the ship between big business and climate change. business asia i'm going to johnson berlin good to have you with us while stock markets from asia to europe have tumbled to on concern over the outbreak of coronavirus in china markets in shanghai hong kong tokyo and sydney all retreating on tuesday and germany's dax fell by half a percent on the slide followed confirmation from health officials in china that the virus can be spread person to person 6 deaths have now been confirmed shares in chinese airlines and 2 companies have taken a hit just as millions of chinese prepared to travel for the lunar new year there have been almost $300.00 cases of coronavirus so far and mainly centered around the city of. attorney 2 doubles now where u.s. present donald trump has told the 50th gathering of the world economic forum that

america's economy is booming trump arrived in the space alps as the impeachment trial against him was due to convene in washington he pointed to record low unemployment levels and stock market gains to declare his economic turnaround as quote nothing short of spectacular and he entered office in 2017 trump inherited an economy that had been growing for 11 straight or tennis. well in his speech trump took aim at the main seam of the conference which is mainly combat in climate change arguing that it was a crisis best left for markets to cells in america we understand what the pessimists refuse to see that a growing and vibrant barket economy focused on the future lives of the human spirit that excites creativity srong enough to overcome any challenge any challenge by 4 fish or my colleagues an album alone from businesses in davos swishy caught up

with the c.e.o. of the day's own group a young who kim to find out if industry is on track when it comes to reducing harmful greenhouse gas emissions well despite the global consensus that we have to extract the transition from fossil fuels to something more cleaner form of energy post-meal the reality is that you don't buy 2060 we're still reliable fossil fuels young or was when george of the me so would have to find a way to the military. climate change in pay for this. that sounds like oh no mr came home maybe. but i think we have to find the totally new paradigm to meet the need for all of this climate change crisis if you look at the. history of the industrial revolution both the james watt

and the quality who was the catalyst for 1st and 2nd in that's a real solution they were nothing venture of steam engines or they were the inventor of the whole alternating current system but they were actually you know. they were actually improving on the existing system that's why i'm proposing that we have to improve the way we used to. using energy in such a way that we can create the top in. potential for the very cream and the rich cold and rich if you succeed. now energy demand in asia that's going to account for 40 percent of global energy demand by 2040 now renewables are on the rise but india and china still drive the global demand for coal doesn't this take away the gains for the climate that's not because india and china history. new renewable energy regime but their economies improves and grow so fast there is no way to provide

to meet the needs of the grazing energy man so instead of. rebuking the for such a relied so the fossil fuels are there we have to work together to find an alternative . and very briefly if you can should business be trusted to tackle the climate crisis i think peace is not the only sector who is a resource but i think we need technologists and we also need very innovative policymakers as well in addition to the very innovative an aggressive entrepreneurs thank you very much. a mad was did all these and i'll do my lawn in davos talking to the c.e.o. of the day group for us it's capitalism a facing growing skepticism around the world a majority of respondents in a recent worldwide poll by u.s.g. off on say capitalism does more harm than good and they pointed especially to the growing inequality of recent yes us food for thought in davos where some young

entrepreneurs say business now has to change to on society's problems. getting around in davos can itself be a challenge some venues are located as an altitude of 1800 meters making them accessible only by cable car or social entrepreneurs among them martin bought it's worth the journey to draw attention to what they see as the world's most pressing issues business cannot. as usual business just for profit maximizing profit destroys the planet and destroys the population. some 20 social entrepreneurs have come to davos at the invitation of the shot foundation and the world economic forum they're demanding a new kind of capitalism. no time in history has it become more important for us to look at this concept of stakeholder capitalism we are facing

such widening inequality such a sense of non inclusion of everyone that i think the time has come for business government and social entrepreneurs to really understand how each other works to social entrepreneurs acknowledge that change won't come overnight but the concept of uniting business with social change does appear to be gaining traction. for me being a social entrepreneur is identifying a social problem seeing what i can do creating the solutions and then taking them to scale working with the government or the private sector so that they can be included in the system. the winds may be changing but some say not fast enough while the work of social entrepreneurs may now be acknowledged there are often still fighting to be heard listen to the people listen to what young young

men and women are saying listen to what people are saying in the villages the good news is that we have technology today so we can have in addition to a top down effort like the world economic forum a participatory bottom up approach. social entrepreneurs have come from a round of the worlds to be in davos. their message there is a fairer and more sustainable way of doing business. well one of the key speakers today obviously us present on a trumpet stock contrast to the views of those social entrepreneurs when i joined by my colleague who is in davos following the events there and you were surely also following donald trump's speech apart from praising the u.s. economy as could be expected trump also said that the u.s. will join the initiative to plant one trillion trees that of course in tune with the forums focused on sustainability how did this speech go down.

well the speech in general was a received the by quiet and underwhelmed audience there were quite a few ha moments there are quite a few laughs of the rishon now in terms of this i'm sorry i've got quite some feedback going on here but in terms of the speech it was quite. lacking in terms of environmental punch. that announcement about time take one trillion trees actually came towards the end of the speech it was more of a nod to the audience than people really didn't know what to make of it this is a general this is of course not a genuine commitment to environmental policy and in fact when he was addressing reporters in a media goggle ahead of ahead of his speech he said that the environment was actually in the in the in a good state already the whole point of this forum of course is for sustainability that means he might have gotten that he might have gotten his facts wrong there but

that's donald trump for you all right well. we know that he was president was not attending last year's forum in davos and that is where china somewhat took center stage especially also promoting how important it is to tackle climate change and sustainability now trump is back. as he managed to convince the participants that the u.s. is again in pole position. i'm not sure it was the per to said prince of the forum that he was really trying to convince their moniker in fact his for his whole speech was a was designed a bit like a campaign rally style speech really more aimed towards us voters who are going to vote in the upcoming elections and perhaps more as a distraction for is are for the upcoming impeachment proceedings but in terms of the u.s. and china you know what the argument that he was trying to make there and even

bringing up was that the responsibility of nation states are 1st of all to their citizens so he said for example that it's a he's for the u.s. and the leaders of china are of course for china but the u.s. and china they love each other because they they understand each other in that way . down there reporting from ice cold to davos as i can tell thank you so much. and are just some of the other global business stories making news global right hailing a delivery for. its business in india to a local competitor as part of a renewed push for profit beside which trade its network of restaurants korea's and customers in exchange for 10 percent of rival some ottos capital. tesla has denied some of its electric cars accelerate on intentionally the u.s. road safety regulator has been looking into complaints to see if they warrant a formal investigation the company says the claims are sparked by short seller

seeking financial gain. france and the u.s. have agreed to suspend tit for tat tax hikes the white house has argued that a french digital level unfairly target american firms and planned to impose retaliatory tariffs on luxury goods from france presidents trump and mccall have now agreed to continue negotiations until the end of the. as c.e.o. of google and the alphabet says artificial intelligence must be regulated but any new rules must balance the potential harms of technology like facial recognition with the opportunities they offer he was speaking in brussels days before the european commission is due to publish proposals on the i. that's your business update thanks for watching.

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this week to. play. this is duty of news coming to you live from the 50th summit of the world's economic forum in switzerland in his keynote speech president donald trump the strength of the u.s. economy and says america is venting like never before. activist google to him but has also been addressing delegates in davos. to get reaction.