WEBVTT - Trump Aims a ‘Wrecking Ball’ at Climate Policy 0:00:00.560 --> 0:00:10.719 Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg business 0:00:10.720 --> 0:00:13.960 Week inside from the reporters and editors who bring you 0:00:14.000 --> 0:00:18.319 America's most trusted business magazine, plus global business, finance and 0:00:18.400 --> 0:00:22.680 tech news. The Bloomberg Business Week Podcast with Carol Messer 0:00:23.040 --> 0:00:25.800 and Tim Stenebeck from Bloomberg Radio. 0:00:27.000 --> 0:00:29.600 President elect Donald Trump has been crystal clear his second 0:00:29.680 --> 0:00:32.839 term will be an assault on climate policy. He just 0:00:32.880 --> 0:00:35.400 released a statement that said that he's thrilled to announce 0:00:35.440 --> 0:00:38.320 Doug Bergham, the Governor of North Dakota, is joining the 0:00:38.320 --> 0:00:41.520 administration as bost Secretary of the Interior and as chairman 0:00:41.600 --> 0:00:45.559 of the newly formed National Energy Council. It'll consist of 0:00:45.600 --> 0:00:50.400 all departments and agencies involved in permitting production, generation, distribution, regulation, 0:00:50.520 --> 0:00:54.480 transportation of all forms of American energy. The statement continues 0:00:54.520 --> 0:00:56.480 on to say that the radical lefts war on American 0:00:56.600 --> 0:00:59.280 energy has hurt our allies by forcing them to buy 0:00:59.320 --> 0:01:02.120 from our adverse series, who in turn use those profits 0:01:02.160 --> 0:01:05.640 to fund wars and terror. Energy dominance will allow us 0:01:05.959 --> 0:01:09.720 to sell energy to our friends. For more on what 0:01:09.760 --> 0:01:12.920 the climate agenda looks like or doesn't look like under 0:01:13.000 --> 0:01:15.440 the President elect, and that new administration that comes in 0:01:15.480 --> 0:01:18.600 on January twentieth. We're joined by Lesli Kaufman. She's Bloomberg 0:01:18.800 --> 0:01:21.760 Green climate change reporter and for Bloomberg Business Week. She 0:01:21.800 --> 0:01:24.600 writes about the President elect aiming a wrecking ball at 0:01:24.600 --> 0:01:27.800 Climate Policey check out her story on the Bloomberg terminal 0:01:27.800 --> 0:01:30.640 and at Bloomberg dot com slash business Week. Leslie joins 0:01:30.720 --> 0:01:33.800 us from New York City. Leslie to bring up that 0:01:33.840 --> 0:01:35.720 statement which he might not have even seen yet because 0:01:35.720 --> 0:01:37.759 it just came out from the former president, but from 0:01:37.760 --> 0:01:41.319 the President elect and former president. He says that America 0:01:41.440 --> 0:01:43.440 is blessed with vast amounts of liquid gold and other 0:01:43.520 --> 0:01:46.640 valuable minerals and resources right before our feet. We're going 0:01:46.720 --> 0:01:49.320 to drill, baby, drill, and expand all forms of energy 0:01:49.320 --> 0:01:52.800 production to grow our economy and create good paying jobs. 0:01:53.120 --> 0:01:54.560 I want to take a step back and sort of 0:01:54.640 --> 0:01:57.360 understand what the energy industry has looked like over the 0:01:57.400 --> 0:02:00.520 last four years so we can better understand what the 0:02:00.520 --> 0:02:01.880 President elect is saying right now. 0:02:03.960 --> 0:02:08.240 Right Well, the United States has not stepped back exactly 0:02:08.280 --> 0:02:11.519 from oil production. We've been the number one oil exporter 0:02:11.639 --> 0:02:15.679 for this oil exporter for six years. That includes both 0:02:15.720 --> 0:02:18.880 the Trump and the Biden administration, So we haven't exactly 0:02:18.960 --> 0:02:22.880 walked away from that, but Biden has been trying to 0:02:23.000 --> 0:02:27.200 nudge the US towards a much greener economy, an economy 0:02:27.200 --> 0:02:30.519 that doesn't rely so much on fossil fuels. He had, 0:02:30.520 --> 0:02:34.800 of course, the Inflation Reduction Act, which put billions of 0:02:34.880 --> 0:02:39.120 dollars towards new forms of energy. And the question now 0:02:39.240 --> 0:02:40.680 is what happens under Trump. 0:02:42.639 --> 0:02:47.119 Let's talk more about that, because one of his pledges 0:02:47.160 --> 0:02:50.960 on day one has specifically been to end offshore When 0:02:51.040 --> 0:02:53.360 when you're thinking about more of those energy side of 0:02:53.400 --> 0:02:56.280 things that you're mentioning, would he actually be able to 0:02:56.440 --> 0:02:59.079 do that as quickly as he claims that he could 0:02:59.160 --> 0:03:00.480 end it when he comes into office. 0:03:02.200 --> 0:03:05.200 Well, this is a more complicated question. There's some pieces 0:03:05.440 --> 0:03:08.560 of that. The first is that the IRA some of 0:03:08.600 --> 0:03:11.440 that money has already gone out, so some of that 0:03:11.600 --> 0:03:12.200 is committed. 0:03:13.560 --> 0:03:14.440 He could. 0:03:16.240 --> 0:03:19.520 Go after the tax credits that promote wind in solar. 0:03:20.280 --> 0:03:22.399 I think he will have a tough time doing that. 0:03:22.680 --> 0:03:26.639 Why because a lot of the beneficiaries of those tax 0:03:26.680 --> 0:03:30.079 credits are in red states and a group of congressmen 0:03:30.120 --> 0:03:33.919 has already written a note to Mike Johnson saying, please 0:03:33.960 --> 0:03:37.120 don't get rid of those tax subsidies. We'd like those. 0:03:37.400 --> 0:03:40.800 He's made a special point about wind. He does hate wind. 0:03:41.840 --> 0:03:45.200 I am sure there are all sorts of things in 0:03:45.280 --> 0:03:48.520 permitting and other things that could make it difficult for 0:03:48.640 --> 0:03:50.280 people who are doing wind generation. 0:03:50.560 --> 0:03:54.960 However, okay, talk a little bit about that, because there 0:03:55.040 --> 0:03:58.040 is there's some real politics involved in this, as you mentioned. 0:03:58.320 --> 0:04:01.040 A lot of the beneficiaries of the Reduction Act, as 0:04:01.040 --> 0:04:03.040 you just said, and you write in the piece as well, 0:04:03.520 --> 0:04:07.920 are in red states and have Republican members of Congress. 0:04:08.560 --> 0:04:12.840 So how do you dismantle something that is actually popular 0:04:13.240 --> 0:04:15.840 even if those politicians didn't approve it. And you have 0:04:15.880 --> 0:04:19.320 some examples of politicians sort of lotting the money that's 0:04:19.320 --> 0:04:22.280 coming to this even after not voting for it. 0:04:23.440 --> 0:04:26.919 Right, they certainly have gone after it and gotten as 0:04:27.000 --> 0:04:30.440 much as they can. This includes everything from solar and 0:04:30.480 --> 0:04:37.480 wind farms, but also battery manufacturers and things like evs 0:04:37.560 --> 0:04:41.000 and ev factories. All of those are things that a 0:04:41.040 --> 0:04:43.800 lot of people will believe will be the economy of 0:04:43.839 --> 0:04:46.840 the future, and they'd like China not to dominate as 0:04:46.920 --> 0:04:50.440 much as it already does. So this has also brought 0:04:50.440 --> 0:04:54.400 a lot of jobs to the US and certainly billions 0:04:54.400 --> 0:04:59.320 in investment. So will he take on the tax credits directly, 0:05:00.000 --> 0:05:02.200 Maybe not, But there are still lots of things he 0:05:02.279 --> 0:05:05.400 can do to adjust the IRA to make it much 0:05:05.440 --> 0:05:09.760 more fossil fuel friendly. For instance, we give all sorts 0:05:09.800 --> 0:05:13.000 of grants for innovation, they could move that away from 0:05:13.080 --> 0:05:17.279 clean energy more towards things that fossil fuel companies like, 0:05:17.279 --> 0:05:21.839 like carbon capture, for example, hydrogen things that come from 0:05:22.040 --> 0:05:25.080 oil and fossil fuel products. This would give money back 0:05:25.120 --> 0:05:28.640 to oil companies or allow them to continue to produce 0:05:29.200 --> 0:05:33.040 fossil fuel emissions and maybe have it carbon captured later. 0:05:33.520 --> 0:05:35.440 So those are some of the things that he can 0:05:35.480 --> 0:05:38.080 do to adjust the law to make it more friendly 0:05:38.200 --> 0:05:40.760 to his contributors and to the oil industry. 0:05:41.080 --> 0:05:44.119 Does the oil industry actually want to be drilling more 0:05:44.360 --> 0:05:47.520 right now in the US given where oil prices are 0:05:47.520 --> 0:05:50.719 and the demand concerns out of China that sent oil 0:05:50.760 --> 0:05:53.719 prices lower this week, right, Well. 0:05:53.600 --> 0:05:56.800 So there's an interesting question. I mean, there were leases 0:05:56.839 --> 0:05:59.279 that went up for sale under Trump that no one took. 0:06:00.680 --> 0:06:05.320 Its oil is very sensitive to things beyond the US market, 0:06:06.560 --> 0:06:09.240 and so it'll be very interesting to see the head 0:06:09.240 --> 0:06:12.719 of Exon is now on the record saying he thinks 0:06:12.760 --> 0:06:16.960 the IRA is a good thing. So of course, like 0:06:17.000 --> 0:06:19.359 I said, there's plenty of goodies in there for fossil 0:06:19.360 --> 0:06:21.880 fuel companies too, so they don't exactly want to see 0:06:21.920 --> 0:06:23.320 that wiped off the boards either. 0:06:23.680 --> 0:06:27.040 Well, speaking of the fossil fuel industry, Donald Trump has 0:06:27.080 --> 0:06:30.160 promised to increase oil and gas production, even though the 0:06:30.279 --> 0:06:32.560 US already set records. To your point that you were 0:06:32.600 --> 0:06:36.640 mentioning earlier at the start of this, and especially if 0:06:36.640 --> 0:06:39.719 you think about those records under the Biden administration, what 0:06:39.760 --> 0:06:42.479 do you think a new Trump administration could do to 0:06:42.600 --> 0:06:45.120 increase it even more than it already has. 0:06:47.160 --> 0:06:50.440 Well, some of the things they're talking about is making 0:06:50.480 --> 0:06:55.000 more public lands available for leasing. They could loosen up 0:06:55.760 --> 0:06:59.440 water standards and things like that, which would make it 0:06:59.480 --> 0:07:02.880 easier to get permitting. And in particular, permitting has been 0:07:02.880 --> 0:07:04.680 a problem for the United States. We just have to 0:07:04.720 --> 0:07:08.320 acknowledge that across all our energies systems. I think a 0:07:08.320 --> 0:07:10.960 lot of people in renewable energy have been so frustrated 0:07:10.960 --> 0:07:15.920 with the permitting process also nuclear. One hope for green 0:07:16.320 --> 0:07:19.960 greenies is that the Trump administration will continue nuclear that 0:07:20.040 --> 0:07:22.080 they will not be hostile to it because that has 0:07:22.120 --> 0:07:25.440 been a bar bipartisan issue. And if they can loosen 0:07:25.560 --> 0:07:32.280 up some of the permitting, that might speed everyone's energy capabilities. 0:07:32.560 --> 0:07:34.840 Of course, you produce the capabilities. 0:07:34.280 --> 0:07:37.080 Right And of course when we bring up energy oil 0:07:37.120 --> 0:07:39.800 and gas as well as gas production, people are going 0:07:39.840 --> 0:07:42.560 to think back obviously to their pocketbooks as well as 0:07:42.600 --> 0:07:44.840 what's happening with gas prices. So when you think about 0:07:44.920 --> 0:07:47.720 all these different kind of proposals, could any of this 0:07:48.000 --> 0:07:50.400 lead to lower energy costs for Americans? 0:07:53.040 --> 0:07:57.400 Sometimes energy costs, you know, it's complicated. Obviously, more coming 0:07:57.440 --> 0:08:01.040 onto the grid is good. The huge and vestments in solar, 0:08:01.080 --> 0:08:04.320 for instance, are paying off. Now solar is now half 0:08:04.360 --> 0:08:08.120 the price of natural gas because we've put a huge 0:08:08.160 --> 0:08:11.480 incentive into building it. So yes, I do think that 0:08:12.040 --> 0:08:17.520 proper incentives can lead to cheaper prices for Americans. But 0:08:18.800 --> 0:08:21.160 it's complicated. It has to do with the demand, it 0:08:21.240 --> 0:08:23.480 has to do with you know, we all saw oil 0:08:23.560 --> 0:08:25.640 prices shoot up. That had to do with COVID and 0:08:25.680 --> 0:08:28.360 the sudden shutting things down and then having to revamp 0:08:28.440 --> 0:08:31.240 things up just as there were demands. As you know, 0:08:31.320 --> 0:08:33.199 there are wars in the Middle East, There's a lot 0:08:33.200 --> 0:08:35.840 of things that are outside the control of the United States. 0:08:36.360 --> 0:08:40.320 Where does this leave renewables in general? Leslie, because these 0:08:40.360 --> 0:08:44.440 projects are already broken ground across the country, indeed, some 0:08:44.600 --> 0:08:47.679 in red states or at least in more conservative districts. 0:08:48.080 --> 0:08:50.720 I've been by some new ones in conservative parts of 0:08:50.880 --> 0:08:53.800 New York State, for example, where they've already broken ground. 0:08:53.840 --> 0:08:56.480 Where does it leave projects that could be in limbo? 0:08:58.840 --> 0:08:59.360 I think that. 0:08:59.360 --> 0:09:02.880 There is great hope that there is enough momentum that 0:09:02.920 --> 0:09:06.400 those will just keep going, that their goal will not 0:09:06.600 --> 0:09:10.960 be to dislodge things that are already occurring, because the 0:09:11.040 --> 0:09:13.920 contracts are signed and the money is moved, and is 0:09:13.960 --> 0:09:16.720 probably not going to be their goal. The question is 0:09:17.040 --> 0:09:20.280 what does it mean for future innovation down the line? 0:09:21.600 --> 0:09:26.280 What does it mean for new projects? There's been a 0:09:26.360 --> 0:09:30.160 huge battle in this nation of natural gas versus renewables. 0:09:30.480 --> 0:09:33.240 This could tip the hand towards natural gas even further. 0:09:35.280 --> 0:09:38.240 What about when it comes to electric vehicles? How much 0:09:38.280 --> 0:09:41.360 would a Trump administration change what's already in mind for 0:09:41.400 --> 0:09:44.160 EV production and ownership When you're thinking about the green 0:09:44.240 --> 0:09:45.280 aspect side of it. 0:09:46.679 --> 0:09:50.400 Right, well, so EV is a whole complicated list of 0:09:50.480 --> 0:09:53.480 things you saw that they've already said that they will 0:09:53.480 --> 0:09:57.280 probably go after the tax credit. This is despite the 0:09:57.320 --> 0:10:00.160 fact that Elon Musk has been a huge supporter. So 0:10:00.200 --> 0:10:03.880 that's seven five hundred dollars. There've been rumors outside of 0:10:04.640 --> 0:10:07.440 Washington that that's going to be in the first tax package. 0:10:07.480 --> 0:10:10.640 They'd like to go after that, So that could certainly 0:10:10.679 --> 0:10:14.360 affect sales in the short run. But then there's a 0:10:14.400 --> 0:10:19.080 lot of questions about highways. Are you going to push 0:10:19.160 --> 0:10:21.640 to have the infrastructure for EVS there? That does not 0:10:21.760 --> 0:10:23.640 seem like that would be a huge priority for the 0:10:23.640 --> 0:10:27.920 Trump administration. So I do think that they will. They 0:10:27.960 --> 0:10:30.800 will slow EVS at least for a while. 0:10:31.000 --> 0:10:33.439 Is there any optimism from folks you talk to about 0:10:33.440 --> 0:10:36.400 Elon Musk? Being close to the president, he understands the 0:10:36.480 --> 0:10:39.640 challenges the climate faces. He's talked a lot about renewable energy. 0:10:39.679 --> 0:10:41.800 He is a fan of renewable energy. 0:10:42.800 --> 0:10:46.040 He is a fan of renewable energy, and Republicans themselves 0:10:46.160 --> 0:10:48.280 used to be a fan of all kinds of energy. 0:10:48.360 --> 0:10:52.000 That was one of their benefits. They used to say, 0:10:52.040 --> 0:10:55.800 I'm not against renewables, I'm just for everything. It's unclear 0:10:55.840 --> 0:10:59.439 that Trump feels that way. I think that there's a 0:10:59.480 --> 0:11:03.000 lot of wait and see, a lot of hope placed 0:11:03.040 --> 0:11:05.760 on certain people, and I think we have to say 0:11:05.760 --> 0:11:08.280 there's just a big question mark about what they'll do. 0:11:08.679 --> 0:11:11.679 We can say, looking back at the last Trump administration 0:11:12.280 --> 0:11:15.760 that it was fairly hostile. That particularly when you looked 0:11:15.760 --> 0:11:18.360 at the kind of regulations they put in place, or 0:11:18.679 --> 0:11:21.760 more importantly, the regulations they knocked out. They were not 0:11:21.960 --> 0:11:23.199 particularly friendly. 0:11:24.000 --> 0:11:24.679 That said. 0:11:24.840 --> 0:11:27.160 He said he'd come in and be very friendly to coal, 0:11:27.559 --> 0:11:31.560 but Cole continued to decline under his administration. I don't 0:11:31.559 --> 0:11:34.280 know if you recall his first months that brought miners 0:11:34.280 --> 0:11:37.200 into interior. He was going to help Cole grow. He 0:11:37.280 --> 0:11:37.600 did not. 0:11:38.400 --> 0:11:41.440 Lesli Kaufman, Bloomberg Green Climate Change reporter. Check out her 0:11:41.440 --> 0:11:43.280 story in a Bloomberg Business Week and if you never 0:11:43.280 --> 0:11:45.280 want to miss a Bloomberg Business Week story, become a 0:11:45.320 --> 0:11:48.640 subscriber today. You can check out all our offers right 0:11:48.679 --> 0:11:52.160 now Bloomberg dot com slash subscribe Now. 0:11:52.960 --> 0:11:56.480 You're listening to the Bloomberg Business Week podcast. Catch us 0:11:56.520 --> 0:11:59.720 live weekday afternoons from two to five pm Eastern Listen 0:11:59.760 --> 0:12:02.480 on it Bookarplay and then Broud Auto with a Bloomberg 0:12:02.520 --> 0:12:05.000 Business app or watch us live on YouTube. 0:12:06.280 --> 0:12:08.960 Well, so much happening right now that the c suite 0:12:08.960 --> 0:12:11.760 we know is focused on companies all over the country 0:12:11.760 --> 0:12:14.640 and indeed all over the world. A new administration coming 0:12:14.679 --> 0:12:17.480 in January, figuring out what tariffs and trade will look like, 0:12:17.559 --> 0:12:20.600 trying to parse through those names that have been announced 0:12:20.640 --> 0:12:23.760 as the transition team makes its way to Washington. We 0:12:23.840 --> 0:12:27.480 talked a lot about that last week, perhaps though, about 0:12:27.760 --> 0:12:32.080 ESG and sustainability initiatives for companies, how those look under 0:12:32.120 --> 0:12:36.720 the next administration, especially one that denies climate change even exists. 0:12:37.040 --> 0:12:39.480 Nina Tretman is a Bloomberg News senior editor who writes 0:12:39.520 --> 0:12:42.240 the weekly CFO Briefing newsletter. You can sign up for 0:12:42.280 --> 0:12:45.320 that at Bloomberg dot com slash CFO Briefing. She joins 0:12:45.360 --> 0:12:48.160 us here in the Bloomberg BusinessWeek Studio. We're also joined 0:12:48.200 --> 0:12:51.280 right now by Deanna Strabel, the CEO and formerly CFO 0:12:51.559 --> 0:12:55.000 of Principal Financial Group. She joins us from Iowa. Nina, 0:12:55.040 --> 0:12:56.280 I want to start with you and just get an 0:12:56.320 --> 0:12:59.200 understanding from you about how you're thinking about the CFO 0:12:59.240 --> 0:13:02.200 Briefing newsletter this week ahead of cop Yeah. 0:13:02.120 --> 0:13:02.559 Yeah, thank you. 0:13:02.640 --> 0:13:05.199 Very much for having me. Yeah, one thing that we'll 0:13:05.240 --> 0:13:08.440 look at in the upcoming edition is specifically this how 0:13:08.480 --> 0:13:11.520 do companies navigate this that we have COP twenty nine, 0:13:11.520 --> 0:13:14.520 Who's what's is going on in Azerbaijan. We also have 0:13:14.640 --> 0:13:18.120 the new administration getting ready here in the US, and 0:13:18.280 --> 0:13:21.960 of course the contrast couldn't be starker, and companies are 0:13:21.960 --> 0:13:24.080 in this in the middle ground there sort of trying 0:13:24.080 --> 0:13:28.000 to navigate climate change which increasingly we all feel, and 0:13:28.440 --> 0:13:31.439 the realities of this new administration, and so we are 0:13:31.640 --> 0:13:35.200 speaking to CFOs about this in the new upcoming edition 0:13:35.240 --> 0:13:37.559 of the CFO Briefing. We're talking to them about sort 0:13:37.600 --> 0:13:40.200 of how do they figure out new reporting requirements. There's 0:13:40.280 --> 0:13:43.320 new regulation taking place in the EU, for example, on that. 0:13:43.679 --> 0:13:46.079 We're also talking to them about net zero and why 0:13:46.360 --> 0:13:49.360 those goals are trickier to achieve then you might think. 0:13:49.880 --> 0:13:53.640 And then also we're talking to them about sustainability financing 0:13:53.880 --> 0:13:57.439 and the fact that sort of as debt markets around 0:13:57.440 --> 0:13:59.640 the world have been pretty busy this year, we've also 0:13:59.640 --> 0:14:03.880 seen an increase in that interestingly of the America so 0:14:04.120 --> 0:14:09.360 sort of flagging behind Europe and Asia and Pacific regions there. So, yeah, 0:14:09.400 --> 0:14:12.559 what are we bring in Deana? Thanks for joining us again. 0:14:13.000 --> 0:14:15.320 It was great to talk earlier this week. Could you 0:14:15.360 --> 0:14:18.400 talk a little bit to us about how Principal is 0:14:18.520 --> 0:14:21.760 navigating that challenge that I just described earlier. 0:14:23.160 --> 0:14:24.800 Yeah, thank you so much, and it's great to be 0:14:24.880 --> 0:14:25.600 with you today. 0:14:26.560 --> 0:14:28.040 You know, one of the things is I was just 0:14:28.240 --> 0:14:31.560 announced earlier this week as moving from the CFO position 0:14:31.760 --> 0:14:36.840 to our CEO elect position, with that taking over in 0:14:36.880 --> 0:14:39.560 early twenty twenty five. For those of you that don't know, 0:14:39.640 --> 0:14:44.160 Principle the global financial services company across retirement, asset management, 0:14:44.280 --> 0:14:48.080 and workplace benefits, but specifically you talked about just the 0:14:48.120 --> 0:14:51.960 time that we're in regarding both just the election and 0:14:52.000 --> 0:14:54.560 some of the uncertainty around that, as well as the 0:14:54.840 --> 0:14:57.880 ESG and the sustainability journey. I think the good news 0:14:57.920 --> 0:15:00.640 on both front is, you know, we have navigated for 0:15:00.720 --> 0:15:03.520 one hundred and forty five years over a lot of 0:15:03.560 --> 0:15:09.200 different regimes, a lot of different agendas regarding these topics, 0:15:09.240 --> 0:15:11.960 and ultimately we come back to doing what we think 0:15:12.000 --> 0:15:15.239 is right for our clients and right for our customers 0:15:15.240 --> 0:15:19.920 and employees, and ultimately feel that in doing that, we'll 0:15:20.240 --> 0:15:24.160 navigate these uncertain waters in a very effective way, but 0:15:24.240 --> 0:15:26.480 would love to go deeper if you want to dive 0:15:26.520 --> 0:15:28.280 a little deeper into those items. 0:15:28.400 --> 0:15:31.240 Yeah, definitely do that, Dana, because I know that Principle 0:15:31.680 --> 0:15:34.720 sold its for sustainability bond back in twenty twenty one, 0:15:34.760 --> 0:15:38.440 and you were considering potentially doing so again if any 0:15:38.480 --> 0:15:41.160 sort of good opportunities arise. So talk more about while 0:15:41.320 --> 0:15:43.120 you feel this is the right thing to do, and 0:15:43.160 --> 0:15:45.480 what opportunities you might see again to jump back in. 0:15:46.960 --> 0:15:50.200 Yeah, we did, as you mentioned, issue our first sustainable 0:15:50.840 --> 0:15:54.200 bond a few years ago, and ultimately it is still 0:15:54.240 --> 0:15:57.760 something that we assess whenever we're facing an opportunity where 0:15:57.760 --> 0:16:02.360 we need to refinance a current debt or issue a 0:16:02.400 --> 0:16:06.040 new one. And so again we do have a debt 0:16:06.120 --> 0:16:09.560 that matures in twenty twenty five. We've made no decisions 0:16:09.600 --> 0:16:13.560 whether we will reissue from a sustainability perspective or not, 0:16:14.480 --> 0:16:16.880 but it is one thing that we'll assess, and really 0:16:16.880 --> 0:16:21.480 what comes into it is thinking about obviously economics, but 0:16:21.600 --> 0:16:25.840 also investor demand and ultimately how that fits into the 0:16:25.960 --> 0:16:27.720 landscape of when we are issuing. 0:16:28.200 --> 0:16:30.560 And so more to come on that, but we are. 0:16:30.480 --> 0:16:34.160 Very pleased with our issuance that we have had great 0:16:34.160 --> 0:16:37.960 client interest in that, our investor interest in that, and 0:16:38.000 --> 0:16:40.280 we'll continue to assess that as we move forward. 0:16:41.120 --> 0:16:44.400 One follow up for me. You talked about your clients 0:16:44.400 --> 0:16:46.640 and what's right for your clients. What are you hearing 0:16:46.680 --> 0:16:49.760 from clients sort of thinking about us clients but also 0:16:49.800 --> 0:16:52.320 those in Europe, like, where do they stand on this topic? 0:16:53.680 --> 0:16:53.920 Yeah? 0:16:53.960 --> 0:16:55.960 I think you know, as I mentioned earlier, we are 0:16:56.000 --> 0:16:59.480 an asset manager and we have clients and customers around 0:16:59.520 --> 0:17:01.560 the globe. I think the first thing I would say 0:17:01.680 --> 0:17:06.639 is every climate client is different. You know, there is 0:17:06.720 --> 0:17:12.120 some regional geographic differences. Obviously sustainability in ESG has been 0:17:12.240 --> 0:17:16.120 something much higher on the priority of the European clients 0:17:16.119 --> 0:17:20.520 and investors, But even within an any geography, there are 0:17:20.520 --> 0:17:24.720 clients that ultimately have either a higher or a lower. 0:17:24.400 --> 0:17:25.560 Sensitivity to that. 0:17:25.720 --> 0:17:30.680 And so ultimately we're going to really take seriously our 0:17:30.720 --> 0:17:34.440 fiduciary responsibility to our clients and acting in their best 0:17:34.440 --> 0:17:37.480 interest comes first and foremost. And so if you look 0:17:37.520 --> 0:17:42.200 across our asset management solutions, we have a wide range 0:17:42.359 --> 0:17:47.280 of choice there that can really resonate with that different 0:17:47.359 --> 0:17:49.800 landscape that we see amongst our client base. 0:17:50.080 --> 0:17:52.960 Now is demand right now for that type of asset 0:17:53.040 --> 0:17:56.600 or that type of offering, Deana, because it seems at 0:17:56.680 --> 0:18:00.000 least many Americans that's not necessarily on their radar right now, 0:18:00.760 --> 0:18:03.280 given what we saw at the polls last week. It's 0:18:03.320 --> 0:18:04.840 not like this is twenty twenty one and this is 0:18:04.880 --> 0:18:06.080 top of mind for a lot of people. 0:18:07.080 --> 0:18:10.200 Yeah, I would agree with that, but I don't think 0:18:10.240 --> 0:18:13.080 it's a broad base that there's no one in the 0:18:13.200 --> 0:18:16.680 US that is interested in that. And so again I 0:18:16.840 --> 0:18:20.399 just come back to ultimately, we listen to the clients 0:18:20.840 --> 0:18:23.080 and we're able to meet their needs, whether that's high 0:18:23.119 --> 0:18:27.080 on their priority list or lower. But I do think 0:18:27.200 --> 0:18:31.160 given I do agree with really the backdrop of what 0:18:31.200 --> 0:18:35.320 you said, and ultimately it's a much higher interest when 0:18:35.320 --> 0:18:38.520 we talk to clients outside of the US than I 0:18:38.560 --> 0:18:40.639 would say it is here in the US. 0:18:41.040 --> 0:18:42.919 I want to switch gears quickly because we only have 0:18:43.000 --> 0:18:45.080 a little under two minutes left here. But when you 0:18:45.119 --> 0:18:48.679 take over the helm of CEO of Principal on January seventh, 0:18:48.680 --> 0:18:51.280 you will be the first CEO to lead at the firm. 0:18:51.320 --> 0:18:52.840 What do you think needs to be done to get 0:18:53.119 --> 0:18:56.720 more females at the head of Fortune five hundred companies. 0:18:58.200 --> 0:19:00.359 Yeah, so you are correct. 0:19:00.680 --> 0:19:03.200 I am proud to join the small but growing ranks 0:19:03.200 --> 0:19:06.840 of female CEOs, particularly when you look at the financial 0:19:06.880 --> 0:19:07.800 services sector. 0:19:08.600 --> 0:19:10.760 I think if you look at my path, it's been 0:19:11.400 --> 0:19:12.040 not linear. 0:19:12.440 --> 0:19:16.119 I started. I'm an actuary by background. Then I spent 0:19:16.160 --> 0:19:19.520 twenty years actually running P and L leadership. Then I 0:19:19.600 --> 0:19:23.320 moved in to the chief financial officer role, and then 0:19:23.400 --> 0:19:26.639 ultimately I'll be transitioning into this role in January. 0:19:27.119 --> 0:19:29.760 And I do think it's a journey, right. It is 0:19:29.920 --> 0:19:30.760 continuing to. 0:19:30.800 --> 0:19:35.000 Give women the opportunity to have a seat at the table. 0:19:35.720 --> 0:19:38.760 Principal has long been a supporter of that. 0:19:39.800 --> 0:19:41.399 If you look at our board, if you look at 0:19:41.400 --> 0:19:44.120 our management team, if you look at us thirty years ago, 0:19:44.200 --> 0:19:47.359 we had a lot of gender diversity. And again that 0:19:47.560 --> 0:19:52.959 environment has encouraged others to continue to rise within senior 0:19:53.000 --> 0:19:55.919 manager of the organization. So I think it's giving it 0:19:56.040 --> 0:20:04.080 opportunities females, finding organizations that support that and ultimately seeing 0:20:04.480 --> 0:20:09.120 other people succeed gives others the confidence that they can 0:20:09.680 --> 0:20:11.320 reach those aspirations as well. 0:20:11.600 --> 0:20:13.560 Dan, I canna have to leave it there. Deanna Strabels, 0:20:13.600 --> 0:20:17.400 the incoming CEO, formerly CFO of Principal Financial Group, joining 0:20:17.440 --> 0:20:20.160 us from Iowa. Also here in the studio Nina Traman, 0:20:20.200 --> 0:20:23.440 Bloomberg News Senior editor. She writes the CFO Briefing newsletters. 0:20:23.440 --> 0:20:26.959 Sign up for it at Bloomberg dot com slash CFO Briefing. 0:20:28.880 --> 0:20:32.760 You're listening to the Bloomberg Business Week podcast. Listen live 0:20:32.840 --> 0:20:35.639 each weekday starting at two pm Eastern on Apple car 0:20:35.760 --> 0:20:38.760 Play and Android Auto with the Bloomberg Business App. You 0:20:38.760 --> 0:20:42.040 can also listen live on Amazon Alexa from our flagship 0:20:42.080 --> 0:20:47.199 New York station Just Say Alexa playing Bloomberg eleven thirty 0:20:48.000 --> 0:20:52.040 Bloomco Journal. 0:20:53.080 --> 0:20:54.080 Now about you let me drive? 0:20:54.359 --> 0:20:59.640 Oh no, no, no, no, honey, please, I'll do the travel. 0:21:00.040 --> 0:21:02.879 Excuse mate, I want to try it. 0:21:03.880 --> 0:21:05.760 It's good question time. 0:21:08.560 --> 0:21:11.800 This is the drive to the Globe dot Tim thing. 0:21:11.920 --> 0:21:13.400 We'll bround Dad. 0:21:13.280 --> 0:21:17.680 On Bloomberg Radio, Jess Meant and Tim Senovik here in 0:21:17.720 --> 0:21:21.440 the Bloomberg Interactive Brokers studio. And what Charlie was just mentioning, 0:21:21.520 --> 0:21:24.440 we do have just under twenty minutes to go before 0:21:24.480 --> 0:21:26.880 the closing bell on this Friday, wrapping up the week 0:21:26.920 --> 0:21:28.840 here with the S and P five hundred on pace 0:21:29.280 --> 0:21:32.360 for actually to notch losses here and closing for the week, 0:21:32.359 --> 0:21:34.159 as well as a NASAQ one hundred, so would be 0:21:34.200 --> 0:21:36.080 the third week of losses in the past month for 0:21:36.160 --> 0:21:38.640 the SNP. Well, the NATSAK one hundred scene just two 0:21:38.680 --> 0:21:41.720 weeks of losses in the past ten And of course, Tim, 0:21:41.760 --> 0:21:43.800 you know it might feel like earning seed is in 0:21:43.880 --> 0:21:48.560 has winded down. Oh God, it ends I know it's true. 0:21:48.600 --> 0:21:50.879 So we still have retailers though, even though ninety percent 0:21:51.440 --> 0:21:53.280 of companies in the S and P five hundred had 0:21:53.320 --> 0:21:55.800 reported so far. So we're gonna have Walmart Low's target, 0:21:55.880 --> 0:21:58.560 We'll have department stores. So real big tell here on 0:21:58.600 --> 0:22:00.480 the consumer, especially on the back of the tail sales 0:22:00.560 --> 0:22:02.120 data that we got earlier this week. But of course 0:22:02.440 --> 0:22:05.639 you cannot forget the world's most valuable company as well 0:22:05.640 --> 0:22:07.240 as the world's biggest ship maker. You may have heard 0:22:07.240 --> 0:22:10.680