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Hello and welcome to the intelligence Economist radio on your host. Jason Palmer, every weekday, we provide a fresh perspective on the events shaping your world.
The drug death rate in Scotland, is 3 times higher than elsewhere in Britain and 10 times. Higher than in Europe. We look into the causes of the crisis and the plans to address it that are at last being proposed.
and there were 47 indigenous languages used in Peru but quechua is the most widely spoken and used to be an almost shameful thing but the language is on the rise in part to a bit of nationalism and the best of pop music gold,
First up though.
The climate fight came to Big Oil. This week that Wednesday is shareholder meeting of ExxonMobil and American super major activist investors installed at least two green leading board members. This is a major statement for shareholders and particularly for people to care about the climate and care about the future of this company, shareholders pushed through plan, to cut the company carbon emissions.
This is also today, a shareholders meeting, an overwhelming vote, far-reaching implications for Environmental Policy worldwide, but this week Trio of surprises, shows how Corporate boards investors and courts aren't minded to wait for oil Majors to take the initiative. The ExxonMobil shareholder meeting this week marks a turning point in the history of big oil on its Global energy and climate Innovation editor. This is the first time a major American corporation has had to accept a humiliating defeat in the hands of an activist investor. That placed a dissident board member on its board. In fact, that it's one calling for a fundamental
Will you turn on the company's strategy? And so, how did this boat actually come about a small hedge fund called engine? Number one, which was just recently formed and which holds a very tiny stake in Exxon Mobil far. Less than 1% managed to Galvanize the support of massive investment funds, like Calpers, which is the California Mega pension fund the New York state employees, pension fund. More than a trillion dollars worth of capitals are held by some of these more Progressive Pension funds that are very interested in the issue of climate change. It won the support of important proxy advisory Services as they're known such as ISS. In Blast Lewis, these agencies give recommendations that are often followed by the big institutional investors on how to vote. And they both supported the tiny dissident arguing for a change in X on strategy. So who are these new?
Board members into what will they do to you think?
The dissidents put forward a slate of four Executives with energy experience but with much more interest in Renewable Energy low-carbon Technologies than those that are serving currently on Exxon on board and the company was very hostile to the director's cut Indian. Two out of the four have been confirmed as elected Gregory Golf. And Kaiser hotel has a third and who served as the renewable energies are under George W. Bush is still in play. The company says the boats are not yet counted and it's a very close call. It's possible. We may also see legal challenges to the annex on. Isn't the only company that has come under some shareholder pressure this week? That's right. On the same day, main American rival Chevron. Also faced a shareholder Revolt is significant to tell us what happened at Exxon, but it did lose an important vote for a majority of shareholders voted in favor of a dissident proposal for more aggressive action on climate change. So very much
The same signal being sent a big oil that is invest, in plans, its Financial returns and its future prospects are not consistent with how the market itself views climate risk. But significant part, is that message is now coming from the investors themselves? I guess where they're still remains quite a strong degree of support for the oil economy for free market. Capitalism, people tend to be skeptical about the UN climate Accords or european courts. When you get to the heartland of oil country, the fact that oil shareholder suit and not to be an environmentalist. Bunch are telling the management of these big boys. You better start taking climate change. Seriously, that is a message. They could no longer dismisses Fringe and this week, just been industrial pressure on big wheel. There was also this legal challenge to show interest in court case in the Netherlands in which a judge ruled. That shells really ambitious plans. I would say
Decarbonizing its portfolio. Certainly much more ambitious than anything too. Forward by American oil companies, weren't good enough. The judge ruled that the company had to drastically reduce its carbon emissions by 45%. By the end of this decade, including the emissions coming from people, like you and me, who burn Shell Petrol in our cards. And that is what the judge will be necessary to keep it consistent with International objectives like they're, um, Paris Accords, but I would caution this may not stand at Shell, is already planning to go under legal review to challenges at a higher court and even if the Court ruling stands, what it would probably mean is that she'll would have to sell off its dirtiest, least efficient assets. That doesn't mean that oil will stay in the ground at the people who buy those assets are probably going to be less efficient oil majors, are those in countries that don't have such tight rules possibly National oil companies. And so we may very well see the same amount of oil being taken out of the ground
Just not by shell. And what do you make of all of this in total? This fact that the super majors are in a way, beset, on all sides of this. Sometimes the calls coming from within the house, even the most insular, the most inward-looking of oil companies ones. So, convinced within their own Echo chamber that the age of oil will never come to an end and hear ExxonMobil is, is the clearest example of a company like this that is out of touch with the times. This is the moment that they had to wake up and realize they cannot continue on their traditional path. It was not so long ago, that a former chairman of Exxon, the arrangement of formidable hugely successful, in terms of financial success of chairman of Exxon, was a climate denier and fund do the signs, that would rub it on a change. I travel to text it to interview him, and I challenged him on his, climate denialism pointed to evidence of how the company tried to do the propaganda. He was so incensed that he threw me out of his office today, Exxon.
CEO, Darren Woods, doesn't deny climate science. The company acknowledged it to reality and it just said, well, we still want to make lots of new oil that is to develop and explore and produce more oil and its own investigators have said that doesn't make sense. If you have knowledge, the reality of climate change that we're moving into a carpet. Constrain world, you cannot expect to make the kind of returns we want as investors by continuing to take out every more oil and having no meaningful credible plan for decarbonization be there. Thank you very much for your time. It's been a pleasure.
Tampa. The best business insights take home tomorrow. The music back to Ceres from PWC. If you Global business insights and showing the spotlights on the trends to watch you, come tomorrow. It's a need-to-know for both leaders who want to be in the know to help you turn today's issues into tomorrow's opportunities, blue, the series at twc.com perspective.
In Scotland, the rate of people dying from using drugs could fairly be called a national crisis. The problem has been steadily getting worse the second and after years of inattention and Leadership is it lasts trying to figure out what to do about it and 2019, which is the most recent year, for which we had date to Nativity. No, scopes died of drug-related deaths. In this Barrel is the economist to public policy correspondent. That might know, it sounds like a huge number but Scotland, just smooth country on purpose and it's a very high-level. It's equivalent to roughly three times. As many people has died from somebody has 10 times as many European people, and it is probably even higher than the right thing in America which is suffering from an opioid epidemic, over as far as having second thoughts and books of differences, wipe tax accountant in each country. And so why is it that number has had gone up so much seeing a lot of deaths from heroin overdoses.
Sing some increase in the number in recent years. With a big change is being an increasing in Benham Burdine with cocaine in my system and a particularly big increase in the number line with benzodiazepines in my system that commonly known as mistreat benzos. I'm can be both very cheaply. Often for is Lexus. 250 p a pill, when, purchased in bulk one possible reason for the number. I mistreat benzos in the system, is in the early 2010. Doctors, try to cut back on the prescription of kind of legal authorities because they were worried about an increase in drug. That's ironic. I'm serious but bad led to an increase in the number of people using illegal for a Jesus by tongue to the street to get that. Fix the issue. Finding the street is that you don't really know what you're buying Bitcoin is mixed and the pills are Barons from and why is this so much more a problem in Scotland than in other parts of Europe of drug users, who started?
Drugs in the early to mid-90s around the streets answer. That means I'm starting to wonder if we had something similar deaths of Despair with in America. In Scottsville also more likely to drink heavily promoted to Die Young and the more likely to commit suicide from people in the rest of person. And so there's something specific then about Scottish drug users that contribute to these numbers. Yeah, I spoke to one guy who runs a truck service charity in Scotland and he previously worked in Dublin at Lawton and he said, well, many many uses in the invite you places use drugs, Sky High in Scotland is much more common to use from gas cuz the strong conscience and that's not something you really going to do. If you're satisfied, with why your life is. And so was possible, is that, that's kind of negative Spyro and what bad social condition to give me the drug use.
Look up East and contributes to a social conditions. In men, sucking policy Scotland and Incredibly damaging combination and what has this got to government's been doing about it? That I do the numbers have risen. The government has Ice-T been quite slow to respond in 2019 at South of drug task force to look at Berryessa flea remedies for Portland and then last year, when the latest pictures came out, but I better start Minister sacto Public Health Minister KeyBank right to the drugs minister to connect directly, focus on the problem. She said that side and you money to deal with its a 50 million times a year, and that will be new standards implemented across the whole system. Which should enable quick access to treatment pick up my Suicide movie. Why you just be sitting outside in which I was supposed to see if I could come over there and put some money aside for a residential Rehabilitation, which is something that the Scottish conservative party have pushed white haven't ate yet, a number of experts in this area of a cube is about because it's associated with an increase in thefts, as
Relief Society. So I'd like to speak to it sounds as if they're looking for structural changes and then throwing money at the problem. At least it's a bad blood from doing a number of things which would help for problem 1. Think I want to set up for consumption contain drugs safely. Manifesto was a promise to consider decriminalizing drugs together. However, will be against British law gave Erik Ibanez. I need independent to be able to carry this out properly and presumably a lot of the factors here. I made worse, the fact that we're still in the middle of endemic, is quite how to say this drug test figures for the pandemic here, holding out much hope everything from charge that what number of Innovations and how can I truck services were provided during the pandemic with my continue beyond the I start to truckstop is what credit. Degroot, Annie Kelly, you told me how
Decrease in football to the needle exchange here and he was able to do more Outreach, work future the previous year, but I still got four more like each other because he was going to grab a CD checking up on, how big was giving them advice about safety equipment to use. I generally looking up about welfare was having a great disposition of naloxone kits with your bus route, back to overdose and they both went outside but they could be handed out by any government service. No. Just always have been trying to do so I must be placed her to expect to both of those things to continue taking all of this together. What do you think? The long-term prospects are here, nice people do nowadays. Feel the pain is taking base. You serious video? It's definitely written out for political agenda, as money goes into it. And has a range of a new UN sanctions which been tried and they will. Hopefully we can to make a bit of difference on the right track but generations of us and some places and it cut it.
Gestational age, which his results of the social condition service, pretty difficult situation to improve.
And I love you Miracle in the pop song by the house. The story Papa half Indian half Spanish daughter of the Conquistador before switching. The language quechua is still spoken in Peru that had long been maligned until recently.
Renata. Florida is a 20 year old singer from. I could show in the highlands of fruit for The Economist and is based in Lima.
She basically shot to Fame in some ways to cure vertigo when she did a cover of Michael Jackson's. The Way You Make Me Feel in quechua, which is the largest indigenous language spoken here and Brew in March, she released her first full-length album. It's called a school, which means 9, in quechua name was chosen because it has nine tracks. Is she kind of is mixing music with a bit of politics with a bit of Sociology, trying to get issues out there, what sort of politics do you mean with the language she's drawing attention to its importance to its use but I think she's also drawing attention to big issues. There are nine tracks on the other, five of them are about the lives of five women who are important in Peruvian history and then there were four tracks that bring up issues like domestic violence.
Inequality, the need to reconcile. The economic model in the country with what's been going on in the countryside, in the area, where she is from. So you have a bunch of issues coming together, she sings In, in catch walking how widely spoken is quechua.
5 + 4 million people in Peru. Maybe, 10% of the population is the language that for years was associated with poverty associated with backwardness, but you're seeing a change and I think people like Renata and other singers are helping Revitalize the language. And so it's it's popular entertainment that that's bringing quechua back into the fold, that's part of it in 2017. The national government began a policy of promoting indigenous languages. They began on the national TV station in National radio station broadcast in quechua. And then I'm Mara there now, doing one also in a native language to the Jungle, there are programs now and catch what you can learn. Catch rate University, there are schools that are teaching it, but I do think that what we're not is doing what other artists are doing. They're actually helping to get people.
Interested in the language. This really vibrant mix of Hip Hop and blues is really helping people understand that it's not a dead language. It's not the language of the Incas, it's not a language of poverty. It's actually a lovely language. And so that's her kind of of Mission Inn in speaking. At least, in part, in quechua, you know, I
Who spoke Spanish would hear her grandparents or grandmother's in particular, speaking quechua and didn't quite understand why they didn't seem proud about that. So when she was 13, she decided to study this language. She's fluent in it, she continues to study it. But you know, I think there are family reasons behind it, there are cultural reasons behind it and in some ways there's a lot of fun as soon as you did with it. It when you see her videos and listen to her music, she's having a good time doing it. And something that makes you think, but it also makes you feel good at the same time losing. Thank you very much for doing here. It's been a lot of fun.
Corinthians. Capitalism piece Guppies.
That's all for this episode of the intelligence, the show's editors or Marjorie, Howell and Kim Gilson our senior producers are Christian V. Duncan Barbara and Sam kolder are producers are TV hearts and William Warren and it says two producers, Jason Hoskins. Band episode 8, which end? I wrote Sound Engineering this week. If I sold Rivers will all see you back here on Monday.