in the esg. i think i'm maybe being too critical and if we took a poll of all my fellow retirees, they would say, we don't want any of that esg, sri stuff, we just want the roi and we don't care how unethical we get, you know, the investments involved and just bring us the money. so what i would like to propose is that the deferred comp people gave us an example earlier about how to do outreach. why not do some outreach to retirees and active employees about is there some type of interest or concern about these issues and set up some way of taking comments, you know, from people money is involved in this, retirees and employees. i'm sure you can figure out how to do it. you know how to do outreach as you demonstrated earlier in the meeting. anyhow. that's my two cents. more outreach and more education about what is considered socially responsible and what's considered unethical. thank you very much. >> secretary: thank you for your call. moderator, are there any other callers? >> madam secretary,

one of the hottest trades this year, esg. billions of dollars pouring into esg funds through the ends of november but investors lack a standard way to measure the actual impact kristina partsinevelos is here with a closer look >> instead of measuring the risks incorporate ragss pose to the world like carbon emissions or poor treatment of workers esg measures the company and its bottom line. they have to sift through hundreds of variableless they crunch the numbers and come up with a single esg rating, i asked why the scores aren't consistent >> the metrics and the indicators that companies have to report are changing standards take a while to emerge there needs to be some kind of agreement about what the right metric is. >> het tricks vary take meta, the efficient of facebook it is rates a laggard right now. a b rating but this company over here gives it a 65. same story for boeing. that's not really comparing apples to apples look at the scores all across the board. the scores vary so much, do they actually give investors a

in 2020, we had 18 esg at bonds, a record high.ust off november 30, we already have 91, raising more than 270 billion hong kong dollars. the flow of coming out from china are opportunities. challenges, we are dealing with it. disclosures. the common ground taxonomy we are working on. as part of the -- group we are working together with other finance regulators in hong kong making sure we have a standard set of disclosures. >> have you seen change in the types of corporate's issuing green bonds? >> we have seen softened, we have seen property developers. but we have seen more of other types of issuers including power companies. >> of course. that leads me to the next question about carbon trading. i know there were feasibility studies launched in july. can you give us an update on how and where are we in the process of making hong kong and the hong kong exchange a carbon trading hub tied to cap and trade in china? >> as the green finance center of the greater area we are keeping close to the development of carbon trading in china. i

demonstrating the disconnect between esg ratings and environmental impacts. christina, thank you up next, omicron surging across the u.s. and the big question is when cases could peak. what dr. fauci told us earlier when "closing bell" comes back you want your data to be protected and secured. and your customers want seamless and easy. with ibm, you can do both. your company can monitor threats across your clouds, address all those regulations, and still create all new experiences. trustworthy ai powered security. that's why so many businesses work with ibm. >>> we are not contemplating a lockdown and i think when you look at countries that so-called lockdown, they are not really complete i don't know of any country right now that that are completely locked down. they're making restrictions greater, but not completely locking down >> not contemplating a lockdown. that was dr. fauci earlier on the show when we asked him about when he expects the current omicron wave to peak here in the u.s., here is what he said. >> it certainly peaked quickly in south africa.

no lol low esg scores?don't want to invest to make money. i invest to feel good and to feel i don't know just a different guilt that i have. >> i see where you are going with this. they are trying to stream line it they are a science-based targets, creating desks, a climate task force have you these task force working towards creating these one global definitions, but unfortunately, we're still not there yet. and these guys that have been rating these have been doing it ten years, the big question is, why is this taking so long >> do you see hypocrisy in this stuff? >> i am a journalist i am in the middle i see where you stand. at the same time they believe it's going to get better in the next year or two however, we are not there yet. the correlation between these rating agencies is actually 30.61 if i remember correctly. >> let's say we found out, christina, that foreign investors that all the esg calculations, that it actually underperforms normal the esg, something like that. if you want to be an invest

esg is responsible investing. awho's responsible for buildings esg into your investments?pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. how do i know that you're not a weirdo? ♪ confessing, yeah ♪ ♪ oh, i've been shaking ♪ ♪ i love it when you go crazy ♪ what are you doing? ♪ baby, there's nothing holdin' me back ♪ i knew you were a weirdo. >>> a big bounce for stocks today. the nasdaq up better than 3% that's the highs of the day as technology stocks get a bounce including many of those so-called kathy wood stocks. she has a new etf. our kate rooney has that story for us hey, kate. >>> this is kathy woods' second new etf in the past few years. the ark transparency etf, ticker ctru it starts trading tomorrow another play on the esg space. you won't have any cathie woodst

jeanine: esg makes a difference to everyone of our companies.depends on which subsector you look at. for esg on the enp side, companies are somewhat more limited in with their scope can be. they have already done a great job at going after emissions. some companies are deciding to look further down the value chain at hydrogen, wind and solar. if you look at the u.s. integrated, that is where you can make a bigger impact on that. you've had large announcements from chevron and exxon, with exxon spending $15 billion just on lower emissions and esg efforts, so we think it matters to companies and to investors as well. matt: do you still have the u.s. government asking the saudis and opec to please pull more oil out of the ground? how do you view opec production next year and opec discipline in terms of production? jeanine: our upstream call is still positive. we are clearly married oil prices. if we look at opec+ behavior come our oil strategist's are saying they will still -- that paper will slow or they will hold production instead of increasing.

esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. >>> here is your cnbc news update trial of jussi smollett has resumed in chicago after the prosecution rested last week he is accused of paying two brothers to face a fake racist and anti-guy

. >> i see a lot of the money, i guess not surprisingly, has gone into esg etfs.hl marketed because there is demand? a little of both >> it is probably both of them you are right to say that the fact that 2021 is an incredible year it was an amazing year, actually it's a year that everyone will remember we passed the $10 trillion mark and we have had over $1 trillion of investments you are raid to say the three things that led this from esg -- esg was the main one it is well marketed by the industry and also a response to the investors' needs. >> excuse me for just one moment, jean renee, if i might when you say an active etf, what does that mean in and how is an active etf different from just a run of the mill actively managed mutual fund? >> that is really -- that is really a good question that is going to explain what is going to happen in the future. etfs are considered and grow as indexes, as funds or vehicles to replicate an index that's fueled the growth the last 20 years. now we are at an turning point where it is not just a fund tracker. it is a way to pu

when we think about esg, the technology and data they need to manage their risk, those are the thingsars. >> when they look back at your tenure, are they going to think, spacs, china, ipos and -- >> i hope they're thinking new technology, direct listings, innovations in the capital markets. we've talked about listing national asset companies that give them a way to invest in natural resources. and i think people will also remember the pandemic. there's no hiding that during my time as president here, adding to the chief officer years, the pandemic was a key part of the past 3.5 years i've been in this seat i imagine that will be top of mind >> you're talking protocols in the building >> and market volatility in 2020, i was constantly on the phone with different government officials about how are the markets performing we're triggering market-wide circuit breakers all of those things were a big part of the resiliency of our markets during that and it went flawlessly i couldn't be more proud of my team for how we performed during such a volatile period in our markets. >> i hate to ask a

trends to watch for 2022, msci says here are themes investors need to prepare for and not just all esgestors but anyone exposed to the supply chain shares of designer brands on pace for their best day since january after an earnings beat and strong guidance. the ceo will join us in just a moment stay with us. ♪ ♪ ♪ ♪ ♪ feel stuck with your finances? ♪♪ move your money to sofi. download the app and feel what it's like to get your money right. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire what's strong with me? mati'm ready for anything.ion. find out what's strong with you with fitbit charge 5 and daily readiness. . >>> welcome back to "the exchange." we're about 100 points off session highs for the dow, still up 505, strong performance but pales in comparison with what's going on elsewhere dow up 1.4%, s&p up 2% and the nasdaq is ripping today with more than 3% gain. we will have more. let's lo

rarely help and instead using tools for picking climate friendly investments the disconnect between esg right good stuff, kate, thank you. >>> that does it for "squawk on the street." "techcheck" begins right now. >>> good wednesday morning welcome to "techcheck" i'm carl quintanilla and deidre bosa. the sector closes out a tough 2021 we're going to break down how the disrupters

esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks ...it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [thud] [clunk] ugh... unbelievable. unbelievable. [ding] ♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ >>> a quick reminder here, you can always get in on the new cnbc investor club with cramer sign up at cnbc.com/investorclub. or use the qr code on the screen, it will take you there the dow is up ovab

esg is responsible investing. who's responsible for building esg into your investments?omized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> cnbc launching index next week we have the best music for those promos consumers and investors most interested and looking at one name in the group that is down more than 40% year to date but certainly gets the attention of investors christina. >> and my attention, too, with that music as economies open up, how will the momentum continue for zoom that's the stock we're talking about. down 27% just in the last month or so. 26 right now and it may be, quote, the most important communication company to come along in many decades as cathie wood described when she snapped up some shares the analysis is that zoom faces a tough set up to increase revenue. so, zoom's business primarily relies on upselling those who have the pre

the company positioned itself as an esg play with 90% of power source from hydro, nuclear and solar. terawulf's ceo explain what is the business model to start off >> sure. terawulf is holding on to bitcoin and creating best possible company we can. >> and so in terms of investors, is investing in your company a way to get exposure to bitcoin without actually owning bitcoin. how would you explain your value proposition to investors >> people can choose to buy bitcoin. it is capital teintensive. that's why we're a public company. we have a very steep pipeline and we're about zero carbon emission we're unique in that regard in this space and we're very focused on execution on the business plan. at its core, it's energy infrastructure that's what we've done for the last 25 years. we're the best at it we're going to continue to evolve our business plan as we build out our platforms in upstate new york and pennsylvania >> paul, talk to us about risk very often the cleanest energy sources also tend to be more expensive and having a lot of geographic reach on options where to put things can

esg is responsible investing. who's responsible for building esg into your investments?h customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. what's strong with me? i'm ready for anything. find out what's strong with you with fitbit charge 5 and daily readiness. >>> welcome back to "squawk on the street." solid power making ilts market debut this morning, listing under sldp shares up 10.5% right now. joining us, ceo doug campbell. congrats on closing of the deal this morning, thanks for joining us. >> thank you so much, thanks for having me. >> so you're bringing in roughly $543 million into cash through this deal onto solid power's books. how will that enable you to carry out this ambitious strategy over the coming years >> yeah. that's what's so exciting about today, that capital that comes onto our balance sheet fully funds our business model, meaning ge

j must a year since the firm was started engine number one has taken many routes to try to further esga white paper supporting gm's electric vehicles pivot and several etfs. exxon is what corporate america thinks about when they hear the name engine number one and start to assess their esg vulnerability. the c suite can take a deep breath, though. >> exxon is an outlier you may as investors, and we feel like we were able to go and make this argument, make an economic argument be the tip of the spear on this conversation and a lot of people came with us and followed us that we took on activist approach. in everything else we think it will be more of a constructive approach like what we do at general motors. >> i asked whether she was happy with exxon's recently announced goals to reduce greenhouse gas intensity by 30% over the next eight years. >> well, we are glad exxon is starting to make some progress on these issues. since we started the campaign a year ago but our perspective is still that it is a company that has work to do on governance and work to do on sharing with the market a

less than 5% went to the crypto, the esg. topics is it good news or bad news that the average investor seems intent on buying the broad market rather than picking a lot of individual winners and losers >> i think inflows are really helpful in showing how people are building portfolios. actually, about 7.5% of inflows into u.seck funds. they're still using those low cost, passive, core pieces of their portfolio, but they're supplementing it with thematic, esg sustainable funds. >> much more on where the money will be going in 2022, it's coming up on etf edge. meat's at 1:00 p.m. eastern ti halftime back right after this don't be shy, now. i like that prime cut. -aflac! -i love my gold jacket, but that aflac blue feels so right. when you feel right, you coach right. i know that's right! prime never believed in double coverage, but health insurance and aflac...is money. ♪ must be the money ♪ and i know how coach prime feels about money. -aflaaaac. -♪ aaahhhh ♪ now that is what this jacket needs. ♪ must be the money ♪ get help wi

esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today. comcast business. powering possibilities. >>> welcome back let's give you a quick check on gamestop the original meme. near session lows following the ear

esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. h

still ahead, we are exploring the g in esg. her recent her recent -- her recent proposal on gender diversity. we speak to mainstay capital management founder david could lie about his market outlook. this is bloomberg. shery: a global equity rally facing further speed bumps, notably from u.s. consumer inflation numbers due on friday and the federal reserve meeting next week that may provide clues on the pace of tapering and interest rate increases. for his analysis, let's bring in capital management ceo david kudla. great to have you back. how are you expecting the cpi numbers to play into the fed's calculation and the broader market implications here? david: we have consensus estimates for u.s. cpi headline inflation of 6.8 percent. which is high enough. it is quite possible we could see over 7% inflation tomorrow on this read. that is a growing concern, and has been for a while now. the fed, it will probably heighten the chance that they do taper faster. it is really amazing, and it, is a result of cpi of fighting inflation,

esg is responsible investing.loyee who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. ♪ ♪ amazing... jerry, you've got to see this. seen it. trust me, after 15 walks ...it gets a little old. [thud] [clunk] [ding] ugh... mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. seriously? oh. - what the- i don't suppose you can sing, can you? watch the full story at www.xfinity.com/sing2 >>> let's take a look at how we finished up the day on wallace across the board and down for the dow for the fourth week in a row. i closed about 59 points it had a little recovery into the close. s&p 500 got hit to th

we are suddenly an esg motorcycle company. >> we do we do.ave chosen to do this. obviously it will separate it, they will still own a good amount $400 million in the trust, $100 million investment from harley davidson, another $100 million from another firm. enterprise expected at $1.77 billion, saying $2.3 billion, that would be a close. interesting point to use a spac structure to actually take that public obviously you can do it more quickly, potentially. >> do you think there were a number of spacs for this piece of business? >> absolutely, without a doubt as we know, they're 581 spacs. >> for different businesses, 568 spacs. >> in search of what >> in search of a deal by the way, some of them are falling apart, like the scvx, and bright machines, they mutually agreed to temple nate their combination. the e-toro deal they pushed off again. >> but, david, let's just be business people, you and i. >> okay. >> why don't we get half a billion and try to find a business to buy. how about this how about we try to find a business to buy and then

today wood is announcing a new fund focusing on esg investments.e rooney has the details. >> this is the second new etf in the past few years ark transparency etf it starts trading tomorrow this is a play on esg investing. you won't have a cathie wood stock pick in there it follows the transparency index a list of 100 companies scored independently on transparency. ark says that those companies that rank highly there lead to more consumer trust and more long term growth potential and will have zero exposure to chemical or fossil fuel industries alcohol, tobacco and gambling is excluded you have cloud flare, bloom energy, tesla, spotify and nvidia it's a rougher patch for cathie wood they're bouncing back today why year to date all but one in the red as investors rotate from growth back to you. >> tesla's on the top of the transparency index >> it is an esg play. >> i know. this is a transparency play? >> you could argue elon musk is among the more transparent might be too transparent. >> you couldn't argue but i wouldn't take that side. >> nike, to

it must also make them realize that you do better if you are essentially esg friendly.s it make it easier for women to get the foothold? nupur: esg does not include gender. gender has become almost like a separate conversation. esg consciousness does not necessarily translate into a conversation about diversity and inclusion. but the way i think about it and the way i look about it is, when you are talking to people who are progressive about adopting things that are good on an overall basis, and that progressive set of people are more open to conversations on different topics. you have hedge fund managers and investors who are beginning to understand the value of diversity and how it creates business value. these are people who progressively understand the value when it comes to a better performing industry. yvonne: talk to us more about winpe. what are some of the efforts you are embarking on to try to diversify more positions, executive positions as well, and to overall break the status quo? nupur: at the core of winpe, we do work with investing firms. it is quite unl

service now has an ambitions plan with our esg efforts.e pillars is the social community pillar. as we think about broadening diversity, those plans to expand our workforce in detroit are just part of it. we are collaborating with local universities to focus on strengthening the talent development and access to opportunity in detroit and those those kind of communities. from a post-pandemic world, we are leaning into a hybrid working model. while we absolutely expect people to be working at home sometimes, in the office sometimes, coming together for moments that matter in times of innovation, but there will be times that the office is important, especially for the younger as they are coming in growing into their careers. we are excited about the opportunity to partner with related, and the announcement with detroit is part of that. emily: how will the shift to a remote and hybrid workforce change your role as cfo? gina: the role of cfo has been evolving for some time now. the impact of covid has just accelerated that. cfo's are playing a

kailey: something else the pandemic has highlighted is a push toward esg, more environmental goals.does the future of the rv industry look like when you think about decarbonization, the green transition? jason: you will see a lot of other vehicles, our industry is talking about that now. 90% of the vehicles in the u.s. are being pulled by other vehicles, but we are trying to come up with solutions that allow for renewable, sustainable energy. there are lots of options for rv's to go off-road, camp without hooking up to traditional power, sewer. kailey: the grid. thank you so much to jason lippert, chief executive of lci industries. happy holidays. we will be talking about the fed's favorite inflation gauge. it hit the highest level since 1982. we will discuss what to expect next with julia coronado of macropolicy perspectives. the market is charging toward record highs. the s&p could close at a record high, right now trading at 4728. it is on lighter volume, as it is christmas eve eve. this is bloomberg. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show

sonali: esg has become a big marketing tool for so much of the asset management industry. do you parse reality from just talk? matt: good question. sonali: a lot of times we get asked the question is driving diversity on the board because we think it is the right thing to do, it is a moral obligation. in this conversation, it is much more straightforward to focus on the performance. this is certainly part of our sustainability work. we think that having a more diverse management team and more diversity all the way through the workforce has lots of other societal benefits. at the end of the day, if we think we can see alpha from more diverse management teams which are bringing a diversity of ideas, opinions, and more robust way to approach a customer base, we think that alone should be enough to drive this change. matt: not enough time. i hope we can get you back on the program very soon. margaret chinwe anadu of goldman sachs asset management talking to us about the importance of diversity, what goldman sachs is doing about it, and how it improves the results that we see f

we have seen that the esg space broadening across the economy, it is going to be less about the pure names, which are quite impacted by inflation, some of the growth may be not as strong as it has been in the last couple of years, and it looks across the broader economy at those enablers, the company supporting that growth across the economy. that is really where we are a little bit contrarian, perhaps, and those growth names perhaps not doing so well in the interest rate environment we are seeing going forward. francine: very quickly, how do you play the instability? do you look at it through the economy? >> we look at it across the economy and that is really important. it isn't about finding the specific esg, yes, no, it is not a binary decision, it is about finding good, sustainable businesses across the economy and the way we look at it, we try to move away from some of the sentiment, some of these themes get very built up and then sawed off and there is a lot of vase it -- volatility. we try to think about good governance within companies, good, solid human capital management. f

in terms of listing, we are looking to list to showcase the esg standards the company stands for andset the benchmarks in creating and producing the greenest batteries , one of the greatest batteries in europe. -- one of the greenest batteries in europe. the proposition is an interesting one. following on your question, look at the name of the company, britishvolt, it does belong on the london stock exchange. we are looking to list in the next six to 12 months. markets change, go up and down. we do have another wave of the covid virus. the team has been exceptional and pushing the proposition forward. alix: six to 12 months for a listing in the u.k. in terms of funding, in august glencore acquired a stake in britishvolt. who else are you talking to? orral: we are talking to companies across the board. it is important in the current proposition of where we are today to tailor our partners in terms of the investors that come in. there is a shortage of supply for green batteries, there is a shortage of supply, bearing in mind the origin coming into play. being a european proposition, we

guy: one of the other big trends this year that has taken off his esg -- is esg.ow do you rate that? is there is a desk is there a bubble particularly in the desk is there a bubble particularly in the -- is there a bubble particularly in the e? how do you invest in it? seth: prickly, it correlates with growth stocks. the more assets, the stronger your footprint tends to be. there may be bubbles in it. but what our view is that younger people care deeply about the environment and we as stewards of that capital need to be more proactive in how we manage our portfolios. we have entered into a partnership with columbia university in their climate school, and we developed a curriculum for all of our investors to make them much better informed and we booked a dedicated team to focus on climate issues, and we have a research agenda with columbia in terms of thinking through that and applying it to how we are managing portfolios. there will be bubbles periodically as there are in all markets. alix: before we let you go, in a word, what is your biggest worry for 2022? seth

it is interesting because tim cook is very much concerned about esg and issues like that and it has toere. but he has shareholders and i think he's doing the best he can. but i don't think apple is at substantial risk in china. >> an important point, chris, talk through the risks you see from its supply chain, even iphone sales this hello season, it could be a big number but not as high a demand as you would think. >> that's right. tim cook said they expected solid year on year growth in every category except for ipad i think they reduced some of the ipad production purposefully because the iphone share of the profits is more profitable for them certainly they are leaving something on the table with respect to the holidays. what we saw -- remember last year because of covid some of the highernd i-phones were released late. that demand persisted into the beginning of this year i think iphone is such an important product to people. if you need a phone you are going the buy a phone. if you can't absolutely get it for christmas that's going to come into next year. there is also the 5g upgr

. >> my colleagues have brought up a good point that it's not the creation of batteries are so esg friendlyhemselves, how do you control for any environmental externalities that might arise from a new plant being built? >> they are a large user and will have to pretreat their -- that comes out of the plant before it makes it to our sewage plant. there is a double book. i think we have a good plan and we will be able to work that with that toyota. >> we appreciate it. nancy vaughn, the mayor of greensboro, north carolina. former president trump has said that he is losing his bid to shield the january 6 records and an appeals court. again, unable to shield january 6 records in an appeals court. we will continue to bring you those headlines as we get them. we will be back in a moment with final thoughts. this is bloomberg. ♪ romaine: we are a couple of minutes away from the end of the show. we talked about ev's and the money being poured into it. volkswagen making a big commitment. the ceo of gm talking about a potential electric chevy blazer. >> one of my favorite conversations was talking ab

esg minded investors but the sharp pullback, they got in crash mode probably vindicates the idea thatand reinvest and ramp supply up again. for esg reasons or the market prefers it capital discipline is maintained with the biggest players there. >> up 1.2% on the s&p. what are you seeing? >> constructive. more stocks up than down on the new york stock exchange the volume skew is pretty up to the upside 4 to 1 advancing volume to declining volume so the underneath looks pretty good here. i mentioned the credit situation to make sure that corporate credit risk appetites maintained here you see the high yield etf catching up. a short term against treasuries here that's a net positive. you don't want to see that too sloppy to have an issue for equity valuations. volatility index down over 3 points on the day. reluctant to come down and elevated but it is a positive to come down off that 30 level. i mentioned on friday the way that the vix futures inverted. that's a bottom signal when it u uninverts again. there's a push to new high just people were not paying up hand over fist. >> as high

esg for s&p, they actually grow the esg revenue by 50% this year >> if -- let's go back two quickiesf there is a wave of m & a activity, would coinbase be a buyer or a target? >> koib has $6.4 billion on the balance sheet. they generate about 47 ebitda margin they generate massive cash flow. they have lots of cash on balance sheet. at the same time, they also have the dna to go out and buy like other crypto native companies. owe look at the coinbase venture. they had open c, they had unione swab to me, it is likely that coinbase will become the buyer because of the fire power they have. >> sounds like it. final thought, quick answer please, owen what with coinbase would be the risk to your hypothesis? what could go wrong? >> i think the number one risk is still regulation. again, we hope to get the regulatory clarity we may not get there next year but it is one of the headlines we are going to see next year. >> thank you owen, clear answers, of oppenheimer. thanks for your insights today. >>> tyler, thank you still to come, we will continue to break down everything you need to know a

esg is going to be a huge one.re in how companies might change their allocations toward esg and how that might make them more profitable? >> it is a big theme in india. we are talking about a total of nine things india is doing to the carbonized -- to decarbon ize, specifically in biofuels. all of that is going to go up. energy efficiency is going to become very big. specifically on stocks, let's say as an example, a cement company, they're going to transition from coal-based power plants and they're going to move from transport that uses diesel to electrify. it will lead to a lot of cost-saving for companies and it will help them meet decarbon ization goals. rishaad: you have earnings growth for the full year next year of 22% to 20 to 4% -- to 24 % for the next year. that may be supportive of the rich valuations we have, but the key drivers, you over weighed them. >> financial and i.t. are the key sectors that are going to see earnings growth momentum. the sectors we are overweight, we are very bullish on financia

terms of what they're asking for major trends from individual investors, things of that nature >> yes esg is in almost every conversation with institutional investors. so we've made an acquisition about a year ago into value land we're going to continue to bull out the coverage of that asset we think that esg will be part of everyone's investment process for a long time to come. >> thank you very much we use factset here at cnbc. i rely on it good to see you. >> good to see you thank you. >> do you like this one? >> do i. look i love the execution i would point out just that the stock has had a huge run it is up 30% in the last six months or so the multiple trades, three times turned to other info software companies, et cetera what phil pointed out, the commentary, they're not afraid to invest in new business. some of those dynamics are paying off company trades at a premium. accelerating revenue and top line i think the multiple is rich that's what the company executed >> worth it, jeff, in your view? >> listen. i think it has a wide moat you need your work station i need mine. you build

esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. >>> welcome back, everybody. meta's instagram has unveiled new features that it says will make the program safer for teenagers, it includes tools to keep teenagers safe. this does sound useful, instagram is going to be blocking users from tagging or mentioning teams who don't follow them. it will give parents more control over how long their children use the app starting in january, users will have the opt

the sg data is so noisy that some choose to ignore it altogether the world's largest believes esg ratings rarely help and instead using tools for picking climate friendly investments the disconnect between esg and environmental impact >> all right good stuff, kate, thank you. >>> that does it for "squawk on the street." "techcheck" begins right now. >>> good wednesday morning welcome to "techcheck" i'm carl quintanilla and deidre bosa. the sector closes out a tough 2021 we're going to break down how the disrupters themselves are being disrimupted and then tech biggest catalyst from google to netflix to amazon and the new products and announcements that could determine their fate in the new year and then, finally, that big pile of cash in silicon valley. we talked fund-raising and spacks and ipos. a deeper look at how capital is being used inside tech companies to lure employees, win customers and finance investments, d >> meantime, carl, the nasdaq higher and tech continues to underperform and sitting near all-time highs for the broader indices and we're keeping an eye on apple still just

and then we actually have a lot of concern in regards to esg with some of the energy companies.ot of our assets that we manage at crossmark have some type of screening component to them whether exclusionary or inclusionary screening and the capital intensity these energy companies are spending in order to try to get better scores on esg to be included in funds, i think is going to be a concern going forward. so we were underweight energy and that did not work well for us >>> coming up, our traders aren't the only ones with some misses this year why it was a big mistake if you bet against gamestop, the big hedge fund that felt that pain, next >>> plus twitter flying high, the social stock jumping more than 4% today. we're breaking down the move when "fast money" returns. -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. ♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all direc

. >>> coming up, oppenheimer calls the flow of money into esg a climate rally and has identified some names that are top picks for 2022 >>> and according to one wall street analyst, the gains may not last we'll see if our team agrees >>> let's take a check on the nasdaq it's up more than 2% s&p just a point off session ow lchwi brit "perun" lle gh back ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today. comcast business. powering

as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes.n the pursuit of outperformance at pgim. the investment management business of prudential. the xfinity black friday sales event is happening now on xfinity mobile. now new and existing customers can get our best wireless deal of the year - up to $1,000 in savings - for a limited time only. on the most reliable network nationwide, plus nationwide 5g. act now and save up to $1,000 with xfinity mobile. so you can go all out on gifts for the family - during our best wireless deal of the year... the xfinity black friday sales event. click, call or visit a store today. >>> welcome back i'm rahel solomon and here is our cnbc news update at this hour for almost two hours this morning the supreme court heard a historic arguments on abortion rights the controversial case could allow states to significantly limit access to abortions. the conservative justices who make up a majority of the court appeared sympathetic to a mississippi law that bans abortions after 15 weeks of pregnancy. the decision

etf -- yeah, etf, esg, i don't know. simplify launched its health care pink to benefit the susan g. the iq clean oceans etf in conjunction with oceana. new york life is giving a tenth of a percentage point of the annual expense fee to the corresponding charities. >>> ripple's ceo brad garlinghouse taking a jab at former securities and exchange commission chair jay clayton following clayton's column in the "wall street journal" detailing how cryptocurrencies should have, quote, limited regulation. and this got crazy in the twitterverse. to charlie gasparino. charlie. >> we asked brad to come on the air today, he said he couldn't -- or his pr person said he's got the flu. not covid, she said, the flu. liz: feel better, brad. >> yes, feel better. we asked jay clayton to come on the air. i have to ask jay, jay works for cnbc, essentially, a contributor. so just so you know, i mean, i understand why he can't come on our air. we asked him for a comment, they did not provide one. so why do these guys don't like each other? particularly garlinghouse does not like jay. jay's last thing, the

fact of the that's your esg fast fact of the day.reen bonds give investors an ♪ ♪ green bonds are like any other traditional bond, but they come with a commitment from the company to invest in specific projects that achieve an environmental or social outcome. when the green bond market first started back in 2007, 2008, they were small retail-targeted transactions. now, it's over 200 billion dollars a year in issuance. we've seen a full spectrum of projects being supported by green and sustainability bond transactions. everything from more energy- efficient ice cream cabinets, to better forestry and farming, through to developing affordable and social housing. the bond market is a natural home for sustainability. buying green bonds is not just doing good, it's good business. i am navindu katugampola and we are morgan stanley. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and in

esg is responsible investing. you can act quickly.erformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. [voya mnemonic] my retirement plan with voya keeps me moving forward... even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter... she's cute like her grandpa. voya doesn't just help me get to retirement they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. >>> good wednesday morning, welcome to "squawk on the street." i'm carl quintanilla, with david faber and jim cramer pfizer says early data shows a three-dose regimen does neutralize om

esg into your investments? at pgim, the pursuit is on for outperformance.strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks ...it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [thud] [clunk] ugh... unbelievable. unbelievable. [ding] >>> tonight, jay is all about the classics jay leno's garage tonight 10:00 eastern, cnbc, get yours >>> we've got another news alert on gamestop after it just reported earnings. frank holland with the details >> shares of gamestop down about 5% right now after earnings where they had revenue of 1.3 billion. now we're looking deeper into the filings including gamestop discussing an sec subpoena it was news that they received a request from the sec to volunt

it's whether in the current climate of business and esg and the responsibility and sustainability agendank tax avoidance — minimising the legal amount of tax you pay — is not right when it leads you to put your money in places like the cayman islands and jersey. i'm asking you — you used to do that, do you think it's right today? when the capital was set up — i.e., the hedge fund — that was how things were done. in large american universities, this is the way they wanted to be structured. that's the easiest way to avoid what they call a �*double taxation�*. and that's what we did. i always pay tax to the uk for all my earnings. during my whole career, i have been doing it. the important things for the sovereign wealth fund is that companies pay tax where the earnings are made in, and it was also what i've done. it's also important that it's fully transparent in terms of what tax you pay, which i've also done. i've always been completely in compliance with the expectation that the sovereign wealth funds have to companies. it's just that you have made a point — and the wealth fund generall

we are an esg focused fund, and we think it can have better results. across the board, they do.trong balance sheets. the debt to gdp in places like norway, 43 percent. compare it to the u.s.. in the u.k., 100%. strong balance sheets, demonstrating the resilience. also very innovative companies. look at global innovative indices, scandinavian countries are at the top. we think it is a region worth looking at. some of the regions we own, the leader in diabetes. medication, one of the industrial businesses, every rock benefiting from copper mining for electric vehicles. a leader in green energy. a leader in paper, plantation. sustainable paper plantation. we encourage people to look at scandinavian countries for their safety, but also innovation and esg credentials. haidi: great to have you with us. stephen glass. let's get you this alert crossing the bloomberg. tencent paying a special dividend in jd.com shares. tencent resolving to declare a dividend in the form of distributing 400 57 million class a ordinary shares of jd.com. that is according to the hong kong stock exchange. th