice to talk about the direction of travel for barclays after jes staley fahed with us from redburn where he's an equity analyst

you're looking at a chart that showed gains across much of this year i wanted to bring this to your attention. this is a longer time frame chart that perhaps reflects more broadly jes staley's time at barclays in fact, off 9% since jes staley has been in charge over at the british bank it's been a very difficult environment, we know, post the global financial crisis. particularly around the interest rate story but nonetheless, that i think shows you a fuller picture of how the share price has performed across jes staley's tenureship we are down a little over 2% at this point but as you can see, maybe some reflection on why investors have been selling down and that seems to have reduced some of the losses that we saw earlier on right off the open

let's move you on, because there's another story that i think is worth spending a bit of time on this morning that's the ryan air numbers the company reported the first profit since the end of 2019 before the pandemic disrupted the industry the irish airline operated more flights than any other european rival but expect a loss of 200 million euros for the full year. the ceo michael o'leary said prices are still below pre-pandemic levels. >> we'll do better in the second half of the year, probably off 10, 15% we have to continue to stimulate. but strong bookings over the october term christmas looks strong anybody locked up for 18 months are going to visit friends and

family over christmas. that takes us to a strong recovery in the spring of 2022, as long as there's no adverse covid developments michael o leery there. they need to discount to encourage people to get on planes the share price is down over 1.5% this morning against what does seem to be a better tone broadly for the travel and leisure sector here, as i think investors continue to bet that these share prices will benefit from further opening up around europe julianna let's get to you on the back of what is a better tone, i think, around travel and leisure. >> thanks, jeff. let's take a quick break because coming up on the show we'll be speaking to the uk government's appointment climate champion about his expectations of the

cop summit we'll be right back.

very warm welcome back to this special edition of "squawk box" we're live in glasgow, pleased to welcome to the program u.n. climate champion cop26. thank you for joining us to speak this morning one of the notable features of this summit relative to summits in the past is the vast number of corporate leaders present, in addition to government leaders there seems to be broad consensus on the important role that both the private and public sector can play in financing the climate transition what do you think needs to happen to unlock more funding from the private sector specifically. >> we're talking about massive systemic shift of the whole economy. so we need strong signals from national governments about the end game, getting to zero. and we've had very encouraging

signals from the g20 80% of the economy and the missions agreeing that we have to aim for the 1.5 degree target that science tells us is important. but then that has to be trance l translated to near term. so when to phase out coal, move to 100% electric vehicles. but it's also about investing in the early stages, things like green hydrogen, steel and the fuels we need to take up in shipping and aviation. >> what about fossil fuel firms and the role that they play, because clearly the reality is that there will be a transition period how do you think about the role they can play in bridging the gap between now and the future when some of those renewable sources are more plentiful. >> they have an important role to play if they fully commit to the transition and if not, they'll be tackled

by investors who understand that this transition is now inevitable society is demanding it, science demands it the zero economy carbon in 2050 would be $50 billion bigger. but you see with investors tackling the incompetence of boards like exxon saying you have to have directors that understand this. you can't say we're the energy gurus because we grew up in that world or shell if you like dirty old coal cash cow, stop wasting money in exploration which is not needed and split to the new company which is going to drive to the green future. >> nigel, you and i were talking a little bit earlier on -- nigel we were talking a little bit earlier on about the private sector and how under the trump

administration the private sector moved on regardless of what the government was doing as well do you think that's actually where the key lies here as well. it's all about the private sector regardless of the money that's being talked about at a government level we talked about the$100 billio per year going to emerging nations that hasn't been forthcoming as yet as well surely where the real action and progress is made is the private sector going on regardless >> i think the way that states, cities, and businesses we are still in coalition under trump trump famously came in to bring back coal but retired more coal under his administration than the biden administration, but that's because of the economics. no one is going to invest in coal in america because that's a declining fuel and renewals are che cheap enough but it's about the interplay between policy and the private

sector the real implementation comes from the private sector but needs the guide rails of policy we will have 100% clean green in 2035 as biden says and investments in the new technologies like green hydrogen. >> green hydrogen sounds great we talked about it on this channel as well but at the moment it's an unproven technology on a massive scale as well how do we get those nations still dependent on hydro ca carbons, the ones that use 60 to 70% of coal, for instance, to generate electricianty, the indias of the word, how do we convince them they need to make the transition because green hydrogen is still expensive for many of the nations. >> it's expensive now as all new technologies are early on.

as we learn and as adoptions go up, costs come down so you'll hear a lot of announcements about the commitments to invest in costs to bring green hydrogen down but the energy sectors that rely on it, which is most countries still, is a valid one. renewables are now cheaper than fossil fuels nearly everywhere you go to india, there are tens of billions being invested now by the major indian conglomerates in the new energy company, the green hydrogen economy that takes time to go into production but the switch is happening fast. >> let me bring it back here, nigel, and just talk about what g7 leaders can be doing differently and the clarity they can provide to the private sector because again it feels like that is where the bulk of the financing is going to have to come from. >> you're right, the bulk of the

financing has to come from the private sector, the 100 billion and that will be negotiated up of public investment or commitment which is described as a covenant of trust but the world bank estimate 4 trillion is needed in emerging economies so the gap is private investment so creating the right conditions is important the g 7 has an important role leading in their own economies and now also agreed to stop financing coal over seas and having a clean economy while other people dirty their economies. and that with innovation, which is about 80% of government r&d, like green shipping, hydrogen, aviation, battery storage, is helping drive the cost down which makes it more accessible to the countries that don't have the budget that the g7 have. >> thank you for taking the time

to speak with us nigel topping, uk climate champion coming up, we head back to rome to unpack the g20 summit where leaders vowed to curb gas emissions. we'll break it all down for you and set the scene for cop26 right after this

welcome to our special coverage of cop26 and g20 we're live in glasgow and in the london studio. these are your headlines barclays shares sink as the ceo steps down with immediate effect after the regulatory investigation into his dealings with disgraced financeer jeffrey epstein. it's one minute to midnight and we need to act now warns uk prime minister boris johnson as leaders arrive for the climate summit. >> if we don't act now, the paris agreement will be looked at in the future not as the moment humanity opened its eyes

to the problem but the moment we flinched and turned away >> some voice disappointment to the lack of progress at the g20 meeting in rome with president biden calling out russia, china and saudi arabia for their lack of climate commitments >> you're going to see we made significant progress and more has to be done, but it's going to require us to continue to focus on what china is not doing, what russia is not doing and what saudi arabia is not doing. >> ryan air posts its first quarterly profit since the start of the pandemic but shares slide as it talks of a loss for the year ceo michael o'leary accuses the eu of hypohypocrisy. >> it's caused by 6% of the long haul flight less than 60% ar from the short haul flights yet

they're taxing the short haul flights and exempting the chinese, americans and asians, which is bizarre >> sorry i will not be with you for the next chapter of barclays' story. this an internal memo seen by the wire's agencies from the barclays ceo who leaves the bank today. this, of course, over this ongoing investigation by british regulators, which is asking questions of the way he characterized his relationship with the convicted sex offender, jeffrey epstein. very early on as the market opened we were down over 3% on the barclays trade since then we

backed away somewhat but still negative 2% on a day where largely european markets have opened in positive territory let's just flit the wall let's have a look at the broader performance we're seeing from markets. the blue chips stoxx europe 600 is up at this stage about .8%. so we've continued to make gains on this blue chip index, even as we've seen some individual stories bring some gravity to the performance of the ftse 100. but what about the sector gainers and losers then. one of the interesting stories we were talking about earlier on was ryan air, the story was in the headlines. ryan air individually was in negative territory but the travel and leisure stocks as a whole are higher up about .9% here what we continue to see is some repricing around expectations for these businesses as we get

statements from governments that illustrate gradual opening up. and just to add to that, i think in the last 24 hours what we've seen is australia announcing that it will allow some vaccinated passengers from one or two countries, namely new zealand and singapore. retail also up on the top line as are the autos that have been pretty much our sector leader for most of the morning. and again, you know, referring to barclays here that not preventing the market stocks from trading higher as they contemplate the three bank meetings this week and whether interest rates are headed higher over the longer term and what that means for the bank's interest net on margins. the bottom line here, maybe the jekyll and hyde aspect of the

same story here as people contemplate what that means for real estate and people's desire to take out borrowing at higher interest rates if that's where we're going to go. what about individual stocks let's show you how these companies then reflect some of the trends that we were discussing bt in the uk up on the top line here, the hot group. what a remarkable story that's been for anybody who's following closely the short interest and then the responses of the ceo and how sometimes the ceo may have been better advised not to say anything at all. pan pandora, the jewelry business down here on the bottom line bellway again reflecting -- that's bellway homes, reflecting perhaps some of that pressure that we're seeing on the real estate sector. the united states and the european union have agreed to lift steel and aluminum tariffs

and suspend disputes against each other the agreements sciigned on the sideline of the g20 summit is a step forward to resolve a trade dispute that hurt relations since the trump administration the two also agreed to encourage low carbon intensity steel and aluminum production. president of the european commission said the agreement marks a new dawn in eu, u.s. relations. >> we have today agreed to suspend the tariffs on steel and aluminum and to start the work on a new global, sustainable steel arrangement. this marks a milestone in the renewed eu/u.s. partnership. and it is our global first in our efforts to achieve the decarbonization of the global steel production and trade >> let's get out to silvia, who is in rome at that meeting

silvia, while there's been some disappointment expressed about what this meeting achieved in terms of pushing forward climate goals, i think there has been meaningful progress, obviously, on things like the relationship between the u.s. and the eu. >> yeah. and when it comes to these big meetings, including the g20, a lot of what's happened on the ground is about the bilateral meetings including, of course, those discussions between the white house and the european commission but there were other important discussions here in rome, including between president biden and president emmanuel macron as well but if we pay attention to the issue of climate change, because that was indeed the main focus of the g20 as a whole, prime minister mario dra gi who was chairing the discussions was explaining the challenge on the table was the message from emerging countries saying the

world is in this mess because advanced economies have been polluting a lot over the last three to four decades. it's also a good moment here when we're in rome after this g20 to look at multilateralism in europe we know that angela merkel is about to leave the german chancellory in france president emmanuel macron is also focused on an upcoming presidential election so many people are wondering whether it's mario draggi, the true european leader pushing for more multilateralism i asked at a press conference whether he feels that way. take a look. >> we saw countries that we thought had been quite reluctant to move along the lines that we were sort of suggesting and pressing them to move on until a few days ago and then they

moved. and some of these moves actually took place last night. with the right -- what we -- all of us consider right language. and again i should thank the ambassador because he masterminded all the workers of all the -- all the work to this extent so it was something is changed i think the -- what's changed is the assessment that without cooperation we go nowhere on issues like climate, on issues like health, on issues like poverty. we go nowhere. and the form of cooperation we know best is multilateralism we know best because we have rules and these rules have been written long time ago and they granted us a long period of

prosperity some of these rules ought to be changed now, it's quite clear. but the way to change these rules is to do it together and that's where i think things have improved. and have changed >> so the italian prime minister there, mario draghi saying what has changed with the g20 is the realization that they need to cooperate if they want to achieve anything concrete when it comes to climate change, but also poverty and, of course, the pandemic >> terrific. silvia, thank you so much for that have we got some shots of the arrivals at cop26. let's show you some pictures here the arriving line that we were looking at just a few moments ago has boris johnson and the u.n. ninth secretary general antonio gutierrez.

maybe we will cut to that shot in a second if we can hang onto this, it will be interesting to see how they progress here but as i say, there's the british prime minister, boris johnson, the uk, of course, hosting this climate change conference in glasgow. boris johnson deep in conversation with antonio gutierrez. we'll see who emerges as world leaders arrive at this event for a fortnite of discussions. let's bring in lord mallic brown, president of the open society foundations and former deputy u.n. secretary general. and silvia will join in the conversation nice to have you here on the program. you know something about heardiheardin cats, ie politicians and world leaders, and getting them to focus on the key issues at hand.

give us a sense of how you feel about the likelihood of progress being made at this event given what we've just seen happen in rome >> yeah, i was quite surprised by the upbeat tone of mario draghi at the end of the summit. i think a host has to make the most of a meeting that's just finished like that but i think the wider verdict is that the g20 was pretty disappointing. that on key issues, like coal, yes, it managed to consolidate the promise that china had already made to stop financing international coal plants but it didn't go the vital next step of stopping domestic development of coal and, you know, on issue after issue, it fell short of specific quantified targets that people had hoped for. the difficulty is the g20 was intended to be the more efficient mechanism, just the 20

countries that represent 80% of global gdp so if they can't agree, the argument goes much, much harder for the 200 countries represented at cop to agree. given the principal of u.n. agreement is agreement by consensus and all member states. so in some ways it's a gloomy prognosis coming out of the g20. but i think, you know, what we're going to see and what's been happening over many years at the u.n., and i witnessed it firsthand as deputy secretary general, was a move towards coalitions of the willing. that not everybody needs to move at the same speed. and climate was this issue you're taxing yourself, making your economy more expensive, less competitive by adapting climate change objectives.

increasingly people are seeing while there are short-term costs by transitioning to a green economy, you're actually going to improve the livelihoods of your citizens and actually become much more competitive because you're investing in new industries, not old ones so i think we're going to see some countries, more particularly some companies, racing ahead and so cop may be less about the consensus reached in the sort of agreements of national leaders and much more about some of these smaller coalitions around sectors or around individual countries or groups of countries racing ahead of the rest so it may be the breakdown of global consensus, but it may be the beginning of kind of interesting, exciting coalitions that on their own can sort of change the path and course of global climate change.

>> good morning, it's silvia here from rome of course the g20 had the big moment around the financial crisis but i was just wondering whether do you think this group actually has a future when the main issues on the table are so divisive >> i hope it has a future. i was very involved at that time and was one of the uk ministerial sherpas for the financial crisis g20 in london so, you know, i remember well the sense of crisis that gordon brown, the leader of that g20 was able to use to get a massive global rescue package, which actually made the markets blink and the le-- led us away from t financial cliff edge we were on. we've not seen the same around climate, you're quite right,

it's that creeping next generation crisis. it's going to hit our children or our grandchildren and not us, and therefore, it's failed to sort of drive the same political will but you can't get away from the fact that g20 is 80% of global gdp. so if we can't get that group to agree, what chance the rest? so while i think this isn't its most glorious moment, i think the group will hold because it's much more representative of today's not just global economy but global politics as well. than the g7. it's the g7 with its western grouping which i think is the one that looks beleaguered whatever the short comings of the rome meeting it was better than the sorry g 7 summit in cornwall earlier in the year which did look threadbare and

toward the end of its useful life. >> thank you for giving us your time, thank you for joining us former deputy u.n. secretary general. what was interesting i thought at the rome event were the comments that president biden made where he seemed to walk back rapid commitment to renewable technologies hadley is also in rome where she caught up with saudi arabia's foreign minister on the sidelines of the g20 and there was some politics inthose comments as well. >> absolutely. not only did we talk about oil prices we talked about whether saudi arabia has received a call from washington and whether they would mr. cowelcome one. i pushed back saying in the 1970s you guys used energy as a weapon, is this something you can consider, using it as a political tool he said at the end of the day

we're all about stabilizing the market we talk to washington all the time another thing i talked about was the diplomatic rowe we're seeing developing between saudi arabia and three other gulf countries with regard to lebanon this is just more crisis upon crisis for this country. listen in. >> i don't think i would call it a crisis we have come to the conclusion that dealing with lebanon and its current government is not productive and not helpful with hezbollah's continuing dominance of the political scene and what we see as a continuing reluctance by this government and lebanese political leaders in general to enact the necessary reforms, actions to push lebanon in the direction of real change. we have decided that i think engagement at this point is not productive or useful and it's not really in our interest

>> at the end of the day, though, this minister's comments that apparently touched off the latest rowe were saying that the war in yemen is futile isn't that the conclusion that saudi arabia in a sense has come to you guys are trying to get out, no >> the comments by the minister are a symptom of a reality a reality that the political scene in lebanon continues to dominated by hezbollah, a terrorist group. a group that arms and supplies the militia. for us it's broader than the comments of one minister it's an indication of the state that lebanon is in. >> it's not really just taking issue with the latest comments >> that's correct. >> one has to wonder why anyone is listening to lebanon's politicians at this point any way. >> which is why we don't think there's a need for our ambassador to be in leban no. >> you may wonder why this matters? everything in the region is connected to everything else these talks with iran that are

about to start happening again in vienna, the saudis and uae have been talking to iran as well at this time they're trying to up the pressure of hezbollah, of course so many different fingers in the pie, you could say guys >> i'll pick up there, hadley, thank you very much in deed. i want to go back to paris, cop21 back in 2015 and the person who perhaps as much as anyone if not more than anyone who's responsible for finally getting a deal together was i think christiana figurareze i remember so well our conversations during and at the end of cop21 i know you said to me something offcamera that made me think you said going into it there was pes schism we could get a deal and this time around there might

be more pessimism. >> i do remain optimistic. humans have a short memory and put successes that have occurred in a halo and think they just happened miraculously. paris was not a miracle. it was the result of a lot of hard work during years and this is substantially also going to be the result of a lot of hard work there is a fundamental difference, right, because in paris we had a mandate to bring all countries together to one legally binding text that is not the mandate of this meeting. this meeting is actually to harvest the second trench of all of the nationally determined contributions to the global effort and for every country to come and say this is how much i'm going to be doing over the next five to ten years. >> we're disappointed with people who haven't come forward with new ndcs or renewed ndc

india a case in point. it was a sticking point for a large part of cop21. do you think they're taking a leap out of the book and holding cards close to the chest and can come up with something throughout the negotiations. >> i think india they will be present here and i think they do hold their cards close i have no reason to believe that they're not going to come up with an increased ndc. that will be, possibly, typically for them, substantially different than other countries, because they typically have not taken on economy-wide commitments but rather sector commitments. >> we know the aspirations for this meeting like cop21, is multi. you could fill pages and pages but if i can distill it into short arguments. if the money comes forward, then

perhaps the ndcs would come forward. does it come down to money and climate financing? >> well, it comes down to money in a certain sense the 100 billion, let's remember, is a political promise it is not the cost of the transition the cost of the transition is actually in the trillions. so the ndcs, actually, need to be supported by much much higher volumes of finance than just the 100 billion. even the 100 billion is not going to be delivered by 2021. and it was supposed to be delivered on a yearly basis starting in 2020 so that is already a breach of trust. that's going to be very difficult here to deal with. what we know from the report that has been filed is that there has been a progress toward the 100 billion and that apparently the 100 billion will then finally come forward in 2023 and then actually take a huge leap forward to 500 billion

the year after. >> the southern hemisphere nation why trust the rest of the world -- >> i agree it's very, very difficult. and honestly trust is a very fragile element of these negotiations and many promises have been met and many of them have not been kept and so i think the major challenge here is to rebuild that trust between north and south, the haves and the have n nots between the vulnerable on populations in every country and those directs those countries. there is actually a widening gap here of trust that really needs to be addressed. >> tell us a little bit about the mechanics. i think people love -- you said to me before, five, six years ago it was like herding cats, maybe that was me, maybe it was that you what happens next, the leaders

come in, give press conferences, it's all very flashy tell us about what comes next. >> the leaders come, and they should do two things, they should officialize, if they have put their new contributions on the table, they have to officialize and formalize them because many announced it unofficially before. once that is done, they have to set the tone and the direction for the rest of the meeting that then moves down to a much more technical level in which the ministers in charge on behalf of those heads of state then come in many and start working on the details that make up a package that will be be woven together by the end. >> what about the key leaders who aren't coming in, putin, xi and the iranians one of the top emitters in the world. they're not here is that going to make the jobs all that much harder >> i don't think we should read into it.

we know that president xi hasn't been outside his country since covid broke out. and we know what they will be contributing to this meeting what we don't know, and i think is very interesting, is what is the result of the bilateral mee meetings that the united states and china have been having over the weekend. >> out of g20 i thought it was disappointing. it was really -- >> it was lackluster but the g20 communique just before paris was also lackluster. let's remember that the g20 meets with a different agenda than cop26 so what is going to be important from a cop26 perspective is what do those individual countries that are part of the g20 and that collectively make up for 80% of the emissions, what are they going to put on the table. >> what's the single biggest barrier to the deal? >> trust >> all right we'll leave it there nice to see you.

it's been too long we've worked a little bit since cop21 together but we'll do more together. >> wonderful. >> she's also the co-founder of global optimism as well. nice to see you. christiana is the former executive secretary of the u.n. fccc great acronym. so many cs in it. >> thank you just a few other things to tell you about, stay tuned throughout the morning. they'll be speaking to the prime minister of iceland that interview coming up at 12:30 central european time. and for more on our continuous coverage of the cop26 summit, do go to cnbc.com for our special dedicated live blog. and let me leave you with perhaps the most surprising piece of news we heard today in the financial markets, the departure of jes staley, the ceo

of barclays, leaves from today this as a result of an ongoing investigation being conducted by the city watchdog and the bank of england that's it for "squawk box. live from glasgow and the london studio stay with cnbc and thanks for watching

9:00 a.m. in scotland. and here's your top five at 5:00 world leaders descending on glasgow for the summit trying to hammer out new emission rules more of a story, who is not there. on wall street, stocks doing something for the first time in nearly a year as we await the fed's latest taper talk this week. in the house the house looking to vote on