Is made possible by. The maaret and daniel loeb foundation. Robert granieri through the vanguard donor advised fund. The David Tepper Charitable Foundation inc. Additional fding is provided by. Corporate fundinrovided by. Stephens inc. Irhoover welcome to the fingbl line, mayomberg. Bloomberg thank you for having me. Hoover were here the Global Business forum and one topics you are most focused on is Climate Change. Bloomberg yes. hoov. And how businesses can step into the fray and help ll the void where the federal government, or governmen, are not taking responsibility for addressing the climate crisis. Bloomberg well businesses fill the void, the public fills the void, anprivate philanthropy fills the void. It would be nice if you had the federal government along with you, but i think weve shown by closing 297 of the 530 coalfired power plants in the last few years. C weve besing power plants in america at the same rate when trump was president , than when obama was elected, wch says that the federal government can help and that can hurt, but atma thin. Hoover is that what you mean by the federal gornment isnt all that important. Er bloo yes. Hoover . When it comes to the battle of Climate Change. Bloomberg yes. Companies do whats in their own interests. If their stockholders tell them they want to be environmentallyr friendly, if tmployees tell them they want their employer to be environmentally friendly, if their customers say i want who i buy products from to be environmentally friend they will do it. Thats the capitalist of incentes for them to do it. For viduals, it is i want to live longer so i want to breathe cleaner air and drink cleaner water and that sort of thing. I want to haveetter schools my kids. I want to have a lower energy bill and thas what drives them. And philanthropy has its incentives. I nt to change the world and i think this is one of the things we can make a difference. Go federarnment, youve got to stop and say what was their incentive to do some of these things. Cannot for the life of me understand why therump administration has this interest in rolling back things that any person with any commonense would say good for the country and good for the environment worldwide, b also has already been implemented and businesses dont want them to roll it back. So why a they doing that . It makes no sense. I guess just for politics or maybe for sport. Who knows . Hoover lets talk about the costs. I mean one of ur goals is to close every coal fired power plant. Bloomberg yes. hoovuve pledged to donate 500 Million Dollars to this effort, whh is [laughs] bloomberg well spend a lotf money. I dont think is any question because it gets harder to do the more modern power plants that are somewhat cleaner. Hoer what ends up happeni to the cost of energy in the meantime . Bloombg well, cost of energy is going down, theyre going to continue to go down. Renewables have enormous potential. And theyre already at the same price without government subsidies. Theyre already cheaper than using the old fossil fuels. So youre going to see big improvements. And the technologys there andit really working. So we are making very big progress in that the cost of energy will clearly continue to. Come d hoover so the United States percent of global ouse gasut 15 emissions. Bloomberg yes. Hoover china accounts for rougy 30 percent of greenhou gas emissions. Bloomberg yes. Hoover how do we, even if we get to net zero, and were doing our part, how do you account,an how do you get china, india and the other countries to betn go ps . Bloomberg china is doing a lot. India is doing som but i think china is doing a yes, theyre stilling a bunch of coal fired wer plants hoover and theyre still burning coal. Bloomberg yes they are. But they are now moving plants away from the cities. The commist party wants to stay in power in china and they yssten to the public. When the public cant breathe the air. Xi jinping is not a dictator. He has to satisfy his constituents or hes not going to survive. Hoover hes not a dictator . Bloomberg no he has to, he has a constituency to answer to. Hoover he doesnt have a vote. He doesn have a democracy. He doesnt get [crosstalk] held accountable by voters. Bloomber can survive. T mean he if his advisers hoover is the check ohim just a revoluon . Bloomberg youre noing to have a revolution. Nobody, no government survives without the will of the majority of its people. Okay . D e chinese commist party looks at russia ey look for where the communist party is and they dont find it anymore and they dont want that to ppen. So they really a responsive. I and making changes. It would be better if china did more. It would be much better if india did more. But europes doing a number of things hoover but would that make a real difference in 100 hundred years to bloomberg well, lets assume it doesnt. But. But i, if you give me from to 100, another 50 years to live, ill take that, thank you. Id rather have morehan that to live. But to say if we cant do a solution forever to the environmental problem, doesnt mean we ouldnt try. Hoover i dont think anybody is saying the United States shouldnt try if china is not going to meet us there. I think the United Statesly absolueeds to do our part. But how do wget these foreign partners to do their part too, ifoo erg well number one, you lead by example. If we can show that we can do it then they can,. Their people can go to their government and say, if amerin can do it, why cant we do it. Hoover i meanhe idea that the Chinese Government is responsive to sort of a democratic expression of fresh air, ofea air. Oomberg oh come on. Of course they are. Hoover i mean, i, im looking at the people in hong kong] [crosstao are protesting and i. Bloomberg go back and read the press the days. Hoover . Nd im wondering if the inese care what they h to say. Bloomberg . Go back and read the press the days. When you have big pollution in beijing and theyre doingg somethout it. Thats thats ridiculous. They are very responsive to it. Y the trouble cant overnight move cement plants and power plants just outside the city that are polluting the air, and you have to have their product. So some of it takes time. And theres always in government even governments that e no what we would call a democracy have invested intend theyers who have an impact. And thats why, if you listen tn the miennials, lets go in and solve the problem overnight. Yeah. That would be great ife ou didnt h fund it and get it through legal things and all the legislation. Hoover and this is whats so intereing about india, right . I mean you were on with prime ministerodi. Oomberg yes. Hoover he is, understands the problem of Climate Change. You l spoke about it. But hes met with this fundamental tension of how to bring hipopulation into modernity. Bloomberg if you kept reducing the cost of energy generated by renewables. And in india theres a bunch of it wheret really is cheaperou than in the suing countries you will just let capitalism take over and they will close even brand new power plants if they could build oner next dat is much more efficient and they make more money. Capitalism is a wonderfuthing. Hoover theres an idea that conservatives cant possibly be environmentalists. Bloomberg i have no reason to believe thats the case. Conservatives will be environmentalists if they think being proenvironment provides a benefit at outweighs theirar or their belief that oh government should never be involved in anything. Hoover well i want to bloomberg which is ridiculous. Hoover i agree with you and so does William F Buckley jr. 1969 he had this to say about why conservatives could be environmentalists. Leme show you. Clare boothe luce this question is also osely connected with all the problems of the urban sprawl, of pollution, of the air and of our inland waterways. Now how these problems will be handled short of tremendous government control, i do not e. And i have hea nothing, unfortunately, from the conservatis about those problems. Buckley i have never understood it to be a tenet of the f conservatith that one has pollute an atmosphich is aht, to common property. So i think that conservative theory can very easily cope with that parcular problems, which makes me slightly more optimistic. Luce en though it may mean cracking down on the Automotive Industry . Bucky oh absolutely. In fact, they already have in cafornia. Hoover Trump Administration just last ek, revoked a california waiver which was passed. Bloomberg yes. An outrage. Hoover at the time that was actually spoken about in this program. Bloomberg right. Hoover they revoked that waiver. R, epa administrandrew wheeler said we embrace federalism and the role of states but federalism do not mean that e state can dictate the standards for a nation. Y is it an outrage . Bloomberg well, if youre really a conservative i wouldnt think youd want the governmento the federarnment, to dictate rules for all 50 states. The problem is we really would like to have one standard for the whole country because its good for industry. Industry wants strong regulation. Okay . They dont want weak regulation because then they get ea state doing different. The people in california wantta the higherards, okay . Hoover so are they setting the enstandard for the nation bloomberg some some states have chosen to copy california and some states have not chosen but thats up to the states. Ca what yot do is you cant let every individual make eir own laws. Hi theres somes we have to have common laws for i tnk people would agree on education and firefighting policing andnd sanitationhose kinds of things but theres nothing that buckleyid hat i disagree with. In fact, he seemed to say if shouldnt we let t it. Y hoover why Climate Change become such a partisan issue then . Bloomber im not even sure it is. Its become, all of a sudden. We have this conference here anu all we talk is Climate Change. Hoover in the last week or so, new National Polls have come out that have changed the dice. Suggest a changing trend the dynamic of the 2020 race where Elizabeth Warren has emeed as a top tier candidate. And joe bidens numbers are wewoening but they still the of them remain in the top tier. Elizabeth warren has railed against ultramillionaires. You have called her tax, probably unconstitutional. You have dismissed her bloomberg wealth tax. Hoover wealth tax and her medica for all proposal as. Bloomberg economic. Doesnt work. Hoover . Just not practical. If there is a progressive who is leading the democratic field, t re be an opening if joe distance for somebody of a more moderate bent to step into the race . Bloomberg well it would be virtually impossible from now Going Forward for anybody to come in if they had to raise money. Theyd never remotelh up to Elizabeth Warren and joe biden. Lets not rush to judg joe biden going from 20 points over Elizabeth Warren to tied with Elizabeth Warren overnight in one poll is suspicious. Hoover but there are three polls and theres a trend. Bloomberg okay. Hoover and you know a lot about polling, you do a lot of polling. Mberg yes, theres some polling in a macro sense really does work if you have good pollsters. Hoover aryou polling right now . Bloomberg no. Hoover will you go in the field soon . Owbloomberg no, we dont we don know the plans, we did. Course i look to see, i think it wood be a great opportunity be president of the United States, i think. Twelve years, people think i did a good job. Im super pleased about that obviously. D codo a good job as president . Nobody really knows that. I can make a big difrence with the philanthropy to be in my company and that sort of thing. But you can makeore difference the leader of the free world. No argument about that. Hoover right, right. Bloomberg but the polls saidmo that i am rate for the likely voters in a democratic primary. And so i could not win. And joe, in all fairness, would be somewhat similar. Certainly more similar to my views than Elizabeth Warren is. Hoover yep. Bloomberg and i just said look, youve got to understand wt you can do, what you cant do, and then make a decision and then live with the decision. Hoer yeah, theres still little bit of window though, you have to see. I mean, there might be ang open joe bidens slot if he is wavering. And there is a lot of concern that hes not going to be able to go to the distance. Bloomberg look, i know joe biden hoover and you wont have to raise the money. Bloomberg i wont have to raise money. Y. E biden is a principled he was a good vice president. He has ideas and hes a credible candidate. I think he can say the se thing about elizabeth warr. E shes genues smart shes very wellprepared and shes a od campaigner. And has an enthusiasm when she up the troops. Stage and shakes hoover you think you have until november to still consider it . Bloomberg november would get to be pretty hard to do. I dont know. If joe biden were to me a decision today, which hes not going to do, youd he to think about it, i suppose. But thats not going to happen. Theer youre here bloomberg Global Business forum. You are hosting this Business Forum with heads ostate in the middle of the u. General assembly week. Bloomberg yep hoover it has been rumored that you considered potentially being a secretary of state. Bloomberg never. Hoover . In considera. Potentially in a hlary clinton presidency. Bloomberg never. No. Er hothat was reported. Is there any circumstance whereg mike bloom. Bloomberg never discussed. Hoover no, no. It was reported that you would consider it if you were asked. Is there any circumstaloe where mikeberg would consider being, serving as the secretary of state . Bloomberg i cant imagine any asking somebody whos nevertes worked for anybody for the last 35 years to come in, ando and be the messenger for a Foreign Policy that comes out of the white house, and theyre sitting in foggy bottom. No, i wouldnt do it and nobody would want me to do it. And its and ive never had a discussion about that. S, ive heard rumou want to be secretary of defense. And i happen to be friendly with jim mattis. I did a book party for him recently and i think its a phenomenal job. Im a pilot. Im interested, i read aviation week and Space Technology every week. That might be fun for a day. T thats not what im gonna do. Hoover and not energy either, huh . Ta bloomberg cly notnergy either. Hoover we just came off an election cycle in 2018 where you put in more than one hundred Million Dollars. Bloomberg yes hoover you supported 24 candidates. Twenty one of them won. Bloomberg correct. Hoover 19 seats that you flipped. Campaign, we know that youll help on independent expenditures with respect to guns in 2020. Bloomberg one of my issues, in fact the 24 people that we supported, 21 of them won, i looked at thr positions on guns and the environment. Every position anybody has. Th so if you had this litmus test like you have to check all the boxes not going to do that. Those were two important issuest the basis on which we picked the 24 people to support and i rtainly expect them to do what they said. And theyll probably come around loing for money and its a business weve got to raise money every two years and well see what happens. Hoover i want to get your reaction beto orourke in the last democratic, democ debate. He said essentially, what gun owners across america fear, ism that you betoing to come for your automatic weapons. Beto orourke in odessa i met the mother of a 15 Year Old Girl who was shot by an ar 15 and that mother watched her bleed to death over the course of an hour because so many other people were shot by that ar 15 in odessa and midland the werent enough ambulances to get to them in time. Hell yes, were going to tak your ar 15. Your ak 47. Be used against femericanst to anymore. Bloomberg thats why i wont be a candidate of the Democratic Party because its so impractical and i dont know how youd even do it. It woulde such a rallying cry for people that say they are erstepping their bounds. What we should do tover so youre saying that is not the way to ws issue . Bloomberg that is not the way to end this issue. First thing ak47s should not be in the hands of individuals. They are guns but not for kill the maximum nofs built to people as quickly as you can and we shodnt have them. So you can go after the gun manufacturers and get them to stop it. But how you wod go and get those back . You might have an Incentive Program and maybe people would ke them and turn them in. But i dont even think that would happen. What we need to do is to haveba ground checks, red flag laws. The background checks do ags couple of thne you do find some people that are mentally unstable. You find out some that criminal records. You find out some of them are under age and you deny a license to tha gun dealers have done this because of federal law for a long time. Its gun shows and int sales that dont do it. But if you could get them included in the law h the 20 odd states have done already and it really does work you do stop the sales ofof those. And also if you have a delay period of 24 hours or hours you stop an enormous percentage of the suicides. What psychiatrists would tell you if somebody wants to commit suicide, they want to do itgh then, and if they cant get their choice, their method of choice, they say ck ill go to the movies ill do it tomorrow and theyend not to go back. So you really would reduce the number of suicides. And if you look in the newspapers theres a massacre every single day. Its just spread across the country and you have one off things in the newspaper and people dont think about it. But his idea is so impractical and i think hoov the fear is that it will mobilize the opposition. Bloomberg and theres question about it. Wh barack obama was president the gun deal, the guner manufactworked 24 7 okay. And then the other fact thats interesting is while obama wasrc president the tage of households that have guns went from 35 to 25. So you say my god if you do a nsird fewer families hav but they were manufacturing them 24 7, whered the guns g