WEBVTT - Trust Barometer Shows Growing Concern About Climate Change

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Tim Stenebek on Bloomberg Radio.

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<v Speaker 2>We've got some numbers for everybody to chew on. Ninety

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<v Speaker 2>three percent of respondents said that they believe climate change

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<v Speaker 2>poses a serious and imminent threat to the planets. Seventy

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<v Speaker 2>one percent say the weather where they live has gotten

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<v Speaker 2>more extreme over the past few years. We have certainly

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<v Speaker 2>seen it this year, and eighty two percent worry that

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<v Speaker 2>climate change will make life extremely difficult and unpleasant for

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<v Speaker 2>all of us and our families.

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<v Speaker 3>I can relate to a lot of this, given Carol,

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<v Speaker 3>I'm in New York. I've lived through three once in

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<v Speaker 3>a one hundred year storms, I know, and that's like,

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<v Speaker 3>you know.

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<v Speaker 2>It's supposed to be anomalized, not as much.

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<v Speaker 3>Once in a century storms.

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<v Speaker 2>Well, the figures we just talked about, right, I know,

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<v Speaker 2>it's dramatic, but we're living it. The figures come from

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<v Speaker 2>Edelman's twenty twenty three Trust Barometer special report Trust and

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<v Speaker 2>Climate Change, released this month. Richard Edelman is in the house,

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<v Speaker 2>he CEO of Edelman, the global public relations firm. Of course,

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<v Speaker 2>behind the Trust Barometer. We've talked about it over the years.

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<v Speaker 2>He's just back from COP twenty eight, the UN's annual

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<v Speaker 2>Climate change Conference, which this year is being held in

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<v Speaker 2>the UAE, and it's just about halfway over at this point.

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<v Speaker 2>As we said, he's here in studio. How are you

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<v Speaker 2>You are just back? Yeah, a little jet lagged a

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<v Speaker 2>little bit. Yeah.

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<v Speaker 1>I actually feel good about the progress at COP twenty eight, Carol,

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<v Speaker 1>because the importance of the finance unlock cannot be understated.

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<v Speaker 3>What do you mean by that?

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<v Speaker 1>So in a sense to have a remediation fund that

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<v Speaker 1>was passed the first day by the assembled multitude is

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<v Speaker 1>a big deal. And also that UAE and Bloomberg Philanthropy

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<v Speaker 1>has announced a big fund thirty billion dollars to invest

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<v Speaker 1>in climate technologies. That's making finance work for climate remediation.

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<v Speaker 2>How has that not happened in the past, because I

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<v Speaker 2>feel like in an ESG world, I think we thought

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<v Speaker 2>all this money was coming in.

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<v Speaker 3>It's called COP twenty eight, not COP one, but.

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<v Speaker 1>The other twenty seven haven't come to these kinds of agreements.

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<v Speaker 1>And so the five hundred million dollars already voted for

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<v Speaker 1>remediation funds, they need a lot more. And also, let's

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<v Speaker 1>face it the reality of fusion and hydrogen and all

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<v Speaker 1>these things that need actually to be invested in and

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<v Speaker 1>made available at a right price. And it's the key

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<v Speaker 1>thing that binds the North and the South together. Think

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<v Speaker 1>that before you always had this kind of well you

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<v Speaker 1>Western guys have already had yours, and now we want ours.

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<v Speaker 1>And so the remediation fund. So, for example, Lula of

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<v Speaker 1>Brazil got up and said, listen, give me remediation so

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<v Speaker 1>I can stop people cutting the forest and Amazon makes sense,

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<v Speaker 1>we have to pay farmers not to do that. And

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<v Speaker 1>so this remediation kind of thing, or the venture fund

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<v Speaker 1>is part of we hear you South. We want to

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<v Speaker 1>be helpful to you in supposed to opposing.

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<v Speaker 3>In terms of technology, in terms of solutions. What moves

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<v Speaker 3>the needle here?

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<v Speaker 1>I think optimism And so our study, the Trust Study

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<v Speaker 1>on sustainability, showed that people who believe that they actually

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<v Speaker 1>the climate change can be dealt with will change their behavior.

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<v Speaker 3>I was so interested in these numbers. They were so

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<v Speaker 3>much higher than I thought, and I thought to myself,

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<v Speaker 3>go do this in Congress and see what members of

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<v Speaker 3>Congress actually But.

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<v Speaker 1>A person who is optimistic is two and a half

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<v Speaker 1>times more likely to change his behavior about shorter showers

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<v Speaker 1>or evs or whatever else, as opposed to the half

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<v Speaker 1>of the world that says, I give up, it's too late.

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<v Speaker 1>What the hell I may as well, you know, drive

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<v Speaker 1>a gas callsler.

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<v Speaker 3>But is somebody who's coming out of an emerging economy,

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<v Speaker 3>maybe they're the first generation to actually have running water

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<v Speaker 3>and electricity. Do they care how that electricity is generated

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<v Speaker 3>to the same extent that of you know, my neighbors

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<v Speaker 3>who say, after the storm here in New York on

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<v Speaker 3>September twenty ninth, they say, you know what, We're going

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<v Speaker 3>to pay thirty thousand dollars for solar because we think

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<v Speaker 3>it's a good investment and we need to do something.

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<v Speaker 1>And we need to use Look, I think in developing

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<v Speaker 1>world it's about the price, because it's a price and access.

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<v Speaker 1>And if I don't have the ability to have a

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<v Speaker 1>light so that my kid can read and get educated,

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<v Speaker 1>then I want the light and I should feel like

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<v Speaker 1>I should get it. But as to where it comes from,

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<v Speaker 1>meaning whether it's oil or solar, they don't care. But

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<v Speaker 1>it has to be affordable, and that's the key point

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<v Speaker 1>of this. But I think another key point in this

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<v Speaker 1>study is the relatively low trust in business. You know,

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<v Speaker 1>we've always talked about how business is much more trusted

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<v Speaker 1>than government, not unsustainability, because we're seen as having talked

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<v Speaker 1>a lot and delivered a little. And so I really

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<v Speaker 1>like that so many companies showed up to COP twenty

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<v Speaker 1>eight and it's an agriculture, or it's an energy, or

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<v Speaker 1>it's in tech.

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<v Speaker 2>I feel like it's starting to you know, ESG right.

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<v Speaker 2>The original idea, right was that these ESG elements would

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<v Speaker 2>affect your business. And I feel like climate is now

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<v Speaker 2>affecting people's business in other words, whether it either shuts

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<v Speaker 2>it down or I mean, I think about the beer

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<v Speaker 2>producers or you know, we talked to a lot of

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<v Speaker 2>folks in the wine industry, the fires, the you know,

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<v Speaker 2>soils changing it's dry or whatever. But I think in general,

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<v Speaker 2>it's companies are really being hit and impacted by it,

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<v Speaker 2>and so they've got to do something well. And that's fair.

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<v Speaker 1>It's totally fair, Carol, that they want to be part

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<v Speaker 1>of change because their supply chains are deeply disrupted otherwise.

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<v Speaker 1>And so why regenerative agriculture for Unilever, because they're going

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<v Speaker 1>to make the soybeans that going to the mayonnaise that,

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<v Speaker 1>you know, and they're going to have to do it

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<v Speaker 1>in a way that the soil is able to keep producing.

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<v Speaker 1>And I heard something fascinating in in cop fifty percent

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<v Speaker 1>of the farmers who own cattle are sixty five plus

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<v Speaker 1>or something. There's a whole generation change and it's fifty

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<v Speaker 1>percent of all farms are people who are fifty plus.

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<v Speaker 3>It makes sense.

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<v Speaker 1>So the youngers they.

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<v Speaker 3>Want to move to the city, they don't want to

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<v Speaker 3>be doing correct.

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<v Speaker 1>But we have to get younger farmers. So there's a

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<v Speaker 1>generation change possible. Who will want to do it differently,

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<v Speaker 1>a differently approach, a different approach.

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<v Speaker 2>Well, you know we always talk about well consumers they care,

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<v Speaker 2>like we've had conversations my daughter, you know, or but

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<v Speaker 2>is it true? Is that really moving the nut? That

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<v Speaker 2>is somebody going to say, I'm going to buy this

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<v Speaker 2>because that company stands for what I believe in. But

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<v Speaker 2>it's going to cost me double the price. So will

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<v Speaker 2>we do that?

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<v Speaker 1>Consumers won't pay more? Yeah, And they told us. We

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<v Speaker 1>did a study with NYU over the summer and if

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<v Speaker 1>it's good for me and good for the planet, I'll

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<v Speaker 1>do it.

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<v Speaker 3>You know, I wrote this all the time, Like I

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<v Speaker 3>think it's FedEx or ups or like even you know,

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<v Speaker 3>buy tickets for an airline and they're like, do you

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<v Speaker 3>want to pay a few more dollars to offset? I'm

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<v Speaker 3>like no, Like why is that with uber? Like go

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<v Speaker 3>for a green car, you know, yeah, but oftentimes that's

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<v Speaker 3>like less expensive. You know when we were on the

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<v Speaker 3>West Coast and every car.

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<v Speaker 2>Was yeah, that's it was easy on the West.

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<v Speaker 3>Yeah, it's so that that's so interesting to hear.

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<v Speaker 1>But but a company like Hundai that has fifty thousand

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<v Speaker 1>dollars EV, it's going to sell more than than ones

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<v Speaker 1>that are for eighty or ninety or that's true. But

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<v Speaker 1>because in a pyramid in the marketing business, we've got

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<v Speaker 1>to get to the big middle. Yeah, and those are

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<v Speaker 1>the people who we.

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<v Speaker 2>Talk about it, right, we'd love to own EV's.

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<v Speaker 3>Yeah, we live in the city where we can't even

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<v Speaker 3>get parking. Yeah, it's tough, but but look at over

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<v Speaker 3>the last six months the way EV sales in the

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<v Speaker 3>US have fallen off a cliff essentially, and in favor

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<v Speaker 3>of internal combustion engines. I mean, as a year ago,

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<v Speaker 3>hybrids are doing well, but they're still used.

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<v Speaker 1>Gas well ev sales passed a million units this year

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<v Speaker 1>out of seventeen million. And you know, again, the producers

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<v Speaker 1>are anticipating it's going to be a quarter of the

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<v Speaker 1>market in the two or three years. But they're going

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<v Speaker 1>to have to have infrastructure such that it makes it

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<v Speaker 1>easy for you to refill.

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<v Speaker 2>Is the US of China doing enough? They're important in

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<v Speaker 2>all of this, the biggest emitters right when it comes

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<v Speaker 2>to the impact.

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<v Speaker 1>So the Chinese continue to do coal plants, and yet

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<v Speaker 1>they're also the biggest implementers of solar because their energy

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<v Speaker 1>use is continuing to soar. So the hope is that

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<v Speaker 1>the COP twenty eight will stimulate them to focus more

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<v Speaker 1>on the solar than the coal because the coal is cheap.

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<v Speaker 1>And again it's the price issue for developing markets. But

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<v Speaker 1>if consumers start and this is where I think COP

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<v Speaker 1>has to go to a next step in COP twenty

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<v Speaker 1>nine or thirty and actually say to consumers, you know,

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<v Speaker 1>we want you to affirmatively change your behavior and byproducts

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<v Speaker 1>that are sustainably sourced.

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<v Speaker 2>Yeah, bonuses on all of us too, write.

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<v Speaker 1>Correct shorter again, shorter showers called water wash. There are

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<v Speaker 1>all sorts of small things that we need to do.

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<v Speaker 1>But it's really interesting, Carol, that just quickly the source

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<v Speaker 1>of information has to be scientists, but also people like you,

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<v Speaker 1>somebody who's a friend and family. We've got to get

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<v Speaker 1>to the pastor or other people informal sources because they

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<v Speaker 1>don't just believe experts anymore.

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<v Speaker 2>That's really interesting your community, right, It has to be

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<v Speaker 2>kind of putting pressure on you. You well, so good

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<v Speaker 2>to see you in studio.

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<v Speaker 1>Happy holidays, Thank you so much, Happy holidays.

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<v Speaker 2>Richard Edelman of course, CEO of Edelman joining us in studio.