going back to esg and board dynamics, other than the fact we're looking at esg and whatever those board dynamics might be, i don't know if it's the way we talk to people or individual personalities or politics, can you maybe just give us more color around those two items? >> it's perceived political interference. >> where politics trump investment decisions. >> yes. >> ok. >> and that goes for both esg and the board dynamic? >> i would say yes. >> ok. that's helpful and good to know. thank you for sharing. >> board questions. i have a couple the first question is from experience working with nebc, anything positive if terms of the collaboration working with nepc because as the allocation recommendations, they do things in the manager selection area. >> there's always room for improvement and we speak with them, allen and dan, and allen and dan are very responsive and helpful when we bring those things up. overall, an nepc and allen have been very good business partners. >> any reluctance on their part to collaborate? >> no. >> any reluc reluctance on stafo collaborate with nepc? >> as t

there are rumors that over time they will buy esg bonds. in the u.s.by democrats to lead the fed to encompass climate change in their stress tests. torsten: absolutely. it also leads into inequality in the central banks. there is something going on which are important of elements in their own right. what can we do to try to help out this process and facilitate support in different directions in terms of getting these problems solved? alix: torsten and audrey, you'll be sticking with us. teva and other companies are said to be in talks to end u.s. probes in relation to a long-running criminal antitrust probe of alleged price-fixing by those companies. it looks like teva and its peers are in talks to end this probe. that stuck up almost 3% in premarket. we do want to give you an update on what is making headlines outside the business world. viviana hurtado is here with first world news. viviana: we begin with a compromise with china and the trade war with u.s.. on the raise penalties theft of intellectual property. the u.s. once china to commit to cracki

show you a chart of the ishares esg etf which has been around for 15 years. chart and it shows how it is underperforming the s&p 500 by 35%. esg is having a big here. they have seen double their assets -- their assets double this year. investors need to be very careful in this area. why is this underperforming? likees not have stocks amazon, mastercard, netflix, and several other performing stocks over the last 10 years. we have come up with an amazon test. we think investors should be careful and except they will miss out on some of these highflying stocks, which probably should be excluded but we think what is excluded is as much of a surprise for investors as what is included. this is part of the education of esg and there's no area more important to look under the hood than this one. romaine: you can check out that chart on the bloomberg at gtv . guy johnson, are you there? what you have for us? guy: i definitely here. let's talk about polling in the united kingdom ahead of the election on december 12. at the moment it seems the pound is moving lockst

climate change, increased costs of litigation, and that gets us thinking, where else do you go when esgise? one of the things you have been dealing with under the radar is can you get the same returns out of bsg you get out of some of the sin stocks, if we can call them that? what have you most recently learned? william: this is one of the big debates at the moment in markets, as you know. we are going to have to wait some time before we have plausible evidence. if you look at the trend toward impact investing, it is too young a trend to make big claims on its behalf. in functioning markets, the theory would suggest that if i decide i want to invest in sin the market in order to incentivize investors who are willing to hold those sin stocks and incentivize to hold them more, there has to be offering -- they have to offer more returns. there has to be a market mechanism that suggests you should get a little bit less from those safety stocks. whether that would play out in reality, you can make other arguments about the facts that some esg stocks combines with good governance, good manage

. >> i think there's a traction gain around esg. can make the argument that a ceo making a deciding like that fits into that esg model, that more investors seem to be flocking too, and not only that, but millennial and gen-z consumers do care about it going back to the easy factor, though, this is a company that just a couple weeks ago held a fashion show with a-rod. >> he's everywhere. >> he's dating j. lo or a-lo or j-rod before we go on to the next, can we throw up that picture of the easy sneaker is that a good look sneaker? >> where is it >> uh, i'm going to say thumbs down probably they are comfortable. >> i look comfortable in sweatpants, but nobody wants to see that. >> i'll spend my money on the -- >> it looks like a carvelle ice cream cake. >> fudgy the whale >>> let's talk about tiktok. lawmakers having calls for more scrutiny, because tiktok is owned by a chinese company earlier today, you suppose with ryan mccarthy about tiktok here's what he had to say. >> the army ceased the utilization of tiktok immediately when it w

>> and it's the way you select an esg fund or your screens. it's a negative instead of an actual, okay, these companies are excluded you can kind of make up your own criteria so consequently, we looked at these funds because we wanted to offer them to our clients and said, you can't have exxonmobil in there because they bought carbon tax credit. my view is very unpopular, i think you ought to invest money to make money and give money -- give your profit ifs that's an issue that's important to you to charity or to the organization that's going what unique is important. you know, i started with south africa free investing was the first screen and we went to socially responsible and at least then you knew what you were getting but this is pretty open ended. the u.n. regulation -- >> some would argue that esg investing can lead to better returns in the long-term as well do you accept that or not? >> i do. i think any company that's managing their commodities and resources effectively and their people i think leads to better performance. but i can'

will this incident quicken the move to esg funds and divestment from certain types of stocks >>> uber's road plans hitting a block as london strips its licee. wh t me anfor uber, next on power lunch. >>> uber hitting a serious roadblock. london regulators stripping the ride sharing service license to operate in the city. let's check in with deidre in san francisco for more >> major roadblock london is one of uber's most important markets. some 45,000 drivers work for the company and the city is one of five that made up nearly quarter of all bookings on uber's platform last year while uber has been trying to clean up operations, rivals have been busy trying to get a footho foothold uber can continue to operate while it appeals the decision but london's mayor said that he stands by and supports it. >> unfortunately there's a pattern of failures from uber. there's been 14,000 journeys where unauthorized drivers have been drivie ining people around they aren't the driver who the passenger thought they were going to be. >> uber pointed out the risk of losing its london license. it acknowledg

paul: you identified thailand as an emerging region or leader in esg disclosure.at is happening there? >> thailand is a very interesting case. in one of the measures we looked at, it was the only asian-pacific -- that made it to a top 10 the disclosure index. the reason why thailand has been critical is that the stock exchange works very closely with the issuers, providing them with the guidance to upgrade. they were also able to motivate the issuers into thinking that sustainability reporting is a benefit. some of the largest companies have been admitted to the dow jones indices, a boon for the market. kathleen: how about china? what is the dynamic? what is driving it? what sort of obstacles do they have? for a lot of people, the disclosures they have to do are seen as burdensome. >> right. china is also a very interesting case. they announced a couple of years back that they will mandate environmental disclosures in 2020, so a lot of work is going on on that front. perspective, it is a policy driven exercise. the central government is very keen to combat polluti

when people are talking about -- daniel: when people are talking about esg, they are not talking about they are talking about it as a driver of long-term value. people are trying to translate esg questions into questions of long-term value/profitability and realizing if you do not fix , climate questions, environmental questions could affect your stock market value a few years from now. alix: all of this sets me up perfectly for one of my favorite parts, the cold open on snl. it was kate mckinnon doing elizabeth warren. this is the end of that cold open. >> your insurance is like a bad boyfriend. girl, listen to me. you need to leave him. he is draining you. you deserve better. dump his ass. >> i know. you are right. i am settling. becausered to leave what if it is the best i can get? to say willes on you vote for me, and she says i do not know. it sounds great in your into it but you have to deliver it to make it happen. that cracked it up. -- that cracked me up. ed: you have to raise a lot of taxes to make it happen. alix: convince people get out of the way and to be able to do that.

particularlyo be in a case with consumer, medical -- it is going to be a huge driver for esg, and alreadye need to be in a position where we can articulate that to that are investors can figure out how to make money on it. kristine: a lot of other banks have said we are not going to touch the space until something changes with legislation whether the safe banking act or full, federal legalization. how do you balance your work with in this space with the fact that it is a drug would still ultimately illegal in the federal level? jeff: we are limited with what we can do any new united states, but we operate in canada, israel, mexico, colombia, portugal -- and there is real opportunity. these are going to be global brands. it is tough to say that or see that when you are in the middle of a downdraft, but the companies that are being built today, many of them will be not only pioneers, but stalwarts in the agro industrial complex in in some cases, the medical complex, and the consumer complex for years to come. we are at the ground floor of that and we are happy. kristine: will it ever be leg

and i'm not discounting things like esg, environmental, social and governance.se are importants iss today. and it's shone it helps the bottom line. but i that's all it is and -- and you're only investing in ay compecause it shares your ideals, somewhere down the road you'll be sadly oidisaed the company will disappoint. >> you david nelson with bell point asset management. alwaysood to see you thanks for joining us. >> thank you for having me. >> canada goose, the outer wear maker says unrest in hong kong hurt sales there and the olesale revenue will fall this quarter. this comes as the company's results beat estimates but canada goose shares fell about 11%34 t1. >>> energizer topped expectations helped by recent acquisitions in its battery and auto units. the battery make says it expects net sales to rise up to 10% for the full year and shares kept going and going. en y get the picture. up more than 15% to 48.38. >>> lucken coffeen today china reported a six fold jump in quarterly revenue thanks to new stores and expanded menueyond coffee. the company raised re

fires in the first placng >> the dri force behind this is an increasesing popular type esting called esgial and govern. sens vechg for the greater good. buying into the health of the forest but making mone >> our investors are looking for impact and a financial return. and this is off the charts wn you look at what it's givin back. >> jennifer price says herer investors want to align capital with their values. and fighting the effects of climate change is number one on their agenda. >> it's a bit harder i do find for people to buy into at times, preventing rather than mitigating and taking it away or opping but we prevent it from even happeng. >> the greatest risk she says is if they don't do more bonds like this one. >> because in transaction isn't recommendndicated or if there isn't other funds allocated to do the forest clearing, the forest fires can still fra >> nightly business report, diana olick in thoe, national for zbleeft before we go another from wall et.ay's fin numbers the dow fell 140 points. hee nasdaq dropped 11 and the s&p 500 was off 9. for the month all of the averag u

some of ourooked at esg q scores and what type of companies are screening well on that.nts are or what clients are asking themselves, who is the best or worst carbon footprint, etc.. some environmental strategy. does not have to be renewables. could be more natural gas in the next or investments in power generation, etc. few years,the next this is sort of a corporate strategy over the next 10-plus years. i think those companies increasingly should do better than some of the other sectors. rishaad: thank you very much indeed. up, alibaba looking set inraise about $11 billion its mega hong kong offering. that's on its way next. ♪ juliet: you are watching bloomberg markets: asia. rishaad: having a look at alibaba, hong kong shares at 176 according to people familiar with the matter. selina wang has the story. what do we know thus far? selina: sources say alibaba is -- is posting at about 2.5% discount from its last closing in new york, but it means alibaba is poised to raise about $11 billion in its hong kong share sale. we reported there had been significant investor deman

. >> bingo guess what, esg is more important in the united states and europe but is it as important heree middle east is it as important in emerging markets in china with an enormous pool of investment and customers as well? the capital that is going into traditional hiydrocarbons, more worried about getting those people who have heating and getting them on to the grid and giving them lights that turn on, those people, are they going to become the natural pool of investors? is it going to gravitate towards the south and east, those companies will find more business there that is the feeling among some and what you'll see. less interest in hydrocarbons. you and i are seeing that already. more interest coming out of countries in emerging markets in the middle east as well. interesting for the con uundrum as well. >> steve, always a pleasure. we'll see you soon thank you. >>> disney owe fshlfficially la the streaming service today being billed the most correspondent initiative the goal to target 60 to 90 billion subscribers in the next five years can they get there joining us from axios, sa

i feel like companies are dealing with a lot more in terms of esg, leadership concerns.ery much front and center. accountability. what do you think has to be a part of getting an nba -- getting an mba today. we will get into basketball in a moment, but what has to be part of getting an mba today? joe: it is not just about what is in the books. there are so many issues about -- so many issues that one has to be aware of to be a ceo, if that is your goal, or to be in business. it is an international world now. it affects the business i am in, as we all know, recently. you have to get exposure to all of those issues. i think that is what stanford does. >> the dean talks to us about 40% of the students are from outside the united states. >> when you think about this place, silicon valley, and stanford, so many companies have been born of this, private companies. -- to alsoalso been be in a moment with private valuations. what do you make of this moment when people are trying to decide what something is worth and there is disagreement out there? joe: i am not really investing

and you see the calendar of acid class updates and we are formalizing this and the first that you saw esg last month and you will see each of the classes coming throughout 2020. with that, i'll turn it over to the board for questions or comments. just have >> regarding your summary rather the 429.$1 billion, how much is equitized? commissioner can you tell me what page you're on. >> you don't have the page numbed but it's the table with all of the numbers, the weights, numbers, dollars. >> oh, the 429 in cash, how much is equitized? anna? >> 250. >> working off of your division chart of placements, not counting the fellowship vacancies the box underneath seniorsenior portfolio it says management assistant is that an investment officer or what? >> that title is correct. so that's the classification jay may want to speak to. but that is karen's former title and karen is doing work that is akin in most every respect to a security analyst and she does have other duties. she's not been full-time in private credit. but the plan is that in the long-term, is that she will be fully dedicated to pr

charles: i want to ask you, you and i have talked about this esg issue.t tore in the world in chicago -- store in the world. jeff flock talked to him. take a listen. >> starbucks was founded 49 years ago around a mission grounded in humanity. and with the belief that the pursuit of profit is not in conflict with the pursuit of doing good. and so we, our purpose and our reason for being is to leverage our platform and our scale for good. charles: you know, of course, i was critical for years about conscious capitalism. but everyone seems to be embracing it. how does a company like a starbucks that wants to deal bigtime in china with all their human rights issues, you know, we just used the term delicate balancing act, what about that one? >> yeah. that's a tough one. i would say generically speaking, other things being equal with, it's better if a company can service all of its stakeholders, its shareholders, its employees, its customers -- charles: but do you do that at the risk of the bottom line if make decisions that could hurt the bottom line but it's

> the other point is that you've lost a major part of the investors that can't buy these because of esg being 26% of all u.s. assets. so they don't want to buy anything that has to do with fossil fuels or anything else. >> a great point >> so that is another reason not to own it. >> final five weeks, very volatile in the energy market. you have names that everyone including myself talked about. diamond back, down 20% year to date eog. all these players, we're finally drawing the distinction who is the winner and loser hess is name i own, they will be a win on the other side of this and the services name to carrie's point, transocean, they are challenged specifically when you look at hatheir balance she. schlumberger is more diversified, less offshore so they can survive. but the next six week, up see a tremendous shakeout, a lot of pressure on the ones that have been lost and on the other side of that, focus on the winners and exxonmobil and chevron, those will be the long term survivors. >> just look at how these performed when we had the attack on the saudi facility. you saw spikes in

covered by some sort of a living wage i mean, is that something that you think should be part of the esgwork as investors are thinking about investing in these types of companies >> absolutely. i think if you are investing in long term value, you are investing in a company to be around and to have great profitability. the only way for them to do that is for them not only to pay sufficient wages, but to have maternity leave, paternity leave and the right benefits. in fact, there was a study recently in japan where they reduced work days by one day. and that was an experiment. and productivity went up. >> amazing. amazing. thank you so much for joining us here from the economic forum. we really appreciate it. >> great to be with you. i'll send it back to you. let's get to headlines now with sue herera. >> hello everyone. here's what's happening at this hour. hong kong's leader meeting with chinese president xi. lam's popularity is at an all-time low in hong kong. lam said president xi expressed support for hong kong's government. >> during a meeting with president with xi jinping he expres

the industry feels under siege and all the discussion is about esg and where does the monies fit in in that universe? it's a price issue but i think there is a broader question on the outlook for the industry. >> the outlook for the stocks. you're not an equity. >> you the average balkan nlt whiting oassist nornt continental. >>en a look at cannabis stocks. >> nestigative 57% the entire market cap of the u.s. oil and gas is 1.28 trillion. aramco market cap is 1.6 the entire u.s. is worth 4 oh oh million less than one company because of debt. >> this is of an interesting question i bring sitcom back to opec the producer in the middle east keep saying we are winning the energy transition because the last barrel of oil is produced from the middle east this is the low-cost oil i think that when we think about like why they may not be going for the big bang cut, you have a certain class of producers saying the current price outlook at brent isn't fabulous tp they prefer 70 brept but we can tread water right now. >> we'll see you there in vienna next week. >> of course. >> you give us the na

we will pick up for only esg seen and talk a little bit about climate change in our next conversation of hermes management stays with us. the u.k. election campaign took a dramatic turn, when nigel faraj said he would not contest other seats. swenson said the move clarified the choice for voters. let's talk about the latest polling with a former labour mp and a candidate for the liberal democrats in the north of london. every good to speak to you today. pollingou boost your position? i'm talking for the party as a whole, not in your constituency, but the polls don't look great. where the remainers go? flowsoften see ebbs and in polling over the course of any election. there are many events over the course of the coming month. i'm looking forward to the leaders debates we will be having one people will be able to clearly see the stark choice offered at this election. party the only u.k. wide that is putting forth clearly and election position to stop brexit. it is very clear that many people want in the country. anna: how many seats do you think the liberal democrats can realistically

you read about esg, i understand it's hard for the companies.nsibilities in the shareholders are the patients i don't want to get in the middle of that but many stocks have been inbelievable amgen making new highs on everyday basis. people figuring out the valuation it's cheap biogen had the great move off the low we talked about. surpta off the map as well the stories make sense meg's report something fantastic. but when you try to marry it with trading and investing it makes what what's extraordinarily difficult more difficult. >> you talk about the top holdings of the ibbp if you want to play it with biotech and talking about pharma stocks as well maybe the target is off their back as of late from d.c we have been so myopic and impeachment nothing is getting done, no drug pricing issues getting done maybe the run up lately has been because everyone is taking their eye off the ball on drug pricing and it's not a focal point in d.c. >> coming up, tesla keeps on trucking as elon musk says the you orders are coming up options traders betting on r

kevin: clearly, we are seeing stronger and stronger appetite for esg and socially responsible investmentsclient interest clearly. again, on those green companies, europe is probably at the forefront of what is being done across the world. we are thinking of companies s for instance in wind turbine. anna: kevin thozet stays with us on the program. annmarie hordern has a list of your top stock movers this morning. >> i want to stop with -- start with a rolls-royce, one of the biggest decliners out of the gate on the stoxx 600, down more than 2%. this comes as morgan stanley says they are no longer buy. morgan stanley says weaker free cash flow extending into 2020. british american tobacco flat now. it started off negative at the start of trading after they lowered their sales growth outlook for a cigarette alternatives like e-cigarettes. this comes really as a u.s. starts cracking down -- as the u.s. regulators start cracking down on they been. paschi up more than 1%. anna: thanks very much. up next, something to be thankful for this week. we will look through the data do after the u.s. ahe

juliette: there is a lot of focus on esg as an alternative investment.e do that they are still in their infancy. moreve definitely seen talk and no action. to actually help investors make it easier to treat securities as well. it could be very forthcoming in their codes of conduct. the future is very positive for them. rishaad: tell us about how there has been outsourcing and how they are key. >> in terms of their outsourcing habit, we have sought out the in a fixed income toce, given that they tend invest in house itself. i think that the changes we are , we're definitely seeing seekinsurance has to expertise to manage assets. players they can be big in private equity, can't they? >> they definitely can be. we are seeing them allocate, given that they are more attractive. time,g in for a longer the way -- it is a good match. i think we also are seeing increased concerns about over valuations. some of the quiddity transparency that private equity actually enter into. seeing thatitely they are looking to allocate private equity and becoming more cautious.

the esg argument is one that we are hearing more and more in the mainstream.he question is how far could it go? is there an end in sight? willem sels from hsbc private banking stays with us. coming up, we are going to talk about the uber user growth. it disappointed. ♪ matt: this is "bloomberg daybreak: europe." i am matt miller in berlin. let's talk tech. uber's third-quarter revenue came in better than expected but investors were disappointed with the user growth figures. annmarie hordern joins us with all of the details. >> good morning, matt. the shares dropped in after hours trading. investors were left disappointed with the lackluster t growth inwp -- lackluster growth in two key metrics. rideswho ordered food or one or more times during the quarter. uber beat estimates for revenue in losses. they improved in losses. they improved the annual loss forecast. uber's small from arrival, lyft this quarter. they emphasize greater efficiency on the call. they say if they cannot get to the number one or two spots in the market, they will exit, but that was not e

you're the only company i know, that you better do esg as an exec as part of your compensation is that what's driving these kinds of things? you've got people thinking, listen, in order to be able to move up in clorox, i have to do something good for the environment. >> we think that doing something good for the planet is also good for business, which is why with our new strategy, ignite, which leads us through 2025, in which we've just kicked off last month, we're going to make a double-down effort on sustainability and this is the first one out. we've made a very bold goal that we want to reduce the virgin plastic and fiber that we use in our products and packaging by 50% over next ten years. and compostable wipes is one that consumers love. 65% of consumers want a compostable wipe >> absolutely. >> more than 60% of consumers want a better alternative that is more sustainable in wipes and this is the very first wipe that's being introduced right now and we're excited about the initial reaction that we get from retailers disinfecting wipes is a very important business for us. >> fabul

they are also looking at the growth of esg investing.e sovereign wealth funds are not looking at also fuel investments. norway's sovereign wealth fund, some of the canadian pensions have passed on the deal. i think they would get a lot of s, thet from the saudi government pension funds. brooke: there was not a lot of detail on a cornerstone investor and the materials we saw over the weekend. do you still expect that to come through from other parts of the middle east or china? michael: china is definitely a place i would be looking at possibly -- this ipo is quite amazing. the bombay stock exchange has to point jewel -- $2.2 trillion in market cap. i might see of conglomerate. oila imports a lot of especially from saudi arabia and that might come in with the russia direct investment. there's been a lot of activity between the countries in recent months. alix: gary, what you make of that? russia, china, india, other countries coming into by this ipo. then opec and opec plus. are we mixing things that should not be mixed? gary: it comes do

. $85 trillion is now benchmarked to esg.erformance. if you are not compliant from a governance structure, you will not be included in disease. you will not be included in etf's -- in indices. you and not be included in etf's. lisa: a social media, backlash with people saying things have changed now. where are people going to meet people if they cannot meet them at work? is there evidence that holding these ethical morals, standards and maintaining it, even meaning a disruption in leadership, benefits the company in long-term? gina: there is long-term evidence that holding specific governance standards are beneficial over time. these tend to be higher quality stocks. it is not necessarily the perform better in uptrends, it is the are higher quality companies. ofy have an infrastructure high standards. it contributes to a culture that is consistent with high-quality performance. that is the broader story. i do not know if you can find the specific issue and how it would impact the stock long-term. it is nitpicky. inoss the boa

next year we expect to see asset managers incorporating esg strategies into the portfolio derives from increase. this is a substantial increase on oil companies adding to the fact they can't make money and the reason why the reduce in cap x. one reason why we are bullish on oil from a structural is the capital has diminished. tom: on the soft commodities, ,way from oil, gold, iron ore is there an opportunity there or are they stuck the same technology disinflation track? jeff: they are sitting on cost support similarly to the hard commodities. one thing that makes them different from the commodities is that the currency component is much greater in terms of driving price support. when we look at the overall dollar, it is relatively strong. it could get stronger but the downside risk is nothing like it was several years ago. it is hard to argue a soft case more broadly. iny are equivalent to shale short farming and supply. the only way to get upside is you need to have the macro tailwind begin to create a weak dollar and stronger demand. tom: chris marangi has long adjusted corn adjuste

some materials here you're also doing a buy a pair, give a pair eyeglasses talk a little bit about the esg feenind business value in that. >> it's not something that we lead with, with our customer communications, because we recognized that people care first and foremost how do the glasses look on our face, the contacts feel on my eye, what is the price, the quality and service. but it is the number one reason why people come and work at warby parker if we want to be customer first we have to be employee first having a strong social mission and now providing over 5 million pairs of glasses to people in need around the world and even in the states and cities like new york, philadelphia and baltimore, that enables us to recruit and retain the best talent. >> neal, it's a pleasure talking to you thanks for coming in. >> thanks for having me. >> a programming note as we go to break, all day on cnbc do not miss some very big interviews from our evolve conference out in l.a. including the ceos of chipotle, walmart, activision blizzard "squawk on the street" is back in a moment. dow is dow58n new

invest in this thing, not to mention the fact it's an oil company and seeing the funds steer away for esgs like this so they have a large, large book to fill at $45 billion if that is what they attempt to raise. >> they haven't lacked for visitors and attendees at con frern ferences as we see. >> we saw big names attend last week, you know >> so this is quite a process. somebody pointed out to me some time ago, it's been so start and stop, like taking a country public. >> it is. >> it is not a typical company it is literally like taking the country public. >> only looking to float about 3% - >> on the local exchange, as well, correct? >> i think they expect 50% of the investors in this deal to be local. the rest to be international but even at 3% of the company this is a massive book to fill. it could be more than $20 billion, more stock they have to sell than alibaba's. we should get more details november 9th only a couple more days to wait. >> all right thank you for that, leslie good stuff. >>> a quick programming note going to break two big interviews in our show tomorrow we'll start

with esg there and more people having it as a principal part of their portfolios, why invest? a good point. tortoise has a strategy. do youroach is how reduce carbon emissions in environment where you will have global energy demand rise. population and gdp growth will grow and you will have natural energy demand rise, but we have to reduce carbon emissions. investing in companies in the energy sector that are helping or contributing to lower carbon emissions, where is that happening? places like renewables as well as natural gas. natural gas can reduce carbon emissions. carbon emissions in the u.s. have declined in the last 10 years because of less coal in more natural gas. tom: greatly appreciate that today. we will continue. a lot coming up on e.m. and the burgeoning international market. mr. mobius of mobius capital partners, always timely. this is bloomberg. ♪ >> i think we will start seeing more consolidation in the industry. airlines are concerned with being more efficient, less of them, and perhaps more efficient usage of their inventory. 2021,ite optimistic in 2022, bu

investor class ask you any questions about the things that he is just talking about here >> i think esgtance in general. but do i ever get a question on how much do we pay our workers i would say pretty much never. but i will say this. this shouldn't come as a surprise what paul is saying if you ever aspire to be a great company, the number one asset that he have company has is its employees. and if they are inspired and pag passionate, they will serve customers better and then the customers will be happy. >> and how much of this is already being done we didn't just start having just companies in 2019. we had some good companies before the turn of the century as far as i can remember they weren't all unjust prior to that so you talk about 1,000 companies. are there quihere quintiles what is the bottom 20% are there really unjust companies? complaint this be the more just instead of the just versus unjust are there bad actors in the bottom 20% >> i've always thought of our rankings as a competition for goodness >> did it really need to be done that there are bad actors that are unjust co

adding a lot of jobs but very contrasting styles, if you are an investor and you are truly woke, in your esgnies that make equipment for immigration authorities, is that -- did you say something like that about i.c.e. if you're consorting with i.c.e. that is something that would cause woke people to avoid those companies? >> i don't know if we hear that from investors we hear that from the employees. >> against making software for immigration authorities? >> yeah. the employees of amazon, the employees of google have famo famously who build tools and get deployed in ways they never wanted them to >> ash carter has talked about how it's a problem, the former secretary of defense under president obama. he thinks it's a problem that technology companies have gone this way and that there is an issue with trying to get them to work with the u.s. government. he talked about it pretty extensively on the show. >> when i talk to sort of the executives, look, if you don't want to work on these products, you don't have to. you can apply for another job. we are not going to reassign you because you have