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Davos 2020: Greta Thunberg blasts climate inaction; Lagarde fears Brexit cliff edge - live updates Davos 2020: Greta Thunberg blasts climate inaction; Lagarde fears Brexit cliff edge - live updates
(about 1 hour later)
Rolling coverage of the latest economic and financial news, as climate activists speak at the World Economic ForumRolling coverage of the latest economic and financial news, as climate activists speak at the World Economic Forum
Here are the five climate activists who spoke to reporters in Davos today about the climate emergency.
From left to right, we have Vanessa Nakate, Luisa Neubauer, Greta Thunberg, Isabelle Axelsson and Loukina Tille:
Elsewhere in Davos, former US vice-president Al Gore has hit out at “cheap, destructive, extractive, exploitive business models”.Elsewhere in Davos, former US vice-president Al Gore has hit out at “cheap, destructive, extractive, exploitive business models”.
In a discussion about tackling plastic waste, Gore says that some firms as using “destructive practices that take advantage of the global commons”....In a discussion about tackling plastic waste, Gore says that some firms as using “destructive practices that take advantage of the global commons”....
Here’s a clip of Greta Thunberg criticising world and business leaders for their lack of action.... although she expected nothing less.Here’s a clip of Greta Thunberg criticising world and business leaders for their lack of action.... although she expected nothing less.
And here’s a video clip of today’s climate activists marching through Davos:And here’s a video clip of today’s climate activists marching through Davos:
The “Fridays For Future” protests are now taking place outside the World Economic Forum in Davos.The “Fridays For Future” protests are now taking place outside the World Economic Forum in Davos.
Reminder - if you missed the press conference with Greta Thunberg and fellow activists today you can watch a recording at the top of this blog.Reminder - if you missed the press conference with Greta Thunberg and fellow activists today you can watch a recording at the top of this blog.
IMF chief Kristalina Georgieva cautions that the measures needed to tackle the climate emergency means that some industries will be less profitable in the future.IMF chief Kristalina Georgieva cautions that the measures needed to tackle the climate emergency means that some industries will be less profitable in the future.
Christine Lagarde says the key to mobilising action is to remember the old advertising maxim:Christine Lagarde says the key to mobilising action is to remember the old advertising maxim:
She’s not going to address the first (this is a family liveblog, Christine), but the other two can drive action.She’s not going to address the first (this is a family liveblog, Christine), but the other two can drive action.
Lagarde talks about need to price the cost of transitioning to a low carbon economy.Lagarde talks about need to price the cost of transitioning to a low carbon economy.
If we do that, and we have pressure -- voluntary or no so -voluntary - we can get companies to move faster, she says.If we do that, and we have pressure -- voluntary or no so -voluntary - we can get companies to move faster, she says.
Mnuchin, though, disputes whether green measures can really be priced.Mnuchin, though, disputes whether green measures can really be priced.
We don’t know how to price the risk of climate change, so we’re over-estimating the cost, he claims.We don’t know how to price the risk of climate change, so we’re over-estimating the cost, he claims.
If you want to introduce a carbon tax, then “go ahead” adds the Treasury secretary, adding that a carbon tax is “a tax on hard-working people”.If you want to introduce a carbon tax, then “go ahead” adds the Treasury secretary, adding that a carbon tax is “a tax on hard-working people”.
The panel moves onto climate... and Steve Mnuchin says it is only one of several important issues.The panel moves onto climate... and Steve Mnuchin says it is only one of several important issues.
He cites health (topical, given the coronavirus crisis) and the Middle East -- Iran can’t be allowed to get a nuclear weapon, he insists.He cites health (topical, given the coronavirus crisis) and the Middle East -- Iran can’t be allowed to get a nuclear weapon, he insists.
Mnuchin says Donald Trump does care about clean air and water. He left the Paris Agreement because he felt it wasn’t fair.Mnuchin says Donald Trump does care about clean air and water. He left the Paris Agreement because he felt it wasn’t fair.
Germany’s finance minister, Olaf Scholz, tells Davos that his country won’t take an economic hit from Brexit.Germany’s finance minister, Olaf Scholz, tells Davos that his country won’t take an economic hit from Brexit.
It will be harder for the UK, though, Scholz warns -- warning that the City of London will be less important after Brexit.It will be harder for the UK, though, Scholz warns -- warning that the City of London will be less important after Brexit.
It will still be important, but the situation will be different, he says.It will still be important, but the situation will be different, he says.
Speaking on today’s panel on the global economic outlook, Scholz warns that a country simply cannot have all the advantages of being a member of the EU while also enjoying the advantage of being outside as well.Speaking on today’s panel on the global economic outlook, Scholz warns that a country simply cannot have all the advantages of being a member of the EU while also enjoying the advantage of being outside as well.
I think we will find solutions, Scholz continues, but he adds that there might not be a “special, competitive advantage of being outside” the EU.I think we will find solutions, Scholz continues, but he adds that there might not be a “special, competitive advantage of being outside” the EU.
On trade, Steve Mnuchin says the UK will be at the top of the list for a free trade deal, after Brexit.On trade, Steve Mnuchin says the UK will be at the top of the list for a free trade deal, after Brexit.
Asked about the United States’ trade deal plan this year, the Treasury Secretary:Asked about the United States’ trade deal plan this year, the Treasury Secretary:
ECB chief Christine Lagarde fears that Europe faces a Brexit “cliff edge” at the end of this year.ECB chief Christine Lagarde fears that Europe faces a Brexit “cliff edge” at the end of this year.
She tells Davos that there some positive signs surrounding the global economy - with employment very low, and trade tensions easing.She tells Davos that there some positive signs surrounding the global economy - with employment very low, and trade tensions easing.
But the negotiations over Britain’s future relationship with the EU is a concern.But the negotiations over Britain’s future relationship with the EU is a concern.
Lagarde says:Lagarde says:
Earlier this week, UK chancellor Sajid Javid told the World Economic Forum that a comprehensive deal can be reached by December.Earlier this week, UK chancellor Sajid Javid told the World Economic Forum that a comprehensive deal can be reached by December.
But it’s going to be tough. Yesterday, Dutch prime minister Mark Rutte told Ed Conway of Sky News it was a 50:50 chance.....But it’s going to be tough. Yesterday, Dutch prime minister Mark Rutte told Ed Conway of Sky News it was a 50:50 chance.....
US Treasury secretary Steven Mnuchin, who took that nasty potshot at Thunberg yesterday, has told Davos that US government spending needs to be reined in.US Treasury secretary Steven Mnuchin, who took that nasty potshot at Thunberg yesterday, has told Davos that US government spending needs to be reined in.
We look at a very robust economic outcome through 2020, Mnuchin predicted.We look at a very robust economic outcome through 2020, Mnuchin predicted.
He’s sitting alongside Zhu Min, Olaf Scholz, Kristalina Georgieva, Haruhiko Kuroda, and Christine Lagarde here at WEF.He’s sitting alongside Zhu Min, Olaf Scholz, Kristalina Georgieva, Haruhiko Kuroda, and Christine Lagarde here at WEF.
Mnuchin adds that “fiscal policy has worked”, and predicts that Donald Trump’s tax cuts will pay for themselves over 10 years (some economists disagree about this, but we’ll see).Mnuchin adds that “fiscal policy has worked”, and predicts that Donald Trump’s tax cuts will pay for themselves over 10 years (some economists disagree about this, but we’ll see).
But looking ahead, Mnuchin says “we need to slow down the rate of growth of government spending, and lower it as a ratio basis.”But looking ahead, Mnuchin says “we need to slow down the rate of growth of government spending, and lower it as a ratio basis.”
That might worry Americans who depend on welfare, for example.That might worry Americans who depend on welfare, for example.
Back in the Davos congress hall, IMF chief Kristalina Georgieva is talking about the global economy.Back in the Davos congress hall, IMF chief Kristalina Georgieva is talking about the global economy.
She has a positive-ish message, saying:She has a positive-ish message, saying:
We are in a better place in January 2020 than we were in October 2019.We are in a better place in January 2020 than we were in October 2019.
There are three reasons:There are three reasons:
Trade tensions are receding - the signing of the US-China trade deal has raised confidenceTrade tensions are receding - the signing of the US-China trade deal has raised confidence
Central banks have ‘served the world well’; 49 central banks have cut interest rates 71 timesCentral banks have ‘served the world well’; 49 central banks have cut interest rates 71 times
The slump in manufacturing and industrial production seems to be bottoming outThe slump in manufacturing and industrial production seems to be bottoming out
That’s why the IMF has raised its growth forecast for 2020 to 3.3% from 3.1%. But that is still “sluggish”, Georgieva cautions.That’s why the IMF has raised its growth forecast for 2020 to 3.3% from 3.1%. But that is still “sluggish”, Georgieva cautions.
The IM wants to see more aggressive fiscal policy, and structural reforms to create dynamism.The IM wants to see more aggressive fiscal policy, and structural reforms to create dynamism.
Greta Thunberg, and her fellow activists are now going to march down the icy pavements of Davos, to conduct their regular School Strike for the climate emergency.Greta Thunberg, and her fellow activists are now going to march down the icy pavements of Davos, to conduct their regular School Strike for the climate emergency.
That will allow them to lobby Davos delegates as they leave WEF and head for the railway station (although the global elite typically travel by chauffeur-driven cars).That will allow them to lobby Davos delegates as they leave WEF and head for the railway station (although the global elite typically travel by chauffeur-driven cars).
Luisa Neubauer says there is “less climate denial, but more climate action denial.” (hardly progress!)Luisa Neubauer says there is “less climate denial, but more climate action denial.” (hardly progress!)
Neubauer reiterates that she met with Siemens CEO Joe Kaiser at Davos this week, to pressure him to ditch the Adani coalmine contract (to provide rail signalling technology).Neubauer reiterates that she met with Siemens CEO Joe Kaiser at Davos this week, to pressure him to ditch the Adani coalmine contract (to provide rail signalling technology).
She then urges all investors, and all companies responsible for making fossil fuel projects, to heed the crisis.She then urges all investors, and all companies responsible for making fossil fuel projects, to heed the crisis.
Our message to Joe Kaiser, and other business leaders, is that if you add up all the contracts that have been signed today on fossil fuel projects, we will be far beyond keeping temperature rises below two degrees C, she says.Our message to Joe Kaiser, and other business leaders, is that if you add up all the contracts that have been signed today on fossil fuel projects, we will be far beyond keeping temperature rises below two degrees C, she says.
Neubauer says:Neubauer says:
Vanessa Nakate says she believes the leaders at Davos have heard the message from climate activists - but they’re choosing to ignore it.Vanessa Nakate says she believes the leaders at Davos have heard the message from climate activists - but they’re choosing to ignore it.
Nakate also explains how social media has helped the climate activist movement -- by letting her get her message out across Uganda.Nakate also explains how social media has helped the climate activist movement -- by letting her get her message out across Uganda.
Climate activists will continue to lobby Siemens over its involvement in the Adani coalmine in Australia, says Luisa Neubauer.Climate activists will continue to lobby Siemens over its involvement in the Adani coalmine in Australia, says Luisa Neubauer.
Neubauer says activists have met with Siemens CEO Joe Kaiser, and explained why the mine will threaten any hopes of keeping global warming below 1.5 degrees.Neubauer says activists have met with Siemens CEO Joe Kaiser, and explained why the mine will threaten any hopes of keeping global warming below 1.5 degrees.
We plan to speak at the Siemens AGM in February, Neubauer says.We plan to speak at the Siemens AGM in February, Neubauer says.
Kaiser has written about the struggle he had about whether to pull out of the project, before deciding not to (a good example of the problem)Kaiser has written about the struggle he had about whether to pull out of the project, before deciding not to (a good example of the problem)
Q: How do you move the Davos community on, to a low-carbon future?Q: How do you move the Davos community on, to a low-carbon future?
Isabelle Axelsson says it shouldn’t be up to the climate activists to find the solutions.Isabelle Axelsson says it shouldn’t be up to the climate activists to find the solutions.
Politicians need to listen to the science, get a plan down on paper, and implement it, she says.Politicians need to listen to the science, get a plan down on paper, and implement it, she says.