Welcome to Glasgow everyone. The COP26 meeting officially kicks off today. I'm delighted to be joined by Akshat Rathi are a star climate
change reporter to have a look at exactly what we're expecting today and maybe some of the disappointment that we had at the G
20. But first of all thirty thousand delegates and security is tight. It's been amazing to see the rainbow of humanity. I was
here yesterday. But of course there is because of the pandemic. Really a lot of
security around. So you have to get a Covid test. You have to go through an airport style security. We've got here early. So the
queues were not that long. But we are expecting the queues to be quite long. Yeah Bloomberg team always the first to on the
ground. Talk to me a little bit about the G 20 and the fact that because we don't have we didn't have to communicate with a lot
of teeth it puts in jeopardy the talks here at COP26. So the G 20 represent about 80 percent of all emissions. So what they
say really matters. And what we got was some progress. So they agreed to stop financing coal power plants abroad but they did
not phase out coal domestically. They agreed to for the first time reduce methane emissions but they did not put in a target
or a date on when they will do that. And so there is clearly a political statement being made but not with precise dates and
targets. And that's what COP 26 is all about because there is a ticking clock and we need to be able to reduce emissions. So I
hope that what happened at the G 20 will give some push for what happens here in the negotiations. So here there 200 countries
there are almost 200 countries here. So you know it shows the inequality of emissions right. 20 countries for 80 percent and
the remaining hundred and eighty countries for 20 percent of emissions. But because of those one hundred eighty countries
being one of the most vulnerable countries we will get a lot of push on doing more. So the Brazilian president is not coming to
COP 26 but we're actually expecting them to pledge to do a lot more on climate. Yes. So every country has to submit what is
called a nationally determined contributions. It's just an official document saying we will reduce emissions by this doing
this. And what we have is a Bloomberg scoop is that Brazil is going to announce a net zero emissions by 2050 pledge.
And more importantly they're going to announce the ending of deforestation by 2030. Now they are home to the Amazon and that
would be a really big deal for the planet. What other leaders are you looking out for today. Who are the most important people
talking that can actually put money to where the causes. So Joe Biden will be here. And of course as the second largest emitter
and one that does not yet have the domestic climate law that Biden promised I'd be keen to hear what he has to say. Prime
Minister Modi of India will be here. And India of course is hasn't submitted an NDC yet. And so we are keen to see whether
he's going to announce something special something more ambitious. And then I'm interested in the president of Sri
Lanka. Gotabaya Rajapaksa because Sri Lanka is a developing country and it's announced a net zero by 2050 target. That is
not easy for a country whose emissions are on the rise and doesn't have the financial heft of rich countries to be able to
do that actually. I mean so this is on the back of course the Paris agreement which was 2015. How much have we done since
then. Yeah. So the day to day of the news I would like us to not lose sight of the progress that has happened. So in Paris where
leaders came and set some ambitious goals but they were all very vague in the last five years we've got clarity on how to
actually meet them with this target of net zero by 2050. And that's become a rallying cry around the world.
It's not just countries but businesses do as you may have heard from lots and lots of large businesses setting a net zero by
2050 target. I think that's been probably the biggest progress since Paris. And now Glasgow is about executing on what that
means. But if we don't have this execution do we just stay with it with the Paris commitments. So the execution is about meeting
the Paris commitments because even today you know before power is the world was on track to reach 4 degrees Celsius maybe 5
degrees Celsius of warming which would be catastrophic. Right. But now in the last five years we've been able to come to two
point seven degrees Celsius still not meeting the Paris goal of two degrees Celsius a one point five degrees Celsius.
But there is progress. And hopefully what we see here by the time we leave maybe the temperature target comes a little bit
actually very quickly. So the leaders are here today and tomorrow. And then it's Finance Day Wednesday and Thursday.
That's correct. It's finance Wednesday and then it's Energy Day Thursday. And so we expect a number of announcements around
private financing. So we know the former Bank of England governor Mark Carney will be here and he's trying to corral
world banks all around the world to try and come to this 100 trillion dollar figure that he hopes can be put towards the
transition in the next two years actually. Thanks so much. Akshat Rathi and of course Bloomberg will be here. Throughout the
next two weeks.