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Quest Means Business
Migrants Endure Bleak Conditions At The Belarus Border; Lockdowns Return In Austria And Netherlands; Santander Setting Sights On U.S. Market; U.S. Warns Language On Fossil Fuels Must Not Get Weaker; Cuba To Reopen To International Tourists Next Week; Egypt's Tourism Minister "Very Optimistic" For Winter Season; Interview With CEO Of Orsted Mads Nipper; Blue Origin Astronaut From Shatner Flight Dies In Plane Crash. Aired 3-4p ET
Aired November 12, 2021 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[15:00:16]
ALISON KOSIK, CNN BUSINESS HOST: The Dow looks set to snap its three-day losing streak. Those are the markets and these are the main events.
COVID lockdowns are back in Europe. Austria and the Netherlands announced sweeping new rules.
Thousands of migrants are in freezing limbo on the border of Belarus and Poland. We will show you what it's like inside the refugee camps.
And a deal with COP 26 is going down to the wire, I'll speak with the head of one of Europe's biggest renewable energy firms.
Live from New York, it's Friday, November the 12th. I'm Alison Kosik. And this is QUEST MEANS BUSINESS.
Good evening. Tonight, more than 18 months into the COVID pandemic, lockdowns are returning to Europe. Austria and the Netherlands have each
announced new measures to limit parts of their economy as case numbers spiral higher.
In Austria, unvaccinated people will soon be required to stay at home. Police will carry out spot checks to make sure the rules are followed. And
in the Netherlands, a three-week partial lockdown has just been announced. Bars and restaurants will close early, social distancing is back and
sporting events will be held behind closed doors.
It's all driven by an explosion in coronavirus cases, Austria has some of the fastest growing case numbers in the world, and all this is happening in
countries where the vaccine is freely available. Both Austria and the Netherlands have vaccinated around two-thirds of their people.
Joining me now from France is Chris Dye. He is a Professor of Epidemiology at Oxford University. Great to have you with us.
I'm curious, if you can walk us through what is going on here. Is the rising number of COVID cases happening because of waning immunity from
vaccinations, plus not enough people being vaccinated? Talk me through what the reasons that you're seeing for this spike in cases.
CHRISTOPHER DYE, PROFESSOR OF EPIDEMIOLOGY, OXFORD UNIVERSITY: Yes. Hello. Both of the things that you've mentioned are important. But waning
immunity, vaccination coverage is high, but not yet high enough and we're going into a winter period where people spend more time indoors, they spend
more time in close association with each other, and all of that is leading to higher rates of transmission.
What we're learning from this is that despite high vaccination coverage, we need to push vaccination rates even higher, and we need to combine that
with other measures such as masks, hand sanitizer, COVID Passes, working from home where possible, and other measures because that's what it is
going to take to keep COVID down this winter.
KOSIK: Have we gotten too relaxed with these social distancing measures with the masks, with you know, keeping our distance from each other as the
pandemic has carried on?
DYE: Yes, there has obviously been a tendency to do that. The regulations suggested by governments to populations have varied from one country to
another in Western Europe, and we've seen in France where I live, in Italy, and in Spain, where the regulations are tighter and where vaccination rates
are higher than the number of cases, the number of hospitalizations and the number of deaths have stayed low, and that very strongly suggests that when
we put all of these measures in place, we can avoid nationwide lockdowns and that's really what we're trying to avoid at the moment going into this
winter.
So the turn of events that you've just commented on announced Netherlands, Austria, and other countries where partial lockdowns are now being put in
place is really undesirable, and I think nobody wants to see that on a large scale across Western Europe.
KOSIK: Let me go back to one thing that we talked about earlier, that is waning immunity. So, this is inevitable for those of us who get vaccines
that, you know, the antibodies, the immunity is going to get less and less as time goes on. Do you see having boosters become a mandate, whether it's
by Corporate America, you know, companies and countries and not just Europe overall, but in the U.S. as well? Do you see boosters being mandated and
should they?
DYE: In the first instance, I see boosters being recommended and a stronger consensus being developed on boosters being used widely. The time
at which they are used, six months after the first bout of vaccination or after people have been double jabbed, six months is what is being
recommended at the moment, and I think in the first instance, what will happen is that people will be encouraged to get a booster.
Mandates are undesirable, but they may be necessary under some circumstances and for certain categories of people as we have seen for the
first round of vaccination.
[15:05:22]
KOSIK: This spike in the number of cases that we are seeing in Europe widely, are we expected to see the same thing happen here in the U.S.,
especially as we get closer to the winter months when we're indoors more?
DYE: I think it is likely what we're seeing in Europe at the moment is likely to happen wherever the same pattern of events is repeated. And
therefore, yes, in parts of the United States in the winter months. But I want to emphasize what's happening in France, Italy, and Spain at the
moment where vaccination rates are high and getting higher, and where additional measures are taken seriously, such as the use of COVID Passes,
masks, sanitizers and so forth, that under those circumstances, it's possible to keep COVID under control, at least so far.
So, I think that's positive news from these parts of Europe, but where all of those measures not used were very likely in the winter months to see a
rise in cases.
KOSIK: Okay, we have to all stay vigilant. Chris Dye, thanks so much for your expertise.
DYE: Pleasure.
KOSIK: Europe says certain flights to Belarus are being cut off to keep a desperate migrant crisis on the border with Poland from becoming even
worse. CNN has seen thousands of people camp there as the E.U. accuses the Belarusian government of selling a lie to people fleeing the Mideast.
This is video from the Polish Defense Ministry. Poland claims that Belarus is deliberately stranding migrants on its border where the situation is
cold and bleak. Temperatures are already near freezing and will dip below zero in the next few days. Belarus says doctors have recently treated over
a dozen migrants including a pregnant woman from Iraq, who lost her unborn child.
CNN's Matthew Chance is the only TV reporter to reach the migrant camp on the Belarusian side of the border. Earlier today, he walked us through the
bleak scenes and met some of the people waiting for answers.
(BEGIN VIDEOTAPE)
MATTHEW CHANCE, CNN SENIOR INTERNATIONAL CORRESPONDENT: It's a feat in itself getting to Belarus. I mean, you know there's only a handful of
television crews that have been permitted access at this extraordinary moment to come (AUDIO GAP). And as far as I'm aware, I would have been
assured by Belarusian officials, we are the only international crew that have been allowed to come to this migrant camp on the border of Belarus and
Poland.
And I don't know where they are -- I'm filming on my cell phone so everybody can get a sense of the sort of depth of the camp. There are 2,000
people that have come here from various parts of the world, mainly the Middle East -- Iraq -- Kurdistan and Iraq, you know, other places in in the
Arab world, as well. There has been a lot of people from Kurdistan.
At least 200 of them I am told, are children, some of them just babes in arms. I see a lot of people here, if I can spin around here, look, chopping
wood, getting ready to make fires to get them through the very cold nights here on the border.
Six hundred of them are women, the other 1,200 are said to be young men. I'm going to flip the camera around so I can show you some interesting
scenes there, a better look there at the sort of scenes that are playing out unfolding here on the border between Belarus and Poland.
And if you just allow me to sort of walk you down here, we can actually see the razor fence -- you don't need to show your face, I won't do that -- the
razor fence that's been erected by the Polish side to try and prevent the migrants that have flooded into Belarus from moving across into Poland,
which is of course a member of the European Union.
There you can see, I think the actual POLISH police and border forces who are standing there on guard all the way down this razor wire barrier to
prevent migrants from breaking through and you get a sense of how long this camp is as it stretches down into the distance into the forest out of
sight.
Here is an interesting scene for you, somebody I came across earlier, they say a lot of the migrants are from Iraq, from Kurdistan, they're building
these makeshift shelters because the temperatures as you can imagine in this part of the world in the winter are dropping down. Let me drop inside.
They've built a polythene shelter.
Look. Hi. Hi, how are you? How are you? Where are you from?
UNIDENTIFIED MALE: Iraq.
CHANCE: From Iraq, from Kurdistan. Excellent. All right, thank you. Good luck.
[15:10:09]
All right, so just a little sense of the scenes we are witnessing here. I should tell you that, you know, both sides blame each other for this
crisis.
The Western countries, including the United States, the European Union, of course, Poland, say that Belarus is using these refugees as propaganda. It
is actually encouraging them to come in, and then essentially directing them, forcing them towards this border to put pressure on the European
Union, and to punish it perhaps for some of the support that the E.U. has given to Belarusian dissidents and for the sanctions that it's put on
Belarus for its various crackdowns on its own opposition figures here in the country.
What the Belarusian say, though, as well as some international aid agencies, I have to say is that the Pols are not doing everything they can
either to protect the rights of migrants, and in some ways, they're not living up to their obligations under international law.
But clearly, it is a very difficult situation. I've got some news for you from the Migrant Services, there are 2,000 people in this camp at the
moment. By the end of the week, there could be as many as 5,000 and there are thousands more according to Belarusian officials who are on their way.
(END VIDEOTAPE)
KOSIK: And our thanks to Matthew Chance for showing us what the migrants at the border are experiencing.
And the situation is so dire, the European Commission has made a deal to stop all flights from Turkey to Minsk. Migrants have been flying into the
Belarusian capital by the thousands from countries like Turkey, Lebanon, and Iraq.
As the number of flights have risen, the U.S. is working with Turkey and the UAE to limit air traffic for certain nationalities. It says it may
blacklist any airlines that don't cooperate. The E.U. Vice President said the situation had to change.
(BEGIN VIDEO CLIP)
MARGARITIS SCHINAS, EUROPEAN COMMISSION VICE PRESIDENT: Let me be very clear of what is happening. People are being sold a lie by smugglers,
international smuggling networks, who fly them to Minsk and create the impression that they will ensure safe passage to Europe.
And this is happening via partner countries, regional hubs, and this will not be allowed to continue.
(END VIDEO CLIP)
KOSIK: Poland is sending in more troops towards the camps in order to deal with the problem. CNN's Fred Pleitgen has more from the Polish side of the
border.
(BEGIN VIDEOTAPE)
FREDERIK PLEITGEN, CNN SENIOR INTERNATIONAL CORRESPONDENT (on camera): Poland certainly has said that it's not going to be backing down in this
matter, despite some of the criticism that it has been getting from international organizations.
Now, what essentially Poland has done is it has beefed up the presence here at the border with around 15,000 soldiers and also border officials as
well. And then of course, built that massive barbed wire fence and said that it wants to build a wall as well.
Now, one of the things that has led to a lot of criticism is that apparently, what has been going is that, of course, some people who are
trying to get across to your into the E.U. have actually made it across the border, and they have apparently been pushed back by Polish Border Guards,
in some cases by the Polish military as well.
Now, of course, internationally, that's a big problem with the Universal Declaration of Human Rights in the United Nations, Article XIV of which
stipulates that people who enter the territory of a nation have to be able to claim asylum there.
Now, the polls have not denied that this is going on. Essentially, what they've done is they've made a law making it legal to push people back. And
of course, there has been big criticism of that also internationally, for instance, from Human Rights Watch. But actually today, the spokesman for
the portfolio Foreign Ministry came out and said that Poland, he believes has the right to defend its border, as they say and also has the right to
say who gets in and who doesn't get into the country.
So the criticism is there. However, if you look also within the European Union right now, the other countries of the European Union, they're really
doing more to support Poland rather than out of that criticism.
(END VIDEOTAPE)
KOSIK: Santander wants to be successful in the United States. Richard Quest spoke to the Executive Chair of Spain's largest bank about whether
it's punching its weight, that's next.
Plus, I'll speak with the head of a leading renewable energy company and get his take on a possible breakthrough at COP 26 on fossil fuels.
(COMMERCIAL BREAK)
[15:17:03]
KOSIK: The Spanish bank, Santander has its sights set on the United States. Executive Chair, Ana Botin says the company is ready to prove it is
one of the world's best banks. She told Richard Quest why it is so important to be successful in what she calls the best banking market in the
world.
(BEGIN VIDEOTAPE)
ANA BOTIN, EXECUTIVE CHAIR, SANTANDER: Let me tell you a couple of facts that the American consumer can relate to. Santander has 152 million
customers. That is more than JPMorgan, that's more than Wells Fargo. Santander has 60 million active cards that again, I think that's about the
same, maybe a bit more than JPMorgan.
So how much we invest in technology? We invest -- we would be top three in the U.S. in terms of investment in technology every year, and our cost
income is better than any of the top five banks in this country.
So we're large, we're efficient, and we add value to customers and that is what we want to do here.
RICHARD QUEST, CNN BUSINESS ANCHOR: But you don't punch your weight. JPMorgan punches its weight in the banking world. Santander is known of,
and those who know except, but you don't put your weight, and is that important to you?
BOTIN: Define punch your weight. Being on CNN headlines once a week, is that punching your weight? Is it being profitable? Is it being able to
service -- you know, what makes it --
QUEST: Recognition.
BOTIN: Recognition? You know, we've been voted one of the best banks in the world in sustainability. We are top in the world in terms of climate
finance, renewable finance. To me, that is more than enough recognition -- and by the way, very, very highly ranked in terms of being the best place
to work.
Today, it is all about talent. We've got great talent in the bank. So, I think that is really what we're aiming for.
QUEST: Maybe --
BOTIN: Now, there is one other thing which is the U.S. market vis-a-vis Europe and Latin America. The U.S. is the best banking market in the world,
and that is why for me and for Santander, being successful in the U.S. is incredibly important because it's large, it grows, it is profitable, and
that is really where you want to be. And that is the difference between, you know, JPMorgan and American banks and us is that they are very big in
the biggest market in the world.
QUEST: As we come out of the pandemic, and the opportunities are there, market opportunities are tremendous. Your competitors, the big investment
banks, as referred in -- they are making billions, they're making almost obscene amounts of money in markets at the moment. Are you optimistic
economically?
BOTIN: So, I am optimistic. I think that there is a lot of opportunity ahead. You know, the digital transformation has, you know, grown
exponentially more than half, 50 percent, of all the sales of old products across Santander that includes emerging markets are digital today. That is
10 points more than 18 months ago.
So I think, you know the right use of digital and combining that with the in-person model that we have is unbeatable because people still want to
talk to people and if we can do better for customers by combining digital with personal relationships, to me, that is the model that at least
Santander is going to follow.
[15:20:16]
QUEST: Bitcoin and cyber?
BOTIN: I don't own Bitcoin.
QUEST: You don't?
BOTIN: No. I don't believe in it, but I believe in the technology behind it. So we have been the first bank in the world to issue an end to end bond
on the blockchain, and we've done that for ourselves and now for our customers.
So we absolutely believe in the stable coin and the Central Bank digital currencies. That is going to happen. But you know, the Bitcoin and I think,
currencies need somebody to stand up for them, and I think that is how the system works. And so you know, I'm not -- I don't believe in --
QUEST: Jamie Dimon -- you're sort of you, but will Santander facilitate those who do want it?
BOTIN: We are about to facilitate it, yes, because our customers want to invest. And so --
QUEST: Let them.
BOTIN: Of course, yes. But through ETFs, and so we're not going to be sort of leading the way there, but if our customers ask for it, we're actually
about to be able to -- you can come to Santander and buy a Bitcoin ETF.
QUEST: As we come out of COVID, I understand each bank will do its own thing, but what's your philosophy -- your philosophy -- on things like work
from home? What do you believe the future should look like?
BOTIN: So, we have hundreds of engineers doing coding. These people like to work from home, and it is fine, they can work from home. But we also
have more than 12,000 branches where we actually talk to people every day.
You know, Santander has 100,000 people across Europe and the Americas talking to customers face-to-face or from call centers, those people have
to be in the office. And so it's that -- it's a very hybrid model. We're going to be flexible. We're going to try and deliver the best for our
customers and make sure that our people can deliver that. And in some cases, it's going to be remote and others, it is going to be in person.
QUEST: You will obviously follow national and best practice in terms of vaccine and vaccine mandates, and I'm sure you're going to tell me you
encourage everybody to be vaccinated. In those jurisdictions where you can mandate it. Will you do so?
BOTIN: Yes. Where we can mandate it, we probably will. Just to give you an example, in Spain, 94 to 95 percent of all our employees are vaccinated.
But in Europe, in most countries, they cannot even ask you if you're vaccinated. The fact is that they tell us, we have an app across the group
that really allows you as an employee to give all the information. So, we can know, and in cases like in the U.S. right now, what we're doing is if
people are not vaccinated, we're making them test on a weekly basis.
So, we are trying to adapt to the local environment.
(END VIDEOTAPE)
KOSIK: Wall Street is finishing the week on a positive note. The Dow is back up over 36,000. You see it there, right now up about 173 points as
well. Investors are unfazed by this morning's consumer sentiment index coming in at a 10-year low or the U.S. inflation numbers that are driving
some of that unease.
A record 4.4 million Americans quit their jobs in September, but consumer sentiment has hit a 10 year low. Let's bring in Matt Egan to talk about all
of this.
Matt, first of all, that take this job and shove it survey hitting a record high. Walk us through why?
MATT EGAN, CNN REPORTER: Well, Alison, I think like most things, this is really about COVID. The pandemic really changed the way that people think
about work and work life balance. And you know, a lot of people are just burned out right now.
So Americans are demanding higher pay, better benefits, more flexible working arrangements, and if they don't get those conditions, a lot of
people are walking away. So we saw 4.4 million people quit in September. It's an amazing figure, especially when you consider that the previous
record was set in August.
So we're talking about a lot of people who have quit, especially in state and local government, arts and entertainment, and the service sector. And I
think the key here is that all the leverage right now is with the workers. We have companies who are desperate to hire. There are more than 10 million
job openings in the United States.
And so workers are understandably confident that if they quit, they're going to find something better, and so we are seeing just this incredible
amount of churn in the jobs market and it's going to take some time to sort through all this - Alison.
KOSIK: So, Matt, then talk about the disconnect then with you know, a record number of Americans quitting their jobs, consumer sentiment plunging
in November, at least at the beginning of the month. It's a little bit of a disconnect here. If they're not feeling good about the economy, why are
they quitting their jobs?
[15:25:01]
EGAN: Yes, I think it's a great point. I think, there is overall a disconnect in the economy right now because when we think about it, when we
talk about inflation, inflation is something that is a problem because the economy has bounced back so strongly. I mean, there was no inflation, there
was falling prices in many categories in March and April and May of 2020.
But because the U.S. economy has rebounded, we have seen enormous demand and supply can't keep up, and that's why we've seen inflation. But those
inflation numbers, the 30-year high in consumer prices for October, that is definitely creating anxiety for millions of Americans.
We saw consumer sentiment in early November fall to a 10-year low. It's kind of incredible when you consider that that means that consumer
sentiment is lower now than it was during the height of COVID. And some of the numbers in this University of Michigan Consumer Sentiment Survey were
pretty staggering. It showed that one in four people have seen their living standards drop because of inflation. Half of all families are anticipating
that inflation adjusted income is going to drop next year.
And one-year inflation expectations rose to the highest level since 2008, and that is a key year, of course, because that's when oil prices went up
to record highs. So, you know, Alison, I think that last point around inflation expectations is key, particularly if you're sitting in the White
House or the Federal Reserve, because we hear a lot from policymakers that they're not going to be worried about inflation, as long as inflation
expectations are well anchored.
But I think we are starting to see that they are no longer really all that well-anchored, and that's a risk because if consumers and business owners
start to anticipate inflation, they're going to change their buying behavior. They are going to change all of their tactics, and the risk is
that it becomes a self-fulfilling prophecy -- Alison.
KOSIK: All right, Matt Egan. Thanks so much for your reporting.
EGAN: Thank you.
KOSIK: A possible breakthrough at COP 26 on limiting fossil fuels. The declaration is both unprecedented and tenuous.
We'll go to Glasgow where the Climate Conference is trying to wrap things up.
(COMMERCIAL BREAK)
[15:30:10]
KOSIK: Hello, I'm Alison Kosik. There is more QUEST MEANS BUSINESS in a moment.
When we speak to the CEO of Denmark's biggest energy company, he'll tell us if renewables can pick up the slack amid Europe gas prices.
And Cuba is reopening its international borders to bring back badly needed travelers.
We're in Havana where the economy is in tatters and protests could keep tourists away.
Before that, this is CNN, and on this network, the facts always come first.
A military court in Myanmar has sentenced an American journalist to 11 years in prison. Danny Fenster was found guilty of breaching his visa
associating with an illegal group and incitement. Human Rights Watch has condemned the trial and the sentence. Fenster is one of about 100
journalists detained since the Myanmar military staged a coup in February.
The U.S. Secretary of State says every American who has requested help to leave Afghanistan and is prepared to depart has been given the chance to do
so. Anthony Blinken says this includes 380 U.S. citizens and 280 permanent residents. He stressed evacuations would continue since many Americans
aren't prepared to leave yet.
Closing arguments in the trial of Kyle Rittenhouse are set to begin on Monday in the U.S. state of Wisconsin. Earlier this week, the 18-year-old
broke down on the stand and told the jury he was defending himself when he shot and killed two men and wounded a third. It happened during racial
justice protests last year.
In a little over an hour, a Los Angeles County judge should rule on singer Britney Spears' request that her 13-year court order conservatorship be
terminated. Spears' father held the role for more than a decade until he was suspended in September. Spears told the court the arrangement was
abusive.
A businessman who flew on Blue Origin's recent trip to space with William Shatner has died in a plane crash. 49-year-old Glen de Vries was killed
when his small plane went down in New Jersey Woodland on Thursday. The circumstances around the crash are unknown. A Blue Origin spokesman said
the company was devastated at the news.
The COP26 climate summit is now in overtime and expected to last well into the weekend. It is making some history on its last scheduled day. For the
first time, delegates have drafted an agreement that calls on nations to phase out fossil fuels. That declaration survived challenges from oil and
coal producing nations and the fossil fuel industry.
One environmental group counted more than 500 industry lobbyists on a list of attendees. But nations are still divided on a climate deal. There is no
guarantee the unprecedented language on fossil fuels will be included if the final text. It could get watered down. U.S. special climate envoy John
Kerry warned that ending fossil fuel subsidies must stand.
(BEGIN VIDEO CLIP)
JOHN KERRY, U.S. SPECIAL CLIMATE ENVOY: The decisive decade and phasing out unabated coal and inefficient fossil fuel subsidies must stay. That
language must stay. Unabated coal. We're not talking about all. We're not talking about eliminating. We're talking about the capacity for capture if
you can do it. Unabated coal. How could we possibly in 2021 knowing what the evidence is, be wishy-washy on that subject. Those subsidies have to
go.
(END VIDEO CLIP)
KOSIK: CNN's Phil Black has been covering COP26 and he joins us live from Glasgow. So, I'm curious to hear exactly what is causing the conference to
go into overtime?
PHIL BLACK, CNN CORRESPONDENT: Well, Alison, as you point out, the - the hour is late and there is no end in sight. The conference center is alive
with rumors and speculation that we're going to be going late into the night here. Possibly deep into the weekend as well. There remains we are
told a range of issues, technical and fundamental where there are still significant differences.
Perhaps we could take some heart in the knowledge that through two drafts we have seen substantial language reflecting the urgency of the scientific
advice. The scientific advice that says, you've got to keep average global temperature increase to 1.5 degrees and the time in order to achieve that
is running out.
[15:35:00]
By the end of this decade, the world has to cut emissions by 45 percent. And it is nowhere near on track to achieving that. And so, that is why it
is also really critical that they still remain. We've seen through two drafts language instructing countries to go away and come back next year
with stronger commitments to cut emissions by 2030. Whether or not that's survives into the final draft is still not clear. But so much hinges on
strong language with that instruction getting through.
At this point, it is worth considering just how we got here. It is fair to say, I think, that Glasgow was never going to see a definitive clear win.
One of the reasons, one of the key reasons is that a number of countries, big polluting countries with substantial fossil fuel industries traveled
here arguing openly defying the scientific advice and insisting they can chart their own path to a net zero world. Take a look.
(BEGIN VIDEOTAPE)
BLACK (voice-over): Throughout COP26, some countries have been talked about more than others. And not for the right reasons. Here is one example.
JENNIFER MORGAN, EXECUTIVE DIRECTOR, GREENPEACE INTERNATIONAL: I think the greatest disappointment may be would also be Australia.
CATHERINE ABREAU, FOUNDER AND EXECUTIVE DIRECTOR, DESTINATION ZERO: Countries like Australia come to these talks without an enhanced Paris
agreement goal.
SARAH HANSON-YOUNG, AUSTRALIAN SENATOR, GREENS PARTY: It is embarrassing being here as an Australian.
BLACK (voice-over): Australia has been roundly criticized by coming to Glasgow and saying it will hit net zero carbon by 2050 without
significantly changing its behavior especially in the short term.
SCOTT MORRISON, AUSTRALIAN PRIME MINISTER: Driving the emergence of low emissions technologies and fostering their widespread adoption is at the
heart of our plan to reach net zero.
BLACK (voice-over): So, the Australian government says, investing billions in future technology means there is no need to stop digging, burning and
selling fossil fuels. A provocative theory at a climate conference.
HANSON-YOUNG: Australia has got to do more than that. We are one of the world's largest exporters of fossil fuels. We've got to get out of coal. We
have to stop building new gas fields. We've got to reduce pollution and if we want to reduce pollution, we have to stop making this stuff.
BLACK (voice-over): But Australia isn't the only holdout. Several big polluting countries have persistently ignored what the science now says is
necessary to get to carbon neutral by mid-century, countries collectively must make deep cuts now and reduce emissions by 45 percent this decade.
NIKLAS HOHNE, NEWCLIMATE INSTITUTE: Although some countries which clearly proposed a long-term target to disguise that they're not changing their
short-term target. And I think Brazil is in that category. Australia as well. Russia in this basket as well.
ABREAU: We've heard from countries like Saudi Arabia, real reluctance to embrace the push for more ambition before 2030.
BLACK (voice-over): Poor, vulnerable countries are watching with dismay.
PERKS LIGOYA, GLOBAL CHAIR, LEAST DEVELOPED COUNTRIES GROUP: When you see countries coming up with targets say by -- by 2060, by 2070, we will do
that. Who knows? By then, most of our young kids will be dead.
BLACK (on camera): They're not committing to what needs to be done this decade.
LIGOYA: Exactly, exactly.
BLACK (voice-over): Australia's policies are not popular at COP26, but its pavilion is. Crowds line up eager for good, free coffee. Next to displays
for a fossil fuel company.
UNIDENTIFIED MALE: Like you can't just sham countries out for being bad. You need to have conversations with them and bring them on the journey.
BLACK (on camera): Especially when their coffee is so good.
UNIDENTIFIED MALE: Yeah, exactly.
BLACK (voice-over): While outside, activists blast an air raid siren declaring alarm over the little progress made here. A breakthrough was
never likely at COP26. Too many countries are still unwilling to make bold immediate changes, and some have powerful economic and political
motivations for sticking with the status quo.
(END VIDEOTAPE)
BLACK (on camera): Alison, you can see the pressure from those countries at work. In the way the language regarding coal power and fossil fuel
subsidies has been softened slightly in the second draft. It is loosened now. It is more open to interpretation and it is still under pressure even
in that loosie form.
You heard John Kerry's concern, his frustration that it could be stripped out of the text entirely. But it is significant that it is there, that is
unprecedented, extraordinary to think that no text following a UN climate conference has ever included a reference to coal and fossil fuel before.
So, keeping it there is important. The most vulnerable countries, the most ambitious countries are determined to try and see those words in the final
text. Alison.
KOSIK: Which is shocking that those words have never been in any other similar type of document. But Phil Black, thank you so much for walking us
through everything happening at COP26.
[15:40:04]
Let's bring in Mads Nipper. He is the chief executive of Orsted, Denmark's largest energy company. Ordsted also calls itself the world's most
sustainable energy company.
Thanks for being with us.
MADS NIPPER, CEO, ORSTED: It is my pleasure.
KOSIK: Let's talk about this final draft that still has to be completed at COP26. If you were going to put a grade on how things have turned out so
far, because now we know the conference is going into overtime, how would you see it? What would you grade it, A through F.
NIPPER: I would probably grade it at B, potentially B minus because there are other things that mounted. I mean we have seen that some have opt their
ambitions. There are certainly good things happening, like the deforestation. We have started to focus on methane and also as just talked
about, we have now seen that we are actually talking about ending subsidy for fossil fuel.
So, those are all good things but what does not bring it anywhere near to operate is that we are still looking at a combined effort that does not
bring us anywhere near the 1.5 degrees that we so desperately need to keep alive.
KOSIK: And you're very optimistic. I saw your tweet last week that your encouraged and you choose to stay optimistic. But you look at the words
that were used in this draft proposal. Words like urges, encourages and emphasizes. So, that doesn't require specific action. How concerned are you
that a lot of this is just sort of suggested action?
NIPPER: Yeah. I am concerned but it starts with ambition and pledges to decarbonize. That is nowhere near enough. So, pledges won't decarbonize the
world or any country for that matter. It needs to be followed with ambitious policies. And as specifically for the energy sector because with
the production and use of energy, 73 percent of global emissions (AUDIO GAP)
KOSIK: OK. I think we're having -- I think we're having some technical difficulties with this interview. We're going to try to get him back. Let's
go to a break. We'll try to get him back.
(COMMERCIAL BREAK)
KOSIK: On Monday, Cuba will reopen to foreign travelers and the island nation will lift many of its pandemic requirements.
CNN's Patrick Oppmann shows us how tourism is a cash cow that Cuba cannot afford to lose.
[15:45:00]
(BEGIN VIDEOTAPE)
PATRICK OPPMANN, CNN CORRESPONDENT (voice-over): Workers in Old Havana make final repairs ahead of Cuba's big reopening.
For most of the pandemic, the island has been closed to international tourism. Nearly all international flights were canceled.
Visitors had to quarantine. Once packed colonial squares and bars where Ernest Hemingway down mojitos were all been abandoned. It hit the many
Cubans who depend on tourism particularly hard.
For 30 years, Alberto Reyes says he made a living selling drawings to tourists in front of Havana's cathedral. He told us he hasn't sold a single
one during the pandemic.
ALBERTO REYES, CUBA RESIDENT (speaking in foreign language): My hope now is to be able to provide for my kids, he says. I have three kids and we were
going hungry.
OPPMANN (voice-over): Starting on Monday, Cuba will increase international flights and welcome back tourists.
Now visitors who are fully vaccinated or have had a negative PCR test 72 hours before arrival will no longer have to quarantine.
Cuban officials say the massive effort to vaccinate the population with homegrown vaccines has allowed them to welcome back tourists and their
badly needed hard currency.
UNIDENTIFIED MALE (speaking in foreign language): A population keeps getting vaccinated, he says. Everything indicates our scientists have made
a discovery of great value for our people. And I think we are very well positioned. We are optimistic.
OPPMAN (voice-over): But the pandemic isn't the only impediment preventing some tourists from coming. Sanctions implemented by the Trump
administration and continued by the Biden administration severely limit the ways Americans can visit the island and prevent them from staying in
government-run hotels.
OPPMANN (on camera): Throughout the pandemic the Cuban government is continued to build new hotels like never before. But many of these projects
began when U.S./Cuban relations were much improved, and U.S. tourists were flooding the island.
Now even as COVID travel restrictions are lifted, most Americans won't be able to visit because of U.S. sanctions.
OPPMANN (voice-over): Some tour operators say clients may be wary of visiting Cuba after widespread anti-government protests shook the island in
July. The Cuban government responded with mass arrests in lengthy jail sentences, which lead to more U.S. sanctions.
COLLIN LAVERTY, PRESIDENT, CUBA EDUCATIONAL TRAVEL: And so, when things get challenging between the United States and Cuba or there's a lot of
political turmoil or other negative kind of flashpoints on the ground that certainly dissuades people from looking at Cuba as a destination.
OPPMANN (voice-over): Cuban officials say they are now open to visitors. But to rebuild the islands tourism industry, they may have a long road
ahead of them.
Patrick Oppmann, CNN Havana.
(END VIDEOTAPE)
KOSIK: Egypt's tourism minister says the country is very optimistic for the winter travel season. Tourists from its major markets in Russia and the UK
were able to return in the summer. Last week, the minister told Richard that COVID cases in Egypt don't keep him worried.
(BEGIN VIDEO CLIP)
KHALED EL-ANANY, EGYPTIAN MINISTER OF TOURISM AND ANTIQUITIES: We had a very good summer. The Russians resume to Egypt after six years ban to the
Red Sea area, to Sharm el-Sheikh. The British started to fly back from London to Sharm el-Sheikh two weeks ago. The Germans are coming, the
Italians resumed, Ukrainian, Belarus, Saudi Arabia.
So, we have very good numbers during the last two or three months. And we're very optimistic because we'll be the only destination which have warm
winter. So, you can swim in Egypt during Christmas time.
RICHARD QUEST, CNN HOST: Are you expecting a bump for Christmas? Do you think it's going to be a bonanza this year and into Easter next year?
EL-ANANY: Yes. I'm very optimistic for the winter because it's a warm winter. Because Egypt is a wonderful and the ideal destination for the
post-COVID time. All our destinations are open air, are sunny. And the COVID is almost non-existent in this destination, Sharm el-Sheikh and
Hurghada. Even during the peak time of the COVID.
QUEST: Because you have had a very difficult time with COVID in Egypt.
EL-ANANY: Like the whole world, yes.
QUEST: The question of sustainability, what do you want from -- what do you want by way of policy in terms of sustainability for tourism?
EL-ANANY: In our strategy of the government -- 2013 we have one of our main pillars is sustainable tourism and this is done with strong corporations
with the minister of the environment. He represented in the pavilion. We have to preserve this natural heritage and the antiquities for the next
generations. And these need a lot of capacity building, a lot of awareness, a lot of partnership with the private sector.
While we are talking now, our president is in Glasgow participating in the COP26 and Egypt is the next one in Sharm el-Sheikh. So, it is a big file,
and we have to work on balanced environment in Egypt.
(END VIDEOTAPE)
[15:50:02]
KOSIK: Just one month ago, he was flying into space with William Shatner. Now we're hearing businessman Glen de Vries has been killed in a plane
crash. We'll have the details next.
(COMMERCIAL BREAK)
KOSIK: A businessman who flew on Blue Origin's recent trip to space with William Shatner has died in a plane crash. 49-year-old Glen de Vries was
killed when his small plane went down in New Jersey Woodland on Thursday.
Kristin Fisher is CNN's space correspondent. And she joins me now live from Washington.
Kristin, any word how this happened and what the circumstances were?
KRISTIN FISHER, CNN SPACE AND DEFENSE CORRESPONDENT: Yeah, Alison. Unfortunately, not a lot of details right now about exactly what went
wrong. Why this plane went down. All we know is what we've heard from New Jersey state police and that is that the plane went down yesterday
afternoon outside of a fairly wooded area in Hampton Township, New Jersey. That's about 40 miles northwest of New York City.
Also on board was 54-year-old Thomas Fisher and then of course 49-year-old Glen de Vries. And Glen is someone who -- I had the opportunity to meet him
right before he launched into space and he was just so thrilled that he was getting to achieve his lifelong dream of getting to see the earth from
space. He was just 49 years old, a tech entrepreneur. And he decided to spend some of the wealth that he had made as a tech entrepreneur on a seat
aboard a New Shepard spacecraft with Blue Origin and he ended up being on this historic flight with the actor William Shatner, the original Captain
Kirk from the Star Trek franchise.
And you know that crew really bonded as a team. They spent several days together in West Texas and they talked about how they were now family
because they had shared such a pivotal moment in their lives together.
And then, I mean just imagine, you survived that. You know anytime you go into space, it's risky. You survived a trip to space and then just a month
later you die in a plane crash back on earth, absolutely tragic.
And we're just getting a statement in from Blue Origin that is the space company owned by Jeff Bezos and of course, the company that provided Glen
with that seat up in the space.
And Blue Origin says, "We're devastated to hear of the sudden passing of Glen de Vries. He brought so much life and energy to the entire Blue Origin
team and to his fellow crew mates. His passion for aviation, his charitable work, and his dedication to his craft will long be revered and admired."
[15:55:13]
And you know, the other part of this that is just so sad, Alison, is you know that entire crew, they came back saying they have really been
transformed by this experience saying they wanted to take all the lessons that they have learned up in space and use them to do so much good here on
earth. Glen was just a month into that journey when his life taken from him far too soon. Alison?
KOSIK: I think we can all say, we're stunned by the story.
FISHER: Yeah.
KOSIK: Kristin Fisher, thank you so much for those details.
And the closing bell is just moments away on Wall Street. We'll have the days final mark at numbers after the break.
(COMMERCIAL BREAK)
KOSIK: Breaking news just coming into us, a U.S. federal grand jury has returned an indictment against former Trump adviser Steve Bannon. The
indictment is for contempt of Congress and we've learned that the judge has signed an arrest warrant. We'll have much more on this on "The Lead with
Jake Tapper" at the top of the hour.
General Electric ended up being just the first big company this week to announce a split. Johnson & Johnson is doing the same. It will spin off its
consumer products business and will keep the Johnson & Johnson name for the riskier but more profitable pharmaceutical and medical device operations.
The Japanese conglomerate Toshiba says it too, will be splitting into three companies. It is spinning off its infrastructure and device operations from
its semiconductor business.
Last few minutes of the trade on Wall Street, the Dow is set to finish back above 36,000. It is still down about 300 points this week, though.
Let's take a look at the Dow components. 3M and Apple are leading. Johnson & Johnson is also close to the top after its announcement. Disney is
lagging for the second day after a poor earnings result.
All the major averages are up today and down for the week with annual inflation hitting a 30-year high. This morning's 10-year low in consumer
sentiment, that didn't add to this week's losses as you could see the green arrows across the board.
And that is QUEST MEANS BUSINESS. I'm Alison Kosik in New York. Be sure to connect with me on Instagram and Twitter @alisonkosik. The closing bell is
just about to ring in New York.
"THE LEAD WITH JAKE TAPPER" starts now.
END
