He begins by re-emphasizing that we know very little about global temperatures over 400 years ago. Then he reminds us that there is no consensus that humans are the only factor influencing the climate, and points out that computer models are only computer models, and even those only suggest moderate sea level rise.
After that, he reminds us of the role of economic development. Failure to commit to economic growth will consign billions to poverty and disaster.
Now Newt gets to the meat – China is going to have cars, India is going to have air conditioning. His focus is on developing new approaches and incentives to ensure those developments. His preferred incentive is prizes, not grants. That’s good.