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This is the Bloomberg Surveillance Podcast. I'm Tom Keene along with Paul Sweeney. Join us each day for insight from the best in economics, finance, investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten am Eastern from our global headquarters in New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and always I'm Bloomberg Radio,
the Bloomberg Terminal, and the Bloomberg Business app. Joining us right now, she's with Airbus Adventures. She's not with the Airbus, although she likes the Beluga, but she's with Airbus Ventures. No Cole Connor joins us here on investment in all of this, is there too much money chasing too few ideas or the other way around?
It thinks the other way around. There's so many opportunities right now, and I think this is a really special time for venture capital and for these startups who are working on taking these important emerging technologies out of the lab and into the real world. At our fund, we're investing in everything from autonomy to electrification, the low carbon economy,
news space, advanced materials, quantum computing, networking and sensing. And as we've seen a climate week, there's no end to the number of startups who are trying to solve these important challenges.
You have a wonderful transatlantic view at Airbus Ventures. What I see when I'm in London or Paris is a huge success or belief in the future of climate versus a hugely fractious United States debate on climate. Describe that debate and how it affects investment.
What we see is that we're you know, we're investing in CEEDD, siri B companies who are working on bricks of technology that are hoping to solve this challenge. We are uniquely positioned as one of the few global VC funds. We're investing all over the world, and what we see as an optimism on seeing how these technologies can help
shape the future of tomorrow. Some of these technologies that will be changing products, you know, in decades time, So we have a very optimimistic view on the current environment.
Help me with the term deep technology, So you invest in deep technology entrepreneurship, what does it mean and how does that set you apart from other VC shops.
We're investing in the hardest engineering problems to solve, and the deep tech investment practice is extremely important in unlocking these opportunities down the chain. So when you think about I think about one of our portfolio companies who's sitting in the Brooklyn Navy Yard called que Net. They're working on quantum networking hardware. This is a product suite that will sit on existing telecom infrastructure to allow for quantum communications.
Why that matters is that's ultra secure communication. So the national security sector is very interested in seeing even how if you can use their product suite to see if someone is tapping the line, and ultra secure communication matters for so many industries, finance, defense, national security, of course. So that's where we're focused on. How can we work on using these bricks of technology to unlock other problems.
Nicole, We'll get Tom over to the Brooklyn Navy Yard here, we'll get you to Brooklyn at some point.
Bagels crave that that's incredible community over there.
Tell me about your background. I mean you are somebody's a lawyer. You're based in DC. I remember talking with Steve case a while back about sort of broadening the reach of VC beyond Boston, beyond the Bay Area. What added value perspective does that give you being based in Washington versus those other places.
Well, certainly in the areas that we're investing. These are all on the Critical and Emerging Technologies list for the US. So many of our folio companies, they are in and out of DC, meeting with their customers, the agencies, the aerospace primes in Northern Virginia, their headmans on the hill. I think there is a strong appetite to better understand how these technologies can be plugged into other areas and
challenges that we have. I would say, with my background, what we'd like to say within our fund is that we have a Swiss Army knife of a team. Founders have no end to the challenges that they need to navigate, and so yes, I bring my financial and operational background. We have aerospace engineers and mechanical engineers, physicists, all of whom are working with our founders to get their technologies out into the market.
You are living the skepticism of America over climate change in this election of David's expert on the election. I'm not, but you go state to state, it's almost an unmentionable rather too candidates, how does America become more like Europe in climate change? Or do you suggest we stay distant from the enthusiasm.
I think it's important to focus on the technologies themselves because in the debate it's getting lost, Like for example, we could look at hydrogen aircraft. These are exciting opportunities. This is what the market wants, is they want to have novel ways of flying that has less climate impact. And so we like to stay out of the noise and in terms of any debate on this, because we think the technologies will show themselves.
What do folks need to know just about the environment? For venture capital? At this point, we've been through a couple of years when the environment wasn't as great as as it had been. Where are we in the arc of sort of its energy or success or how does it feel at this moment being in VC.
Feeling optimistic? Actually, I think that there's a lot it's important right now, and we as a fund want to really bring the expertise into bringing these technologies out, and so I think it's important that right now we're seeing VC funds who have special expertise really focused on the founders, and I think the interest rate helps helps. It certainly helps, and so we're feeling good and I think hopefully getting through the election process itself.
Well, I've got my question of the day.
Is a shock worldwide that Microsoft is going to team up for electrical generations three Mile Island with Constellation Energy. How did you react when you saw that, I mean talk about a jump condition for energy or energy generation, I should say yeah.
I think it's it's just reflective of the fact that companies are eager for anyone to find solutions for the energy crisis that they that they have, I mean a lot. I mean, if you think about AI, there's a huge amount of energy consumption in order to run some of these models, and so it's it's unsurprising that they're looking for any particular technology that can help solve their problem.
Nicole, thank you for j.
So there must be not today getting us started here at the Earth Shot A Prize awards.
It this is a joy.
He is someone at Morgan Stanley who's done the tour of duty and very rarely do you see such an extended commitment to one project.
That project.
Well, maybe it's not as iconic as the Dow Jones Industrial Average, but within Global Wall Street, MSCI is understood by all. Henry Fernandez joins us this morning with your baby ms CI. What was it like the first years of MSCI where you had to go into every meetia.
To explain what are we doing there?
Now you own Emerging market in Global Index Analysis.
So I created a company thirty years ago on top of the what was then the morning Stanley Capital International in this is and that was the only problem we had, right, you know, market cup in this is and it was a call center, so we didn't have a lot of resources, and the world wanted a lot from us. So we had to educate a lot of people and expand and you know, eventually brought a lot of companies and spin out of Morgan Stanley and it's a forty billion dollar market cap company today.
You were focused on the innovation here of the accountability of data over to the climate challenges we have. How are you going to bring your data acumen over to a better measurement of our climate disaster?
So clearly climate risk is an existential risk for all of us. But in the Capital industry. You know, you can decimate portfolios. There'll be winners and losers, and all of them arender your portfolio today. So the question is how are you going to discern who those are and how you're going to start transitioning to a low carbon PORTFOLI. So it's a lot of it a question of measurement. So what's the nature of your problem? Whereas the carbon emissions,
where are the big climate risk? What do you do about it? Where do you start? Do you start in private assets and public acids? And very importantly, at what pace do you go? If you go too fast, you get underperform because.
You're gone too fast. Is Europe going too fast?
No?
No, I mean nothing in the world is going too fast for you know, the Parents Agreement put a day of twenty fifty because we needed to get two hundred countries to agree. But it was so far out that you know, people think that this is a long term problem. Of course it is a long term problem, but it's also a short to medium term problem.
You know, we.
Already see an enormous physical risk around the world.
I mean, you've got a risk in Brooklyn that your house can float away, right, Well, I.
Mean thankfully out of the bottom floor. Yeah, get around the great way up park slope. I remember talking to Anfinuca on her last day at Bank of America about ESG, something about which she is so passionate, has been for so long, and we talked about the issue of standardization that company is trying to keep up with this kind of data, have so many ways which they're filing or
making filings known. Help me understand that where we are in that process of winning and simplifying data when it comes to ESG and climate issues and in particular, is it's still too much of a wild west that it should be?
No, really there is.
First of all, ESG is investment risk and opportunities. It's term politicized, you know, into political philosophies, but you know it's about understanding the coupit of markets and the risk associated with it with additional information, right in terms of non financial information as you know.
Well.
Secondly, unfortunately, we call them ratings, and we have a metric system that is similar to credit ratings. So a lot of people think that there has to be convergence of the ratings, just like credit ratings. Of convergence where credit ratings are your dimensional. It's about cash flows and the stability of the cash flows. So how far can you be in different people?
Right?
In terms of the rating, ESG measures a huge number of various things, so it's almost like Seales side opinion. So therefore it's very hard to think that you're going to end up with, you know, standardization of the ratings because you know, my opinion not MSCI may be different than our competitor's opinion. They may think that governance is more important. We may think that climate is more important. The key is not on the ratings. The key is to make sure the quality of the data.
Henry Fernandez with us with the MSCI here at the Earthshot Prize a Plaza Hotel.
David, let's talk about sort of one area in particularly through voluntary carbon credit market. I know that MSCI has kind of looked at the integrity of that data, rated that data. How representative is that of the work that you're doing when it comes to climate in particular. What did you find of looking at those data in particular?
So, first of all, we believe strongly that voluntary carbon markets have to be part of the process of the risk and the portfolios of the world, and the world itself, you know, every airplace else we go markets serve a function of transferring value and transferring risk and in climate we're going to say they don't play any function. You know, it's not it's.
Crazy to think that they want.
The issue is how do we build integrity and you know and understanding that what you buy is what you thought you were buying and all of that. So we have come up with ratings. We have four thousand projects right now that we're rating. We just announced that last week, and we're going to bring more integrity, more data and quality.
How are you rating something in Chengdu, China? Explain to me the dating data veracity we can bring to the distrust around what China is doing in carbon management and coal management. Are you optimistic that we can get a handle on that?
Well, I was just in chang Dou, China a couple of months ago to begin with.
But important did you.
Go see the pandas absolutely good?
A number one thing we've learned from.
And but it's not different that how we how we classify countries, how we classify the ESGO companies, you know, how we so how we look at carbony, so we collect an enormous amount of data from independent sources, and then we sort of package it into a classification system of the various sources, and then you know, we create the.
Radio for our American audience coast to coast.
Thank you this morning for listening and tuning in on YouTube as well. There's a belief here that China is cheating. Does MSc I have the data amount or veracity to say that China is or is not.
Cheating or any other countries for that matter.
Well, I mean they could be cheating in many different aspects, you know, obviously, but in our case, we have incredible norse sources of independent data, you know, the the global press, the local press. Sometimes it is obviously control to find independent sources and verify those sources, like in the newspaper would to understand what is the nature of the climate emissions of a company, what is the nature of ESG, what is the nature of you know, in.
The west of China and all of that.
And it doesn't make us popular in China necessarily, but we have an independent view and an unbiased view, and that's how we rate everything, you know, including in China, right. But it's not different than Indonesia sometimes no different than Nigeria, no different than Mexico and the like.
The last question here, just given your perspective having traveled to the bamboo for us and trained to do and elsewhere, what don't we understand about emerging markets today? So we're coming out of the pandemic as we see the world reopening again, what are people misunderstanding or not understanding about the health of.
First of all, emergent market is a catch all, yes, right, so you have to then break it down into you know, commodity exporting markets, consumer markets, and markets that don't have a lot of competitive advantages.
Right.
Secondly is emerging markets are where the demographics you know, growth is in the world. They have a lot of problems obviously, you know the emerging markets is where the climate problem will be the biggest because they don't have a lot of resources, but they also present significant opportunities you know, in the world. So there is a little bit of too much of a glossover, you know, merging.
Market attaps needs to you need to go more.
In depth into each category and understand Brazil is different than Turkey, different than China.
Thank you so much. I'd like to continue this conversation.
Thank you for how I make Yeah.
We'd love to see you over at Bloomberg. Henny Fernandez with us here with the ms CI on the politics of the moment. There's no one better than David Gerr to be looking state by state.
So when you.
Slice in die fifty states for the selection of November fifth, there's no question Colorado can be front and center with.
A really rich and interesting politics.
I like the ballot that the Governor of Colorado put as a ballot initiative, which is to bring back Tullagis in Boulder, Colorado. The shutting down of Tulagi's as a club was a national scandal.
I hope you can bring Tulagi's back.
We'll get into that. We'll let Tom Wax nostalgic about his time at the Sink, his time on the hill. Maybe we'll talk about Tom's tavern on Pearl Street as well. But we're here at the Earth Shot Summit at the Plaza Hotel on this Tuesday morning with us now the forty third governor of the State of Colorado, Jared Poulis, who is of course a supporter of and a surrogate for the Harris Walls campaign. And Governor Paul is great to speak with you. And I got to start with
what has been in the news. We talked about it just a moment ago. That is the degree to which Aurora, Colorado, has been in the news. And I saw an interview on KUSA on nine news in Colorado, your former congressional colleague, Mike Kaufman, now the mayor of that city, evincing a kind of unease as he was asked about whether he would stand by former President Trump as he came to Aurora for a row to address what he's been talking about over and over again. That is what's really an
apparition here. The dangers, the dangers as he describes them, Venezuelan gangs in that city, give us a sense of what's really happening on the ground there in Aurora.
Well, I mean, the way the former president talks about it is frankly one of the reasons he's so unpopular here. I mean, Aurora is a thriving Auroras, a thriving city. I was there last week. Most residents are are, you know, enjoy living in one of our most culturally diversities in the state. Violent crime has been down two years in a Row car thefts are way down two years in a row. They have a new police chief. We've been working with them on law enforcement for a number of
different years. So I mean, that's that's the reality in Aurora. And then you have somebody talking about it like it's some alternate reality place in Colorado and just sort of roll our eyes and say, that's not us.
Governor. We look at the latest polling, which has gotten pretty granular, especially on the state by state level, looking at the issues that matter most to voters, and chief among them in the latest set of polls we've gotten has been the economy has been inflation. What are you
hearing from Coloraden's about that? And what more does the ticket you support need to do to make the case that they're going to make life better for those who are still struggling, still dealing with the effects of high inflation and higher prices.
Certainly high costs of inflation are one of the big challenges we face, and I think that the type of thing that we saw from the Wharton School pen came out and said that Donald Trump's big spending plan would increase the deficit more than two times more than Kamala Harris's plan. People understand that this kind of big spending mentality is inflationary. That's more of what the former president brought last time he was president. That's what he's likely
to bring again. I think Kamala Harris has a responsible plan and encourages entrepreneurship, innovation, really leans into the opportunity economy from the bottom up and doesn't rely on big government spending like Donald Trump.
Governor, you are living there for decades, way back before this fractious politics.
The Latino vote and the turnout.
What is your prediction for the size of the Latino vote in Colorado, and particularly the youth vote that many say finds an affection with the former president.
There's a lot more excitement now with Kamala Harris's the nominee. I think this was a legitimate problem when Joe Biden was talking about running again, especially among the younger vote. I think we now have a candidate that really speaks to a new generation, to their aspirations, to their goals. And I'm getting a lot of assignment, whether I'm at our campuses at CU and DU and CSU, or whether it's at our community colleges or in stores and on restaurants.
I think people really get that she is an agenda that works for them. Our Latino population in Colorado is incredibly diverse, right. We have people that have been families that have been here hundreds of years. We have families that arrive here in a generation or two ago. Like
any group, there's a broad political diversity among them. Overwhelmingly, of course, Latino voters, just like all Colorado's, are supporting Kamala Harris and what she offers to bring down inflation, secure our border, and help grow opportunity.
Gunnary, You've got to know the vice president's running made through his service and the Democratic Governor's Association. Imagine you've gotten know him well over the course of that. Tom asked me yesterday on air, so what he can bring to states like Arizona and Colorado As he makes this way along that campaign trail, it's bound to get busier. What if voters want to hear from him? What does he offer that the vice president doesn't that the incomon
president didn't offer before him? What's he able to do to kind of galvanize or energize the electorate there in Colorado.
So you know, Tim Walls was somebody I served with in the United States Congress as well. This is somebody who won a red district in the United States Congress. How by really understanding and being authentic with people, I mean, this is a guy who can get along with almost anybody. He's comfortable in his own skin. He's able to hear people where they're at and help them imagine a better world for themselves and others. So that's really who Tim is.
And through his service to our country in the military as a teacher, he's really put his work where his mouth is, and people are really excited across the country to get to know him as our next vice president.
Thank Governor.
How do you feel about the tradition?
And I'm going to go back to Ronald Reagan, who maybe was on the right and.
Ran to the center in the days to November fifth.
Are we going to see the vice president run to the middle and become verbally less progressive and more centrist?
Is maybe we see from Jared Pois?
Well, Look, I mean she is who she is. She obviously evolves on issues and learns just like any of us do. It's a different job to be a DA It's a different job to be a senator from California. It's a different job to be vice president, and it's a different job to want to be the next president of all America. And that's really what she's leading into. She wants to be a uniter. She's the person we need as America approaches our two hundred and fiftieth anniversary
in twenty twenty six. We don't need a nation divided. We need a nation united, and that means somebody who speaks to everybody. And that's why conservative Republicans, liberal Democrats, moderates are all flocking to Takamala Harris, including former Vice President Dick Cheney.
I'm the vice president. You say she is who she is? I think there are a lot of people still in this country who don't know who she is, and we see that in the polling data as well. Is she doing herself with the service by not doing more interviews, doing more one on ones with reporters? How do you respond to that. It's great to speak with you this morning, to have the opportunity to do so, of course, but is she missing an opportunity by not doing more of that her self?
Do you think she's a thoughtful, diligent leader who studies the issues, and she's a prosecutor, put criminals behind bars, stared them in the face. Nothing's harder than that.
Oh.
Look, she is doing more interviews and I'm sure she'll do even more going forward. She's working very very hard on the campaign trail, doing far more campaign events and outreaching her opponent. I'm going to I think that'll help carry the day in November.
Governor, thank you so much for joining Bloomberg this morning. The governor of Colorado, Jared Poles, greatly appreciated.
Her advantage New Haven. If you're in New Haven and.
You're double E electrical engineer, you spend a lot of time at Sally's Pizza.
I mean, it's just no other way to put it.
You're grinding, you're cramming differential equations and the rest of it. I assume you took the Wheatstone Bridge to Sally's.
What was it like Double E at.
Yale in a school acclaimed for liberal arts.
How lonely were you?
We spent a lot of time in a basement away from sunlight.
Am Trepani with us? I heard this morning on what he's doing in this innovation. Explain to me your innovation project right now today.
Yeah, it's great to be with you. So I'm the CEO of atlas Ai, Wh're a Palo Alto, California based startup that is building models based on geospatial data. So geospatial is data that has a location or a geographic element associated with it. So our models aim to understand and anticipate what the future of the planet is likely to look like, where people are likely to live in the future, how economy is likely to evolve and adapt, and really to macro factors like conflict or climate change.
And we aim to help international organizations.
I would go to climate and flooding today, but this morning I have to go to conflict. As you consider three wars Ukraine, Gaza and North to Lebanon as well, what is your value add to people assessing the conflict in the levant?
So there's immediate elements of monitoring the impact of the conflict on the environment itself, but also on communities. How are people being displaced forced to move from the places that they live because of the nature of the conflict. But more so than that, some of the interesting factors are how is the conflict impacting the agricultural industry in Ukraine and what global implications does that have on supply chains that flow from this critical area of agriculture.
Talk about your role in the broader AI sector if we can christen that or call it that now and we talk a lot about a handful of companies in particularly, talk a lot about chip manufacturing as well. As you look at the sort of ncency evolution, early evolution of it, where are we in that process now?
So not surprising. A lot of the early focus has been on modalities of information that we work with almost every day, text, video, imagery, tom's phone, Tom's phone, where to find pizza and Newhagen. Yes, some of the interesting next set of questions that we're dealing with relate to different types of data. How do we help organizations understand the information that they have access to that may not be as neatly structured in a document or in an
image file like Satellite imagery is a good example. There is an immense amount of information about economic activity, about the climate, about other dimensions of change that's happening on the planet, and we have satellite images that are capturing every square foot of the planet every single day. Now, using AI gives us a real time lens on what change is unfolding across the planet in a way that some of the other other aspects of AI are not able to capture today.
I think that so many of us glam on to kind of the Aeschucks factor of the modality that you're talking about, how it can affect our lives individually. Do you think that people, as if yet comprehend kind of the wider implications of what AI will be able to offer, deed, what it may offer right now they're.
Starting to, in part because it's on our phone and we have access to magical technology that allows us to do things that we couldn't do yesterday. The reality is is that a lot of this is just scratching the surface of what we're seeing come out of the labs in Stanford and Yale and other schools in terms of not just how individual models, but how models that can reason, that can engage with the world are able to now start to enhance the productivity of companies and organizations.
You are hugely qualified to answer a question. It's understanding, But Microsoft and Constellation and three Island fine the thermodynamics of all this AI chit chat in the need for electricity. To me, there's almost a free lunch to it. What will be the cost of having to generate all that electricity to power your world?
Well, I think there's probably two questions in bed there. What's the cost and what's the sustainability of being able to do so? And the good news is that from a sustainability angle, we are now seeing the acceleration of new technologies like solar and wind, but also hydrogen and other newer energy sources that are going to be prevalent
in in the next couple of decades. So the energy demand will be significant, but I'm also very optimistic that this energy will be powered by renewable, sustainable sources of energy.
What do the seven big stocks? What do they get from you? When you talk to Nvidio, when you talk to Microsoft? How do they listen to what atlas Ai is doing.
So I'll give you a specific example, and that where we partner with Google Cloud extensively. Our technology is built on Google Cloud and we're a member of a sustainability ecosystem within Google Cloud that's focused on questions of how
do we help companies advance their sustainability priorities. Many of Google has Gemini they have one of the leading large language models, but many of their customers are asking a whole array of questions related to how does air Bus think about anticipating the demand of air travel in Indonesia in the future, And so there are questions that language models are not by themselves able to answer that at let's a I can at.
Let's say, I question, how about that midtown traffic this istout getting over to the lunch.
I wish I could have told you how to get to the east side last night.
A Let me just stick with infrastructure a little bit here, and we hear from Jensen Kwang about, you know, how he deploys the chips that his company is making, and there's such demand for them, which comes to shove. Is that a difficulty for folks like you who are starting these businesses in this space, just getting access to the infrastructure, getting the chips, to put it bluntly, getting the access
to these data centers. How much of that is yet a hurdle to the kind of development that you'd like to see.
It's a question that we constantly have to face because not only are we thinking about the current generation A model, but we're also now thinking about next year's generation. The pace of training new models is accelerating at such a pace that you need to be thinking one or two generations down the line. And with each generation the compute requirements are increasingly increasing exponentially. I'll say that the last few years are likely tougher than the next few years
will be. The supply chains are starting to work themselves out. Nvidia and other companies have been able to now adapt. New generations are coming out that are more efficient, so that's not one of the elements that we worry most about when we think about the next few years growth of the business.
So wonderful come to our world headquarters sometime. I'd love to talk to you from our studios. Am Terror Parne with us with alis Ai, finally for Global Wall Street. An important conversation you think of the Securities and Exchange Commission in America f s A in London. How about the International Organization of Securities Commissions is OSCO ISCO IOSCO. Thank you joining us from my Oscar and Brussels. With all the headaches of regulation and cryptocurrencies. Future Jean Paul
Survey joins us this morning. Wonderful to have you with us. Different presidential candidates are saying crypto is part of a legitimate American political and economic future. Where does that take our understanding of crypto if we see politicians talking it up.
Yeah, by spot of the political legitimacy debate, it's about innovation. We have Securities Markets Regulator. I'm not against imidation, but all job is to ensure that there is stress, that there are no accidents. And due to the fact that we know that most of the time, in fact, we have a business developed by cross border I would say crypto asset provider, we need to be an iOS come means in fact, the Global Membership Organization we have one
hundred and thirty jo addiction. It means that my coroeague and members are involving in the supervision of ninety five percent of the financial like the US SEC and usc FTC. So we need to be there and that's what we did. We endorsed last year a toolkit in order to help all job addiction to have an appropriate supervision. It's not about the enforcement assets does the job of the national
agency like in the US. So we try to avoid that there are collapses, that they are accident, that there are problem about the quality.
I would say of the of the business.
There's about there's a new legitimacy lawrence.
Think of black rockets tracking up everybody else, Airbelt Tuness, Blombergers, encyclopedic. Honest, that's all great, but how is.
The bitcoin underlying?
The Bank of International Settlements is studied so hard? Is there an underlying value like there is to gold or you know, what's the latest stock I had at crater?
There's something there.
That's a very difficult question. And you are for there, of course, because it's a never ending story. All I would say objective is to be helpful for discovery.
Price to avoid.
Let us be clear many of the accident which took place during the crypto meet it was about the absence of segregation of upset, something that is quite manageable, I would say, and something that it had to be managed for thirty years by trading, venue, stocking, change asset manager. What we are proposing is to copy and paste this well known principle and then to provide that for the sake of the supersion.
When working very.
Hard with the imas, and I was very happy to see that now the I'm start by using old toolkit. When they performed their well known mission article for f s UP and so it means that we are useful and that we are working together with other global standards.
You'll forgive the phrase, but I imagine a lot of your job is hurting cats. You're having to deal with all of these regulatory agencies all over the world's which have different priorities. How much unanimity is that you can take crypto as an example and how we've seen this. Maybe arbitrage is a good way of putting it. But companies moving from place to place, jurisdiction to jurisdiction because they offer different things. Are we seeing a movement toward a more unified regulatory lands?
Yeah, well, thanks for your question.
That's maybe mycro league thought that a Belgium guy had to be elected because the DNA of Belgium is about Belgium compromise because we are not sure that our countries still exist today after so we need compromise every day.
We never vote.
It's like United Nations, except that I think that we are able to.
Take get things do OK.
So it's consensus because it's a global membership organization, and I think that we are able to find consensus because whenever you have global challenges, risk and ability. We are here because some members are involved in the supersion of ninety five percent or much of.
It of members are in fact grow and emergent market. So when we.
Speak about crypto assets, that's a danger also for crypto and an opportunity also for many countries in Africa.
The same for climate fans. It's cross border.
I understand that can be banking transactions, a cross water transactions, but I still don't see out there a lot of use of crypto in day to day transactions. Do you envision out there while reptore will actually be a daily to day transaction.
I think that you are right to be product. There are many expectations. I think the first step if you want to have confidence in crypto is to have a solid frame at global frame, and that's what we are doing for the time being, and we are going the right direction because I think that all tool kit was able to take into account what happens last year, the crypto winter, some accident, and that's the objective of IO to be helpful for the.
Members, like for climate finances. That's the reason why the pleasure to be here.
Let's pull back a bit as you look at the broader landscape, are there pockets of risk or things that give you pause for concern at this point in time when it comes to sort of the regulatory risk regulatory landscape, yeh as.
Ioscop chair, I think that there are too global issue climate finance nbify the former shadow banking climate finance. If you are not able to speak more or less the same language to use the same I would say, sustainty reporting standard together data as much as possible, and that's the reason why the initiative taken by Mike Bloomberg and Emmanuel McCoy is going the right diction to extract data.
We will have many questions about greenwashing because green washing means most of the time the lack of capacity to use the same language. And that's the reason why we endorsed last yearsb stun. It means at the end of the day, one hundred and thirty thousand company will use the same stand.
It's a giant step.
Let us be clear, who could believe that some years ago, and it's a recent and it's thanks to the devolvement of I school. The same for shadow banking, I would say, we know the evolution after the subprime crisis, and we are not working I would say, very intensely with the BIS, with the FSB, we are reporting to the G twenty leaders in order to develop new tools.
For instance, we were.
Able to get with this SB to publish a useful toolkit for the liquidity of manager tool. We are not working on leverage in order to keep to account that ons if our chare goes, the games and so on, so there is always something to learn, I would say, and then to make progress about new toolkits.
Thank you so much.
We thank you with I ask.
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