how to promote a long term sustainable prosperity of the twenty eight hundred noble economics prize goes to two scientists to explain the interaction between your quantum technological innovation and global warming. and the international energy agency says renewable energy is going to slow to meet climate goals with carbon emissions actually growing for the second year in a right. this is your business update on how it all free i'm glad you could join me and i will economics prize is going to two americans in the topic is very current governments continuously encourage us to spend economies strive to grow and we all have to be more productive but at what cost to the world we live it well this next pair of economists has won the honor on quite a bit of cash for research linking economic growth and global warming awarding the prize to william nordhaus and paul romer the nobel committee said it was honoring

two economists who've been tackling the most urgent questions of our age climate change and sustainable economic growth this year's laureates are provide us with tools that are crucial for understanding how the economy interacts with nature and with knowledge and which policies help generate sustained and sustainable long term economic growth. william d. nordhaus is a professor at yale university and an expert on environment and climate economics you combines economics with natural sciences to show how do you come to me changes the climate even as climate change affects the economy nordhaus shares the prize with paul m. romer of new york university romas work focuses on how innovation drives prosperity the problems of developing countries and the distribution of wealth both laureates about vice governments and international financial institutions in the past. they both welcome the prize which comes with a million dollar check although things almost didn't quite work out i got to farm

call this morning and i didn't answer either one of them because i thought it was some damn call. i wasn't i wasn't expecting and that progress. awarding the nobel prize for economics science is to two economists who put environment climate change and social justice of the center of their research is a clear signal to us president donald trump has removed the us from the paris climate accord accepting the prize on the telephone pole romo was at pains to encourage governments businesses and households to tackle global warming themselves if it's entirely possible. to produce less carbon there some kind are but once we start to try and reduce carbon emissions we'll be surprised but it wasn't as hard as we anticipated that q some questions yes. the

international energy agency has issued its annual report it says even though the share of green energy is growing around the walls by twenty forty renewables will only account eighteen percent of the energy mix that's well short of the agency's sustainability tell it. renewables will be the fastest growing part of the global elec tricity sector the report says they'll provide almost a third of power demand in twenty twenty three up from about a quarter in twenty seventeen renewables currently make up more than thirty percent of germany's energy makes us almost forty percent of the country's energy needs are still met by burning coal and thirteen percent comes from atomic power stations compared to about a third from a nubile energy like wind and solar power gas or oil and other sources top up the rest of the energy mix. for love renewables are forecast to account for more than seventy percent of growth in global electricity generation according to the

international energy agency's report. solar photovoltaic technology followed by wind hydro power on bio energy are expected to lead the field in terms of growth but hydroelectric power remains the largest renewable source missing sixteen percent of global alec tricity demand by twenty twenty three. but despite the growth in the renewable sector the i.a.e.a. warns it won't be enough to meet long term climate and sustainability goals the agency says the areas which are not moving to a new bills quickly enough are transports and he seeing both for home fund industry . let's get the view from the united states now we can join our financial correspondent who is on wall street sophie what is the way to offer in terms of renewable energy especially bearing in mind that the u.s. president has promised that the coal industry is back. well

ahead when you think about or off the white house agenda right now you remember things like climate change is a hoax made up by china leaving the parents' climate agreement little more than a year ago by the way so it is not hard to guess that energy has not gotten much greener in the u.s. renewable energy capacity is still projected to rise by forty four percent in the u.s. about the i.a.e.a. warns that changes to the tax code trade policy energy plans under trauma could hold back that kind of growth as the world's largest economy the u.s. is. behind in the second quarter of twenty eighteen renewable energy accounted for twenty one percent of new power capacity at the time tree which is that unfortunately down from thirty eight percent in the same quarter of two thousand and seventeen so if you're wondering do those involved in the economic planning for the u.s. support the president's energy plans while trying to surrounding himself with

people who go along with his believes his administration is through a part of lease a gang a seventy two percent cut to the budget of department of energy programs related to renewable energy b p a s a scandal plagued former administrators prude may be gone but his agenda undoing environmental regulations is basically continuing on directing administration to andrew wheeler according to the new york times. well financial correspondent months old wall street new york thank you very much. i would he is in the hot seat with german prosecutors probing with a premium segment subsidiary falsified documents on calls intended for export to south korea reports from german media say that employees at the also suspected of having modified pollution of fuel consumption test results troops were alleged to have changed the shall see numbers of the affected engines to throw for

a gate if proven that would mean the fortunately obtained authorization to be able to sell its cars in south korea prosecutors in the southern german city of munich say the investigation has been ongoing for months. and joining me now to talk through this is jeanette from business journal what will can you tell us about the allegations currently against dowdy well it helps to think of this as an accompanying fraud to the original sin of emissions cheating so this has less to do with manipulating the cars themselves make them pass the emissions test which is what the diesel escape scandal was about but it has more to do with manipulating the paperwork on these old cars to be exported so we're told that three employees in leading but not executive positions are being investigated for this particular type of fraud so to reiterate bill they entered false admissions they had on fuel efficiency data they switched around the chassis numbers that's of course the unique identification number that every car has to willfully confuse regulators so

that me this kind of paperwork flood resounds banal even but it's potentially very damning for idea of confirmed now investigators are paying special attention to already because of evidence that the original emissions trading software that was discovered in the audience of fun cars was originally developed by audi and to now as you point out these are potentially very serious allegations meaning that these cars then made it to south korea but as we understand it currently it's german prosecutors who are investigating right now indeed now these cars were exported to south korea and were found to be non-compliant with south korean regulations but this operation would have to have been masterminded the audi had orders here in germany and it's been within the course of one of several diesel emissions cheating scandal investigations ongoing here that this aciphex south korean angle was uncovered so in march of last year german state prosecutors are raided the audi had quarters and discovered these internal documents describe these measures that were

being taken with a south korean export so meanwhile former c.e.o. of already rupert father has been in jail since a jew in a four is allegedly role in the coverup and he's not thought to our. said anything about this until now so his arrest is partly to keep him from interfering from ongoing investigations so it's possible that as investigators go about their business even more will come to light see the vote that jail time do we have any idea at this stage what further consequences could be for the group. with regard to the south korean case there have already been some actions taken out of the probe is a link to an older case where a south korean audi executive was sentenced to eighteen months in prison for falsifying a certification documents for cars and it's fair to note that south korea itself has been particularly tough on four x. five and since the emission story emerged now it actually banned eighty eighty models from being sold at the time although sales started up again so if you take

that as an example depending on how much more is discovered about fraudulent behavior around these old cars the group could face a much more inter much more sales suspensions in individual markets more fines and more spending on fixes in buybacks the way it's had to do in the us and possibly here in germany as well. from business thank you very much. it's that giant alphabet says it shutting down the consumer version of its online social network google plus off to fixing a bug which exposes private data of up to five hundred thousand accounts the company said in a blog on monday it had discovered and perhaps than the mall of this year it says there's no evidence user data was misused during the breach legally that would mean it had no need to notify authorities the same time the company said it would quote sunset google plus for consumers citing significant challenges and very narrow usage. that's it you're up to date with the latest from the world of business i'll

be back tomorrow same time same place see that.

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