What world leaders said at Cop26 Glasgow climate summit


Jamie Prentis
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World leaders issued a series of stark warnings and urged immediate, ambitious action, as they addressed the opening session of the UN Cop26 climate summit in Glasgow.

Boris Johnson

The UK Prime Minister was the first world leader to address the summit, telling delegates that it would be the generations to come who world judge today’s leaders.

“We are now coming centre-stage before a vast and uncountable audience of posterity and we must not fluff our lines or miss our cue,” he said.

“Because if we fail, they will not forgive us — they will know that Glasgow was the historic turning point when history failed to turn.

“They will judge us with bitterness and with a resentment that eclipses any of the climate activists of today, and they will be right.”

Joe Biden

The US President highlighted the urgency of the matter, calling for action now and without delay. “The science is clear. We only have a brief window left before us to raise our ambitions,” he said. “This is the decisive decade in which we have an opportunity to prove ourselves.”

He called for “a decade of transformative action” to preserve the planet and boost the quality of life for people everywhere.

“We can do this, we just have to make a choice to do it. So, let’s get to work,” he said.

“Those of us who are responsible for much of the deforestation and all the problems we have so far have an overwhelming obligation [to] nations who, in fact, are not there and have not done it.

“We have to help much more than we have thus far.”

But he also highlighted the potential economic windfalls, arguing: “Within the growing catastrophe I believe there's an incredible opportunity — not just for the United States, but for all of us.”

He said there was an opportunity “to invest in ourselves and build an equitable, clean-energy future and in the process create millions of good paying jobs and opportunities around the world".

Narendra Modi

The Indian prime minister said his country will meet a target of net zero emissions by 2070 and pledged that India will reduce its projected carbon emissions by one billion tonnes between now and 2030.

He also called for a global push to adopt sustainable lifestyles "instead of mindless and destructive consumption".

Angela Merkel

The outgoing German Chancellor said there must be a way to “measure our targets and goals” to “provide us with a yardstick,” adding that developed countries had a special responsibility to act.

“The world community hopes that we present ourselves in a better shape at the end of this conference than we found ourselves in the beginning,” she said.

Justin Trudeau

The Canadian Prime Minister said that putting a price on pollution is key to pushing down global emissions.

“Just as globally we’ve agreed to a minimum corporate tax, we must work together to ensure it is no longer free to pollute anywhere in the world. That means establishing a shared minimum standard for pricing pollution.”

“We know pollution pricing is key to getting emissions down while getting innovation up and running.”

Emmanuel Macron

“Too many of us make commitments here — and then sign commercial contracts that do exactly the opposite,” said the French President.

Antonio Guterres

The UN Secretary General blasted the world’s “addiction to fossil fuels,” which he said was “pushing humanity to the brink”.

He said humans are “digging our own graves” through climate change and by “brutalising biodiversity”.

Sir David Attenborough

The famed naturalist and broadcaster asked the audience: “Is this how our story is due to end — a tale of the smartest species doomed by that all too human characteristic of failing to see the bigger picture in pursuit of short-term goals?”

He added: “Perhaps the fact that the people affected by climate change are no longer some imagined future generations but young people alive today, perhaps that will give us the impetus we need to rewrite our story, to turn this tragedy into a triumph.”

Prince Charles

The heir to the British throne said it was quite literally “the last-chance saloon".

“We must now translate fine words into still finer actions.”

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Updated: November 01, 2021, 11:17 PM