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tv   Boom Bust  RT  October 13, 2021 8:30am-9:01am EDT

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trying to reach these goals i want to bring an alarm just because i think you have to leave us very shortly. you think about what's happening with regard to climate change technology, how quickly that is evolving. we've seen obviously this report from the i e. a today essentially saying that not only our government is going to have to incorporate, going to have to increase the threefold the spending on green energy. they're also, of course, going to have to continue spending on traditional fossil fuels on oil and gas. how does that impact your strategy when it comes to going to electric sleep? good afternoon. the automotive industry is in a full transformation towards 0 mission mobility. and it is 3 main things that is driving this change. i'm going to start with technology and innovation. the progress that we have seen on electric drive, a battery energy density, and all the features that you need to provide a competitive product compared to the incumbent technology. it's moving so fast
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that we believe this is the decade where that technology in its own right. it will probably overtake the incumbent technology and that's usually what drives the change and leads to eventually exponential growth in, in an industry change. the 2nd part of the equation is the regulatory will. and it starts with the paris climate. the agreement that most countries have signed up to . if you translate that into a plan for us, we have a commitment us dime arrest mercedes benz to achieve a net 0 position in 2039. so about 10 years ahead of the 2050 parents agreement goal to also allow for a shift over of the car park. and the last thing is actually the capital markets. it will be increasingly difficult for automotive to attract capital from long term investors, unless you have a credible di carbon i session plan. so already today we can see on our major
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investors when we meet and speak with that unless you present a plan towards electrification. and the heavy vehicles were also using hydrogen and fuel cell dr. at, they are not looking at your stock as an attractive stock. what's going to decide the speed of the transformation next to these technological development is very much something where industry and governments need to work hand in hand and it's build up of the infrastructure. it's going to be a herculean task to change over the major economists in the world to a full fledged omnipresent infrastructure for charging and also were necessary for hydrogen fueling. and then next to that is what the discussion is about here today . how quickly as the energy transformation going to go, and how quickly are those energy sources for the mobility sec, they're going to go c o 2 neutral. so many things are working hand in hand here, but we're seeing, we're seeing momentum picking up. and if you're what asked me 2 or 3 years ago,
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i would have been more conservative and more skeptic. now i believe that we need to go faster as a car company. and in this case, a luxury car company like mercedes benz with a customer profile that we have. i think we can take a lead and maybe go faster than the general market. that leads me to a question about the oil market. mr. newton, do you believe that we're going to see oil on $100.00 a barrel? only was motionless. well, this is possible. those just enough that i should send you the price where is rising. i mean, good right here, not sure, but ignore of russia and our partners in front of tech plus the belief in everything we can to stabilize the oil market in the pals. graham, earliest kick sketch garcia. we don't allow them. it searches in price. if the unit should continue, and this isn't in our interest in a business to c, as in this we're fulfilled our obligations, the crashing him,
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the blue chip on the floors, reducing the shrink at their mercy like amount of production. and this is difficult for our economies, for our companies by seeing a because unlike other regions, some disney must be collected in the middle. is that, would you please quit for a double negation because lower production is happening in the harsh lima edition. certainly the pony to limit us quoted until we have for more with stability, 0 if that. but we still reduce electric, our extraction growth and terminals. we stabilize the price and the shipping of saudi arabia and for my president of the united states, donna donald trump. m goes also played the role in this industry to go. i can't say this because i participated in these and negotiations. some point a definition
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stood for the interests auction, american with accompanies, with candler. and despite the yes, not participating in a pe, you class judiciously, the bishop company, the american extraction you, i companies are, have their own interests and to say to park and the process to get it. so we're a managed thought much that save the a job solution the, you know, safe and couple a month to be sure we to on, to pre crisis national extraction level of $11000000.00 bottles. and we plan to increase extraction as the month grew. to that i get my chance from russian companies we've taken to account our budgets and our interests of our companies. we coordinated with the move to decisions with them
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seats and decrease reduction in production of the market to help the markets and help our companies in terms of profits, e, g and the russian budget when you're sitting and also benefit from this, usually that which will take a moment to but we don't want to need extraction using a bill of blown we want continuous development and balance development. i heard the former president donald trump called you directly about prices and about that we'll market trying to get that opec plus deal done. do you have the same relationship with the white house today with president biden? has he contacted you as a member of opec plus knew him.
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we haven't discussed this with him, but with in touch with administration, we have good relations working relations with mr. muscular and the team and state secretary in the russia and they are discussing it comes back to our further negotiations with miss biden's political missions. so we have extra active dialogue. the latest pew research poll says that 44 percent of american republicans point president trump to run again in 2024. would another trump presidency be good for the energy market? it does because this is gonna make sure that we don't really care are actually going to do, but i don't want you to come on this talk before trump collection before
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and after the last election that i always said that we will use. but i'm with american liter elected by american people on the mentally. and i'm not going to comment on the interest of both in terms of security and reduction that are fighting crime series and go and money laundering and tax havens in that sort of thing. a, b, and the g sectors ship. these are our interests, our mutual interest and they will lead to developing our video ration. american machine establishment will become a thing on the relations with russia. but really, i mean, it comes to some to city and then it gets into, you know,
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set them and get your food. what does it live to exon mobile, the projects in russia. there is a lose lose situation that gas prices increase. the couple of them in the call market suffering from the american family suffered from legit to deal with. magicians never bought any from anybody. and i hope they will realize this in this policy policy, if not constructive and who keep our relations later. i would want to bring in our panelists to this conversation. i'm darren specifically with you. we're talking about the investment, it's needed and oil in space. we're talking about half a trillion dollars in projected in the report today essentially saying that what we need refold, investment in green energy. we also of course need more energy investment,
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particularly, and oil and gas space. what do you think that prices in terms of oil prohibit that in the sense that we have demand destruction? good afternoon, hadley, and everyone on the panel owns president. please be back with the conference today . i'll be at remotely. i think that's the challenge in this industry and the things this panel has been talking about in the discussions that you've been having with the president is the challenges associated with balancing the desire to move to the lower missions, interview systems, who are the same time meeting the critical needs of populations around the world and a recognition that that energy play such an important role in people's lives and growing prosperity. i think, you know, one point is often missed. as you think about the oil and gas markets is around the world as we all produce these products. the supply declines and investments
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required to offset that decline. so even that a stable are flat market, you still have to generate enormous amounts of investments to fulfill and to, to back fill the decline in the production as you see supplies and one of the challenges that the world is seeing. and in fact, i think a big contributor, or at least a significant contributor to what we're seeing in europe and around the world in the gas markets, is with a pandemic in the low prices and the impact it's had on the economy. a lot less investment has gone into replacing those depleting supplies and as a result of that, a lot less product is available to meet this now rapid growth that we're seeing coming out and them it. and so i think is, as we've seen historically, and these commodity markets, prices will rise. tim smith advise additional supplies until that supply demand meets. and often times of these capital intensive industries, more so pi comes on than the growth in demand. and you start to see some,
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some price declines. i think we're going to continue to see that balance in the us, that supply demand balance working across the world markets. and i think has policies around the world change and governments look to try to reduce the economies dependence on oil and gas that has the potential to, to make a point that burner was making was if we don't balance the demand equation and only address the supply it will lead to additional volatility with creating additional balances. so i think the real challenge for everyone around the world just wanted to work collaboratively to, to make sure that we've got good fossil policies that recognize the people's lives. and then figure out how you thoughtfully manage this transition with the redundancy and
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some of the back up that was the other panelists points made we talked about this little bit more broadly. i want to bring in an patrick on this one as well. how tough is it to make those kinds of strategic investment decisions that we're talking about billions of dollars in terms of what i mean years when you have an administration and ministration change in the united states was a completely different energy policy. does that impact your long term thinking, patrick, when you're looking for partnerships in the united states? not in the united says united states is a, is a country. well, we produce at n g and we invest in a new wave worse. i think. i think we're just are, and it's just fundamental. i think though, your chance for all of us is that to there's a present of the planet, the analogy of the present is for 80 percent. i dro cabins and co fossil fuels
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wazoo via the t of the planet and the same time. so we must continue to put 2 inverse in order to provide the analogy needed by so population of the planets as a 1st mission. but at the same time, we must accelerate, in order to the carbonized energy to reinvent the energy. so we must invest more and more into carbonized analyses in particular, renewables misses are exactly what why we move from total to todd energies. we decided to change the name of the company, not only because to not only for greenwashing, but because strategically we have decided that we are located only 75 percent of a capital expenditures per year to maintain or production and continue to grow in gas. and in particular, in energy, because again, gas will you leaves home live at gas is part of the energy transition. so normal
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gulf in order energy transition and in the same time, 25 percent. the al dedicated to build a new business within our company, which is based on the renewable electricity. and so of course, we see a lot of policies around the world, not only in the u. s, but in many countries, which encourage to invest in a u. a bore electricity, and we are willing to become an object give is to become among the top 5 producer of renewable power. by 2030. we have a clear road map already. we'll have 35 to go at by 25. and so we do that because there is a lot of support. and i think that he's a big case. in particular, even in producing countries, we just announce a very large projects in iraq, which is not only developing gas, which is free today to make it a fuel for gas. 5 poor plant, an orbit or so solar because in fact it's away when you produce a newborn existing account, we like that to, to fulfill a demand for electricity and also to make sure you can monetize
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a gas to other uses. so i think this is a, our strategy and, but again, is to find the right balance. and the idea announcement today was interesting because at the same time, there is a net 0 famous net 0 scenario of a which dollars don't invest more in a row covers to stop investing in your project. but today, because of the reality of the demand, these you report says on one side, invest more and more and renewables and are right. and we are taking or share as total energies. but to the same time, you need to invest more in all in gas just because as there and explain, there is a natural decline. if we do not invest with a decline year, a year after year is 3 to 4 percent today. it's not true, but the demand is declining to there is a demand continues to even increase after zak of it. and so there is not, if we do not fulfill this gap between the natural demand and the natural decline of
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the supply. and so your demand, when the price will continue to go up, which is not in the interest of the consumers. so this is a clear challenge in this thing enough in the energy of the present, an investor more and more to built. so new and future and as a system i think the report you were referring to, i was the one that his royal highness sensibilities referred to as law land. not too long ago. i'm present food. and when you think about this, with regards to russia's commitments on the climate change agenda, are you planning to attend cop 26? booker. can you please know it is i have not taken my final decision. so just it's been the mc initial? no, we won't. we primarily because of coffee 19, but in any case i will take part in this will work, you'd be able to book and i don't know whether i'll come there in person or not
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take the decision, but i will take part in the deliberations w late of getting cove it no to your bill so she can go ahead and case when i could have got infected. so i was talking as a bullet lloyd working with my closest assistance, who fell ill, but it didn't happen. and she, as the experts told me, not sure, thanks to the protection sooner would nuclear security rise rudnick v. and when you do a little survey, it was held down to me to do whenever, whenever i, wherever i go to, especially there are more than a 100 people go with me. this is my trash services, the security guards, drivers, the pool product, call it the officers each today. that's a huge number of people who are with who will be exposed with this is used to shampoo. so that is how i and to get in front of i just spent 2 weeks in quarantine . so i could be here,
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walk us through the climate change commitments that you can make today for russia. because at the end of the day, many people say this is the country that isn't doing enough, but they're not doing enough as europe in terms of trying to get to net 0. in fact, credit turn been recently put it as blah, blah, blah blah. how do you respond to them? smugly to oh, there is possible jim georgia, the 2nd leakage the flu shot. let's put all the police to cola considerations decide to go either or get on the slo, can the real picture you really? she must of good in that of it is also for you, sir. you asked me whether a rush is ready to double to supply more energy to europe and the world. do you want to us or not? well, if you want us to, we need to generated somehow, we need to produce it like this, right? it is ready. you can't take electricity just from the plug. little solution is that you need the primary source of energy. we need to produce it somehow to ship,
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but they have to meet the growing demand of russia and so global energy market. now let's look to just luigi. look at the realities in the ground. we increased the supplies in natural gas gently land coal brooklyn. by 80 percent, globally. sure. well what vehicle to put a rubber in the pen bows? directions still to the east and to the west, to europe in which you're really to blame it on the other. so we've increased extraction by point 5 percent her and her we've ramped up exports by 8 percent of them are now much in that reachable that's look at i energy balance as it snowed with energy profile. 26 percent at a minimum belongs to nuclear power. he live in hydro counts for 20 percent and gaz accounts for 40 percent. which in miss key will will not ordinary. there's a very low carbon brunson trace carbon footprint. so ac go
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6 percent tuesday. the same clean and i'm pretty roughly the same industry simpleton is only you seen in the us 77 percent in that is public take germany. so she said she 6664. sorry. what are the, just the, that's the share of clean energy and in other countries, seats even lower houston medical below. so we boast the cleanest energy profiles around the world. okay. one of the cleanest and we continue to take it further because to real, to reach carbon neutrality, as i said by 2060, just like other countries, sir, said these girls who we are ready to do that. we do have detailed plans to reach that goal. and although we pretty and then we've for introduce tax set incentives for the companies that anymore will be the question. implementing that sounds good
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with the plan. and we will, that we will let you with our old little mo lamps, which grandpapa, which is the, with the new generation by renewables. we have a package of tax incentives here. i believe that we took her russia let you know re and not only says so there's not anybody sits in words. it's not just blah, blah, blah. we are moving along this track doing where problems occurring in russia. we are aware that so ignoring the environment could be detrimental for rush into the entire world and it started off our discussion with that. it could be bad for russia. global warming with implement easing sure was picking our pace in the arctic. then we have entire city sitting on permafrost. it's a real danger for us. we've been thinking about this and we were working to improve on this thinking nuclear several times today just now and in your remarks earlier. do you believe it's a mistake for government?
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for example, for germany, for other countries to move away from nebular energy. yes, monica to go ahead. it's the key. pretty good. i didn't want to speaking with son should terms. i don't want you to accuse anyone just like they do know where to look for liberal visser the russia ship really actually with any really send me a reason or without reason, whether it's a mistake, it's up to the people of germany to figure out as i said currently this is 21 at the nuclear alderwood dealerships account for 21. i'm sorry if i gave you either a militia another figure earlier. hydro accounts for 26 percent just to get to germany, shut down nuclear, who created my own for good english as a ship with the i don't know whether it's a mistake or not. i think it doesn't make sense for, for pickles. france, france,
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germany, we're in the neighborhood, them the little bit, look, has a should 80 percent of its nuclear energy. here is 86 percent of its nuclear energy that belongs to nuclear atom. lynn gets good. why shutting down nuclear even look over the fence. a new or a neighbor's yard nucleus, prospering, movable because it wasn't just the modem router, okay, of there, which is you might have said that rush is a vast country. we huge a huge nuclear in one part and refrained from using it another part. but europe, asia, very compact sir, a continent to repeat what it does, it doesn't make sense either. it should be a pen european policy, or it just doesn't make sense balanced in the middle. the such numbers shouldn't uniform. michelle skulker over federal year, which is between one if you don't, the lieutenant as well. we have some german colleagues here who know more about it . school college. alex say,
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i didn't say fear it is probably 11 percent in the germany right now in the other minority to the nuclear with our bul social 3. mm hm. so the share of nuclear used to be more than 30 percent. and right now the share of nuclear in germany's energy profile is just an estimate of 11 percent. most rats, the huge drop with the resource, another trip to the mission, they need to fill the gap. what do you use to fill the gap? wins wealth power unless it's complicated. this way price is going up close with. you just need to do everything gradually. visual carefully. but he needs in a thought out manner in a steady manner across the issue. luckily putting might but his young and it's professionals who need to take the decision doesn't i just learned a gallon that said darrell and the student had done the putting alicia caught in the netherlands. true took a come, took action against shell, but with shoes curious to know that it seems to the a decent secret, the chor,
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trula that shelves or has didn't cut down c o 2 emissions by 45 percent. him come on. that's a precedent. fancy that in your professional and you've got to win with for inmate . that theory. shane, if we have people who are professionals and they take such decisions, then you will see new price hogs in it's commodity markets in the audible or middle ages. bullard rosky, when the climate was harsher girls, but you can work on all of them. you're from the dutch used to when you can get around on skates along the rivers and lakes. and that's why they get in the skating . if that continues on the same, then you will go back to the same type of transport and they will go visit each other boy in the next case, because it will be too expensive to do those to we've been riding casa, or even the director cars and they will ride on skates, not just to get from point a to point b, but also to get warm than the current energy market of where this is further
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evidence that this could be re, casino cognition. this could you happen. you should consider professionals need to take the right decisions in close contact with n g o z. we are still society. obviously the public needs to with hold them accountable master i would, i would need to make sure that i knew the energy companies and the government i knew, sleeper knew where along this track take the right action. so the that would be great to plenty of dealing as they said, all the shifts which alleged the future of humanity depends on whether we have global warming or not. so we need to get professionals in this area voice while today, believe many decisions are taken, then will at least on political day trading a door processes low, put the blue shield, a posse melody. so many politicians, sir, triplet, lexi cloyd, santa public concerns for their own gains to her normally called political gains to score an o at some point. because
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a low carbon energies and for food also involved the production of some equipment, new jobs, et cetera. she still is obsessed with the public community, including her environmental protection. agency's need to be aware of those issues, local ramayo, and they need to take to take sober decisions, thinking about new transition. and i'm gonna ask you about this proposed legislation by the ear that would basically ban filling in the arctic oil and gas. is that in your view? a mistake? because i would certainly hit the russian economy pretty hard. no opener it is live with the kid is shalean wouldn't be worried completely explicitly. these decisions would lead to a price spike. then we will not really be struggling with him that which will cut production sooner. but we can compensated so through higher prices,
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we can accomplish our revenues through high prices. that issue now, but again, we're having such bullied decisions should not be politicized. se wishy is when you bring in money, these decisions needs to be taken with close contact with professionals. and expert, yep, credit balance. and then we'll be able to achieve the appropriate balance due to the proper balance between conventional with energy and renewables, not to the detriment of consumers. to break the, to the benefit of with the features. well, when talking about it, sir, did you feel about the recent developments or in our who's been struggling with when you should look like it has been on the wrong n letter in the receiving end? it, sir, that's the public magar snooty sterling, new to our domestic gas price, but they would re before household symptoms such delivery of dollars, 64 years dollars for 1000 cubic meters slip promotionally for industrial plant
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prices. 64 that is in addition to it, but it's not 1200 like in europe or the spot market wouldn't let me can. the economy works in the steady manner without any failures. so he told him with a, with a merchant, with, by the years. and we can see a records and she to be growth. we do have her own issues, but that's what it says, the rights environments as the right grounds. so it should plan to grow and is steady way was quickly of the boys who overtake eastern europe or western europe. we will gladly misses every month because limits of them will issue to 30 tariffs are increasing grain. you take ukraine, the same nuclear garage and use the problem was solution and use you. i think that they will pay about $200.00 per 1000 cubic meters, while their average income per capita is $230.00. it was because get the
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