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Quest Means Business
More than A Hundred Dead in European Flooding; South African President Surveys Damage after Violent Protests; U.S. President Calls Cuba Failed State, Communism Failed System; CDC Director: U.S. Seeing "Pandemic Of The Unvaccinated"; Bootleg Wildfire Rampages Across Southern Region; Belgium Declares National Day Of Mourning For Flood Victims. Aired 3-4p ET
Aired July 16, 2021 - 15:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[15:00:17]
JULIA CHATTERLEY, CNN BUSINESS HOST: It's the final hour of trading on Wall Street and the selling pressure has intensified. Thirty-five thousand
remains out of reach for the Dow. That's the picture. Those are the markets, and these are the main events.
Europe's leaders say it may be the worst flooding in its history. We'll be live in Germany and Belgium as floodwaters ravage the continent.
CNN speaks to South Africa's President as he tours the damage from days of violent protests.
And Cuba's President tells the White House to overturn its sanctions after Joe Biden calls Cuba a failed state.
Live from New York, it's Friday, the 16th of July. I'm Julia Chatterley, in for Richard Quest. This is QUEST MEANS BUSINESS.
A warm welcome to QUEST MEANS BUSINESS once again.
Tonight, at least 125 people have been killed by catastrophic flooding in Northwest Europe, and there are fears that figure will rise. With hundreds
more still missing, search and rescue efforts are still underway.
In Belgium, the path of floodwaters have washed homes away. An embankment in The Netherlands where the Dutch have tamed most waterways gave way under
the surge. Most of the deaths have been reported in Germany where flash floods and mud slides have left behind scenes of devastation.
Top E.U. officials and crucially, senior German politicians are wasting no time in blaming the climate crisis
The European Commission President, Ursula von der Leyen says the floods add new urgency to the climate plan unveiled just days ago.
The German Environment Minister claims climate change has arrived in Germany.
In Belgium, Melissa Bell filed this report from the flooded streets of Liege.
(BEGIN VIDEOTAPE)
MELISSA BELL, CNN CORRESPONDENT: This is the rescue effort here in the Belgian city of Liege. As you can see, the water here really rose quite
high. What the locals that we have been speaking to have told us, many of them still trapped in their homes, but now running out of food and water is
that when the flash flood came, it was a mighty torrent that came down these streets. There was nothing gradual about it.
And it happened, the streets filled up with water within a couple hours.
So, many people still stuck in their homes now with no electricity, no food, no water, and dwindling communications. A village we visited earlier
on, there was no phone communication at all and the water had risen far higher, virtually submerging the first floors of the houses there.
So, the rescue efforts beginning over a vast part of Europe where a lot of people remain stuck and in desperate need of help.
(END VIDEOTAPE)
CHATTERLEY: Melissa Bell there. Now, North Rhine-Westphalia is one of Germany's hardest hit regions. It is also the country's most populous
state. At least 165,000 people are there and the neighboring states are still without electricity. That has made it difficult to account for those
still missing.
Ralph Bombis is the German MP with the Free Democratic Party and he is on the line now from North Rhine-Westphalia. Sir, fantastic to have you on the
show. I'm sorry it is not in the better conditions, and I am sorry for what you and your community is dealing with.
Can you give us a sense of what you're going through?
RALPH BOMBIS, GERMAN MP, FREE DEMOCRATIC PARTY: Well, it's been a pretty hard couple of days. The heavy rainfall of the last days were making the
rivers getting higher and higher. And so we had a big flood in this area. Not far from our region, but as well in our region.
And so, there were different -- from town to town, different situations. We have very hard situations where people had to be evacuated. Other people
stayed in their homes, suddenly last night, their homes partly were washed away.
Other towns again, the basements were flooded. Everything was gone within minutes.
It was a pretty hard time here in this area.
CHATTERLEY: We can hear how difficult it is for you. I just mentioned there that the communications are incredibly difficult. It is tough to account
for everybody. Have you accounted for everybody where you are?
BOMBIS: Well, you know, the situation was pretty difficult because partly, the electricity was gone. We don't have any phones or any options to
communicate. The communications were down.
[15:05:10]
BOMBIS: But on the other hand, we had a lot of help. The local authorities immediately tried with a high priority to save lives to help everybody who
needed help. And also, the firefighters, the rescue teams were there. And we had a lot of help from the neighborhoods. Everybody is helping
everybody.
So if you want, that is the best part of a difficult situation.
CHATTERLEY: Yes, it is good that people are pulling together. Just talk to me about concerns. I know -- and you've been posting messages just to keep
people informed and to give them support on social media. How concerned are you about dams in the area not holding?
BOMBIS: Yes, well, this is, I think the biggest concern at the moment because you know, a lot of people have lost a lot. But at the moment, the
rain has stopped. So, we hope that the situation will kind of calm down.
But there is still a big water reservoirs in the area, and the dams, we hope that the damage at the dams will not be too bad. So there is a dam
south of here where it is at 1.2 million cubic meter of water. So, we really hope that the damage is not big in this dam, because if this will
come, I think this is the biggest concern in this area.
People are putting the sand bags in front of their houses. They are really -- it's a strange kind of situation where you wait and hope that nothing is
going to happen anymore. And still, people are afraid that it might happen.
CHATTERLEY: I understand. I've just heard that the German President is going to be in your area, of course. Just to remind our viewers, you are in
North Rhine Westphalia there. What more can people do? What can the authorities do in terms of providing services, support? As you said, the
rescue agencies there are working incredibly hard to do what they can to get people to safety.
What more can be done in your mind?
BOMBIS: Well, I think the authorities really do a lot, especially the local authorities where immediately, everybody is doing what they can. The
technical aid organization is helping. The firefighters are there. Police, everybody, even the Bundeswehr, the German Army came.
Many volunteers are coming. And of course, the state authorities and the national authorities said that there will be fast help for all the people
who are in a situation, who have lost a lot or even everything they had.
So, I think the most important thing is that now, there is going to be fast and easy and not bureaucratic help for the people for this area, when we
are in the situations that there is no threat of water anymore, then we need a lot of help through the area.
CHATTERLEY: Ralph, we are showing devastating images of the damage that your area, and obviously parts of Germany and Belgium have suffered here.
It is going to be a question, I think that we are going to be asking ourselves and lots of people over the coming days as you try and rebuild.
Do you think what we're seeing here in terms of this catastrophic weather does come down to climate change? As you suffer the heart break of what is
going on here, firsthand.
BOMBIS: Well, I think it probably has something to do with climate change, yes. But I think this is something, at least in Germany, nobody questions
anymore and we are trying to do our best to handle this situation.
But at the moment, I think what is important is first, we have to first, help the people who are in this situation and then we should discuss the
reason and consequences we have. We have to handle this and the situation in reference of the climatic necessities we have to address.
[15:10:12]
CHATTERLEY: Yes. Sir, fantastic to have you on the show again. Thank you for joining us, and our hearts are with you and your community. And we
pray, you stay safe. Thank you.
BOMBIS: Thank you.
CHATTERLEY: The weather service in Germany says dry conditions are expected this weekend. But now, the science is clear, climate change is making
extreme weather events like torrential rain and flooding more frequent and more intense.
As the atmosphere warms, it can hold more moisture, which in some cases leads to unprecedented rainfall. As the death toll in his country climbs,
the German President says it is time to battle the climate crisis.
(BEGIN VIDEO CLIP)
FRANK-WALTER STEINMEIER, GERMAN PRESIDENT (through translator): Only if we take up the fight against climate change decisively will we be able to keep
extreme weather conditions such as we are experiencing now in check.
(END VIDEO CLIP)
CHATTERLEY: CNN meteorologist, Allison Chinchar joins us now. Allison, please give us good news. What does the forecast look like for the coming
days?
ALLISON CHINCHAR, CNN METEOROLOGIST: Right. So, the good news will be for areas of Germany and Belgium, but not necessarily for the rest of Europe.
Now, when we look at this event, we talk about exactly what you did, the tie or the link that there may be to climate change.
We have several events ranging from things that we have limited evidence to be able to tie them to climate change to very strong evidence. And heat
waves and heavy rain events like the ones we just had in Central Europe, those are the events that we have really strong evidence to really link
back to climate change itself.
Part of that is exactly what you mentioned. When the atmosphere becomes warmer, it is able to produce more water. The water content is higher. That
means as these system moves through, they are able to produce much more extreme amounts of rainfall like we saw in Germany, like we saw in Belgium.
Again, looking at some of these numbers here, 190 to 207 millimeters of rain. These are 24-hour totals. But keep in mind, these were really -- for
some of these places, they got this amount in just nine hours or less -- a tremendous amount of rain.
Cologne, for example, averages about 87 millimeters for the entire month of July. That would be spread out over the whole month. They got more than
that in just 24 hours, which is why you have some of those devastating scenes that you're seeing coming out of both countries.
This was the reason why. This low-pressure system here kind of swirling, but all of the rain bands, basically, we call them training. They kept
hitting the same spots over and over again, allowing those poor communities to just be inundated by tremendous amounts of rain.
Now, there was a similar event. This one back in Germany and France in 2016. A lot of researchers studied that had particular event, and the
research showed that a warmer climate made that type of event 80 to 90 percent more likely than it would have been before manmade climate change.
It is very likely they will go and study this particular event as well, but the evidence and the research likely will not come out for several more
months.
We talk about where it is going now. The system itself is beginning to shift down to the south, but it is doing it very slowly. And the forward
movement of the system is not very fast, which means other areas also have the potential to see some flooding, just not the same areas that we've seen
in the last few days.
The main focus for the next few days as we head into the weekend are really going to be areas of Switzerland, Italy, and even around Croatia. Those are
going to be the target points where yes, unfortunately, 100 millimeters, 150, maybe perhaps even as much as 175 millimeters, Julia, will be possible
again in just the next three days.
CHATTERLEY: Wow. I mean, those charts were so illustrative. Almost double what you would normally see in a month, just in 24 hours. Wow. Allison
Chinchar, thank you so much for that report there.
All right, after a wave of violence in South Africa, the President surveys the destruction. CNN is there next.
(COMMERCIAL BREAK)
[15:15:44]
CHATTERLEY: Welcome back to QUEST MEANS BUSINESS. South African President, Cyril Ramaphosa was in Durban to get a firsthand look at the damage left
behind by deadly protests.
David McKenzie spoke with him and with angry shop owners. He has this report.
(BEGIN VIDEOTAPE)
DAVID MCKENZIE, CNN INTERNATIONAL CORRESPONDENT (voice over): Police trying to move away shop owners where looters attacked Durban's shops, the police
did very little.
UNIDENTIFIED MALE: Where were you all when we needed you all of four days that we were stuck with our own for a whole 24 hours?
MCKENZIE (on camera): Why are the police here? Why were they here?
UNIDENTIFIED MALE: The police are here to tell us that we are not here to barricade the roads because we must open it up and go home and allow them
to attack us.
UNIDENTIFIED MALE: Somebody has lost two or three shops. We are standing on the street to guard ourselves. There is no police. There is no army.
There is no one to help us. We are our own army here.
MCKENZIE (voice over): In Durban's neighborhoods, uncles, fathers, and brothers acted, manning road blocks, check-ins, torching the cars of
suspected looters. In some cases, assaulting them.
SUJIT GAJADHUR, MECHANIC: If you're going to come up this road firing at us and threatening our livelihoods, as per authority and Constitution, I am
obligated to defend myself.
MCKENZIE (voice over): They say they will leave when the military shows up. South Africans now living with the aftermath. Soccer coach, Thabang Ngubane
and his son, Samuel walked an hour to help clean up the remnants of this mall.
THABANG NGUBANE, LOCAL RESIDENT: We are trying to come together, we are South Africans and support each other as we did in the past, hoping
everything will be calm and making it normal.
MCKENZIE (voice over): But many people here fear it won't. It won't be normal. Not for a very long time.
MCKENZIE: Mr. President, ordinary citizens have taken the law into their own hands and they feel let down by the state. Why did it take so long to
secure these regions?
CYRIL RAMAPHOSA, SOUTH AFRICAN PRESIDENT: Yes. Ordinary citizens have felt that they need to defend -- to defend their areas, to defend their assets,
and we welcome -- we welcome the fact that ordinary citizens are working together with the Security Forces, are standing up, not only to defend
their own assets, but they are also defending our democracy.
MCKENZIE (voice over): For the President, the military did finally make a show of force.
David McKenzie, CNN, Durban, South Africa.
(END VIDEOTAPE)
CHATTERLEY: Okay, let's move on. The Cuban President is blaming the United States for his country's unrest and hardship after Joe Biden called it a,
quote, "failed state."
Miguel Diaz-Canel said on Twitter, "If President Joe Biden really had humanitarian concerns for the Cuban people, he would eliminate the 243
measures applied by President Donald Trump including 50 imposed cruelly during the pandemic."
That came after Joe Biden had strong words on Thursday when asked about this week's protests in Cuba.
(BEGIN VIDEO CLIP)
JOE BIDEN (D), PRESIDENT OF THE UNITED STATES: Cuba is, unfortunately, a failed state and repressing their citizens. Communism is a failed system,
universally failed system. And I don't see socialism as a very useful substitute. But that is another story.
(END VIDEO CLIP)
[15:20:10]
CHATTERLEY: Patrick Oppmann is in Havana for us. Patrick, great to have you with us. Do the Cuban people blame the United States in some way for the
deterioration in their living conditions and situations as a result of the tightened restrictions, or do they blame the regime upon which they live
under?
PATRICK OPPMANN, CNN CORRESPONDENT: You know, it is very complicated because you talk to certain people and they say that the Cuban government,
holding on to failed economic policies that were put in place here when the Soviet Union was still in existence, that that is to blame.
Other people, certainly Cuban officials point at the U.S. and say that they have these economic sanctions that make it very difficult for any country
to do business here, and go a great deal towards damaging the economy, and the fact is there is truth in both sides.
Certainly, the Cuban people that we saw, that I spoke with, that were protesting, starting on Sunday, despite what the government tells them, put
the blame firmly on what their government does. And the fact that the government has not opened up to economic performance enough, and the fact
that their government makes it hard for people here to have a business that people who work for themselves are still eyed with some suspicion.
So, despite years of being told here that all the ills in Cuban society are the fault of the United States imperialism, the protesters that we've
talked to and seen, you know, calling for liberty, calling for elections, calling for the ability to choose their leaders. They do not buy that. They
feel that their government can do much, much more to improve the economic situation on this island, but simply does not.
CHATTERLEY: You know, I read this week that Western Union alone would process up to $1.5 billion worth of remittances on an annual basis to Cuba,
and of course, they closed down operations in November 2020 under the tightened restrictions with the United States. I mean, that is a huge chunk
of money that would have provided support.
I'm not making a judgment call on the decision to do that, but just in terms of what that means.
OPPMANN: No, no. This is a great point.
CHATTERLEY: Yes. What that mean for cash for people there is huge.
OPPMANN: What it means is the ability to eat or not eat, really. So many people I know, that is how they survive. That is how they get a little
extra food or any food at all, because the average salary people make here working for the government, and the majority of this island still does work
in some form or fashion for the government, it pays a wage that is not a living wage. So, people have to make up for the difference.
There have been some numbers saying -- you mentioned the Western Union figure, but there are some numbers that say it is $3 billion when you count
all the other ways that remittances come in here and the remittances have been essentially shut off, first during the Trump administration. Now, we
heard Joe Biden yesterday saying that he is not in favor of sending remittances because so much of it ends up in the pockets of the Cuban
government.
The problem you get into, though, Julia, is that when you blow up an economy of the country that is next door to you, where do those people go?
And you've already seen an increase in Cubans taking to the sea this year in rafts, and there is growing concern that more people may do so if they
can no longer feed themselves.
CHATTERLEY: Yes, it is such a great point. You can try on put a chokehold on some kind of regime, but the people ultimately pay and there are, as you
said, consequences.
Patrick Oppmann, thank you so much for that report there.
To Tokyo now, where COVID cases had at a six-month high exactly one week before the start of the Olympic Games. The city is still under a state of
emergency and has logged three straight days of more than 1,000 new cases.
The head of the IOC visited Hiroshima on Friday to mark the so-called Olympic Truce. He was met by protesters shouting, "Go home" and "You're not
welcome here." His visit comes one day after an Olympic athlete and a staff had both tested positive for COVID-19.
There have been 30 confirmed cases related to The Games since July 1st.
CNN's Will Ripley is in Tokyo for us. Will, and yet, athletes continue to arrive. Their entourages arrive. And we've had, I believe now seven Olympic
teams with COVID cases, or at least isolation requirements attached to them.
WILL RIPLEY, CNN INTERNATIONAL CORRESPONDENT: Yes. Because some of these teams that are in isolation, Julia, like the Brazilian judo team, they're
isolating because staff members at their hotel before they even arrived tested positive for COVID.
So, they are losing their training time, and they are in this bubble. But it is a bubble that is being inconsistently enforced, at least from our
perspective as journalists where we're operating in a bubble. And yet, you go down to a breakfast buffet that you share with everyday Japanese
citizens.
[15:25:07]
RIPLEY: So, these rules that are tightening for the relatively small number of positive COVID cases tied to the Olympics, yes, 30 confirmed cases. Not
necessarily athletes, but staff members, officials. But you're talking about more than 10,000 athletes and officials and trainers that have
arrived so far. It is going to be around 18,000 in total staying in the Olympic Village during the course of The Games.
And of course, they have to check-in, in principle five days before they compete and they have to be gone within two days after.
There are some reports of athletes, like an athlete from Uganda who didn't qualify for The Olympics, but he didn't want to get on a plane back home,
so he skipped his COVID test and is now missing. Police are searching for him here in Japan.
And so, you have really a kind of potentially dramatic situation in terms of you know, just the conditions that these athletes are under. This
Spartan existence where they can't high five. They are discouraged from interacting at all with each other.
I mean, think about athletes at The Olympics, or young kids in many cases who want to socialize after their events. They are really putting very
heavy restrictions on that inside the athletes' village. Masks mandatory at all times except when they are competing or training.
And even word that at the medal ceremony, you know, kind of the pinnacle of The Olympics for those who win a medal is going to change drastically this
year.
Already, they are playing in front of no spectators. So, no energy from the crowd. No family, no friends in attendance. But now, they are not even
going to have somebody present them with a medal. Someone is going to walk up with a tray, they have to take the medal off and put it around their own
neck.
CHATTERLEY: Wow, I mean, it is just the ongoing uncertainty, isn't it? Just that phone call when you say, you may have been in touch with somebody who
is now infected and you have to quarantine, and you may not even get to compete at all.
Wow. We knew it was going to be a challenge. Will, thank you for joining us. Will Ripley there.
Now, it is one of the worst natural disasters in Germany's history. Flooding has killed more than 100 people. We'll be live in one of the
hardest hit regions after the break.
Stay with QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
[15:30:00]
CHATTERLEY: Hello, I'm Julia Chatterley. There's more QUEST MEANS BUSINESS in a moment when we have a live report from Germany where rising
floodwaters are threatening to cause more devastation. And I'll speak to the CEO of oil giant Enel about the urgency for action on climate change.
But before that the headlines this hour.
A video may provide some crucial new clues into the assassination of Haiti's president. It was taken in the chaotic aftermath of Jovenel Moise's
murder and shows two Colombian mercenaries suspected in the attack on the run. Meanwhile, authorities are refusing to release CCTV video from inside
the president's house.
A leading U.S. official sees America's COVID outbreak is becoming a pandemic of the unvaccinated. The head of the CDC warns cases are resurging
in communities with lower vaccination rates. But she says places that are fully inoculated are better protected, even from the more threatening Delta
variant.
Firefighters in the U.S. state of Oregon are scrambling to suppress what has become the largest wildfire in the country. The bootleg fire has burned
more than 240,000 acres. Officials say some 2000 people have been evacuated from the area just seven percent of the fire is contained.
Belgium has declared Tuesday a national day of mourning for the victims of the floods currently ravaging the region. At least 20 people have died in
Belgium. The Prime Minister said the floods may be the most catastrophic our country has ever seen.
Across the border in Germany more than 100 are dead This is the scene outside the City of Bonn. And in the nearby town of Sinzig at least nine
people at a facility for the disabled were killed. Floodwaters inundated the building while the people inside was sleeping.
Atika Shubert is near Bonn for us tonight. And Atika, we can clearly see the signs of chaos, I think behind you.
ATIKA SHUBERT, CNN SENIOR INTERNATIONAL CORRESPONDENT: Absolutely, Julia. This is the district of Ahrweiler. It's one of the worst affected areas. As
you can see by this. These are cars that the water simply picked up and floated and dumped here, this one after there as you can see firefighters
still coming through quite a bit of the town here. And that's because there's no electricity and a lot of these areas communication is still very
patchy.
So they're still going door to door to check on people. What's incredible about this catastrophe is the sheer scale of the destruction.
(BEGIN VIDEOTAPE)
SHUBERT (voice-over): Catastrophic flooding in Western Europe has leaped scores of people dead and many more missing. Take a look at the shocking
images out of Germany. Roads washed away, bridges gone. Entire communities wiped out and lives up ended.
UNIDENTIFIED MALE (through translator): It was terrible not to be able to help the people. They were waving at us out of the windows. Houses were
collapsing to the left and right of them. And in the house between they were waving. We were lucky we survived.
SHUBERT: This is Germany's worst loss of life in yours. Large scale rescue efforts are underway for a second day as waters continue to rise.
Widespread power outages have left residents in the dark and unable to communicate. Rescuers are going door to door looking for anyone left
stranded. And helicopters are pulling people from swollen rivers to safety. Officials say firefighters have rescued over 300 people by helicopter in
one county alone.
Germany's most populous state North Rhine-Westphalia is one of the hardest hit. Police tell CNN that at least nine people at a disabled care facility
in the town of Sinzig in a neighboring state have drowned in the floodwaters. Some Germans continue to battle against the rising waters,
while others try to pick up the pieces of what's left are their homes and livelihoods. Many fear landslides could cause a further calamity.
Scenes like this are also playing out in surrounding countries in Belgium. A reporter was interviewing the local mayor of one town when a home
collapsed behind him. Residents were then seen escaping from the rooftop. A local shop owner in Verviers, Belgium holds back tears as he talks about
his flood damaged business.
UNIDENTIFIED MALE (through translator): This shop has been open for three years. We had to go through the renovations. We had to live through COVID.
We were hoping we get back on our feet and there you go.
[15:35:01]
SHUBERT: More than 150 rescue workers from France, Italy and Austria are providing emergency assistance to Belgium.
And in the Netherlands, the Musi River overflowed its banks, and the Dutch flag still seen flying. This woman struggles to clean up what is left of
her restaurant, a muddy mess. As people begin to assess the damage official say it is going to take a long time for these regions to recover.
(END VIDEOTAPE)
SHUBERT: Throughout the day here in Ahrweiler we've been seeing towns people come out absolutely caked in mud. They're basically taking all of
this which was on the street and trying to clear the streets so that they can get by. Trying to sift through what remains of their houses. But it's
still a very grim scene. We've seen a number of emergency personnel with sniffer dogs going through the debris looking for bodies. And I think it's
likely that the death toll at least here in Germany will still rise, Julia.
CHATTERLEY: Yes. Devastating truth. Atika Shubert, thank you so much for that report there. The European Commission president says floods like these
are the consequences of climate change. Earlier this week, the commission laid out its most ambitious roadmap yet to curb greenhouse gas emissions.
Today, Ursula von der Leyen who was born in Belgium and served in the German cabinet said the situation is urgent.
(BEGIN VIDEO CLIP)
URSULA VON DER LEYEN, PRESIDENT, EUROPEAN COMMISSION: Science tells us that with climate change, we see more and more extreme weather phenomenons that
last longer. Of course, we have seen extreme weather phenomenon like droughts or stark rain in the past, but it is the intensity and the length
of these events. When science tells us this is a clear indication of climate change and that this is something where we really, really -- it
shows the urgency to act.
(END VIDEO CLIP)
CHATTERLEY: The E.U. is proposing sweeping action. Taxes on some imports, a ban on selling cars with combustion engines, and a huge push towards
renewable energy over the next decade. All of that will need support from the continents big industrial companies. The Italian energy group Enel is
aiming for complete decarbonization by the year 2050.
Francesco Starace is the CEO of Enel and he joins us now from Rome. Francesco, fantastic to have you on the show. Do you agree with the
commission president and assessment? And do you think as far as the corporate community, the business community is concerned, they agree with
her assessment and are ready for investing for change?
FRANCESCO STARACE, CHIEF EXECUTIVE OFFICER, ENEL: I think there is a wide agreement on the fact that we are witnessing more frequent and more grave
events on the climate front. And that is -- this is a consequence of what's going on greenhouse gas emissions as a function of human activity. And I
think that it's now widely share the banks, most of the companies around the world, not only in Europe. So yes, I think she has made a statement
that most people will stand by.
CHATTERLEY: You know, I think if I look at your company alone, I mean, you've been talking, we've been talking together about ramping up
investment in renewables now for years. I know you plan to cut carbon emissions by 80 percent by 2030. Never mind full by 2050. But when I look
at the green plan that the E.U. announced there are many challenges I can see. In particular, how do you get 27 nations to decarbonize but at the
same time, meet the evolving demand needs without changing -- fundamentally changing regulations on things like something as basic as permits, for
example. Regulations, don't keep up with the ambition.
STARACE: I agree with you. I think we do have an ambition that is widely share and with the funds made available now we do have also the money and
the funds to carry out that effort. So, we have the ambition, we have the money. What we do not have is governance that is at par with this ambition
on permitting and on, basically allowing this investment flow to happen in a -- in a shorter timeframe.
I think most countries will have to overhaul deeply the permitting processes in order for this to happen. Otherwise, there would be
frustration and most of these efforts will be wasted. So I think it's now time to look at what rules need to be changed, what kind of permitting need
to be streamlined is possible. It doesn't require money, it doesn't require a lot of work, but it requires some heavy involvement of governments into
redesigning processes that are no more fit for this urgency and his ambition.
CHATTERLEY: How much pushback --
(CROSSTALK)
STARACE: And most states know.
[15:40:08]
CHATTERLEY: I was going to say, just because we know what we've got to do doesn't necessarily mean we achieve it or do it. How much pushback do you
expect from -- particularly from some of the less wealthy nations? I mean, the transition also has costs to cleaner energy. It has people labor costs,
too, if you're not retraining people.
STARACE: Well, I think there is going to be pushback from different nations and also within nations within -- between different industrial sectors. So,
there is a push back on two dimensions at least. And which is normal in all kinds of transitions when they accelerate. However, I think we have an
opportunity here because the amount of money made available under the -- under this effort.
In particular, when the fit for 55 package under the umbrella of Social Climate Fund is a staggering amount that I think would be able to smoothen
and work around most of this understandable pushback. I'm not -- I'm just thinking that it's normal that people resist when they don't see this full
picture. And I think this will happen here and there. But resources have been made available under this commission package. And I think it's a very
wise move.
CHATTERLEY: Yes. Money is not one of the problems here. The International Energy Agency came out a couple of weeks ago and I spoke to the chief and
their report on what needs to happen in order to get to net zero by 2050 was eye opening for want of a better word. They said that all fossil fuel
investment needs to stop today in order to achieve that target. Do you agree with that?
STARACE: Right, think they are right. Yes. And I think this report from the IEA is a milestone that will probably be remembered for decades in the --
in the timely manner in which this was put forward and also in the clarity with what the argumentation has been put forward to everyone. So I think
it's a very, very important document. That is a watershed document before and after that, report of the IEA is a little bit the changing times for
investment climate around the world and also for climate change.
CHATTERLEY: Do you think in the interim, particularly in the period of transition, consumers will have to pay a higher cost for energy? And that's
also something that we have to accept?
STARACE: Not necessarily, not necessarily. I think this is a little bit of a misperception. I don't think that the energy costs will go up. Actually,
I think they will stabilize over the medium term and then go down. We are used to fluctuating energy commodity prices. That will -- should clearly go
away as we detach ourselves from fossil fuels. And zero marginal cost energy intrinsically drives down wholesale energy prices and therefore
retail energy prices on the -- on the long term.
So, I don't think it is likely to happen on the short term, medium term. And eventually on the long term. It's actually going to be the opposite.
CHATTERLEY: That's such a powerful message if we can clean energy up and we can provide it at lower costs. I mean, hallelujah. Francesco Starace, I
hope you're right. So great to chat to you as always. The CEO of Enel there. Thank you.
All right. Coming up on the show, the power of nature through a photographer's lens. Sebastiao Salgado documents a shrinking landscape.
(COMMERCIAL BREAK)
[15:46:39]
CHATTERLEY: In what might be his final epic project. Master photographer Sebastiao Salgado has created an indelible account of Amazonia. Had an
interview with Richard Quest. He told us he just hopes it won't become a record of a lost world. This is Call to Earth.
(BEGIN VIDEOTAPE)
SEBASTIAO SALGADO, BRAZILIAN PHOTOGRAPHER: We are presenting a different Amazonia. For the first time in his book you are seeing mountains in
Amazonia. Normally Amazonia is a flat area with rivers in between. I was flying with the army, or normally the photographer is too far for them to
reach this mountain. A second point in this book that is quite a space shot are the idea of rivers. The high altitude clouds that leaves Amazonia and
they go all over the world, guaranteed the rain. What's possible to me doing lots of different trips to capture all of these.
RICHARD QUEST, CNN INTERNATIONAL ANCHOR: I think this book has to have a wider message on the environment and climate change. Do you agree?
SALGADO: I 100 percent agree with you. This book is based in the alive Amazonia. There is no fires, there is no destruction. There is the
Amazonia. That mass should stay there forever. You'll see we had the (INAUDIBLE) in Brazil a little bit with more than 81 percent of the
Amazonian that is there. We just try a little bit more than a 10 percent but taking one point of six percent is here today. And I wish that, the
people that will look at this book understand that. The importance of Amazon, the need to protect this ecosystem.
QUEST: Give me reason why I should believe that things will get better.
SALGADO: Richard, we must go back to the planet. We have a huge environmental project in Brazil, not in Amazonia. In Atlantic Forest, the
old farm of my parents, we planted more than three million trees of more than 300 different species. We must rebuild with the eco system. If you
want to survive as a species.
QUEST: You grow back to life. You replanted it.
SALGADO: It was amazing to see these trees coming back and with the trees, the insects, the mammals, the -- every kind of birds, any kind of life was
coming back. And this model that we're creating Brazil, we must apply as well in the planet. You are having problems as well for water in California
because we have no more trees. We must rebuild the source of water. The only way is to plant trees.
QUEST: If we take your earlier work, for example, the very famous gold mining series of photographs, how has your intent in your photography, how
is it changed with this project? Dare I suggest you are going further. You are saying I can no longer have that dispassionate aspect. I must get
involved.
SALGADO: I spent nine years of my life to do this. And I did 48 trips for Amazonia.
[15:50:09]
SALGADO: As a Brazilian, as a person fighting with the environment but we are very close to the environment. And the speakers are my life, my way of
life.
(END VIDEOTAPE)
CHATTERLEY: Breathtaking. We'll continue to showcase stories like these as part of CNN's Call to Earth Initiative. Let us know what you're doing to
answer The Call with the #calltoEarth.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to QUEST MEANS BUSINESS. The gaming industry is valued at a whopping $180 billion. That's said to be higher than the movie
and the music industry's combined. One company in Dubai wants to be a game changer when it comes to gaming and content. And Anna Stewart has the
latest installment of Think Big.
(BEGIN VIDEOTAPE)
ANNA STEWART, CNN REPORTER: Eyes peeled, attentive ears, quick reflexes. This is how almost three billion people around the world choose to spend
their time.
MATTHEW PICKERING, CHIEF EXECUTIVE OFFICER, POWER LEAGUE GAMING: It is now the most relaxing to pastime, that's for sure.
STEWART: Matthew Pickering realized early on that consoles are much more than just fun and games. He's the CEO of Power League Gaming and eSports
and gaming company based in Dubai.
PICKERING: So the big idea with PLG is that we'll produce the region's biggest eSports tournaments and find new disruptive ways to produce content
to reach gaming audiences for our clients.
STEWART: Working with big international brands like FIFA, KFC and Intel, PLG produces different events and videos to engage the gaming community.
Their content varies from competitive events, to talk shows reviewing the latest releases, or podcasts where gamers can share their tips. Last year
they opened a creative studio. The first of its kind in the region.
PICKERING: We invite five guys and girls down to the show to try and amplify their gaming careers to give them the tools and give them the
ability to be able to become self -- sort of proficient in streaming and content creation and gaming space. So, super, super excited.
[15:55:00]
STEWART: As the world gaming industry grows nearly nine percent yearly, the Middle East is leading the pack with annual growth of 13 percent.
CANDICE MUDRICK, HEAD, MARKET ANALYSIS: For the middle East and Africa, there's still quite a bit of room in terms of bringing new gamers into the
market. In terms of really localizing games specifically for a more Arabic audience.
STEWART: PLG is tapping into an audience of 230 million players in the MENA region, focusing on local gaming trends and speaking their language
literally.
PICKERING: Something is quite different or defining for PLT is that we are Arabic first, so we actively build strategies to connect with Arabic gaming
audiences.
STEWART: It's a sign that companies are looking at different communities.
MUDRICK: Gaming's importance in society is really becoming more than just an entertainment platform. And brands and other industries, game developers
and publishers, they can all leverage this trend in order to continue to grow.
STEWART: So for Matt and his team.
PICKERING: Luckily, we've got a company full of very good Call of Duty players.
STEWART: It's game on rather than game over. Anna Stewart, CNN.
(END VIDEOTAPE)
CHATTERLEY: And there are just moments left to trade on Wall Street this Friday. We'll have the final numbers and the closing bell right after this.
Stay with us.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to the show. And there are just moments left to a lackluster day of trade on Wall Street. The Dow down more than 300 points,
in English that's around nine-tenths of one percent. We went into the red earlier on in the session and the selling actually is accelerated in the
final hours of trade as you can see. Let's take a look at some of the Dow components. The red is a -- yes, lot more extensive as you can see than the
green.
The big drag though is Dow Chemical. The chemical producer being downgraded by Bank of America on the belief that commodity price inflation is picking
and of course that will then weigh on future earnings potential. Similar picture in Europe. To Zurich managed to eke out a small gain. If we can
take a look at that. It finished up around four-tenths of one percent. The CAC quarante, the DAX and the FTSE all ended the session down as you can
see.
And that wraps up Friday's day of trade. And that's QUEST MEANS BUSINESS. I'm Julia Chatterley in New York. The closing bell is ringing on Wall
Street. "THE LEAD" with Jake Tapper starts right now.
(COMMERCIAL BREAK)
END
