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Quest Means Business
World Leaders Warn Time Running Out To Combat Climate Change; W.H.O. Says The World Needs Access To Vaccines And Testing; Ireland To Lift Corporate Tax Rate In Global Overhaul; Barclays CEO Jes Staley Quits Amid Probe Of Epstein Ties; 2021 World Travel Market Opens In London; Queen Elizabeth Makes Taped Statement In COP26 Summit. Aired 3-4p ET
Aired November 01, 2021 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
RICHARD QUEST, CNN BUSINESS ANCHOR: There is an hour to go before the closing bell and the Dow is heading to a fresh record on the street. Start
of a new week, up 60. But as you can see, good gains in the morning evaporated into small losses. Then they came back, and now, of course, we
are just up about 60 odd points.
The main headlines and the events of the day. A minute to midnight in the climate crisis. World leaders coming up with the goods, perhaps at COP 26.
Barclays' chief executive quits after an investigation into links with Jeffrey Epstein.
And the U.S. Treasury Secretary Janet Yellen celebrating a tax deal with Ireland. The Irish Finance Minister on this program tonight.
Live from London. It is Monday. It is November the 1st. I'm Richard Quest and in London, of course, I mean business.
Good evening. We are in the British capital tonight as more than a hundred world leaders have come to Scotland to address the threat of climate change
and the threat of an energy crisis looms with winter approaching in the Northern Hemisphere.
One by one, the leaders are warning failure is not an option. So the U.N. Secretary General Antonio Guterres told delegates that the world was
digging its own grave.
(BEGIN VIDEO CLIP)
ANTONIO GUTERRES, U.N. ATTORNEY GENERAL: Either we stop it, or it stops us and it's time to say enough. Enough of brutalizing biodiversity, enough of
killing ourselves with carbon. Enough of treating nature like a toilet. Enough of burning and drilling and mining our way deeper. We are digging
our own graves.
(END VIDEO CLIP)
QUEST: The 26th iteration of the COP conferences, the Conference of Parties. The treaty was first signed in Rio in 1992. Today's host is the
Prime Minister Boris Johnson, who acknowledged we have wasted a lot of time, he warned that was almost up.
(BEGIN VIDEO CLIP)
BORIS JOHNSON, BRITISH PRIME MINISTER: Humanity has long since run down the clock on climate change. It is one minute to midnight on that doomsday
clock, and we need to act now.
(END VIDEO CLIP)
QUEST: So if it is one minute to midnight, Boris Johnson says the Planet Earth is at one minute on the precipice of a doomsday scenario. Let's take
that scenario. They're trying to roll it back.
A hundred billion a year to develop help developing countries. The U.N. says more than 28 gigatons of emissions have to be removed on top of the
amount pledged. And six years after Paris, leaders are still trying to put it into action, actually making those commitments -- real commitments.
Outside the Glasgow Conference Center, climate activist Greta Thunberg gathered with protesters. She has already warned about vague promises.
(BEGIN VIDEO CLIP)
GRETA THUNBERG, CLIMATE ACTIVIST: Net zero by 2050. Blah, blah, blah. Net zero. Blah, blah, blah. Climate neutral, blah, blah, blah.
This is all we hear from our so-called leaders. Words. Words that sound great, but so far, has led to no action. Our hopes and dreams drown in
their empty words and promises.
(END VIDEO CLIP)
QUEST: We hope they will not be blah, blah, blah as we get to grips with this.
The dignitaries arriving for the dinner at Kelvingrove Art Museum in Glasgow, there is the Prince of Wales and the Duke and Camilla, William and
Kate, Boris Johnson, the Queen is expected to have sent a video statement.
Bill Weir, our chief climate correspondent is in Glasgow. Expectations are enormous and at the same time realities aren't known.
Bill, simple question for a simple answer. Can they do it?
[15:05:02]
BILL WEIR, CNN CHIEF CLIMATE CORRESPONDENT: Well, Richard, we have to answer those questions, both with hope on one side, and with worry on the
other. The worried side of me says no, the hopeful side says in Paris six years ago, they waited until the last minute to come to a sort of seismic
agreement.
Of course, the practical applications of those promises, they did bend the carbon curve a bit but are nowhere near the goals where even with all the
promises of six years ago on track to hit 2.7 to three degrees, just for perspective, we lose 70 percent of the world's coral reefs at 1.5, and all
of them at 2.0. So, there is still hope.
There is hope that there is enough warnings in the air, literally, in the skies, on the ground, in the forest fires, and the droughts that we're
seeing evidence. And there is fresh hope from those who are hoping to see a turn of the page from the United States of America.
Today was striking and that we saw a parade of world leaders, many from places like Fiji, or Antigua, who talked about their tiny carbon
footprints, but the massive threat that they are facing existentially, and then came President Biden. He didn't get great accolades for his speech. It
was -- but it was in there an apology and a promise. An apology for waffling over the years. The United States is stepped to the plate and led
negotiations, but then backed away, depending on who was in the White House.
And then he promised to quadruple the American contribution to that $100 billion fund for the developing nations out there, also an adaptation fund.
We've moved beyond just the point of mitigating the problem at the source, now, it is adapting to the new realities.
And so countries like India, for example, which burns twice -- you know, more coal than the United States and the E.U. combined, their leverage is,
we need to see some of that money from the richer countries in order to cut back on our coal use.
Prime Minister Modi not expected to sign anything as well. And of course, President Xi of China not here --
QUEST: Right, but Bill --
WEIR: Putin, not here. Sorry, Arabia, Brazil, not here.
QUEST: What will a deal look like? And I'm thinking about the G20 communique, which was very long, ridiculously long and difficult to parse.
You know, will we have numbers -- will a final deal be concrete in the way that Paris was?
WEIR: Probably not based on these early indications. That's the great thing. This is basically an exercise in trust building right now from those
poor countries depending on the payments they've been promised, whether corporations mean what they say or are just engaged in some greenwashing.
But even if there are hard numbers, there is no enforcement mechanism built in right now. Until there is a price on carbon, economists agree, the free
market has no way to innovate and come up with something better as well. So no, to your question. I doubt that we're going to get anything firmer than
what we saw in Paris.
QUEST: Bill Weir in Scotland who will be watching the events. Thank you, sir.
The energy and the U.S. climate envoy John Kerry is worried the recent energy crisis may have taken momentum from the conference at the wrong
time. And he told CNN that markets have been sent into a tailspin.
Now, Phil Black is reporting from Austria where switching to green energy can be complicated and expensive.
(BEGIN VIDEOTAPE)
PHIL BLACK, CNN INTERNATIONAL CORRESPONDENT (voice over): Two power stations near the Austrian city of Graz, the one on the left is retired, a
silent monument to a recent time when the country burned coal for some of its electricity. The neighboring shiny new gas fueled facility now does the
work.
The upgrade is significant. Austria is one of only three countries in Europe to shut down all coal-fired plants. Replacing coal and natural gas
isn't carbon free, but it's a step in the right direction.
CHRISTOF KURZMANN-FRIEDL, OPERATIONS MANAGER, MELLACH POWER PLANT: The CO2 footprint of this power plant is much lower than this footprint.
BLACK (voice over): About 60 percent lower, but gas can only be an interim move if Austria is to achieve its green power ambitions.
Christof Kurzmann-Friedl manages this site.
BLACK (on camera): Austria wants to be 100 percent renewable by 2030. Does that mean this will close down by 2030?
KURZMANN-FRIEDL: I'm not sure.
BLACK (voice over): embraced a big renewable energy source decades before the first warnings about climate change. Most of its electricity comes from
hydropower.
MICHAEL STRUGL, CEO, VERBUND: We also have to build new capacity in solar power and wind power as well.
BLACK (voice over): Michael Strugl, the CEO of Austria's largest energy company, says even with a big head start from hydro, getting to 100 percent
renewables in under a decade won't be easy.
STRUGL: It is ambitious, for sure.
[15:10:09]
BLACK (on camera): and you don't necessarily have all the answers yet.
STRUGL: Yes.
BLACK: But it's important to try.
STRUGL: We do not have all the answers. We have to do research. We have to put strong efforts on innovation as well.
BLACK (voice over): Much of the research, innovation, and hope in Austria is focused on green hydrogen. The basic idea is on windy or sunny days, you
use excess electricity to make hydrogen gas, which can be stored or transported. Then when it's cloudy, all the turbines aren't spinning, you
turn the hydrogen back into electricity using a clean chemical reaction.
MARKUS SARTORY, RESEARCH AND PROJECT MANAGER, HYCENTA HYDROGEN CENTRE, AUSTRIA: We have many questions to solve.
BLACK (voice over): Markus Sartory is a project leader at Hydrogen Center Austria.
SARTORY: Of course, it's a very complex system, but we have the possibility to incorporate the renewables and to build up a new sustainable
green energy system. And this is -- this can be done with actual technologies, but it will cost us.
BLACK (voice over): At the power station in Graz, hydrogen's potential is being tested with a pilot project. The possibilities are vast, so are the
challenges.
BLACK (on camera): It's potentially game changing, do you think?
UNIDENTIFIED MALE: I do think, yes.
BLACK: And crucially, there's still so much work that needs to be done.
UNIDENTIFIED MALE: Yes, you're right.
BLACK: Just to work right at scale, because it's just too expensive right now.
UNIDENTIFIED MALE: Yes, it is too expensive, but we have to do the first step and this is one of the first step.
BLACK (voice over): Austria's coal habit was pretty modest compared to some other European countries. Poland, for example, still mines and burns
it for around 80 percent of its electricity. And yet, even with Australia's strong starting position, early commitment, and willingness to innovate,
the ultimate success of its low carbon transition is still uncertain.
Phil Black, CNN, Graz, Austria.
(END VIDEOTAPE)
QUEST: With me now is Jose Manuel Barroso, the Chair of GAVI, which is the Vaccine Alliance, former head of the -- former President of the European
Commission and former Prime Minister of Portugal. He joins us -- the President joins us from Rome.
Before we get into our discussion, let's talk about what the World Health Organization is saying on climate change and the health, which of course
GAVI may be dealing with anyway.
You've got extreme weather, disrupting lives and leaving people vulnerable. You've got reducing gas emissions, could protect people from health
problems linked to air pollution by reducing them and that the habitat loss exposes new pathogens like COVID that's killed more than five million
people since first detected.
So Jose Manuel Barroso, the role that GAVI is playing and from your experience, we'll talk specifically about vaccine in a second, but from
your experience, how difficult will it be at this stage to get everyone to sign onto a deal?
JOSE MANUEL BARROSO, CHAIRMAN, GAVI, THE VACCINE ALLIANCE: Hi, Richard. It is a pleasure to be again in contact with you. I remember, during the
financial crisis, we spoke so many times.
But precisely, I'm making that point because I think when we compare today general situation political to the situation at that time, I think today,
there is less spirit of cooperation that is also reducing the level of ambition when it comes to truly multilateral solutions.
You remember when we had this financial crisis, it was when we started the G20 Summits. In fact, it was the European Union, we went to speak with
President George W. Bush to organize the first G20, and in fact, without having 100 percent success, it was very important, the G20 to at least to
avoid the return to protectionism and we transformed the Financial Stability Forum into the Financial Stability Board. There were a lot of
concrete steps.
At that time, it will be considered unthinkable for the President of China or the President of Russia or other important Heads of States not to come.
This time, they did not come. So, I think there is a lack of cooperation globally to reach these global public goods.
QUEST: Right. Let's turn to the vaccines, the role of GAVI has done, the extraordinary work of getting vaccines. The reality is, you haven't got
enough. The pledges aren't large enough and we still have pitifully low rates of vaccination in the developing world.
What is your call? What do you now want?
BARROSO: What we want first of all, is that we will be receiving -- we need to receive vaccines that we have paid for. We need an end to
restrictions -- export restrictions. We need more donations from the countries who have vaccines in excess surplus.
[15:15:18]
We need also to receive notice in advance. We need to have longer shelf life for those vaccines, so not to be given for redeployment, for donations
very close to their expiry date.
We need also more transparency from manufacturers, and we need those countries that have enough to swap the line with us because GAVI is part of
COVAX, it's the only truly multilateral facility we have today to distribute vaccines in the world, namely to developing countries, and it is
just sad, it is shocking -- it is shocking, and in fact, an unacceptable inequity what we are seeing today.
QUEST: The problem is, countries are making promises, the U.S. President; we expect the British Prime Minister to make more promises. But the
incremental nature of this, and there is still IP protection on the vaccines is so great that I can't see we ever getting on top of it when it
looks at the developing or some of the poorest countries in the world. They are destined and doomed in this state.
BARROSO: They are frustrated that they have a right to. They are right to be frustrated because it is morally unacceptable, this big divide in terms
of immunization. To have too many vaccines in countries, they don't want to use them, and not to have enough in countries that are desperate asking for
them.
Now, having said that, we have to be objective. As you mentioned, the United States. The United States has been now the biggest donor in terms of
vaccines. Europe, European Union, also very important donor. I mean, U.K. has also made important pledges, namely the G7. But there is in fact, as I
think you've mentioned, a delay. Some pledges are made, but they take some time to be really effective.
QUEST: Right. You are -- forgive the phrase -- but you are in international diplomatic circles, you are an elephant in the sense that you
are big, you're well known, you're powerful, and people listen to you. You've held highest office in your country, you've held highest office in
the EC. What do you now bring to GAVI, do you think?
BARROSO: I mean, I'm making this international advocacy. I was recently here in Rome with Prime Minister Draghi, who is a friend, at the time he
was President of the ECB when I was in the European Union and he is now the Chairman in Office of G20.
And I want to tell you, I think he has done everything he could and that the Italians have done everything to save the G20. But frankly, we are not
yet where we should be. Why? Because the goals there, from immunization to climate, they are important goals, the policies are right. But they are not
real ways of checking. There are not the commitments -- there is not a commitment to legislate. And also there are not concrete steps.
So the goals are basically okay, but not enough detail on the way to arrive there. So I'm using the networks I have from the European Union to other
parts of the world to try to make things advanced. But as I've told you, it's now more difficult. And I believe it should be easier because
precisely linking both issues, because it's a matter of sustainability.
Now, we have seen in this pandemic, not only the massive loss of life, but also the massive economic destruction, the socioeconomic problems, and
also, I would like to highlight -- to underline this point, the global security.
Just imagine for a moment what could happen if you have now the weaponization of contagious diseases. So also in terms of global security,
it is important that we invest not only in pandemic preparedness, but also in health resilience. Health resilience, health security should be a
priority as a global public good.
But the problem is that in a more -- in a more difficult geopolitical atmosphere, now we have more frictions geopolitically, not only between
United States and China, the level of emissions is reduced.
QUEST: Regretfully, we do need to say, thank you, sir. We'll talk again.
BARROSO: Thank you.
QUEST: Delighted to have you as always, and we will talk more. Thank you, sir.
When we come back after the break, the Irish Finance Minister, so global tax or corporate tax rates have been agreed. Ireland didn't want it. They
agreed in the end. Are they happy about it? After the break.
QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
[15:22:33]
QUEST: The Treasury Secretary Janet Yellen said she did not cajole Ireland into accepting U.S.-backed plan for MCT, a minimum corporate. World leaders
have endorsed a 15 percent rate at the G20. Island with its 12.5 percent had been one of the few holdouts. It signed up last month.
The U.S. Treasury Secretary said in Ireland that the country will remain a desirable place to do business.
Paschal Donohoe is Ireland's Finance Minister and the Euro Group President with me tonight from Dublin. So why did you give in? Why did you decide
that you know, you're going to go along with it? Your lines were clear for a long time.
PASCHAL DONOHOE, IRISH FINANCE MINISTER: The reason why we went into the agreement, Richard, is because the agreement changed. The agreement became
more specific about what the rate would be. The rate changed from at least 15 percent, which was the drafting of the agreement earlier on in the year
to 15 percent.
So the actual rate and the certainty of the rate became precise. And I ultimately decided that it would be better that Ireland is inside the
agreement and make the case for the agreement and derive our predictability and the certainty of our rate from being inside an international agreement
are supposed to be outside looking in.
So the reason we agreed is because of the change. And that change, I believe will give Ireland the opportunity to make the case for our
competitiveness, which is still a new way.
QUEST: The rate is really the headline that we've all focused on. But loopholes, differences, effective rate versus nominal rate. There are a
million ways that corporations can finagle to lower tax. Do you want action on that too?
DONOHOE: Well, this is what this agreement is looking to do, Richard, because while you're correct, that much of the focus is on the rate. The
other pillar of the agreement, which is in relation to the reallocation of taxing rights means that the agreement in its entirety will deliver the
kind of change that overall will deliver fairer and more effective taxation for the biggest companies in the world.
And ultimately, with all of the change going on in the world, where we are as we look to put this pandemic behind us, I believe getting agreement on
these matters is correct, it's appropriate, it is fair and I want to see Ireland in the agreement and be part of making the case for that kind of
change. While at the same time, I'm confident that Ireland will remain very competitive.
[15:25:20]
QUEST: On the question of the use of the development funds, and indeed, the special funds set up, the post pandemic fund by the E.U. Do you support
the principle of using the funds as a sword, threat, whatever you want against countries like Poland and Hungary, as they are -- as the threat is
being used by the Commission now? Is that something Ireland supports?
DONOHOE: Well, we, of course support the work of the Commission in relation to the work on the Recovery Fund, and the work that they are
currently engaged on with some countries regarding their role in the European Union under rule of law.
Overall, I strongly believe that these issues are better off resolved through dialogue, through engagement, and through negotiation. And I think
that offers the best prospect for how we can ensure that the fundamental values at the heart of the European Union are retained, but also that the
role for example of Poland and other countries, which are very valuable members of the European Union, that that's also respected.
So this is a difficult matter, and I believe it can be resolved, but ultimately, can only be resolved through negotiation, and then agreement at
a point in the future.
QUEST: As to my next question, I will spare you from having to say that monetary policy is the province of the European Central Bank. So, you can
take that as having been said. Now, let's get to the question of inflation. Do you believe inflation, both in your own country and in the Euro group,
do you believe it is transitory? Or should measures either at the monetary or the fiscal level be taken?
DONOHOE: Well, given the caveat you put the question, I won't repeat it in my answer. And I listened with great interest to your interview earlier on
with Jose Manuel Barroso when you compared him to an elephant, and I wasn't quite sure what comparison you were going to offer for me.
But in relation to your question now, that point regarding inflation, I do believe it is transient, but I believe that periods in which it is a
temporary phenomenon is going to extend for longer than we may have thought possible, Richard.
I do believe ultimately, the supply chain pressures and the energy issues that are at the heart of some of the inflationary pressures that we are
facing within Europe will improve, will moderate. But I do believe that period of elevated pricing is one that is going to continue maybe for
longer than I would have thought earlier on in the year.
So yes, it is transitory. The dark period of transition is going on for longer than we would have expected.
QUEST: Sir, you'll have to wait until our next interview to hear that description, sir. That's a good way of making sure that we get you back in
the future. Minister, it is good to have you.
DONOHOE: I'd be delighted to be back, Richard. Thank you very much.
QUEST: Good to have you on QUEST MEANS BUSINESS, as always. Thank you.
Tonight, a bombshell from Barclays as its chief executive, Jes Staley has resigned. His departure is effective immediately. It's because British
regulators finalized their investigation into his business links to the late financier and convicted pedophile, Jeffrey Epstein. It's a complicated
story.
CNN's Anna Stewart has the details.
(BEGIN VIDEOTAPE)
ANNA STEWART, CNN REPORTER: Barclays says it is disappointed with the outcome as Jes Staley has run the bank with commitment and skill over the
last six years, but he has stepped down with immediate effect after the bank learned of the preliminary results of a regulatory probe on Friday
evening.
The F.C.A. and the P.R.A., two British financial regulators launched this investigation in February of last year. It is looking at how Jes Staley
characterized his relationship with disgraced financier, Jeffrey Epstein to Barclays Bank, and how the bank then disclosed that relationship to the
regulators.
Now the relationship in question was a professional one, and it relates to when Staley was the head of JPMorgan's private bank and Epstein was a
client and this is over two decades ago.
Still, he was asked about the relationship last year and he said: "Obviously, I thought I knew him well. And I didn't, and for sure, with
hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein."
While the preliminary conclusions haven't been made public, Barclays has said there's been no finding that Staley saw or was aware of any of
Epstein's alleged crimes.
Staley intends to contest the conclusions and he and the Board have decided that it is best he steps down.
[15:30:08]
The FCA and the PRA wouldn't comment saying the investigation is ongoing. As of today, Barclays former head of Global Markets, C.S. Venkatakrishnan
known as Venkat is taking over as CEO subject to regulatory approval. As daily is entitled to 12 months notice, Barclays will be paying out his $3.3
million salary. No decision has been made yet regarding bonus pay. Anna Stewart, CNN, London.
QUEST: As we continue tonight from the U.K. we'll be at the World Travel Market Expo in London. Climate Change and Responsible Travel are
unavoidable topics of discussion. After the break. QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
QUEST: COP26 isn't the only major summit being held in the U.K. In London the global travel industry has gathered for the World Travel Market Expo.
First time of course since COVID, two issues, sustainable recovery and a climate crisis.
(BEGIN VIDEOTAPE)
QUEST (voice over): Global heads of state and government making a last ditch attempt to save the planet had COP26.
BORIS JOHNSON, BRITISH PRIME MINISTER: It's one minute to midnight on that doomsday clock and we need to act now.
QUEST: Tourism ministers meanwhile are gathered at the World Travel Market in London and realizing a warming planet puts their industry at grave risk.
It was quickly adapt. Last year it was COVID-19 that delivered a near fatal blow. Now of course, it's the ongoing climate crisis. Rising sea levels are
drowning entire economies. Wildfires are stifling holiday seasons, and the rise of mega storms is leaving attractions around the world vulnerable to
sudden disaster.
In the Maldives lives and livelihoods depend on beaches and the tourists who flocked to them. Their tourism minister told me without urging
induction will soon be under water.
[15:35:02]
ABDULLA MAUSOOM, MALDIVES TOURISM MINISTER: We are feeling the brunt of that global warming. But we wish to be part of the solution. And I'm very
happy that President Ibrahim solely has announced that by 2030, more this is going to be carbon neutral. And they now our fifth tourism master plan,
we are gearing everything towards that.
QUEST: Jamaica is one of the great resort destinations of the Caribbean. In an effort to jumpstart the island's COVID recovery, even more hotel rooms
are under construction. The Minister Edmund Bartlett's warning over tourism is a real threat that must be faced and dealt with.
EDMUND BARTLETT, JAMAICAN TOURISM MINISTER: The environment is the product. And unless you manage that product, and you sustain that product, you will
not have a tourism.
QUEST: The industry is making pledges to reach net zero emissions by 2050. Consumers increasingly conscious about the carbon footprint of their
travels are demanding more sustainable options now.
GRETA THUNBERG, CLIMATE ACTIVIST: Net Zero by 2050, blah, blah, blah. Net Zero, blah, blah, blah. Climate neutral, blah, blah, blah.
QUEST: The industry is represented by Julia Simpson, who says tourism needs to do what the leaders at COP26 appear unlikely to accomplish, unite around
a plan for sustainability.
JULIA SIMPSON, CHIEF EXECUTIVE OFFICER, WORLD TRAVEL AND TOURISM COUNCIL: It's not about demonizing individual industries. The thing we're demonizing
here is carbon. And where industries have really good solutions, some faster and some a bit slower because the technological advances aren't
there. But if they have the solutions, they will self-regulate.
QUEST: Having faced a year of total calamity, there is an air of optimism. People believe 2022 can be a bumper year for tourism. But just as they were
getting ready to celebrate, of course, there's still the existential crisis of climate change. And on that there's no agreement.
(END VIDEO TAPE)
QUEST: Breaking news to bring you. I told you at the beginning of the program that Queen Elizabeth had given a tape statement to the leaders at
the COP26. This is what she said.
(BEGIN VIDEO CLIP)
QUEEN ELIZABETH II, QUEEN OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND: Thank you, Prime Minister Holness for your kind words of
introduction. I'm delighted to welcome you all to the 26th United Nations Climate Change Conference. And it is perhaps fitting that you have come
together in Glasgow, once heartland of the Industrial Revolution, but now a place to address climate change.
This is a duty I'm especially happy to discharge as the impact of the environment on human progress was a subject close to the heart of my dear
late husband, Prince Philip the Duke of Edinburgh. I remember well, that in 1969, he told an academic gathering. If the world pollution situation is
not critical at the moment, it is a certain as anything can be that the situation will become increasingly intolerable, within a very short time.
If we fail to cope with this challenge, all the other problems will pale into insignificance. It is a source of great pride to me that the leading
role my husband played in encouraging people to protect our fragile planet lives on through the work of our eldest son Charles and his eldest son,
William. I could not be more proud of them. Indeed, I have drawn great comfort and inspiration from the relentless enthusiasm of people of all
ages, especially the young in calling for everyone to play their part.
In the coming days, the world has the chance to join in the shared objective of creating a safer, stabler future for our people and for the
planet on which we depend. None of us underestimates the challenges ahead. But history has shown that when nations come together in common cause there
is always room for hope. Working side by side, we have the ability to solve the most insurmountable problems and to triumph over the greatest of
adversities.
For more than 70 years. I have been lucky to meet and to now many of the world's great leaders. And I have perhaps come to understand a little about
what made them special. It is sometimes being observed that what leaders do for their people today is government and politics. But what they do for the
people of tomorrow, that is statesmanship. I for one hopes that this conference will be one of those rare occasions where everyone will have the
chance to rise above the politics of the moment and achieve true statesmanship.
It is the hope of many that the legacy of this summit written in history books yet to be printed, will describe you as the leaders who did not pass
up the opportunity. And that you also the call of those future generations, that you left this conference as a community of nations with a
determination, a desire and a plan to address the impact of climate change. And to recognize the time for words has now moved to the time for action.
Of course, the benefits of such actions will not be there to enjoy for all of us here today. We none of us will live forever. But we are doing this
not for ourselves, but for our children and our children's children. And those will follow in their footsteps. And so, I wish you every good fortune
in the significant endeavor.
(END VIDEO CLIP)
QUEST: And that you see the Queen. And that's QUEST MEANS BUSINESS. I'll have the dash for the closing bell after World of Wonder (INAUDIBLE)
(COMMERCIAL BREAK)
[15:55:15]
QUEST: I'm Richard Quest. Together we'll do a dash to the closing bell. It's a minute to go. The Dow across 36,000 for the first time as all three
averages are building on Friday's records. The Dow short term record intraday and lost it and then started all over again. It's still up right
now and the S&P is up barely. The triples like shows the NASDAQ record streak continues. The components on the Dow. Boeing and the chemical
company Dow at the top.
Home Depot and UnitedHealth are the laggards at the end. You can see the composition of the market as things progressed throughout the day. And that
is the dash to the closing bell. Bearing in mind the bell rings just about now. COP26 continues tomorrow. And for me to you I'll be back in New York.
Whatever you're up in the hours ahead, I hope it's profitable. "THE LEAD"
END
