we know that we need industrial decarbonization, because the industry today is 20% of our emissions.t is a very important topic for now, because in the industry, the investment cycles are long, the industry plants will still be there in 2050. so it is important to, right now, invest in clean ironm and steel plants in the industry. monte: macron said france would spend one billion euros on compact nuclear reactors known as small, modular reactors. what do you think of that part of the proposal? nicolas: there is something that is logical there. why, because france, particularly in this aspect, is nuclear-powered. it is 70% of our electricity production in france, 200,000 jobs. so there is a logic in making this bet. it is not the only thing we invest in, it is only $1 billion of $30 billion, but if we consider energy production, that is also one billion euros in innovative energy. so in a sense, it is not all in for nuclear. monte: you just mentioned that 70% of france's energy comes from nuclear electricity. macron is saying that france is behind other countries when it comes to gree

that's going to occur not just as our country decarbonizing but the rest of the world.mark of 2050 while it's important requires a midway check around 2030 to make absolutely sure we are on progress to achieving net zero by 2050. from a business perspective, the real challenge is to see that we're going to be reducing emissions aggressively and quickly. we're going to be removing emissions wherever possible from our economy substantially and ultimately reporting them as companies do at the moment. shery: you mentioned some of the elements that need to be there in order for businesses to push for these climate goals. especially when it comes to supply chains resiliency. a lot of the specters are not there. add to that -- a lot of the factors are not there. are your members concerned that it may be harder to get there? >> absolutely. i don't think any company, any society or government at this stage thanks that this is going to be easy. that doesn't mean that it's not important to do. the urgency is exacerbated by the report that came out once ago indicating that we are n

to put a premium and maybe they are already, put a premium on companies that are investing in decarbonizationen if it means short term detriment to their business model to their business performance >> i think you could not be more right. our genuine belief is that we are moving to a world that is going to price and value externalalties, not just carbon, might be bio diversity, human capital, a company's role in society much more quickly than they ever did before and that requires a completely different investing mindset, the way that we looked at companies ten years ago and is not the way we're look them in ten year's time so the entire staff has gone back to work we worked on a climate training program to ensure that everyone in our business understands climate risk both physical and transition risks and incorporates that into their cash flow model and investment decision making. i think that will allow us to help find the companies, as you say, that maybe are investing a lot today so not seeing it in the cash flows but that will turn into much fast ergrowth, better returns in the future an

the fuel industry is indispensable to decarbonizing the sector. we want to partner with congress to help achieve environmental goals in a market oriented and formidable manner. fuel retailers represent the consumer. we don't care what types of fuel our customers choose to buy from us. we simply identify the most reliable, lowest cost fuels that people want to buy and deliver those fuels throughout the country. we compete with one another on price, speed, quality of our facilities, and service. this is a good dynamic for consumers. if you want there to be more publicly available charging stations, you should make investing in charging stations more attractive for private companies. today it is not an attractive option. there is anxiety because existing charging infrastructure is not convenient to consumers. more ev charging stations at existing retail fuel locations is the most effective way to eliminate rangeage state to. our stores are also in convenient locations. we offer the services and amenities that drivers want, such as food, beverages, re

faster you have the regulators who want to decarbonize faster and then the shareholder base with inexpensive oil and gas and the ability to allow that to continue prospering in the meantime as they make that transition so they're saying, do this as separate businesses and not under one roof >> i know you were focused on the shell new position that he documents in the letter, and i'm looking at the letter, as well and i don't want to throw you off by throwing another thing at you, but what do you make of this comment early in the letter where he says we've increased the number of single-name shorts in our portfolio with the quality and compound equities. it's just an interesting position that dan loeb has taken. >> especially when you think of the long/short e quit managers who avoided shorts in the last years dealing with pain in the short position and that's still the case and you do hear this increasing drumbeat from hedge fund managers who feel more comfortable getting into short positions because there's more disparity among stocks than they've seen in recent years and a lot of people wi

michael: we are looking at eight to 10 metals important in the decarbonization in the economy. they play big role in production of electric vehicles, solar panels, and wind turbines. our view is as the economy decarbonizing and there is more production of these nickels, the products underlying commodities will be in more demand. alix: meaning it will help with liquidity and volume and volatility which would be good in getting people on the exchange and moving stuff around? michael: i think it will create more liquidity because we are bringing new market participants in. many are hard for credit investors to trade. if you wanted to trade cobalt, how would you do it? we are making it a little more assessable. you get more liquidity and stability of prices and it helps manufacturers as well. alix: do you have to have a boatload of cobalt in a warehouse or worry about it when something is redeemed? michael: every token traded on the exchange is backed by the requisite amount of underlying serial. if is cobalt, it is backed by one metric tone of cobalt. alix: would you ever do deriv

are they decarbonizing?reat to have headquarters to it, but you need the whole chain to do it. i hope we will hear more from these large companies about that. and how they are pushing their suppliers to make sure they are doing more than just labor. emily: amazon came out with a -- at a relatively low price point. is it any good? >> honeywell is involved, so i doubt it. [laughter] emily: you don't mince words. >> i have a bone to pick. emily: the connecting of our homes, they have rolled out this indoor flying drone, do we need that? is it exciting? is it terrifying? >> there's a lot of things you can make, doesn't mean you should. you have to look at what you are trying to do and to me, less is more. what are you going to say no to? dave tried microwaves and all kinds of other crocs, they need to focus and say these are the things that matter. when you throw the spaghetti at the wall, it doesn't really work from a marketing point of view. emily: should amazon say no to the robot? >> i don't know enough abou

the choices that we made here in north america and europe to decarbonized has set sc for higher prices in the future. liz: llc taking a large stake urging a breakup with the two companies to retain and attract investors at least he said a lot of people are fleeing as environmentally friendly. royal dock shell, will this breakup, extended be strong enough to do that? >> i am doubtful of that. we can all sit down and i know that is the matter right now, fossil fuels. fossil fuels is what stage of the economy, you cannot have a clean earth in a clean environment if you don't have the wealth being created. renewables are great, this is the route we are going but as we saw in europe, renewables are highly unreliable. every 20% decrease, the wind is not blowing so you cannot keep the lights on unless you have a fossil fuel to backstop that. fossil fuel demand is not going anywhere it will continue to grow, as the waistcoats on the fetish to decarbonized at a celebrated pace there setting the market up for volatility in the years ahead the pressure to shut split up shell, they will come under

with the run-up of costs, we have been focused on the decarbonization side and long-term energy transitioneed a roadmap, but now politicians are being confronted with the fact that they also need to address reliability, resilience, security of supply, and affordability, and protection of the energy poor and the vulnerable. dani: in terms of the reliability portion, when this first started, one of the big criticisms came about wind. saying there is not enough wind in the u.k., this is a more volatile type of energy. those type of criticisms brought on by this crisis, do those stick around? >> i think we are looking at an increase in volatile systems from the energy transition as we try to convert -- combine fossil fuels with volatile prices and we bring in renewable energy, which has volatile output subject to the vagaries of wind and solar. it is trying to keep these two together and have a workable, resilient, and reliable system. this is going to [indiscernible] dani: what does that re-think look like? what is a coordinated european response? what should it look like? >> the debate is al

it depends on where you're trying to decarbonize at. we have proposed a very large scale carbon reduction project in the houston channel that would require $100 a ton. depending on how close you are to different sequestrations, that price will change. >> mr. woods -- or mr. wirth? >> congressman, there are different circumstances in economies around the world. there are different carbon prices in economies around the world. >> in the u.s. >> a broad based and transparent price is very important. and a price that gradually -- >> what price? >> congressman, there are different opinions on the number. >> i want your opinion. >> congressman, the cost of mitigating emissions is very different in different sectors of our economy. >> mr. watkins. >> to get to the kinds of reductions we aspire to will be a very high price. >> mr. watkins, the price of carbon. what should it be? >> yes, we can't say a specific price right now. we would need to put this in place. it's a market based carbon price and would need to be an even playing field, and dep

the footprint, but decarbonize and grow we made the announcement in alberta for two reasons. was because of the policies that were there because of the price on carbon and the ability to capture carbon and sequester it but secondly, it's based on technology investments and things that we can do. we can -- we have an existing cracker in alberta what we do when we make ethylene, you crack methane and hydrogen off the back end of the cracker. we will build a new cracker, take the backend products off the existing cracker and the new cracker, put it through an auto thermal reformer and make clean hydrogen it will fuel the whole complex i will take the whole complex to zero scope one and two emissions with this project. that's 20% of my ethylene and plastics footprint around the world. and it will more than triple the amount of product i make that. >> circlearity, sustainability, carbon chapture and it has the least footprint of anything on earth, radio it >> well, this is circular hydrogen is what we would call it green hydrogen is a little bit farther away and a little more expe

to ramp up coal-fire generation. >> right >> remember, it's the same china that committed to decarbonizationew months ago the same china that's nolonger seeing its leader xi jinping show up in glasgow, according to reports in a couple of weeks for the climate summit i think china is kind of relaxing -- to me is relaxing some of its targets at least in the short run. then europe -- europe i think is more split idea logically. but ultimately, the pain is going to come. we know the yellow jackets in france were a big driver of sentiment change back when oil prices surged. it is complicated. i don't think it's an easy solution here. one thing i know is that given the very low prices in the u.s. we are going the see all this world production of stuff, this energy intensive rotate back to america. we have already started. look at bitcoin. 70% of bitcoin was mined in china six months go. now the leading region in terms of bitcoin mining, north america f. there is an energy commodity that's easy to move, that is bitcoin, we are seeing night we are all going to move to wyoming. francisco, thank you g

long-term headwinds for property leveraging as well as decarbonization have led goldman to lower its growth fund for china to 5.2% from 5.6%. coming up, a bigger view when it comes to global inflation. if i could just have that chart i want to highlight when it comes to the inflation picture given what's going on with the picture we see for corporate's around the world and asia as well. jeffrey's global strategy team, all of their inflation indicators are flashing where -- flashing red. they expect cash rates will move higher very quickly. so they are recommending banks, energy and fertilizers to hedge against the outlook. haidi: real transitory there. treasury secretary did address that we are seeing higher inflation. she does say that she would expect to see it continue to move higher through the middle of 2022, saying the energy situation, the tight u.s. labor market, as well as the normalization from pandemic lows. she said it's also a matter of perspective. but most adults in the u.s., most people globally haven't really seen high levels and inflation for quite some time. some o

but there's very strong interest in participating in the decarbonized solutions that we are offering so so far, so good >> tom jensen, you guys are trying to solve a problem that the world needs right now, especially given all that we are seeing with what's happening in europe thankfully you guys seem to be protected in norway. i look forward to getting there and visiting i want to see the mountains i heard they're beautiful this time of year. >> they are extremely beautiful. you're more than welcome to come we're also developing batteries in finland and the united states as we pointed out and we need to develop across the planet and hopefully we can be an inspiration to many. >> fantastic we appreciate you coming on, talking to us about a big new investment and big new technology certainly one that the world is looking forward to, tom, appreciate it. have a great day thank you. >> you too, brian. thanks >>> thank you. right now let's get a check on some of this morning's other top headlines, including an update on the investigation into the january 6th insurrection frances rivera is

>> well, i think we have different opportunities on decarbonization, we have different work again in terms of financial incentives to help move towards clean renewable energy. so those are the ideas. there is many pieces of the legislation that members of congress have introduced that new dems have introduced to address climate from a variety of different angles. we're looking at all of those, how we can pull those together as part of the package. >> there has been a lot of talk about the messaging of the bill from the beginning. it was rough. it was lacking. and i found this take interesting. yesterday on cnn from tom friedman, take a listen. >> this is so exciting what they're trying to sell. and they have so poorly sold it. and that is what really democrats should be asking themselves how the hell could we be losing when we have a big plan and all they have is a big lie? >> there was a noticeable shift, i think, yesterday after the meetings with the president in tone from democrats. it was far more optimistic. we weren't hearing about infighting in public. there was more talk of c

would still say the european union, the european greendale and -- green deal and policies towards decarbonizationink about it. after 2030, we are essentially out of fossil fuels. we might keep gas for little bit, but not for long. and coal will be phased next decade so it is not going fast enough, but it is certainly picking up speed. marco: -- >> is the current crisis going to derail the transition to green energy? and is the timeframe for the transition unrealistic? >> some would say it is unrealistic and others would say it is going to slowly. there is the energy transition and climate crisis, which we all agree, but there is also a social crisis. we need to make sure that in that transition there will be enough energy delivered from relatively clean sources of fossil fuels until we have all of the infrastructure invested for renewables. so we need to still make sure that the lights don't go out because what is happening now is there is a climate crisis but at this time we might face a very urgent social crisis where those with low incomes might have to decide between heat and food. and that i

our customers are on an urgent path to decarbonize. >> even though it's on the front line of this environmental, australia is out of step with allies when it comes to climate action, stuck in a balancing act between its domestic politics and its international reputation. "bbc news," the hunter valley. >> europe's first mission to mercury is expected to reach its destination in just over five hours' time. the space craft will flyy the planet at high speeds, taking picturings of the planet and sending them back to earth as it does. it's moving too fast to go into orbit but it will begin more detailed observations in four years' time. joining me is the european space agency's senior explorer and he'll be working with. first pictures coming from the probe. good to see you. must be pretty exciting waiting for the pictures. what are you expecting to see? >> well, the only cameras we have on board during this fly-by or webcams, small monitoring cameras practice, which are on board to help us see whether bits and pieces are deployed after unfortunately la. the main science camera is sandwiched between

what is needed now is real measures, real actions, real investments, tools, decarbonization. 20 citynvestments total is doing in the area of nonfossil fuel energy is less than 20 persons of their --10% of their overall expenses, it is way too little compared to the urgency of doing much more. anchor: you want to see big bang reform coming out of the 26. we will have to leave it there. thank you very much for joining us on the program. nearly 50,000 new coronavirus cases have been reported in the united kingdom this wednesday. read health minister it says it could double to 100,000 infections a day according to the delta sub variant growing. it is unlikely to change the picture. yesterday we reported 43,700 38 new cases across the u.k. up 16% from the previous week. they could go yet as high as 100,000 per day. we see greater pressure on the nhs. across the u.k., we are now approaching 1000 hospitalizations per day. brazil's president have brushed off a senate committee report stating his handling of the pandemic was tantamount to crimes against humanity. the draft report needs to be

kailey: decarbonizing the energy industry in europe's largest economy.ions available for the new government as coalition talks rumble along. >> the incoming coalition has a lot on its plate and will have to sort out differences to make that change happen and cut those emissions as required. kailey: the car industry is a

, a note out from bank of america with strategist weighing opportunities as well as risk from decarbonizationut 2.3 trillion dollars of global stock market value at risk. the bank saying that with energy investments expected to hit more than $5 trillion per year, that opens up opportunities in areas like wind and solar. shery: let's -- sources say the white house has been speaking with u.s. all and gas producers about helping bring down rising fuel costs as we continue to see oil above $80 a barrel. iron ore extending the drop and were seeing waning demand, china pressuring the iron ore issue. we will see a bump -- bumper crop despite the fact that we've seen an unrelenting drought. haidi: fortescue is the world's fourth largest iron ore reducer and his claimed to have zero iron ore emissions within two decades, setting it apart from its global rivals who cast some doubt on the technology of that being able to happen. the founder and chairman andrew forster is here. always great to have you with us. by a lot of estimates the role of hydrogen would help cut greenhouse emissions globally by abo

i'm also interested because i'm trying to bridge the divide between the public bank and decarbonization efforts of cleanpowersf. they're not separate, they're actually quite related and looking into examples even abroad, for example, in germany where their public bank was a huge resource to magnify their funds to fund and finance their transition to a largely renewable energy system. so looking forward to bringing all of my skills and energy to this work. i'm looking forward to meeting and getting to know the work of lafco, but thank you for considering my application. >> chairman: thank you, ms. fielder. colleagues, do you have any questions that you would like to ask? >> commissioner: yeah. i'll just -- chair chan, i just wanted to thank jackie for stepping up, her willingness to step up and join us on the lafco commission and, you know, i think even if there were 100 applicants, i can't think of many that would be more qualified and better to step into this role. on replacing commissioner cruz-pollock. i'm looking forward to bringing your bold and really connecting the dots, as you s

it depends on where you're trying to decarbonize at. we have proposed a very large scale carbon reduction project in the houston channel that would require $100 a ton. depending on how close you are to different sequestrations, that price will change. >> mr. woods -- or mr. wirth? >> congressman, there are different circumstances in economies around the world. there are different carbon prices in economies around the world. >> in the u.s. >> a broad based and transparent price is very important. and a price that gradually -- >> what price? >> congressman, there are different opinions on the number. >> i want your opinion. >> congressman, the cost of mitigating emissions is very different in different sectors of our economy. >> mr. watkins. >> to get to the kinds of reductions we aspire to will be a very high price. >> mr. watkins, the price of carbon. what should it be? >> yes, we can't say a specific price right now. we would need to put this in place. it's a market based carbon price and would need to be an even playing field, and dep

is differentiated to other oil and gas companies, and we can make significant contributions to decarbonizeur lives. anna: when you have conversations with investors, do you get the sense the existing investor base is on board with that transition? are they pushing you to go faster? alfred: i think our investors are excited about our pathway to chemicals and materials. the reason is pretty clear. if you look at the results so far, a significant piece of our cash flow of operating profits is already coming from chemicals and materials. we have a large organization, plans globally, we have our own technology. our inventors are excited that this is the pathway we are choosing to make energy more sustainable. anna: thank you so much, alfred stern, chairman / ceo, omv. let's get a first word news update. >> the ecb has renewed its pledge to keep emergency bond buying at a moderately slower pace even if inflation surges. the governing council advised president christine lagarde to emphasize guidance but stopped short of saying investors bet on a hike are wrong. the ecb signaled the pandemic bond

a new ceo is kickstarting the companies turnaround with a 7.5 billion plan to decarbonizing's assetsnext decade. 50% reduction in the minor operation omissions by 2040. surging iron ore prices boosted first-half profits to a record. it has been dogged by operational setbacks and the follow-up from destroying a 46,000-year-old aboriginal rock shelter. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. i'm su keenan. this is bloomberg. shery: softbank will finally get a chance to recoup some of its $17 billion investment into we work when the company lists shares in new york. let's bring in our asia tech executive editor. it's a longshot for softbank to break even on this initial investment. does it go some way to to get -- to dig it out of that hole? peter: yeah. it's a pretty amazing drama that softbank has been through. softbank first invested and we work in 2017. they put about four point billion dollars at that point. later on, put in additional money and they posed up valuation of the company

market into industry like steel where you can bring about a meaningful transition and a very rapid decarbonizations what we will need to get to the 2030 goals and 2050 goals in the paris agreement. francine: thank you so much. our esg editor in copenhagen. we will have plenty more stories that her and her team will bring to you. it starts next monday, the u.s. special presidential envoy for climate john kerry joins us. catch that full interview on leaders with lacqua tonight at 9:30 p.m. now, let's get to the bloomberg business flash with laura wright. laura: chipmakers posted their smallest gain since october. the delivery of a ship has decreased 222 weeks compared with last month. according to research, the data suggests the chip shortage that affected a broad range of industries may be starting to ease. heineken has reported a decline in beer consumption at southeast asian markets suffered from a resurgence of covid-19 cases. beer volume fell 5.1% on an organic basis, more than the 3% drop expected. the world's second-largest brewer says asia was especially weak with volume slumping 37%. robinh

counterparts and selling off assets and working to decarbonize. unlikely a carbon tax would be the closest thing to a legislative outcome to this hearing. a lot of noise, we'll see if there's any damage. >> you'll be following that noise in what's going to be a busy day in bringing us those headlines. thank you. >> okay. >>> still to come, don't miss the ceo of ebay on that company's quarterly results. the stock taking a htoisry after issuing weak q4 guidance the shares are down 8% right now. we'll be back. ♪ ♪ peerless design, cutting-edge tech, and a world-class interior. the exhilarating mercedes-benz glc. extraordinary runs in the family. [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪ [suitcase closing] [gusts of wind] [ding] >>> from bitcoin to housing, rich bernstein gives wall street a bubble warning details on tradingnation.cnbc.com more "squawk on the street" ahead. carl, say hi to nina, r schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to s

. >> and carmine desipio, he westbound a truth teller who is truly decarbonizing, and who are greenwashing >> yes, carmine will join us. >> i get the feel that jim would like to say here with me >> i think the next time we go to code or milken, we should bring you along. >>> there's a lot of discussion, jim, this morning about what it's going to take to get investment back in the space these guys have esp pressure, the memory of the last crash, and they have crates that are not subsidizing product investment. >> at the same time there's a lot of free riders if you're devon, and you have cut back, our if you're pioneer, you have cut back. whatever ear selling -- by the way, the five-year curve has not changed. a lot of people still expect oil to retreat to the 50s. that makes it harder and harder as this goes on. there's no new oil from mexico or venezuela, the saudis are holding back, because they have to pay big dividends who is investing can you imagine we're worried it doesn't get cold this winter >> we could definitely used some warming this winter. uk gas prices is up on doubts that r

natural gas on a global basis will drive down emissions and get as well on the way on this global decarbonizationourney. looking at the macro position for gas, it is an exciting future in our view. david: a pleasure to have you on our show. there's plenty more to talk about. martin houston, the vice chair. just coming up here on the show, a look at results out with some numbers and comments out of the ceo. headwinds the company is facing as it pertains to apple. that is next. this is bloomberg. ♪ yvonne: facebook and tesla have grabbing the headlines. tesla had a trillion dollar valuation. facebook shares rallied in extended trading. let's bring in su keenan joining us with a wrap up of the earnings we got when it comes to facebook. we saw a quarterly topline. even when it came to forecast. did fall short but investors push the stock higher. su:su: facebook wanted to hit them with some confidence inducing news. third quarter results showing people are actively using the network of social media apps care that helped push the stock up. this is at a time when facebook has been in the crosshairs of m

the four property leveraging as well as decarbonization. those main key headwinds on the mainland.ve cut their growth to 5% to -- 5.2% despite expectations for incremental and weekly support. kathleen: pulling back from the brink of default by paying a bond coupon. the property developers is construction of more than 40 projects are proceeding smoothly and delivery of the homes will be assured. let us strip dust discuss this. -- let us discuss this. in terms of that payment made, there's one due soon. they will make it again. to what extent does this reinsure -- reassure investors that this matter will be resolved in a way that doesn't mean some kind of default, complete meltdown of ever grand? guest: we have not thought of ever grand as this sort of event. i think this bond payment became more apparent after they were able to successfully negotiate an extension of one of the private loans. what was called that. following that, they did pay for coupon of the lending be bond. it was not entirely a surprise. when it was first announced that they would pay this last dollar bond coupon

rio tinto's new ceo is kickstarting the companies turnaround with a plan to decarbonizing its assets over the next decade. he's targeting a 59% reduction in the operations emissions by 2030. surging iron or prices boosting first-half profits to a record. but it has been dogged by operational setback in the fallout from destroying an aboriginal rock shelter. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. haidi: still ahead, more analysis on global earnings. coming up next, we get the market outlook, will see if earnings are enough to counter the looming risk. this is bloomberg. ♪ >> what we see from the inflation front is that the situation is going to get worse, and then of course we are working on pricing to make up for most of that and also internal efficiencies. >> it is very hard to get rid of deflation. so you have to air on one side or the other, you air on allowing a certain amount of inflation to take place. >> we are seeing signs of inflation,

this pressure that can't happen may be as fast as some of the politicians are mandating on their decarbonizationhere we have to work together, private sector, public sector. we have a huge infrastructure business, and we are navigating that alongside our clients, but it is tricky. guy: one final quick question from me. when you look at investment's in your portfolio right now, how strong is the correlation between those assets? how much of them, when it all boils down, is the same trade? henry: that is not the case. you look at real estate versus infrastructure versus private equity relative to insurance assets, that is important. if you had to say what is the one thing you watch, it is credit. this cycle, we do a lot of internal models in terms of what drives growth over time, we think we are going to have plenty of in demand because of the injections into the system, higher savings. but the achilles' heel would be the financial conditions tighten. that is not our call, but what we are watching is the rate of money supply. so i'm sure we will be back talking about it, but that is the area we ar

lisa: the reaction in the oil market is not the same because of the shift to decarbonizing global economy. how much of that can do to pressure -- frankel, a much does this mean that oil prices are less transitory because this dynamic will persist? jonathan: i can't wait to see what they say in the next news conference as we get closer -- tom: the cardinals of the dodgers? jonathan: are you fixated on the baseball? the season is over for the red sox as far as you're concerned. the futures are down 51. we are -1.2%. this is uber. -- this is bluebird. -- this is bloomberg. baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic d

the top level thing on the agenda at every board meeting is now decarbonization.recognize we have to do our part here and we're committing to net zero carbon reductions. doubling our ambitions from what we said before, we believe it's feasible, it's possible. but we need support from governments to make it happen. that means we want proposal for research and development funds going through the names in the international organization, it won't cost tax payers a penny. it's a levy. we want a market based measure, some sort of levy which will then bridge the gap between the fossil fuels and zero carbon fuels and incentivize to move that we need far more research, far more development and far more political commitment from governments to build the necessary infrastructure, and to ensure that the zero carbon fuels are produced en masse in order to make the transition happen we're ready to do our parts but we need governments and other stakeholders to do the same as well but it can be done. >> what kind of commitments are you hoping to see out of you cop 26 >> i think p

they are really into decarbonization. this isn't cutting it.to see what they are saying about coal at the moment. they won't be building any external, but they weren't really doing any external coal plants anyway. so when are you moving? alix: maybe next week and on weekend after. guy: i get to see it tomorrow. i'm taking my eldest son and some of his friends as a birthday treat to see the bond movie. we are super excited about it. obviously it has been heavily delayed, so we have been waiting to see it. the last one, i have to say, i thought wasn't great, so i am excited to see the reviews for this one are better. the pictures that come with my chart are so much better. you've got an aston martin. alix: what is your chart? you just played the trailer. [laughter] guy: all i got to do really, isn't it? this is basically the bond effect that is showing up in the markets. city world has been battered because people can't go to the movies, but the market is front running bond. i took a look at the anr function, but the average price target is $98,

that was due to the pandemic and decarbonization policies.ok fossil fuels as the main power show horse last year. france sees one fourth of its auto jobs at risk during the transmission to electric cars. the auto lobby says 100,000 workers could lose their jobs in the next decade. france is home to carmakers such as citroen and renault. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am john hyland, this is bloomberg. alix: thank you. some of the world's largest companies are coming together to address climate change. natura has been sourcing a radiance -- ingredients from the amazon and has been advocating for its protection. it is grappling with historic supply chain constraints. the ceo will be in attendance in cop26. we will get to the cop 26, but to set the stage, what is the biggest supply chain problem right now? roberto, thank you for having me. we are seeing that across not only -- we are seeing not only delaying getting products in our s

>> it is proven that carbon tax is the most efficient way to influence decarbonization.ountries that have adopted the carbon tax have also generated revenues that they used to support their population, be it for transition or to meet priority needs. canada just right next door has done exactly that. but there are other ways to price carbon you can trade carbon, you can put the market and then the market helps decarbonization you can also introduce what we would call a shadow price of carbon through regulation. in our view, every avenue should be pursued if we are to reach this 45% reduction target i talked about >> who's doing more on climate from your assessment the u.s. or china? >> well, the u.s. is doing more. it is an economy with very high degree of innovation, very dynamic private sector and it has been a -- vis-a-vis historic levels. china has recognized that the climate threat is real it is actually devastating for parts of china where agriculture productivity can decline dramatically if we are not to meet our objectives of keeping temperature increase under 2 d

this plan is really aimed at decarbonization and to my knowledge lead isn't quite there yet. it's a little different. we want to make sure around existing construction that it's titled 2024 compliant and there are no conflicts in laws and that's important. right now i think lead will get there, but they don't have the same decarbonization goals built into their system right now. >> great, thank you. i know there is another question. >> thank you so much, cindy, for [indiscernible] -- i know the materials are detailed and we have a copy of that. i just wanted to for the record -- the development of treasure island and any project in south america actually, we are the platinum gold standard for development. all the issues that you have outlined to date, even the way we design our streets, has climate in mind and we have an extensive [indiscernible] -- they are ecology and part of that. i would like to see. i think it's also very important as you develop this comprehensive plan and we also indicate san francisco is ahead of the curve. i don't know how you will do that. i will re

if you are making it from clean source you are decarbonizing an industrial application that's where itgoing to be used first if you make it from natural gas you have got to be very, very careful to use carbon capture sequestration technologies which are available but frankly there is no vogt motivation to use them there is no carbon reg ilation why mother the hydrogen made today is dirty but it can be made more cleanly if you put the right regulation or technologies in place. >> thank you for your insights it was really clear. we will have you back often as we explore this interarea. >> the stock performance for f fuel cells have been strong over the past month. >>> up next, finalizing your power house portfolio for the final week we are going to go outdoors. we are going to trade the stocks that focus on the backyard as "power lunch's" power house blueprint continues and concludes. so, should all our it move to the cloud? the cloud would give us more flexibility, but we lose control. ♪ ♪ ♪ should i stay or should i go? ♪ and we need insights across our data silos, but how? ♪ if i go t

the world's largest emitter, soon to be the world's largest economy, didn't have a timeline to decarbonize economy as increasingly the rest of the world does. now that's in place. it's all about how does china actually get there, and do they get there soon enough, such that we can stay within the global carbon budget that's required in order to stay within the temperature limits established by the paris agreement six years ago. >> you know, the negotiations around all this, of course, something that's been on the table whether explicit or not, for decades. the fact that china and the united states continue to get caught up in the point that, look, china keeps pushing back and saying, we'll go at our own pace, thank you very much. the united states going back to the table again and again at these cop meetings and saying, china, you have to do more. where do you think we are in all of this, and do you think china still has more to bring to the table here? >> absolutely, i mean, every country has to do more. >> right, but i mean, their willingness to bring more. there's been a lot of speculat

nobody is really doing the prac practical work, the hard work, of decarbonizing their economies in the. in charleston, they're planning a billion dollar sea wall here. they're completely rezoning how and where to build in this city because the reality -- >> we just lost bill, but thanks from south carolina for that report. we're just two hours away from cnn's town hall with president biden. your questions at this critical moment coming up. we believe es to live better. and just being sustainable isn't enough. our future depends on regeneration. that's why we're working to not only protect our planet, but restore, renew, and replenish it. so we can all live better tomorrow. ♪ are you ready to meet the new class of subway's eat fresh refresh™? the new baja steak & jack, new all-american club™, the new italian b.m.t.®, new turkey cali fresh... and new...trevor lawrence? man, you're not a sandwich! order in the app now to save big. ♪ ♪ in business, setbacks change everything. so get comcast business internet and add securityedge. it helps keep your network safe by scanning for threats ever

if we're ever to achieve decarbonization, a greener economy, we're going to need africa.ick data points, 70 percent of the world's cobalt is currently produced in the democratic republic of the congo. africa not only provides us with the materials to make the energy transition, it also captures carbon. the sylvain mountains of africa in the democratic republic of congo, places in kenya, capture more carbon per acre than the amazon rainforest. and then africa is pioneering the way. the average african, by the way, emits probably one metric ton of carbon a year. the average american over 16. so the footprint is very, very light there. >> we don't often have a chance to talk about africa policy but i'm glad this white house meeting gave us the opportunity and i'm glad you were able to join us. ambassador pham, thank you so much. >>> next, the outsize impact remote learning has had on students for whom english is a second language. stay with us. ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to u

milestone in the renewed eu/us partnership, and it is our global first in the efforts to achieve the decarbonizational steel production and trade. it is a big step forward in fighting climate change. the arrangement is, of course, open to all like-minded partners. steel manufacturing is one of the highest carbon emission sources globally and for steel consumption and trade to be sustainable, we must address the carbon intensity of the industry. we must also address problems of overcapacity and this is what the global sustainable steel arrangement is all about. we will work together with the united states to ensure the long-term viability of our industry and to encourage the production and tried of low carbon steel. this new global initiative will add a new powerful tool in our quest for sustainability. it will be a major step forward in achieving climate neutrality and it will ensure a level playing field for our industries. it is yet another key initiative for our renewed forward looking trans atlantic agenda with the united states. since the beginning of the year, as you said, mr. president, joe,

think that's one of the things that we wanted to highlight in our report when we think about decarbonizatione are not just thinking about removing carbon from energy usage. if you lock at some of the states these guys operate in, they are substantially cheaper now in terms of what the incumbent utilities. and we also think that utility rates are set to rise substantially from here. i think the value proposition is getting better finally, we really do think that having a battery in your home to kind of pair with your utility -- with your pv system is a game changer for the industry it is a reliability product they couldn't offer before. >> yes. >> that makes a big difference this time. >> tesla now in order to get a power wall i think you have to do a tesla installation of solar broadly speaking the other big name on the market i believe is lg, with its own battery, a little bit smaller, can't hold as much, but obviously a lot cheaper. it has been the one that a lot of companies are using i guess i think about flat panel tvs and how those manufacturers are typically not a great investment i g

this is a threat for the globe and so we think it's important that we look at decarbonization and incentivesit was important people lead with their priorities that we focus on the substance of the bill and that's what the american people will feel is what we actually put in there, not a number. >> did the president tell you what joe mansion's position is on the climate provisions and whether there is any possibility of holding on to any of that in the senate? >> the president talked about challenges he's faced making sure that we have votes on climate is incredibly important area and so he's tried to be creative with ideas on what we can do that will pass the house and pass the senate and we provided feedback, each of us there provided feedback on proposals that he put forward not only on climate but also on issues supporting our families and communities so he could take that into account as he continues his effort to help us land the plane, make sure that we get not only the build back better act passed but also the infrastructure bill passed right away. folks want to see us -- they want to

one we're working very hard on to prepare america for a future with more electric vehicles and to decarbonize other sectors of transportation which amounts to the biggest part of our economy when it comes to emissions right now. >> are we going to hold up the bipartisan infrastructure bill any longer than october 31st if there's no deal on the larger agenda? >> i'm not going to predict legislative mechanics. what i will say is we've got to get this done and we've got to get this done for the american people and the american economy. the build back better vision and the infrastructure bill are supported by a majority of americans. they're going to make lives better concretely in this country. they're going to strengthen the economy. one underappreciated aspect of the president's agenda is that it will also lower the inflationary pressures we're experiencing it in this economy by making it easier for people to thrive and do well in the workforce and by improving our infrastructure that's so important to the supply chains we've been talking about this morning. >> i know you've been under some bi

where a lot of carbon output happens, and they're hoping they can maybe beef up opportunities to decarbonize would affect a lot of urban communities especially. and then, finally, william, another idea is about transmission of renewable energy. there's a problem there that congress might be able to do more on. i want to look at this map of our country. you see where most of the wind energy, that's in blue, comes from. that's the central part of our country, the great plains essentially. solar power, that's biggest in the southwest. what's missing there, a huge part of the country in all kinds of corners, the northeast. how do you get that renewable energy across the country to cities that need it in other parts where it's not generated? transmission. that's something they're trying to figure out if this bill can help going forward. william: lisa desjardins, as always, thank you so much for helping us wade through all this. lisa: my pleasure. you're welcome. william: so, as lisa has been reporting, the president's climate change agenda took a real hit this week. and while everyone here in was

talking about make incentivizing rooftop solar, solar offshore and onshore wind with credit, decarbonization, rural co-opes. we're talking -- co-ops. we're talking about how industry and parts of u.s. society focus on climate and move toward a clean energy environment -- clean energy society. that's what we're doing here. and we're on the verge of getting that done. so i'm just going to reiterate that world leaders are not looking at, is there a vote in the senate or the house before the president gets on the plane. they're looking at what we're trying to accomplish, our commitment to doing that, the president's role in getting that done. reporter: just to follow-up -- reporter: so on the -- at the heart of the debate here -- jen: yeah. reporter: is a question that different groups of people answer differently as to how big this spending package ultimately is in context, you know, in terms of history. jen: sure. reporter: the word was said -- the word historic was like 13 times. it was nine -- jen: should i tell you what's historic? reporter: here's my question, where does the white house --