we do think it marks a huge step towards decarbonizing our liquid fuels. you're right it's going to take a long time for the fleet to turn over to electric vehicles. we ought to be doing something in the interim and your bill would move us along a lonn that road towards decarbonizing those fuels. and the other thing we like about it is not only does it require higher octane in our motor fuels but it's requiring lower carbon as well. it is really marrying those two aspects together and it just so happens that ethanol is the highest octane low as carbon fuel source available on the market today. so we do see the bill as a significant opportunity for our industry and, frankly, significant opportunity for consumers because it would make a meaningful dent in emissions from the transportation sector. >> mr. walter, i would love to hear your answer but we're out of time and will hear from you at another time. thank you very much, mr. chairman, and i yield back. >> thank you. and now we would recognize the gentleman from south dakota, mr. johnson, for five minutes

we have to decarbonizing the existing fossil fuels, while renewables ramp-up. i think as investors, we need to encourage decarbonization of existing hydrocarbon as well as investment in renewables. i totally agree with the previous gentlemen, that we are reaping what we so. these capital investment decisions were made over the last five years, and we knew that we were going to face a supply constraint. i don't think we knew it was going to be this rapid and severe when we were living through the pandemic, and oil settled in the negative. now it is all about life scarcity with demand returning to pre-pandemic levels. taylor: how do we make this transition in a more reliable way so that we don't actually have to backtrack our steps? regina: i think the key is to not anticipate that we can. flip a switch overnight i think investor sentiment and the governmental sentiment has put a lot of pressure on these companies to move and pivot immediately. but we are a world that is hungry for energy based products. if you think about all of the things that they show up toda

they installed solar panels to decarbonize they heating and cooling systems. we have created this civilian climate corp by hiring 500s adults from a high crime communities in new york city's, the bronx and harlem and jamaica, queens, and brownsville, brooklyn. we train them to go building to building and prevent fires and other kinds of dangerous outcomes like the building in the bronx. emily: donnel baird. fascinating work you are doing. we will continue to track your progress. watch out, i doubt. encanto it is here for the number one spot. disney has overthrown adele for number one album on the billboard 200. wordle is going viral, the phenomenon it is today and what people are saying about it on the internet. this is bloomberg. ♪ ♪ ♪ >> many years ago, this candle blessed our family with a miracle. our house. emily: "encanto" is a hit but not only in the box office. it is having at second life on streaming services. the soundtrack became the number one album in the u.s. this week on the billboard what -- 200, bumping adele from the top spot. joining u

this move to decarbonize the global economy will be extremely disruptive. and this is going to be because not only are countries going to be doing things within their own economies to try to decarbonize, whether or not they succeed is a different question, but increasingly we are going to see countries, europe and the u.s., try to get others to decarbonize their economies and this could have all kinds of implications on the bilateral relationships. but also on the internal politics. as we move or as the impulse to decarbonize becomes more and more tense as i imagine it will and more evident how far apart we may still be from the need to meet the realities. the last place where climate and conflict could intersect is oafort question of geoengineering. there is an evolving view within the climate community that we may actually need to do some form of engineering the climate at least for some period of time. there are still no governance mechanisms to decide how countries are going to agree whether or not we need to invoke a few engineering techniques, how muc

we have to require gas utilities to chart a path to decarbonizing under the climate commitment half. -- act. we can improve conditions to grow energy resources here in the state. there is a lot of good news in the state. we see the future is promised with companies where they are making the world's first all electric commuter plane. in ferndale where they are manufacturing electric buses. at the new solar farms popping up in dandelions in each in washington. -- in eastern washington. we see clean energy built by strong labor standards. a broad range of union jobs. apprenticeship opportunities and local communities. with all of the multiple challenges we face, why do i believe this legislator is up to the job? it is because this is that legislator that has, in its hand, the most fearful place on the planet and the health of more than 7 million people in their hands. i know that you will not let the people down. the same goes for salmon, as a feature of salmon goes so does the future of our state. our region salmon are threatened by climate change, habitat loss. we would invest towards

if the goal is decarbonization we have got to get started now. we cannot afford to wait decades for more electric vehicles to penetrate the light-duty vehicle fleet. we need to do things in order to transition a kickstart with biofuels and one of those is more infrastructure. we can't allow consumers to capture the full benefits of low carbon biofuels and less retailers offering those fuels and so we need to see more infrastructure place that would allow for dispensers and storage tanks and other equipments compatible with these fuels and that's why we strongly support your work to include some funding in the house passed build back better bill from biofuels infrastructure, nearly $1 billion. that's quite significant and would really help in this transition. but you're absolutely right, corn ethanol today offers a 50% greenhouse gas reduction. we have a lot of ethanol in the marketplace are, in fact, california resources board certified some ethanol is 70% better than gasoline and we're well on her way to net-zero emissions for corn ethanol. so t

have to require gas utilities to chart a path to decarbonize under the act. and we can improve conditions for developers to grow clean energy resources in our state. look, there's a lot of good news in our state here. we see the future's promise already burgeoning in washington, companies where they're making the world's first all electric commuter airplane. and the corporation in ferndale where they're going to be manufacturing electric buses, at the new solar farms popping up like dandelions in washington. and the building and the catalyst building in spokane. we see clean energy projects built with strong labor standards, through a broad range of union jobs and apprenticeship opportunities at the local communities like at wind farm at adams county. now, with all of the multiple challenges we face right now, why do i believe this legislature is up to the job of fighting carbon pollution this year? it's because this is the legislature that has in its hands the most beautiful place on the planet and the health of more than seven million people in their hands

first what ukraine needs to improve energy sector and to move towards decarbonization path. definitely actually develop and limitation of technologies, and here i would like to say that small reactors might be the issue where ukraine and u.s. can enhance their cooperation. gas production, -- great experience and a lot of companies that can use, actually ukrainians do not easily -- increase gas production and i'm pretty sure that ukraine incumbent would welcome this. energy efficiency and new technologies in energy efficiency. ukraine is not, is very, very energy inefficient. so to increase come to save energy i think technologies are needed here. in terms of political, let's say issues, we really need support of international partners to integrate to the european electricity system which would happen in 2023. we understand will be a lot of obstacles which russia will create, but we need support of the eu and the u.s. to be ready to join in 2023. i also wanted to say that united states -- >> i'm sorry, just 30 seconds if possible. we are running out of time. >> it would be re

it will fit very well with our broader decarbonization plans. also with fortescue future industries. that is part of our journey to develop this renewable energy business working with companies like williams advanced engineering. we have made a number of announcements. this is another demonstration of that strategy and diversification. shery: how challenging is the backdrop right now for fortescue especially when it comes to chinese demand not to mention supply chain disruptions and labor shortages the pandemic has created? >> we have seen strong demand for our products. have seen robust demand. we will announce our quarterly production report tomorrow. the team are performing incredibly well. we continue to see strong demand. there is no doubt there are challenges around labor shortages in western australia. we have been managing that for some time. we have robust covid-19 management plans in place. we will work closely with the state government as we deal with the changing landscape in terms of when the border restrictions will ease. there is

the best way to have them meet their clean energy targets and emissions reductions and for global decarbonization to happen, you have to get costs down and be able to deploy technologies. we think expanding economic freedom through private innovation and a number of other practical solutions, we can get there. host: how do you define energy dependence? how will the u.s. become energy independent? guest: in a lot of respects, we already are. we are the world's largest oil and gas producer. we have a lot of energy choice. we import some energy from canada, some oil from the rest of the world because oil is not created equally, so it makes sense for us to import some of the heavier crude oils for gulf coast refineries and ship out light crude oil. i think it's about having that energy choice and not being dependent on one sole country. you look at europe, who is largely dependent on russia for their natural gas, that is a different situation. they are beholden to russia, beholden to putin. the solution is more energy choice from increased renewables, nuclear power, and one that will fight natural ga

>>>> we agree completely if the goal here is decarbonization we have to get started now. we cannot afford to wait decades for more vehicles. we need a few things and one of those is more infrastructure and then unless retailers are offering those fuels so we need to see more and then the dispensers compatible with the biofuel infrastructure. that corn ethanol today already offers 50 percent greenhouse gas reduction. that california resources board has certified some ethanol 70 percent more than gasoline we are well on her way to net zero emissions so that transition is well underway. >> talk about continued support, earlier this week the supreme court reviewed a decision to jeopardize the ability for fuel retailers please raise your right hand. do you solemnly swear you will support and defend the constitution of the united states, against all enemies, foreign and domestic, that you bear true faith and allegiance to the same; do you take this obligation freely, without any mental reservation or purpose of evasion; and that you will well and faithfully discharge the duties

and europe for that matter to solidify energy security while they decarbonize. this is important in our opinion from a national -- maria: it is an absolute national security issue and this agreement that you're referring to he providing honeywell with 19 gigawatt hours of battery life and cells from 2023 through 2030 is important. you're also going to be able to use honeywell technology offerings in your own manufacturing processes. how does that work? >> honeywell has more than -- long over a decade of experience in providing automation and software and various machinery into the lithium battery industry and by teaming up with honeywell, supplying them with decarbonized battery solutions, also leveraging their footprint and competence in developing machinery for and software for the battery industry will allow us to basically provide even more cost competitive solutions for the decarbonizing energy sector in the us. from an energy security point of view. go ahead.maria: please finish. >> so we are going to develop and build batteries based on a u.s. based techn

as you explains, decarbonization plays a big role but also you foresee how the g7 could help the developing world and to have some means to deliver its path to achieve or do better. show me the specific ideas you had on the g7. >> we are happy we are now able to do our task in the g7 with the presidency and there are a lot of questions to be solved in the international community where g7 can play an important role. the fight against climate change, this is a global task that could not be solved by just one country so we have to cooperate. if we follow this path, do the necessary decisions in our country, have impact on our industries so there are a lot of debates about how to give them a certain way of support, the global environment that is not in any case following the same direction. what i already mentioned, it is open, especially to the big countries in asia, working to follow the same goals. this is one of the main topics to be discussed. the second is how to fight against economic consequences of the crisis and especially the poorest countries that need support investment, to be succ

. >> if you are going to get serious about decarbon eyeing and radically changing the way we produce and consume energy and advancing goals as the center was noting you can't do it without radically transforming your transportation sector. >> newsom mentioned high speed rail. he says 4.2 billion is being requested at the legislature to finish first phase. when asked if he thought he would see high speed life in his life, he said yes. he is seeing the progress and state will continue to fight for more regional dollars to build infrastructure. >> thank you. >>> new, the governor could announce his decision whether to parole robert f kennedy's assassin. back in august it was recommended that the 77-year- old be released. the governor has final say and yesterday he said he would announce his decision today. >>> more than 50 years after convicted of shooting robert f kennedy at a los angeles hotel two of kennedy's sons support the release and others signed a statement urging newsom to keep him in prison. we first brought the press conference live. >>> owners of certain firearms that are i

they are finding ways to decarbonize the industry. bloomberg estimates the upgrade will cost up to 278 billion dollars. julie atwood tells us more and she is here with us. why is there so much interest in decarbonizing steel? what is the technology and how advanced are we in the process? >> the important thing to think about is that steel is 7% of global emissions. how steel decarbonize is and how fast that happens has a big impact on whether we can meet our climate goals. what is even more important is the role that steel plays and a lot of countries that have pretty strict net zero targets. i'm thinking china, north korea, and japan. their total emissions, steel is a big chunk of that. it's 12% to 15%. the technology, there's really four of them that look like a complaint big role in the future. there is recycling which is pretty mature but also a finite limit to how much. there is carbon capture where you are just adding a new system onto your existing steel plans. and then there is direct electrification where you start to make st

we need to advance mechanisms to decarbonize deal and cement. we need to find technologies to -- so we can afford the sequestering of carbon these are all going to be the doo d the tools in which we can create a more sustainable world but it's not going to happen overnight. if we want to admonish the companies, we can say stop investing, get out of your business we're going to have a very unequal outcome. >> possibly one of the most vocal defenses both of his letter guys but of hydro carbon companies. there's been blow back the past couple of years by activists on one side but also pension funds in states like texas on the otherthat have said what are you doing here we may pull our money if you push these issues against hydro carbon companies so trying to thread a needle in a way i don't know that he has historically we'll have more of the conversation with him including discussions on markets and the fed. i think people will want to hear about the equity market and what's on tap. >>> this next story, major -- a lot to talk about with this. majo

but a big push to decarbonize as much as possible. dion: it's not just ferries and ships. governor newsom's budgets proposal includes $10 billion to support clean cars, trucks, bus that is are more affordable. and spencer, i really enjoyed watching your environment al reports also during the week. spencer klaw: thank you. thank you. i wish i had some rain to report. happy to report on the sunny and pleasant weather. we've got 23 straight days without measurable rainfall. the last measurable rain was pulled on january 7th. looks like we could act three four days before rain finally arrives. >> it's a little bit cooler. about four to five degrees clearer. here's a view from the bay under increasingly cloudy skies. mid 50's at oakland mountain and san jose. santa clara, 57 and 52 in half moon bay. whispy clouds are beginning to pass buy. petaluma 56. napa down to 52. and upper 50's at concord and livermore and what a glorious sunset is developing as you look west from emryville. features partly cloudy overnight. gusty off-shore winds develop on tuesday and wednesday. they'll

for example, a package of incentives and rebates for clean energy, electric vehicles, and decarbonization will incentivize companies to make these critical investments. let me now turn to three aspects of the biden agenda that exemplify this modern supply side approach. the first pertains to labor supply and is reflected in the build back better agenda. labor supply has been a concern in the united states even before the pandemic, in part due to an aging population and in part due to a labor force participation rate that has trended downward over the past 20 years. now covid and declining immigration have further reduced the workforce. the lagging labor force participation rate is driven in large part by a combination of factors that disincentivize work, such as inadequate paid leave and high childcare costs. while the final details of a package continue to be discussed by the administration and congress, the core of build back better counters these trends by making it easier for working-age parents to participate in the labor market. it proposes two additional years of universal early ch

different -- different organizations, different governments with different policies but a big push to decarbonize as much as possible. >> it's not just electric ferries and ships. governor knew some's budget proposal includes $10 million to support clean cars, trucks and buss that are more affordable. well, sit mushroom madness. they held their till don annual fungus fair. it went virtual. it featured disdiscussions from local psychologists. fewers got a look into the world of fungi and how some survived the recent wildfires. they help you understand which mushrooms to avoid. you can check out the virtual fungi affair on the you tube channel. to another fungi. a different guy. spencer: let's take a look at what's going on with our weather. we've had 23 days of cobb consecutive dry rainfall. measuring rainfall is january 7th. we've got that's a week of more of dry weather ahead of us. breezy along the coast. wind is pretty calm in most other places. temperatureses are two or three degrees cooler a beautiful evening. here's the view looking across the column bay waters. 52 in san francisco and in o

. >> you can't be serious about addressing the issue of climate change and decarbonizing your economy and running your economy on a carbon free engine unless you're making the kind of investments to partner with companies like ford and other automobile manufacturers to do just that. reporter: with a goal to end the sale of gasoline powered vehicles by 2035, the governor wants to find $6 billion in the next budget to ease the transition. the money will go toward expanding the network of charging stations and support development of zero emission trucks, transit and school buses. a a quarter billion dollars will be earmarked to help low-income residents buy new or used zero emission vehicles. >> this is not just about fighting climate change and reducing pollution. it is also about removing barriers so that just a privilege for you -- the privileged few can benefit from this clean energy technology. reporter: the plan must win approval from the state legislature which previously approved for billion dollars -- $4 billion in the current budget. automakers are moving quickly with electric

we will achieve better use of the data that is coming off of these systems to get to decarbonization. and we will also have more cybersecurity solutions out there. when you see companies reporting and being transparent about vulnerabilities and equipment, this is really a trailing metric because it gives us a good indication of the state of industrial control systems security five or 10 years ago. but the newer products and systems are being built very intentionally following standards with security built in. that is really going to make an impact today as well as five years down the road. i often say in cybersecurity, we are trying to save the world 10 years from now. andy: we can get into standards, but we won't do that too much. the reference to this particular one, isa 62443, a suite of security standards for many different types of entities but product themselves, too, it represents a seachange in the industry. before we switch, you have something to say? andrea: yes, i wanted to add a little bit. tax incentives are a wonderful thing. the best product to get into the system that

but there is also the longer-term inevitability around regulation around decarbonization. that longer-term trend will kick back in. in the short-term, there is a lot of speculation about how to protect the bottom line against other macroeconomic forces. francine: we have quite a lot of things going on. first of all, ever queen of charts reminds us that one dollar out of every three dollars went into esg funds. if you look at returns, they were not as great in 2021 as the previous years. what happens this year? guest: it is hard to predict any strategy and what trends will drive the market in any year. but 2021, it is clear there would be more volatility into esg. this will be supported by regulations. there is so much happening in this space. [indiscernible] it is subjective for the eu to have more money. i am quite positive about growth in sustainable funds. environmental issues like climate change and covid have become top of mind for investors. tom: will bc european dominance in this space? -- will we see european dominance in this space? guest: it is driven by regulati

the country needs more innovation to achieve its decarbonization goals. the have to work to ensure the new tax system is needed. let's go to our correspondent. >> the keyword is innovation. we need innovation to do carbonized. our existing tax provides us with $2.2 billion, approximately. it is not enough. we have to gain or create consensus among japanese people. the need to create new tax system, carbon tax. i have not use that word yet. i have not used carbon pricing. we have up or how selection this year. i don't want to create a misunderstanding among people. this is fun for future investment, future prosperity. still, we need some time to gain a consistence among people or to convince people for the need for new tax system. >> somewhere to size cup 26 as having water down the language. japan has been criticized a little bit about not doing enough for climate change. what are your thoughts on the overall results at glasgow last year and, for the future, would japan consider upgrading its 2030 carbon emission goals? >> i think lasko was a big success.

going from maybe shift where rates and inflation -- and will also be fueled by deglobalization and decarbonization. if you want to navigate what could be a very treacherous 2022. lisa: give us a sense of your take on the driver -- divergence between value and growth. is this the beginning of a rotation that could persist for more than a couple of months? >> your daily rundown was superb. i do think this argument is important. am i concerned about that? a little bit. but last year had to do with jay powell looking for that further progress in the job market and we are in a reverse situation were all of a sudden jay powell has become an inflation hawk. it's been a very oppressive influence on the economy. it also becomes a political call. in that case i think he's trying to be much more diligent this year than we've seen in the past. i think that will be the key difference going forward which i think plays out in the value space. tom: what is the character of this bull market? michael: we had record ev financials, don't forget this easing policy we had started before the pandemic. powell started cut

future and this is also the amount we will see italy, france, all of the countries benefiting from decarbonizing assets. tom: you also highlight the cybersecurity risks. what are the gaps that exist now in terms of the risks and preparedness of financial institutions when it comes to private security? sylvie: we insist on this gap. we are happy and the reason i can participate in your meeting this morning, we are happy that digitalization -- we made it not only because of the pandemic, but also with the pandemic we are less reluctant to use digital for medical appointments. we should also see the public side of all this. we know that society is digitalizing more and more, but of course it creates risk. what we have observed is that some companies and investors are aware. last year we organized for the paris financial center, a large exercise where we are trying to get used to get used to the risk and we check with public authorities that the institutions are well prepared. they are not 100%. francine: today is also the first day where we have a new bundesbank president. are you expecting to him

three things, one is decarbonization. that has been a long-standing esg theme. that means risks and opportunities. the speed has accelerated in the last 12 months. if you look at this issue from an australian perspective, more than 50% of the companies have got net zero commitments by 2050. some earlier than that. the second one is culture. we have seen a number of cases in the last few years where poor culture, sexual harassment, bullying, a number of other cases have led to value destruction. companies don't typically self-report these issues until it's too late. then the third one is slavery and human rights. that is driven largely by the modern slavery act. we see a link between this issue and sustainability. if you have a business model or supply chain that relies on underpaid workers, weak regulation, or even illegal activities like slavery, those earnings are not going to be sustainable over time. what's interesting in 2022 is we all know what covid has done to supply chains in terms of swaptions. a lot more people -- in terms of disruptions. we think thi

the realizations are becoming that you want to solve limit change and decarbonizing, you knew to do this with micro janitors -- micro generators. then, you throw these issues on top of it, kazakhstan, it creates a much more bullish outlook for uranium. one thing i am watching is for one of these governments in europe to classify nuclear power as being esg friendly or green. i think we are getting close to the happening. tom: what does this bullish view translate, how does that translate in your forecast for prices? what do you have on brent, for example? jeff: our target is $85 a barrel for first quarter. near and hitting $90. that is looking increasingly unlikely. adding to the geopolitical uncertainty, if you push iran back, $85 moves into $95. this market has potential to get very tight over the course of the next 3-6 months. you have to remember, investors do not like commodities, they do not like the space. if they get interested in this environment in which you have tight fundamentals, the upside over the next 3-6 weeks could be substantial, not only in brent but the entire commodi