legend for a billion dollars over his promotion of crypto exchange, binance. plus — 12 months that changed the world — one year on from the launch of chatgpt, how is the boom in artificial intelligence transforming the way we do business? hello if you have just hello if you havejustjoined us, you are very welcome. i am sally bundock. i am sally bundock. we start in dubai, where, as you have been hearing, 167 world leaders and 70,000 delegates from business, charities and faith groups are gathering for the latest round of global climate talks, the conference of the parties or cop28. of the parties, or cop28. eight years ago, in paris, nearly 200 nations pledged to keep global warming "well below" two degrees centigrade above pre—industrial levels, and try to limit it to 1.5 degrees. but a recent un report has confirmed the world is not acting fast enough to achieve the paris goals. there is added controversy, this time around, given the event is hosted by one of the world's top oil and gas producers. the president of the summit, dr sultan al—jaber, is also the boss of abu dhabi's state oil company. on wednesday he angrily dismissed a bbc report, based on leaked documents, that his country was planning to use the summit to negotiate oil deals. these allegations are false, not true, incorrect, are not accurate, and it's an attempt to undermine the work of the cop28 presidency. so please, for once, respect who we are, respect what we have achieved over the years, and respect the fact that we have been clear, open and clean and honest and transparent on how we are going to conduct this cop process. well, let's go live to the cop28 summit. sameer hashmi, our business correspondent in the gulf, is there. to what extent has this overshadowed this conference, the allegations that the uae are using this event to broker oil and gas deals?— oil and gas deals? sally, it is unwanted — oil and gas deals? sally, it is unwanted attention - oil and gas deals? sally, it is unwanted attention ready - oil and gas deals? sally, it is unwanted attention ready for the uae because this is an issue they have been battling with right from the start, right from the point where dr sultan al—jaber was announced as the president of cop28. it is something that has attracted widespread criticism, especially from the western media and society, how can someone at the head of one of the largest oil companies in the largest oil companies in the world be an honest broker when it comes to negotiating a deal where one of the main focuses is to phase out fossil fuels? this is something that uae have battled with from the start, this has come back to haunt them again and again, and ithink haunt them again and again, and i think this is something they would have definitely not wanted, just on the eve of the summit kicking off. there are so many important issues to be discussed are not sure if it will be overshadowing it but it is unwanted attention definitely they would have wanted to avoid at the start of the summit. wanted to avoid at the start of the summit-— wanted to avoid at the start of the summit. talk it through the key issues _ the summit. talk it through the key issues then, _ the summit. talk it through the key issues then, what - the summit. talk it through the key issues then, what is - the summit. talk it through the key issues then, what is top - the summit. talk it through the key issues then, what is top of| key issues then, what is top of the agenda this time?- the agenda this time? three main issues _ the agenda this time? three main issues that _ the agenda this time? three main issues that will - the agenda this time? three main issues that will be - the agenda this time? three main issues that will be the | main issues that will be the hot topics during the 13 day event here in dubai. the first one is going to be the global stock which essentially is an assessment of where the world is when it came to meeting the targets they agreed upon in paris 2013, which called on the well to restrict global warming to 1.5 celsius above preindustrial levels. as many activists have pointed out the what is far from that target. the second, which could be the most thorny issue, would be the funding that was agreed upon last year to fund poor and developing countries for the loss and damages due to global warming. no one knows or has come up with the formula of how much, so that will be a heated discussion, and of course the fossil fuel issue, discussion, and of course the fossilfuel issue, because discussion, and of course the fossil fuel issue, because they would be a push from many countries, including the european union, to adopt and specifically talk about phasing out fossil fuels in the final agreement, and that is something that would be resisted by many oil producing nations present in this part of the world, including the uae, and they would want the focus of the language to be on carbon capture technology, which essentially talks about sucking out c02 and storing a deep underground and not damaging the facilities. so i think that is something they will push for and there will definitely be a clash there. these three will be the top issues, 97,000, you mentioned 70,000, the latest figure we are hearing is that 97,000 delegates are expected to attend this summit, which will be the highest ever. so a lot of peeple _ will be the highest ever. so a lot of people are _ will be the highest ever. so a lot of people are going. - will be the highest ever. so a lot of people are going. thank you very much indeed. let's bring in swetha ramachandran, from artemis investment management, here in london. lovely to see you. there is a huge push to move into renewable energy that is happening all over the world. cop28 will feel that further, but here in the us, at —— we are hearing that for many companies it is hard to make it financially viable, which is a problem, isn't it?— problem, isn't it? yes. it is estimated _ problem, isn't it? yes. it is estimated that _ problem, isn't it? yes. it is estimated that since - problem, isn't it? yes. it is estimated that since 2021 l problem, isn't it? yes. it is - estimated that since 2021 more than 56 million gigawatts worth of clean power projects, enough power to power about 10 million homes, has been delayed. that is of course a consequence of the interest rate regime we are in where some of the promises that were made during the zero interest rate world are having to meet reality in a world where rates are 5% or more which affects the cost of financing these projects, but also supply chain bottlenecks because of use by various companies to impede the free movement of the supply, to critical infrastructure that goes into supply chains for renewable energy. find goes into supply chains for renewable energy. and this is happening — renewable energy. and this is happening in _ renewable energy. and this is happening in the _ renewable energy. and this is happening in the us - renewable energy. and this is happening in the us where i renewable energy. and this is i happening in the us where many companies are struggling or even giving up, despite the inflation reduction act, which was introduced and funded by the biden administration, which gave huge incentives, didn't it? , ., ., gave huge incentives, didn't it? ., , gave huge incentives, didn't it? , ., ., , ., gave huge incentives, didn't it? ., , ., , it? yes, and of course that is the reality — it? yes, and of course that is the reality of— it? yes, and of course that is the reality of how _ it? yes, and of course that is the reality of how a - it? yes, and of course that is the reality of how a broad - the reality of how a broad brush measure like the information protection act comes to confront reality in the form of local governments, would sometimes have different agendas or are perhaps more resistant to some of these projects in their own backyard, as well as the critical input in their supply chains from elements from let's say china, where there is a move to reduce dependence on imports coming from that market, which has also slow down the progression of many of his projects. find of many of his pro'ects. and 'ust of many of his pro'ects. and just quickly. _ of many of his projects. and just quickly, swetha, - of many of his projects. and just quickly, swetha, will you and your colleagues be watching cop28? if so, lots of most interest to you?— cop28? if so, lots of most interest to you? cop28? if so, lots of most interest to ou? ~ ~ ., _ ., interest to you? we know by now that no country — interest to you? we know by now that no country is _ interest to you? we know by now that no country is on _ interest to you? we know by now that no country is on track- interest to you? we know by now that no country is on track to - that no country is on track to meet its targets for 2050, which is quite alarming, and what we are looking for is a sign of commitment that they are able to devote more resources, whether they be financial or otherwise, to get back onto track, because that is clearly what everything will be hinging on, going forward. lovely to see you. thank you so much. let's stay with the climate story, because over the last two years, the global adoption of electric vehicles has been accelerating. they now make up 13% of all vehicle sales. but to hit net—zero by 2030, that will have to increase to 70%. i have been speaking to brian gu, president of chinese smart ev maker, xpeng, about the challenges of making that happen. for the ev market, we have seen a lot of growth but i think there is still a long way to 90, there is still a long way to go, in terms of continued growth of this industry. if you look at the penetration, china currently leads ev penetration at around 30% of the new car sales whereas europe is around 20%, and america is probably around 10%. so there are still around 10%. so there are still a growth curve to be seen in that regard. however, i think there is also increasing competition in the industry, and as we grow to be a mainstream product, people are obviously looking at the infrastructure to accommodate such fast growth.— infrastructure to accommodate such fast growth. when it comes to infrastructure, _ such fast growth. when it comes to infrastructure, there - such fast growth. when it comes to infrastructure, there are - to infrastructure, there are vast differences between countries. for example, china very much leading the way, as are other countries such as south korea, but the uk for example, a third of uk drivers do not intend to buy a fully electric car in the next decade, according to research done by the royal society of chemistry, because they are concerned about infrastructure, it is not being in place for them to support their car choice. . �* , them to support their car choice. ., �*, . ~ choice. that's correct. i think ran . e choice. that's correct. i think range anxiety _ choice. that's correct. i think range anxiety is _ choice. that's correct. i think range anxiety is one - choice. that's correct. i think range anxiety is one of - choice. that's correct. i think range anxiety is one of the i choice. that's correct. i think i range anxiety is one of the key factors impacting people's decision to purchase ev. we have seen that in china and i think it is true globally as well. in china what we saw encouragingly in the development of both the charging infrastructure build down as well as the technology advancements, hopefully will start to address some of these anxieties. we are also very encouraged to see there is a rapid development of charging efficiency and speed in the technology as well, to address some of these anxieties. for example, our recent models are all equipped with high voltage platforms, which allows the vehicle to be more efficient and faster charging in our high kilowatt guns. so if we couple our product with for example our product with for example our top—of—the—line 480 kilowatts in charging guns, we can actually charge up to 200 kilometres in around five or six minutes. so that kind of speed will also help to address some of the anxieties people have for charging in open and third—party areas. let's stay with energy, because the group of 23 oil—exporting nations, known as 0pec+, are holding a virtual meeting today. they are expected to discuss cutting oil output again, to prop up prices on global markets. memberstate, iran, has been pushing for islamic countries to impose an oil embargo on israel over the gaza war, but that has been rejected, so far. david fyfe is chief economist covering the oil and gas market at the research firm, argus media. get to have you on the programme, david. so, first of all, what are we expecting 0pec to announce today? more production cuts to come? well, aood production cuts to come? well, good morning- _ production cuts to come? well, good morning. i— production cuts to come? well, good morning. i think— production cuts to come? well, good morning. i think it - production cuts to come? well, good morning. i think it is - good morning. i think it is very much still up in the air. as of late last night, the word coming out on the wires was that no agreement had yet been reached. there is essentially three possibilities. 0ne reached. there is essentially three possibilities. one is that they defer a decision, which i think would weigh quite heavily on crude prices. the other is that they simply roll forward their existing production reductions into the early part of next year, and i think that's probably priced into the market at the moment. the final one is that, as saudi arabia has been pushing for, they try and steepen the production cuts, but there is push back from that from some of the smaller producers, apparently. so really very much up apparently. so really very much up in the air. apparently. so really very much up in the air-— up in the air. yes, i mean, when it — up in the air. yes, i mean, when it comes _ up in the air. yes, i mean, when it comes to - up in the air. yes, i mean, when it comes to the - up in the air. yes, i mean, i when it comes to the impact up in the air. yes, i mean, - when it comes to the impact on oil prices and the production cuts they have recently announced, you would see an initial spike in the price of oil but then it comes down again. looking at brent crude now, $83 a barrel.— again. looking at brent crude now, $83 a barrel. yes, there is a sort _ now, $83 a barrel. yes, there is a sort of — now, $83 a barrel. yes, there is a sort of watchword - now, $83 a barrel. yes, there is a sort of watchword in - now, $83 a barrel. yes, there is a sort of watchword in the l is a sort of watchword in the market, which is by the rumour, sell the fact. as i say, i think the market, when they look at the prospects for supply and demand next year, i think the market is assuming that at least there will be a rollover of the existing cuts, so it's quite possible, if that does happen, they might even be a slight sell off immediately after that announcement. but really it is all highly uncertain, and there is a lot of internal politicking going on about individual production quotas. irate on about individual production auotas. ~ . on about individual production auotas. . ~ , on about individual production uotas. . ., ~' , ., ., on about individual production auotas. ., ~ ., ., quotas. we are keenly aware of the internal _ quotas. we are keenly aware of the internal politicking - quotas. we are keenly aware of the internal politicking going i the internal politicking going on at 0pec+, i mean, it happens all the time, doesn't it, but in terms of an islamic oil embargo against israel, well that go unheeded still, do you think? i that go unheeded still, do you think? ~' that go unheeded still, do you think? ~ , ., ., think? i think, up to now, the producer— think? i think, up to now, the producer nations _ think? i think, up to now, the producer nations and - think? i think, up to now, the| producer nations and arguably around itself has been relatively muted in its pronouncement surrounding what's going on in gaza. 0bviously, what's going on in gaza. obviously, there is the historical precedent for an embargo on the western nations. we saw that in the 19705. i would be surprised if that gained traction at the present time, you know, with the world potentially seeing a macroeconomic slowdown in the first part of next year, i'm not sure that producers want to get tangled up in a geopolitical dispute such as that, with the consuming nations. that, with the consuming nations-— that, with the consuming nations. ., ~ , ., ., nations. david, thank you for our nations. david, thank you for your time- — nations. david, thank you for your time. we _ nations. david, thank you for your time. we will _ nations. david, thank you for your time. we will keep - nations. david, thank you for your time. we will keep an i nations. david, thank you for l your time. we will keep an eye on the 0pec+ meeting as the day progresses. to the us now, where football legend cristiano ronaldo is facing a class action lawsuit over his promotion of cryptocurrency exchange binance. the plaintiffs claim his endorsement led them to make loss—making investments and are seeking damages of "a sum exceeding" $1 billion. 0ur north america business correspondent michelle fleury has been following the story. crypto industry appetite for celebrity partnerships is well—documented are now many of the a—list is who got in on the action i caught up in the sector's troubles. the latest is well known footballer cristiano ronaldo. last november he and binance, the world's largest crypto exchange, announced a partnership to introduce his fans to the world of nft is starting with the launch of the cr seven collection. nfts are non—fungible tokens, virtual assets that can be bought and sold and don't exist physically, only digitally. while mccready refers to rinaldo —positive initials and ship number. in the class action lawsuit plaintiffs claim his endorsement led them to make lossmaking investments and they want at least $1 billion in damages. the action comes a week afterfinance in damages. the action comes a week after finance agreed to pay $4.3 billion to settle a criminal case that failed to prevent money—laundering and sanctions violations. and sanctions violations. and together. _ sanctions violations. and together, we _ sanctions violations. and together, we can - sanctions violations. fific together, we can exchange the world... he together, we can exchange the world... , ., , world... he is not the first liberty to _ world... he is not the first liberty to be _ world... he is not the first liberty to be sued - world. .. he is not the first liberty to be sued for- liberty to be sued for promoting cyrptocurrency products. nfl quarterback tom brady and comedian larry david face lawsuits further touting ftx. it's a safe and easy way to net a ftx. it's a safe and easy way to get a crypto- _ ftx. it's a safe and easy way to get a crypto. i _ ftx. it's a safe and easy way to get a crypto. i don't - ftx. it's a safe and easy way to get a crypto. i don't think| to get a crypto. i don't think so. to get a crypto. i don't think so- major — to get a crypto. i don't think so. major league _ to get a crypto. i don't think so. major league baseball, | so. major league baseball, formula one and mercedes—benz are also being sued over ftx. despite this dismal track record, it won't stop celebrity endorsements. this week cristiano ronaldo teased on social media, cooking something up social media, cooking something up with binance. michelle fleury there. around the world and across the uk, this is bbc news. voice-over: bbc news, bringing ou voice-over: bbc news, bringing you different _ voice-over: bbc news, b