tv Bloomberg Markets Americas Bloomberg November 1, 2021 10:00am-11:00am EDT
johnson. guy: monday the first of november, 2:00 p.m. in london and 10:00 a.m. in new york. 30 minutes into the trading day in the united states, from london i am guy johnson. alix steel is in new york. i may have taken a break, stocks have not. alix: you missed the beginning of the bond rout, but you can tested and it looks like it is happening. we missed you, but he is back. let's get down to what we are looking at the bond market, 10 year yields up another four basis points following the yield up eight basis points, they were up double digits for the btp yields. we are on the highs of the session, that continues to be the story. as you saw, the s&p slipping into negative territory close to a record on friday. the dow holding up the best in a
relative basis. an area at that is still doing well is energy, that is very much in iran story. bank of america just up graded their 2022 forecast to $120 a barrel. it is all about the bond market into central banks. guy: it is all about the data. we are watching the data drop onto the bloomberg screens. the ism manufacturing data, the movie did the numbers. the headline number is 60.8. that is down from last time, ahead of expectations. the prices paid component, this the bit i am focused on -- alix, we are at 85.7. that is up from 81. the expectation was 82. inflationary component in this is certainly noticeable. 59.8, you wonder whether those two things are related. employment index fairly stable, picks up a little bit, 52 verses 50.2, expectation 51.
strong employment component of a new order is a bit weak. inflation very much represented. we will get some more analysis from tim in just a few minutes. alix: looking forward to that. in the meantime, we are still awaiting president biden's are marks from glascow. in the u.s., the economic agenda -- glascow -- last -- glasgow. he struck an optimist or tone of news conference. >> you all believed it wouldn't have been from the very beginning when i announced and you seem amazed when it is alive again. you may be right, it may not work. but by the end of next week at home, we will see is past. alix: our correspondent is joining us. president biden still sounds relatively optimistic, should he be? >> he is optimistic.
he was meeting world leaders, there was some progress made, especially when it came to prescription drug prices and salt. something you might have missed when you're in the room, you would've seen it. as the president was exiting the stage, reporters were shouting. if you have a commitment from senator cinema -- sinema and senator manchin, the white house came back and said it is not a commitment, but the president wanted to restate confidence. you can see there is a lot going on. the president is not just trying to buck up his domestic agenda, but also in front of world leaders to make sure the u.s. can deliver, especially today. he is giving a massive speech on climate change today in glasgow. this is on the heels of his approval rating hitting a low of 42%. he still has his confidence by
the end of next week, we could potentially see those two bills being voted on. senator bernie sanders over the weekend said he does not want the house to take up the massive bill until there is a yes, public, explicit yes on the framework from all 50 senators. all eyes are on senator kyrsten sinema and senator joe manchin from west virginia. guy: it looks tricky. in rome, thank you very much. let's talk about what is happening right now, that was the weekend, this is moving forward. world leaders gathering for their summit. underway in glasgow, the u.k. prime minister hosting the talks. he warned the paris agreement is at risk of unraveling after g20 meeting in rome secured only modest agreement. >> the country's most historic and present-day emissions are not yet doing their fair share of the work. if we are going to prevent cop
26 from being a failure, that must change. i must be clear. if glasgow fails, the whole thing fails. let's go to glasgow now. francine, rome did not deliver what boris johnson wanted. he is not talking about the risk of failure. how high is that risk? francine: the risk is pretty high. if you think about the g20, they emit 80% of omissions. if they can't come up with a concrete plan with details, money behind it, what is there a chance here at cop 26 where you have 200 countries but it is very much diluted, we have countries that suffer the effects of climate change but don't have the power to stop it. at g20, the focus is on methane. we have an agreement, but not the kind of big agreement that would have capped it up to 30%
between 2020 and 2030. we had something on coal, the dirtiest of fossil fuels. but it was about financing outside, nothing domestically. it fell short on expectations. today, we are getting a series of speeches. the u.s. president should be up shortly. we will see rather it rallies the troops to have something concrete him up -- concrete, that there is not the russian president or the chinese president. it is very difficult to have something that is very big and that will make a huge difference without those people present. two weeks, 200 negotiators, delegates, i think we will get something on finance. certainly from the private sector. alix: the carbon tax and everything front and center. francine joining us there, tomorrow we have a great lineup from cop 26. bank of america and ceo and
others, stay with us for that. i went to get back to the breaking news, the iso number on for manufacturing coming better but new orders coming in light. we are now joined by tim, committee chairman. it is good to see you, your biggest take away from the numbers. tim: we over perform the expectations. we are pretty consistent with last month's performance. if you dig into the detail, tells a different story. i think guy was right. a newer number came down almost six points, still at a high. nothing to be overly concerned about. but the number on the rise for the second straight month is a little concerning. suppliers will continue to struggle for the second straight month, which indicates that maybe people are holding back because they're not exactly convinced they are going to remain. guy: how much is the headline number being affected by the issue of times? tim: it has been affecting the
new order level number for quite some time. we are at record times for both production and capital equipment, have not seen numbers in this long. prices are on the rise. there may be skepticism that prices will remain the strong as you go into next year. people probably have their orders place for the first quarter, maybe to the second quarter. erie high prices. -- very high prices. they will stop and wait to see what the structure will look like. alix: how are manufacturers doing in securing workers? tim: that is an underlying issue. i think it is doing pretty well at hiring, we have more respondents in october compared to september. it was 0% in august. we have a loop occurring, 27% of mine are nutrition focus. another percentage is retirement focused.
additional headwinds to adding headcount to produce products. guy: if i am worried about inflation, and many in the market are, what is the message from the survey? tim: prices are on the rise. we did hear from the respondents that it is turned to eat a little bit coast hurricane. we are getting to a level that might be more affordable. but raw material prices, like you said, are on the rise. eight years or something. they're starting to moderate, it is good news that the europeans are still coming into the market. not a big piece of u.s. consumption. still prices are certain to come down, it will see high levels and slowly street close the rest of the year, but we will see what happens in january and february. meantime, manufacturers move on.
they have to sell their order and that is probably what they are doing right now. to get a better feel for it. guy: thank you very much for sharing a few minutes with us. ism it manufacturing business survey committee chairman, thank you very much indeed. coming up, stocks at earlier highs, but nevertheless, we have been pushing ever higher. we've got a disconnect between the equity market and what is happening in the bond market. the regional head of investments is joining us next to give us her analysis of what we see in front of us. this is bloomberg. ♪
guy: 12 minutes past the hour, i am live from london. this is bloomberg markets. u.s. stocks posted their best turnover in six years. the biggest monthly advance since last november. notable developments have taken place. in between what we are seeing with the stock market and the bond market and the volatility associated with both of those, abigail digging into this issue. >> it is october, huge month for the s&p 500 and many others. the best of the year, as you just mentioned. bonds not so much. this makes it interesting from the standpoint that bonds falling lower would confirm stats going higher in terms of haven not being designed in the face of stocks. we go over the last six months, look at the move index in blue. that is the volatility index for treasury. for the most part, they been correlated.
there was a bit of a gap in july that brought stock volatility act higher as bond volatility went down. his interest in to take a look at now because you can see the volatility for bonds super high as yields have backed up on selling off. the vix has only gone lower. which way will this reconvert is hard to say. volatility could be for a rally in treasury, more traditional thought is that bonds may pull back a little bit more as yields backup. in fact, we take a look at a year to date, this is interesting. treasuries down about 2.6%, this is an index, bloomberg index of price. corporate bonds down 1%. that is not so risk on, because ideally you'd like to see corporate bonds rallying with stocks. take a look at the rally for stocks. 23% year-to-date after last year's monster rally, it is hard to read these tea leaves, but there is a bit of divergence.
right there, take a look at a high-yield that might lend interesting clues. alix: that is so fascinating. and you so much. abigail doolittle joining us. and for her take is kristen bitterly, citibank regional head. what do you make of the diversions of volatility between stocks and bonds and how long equities can keep up the risk on appetite? kristen: what i think is really interesting, you have to look at going into earnings season, what was happening in equity to understand some of the price numbers we are seeing now at the index level. the mark in different shooting ways breaks down and correlation. for example, 54% of the companies in the s&p 500 have seen a peak drawdown in the past 12 months of about 10% or more. close to 20% have a drawdown of around 20% of more -- or more. coming into earnings season in the looking for some of the
signals has inflation impacted earnings, have supply disruptions impacted earnings? with minor exceptions, companies have delivered with about 82% meeting earnings estimates to the tune of 11%. it has been a strong earnings story, which is why we are seeing this continued upside overall. guy: what you think that 11% is going to look like next time? higher or lower? the order of magnitude is going to focus on, if it starts to come down, that is a fairly negative side. kristen: this is the thing i think, as an investor, everyone needs to adjust a little bit. looking at estimates going into q4, they are going to be some pretty lofty expectations, especially on some of the get cap stocks and seeing how they are going to deal with some of the disruptions. looking forward into trying to get out of just one quarter and some of the potential volatility and looking over one to two years, the real story is --
coming off a year of 45% earnings road, what does 8% feel like? it is going to feel a lot different, but it is not bad. we are still growing, that is a bit of a change in psychology for investors. alix: how do you look at value? earlier in the year, the value trade was moving into europe. cyclicals in the u.s. -- where are you going to get the earnings growth in an adjusted way that makes you happy? kristen: we are still looking globally. this is all about quality and really looking at security selection. i know a lot of people have said this becomes important, but we are looking global. looking at companies with strong balance sheets, strong cash flow generations, the ability to grow earnings and dividends, kind of bringing back in the conversation about yields, that is another important part of providing construction. a factor that looks attractive is health care. health care is one of the areas on a global basis, it is
actually trading at a significant discount. within the u.s. market, about 16%. trading at 17 times the earnings, out of all major sectors, it is the second highest in terms of free cash flow generation. the expectations -- i think this is important -- the expectations for health next year is only at epf both at around 3%, revenue growth at about 5%. very manageable and realistic. that is an area that makes sense to add some exposure. guy: how will equities react when the fed starts taking? kristen: i think a lot is priced in. this is one of the challenges, we have a big meeting this week. it is more about the taper discussion than anything else. but i think the most interesting thing right now is look at the markets and how we already priced in several rate hikes in terms of looking at next year and of following year. nothing really has happened other than bringing the fact --
back -- bringing it back to the rates conversation, some opportunities in the middle part of the curve. one of the things we did not do was at exposure in terms of the intermediate treasuries as well as investment rate corporate's to be a volatility mitigate if we see something. but we have to go back to 2019 when the 10 year was at 190. the economy was functioning pretty normally, tech was able to grow. i think there is a lot priced in. but earnings -- going back to earnings, they are going to drive. that is how you combat rising rates, with record profitability. guy: topline's got to keep moving. thank you much. kristen bitterly of city private bank, thank you. ties to jeffrey epstein costing him his job as ceo. that conversation next, this is bloomberg. ♪
>> it is time for the business flash. there are signs that don't bode well for smooth holiday travel in the u.s. american airlines canceled about 1500 flights over the weekend and another 250 today. today, the airline claims weather. there weeks ago, southwest canceled 3100 block -- flights over four days and said it needed to hire more workers toward of disruption. the airline has been caught offguard by the rebound of packages and the need to send them. change at the top of barclays. ceo jes staley is stepping down an investigation into his ties with jeffrey epstein. on friday, staley and the british bank perceived the u.k. banks plumbing or a conclusion. he stands to contest the findings.
the head of the markets vision [indiscernible] that is your business flash. guy: thanks very much. so what does this mean for barclays ? michael joins us now. first off, how big of a shock is this? michael: it is quite surprising. the probe was known for some time, but we have been waiting on answers. the fact that it happened so abruptly, it is certainly a surprise for shareholders. alix: that is why am confused as to why the stock is not done more. we came in, there is a surprise resignation by one of the huge banks from the ceo, it would be a big deal. i don't really feel that in the market today. michael: i think -- it is seen
as someone who staley helped groom to this position. indicated he is going to stick with the strategy, perhaps there is a feeling of some stability there. but certainly, you would expect some reaction from the market evan staley -- given staley had been in that role for almost six years and brought some level of strategic continuity to it. guy: in terms of the challenges that he is going to face, what are they? staley has, in many ways, done what he should not have done which was focus on the investment they focus on the trading side of the business. everyone was slamming import for a while. i'm assuming they were on board with that. it turned out staley was right, are we going to see a more moderate approach to that?
and prettily bullish on the i bank. michael: i think you will see that strategy continue. that would be the indication so far. you would imagine he believes in that strategy. i think the big challenges will be we have seen such tremendous trading activity over the last 18 months, if that starts to slow down, can barclays hold onto any share gain they made or pick up some share as we've seen some rivals pull back on risk? or is it something where things slow down and suddenly, that bet on the investment bank does not look as precious? that will be the big one. we are seeing more competition on the retail banking side, jp morgan getting into the u.k., a
lot of fintech spending a lot of money in this market. does that start to erode on the domestic franchise? alix: i think it will be open -- really interesting, it was interesting to see it only down by 1%. michael, we appreciate the drink cart behind you. coming up, some local elections in the u.s. tomorrow. also a new nbc whole -- pull does not have -- poll does not have great stats for president biden and what it means for the 2024 midterm -- 2022 midterm elections. libby control joins us next, this is bloomberg. -- cantrill. ♪
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democrats, republicans and mayors. what happens on a federal level, it trickles down to the mayors of the city. we are closest to the problem and must be the individuals who are closest to the solution. alix: that was a new york city mayor candidate on balance of power. tomorrow, we have elections in the u.s. i want to break down a preview with balance of power anchor david westin. you guys are going full on this tomorrow, what is the most important question mark -- most important? david: will mr. adams will win. the biggest race to watch as the former governor coming back trying to have a new term, but running against the former carlisle executive, someone we know pretty well here bloomberg.
normally, you think that would go to the democrat, but that race has narrowed. there is no distance between those two candidates. guy: what is the read across? can i take a message from what is about to happen? david: it is one of the great debates. people will take the read whether they should or not. but what does it say about the democrats nationally is what is going on? a pokey met yesterday from nbc that is not good news for mr. biden. but even more interesting is a gallop poll that suggest the majority of americans think the government is trying to do too much. joe biden thought he was going to be helping the democrats by looking at these great things we are going to do, some people are saying maybe you are going too far too fast. alix: the rhetoric is if you can get something passed in the human for structure bill, that will be good, he did his job. but that may not be the case based on this poll. david: maybe nervous about how big it is or if you didn't get past. it didn't get done.
maybe he would've had a better time in virginia if they had gotten it active. there is a competency issue started to seep into the discussion. guy: we are going to leave it there, looking forward to the coverage. we will see where the people read. midterm still close, but maybe further away than we all think. david westin, think you very much. joining us now is libby cantrill , pimco head of u.s. public policy. how important is virginia going to be? libby: it is going to be the first indication of enthusiasm for democrats. the first real election without president trump on the ballot. as david said, this has become a very close election. in a state that the president run -- one by 10 points and no republican has won a state was 12 years. it is -- for almost 12 years. it is going to be a negative
indicator if young can wins for sure. -- youngkin wins for sure. they surpassed their agenda immediately because time will be limited. but we should caveat that we have a year before the actual midterm election and a lot can change based on the economy, covid, what have you. it will be data point and it could be foreboding should young can win -- youngkin win. alix: i am wondering if we will see what will happen to president trump about end of the last election where he still had a following, but there was it a virgins. even though biden is pulling poorly, is it possible they have the governor and mayors in the democratic party pulling better or are they too linked?
libby: that is the big question mark. pulling in virginia would indicate that, but he can run as more of interest democrat if biden had been trying to ingratiate more of the present wing of the party. that may benefit him in the end. we will know after tomorrow night. we have to put this in context, caveat, not to read too much into the off cycle election that is a year away from the midterms. guy: let's talk about building back better. are we going to make progress this week? libby: seven months of the build back better framework agenda, negotiating back and forth. we believe that we will make progress, this week we could
actually see a vote on both the bipartisan infrastructure framework that already passed the senate in august and we could see a vote in the house on the build back better agenda. unlike the bipartisan framework, which will go right to the president for his signature, the build back better agenda then has to go to the senate to get past and knowing the senate, it will be amended, meaning it will have to go back to the house. so our view here and what we are telling our clients is that we have to wait until probably the end of the year to see both of these bills signed into law. but just be clear, we do believe they will both be signed. failure is not an option for democrats here. alix: as we keep saying, time is ticking. we are waiting for president biden to speak over at cop 26. i can't help but notice he is there, pushing a climate agenda
that has been reduced and yet not yet passed in the u.s. and putting pressure on saudi arabia to boost their own oil production. what kind of credibility do think he has written out in the international community to get something like this done? libby: for democrats into the president in particular, he is hoping he will climate is a big focus of that. we should say that even though senator manchin has oppose some parts of this climate provisions, the climate provisions in the framework that is released last week by the white house will likely be very similar to what is actually signed into law does have a very
big climate component. almost $550 billion of spending and tax breaks for renewables and other kind of climate from the provisions. just to be clear, the climate is a big part of the build back better agenda even though it has been scaled back. but see your point, how credible is he? he will make the argan that governing is not easy, it is messy and that is what we are seeing here in the united states. but clearly, he would have preferred to have gone to scotland with this in the rearview mirror and more of a platform on the international stage. guy: if you makes progress with build back better, if there are signs of progress in washington, if he delivers in glasgow and there is a positive message, halo effect, are these the lows of the president in terms of his opinion poll ratings? libby: this is so sort of multifaceted. clearly confidence is going to be a big input into the approval ratings. i think the view of his competence and the white house's
competence might be at a low here. so if they can win, they can argue past these two bills, but of course a lot of it will depend on the economy. a lot will depend on covid. will we see another variant, another outbreak of covid in the winter? multifaceted, but certainly passing these two bills will help the president. i think you could arguably say this could be a fall love if you will. alix: thank you for joining us. libby cantrill, pimco head of u.s. public policy. we are still waiting for president biden to speak at cop 26, we are looking at how other countries are dealing with the transition. a ceo will be joining us next.
ed: you are looking at a live shot principal room. this is bloomberg. let's check in on the bloomberg first word news. the texas abortion logos before the u.s. supreme court today. it is the strictest in the nation and is largely that has largely shut down abortions in the second largest date. a number of legal doctrines prevent federal judges from blocking the law or entertaining challenges by clinic doctors and the justice department. opponents say the law is unconstitutional. europe is starved for natural gas. some russian gas is eastward from germany reversing the usual direction. algeria has stopped shipment to spain. the result? gas prices rose the most into
weeks, falling 26% last week. president biden wants $3 billion a year in u.s. climate finance to go toward helping voluble nations adapt to consequent is of global warning. -- the climate summit in glasgow . global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ed ludlow, this is bloomberg. alix: joining us now is chairman and ceo of a company that produces power generation products. he supports the build back better act that aims to d carbonized economy. great to see you, really looking forward to this interview. you kind of live in a very interesting part of the market. i want to start with trucks and engines on trucks. i am wondering when we get to the point where we will have 25%
or more ev's in trucks and buses. it would be truly a game changer for decarbonization. tom: thanks so much for having me, and think you for your question. trucks and buses are a big component of fuel usage and therefore co2 generation. getting those products down from a carbon point of view is critical to meeting our goals, both as a country and as a world. one thing i would like to say is that ev's are an important part of that strategy, but the truth is, we cannot wait into ev's are cost -- until ev's are cost effective and there is enough infrastructure. we need to start lowering carbon today. one of the things we are emphasizing is the idea of a path to zero and that in order to meet climate change goals, we need to start getting on a path today. we are offering technologies today that reduce climate warming gases right away, co2. then we to hybrids, then
electric vehicles, then fuel cells. keep moving down the carbon producing technologies until we meet zero. but start today, do not wait. guy: tom, good morning. what do you need to hear from the politicians? what do they need to deliver open glasgow for that process to happen as you lay it out and for it to be accelerated? tom: thank you for your question, nice to talk with you. here's what i would say. existential crisis of our time, climate change. we all have to be in it. the politicians, the businesses, consumers. we all have to be in it for real. what we like to see from politicians is a regulatory structure that emphasizes reducing carbon. that means not only invest in technology, but we have to internalize the externality, which is carbon. that means carbon tax, some kind of cost on carbon.
it also means regulations that drive action today, don't wait until everything is perfect and all electric vehicles are available everywhere into their is charging infrastructure everywhere. start now. alix: when you take a look at the future, china seems to be betting quite big on hydrogen fuel cell technology. it feels like the u.s. is betting more on battery electric. what does the mix look like? can we say 20% 30%? tom: it is a mistake to bet on anything. the hydrogen council shows that if we have multiple infrastructures, hydrogen and electric vehicles, it is cheaper to build the infrastructure, more robust and likely to produce better results. so our argument here is for the extension crisis of your time, invest in all of those technologies. don't choose today before they are right, get going on all of them.
-- riep -- ripe, get going on all of them. the u.s. has time to catch up to russia and china and now is the time. that is one of the reasons we supported the build back better program. our incentives in there to start building out the hydrogen economy. guy: do you think this is all going to be inflationary? tom: you know, that is hard to say. i guess on the one hand, i would say maybe. on the other hand -- again, we are all going to survive or not survive by whether or not we can sustain our planet. so we need to invest in these things, we need to move toward a lower carbon economy and there will be shocks along the way. there will be increases in prices, there will be dislocations. how could there not be? but we have survived this before. innovations can get us through that and i believe that the industry is ready to take this on. we just need to get moving. alix: let me ask it in a different way.
when we are finally at critical mass here, what is the margin profile for say, hydrogen battery electric trucks versus traditional ice vehicles? tom: at cummins, innovation has been at our core for a hundred years. the employees want to innovate and solve these problems. our view is if we do goods innovation, we give customers solutions to both their economic and sustainability problems. we will get paid to do it. if we don't come up with good solutions, we will not. it is definitely right, that is a ceo of a company, i need to figure out how we are going to earn margins. i worry about that every day. but i believe if we do a good job on this innovation and if we solve the real problems of today's customers, we will get paid and we believe these problems, how to turn from a high carbon economy to a low one, is one of those problems. we are full speed working on it. guy: do think they're going to
be supply bottlenecks that will impede the path toward these targets? some are suffering at the moment because we can't get the chips we need to build the vehicles we want. do you see that as a short-term phenomenon? what is going on right now in terms of the supply chain? how will the supply chains be affected as you make energy transitions? tom: definitely a short and even medium-term phenomenon, especially with electronics and circuits. i believe there will be more supply chain dislocations as we move to a world that is going to demand different technologies to solve the worlds problems. there's no question about it. i would put that in the scale of things the industry needs to work out, investments need to work out. i want to build a planet that our kids and grandkids can live in. there will be some supply shocks. again, all of us should be focused on the task at hand, which is getting our technologies, regulatory infrastructure moving toward a low carbon economy.
get moving. solve the small problems later, even the medium problems later. but get moving now. alix: before we let you go, it is for the long-term issues shift. i want to get your take on the short-term supply issues. when do you see the chip shortage easing? the conversation last week was maybe we have hit bottom. what do you see from where you sit? tom: right now, i see a horde of problems. a lot of shortages everywhere and a lot of challenges. but these are challenges that i believe the industry can work there. we will have to, as an industry, invest in automotive grade chips and wafers and all of the supply chain supports that. we are going to have to invest in building capacity back that we lost during the pandemic. that is going to take some time. but all of us are committed to it, we will do it. i don't know if i can call it short-term yet, because i can't quite see the end. what we are investing to do it, and i think the longest is an
ed: it is time for the bloomberg business flash. giving investors along long awaited on strategy this thursday as the bank tries to map out its future of capital management and scandals. the chairman has promised to deliver his plan by the end of the year. shares have been over, the company has fired for canadian approval for the coronavirus
vaccine. it is also seeking approval in other markets. it is expected to go through the u.s. fda by the end of the year. that is your bloomberg business flash. alix: really appreciate that. staying on the virus, should point out that this is the first day here were if you are a public employee into are not vaccinated, you will be suspended without pay. 91% of new york city has gotten shots, so definitely working toward that here. guy: we're going to pick this up a little later as well and carry on the conversation around what is happening with the vaccines. the ceo will be joining alex and me a little later, we will do that at 11:30 a.m. in new york, the: 30 p.m. in london. looking forward to that conversation. looking forward to hearing exactly how it is going to fit in to the wider narrative of where we giving vaccines, who are we giving them to come are remixing and matching, lots of things. we are waiting -- are we mixing
and matching, lots of things. we are waiting for the president to speak in glasgow. i meant to only talk for three minutes. i am being informed there is some sort of gong or noise that sounds after three minutes. alix: a buzzer would be weird. guy: that may be the case. the president is expected to speak within the next couple of minutes and we will bring that to you. the president of the cup 26 meeting is doing all of the introductions. -- cop 26 meeting is doing all of introductions. we'll hear from the president, he is arriving on the podium to deliver his remarks, let's listen in. pres. bi we meet with thed eyes of history upon usen: and profound questions before us. -- pres. biden: we meet with eyes
of history on us. are we condemned future generations to suffer? this is the decade that will determine the answer, this decade. science is clear. we only have a brief window left before us to raise ambitions and raise to meet the task that is rapidly narrowing. this is a decisive decade in which we have an opportunity to prove ourselves. we can keep the goal of limiting global warming to just 1.5 degrees celsius, within our reach. if we come together. if we commit to doing our part of each of our nations with determination and ambition. that is what cop26 is all about. glasgow must be the kick off of a decade of ambition. an innovation to preserve our shared future.
climate change is already ravaging the world. we have heard from many speakers. it is not hypothetical, not a hypothetical threat. it is destroying people's lives and livelihoods, and doing it every single day. it is costing our nations trillions of dollars. record heat and drought, fueling more widespread and more intense wildfires, in some places crop failures. others, record flooding. what used to be a once in a century storm is now happening every three years -- few years. the past few months, the u.s. has experienced all of this and everywhere in the world can tell similar stories. in an age where this pandemic has made so painfully clear that no nation can wall itself off from borderless threats, we know none of us can escape the worst that is yet to come if we fail
to seize this moment. ladies and gentlemen, with the growing catastrophe, i believe there is an incredible opportunity. not just for the united states, but for all of us. we are standing at an inflection point in world history. we have the ability to invest in ourselves and build equitable, clean energy future and the process, create millions of good paying jobs and opportunities around the world. cleaner air for our children, bountiful oceans. force ecosystems for planet. -- forests and ecosystems for our planet. we can raise the standard of living around the world. this is a moral imperative, but also an economic imperative. if we fuel greater growth, no jobs -- new jobs, better opportunities for people. as we see current volatility and
energy prices, rather than casted as a reason to back off clean energy goals, we must view it as a call to action. our energy prices only reinforce there is a need to diversify sources, double down on clean energy, adapt promising new energy technologies so we can not remain overly reliant on one source of power to power our economies and communities. it is in the self-interest of every single nation. this is a chance, and my view, to make a generous investment and economic resilience and workers and communities throughout the world. that is what we are going to do in the united states. my bow back better framework will make historic investments in clean energy. -- build back better framework. the most significant investment to deal with the climate crisis
that any advance nation has made. we're going to cut greenhouse gas admissions -- emissions by while making it more affordable for consumers to save on their own energy bills with tax credits for things like installing solar panels, whether rising -- wea therizing their homes. we will deliver cleaner air and water forever children, increasing electric vehicles, and decreasing pollution. it will incentivize manufacturing, building solar panels and wind turbines that are growing energy markets of the future, which will create good union paying jobs for american workers and something none of us should lose sight of. i talk to the american people about come in change, and it is about jobs.