WEBVTT - Trump is coming back. Now what?

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<v Speaker 1>Welcome to zero. I am Akshadarrati. This week, America's reset.

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<v Speaker 1>Donald Trump is backed and possibly with the biggest mandate

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<v Speaker 1>he's ever had that will have huge implications for climate

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<v Speaker 1>and energy not just in the US but around the world.

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<v Speaker 1>So this week I wanted to talk to someone who

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<v Speaker 1>has been on the front lines of climate policy making,

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<v Speaker 1>someone who's a Democrat and was lucky to be re elected.

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<v Speaker 1>Congressman Rocanna represents California's seventeenth district, which includes Silicon Valley.

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<v Speaker 1>Over the years, he's been a vocal advocate for climate policy,

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<v Speaker 1>and he's also a member of the Select Committee on

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<v Speaker 1>the Strategic Competition between the United States and the Chinese

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<v Speaker 1>Communist Party. That means he has a big job to

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<v Speaker 1>help secure America's future leadership in technology. In my conversation,

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<v Speaker 1>I asked him about the consequences of Trump's election and what,

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<v Speaker 1>if anything, can Democrats do to keep climate and clean

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<v Speaker 1>energy at the top of the agenda. Later I also

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<v Speaker 1>talked to Jason Bordoff from the Center on Global Energy

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<v Speaker 1>Policy at Columbia University. We talked about how a Trump

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<v Speaker 1>administration is likely to shape our climate and energy future,

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<v Speaker 1>and it's not simply just drill, Baby, drill. Welcome to

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<v Speaker 1>the show, Representative Kannor. It's a huge day today with

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<v Speaker 1>the election, and when this episode goes out, the country

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<v Speaker 1>will still be sorting through the many reasons Donald Trump

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<v Speaker 1>was elected as president and the many issues that voters

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<v Speaker 1>were responding to. But just days before the election, you

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<v Speaker 1>wrote an op ed for Rolling Stone arguing that the

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<v Speaker 1>polls were underestimating the importance of climate change to the

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<v Speaker 1>average American. You said, climate change really is a kitchen

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<v Speaker 1>table issue. But now there is in the old office

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<v Speaker 1>who many people would call a climate denier coming in January.

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<v Speaker 1>So how do you understand what just happened in the

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<v Speaker 1>election in terms of where were to see the significance

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<v Speaker 1>of climate change.

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<v Speaker 2>It's important that we take away the right lesson from

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<v Speaker 2>the election result. Obviously it was devastating for many of

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<v Speaker 2>us who care about climate and progressive values, but it

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<v Speaker 2>was in the context of people being unhappy about inflation,

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<v Speaker 2>unhappy about the cost of living, unhappy about the situation

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<v Speaker 2>on the border. Incumbent part parties have lost around the world,

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<v Speaker 2>and in retrospect, having a president with forty percent approval

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<v Speaker 2>rating made it very, very hard for whoever was running.

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<v Speaker 2>But that doesn't mean that voters, particularly younger voters, aren't

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<v Speaker 2>going to care about climate. I think there is an

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<v Speaker 2>extraordinary opportunity to organize and mobilize around it with Trump

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<v Speaker 2>coming to power, and to be prepared to run on

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<v Speaker 2>that agenda in twenty twenty six and in twenty twenty eight.

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<v Speaker 2>We need to make it clear that the world needs

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<v Speaker 2>to invest in solar, which is the cheapest form of

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<v Speaker 2>energy right now three cents to a kilowatt hour compared

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<v Speaker 2>to natural gas at six cents and oil at seventh sense,

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<v Speaker 2>that we need a climate resiliency infrastructure, and we've got

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<v Speaker 2>to keep making the case. The one point I'll make

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<v Speaker 2>is the Civil Rights Act in America was introduced in

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<v Speaker 2>nineteen sixty four. I understand what the climate emergency time

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<v Speaker 2>is of the essence, but progress takes time, and my

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<v Speaker 2>message to the climate activist is let's keep going.

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<v Speaker 1>But when you listed the things that people voted on,

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<v Speaker 1>you said, there's immigration, there's inflation, there is the anti

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<v Speaker 1>incumbency factor, but it does say that even today climate

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<v Speaker 1>is not yet a kitchen table issue. How do you

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<v Speaker 1>make it one?

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<v Speaker 2>Well, it is an issue for many young Americans, for sure,

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<v Speaker 2>and it's a kitchen table issue in terms of the

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<v Speaker 2>people who are dealing with the awful costs of hurricanes

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<v Speaker 2>and storms. But it's not as alien as people going

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<v Speaker 2>into a grocery store and seeing that the price of

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<v Speaker 2>groceries has gone up, people seeing that they can't afford

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<v Speaker 2>a house until you have your basic needs met. Very

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<v Speaker 2>hard to think broadly about the issues of what's good

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<v Speaker 2>for the climate and the planet. So first we've got

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<v Speaker 2>to make sure that we're talking about the day to

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<v Speaker 2>day economic lives of people. And then we've got to

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<v Speaker 2>continue to make the case that climate disasters are hurting

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<v Speaker 2>the economy of America and having a negative impact on

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<v Speaker 2>their kids and their lives. But it's very hard to

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<v Speaker 2>make that central when people are not being able to

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<v Speaker 2>pay the bills.

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<v Speaker 1>Now, President Joe Biden's climate legacy is notable. We saw

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<v Speaker 1>historic climate legislation get passed under his administration. But I

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<v Speaker 1>do want to ask you what happens to the legacy now,

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<v Speaker 1>And I think we should take it piece by peace,

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<v Speaker 1>because there were three big piece of legislation that were passed.

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<v Speaker 1>Let's start with the Inflation Reduction Act. What do you

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<v Speaker 1>think stays, and what do you think goes.

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<v Speaker 2>I believe that many of the tax credits will stay,

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<v Speaker 2>and the reason is those are crediting jobs in red states.

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<v Speaker 2>I mean, is Governor Kemp going to advocate not to

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<v Speaker 2>have his state is getting a lot of those battery

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<v Speaker 2>factories and those solar plants. I had actually been critical

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<v Speaker 2>of the administration saying why aren't we getting them in

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<v Speaker 2>more Union states? Why aren't we getting them more in Michigan, Wisconsin, Pennsylvania.

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<v Speaker 2>But one advantage of having them disproportionately in the red

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<v Speaker 2>states is it's going to be harder to take those away.

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<v Speaker 2>Is Elon Musk really going to say to Donald Trump guests,

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<v Speaker 2>let's take away the tax credit for electric vehicles or

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<v Speaker 2>impose the two hundred thousand vehicle cap again, I don't

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<v Speaker 2>think so. So I am confident hopeful that a lot

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<v Speaker 2>of that will stay. I am concerned that he's going

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<v Speaker 2>to start drilling in anwar. He's going to start grilling

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<v Speaker 2>everywhere that we're going to have more efforts at subsidies

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<v Speaker 2>for fossil fuel companies, and that to me is the

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<v Speaker 2>bigger danger.

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<v Speaker 1>Do you think he will also chip at the bypart

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<v Speaker 1>as an Infrastructure Deal or the Chips Act.

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<v Speaker 2>You know the Chips Act. I helped write the Chips

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<v Speaker 2>in SIZAC, which Senator Schumer, and it's originated by a

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<v Speaker 2>guy named Pete Crouch in the Trump administration. It was

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<v Speaker 2>an idea that the Trump administration under POMPEII and started.

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<v Speaker 2>So it would be short sighted, very short sighted for

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<v Speaker 2>him to say America doesn't need to have industrial policy

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<v Speaker 2>to make sure semiconductors are here and there. Many people

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<v Speaker 2>in his administration would say we need that given the

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<v Speaker 2>rise of China, that we need a self reliance. So

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<v Speaker 2>he may tinker with it, but I would be surprised

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<v Speaker 2>if he repeals it. And even Johnson, who talked about

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<v Speaker 2>repealing it, walk that statement back. Same thing with the

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<v Speaker 2>Infrastructure Bill. I mean, he's talked about infrastructure so many times.

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<v Speaker 2>We got it done. But my hope is, if anything,

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<v Speaker 2>he'd expand it. I don't think he's going to repeal that.

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<v Speaker 2>There may be efforts to repeal parts of the IRA

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<v Speaker 2>that are dealing with subsidies and satims for solar and wind,

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<v Speaker 2>but I'm hopeful we'll be able to block that. I

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<v Speaker 2>do think where he's going to try to really make

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<v Speaker 2>a difference is on the EPA and taking away a

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<v Speaker 2>lot of the rules that the EPA put on clean water,

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<v Speaker 2>on p fast contamination, on other areas regulation.

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<v Speaker 1>Let's come to oil production, because it is something you

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<v Speaker 1>have been vocal about. You have criticized big ol companies

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<v Speaker 1>for holding back climent action. But the fact is the

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<v Speaker 1>US produces more oil than any other country in history.

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<v Speaker 1>The US produces fifty percent more oil today than Saudi Arabia,

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<v Speaker 1>and a lot of that increase, by the way, has

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<v Speaker 1>come under the Biden administration. But of course Trump has

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<v Speaker 1>come to the fore saying he wants more oil to come. Drill, baby, drill.

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<v Speaker 1>None of this looks good for America's energy transition. What

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<v Speaker 1>do you think it will take to move the US

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<v Speaker 1>away from fossil fuels.

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<v Speaker 2>Well, the economics should dictate US diversifying. I mean, it's

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<v Speaker 2>like I said, three cents a killowt hour on solar,

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<v Speaker 2>whereas it's six or seven sets of killoot hour on

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<v Speaker 2>oil and natural gas. And we're foolish to not be

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<v Speaker 2>investing in the energy supplies of the future. We're foolish

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<v Speaker 2>not to be investing in energy supplies that are better

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<v Speaker 2>for our national security than a dependence on a product

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<v Speaker 2>that also improves the geopolitical situation of Russia, Iran and Venezuela.

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<v Speaker 2>So I think what we have to do is make

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<v Speaker 2>the argument that we are the party of the energy

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<v Speaker 2>of the future guests. We have to have this transition

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<v Speaker 2>in a way that makes sense. That you need oil

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<v Speaker 2>and natural gas until there's an abundance of nuclear and

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<v Speaker 2>solar and wind and geothermal. But the investments we need

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<v Speaker 2>to be making are in the new things, just like

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<v Speaker 2>we need iPhones and laptops, not old desktops or typewriters.

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<v Speaker 2>Why are we investing in the old infrastructure as opposed

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<v Speaker 2>to the new. One of the areas I have been

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<v Speaker 2>focused on is getting rid of fossil fuel subsidies. Obviously

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<v Speaker 2>that's going to be hard in a Trump administration, but

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<v Speaker 2>we have to remain focused on that so that when

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<v Speaker 2>we do get a democratic president, that can be part

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<v Speaker 2>of the agenda. In the first one hundred days.

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<v Speaker 1>As we record this, Republicans are likely to take control

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<v Speaker 1>of this and it as well as the presidency, but

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<v Speaker 1>the houses still upprograbs. No matter what happens, Democrats like

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<v Speaker 1>you are going to have to work closely with Republicans

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<v Speaker 1>to get anything done. Where do you see opportunities to

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<v Speaker 1>work with Republicans on climate?

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<v Speaker 2>There are not many on climate. There are other areas

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<v Speaker 2>where I'm more optimistic. I would hope, at the very

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<v Speaker 2>least to get some recognition of climate change as existing.

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<v Speaker 2>I would hope that we could help maybe bring manufacturing

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<v Speaker 2>back to America. I have a Modernization of Steel Act

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<v Speaker 2>that would actually bring new steel plants to America that

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<v Speaker 2>are direct reduction iron based on a hydrogen And one

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<v Speaker 2>way we could focus on climate is we can reindustrialize

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<v Speaker 2>America in a better, less carbon emittive way. And maybe

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<v Speaker 2>we could get the some Republicans on board with that,

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<v Speaker 2>not because they care about the carbon emissions, but because

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<v Speaker 2>they care about the new manufacturing.

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<v Speaker 1>And if you can the carbon equation out, what other

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<v Speaker 1>types of solutions that are green technologies that may reduce

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<v Speaker 1>emissions but aren't primarily being targeted for that that you

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<v Speaker 1>could try and convince Republicans to join. You.

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<v Speaker 2>Look, I think the Republican Party and its current form

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<v Speaker 2>is very, very hostile to a lot of policies on climate.

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<v Speaker 2>Maybe you could get some Republicans to care about clean air,

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<v Speaker 2>clean water, having standards on p fast in terms of

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<v Speaker 2>particles per million, or making sure that there's not too

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<v Speaker 2>much prefat in products. Maybe we could have some preservation

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<v Speaker 2>of open land. Maybe we can talk about the importance

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<v Speaker 2>of replacing lead pipes so that we could have clean

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<v Speaker 2>drinking water. But it's always a push with Republicans on

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<v Speaker 2>the environment.

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<v Speaker 1>In my recent conversation with billionaire and Silicon Valley veteran

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<v Speaker 1>Vinod Coslar, who I assume you know, we talked about

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<v Speaker 1>the possibility that Elon Musk could become Trump's climate champion.

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<v Speaker 1>Is this something that you have thought about? Is this

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<v Speaker 1>something that you've talked to Elon about? Is there any

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<v Speaker 1>room for that to be somebody in the sphere of

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<v Speaker 1>influence of Trump who would tell him why acting on

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<v Speaker 1>climate is important.

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<v Speaker 2>Well, we know thy have good ideas. I know, but

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<v Speaker 2>for many years, and I know Ilon. I congratulated him

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<v Speaker 2>last night, and I think it's worth my talking to

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<v Speaker 2>Ilon about that. I mean, his focus right now with

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<v Speaker 2>so much about getting bureaucracy out of the way of

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<v Speaker 2>what he considers builders and entrepreneurs. But I think if

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<v Speaker 2>he were to focus also on a climate agenda as

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<v Speaker 2>part of the rebuild maybe he could break through because

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<v Speaker 2>Donald Trump obviously has a lot of respect for him,

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<v Speaker 2>and so it's a good idea, and it'll be one

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<v Speaker 2>of the topics I'll discuss with the a lot when

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<v Speaker 2>we meet.

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<v Speaker 1>Now. Looking outside America, President Trump has long made it

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<v Speaker 1>clear that he wants the US to leave the Paris Agreement.

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<v Speaker 1>He withdrew once before in twenty seventeen, but because of

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<v Speaker 1>a delay that was baked in, the exit was only

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<v Speaker 1>completed in November of twenty twenty, and soon after President

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<v Speaker 1>Biden saw to it that the US rejoined. This time,

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<v Speaker 1>that withdrawal will happen faster and could likely have bigger consequences.

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<v Speaker 1>The exit time is only one year, and some conservatives

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<v Speaker 1>are pushing Trump to go further and pull the US

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<v Speaker 1>out of the climate treaty itself, which could be nigh

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<v Speaker 1>impossible to join given how divided Congress is. So what

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<v Speaker 1>do you think happens to global climate diplomacy If the

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<v Speaker 1>world's biggest economy and the second largest emitter walks out

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<v Speaker 1>for good.

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<v Speaker 2>We can't wellk out. We need to resist that, just

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<v Speaker 2>like we resist walking out of NATO. And the argument

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<v Speaker 2>I will make to my Republican colleagues, people like Senator Rubio,

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<v Speaker 2>who drafted legislation to make it very hard for Trump

0:14:09.320 --> 0:14:12.520
<v Speaker 2>to pull out of NATO, is that pulling out of

0:14:12.520 --> 0:14:17.400
<v Speaker 2>these climate agreements is seating American leadership to China, which

0:14:17.480 --> 0:14:21.640
<v Speaker 2>is a huge emitter, ceating American leadership to other nations,

0:14:21.920 --> 0:14:24.440
<v Speaker 2>and that that's not in the interest of America to

0:14:24.520 --> 0:14:27.200
<v Speaker 2>lead the world. If you want America to lead in ai,

0:14:27.480 --> 0:14:29.840
<v Speaker 2>if you want America to lead in crypto, if you

0:14:29.840 --> 0:14:32.800
<v Speaker 2>want America to lead in biotech, then why wouldn't you

0:14:32.840 --> 0:14:35.800
<v Speaker 2>want America to lead in climate. It's a matter of

0:14:36.080 --> 0:14:39.040
<v Speaker 2>our leadership around the world. And I'm hopeful that that

0:14:39.240 --> 0:14:41.880
<v Speaker 2>argument will carry the day, so that even if Trump

0:14:42.200 --> 0:14:44.960
<v Speaker 2>engages in a lot of rhetoric about withdrawal, that he's

0:14:45.080 --> 0:14:45.760
<v Speaker 2>unable to do.

0:14:45.760 --> 0:14:48.720
<v Speaker 1>So, and on China, you might be able to get

0:14:48.720 --> 0:14:52.600
<v Speaker 1>bipartisan agreement. The Inflation Reduction Act was an important piece

0:14:52.640 --> 0:14:58.640
<v Speaker 1>of legislation, and you had Senator Manchin explicitly say that

0:14:58.680 --> 0:15:02.440
<v Speaker 1>he the key decided vote, supported it because he saw

0:15:02.800 --> 0:15:08.320
<v Speaker 1>that that would help the US become more competitive against China.

0:15:08.960 --> 0:15:14.360
<v Speaker 1>Now President Trump is perhaps more adversarial in his position

0:15:14.400 --> 0:15:18.120
<v Speaker 1>on China, with wanting to have bigger tariffs. But how

0:15:18.160 --> 0:15:20.520
<v Speaker 1>do you think the US can continue to compete with

0:15:20.680 --> 0:15:24.440
<v Speaker 1>China on green technologies under a Trump administration.

0:15:25.840 --> 0:15:27.600
<v Speaker 2>Well, a lot of it's going to come from my district,

0:15:27.600 --> 0:15:30.280
<v Speaker 2>the private sector. When the private sector sees that the

0:15:30.320 --> 0:15:34.040
<v Speaker 2>cost of producing renewable energy is going down, they see

0:15:34.080 --> 0:15:38.480
<v Speaker 2>that the cost of battery storage is going down, that

0:15:38.480 --> 0:15:42.440
<v Speaker 2>there could be enormous innovation in a huge market, nine

0:15:42.480 --> 0:15:45.920
<v Speaker 2>trillion dollar market in energy. And yes, the government can

0:15:46.040 --> 0:15:49.360
<v Speaker 2>help make that easier. But if the government is making

0:15:49.400 --> 0:15:51.720
<v Speaker 2>it a bit harder, that may slow things down, but

0:15:51.800 --> 0:15:56.320
<v Speaker 2>it's not going to stop the entrepreneurs for innovating. It's

0:15:56.360 --> 0:15:59.280
<v Speaker 2>not going to stop many members of Congress from continuing

0:15:59.280 --> 0:16:04.200
<v Speaker 2>to build these relationships around the world. And so I

0:16:04.240 --> 0:16:07.240
<v Speaker 2>would say that we have to continue to move forward

0:16:07.280 --> 0:16:10.560
<v Speaker 2>as states, the cities. This is the private sector because

0:16:10.560 --> 0:16:13.800
<v Speaker 2>the federal government, while critical, is not the only game

0:16:13.840 --> 0:16:19.640
<v Speaker 2>in town, and it's not the only thing that defines America.

0:16:19.880 --> 0:16:24.160
<v Speaker 1>One of the things that has made your district and

0:16:24.560 --> 0:16:27.040
<v Speaker 1>the state of California, but also so many other states

0:16:27.040 --> 0:16:30.720
<v Speaker 1>in the US so good at innovating, is because they

0:16:30.720 --> 0:16:35.320
<v Speaker 1>have attracted immigrants. But the issue that Trump campaigned on

0:16:35.440 --> 0:16:38.960
<v Speaker 1>and the line he has taken on immigration seems to

0:16:39.000 --> 0:16:42.800
<v Speaker 1>be pretty detrimental. Do you think the US will continue

0:16:42.840 --> 0:16:45.720
<v Speaker 1>to attract the level of talent that enable this kind

0:16:45.760 --> 0:16:50.120
<v Speaker 1>of innovation if Trump follows through on deportation or other

0:16:50.200 --> 0:16:52.960
<v Speaker 1>radical policies that he has talked about in his campaign

0:16:53.400 --> 0:16:56.119
<v Speaker 1>in the election.

0:16:56.280 --> 0:16:58.800
<v Speaker 2>How extremely is I remember his last term, it slowed

0:16:58.800 --> 0:17:01.640
<v Speaker 2>down immigration. Now partly that was because of COVID, but

0:17:01.680 --> 0:17:04.399
<v Speaker 2>partly because it was the town he took. Now, the

0:17:04.520 --> 0:17:07.600
<v Speaker 2>United States is a global race for talent. I mean,

0:17:07.600 --> 0:17:11.440
<v Speaker 2>we want talented people to help innovate and create companies. Here.

0:17:11.920 --> 0:17:14.760
<v Speaker 2>Trump had said on All In podcasts that he was

0:17:14.800 --> 0:17:19.040
<v Speaker 2>open to reforming that process of founders and entrepreneurs and

0:17:19.119 --> 0:17:23.240
<v Speaker 2>scientists and technology leaders. We'll see what he does, but

0:17:23.359 --> 0:17:26.639
<v Speaker 2>he would really be kneecapping America if he does not

0:17:26.800 --> 0:17:30.600
<v Speaker 2>allow us to succeed in the global race for talent.

0:17:30.680 --> 0:17:33.439
<v Speaker 2>If you're a football team or a basketball team and

0:17:33.720 --> 0:17:36.360
<v Speaker 2>you've got a great center or a great quarterback who

0:17:36.359 --> 0:17:39.719
<v Speaker 2>happens to be from Japan, you obviously will do everything

0:17:39.760 --> 0:17:41.920
<v Speaker 2>to sign them. Well, the same thing is true if

0:17:41.920 --> 0:17:43.600
<v Speaker 2>you want to be a great company.

0:17:44.000 --> 0:17:47.919
<v Speaker 1>And taking climate change is easier if countries cooperate. But

0:17:48.000 --> 0:17:51.240
<v Speaker 1>Trump's narrative is one of competition. We talked a little

0:17:51.240 --> 0:17:54.920
<v Speaker 1>bit about the US competition with China over green technologies,

0:17:55.400 --> 0:17:59.280
<v Speaker 1>but under an America First agenda, European countries could also

0:17:59.320 --> 0:18:02.520
<v Speaker 1>be seen as company editors. How do you think European

0:18:02.800 --> 0:18:06.720
<v Speaker 1>allies are likely to respond to from on trade, on climate,

0:18:06.800 --> 0:18:10.119
<v Speaker 1>on tariffs, things that are likely to play in this

0:18:10.880 --> 0:18:11.800
<v Speaker 1>incoming press.

0:18:12.040 --> 0:18:13.879
<v Speaker 2>I think they're thinking, how do we survive it, how

0:18:13.880 --> 0:18:16.280
<v Speaker 2>do we get caught time where Democrats come back into

0:18:16.400 --> 0:18:19.959
<v Speaker 2>power in Europe at least, But I think they're going

0:18:20.000 --> 0:18:22.320
<v Speaker 2>to try to do things to mitigate the damage. The

0:18:22.359 --> 0:18:25.280
<v Speaker 2>hope that a lot of this is populist rhetoric, that

0:18:25.400 --> 0:18:28.960
<v Speaker 2>cooler heads will prevail, that we don't ignite a trade war.

0:18:29.320 --> 0:18:33.080
<v Speaker 2>Notice trumpthing mentioned many tariffs in his speech last night,

0:18:33.440 --> 0:18:37.600
<v Speaker 2>that we don't pull out a NATO, that we're still

0:18:37.640 --> 0:18:41.080
<v Speaker 2>engaged in the world, and the Europeans need to hear

0:18:41.119 --> 0:18:46.240
<v Speaker 2>from us from a diverse group of leaders, as the

0:18:46.280 --> 0:18:50.560
<v Speaker 2>countries elsewhere in India and in the Middle East, about

0:18:50.560 --> 0:18:55.959
<v Speaker 2>our commitment to staying engaged and recognizing that again the

0:18:56.160 --> 0:18:58.840
<v Speaker 2>country is divided and the president doesn't speak for everyone.

0:19:01.560 --> 0:19:03.919
<v Speaker 1>Now we are speaking just days before the start of

0:19:03.920 --> 0:19:08.399
<v Speaker 1>COP twenty nine and Baku Azerbaijan. Trump doesn't control the

0:19:08.400 --> 0:19:11.560
<v Speaker 1>White House yet. The US delegation is going to go

0:19:11.720 --> 0:19:16.840
<v Speaker 1>under President Biden's instructions. But there's a risk that whatever

0:19:16.920 --> 0:19:20.640
<v Speaker 1>happens at KOP will be irrelevant if Trump pulls out

0:19:20.640 --> 0:19:23.760
<v Speaker 1>of the Paris Agreement. How do you think Trump's selection

0:19:23.880 --> 0:19:26.520
<v Speaker 1>affects the discussions that will happen at COP twenty nine.

0:19:28.960 --> 0:19:31.399
<v Speaker 2>I think the reality is that people are going to

0:19:31.440 --> 0:19:35.320
<v Speaker 2>be looking for American leadership and reassurance. They're going to say,

0:19:35.680 --> 0:19:38.320
<v Speaker 2>what is the consequences of this? Who is going to

0:19:38.359 --> 0:19:41.760
<v Speaker 2>be pulling out of what treaties? What is Trump going

0:19:41.800 --> 0:19:44.240
<v Speaker 2>to do to hurt climate? But there we have to

0:19:44.240 --> 0:19:46.960
<v Speaker 2>reassure them that there's still a lot of climate activities

0:19:47.400 --> 0:19:49.959
<v Speaker 2>people who care about the climate there. It would be

0:19:50.400 --> 0:19:53.200
<v Speaker 2>important in my view, for the Trump administration to send

0:19:53.240 --> 0:19:55.919
<v Speaker 2>someone there, and maybe as an initial matter, I can

0:19:55.960 --> 0:19:58.479
<v Speaker 2>talk to Elon or others about the importance of US

0:19:58.520 --> 0:20:03.320
<v Speaker 2>having representation there from the incoming new administration. But the

0:20:03.400 --> 0:20:07.240
<v Speaker 2>key for surviving four years of Trump on climate is

0:20:07.359 --> 0:20:10.880
<v Speaker 2>two progued. One is to make the argument to people

0:20:11.080 --> 0:20:13.800
<v Speaker 2>in the Trump administration who may be sympathetic from a

0:20:14.119 --> 0:20:18.919
<v Speaker 2>perspective of just American leadership and American innovation. And secondly,

0:20:19.160 --> 0:20:21.879
<v Speaker 2>to make the case to the world in America still

0:20:21.920 --> 0:20:26.600
<v Speaker 2>remains the technological leader in so many climate areas, and

0:20:26.880 --> 0:20:30.040
<v Speaker 2>so many people like Bill Gates, like John Dorr, like

0:20:30.119 --> 0:20:33.199
<v Speaker 2>the No North COASTLA like Elon Musk, remain committed to

0:20:33.240 --> 0:20:36.800
<v Speaker 2>solving the climate problem and they shouldn't write off the

0:20:36.960 --> 0:20:39.840
<v Speaker 2>entire country because of who our president is, who got

0:20:39.880 --> 0:20:42.480
<v Speaker 2>elected with fifty one fifty two percent of the vote

0:20:42.520 --> 0:20:43.840
<v Speaker 2>and forty eight percent descent.

0:20:45.000 --> 0:20:49.760
<v Speaker 1>Well, last time around, when Trump was elected, Paris Agreement

0:20:49.800 --> 0:20:54.000
<v Speaker 1>had just been signed, The climate agenda was in ascendency.

0:20:54.480 --> 0:20:57.760
<v Speaker 1>People were recognizing that, Okay, the US might have pulled out,

0:20:57.800 --> 0:21:02.160
<v Speaker 1>but rest of the world is committed. Then around twenty twenty,

0:21:02.200 --> 0:21:05.960
<v Speaker 1>when Joe Biden was elected, there was a backlash against Trump,

0:21:05.960 --> 0:21:09.879
<v Speaker 1>but also there's clear recognition that climate is front of

0:21:10.480 --> 0:21:15.080
<v Speaker 1>the agenda. ESG investing, environmental social governance investing was in

0:21:15.119 --> 0:21:20.160
<v Speaker 1>the ascendancy, and investors and financial authorities were getting involved

0:21:20.240 --> 0:21:23.119
<v Speaker 1>in climate action. This time around, all of that is

0:21:23.119 --> 0:21:25.960
<v Speaker 1>going in the opposite direction. It's not just the US.

0:21:26.040 --> 0:21:28.800
<v Speaker 1>There are other elections around the world where climate hasn't

0:21:28.840 --> 0:21:32.360
<v Speaker 1>been the top priority or has been a anti climate vote.

0:21:33.080 --> 0:21:35.360
<v Speaker 1>Same thing with the ESG in the US, there's been

0:21:35.400 --> 0:21:40.400
<v Speaker 1>political backlash against ESG investing. So the agenda globally has

0:21:40.480 --> 0:21:44.080
<v Speaker 1>been in a very challenging spot. And so when you

0:21:44.280 --> 0:21:48.520
<v Speaker 1>think about non federal actors or state actors or local

0:21:48.560 --> 0:21:53.040
<v Speaker 1>governments or entrepreneurs wanting to take the baton while Trump

0:21:53.119 --> 0:21:56.280
<v Speaker 1>is not caring about climate, they just have a much

0:21:56.320 --> 0:21:57.520
<v Speaker 1>harder job, don't they.

0:21:57.880 --> 0:22:00.320
<v Speaker 2>They do. But there's also a new generation that it's

0:22:00.359 --> 0:22:04.520
<v Speaker 2>coming into positions of responsibility, a new generation coming in

0:22:04.840 --> 0:22:09.760
<v Speaker 2>the Wall Street, into Silicon Valley, into nonprofits and businesses,

0:22:10.040 --> 0:22:12.880
<v Speaker 2>and they care about climate, they care about having purpose

0:22:13.320 --> 0:22:16.879
<v Speaker 2>in their jobs, they care about their future, their kids' future.

0:22:17.240 --> 0:22:19.800
<v Speaker 2>And I'm waiting for that next generation to lead. Now.

0:22:20.040 --> 0:22:22.919
<v Speaker 2>Will Donald Trump set back the climate agenda of the

0:22:23.040 --> 0:22:26.320
<v Speaker 2>nation in the world for four years? Yes? Is he

0:22:26.359 --> 0:22:30.560
<v Speaker 2>gonna make it harder? Yes, there's there's no sugarcoating that.

0:22:30.960 --> 0:22:35.720
<v Speaker 2>But does that mean that the climate movement and the

0:22:35.760 --> 0:22:40.200
<v Speaker 2>next generations who get it can't still help make progress

0:22:40.359 --> 0:22:44.640
<v Speaker 2>on this incredibly existential issue. Absolutely not. I think their

0:22:44.680 --> 0:22:48.040
<v Speaker 2>work must continue and in some ways they will break through,

0:22:48.440 --> 0:22:52.480
<v Speaker 2>and you also may see a reaction in the polls

0:22:52.560 --> 0:22:56.240
<v Speaker 2>and with the public against Trump. So right now, Trump's

0:22:56.240 --> 0:22:58.719
<v Speaker 2>winning on all the immigration issues, but remember when he

0:22:58.760 --> 0:23:01.480
<v Speaker 2>was in power, Democrats for winning because his policies were

0:23:01.480 --> 0:23:06.360
<v Speaker 2>so draconian. If he institutes draconian policies that take us

0:23:06.400 --> 0:23:10.160
<v Speaker 2>backwards with no appreciation of solar and winded batteries, there

0:23:10.160 --> 0:23:14.240
<v Speaker 2>may become a reassessment in America saying, you know, Trump's

0:23:14.240 --> 0:23:17.359
<v Speaker 2>gone too far, and it may give Democrats an advantage.

0:23:17.400 --> 0:23:20.800
<v Speaker 2>These things have a way of being a pendulum, and

0:23:21.200 --> 0:23:25.399
<v Speaker 2>I don't think that Trump's going into a a neanderous

0:23:25.640 --> 0:23:28.439
<v Speaker 2>view of climate is going to be sustainable with the

0:23:28.440 --> 0:23:29.200
<v Speaker 2>American public.

0:23:29.720 --> 0:23:31.600
<v Speaker 1>Thank you, Representative Connor, thank.

0:23:31.400 --> 0:23:37.520
<v Speaker 2>You for your leadership and voice.

0:23:38.280 --> 0:23:41.480
<v Speaker 1>After the break, I speak to Jason Bordof, founding director

0:23:41.680 --> 0:23:45.080
<v Speaker 1>of the Center on Global Energy Policy at Columbia University,

0:23:45.359 --> 0:23:59.920
<v Speaker 1>about energy and tariffs under Trump. Jason, your job these

0:24:00.160 --> 0:24:03.359
<v Speaker 1>is to think about energy policy at Columbia University, but

0:24:03.480 --> 0:24:07.600
<v Speaker 1>before that you were in the Obama administration thinking about energy,

0:24:07.640 --> 0:24:11.240
<v Speaker 1>climate and national security. So let's get into the meat

0:24:11.280 --> 0:24:15.119
<v Speaker 1>of it. I've been speaking with Congressman Rocanna, who says

0:24:15.160 --> 0:24:18.520
<v Speaker 1>that yes, under Trump, they're likely to be some amount

0:24:18.560 --> 0:24:21.760
<v Speaker 1>of climate action that'll continue, things like tax credit under

0:24:21.760 --> 0:24:25.520
<v Speaker 1>the Inflation Reduction Act. But unfortunately, he thinks working with

0:24:25.600 --> 0:24:28.359
<v Speaker 1>Republicans on climate is just going to be very hard.

0:24:28.960 --> 0:24:31.119
<v Speaker 1>Do you see any common ground?

0:24:32.720 --> 0:24:34.400
<v Speaker 3>Yeah, and look, I do think there are at least

0:24:34.600 --> 0:24:36.960
<v Speaker 3>some in the Republican Party thinking about climate change, although

0:24:37.000 --> 0:24:39.399
<v Speaker 3>perhaps not with the same urgency or in the same way.

0:24:39.560 --> 0:24:42.040
<v Speaker 3>It's also true that the business community is as well.

0:24:42.440 --> 0:24:45.640
<v Speaker 3>And so take for example, the dramatic increase in electricity

0:24:45.920 --> 0:24:48.200
<v Speaker 3>demand that we're going to see in the United States

0:24:48.280 --> 0:24:53.000
<v Speaker 3>because of how energy intensive this historic and transformational new

0:24:53.000 --> 0:24:56.880
<v Speaker 3>technology of artificial intelligence is, along with potentially electrifying other

0:24:56.880 --> 0:25:00.640
<v Speaker 3>parts of the economy like vehicles and other things. So

0:25:01.200 --> 0:25:04.000
<v Speaker 3>in order, this is not a first and foremost about

0:25:04.000 --> 0:25:08.800
<v Speaker 3>climate change. This is about being competitive in a critically

0:25:08.880 --> 0:25:11.920
<v Speaker 3>important technology for the twenty perst century AI. The US

0:25:11.960 --> 0:25:14.600
<v Speaker 3>has a leadership role in that right now, and to

0:25:14.680 --> 0:25:17.960
<v Speaker 3>maintain that leadership role for US companies like Meta and

0:25:18.000 --> 0:25:21.280
<v Speaker 3>Microsoft and Google and Amazon, we need to really quickly

0:25:21.760 --> 0:25:26.119
<v Speaker 3>help them meet their demand for more electricity and do

0:25:26.200 --> 0:25:29.520
<v Speaker 3>it in a way that hopefully holds the existing set

0:25:29.560 --> 0:25:31.879
<v Speaker 3>of consumers and businesses in the United States harmless and

0:25:31.880 --> 0:25:33.960
<v Speaker 3>doesn't spread that cost among everyone because there'll be a

0:25:34.000 --> 0:25:37.760
<v Speaker 3>backlash otherwise if we do so. If you say remove

0:25:38.040 --> 0:25:40.360
<v Speaker 3>carbon from the equation, I guess you can just build

0:25:40.400 --> 0:25:42.840
<v Speaker 3>coal plants or turn them back on old coal plants

0:25:42.840 --> 0:25:44.960
<v Speaker 3>that are forty years old in this country. I don't

0:25:44.960 --> 0:25:48.000
<v Speaker 3>think that's going to happen, even hypothetically if a Republican

0:25:48.040 --> 0:25:50.960
<v Speaker 3>administration wanted to do that. That's not where these companies are.

0:25:51.080 --> 0:25:53.240
<v Speaker 3>That's not where they see the world going. They know

0:25:53.359 --> 0:25:55.680
<v Speaker 3>the political pendulum is going to swing in four years

0:25:55.720 --> 0:25:57.480
<v Speaker 3>or eight years and that's not going to be viable.

0:25:57.840 --> 0:26:01.280
<v Speaker 3>And they also do value the credibility the position they

0:26:01.280 --> 0:26:05.359
<v Speaker 3>have as leaders in the energy transition. So will it

0:26:05.520 --> 0:26:08.560
<v Speaker 3>change how the EPA regulates emissions and is that going

0:26:08.640 --> 0:26:10.240
<v Speaker 3>to have an impact on how we think about the

0:26:10.320 --> 0:26:13.399
<v Speaker 3>role of the decline of coal plants or maybe the

0:26:13.480 --> 0:26:16.400
<v Speaker 3>role of natural gas in this transition. Sure, but these

0:26:16.440 --> 0:26:19.960
<v Speaker 3>are still renewables are very cheap. You see these companies

0:26:20.000 --> 0:26:23.639
<v Speaker 3>doing huge deals for nuclear power, and there actually is

0:26:23.680 --> 0:26:26.600
<v Speaker 3>bipartisan agreement on both sides of the Aisle that nuclear

0:26:26.640 --> 0:26:30.359
<v Speaker 3>is an important technology to move forward on. It's easy,

0:26:30.520 --> 0:26:33.080
<v Speaker 3>It's actually easy to imagine for me that Republicans and

0:26:33.119 --> 0:26:35.920
<v Speaker 3>Democrats might work together to say, what would it look

0:26:35.960 --> 0:26:39.040
<v Speaker 3>like to dramatically shorten the timeframe to get new nuclear

0:26:39.240 --> 0:26:43.040
<v Speaker 3>online in this country? Not for some because we need

0:26:43.160 --> 0:26:45.560
<v Speaker 3>zero carbon electrons on the grid, and for others because

0:26:45.640 --> 0:26:48.879
<v Speaker 3>we need a more electricity to meet the needs of

0:26:49.080 --> 0:26:52.200
<v Speaker 3>critical technologies like AI, for which they are national security

0:26:52.200 --> 0:26:55.359
<v Speaker 3>and economic reasons. That seems more likely to me than

0:26:55.400 --> 0:26:59.480
<v Speaker 3>the idea that we would restart coal in this country

0:26:59.760 --> 0:27:02.920
<v Speaker 3>for or the electricity that AI needs, partly because I'm

0:27:02.960 --> 0:27:05.399
<v Speaker 3>not sure the policy environment will go in that direction,

0:27:05.480 --> 0:27:07.080
<v Speaker 3>but also because that's what the that's not what the

0:27:07.080 --> 0:27:07.880
<v Speaker 3>firms want to do.

0:27:10.280 --> 0:27:14.200
<v Speaker 1>Okay, Now, let's come to the energy equation. The US

0:27:14.280 --> 0:27:19.000
<v Speaker 1>producers today fifty percent more oil than Saudi Arabia, and

0:27:19.040 --> 0:27:23.359
<v Speaker 1>Trump wants to increase that production with his drill Baby,

0:27:23.440 --> 0:27:26.920
<v Speaker 1>drill monthra. So what do you think happens to clean

0:27:27.040 --> 0:27:32.480
<v Speaker 1>energy as a result, Because government has limited bandwidth, even

0:27:32.520 --> 0:27:35.720
<v Speaker 1>as the demand for clean energy may be growing, if

0:27:35.760 --> 0:27:39.919
<v Speaker 1>the focus is on supporting fossil fuels, doesn't clean energy

0:27:40.119 --> 0:27:40.840
<v Speaker 1>just suffer.

0:27:41.960 --> 0:27:44.760
<v Speaker 3>I think the risk to the outlook for clean energy

0:27:44.840 --> 0:27:48.720
<v Speaker 3>is less from what may be done to purportedly try

0:27:48.760 --> 0:27:50.840
<v Speaker 3>to help support domestic oil and gas production, and more

0:27:50.920 --> 0:27:54.159
<v Speaker 3>by what happens to policies targeted at supporting clean energy production.

0:27:54.240 --> 0:27:56.399
<v Speaker 3>So if we pull back tax incentives in the IRA,

0:27:57.320 --> 0:28:02.560
<v Speaker 3>if we pull back regulati tory tools and regulation that

0:28:02.600 --> 0:28:06.240
<v Speaker 3>was implemented by the EPA for emissions from power plants

0:28:06.240 --> 0:28:08.760
<v Speaker 3>and cars, you know, all of that has the potential

0:28:08.920 --> 0:28:12.240
<v Speaker 3>to raise the cost or slow down the pace of deployment.

0:28:12.240 --> 0:28:15.280
<v Speaker 3>If we take away tools like the Loan Program Office

0:28:15.320 --> 0:28:17.440
<v Speaker 3>of the Department of Energy, which can lower the cost

0:28:17.640 --> 0:28:20.840
<v Speaker 3>of capital to invest in clean energy projects, all of

0:28:20.840 --> 0:28:23.880
<v Speaker 3>those would have a more significant impact, I think when

0:28:23.920 --> 0:28:28.320
<v Speaker 3>you look at what might be done to unleash, if

0:28:28.359 --> 0:28:30.840
<v Speaker 3>that's the right word, oil and gas production in the US,

0:28:30.840 --> 0:28:33.879
<v Speaker 3>and as you said, it's been growing for many years

0:28:33.880 --> 0:28:36.520
<v Speaker 3>since the show Revolution started, regardless of which party was

0:28:36.800 --> 0:28:38.880
<v Speaker 3>in the White House. You know, there are a couple

0:28:38.880 --> 0:28:41.400
<v Speaker 3>of constraints on that. So one or just market constraints.

0:28:41.440 --> 0:28:44.200
<v Speaker 3>The more you produce, the more prices fall, and there's

0:28:44.240 --> 0:28:47.840
<v Speaker 3>a sort of self correcting mechanism that the industry itself applies.

0:28:48.600 --> 0:28:50.920
<v Speaker 3>Most of the production growth we've seen in the share

0:28:50.960 --> 0:28:54.120
<v Speaker 3>revolution has been on private land, not on public land.

0:28:54.360 --> 0:28:58.160
<v Speaker 3>And the big debates that happen, say in the permitting

0:28:58.160 --> 0:29:02.800
<v Speaker 3>reform bill that is currently being proposed in Washington, you know,

0:29:02.960 --> 0:29:07.000
<v Speaker 3>things like that affect the auctions and the leasing for

0:29:07.320 --> 0:29:10.800
<v Speaker 3>new areas of the Federal offshore. Well, that may affect

0:29:10.800 --> 0:29:13.000
<v Speaker 3>production a decade from now, It doesn't have an effect

0:29:13.000 --> 0:29:15.959
<v Speaker 3>production in the near term. So some of the changes

0:29:16.000 --> 0:29:22.040
<v Speaker 3>that would be made may have effects further out, less

0:29:22.080 --> 0:29:24.160
<v Speaker 3>so in the near term. But even then, you know,

0:29:24.200 --> 0:29:27.000
<v Speaker 3>you can go back and look at a chart with

0:29:27.160 --> 0:29:30.680
<v Speaker 3>the acreage put up, the acreage allowed to be bid

0:29:30.680 --> 0:29:33.480
<v Speaker 3>on by the Obama administration, the Trump administration, and the

0:29:33.480 --> 0:29:36.080
<v Speaker 3>Biden administration, and under Trump, you see it goes through

0:29:36.080 --> 0:29:38.320
<v Speaker 3>the roof right, much much more of the Federal offshore

0:29:38.480 --> 0:29:40.280
<v Speaker 3>was open to the oil and gas industry, and they said,

0:29:40.320 --> 0:29:42.080
<v Speaker 3>please bid on this and buy this from us so

0:29:42.080 --> 0:29:44.960
<v Speaker 3>you can produce oil and gas. The amount that was

0:29:45.000 --> 0:29:49.240
<v Speaker 3>actually bid by the industry didn't change hugely. It changed

0:29:49.280 --> 0:29:52.240
<v Speaker 3>based on market conditions. The amount that is currently being

0:29:52.280 --> 0:29:56.440
<v Speaker 3>proposed in the Permitting Reform bill. But there's a lot

0:29:56.480 --> 0:29:59.560
<v Speaker 3>of controversy and disagreement about actually it didn't matter how

0:29:59.640 --> 0:30:01.840
<v Speaker 3>much was posed. The amount actually bid on by the

0:30:01.880 --> 0:30:05.120
<v Speaker 3>industry has always been less than what the Mansion Barroso

0:30:05.200 --> 0:30:08.959
<v Speaker 3>Permitting reform bill would require because market conditions themselves are

0:30:09.000 --> 0:30:11.560
<v Speaker 3>a constraint here. And I think I'm not saying it'll

0:30:11.560 --> 0:30:13.600
<v Speaker 3>have zero impact, but I think that will probably be

0:30:13.640 --> 0:30:16.400
<v Speaker 3>true here. It is worth remembering that even when George W.

0:30:16.440 --> 0:30:18.840
<v Speaker 3>Bush was in office, you know, he was the one

0:30:18.840 --> 0:30:21.520
<v Speaker 3>who stood up in a State of the Union and said, now,

0:30:21.560 --> 0:30:23.680
<v Speaker 3>of course this was before the show Revolution. But even

0:30:23.680 --> 0:30:25.640
<v Speaker 3>with the US being the largest producer in the world

0:30:26.240 --> 0:30:28.280
<v Speaker 3>fifty percent more than Saudi, as you said, although less

0:30:28.280 --> 0:30:31.280
<v Speaker 3>remember Saudi's voluntarily withholding barrels from the market to try

0:30:31.320 --> 0:30:32.960
<v Speaker 3>to get the price up, they could be producing more

0:30:33.000 --> 0:30:35.600
<v Speaker 3>and if the market needs that, they will. It's still

0:30:35.600 --> 0:30:37.920
<v Speaker 3>a global market, so regardless of how much we're producing,

0:30:37.920 --> 0:30:40.320
<v Speaker 3>if something happens in the Middle East or anywhere else,

0:30:40.640 --> 0:30:43.040
<v Speaker 3>the price of the pump goes up for everyone, regardless

0:30:43.080 --> 0:30:44.880
<v Speaker 3>of how much we produce. And the best thing we

0:30:44.920 --> 0:30:48.320
<v Speaker 3>can do to enhance the resilience of our economy to

0:30:48.400 --> 0:30:51.200
<v Speaker 3>inevitable oil price shocks is to use less oil in

0:30:51.240 --> 0:30:55.120
<v Speaker 3>the first place. There have Republican administrations have recognized that

0:30:55.160 --> 0:30:57.360
<v Speaker 3>in the past. I don't know if a Trump administration will,

0:30:57.400 --> 0:30:58.360
<v Speaker 3>but it should.

0:30:58.920 --> 0:31:01.920
<v Speaker 1>And it's not just sold production. The US is also

0:31:01.960 --> 0:31:06.520
<v Speaker 1>the world's largest exporter of liquefied natural gas today. What

0:31:06.560 --> 0:31:08.280
<v Speaker 1>do you think happens to the role of gas in

0:31:08.320 --> 0:31:11.680
<v Speaker 1>the energy transition as a result of Trump coming to power,

0:31:12.360 --> 0:31:15.320
<v Speaker 1>Do we start talking about gas as a bridge fuel again?

0:31:16.320 --> 0:31:19.360
<v Speaker 3>Well, we may start to talk about it that way

0:31:19.520 --> 0:31:23.840
<v Speaker 3>that you know, it doesn't mean it's true. But the

0:31:24.280 --> 0:31:28.240
<v Speaker 3>question of what happens to the role of gas globally,

0:31:28.480 --> 0:31:31.720
<v Speaker 3>you know, is viewed differently in emerging and developing economies,

0:31:31.760 --> 0:31:34.400
<v Speaker 3>as you know very well, than it is in developed

0:31:34.440 --> 0:31:37.640
<v Speaker 3>economies like the US and Europe. I suspect a Trump administration,

0:31:37.720 --> 0:31:41.080
<v Speaker 3>based on what it said, would move very quickly to

0:31:41.840 --> 0:31:45.720
<v Speaker 3>remove the temporary ban presumably temporary ban that the Biden

0:31:45.720 --> 0:31:49.160
<v Speaker 3>administration had put on the approval of new export permits

0:31:49.440 --> 0:31:52.680
<v Speaker 3>to export natural gas from the United States. But again,

0:31:52.760 --> 0:31:54.280
<v Speaker 3>kind of the same with oil in terms of the

0:31:54.320 --> 0:31:57.040
<v Speaker 3>market is going to determine a lot of this. There

0:31:57.160 --> 0:32:00.200
<v Speaker 3>is a quite significant question about whether that will have

0:32:00.240 --> 0:32:03.600
<v Speaker 3>any impact at all or much of an impact on

0:32:03.760 --> 0:32:06.400
<v Speaker 3>what happens to the global gas market and how much

0:32:06.400 --> 0:32:10.040
<v Speaker 3>gas export capacity the US builds. Even with the pause

0:32:10.080 --> 0:32:12.440
<v Speaker 3>that the Biden administration put in place where they said,

0:32:12.440 --> 0:32:14.400
<v Speaker 3>we're not going to give any new permits to export

0:32:14.480 --> 0:32:16.600
<v Speaker 3>natural gas until we do some study of the economic

0:32:16.680 --> 0:32:21.320
<v Speaker 3>and environmental implications of that. We were already roughly doubling

0:32:21.360 --> 0:32:23.960
<v Speaker 3>export capacity over the next several years in this country.

0:32:24.640 --> 0:32:26.640
<v Speaker 3>And if you look at the projections in the latest

0:32:26.640 --> 0:32:29.400
<v Speaker 3>World Energy Outlook by the IA, they view a world

0:32:29.440 --> 0:32:30.840
<v Speaker 3>that by the end of the decade is kind of

0:32:30.840 --> 0:32:33.320
<v Speaker 3>a wash in natural gas. Maybe things tighten up a

0:32:33.360 --> 0:32:36.520
<v Speaker 3>decade down the road after that. So the question is

0:32:36.760 --> 0:32:39.880
<v Speaker 3>how much more gas does the world really need and

0:32:39.920 --> 0:32:42.360
<v Speaker 3>who's going to step up to invest in multi billion

0:32:42.400 --> 0:32:45.600
<v Speaker 3>dollar projects to export more gas? If everybody who wants

0:32:45.640 --> 0:32:47.600
<v Speaker 3>a permit can have a permit, I think you know,

0:32:47.680 --> 0:32:49.280
<v Speaker 3>I'm not saying the answer to that will be zero.

0:32:49.320 --> 0:32:51.120
<v Speaker 3>There may be a couple of projects that move forward,

0:32:51.720 --> 0:32:53.720
<v Speaker 3>but I don't think it's a huge number, just given

0:32:53.760 --> 0:32:57.400
<v Speaker 3>the market reality of what's happening in the world, how

0:32:57.480 --> 0:32:59.960
<v Speaker 3>much gas is coming online, and also the outlook for

0:33:00.080 --> 0:33:03.800
<v Speaker 3>gas demand as you see more competition from other fuels,

0:33:04.160 --> 0:33:06.360
<v Speaker 3>including zero carbon fuels.

0:33:07.720 --> 0:33:10.680
<v Speaker 1>Trump has also been pushing tariffs in a big way,

0:33:11.200 --> 0:33:14.480
<v Speaker 1>and economists have warned against the kind of broad tariffs

0:33:14.480 --> 0:33:18.280
<v Speaker 1>that he has proposed, but he's dead set on them.

0:33:19.160 --> 0:33:22.000
<v Speaker 1>Say you were to advise Trump on tariffs, what kind

0:33:22.040 --> 0:33:24.920
<v Speaker 1>of tariffs would you be okay with? And what would

0:33:24.920 --> 0:33:25.920
<v Speaker 1>you not be okay with?

0:33:27.360 --> 0:33:29.200
<v Speaker 3>Yeah, I mean, I think it's notable that a lot

0:33:29.240 --> 0:33:32.040
<v Speaker 3>of the analysts and the large banks and such, when

0:33:32.080 --> 0:33:36.000
<v Speaker 3>they look at the outlook for oil prices, they had

0:33:36.000 --> 0:33:39.959
<v Speaker 3>projected lower oil prices under a Trump administration, not because

0:33:40.760 --> 0:33:43.160
<v Speaker 3>production in the US would be dramatically higher, but because

0:33:43.160 --> 0:33:45.480
<v Speaker 3>of concerns about what the tariff policy would do to

0:33:45.520 --> 0:33:49.040
<v Speaker 3>the outlook for US economic growth. And I share a

0:33:49.080 --> 0:33:51.800
<v Speaker 3>concern that very aggressive and across the board use of

0:33:52.040 --> 0:33:54.720
<v Speaker 3>tariffs could be detrimental to the US economy and to

0:33:54.880 --> 0:33:59.000
<v Speaker 3>consumers and businesses that they're purportedly aimed to help. I

0:33:59.040 --> 0:34:03.400
<v Speaker 3>think it's fair as the Biden administration, as both sides

0:34:03.400 --> 0:34:05.760
<v Speaker 3>of the aisle actually have started to do. As Jake

0:34:05.800 --> 0:34:08.680
<v Speaker 3>Sullivan said at the Brookings Institution a year or two ago,

0:34:09.239 --> 0:34:12.480
<v Speaker 3>it is appropriate to rethink some of the assumptions about

0:34:12.520 --> 0:34:16.640
<v Speaker 3>global economic integration, whether other countries would play by the rules.

0:34:16.680 --> 0:34:20.959
<v Speaker 3>We assumed that they would, China in particular, and maybe

0:34:21.000 --> 0:34:23.319
<v Speaker 3>at just course if that's not playing out the way

0:34:23.440 --> 0:34:26.600
<v Speaker 3>we thought. And so when you look at tariffs that

0:34:26.640 --> 0:34:29.319
<v Speaker 3>were put in place on imported goods from China like

0:34:29.360 --> 0:34:32.320
<v Speaker 3>electric vehicles and other things, there are actually several rationales

0:34:32.360 --> 0:34:35.239
<v Speaker 3>given for that. One is there's more carbon intensity and

0:34:35.360 --> 0:34:37.359
<v Speaker 3>production there, so you can think about a carbon border

0:34:37.400 --> 0:34:39.560
<v Speaker 3>adjustment as one tool, and the Europeans are doing that.

0:34:39.680 --> 0:34:41.799
<v Speaker 3>Maybe to work with the Europeans on something like that.

0:34:42.160 --> 0:34:44.839
<v Speaker 3>There may be national security considerations we want to think

0:34:44.880 --> 0:34:48.120
<v Speaker 3>hard about that. I think they're probably different for advanced

0:34:48.120 --> 0:34:51.160
<v Speaker 3>semiconductors with sensitive military applications than they are for a

0:34:51.200 --> 0:34:53.719
<v Speaker 3>cheap manufactured product like a solar panel. So not all

0:34:53.760 --> 0:34:56.520
<v Speaker 3>clean energy should be thought of the same way, and

0:34:56.560 --> 0:34:59.799
<v Speaker 3>we want leadership. There are economic reasons why we want

0:35:00.000 --> 0:35:03.800
<v Speaker 3>industries to be located here. Tariffs, if they're well targeted,

0:35:03.840 --> 0:35:06.840
<v Speaker 3>if they're designed carefully, they can play a role in

0:35:07.160 --> 0:35:11.920
<v Speaker 3>offsetting some of the unfair practices that where we're not

0:35:12.040 --> 0:35:15.120
<v Speaker 3>on a level playing field with others, particularly in China

0:35:15.440 --> 0:35:18.080
<v Speaker 3>and the rules of the WTO. I think both sides

0:35:18.080 --> 0:35:20.000
<v Speaker 3>of the all frankly, have been too quick to dismiss

0:35:20.040 --> 0:35:21.880
<v Speaker 3>and throw out I understand why people are concerned the

0:35:22.000 --> 0:35:23.880
<v Speaker 3>WTO is not fit for purpose for how fast the

0:35:23.920 --> 0:35:26.600
<v Speaker 3>world is moving anymore. But there is a rules based

0:35:26.600 --> 0:35:30.560
<v Speaker 3>trading system, and it's designed to handle things like unfair

0:35:30.640 --> 0:35:34.040
<v Speaker 3>subsidization of certain industries, and we want to not lose

0:35:34.040 --> 0:35:35.879
<v Speaker 3>sight of those tools, even if new tools are probably

0:35:35.920 --> 0:35:36.600
<v Speaker 3>needed as well.

0:35:37.200 --> 0:35:39.880
<v Speaker 1>Thank you Jason, Thanks Ocsha, it's great to talk with you.

0:35:48.120 --> 0:35:50.319
<v Speaker 1>Thank you for listening to Zero. And now for the

0:35:50.360 --> 0:36:06.040
<v Speaker 1>sound of the week, that's the sound of oil drilling.

0:36:06.600 --> 0:36:09.200
<v Speaker 1>Expect lots more of it to happen. If you liked

0:36:09.200 --> 0:36:11.320
<v Speaker 1>this episode, please take a moment to rate or review

0:36:11.360 --> 0:36:14.440
<v Speaker 1>the show on Apple Podcasts and Spotify. Share this episode

0:36:14.480 --> 0:36:17.640
<v Speaker 1>with a friend or with someone who sold their ESG stocks.

0:36:18.320 --> 0:36:20.400
<v Speaker 1>You can get in touch at zero pod at Bloomberg

0:36:20.400 --> 0:36:23.560
<v Speaker 1>dot net. Zero's producer is Mighty le Raw. Bloomberg's head

0:36:23.560 --> 0:36:26.239
<v Speaker 1>of podcast is Sage Bauman and head of Talk is

0:36:26.280 --> 0:36:30.440
<v Speaker 1>Brendan newnan. Our theme music is composed by Wonderly Special

0:36:30.440 --> 0:36:34.800
<v Speaker 1>thanks to Shawan Wagner, Monique Molina Ethan Steinberg, Blake Naples

0:36:35.040 --> 0:36:38.520
<v Speaker 1>and Jessica beck I am Akshatrati back soon