WEBVTT

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Ladies and gentlemen , the President of

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the United States .

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Yeah . Hello everyone welcome back .

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Welcome back . As I mentioned , I

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mentioned this morning , meaning the

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meaning the moment on climate change .

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And began with the recognition that

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every every nation has a responsibility

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and every every nation is at risk ,

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hurricane hurricanes and wildfires and

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confined themselves . The national

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borders , instability , stability

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displacement . 11 country has ripple

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effects that are felt felt throughout

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the regions across the world , taking

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on taking on climate change together .

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There's more , there's more than just

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the right thing to do . It's also also

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in everyone's best interest to do it .

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Meeting this challenge require require

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mobilizing financing at an

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unprecedented scale . Private private

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sector is already recognizing this .

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They know they know climate climate

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change is more than a threat . It also ,

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it also presents the largest job

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creation opportunities in history .

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Hundreds , hundreds of billions of

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dollars already being invested

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worldwide every year supporting

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supporting projects to help build

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resilient economies with zero emission

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goals . But but the private private

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sector has more . It can do and must do .

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Let's be , let's be clear . Even then ,

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the private sector can't meet these

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challenges alone . Government

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governments need to step up . They need

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they need to lead , we have a role have

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a role to play in making sure that

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material climate , climate risks the

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financial financial system are measured ,

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measured , disclose , disclose and and

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mitigate mitigated . If Wall Street ,

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Wall Street is pumping dollars of

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dollars into businesses , it could be ,

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it could be turned upside down and the

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next storm comes and we know we know

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there will be more storms . Wall Street ,

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Wall Street needs to make clears , risk

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is taking on those dollars dollars

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dollars dollars being invested , often

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hard , hard earned savings of our

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workers , pensions , pensions . We

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can't we can't take steps steps protect

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protect our workers . If we don't step

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up , we have we have to be able to be

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able to move forward , move forward

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from the downside deal . Then into the

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upside and strengthen the resilience of

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our financial system . I've directed my

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team to develop an approach to doing

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exactly that and on our nation's must

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all of our nations must stand together

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and shifting policies on public

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investment as well , you know , to

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invest to invest and breakthrough

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technologies to finally , and fossil

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fuel subsidies to help to help the

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world's most vulnerable nations and

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those bearing the least responsibility

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for the climate crisis cope with the

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devastating impacts of climate crisis .

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Help help developing economies reap

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frog to a clean technologies of

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tomorrow to mobilize trillions of

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dollars needed to make the most of the

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opportunity to build a clean energy ,

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job rich path to meet our goals .

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Make sure that our climate response is

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about more than just building and

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developing new sectors , but also about

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international regional stability , Food

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security and gender and racial equality

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as well . In our shared goal of

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mobilizing 100 billion per year in

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developing countries is critical for

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achieving that . It's an investment

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that's gonna pay significant dividends

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for all of us To help them meet that

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goal . The United States will double as

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2024 by 2020 for our annual public

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climate financing development to

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developing countries , compare that to

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what we're providing during the second

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half of the Obama biden administration .

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At the same time , We intend to triple

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our public financing for climate

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application and developing countries by

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2020 for recognizing the dividends that

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pays in reducing cost of disasters and

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conflicts are avoided . Now , our

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Development Finance Corporation is

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committing to net zero emissions

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through its investment portfolio by

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2040 And increased climate focused

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investments to 33 of all

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new investments , beginning in 2023 ,

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the earliest of any country . In

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addition today , we are issuing

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America's first ever international

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Climate Finance Plan . This plan

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represents our vision for financing the

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the Global Climate Response in a

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coordinated way it lays out specific

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steps that federal agencies of the

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United States will take to increase

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both the quality and quantity of

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climate financing , and it will help us

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spur the private sector to contribute

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more to climate solutions in developing

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nations and here at home as well . You

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know , this moment demands urgency .

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Good ideas and good intentions aren't

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good enough . We need to ensure that

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the financing will be there both public

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and private to meet the moment on

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climate change and to help us seize the

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opportunity for good jobs , strong

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economies and a more secure world . I'm

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confident I'm confident that we're

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going to get this done together . I

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look forward to the progress we're

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gonna make together in today's sessions .

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Let's move on .

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Well , Mr . President , thank you very

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much for your leadership and the sense

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of urgency which you are calling

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everybody to account for . And we thank

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you for hosting this conference in less

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than 100 days from entering the oval

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Office . Uh we just heard a very

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powerful statement from a young

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activist , underscoring the

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urgency that every leader here faces to

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meet this crisis . And as you have said ,

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Mr President , uh creating a net zero

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economy and doing it as rapidly as

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possible is an enormous challenge .

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It will require mobilizing finance at

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an absolutely unprecedented level . And

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it will require governments to help

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facilitate the net zero transition

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around the world and help especially ,

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and we've heard it again and again from

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the leaders this morning , the

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vulnerable countries , the people who

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just don't have the finance or the

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technology or the ability to do this

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given the magnitude of this challenge ,

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however , governments alone cannot

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possibly find all the necessary

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investment . There's no government in

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the world that has enough uh in their

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fiscal budget in their budgets to be

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able to provide what we need to make

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this transition . Ultimately , how

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governments , international financial

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institutions and private providers of

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capital work together is really going

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to determine the outcome of this

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challenge . So joining us in this first

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in this session , our four leaders from

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four different corners of the world and

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they will share their experiences in

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financing , climate solutions and in

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deploying mitigation and adaptation

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strategies . So to begin , it's my

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pleasure to turn to President Sean

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Michelle of the european council .

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thank you . The president of biden

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there special envoy , John Kerry ,

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thank you for convening this important

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summit . America is back research at

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the forefront of multilateralism and

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your decision to return to the paris

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agreement sends a strong global signal .

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This is good news for the world we

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face a civilisational challenge . Human

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beings have always shown a unique

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ability to adapt , adapting from Adrian

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communities to industrial nations

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dependent on fossil fuels . And today

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we understand this is not sustainable

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and we must once again adapt adapt to

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fossil free economies . This is now the

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3rd Industrial Revolution In December

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2019 . Eu leaders committed to climate

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neutrality by 2050 and three were the

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first major economy to take such a bold

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decision and just yesterday we

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enshrined are ambitious climate doors

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into european climate law . In a few

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minutes I'd like to focus on two

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critical areas green bonds and carbon

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pricing . First , we need to be more

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determined in the field of climate

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finance . We decided collectively to

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mobilize at least $100 billion dollars

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a year for climate financing . The EU

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and our member states remain the

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largest contributor of public climate

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funds to developing countries and we

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urge all developed countries to steal

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up their contributions . This would

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send a very strong signal in the run up

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to cap 26 and that's why our european

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budget And recovery package will

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dedicate around €600 billion euros to

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powering our green transition

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transition to a low carbon economy . We

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christ massive investments which far

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exceeds public investment capacity

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alone . We need to use our public

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funding intelligently to create buying

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from the private sector . The dream

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transition is our prosperity strategy ,

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And 30 of our week of week package will

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be funded through green dance . Since

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finances double . Green finance must

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also be global and we want to cooperate

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and orientate the private sector .

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Green finance was born in europe and

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today our currency , the euro , is by

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far the leading currency when it comes

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to green guns . We have the most

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advanced regulatory framework in the

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world and will soon establish a

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european green bond standards , but we

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need to create the right global

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regulatory framework . Let's try to

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provide greater certainty for private

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investors everywhere in the world . In

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2019 , we set up the international

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platform on sustainable finance and

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today The platform represents 55

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of global greenhouse gas emissions . We

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encourage more countries to join

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our european ambition is also reflected

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in our european financial institutions .

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As of this year , the european

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Investment Bank has allied all its

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financing activities with the doors of

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the paris agreement . It will dedicate

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at least 50 of annual financing to

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green investment . By 2025 it will

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support €1 trillion euro investment

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for green projects this decade . And

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the european Central bank is also

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working on the implication of climate

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change for monetary policy and

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financial stability . My seven

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points , a global approach to carbon

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pricing is paramount to promoting green

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investment . If we want to be at peace

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with nature , we need to chase carbon

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from our business model . This is the

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only way to change direction ,

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preserving the global level . Playing

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field is essential . We must set the

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writing city incentives at the global

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level because carbon leakage across our

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economies , it's detrimental . And

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that's why we intend to introduce a

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carbon border adjustment mechanism is

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needed to ensure a level playing field

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and it must be compatible with the

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beauty rules . We are ready to work

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with all our partners on carbon pricing .

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The leaders , the president joe biden .

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We want to be a strong and a loyal

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partner and we are ready ready to join

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forces with all global partners , ready

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to take our collective responsibility

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for the well being of our people and

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the well being of our planet . I thank

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you . Okay , thank you very much .

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President Michel for that important

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contribution . Now , it's my pleasure

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to introduce Prime Minister Andrew

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Holness of Jamaica .

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President biden madam . Vice President

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special envoy Carrie Excellence is and

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colleagues Happy Earth Day . The need

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for meaningful climate action has never

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been greater . Jamaica is heartened

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that the United States has rejoined the

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paris agreement , an important

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expression of global solidarity for

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climate action . We're also greatly

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encouraged by the United States

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announcement to cut emissions by half .

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Covid 19 pandemic has created a

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perfect storm or small island

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developing states , collapse of tourism ,

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had any revenues organizing debt ,

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limited access to vaccines with

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disasters continuously threatening

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lives and our sustainability

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governments are forced to choose

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between addressing today's crisis and

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building resilience to mitigate against

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future shocks . Standing up to these

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challenges . Jamaica has announced its

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national determined contributions to

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target a 60 reduction In

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emissions by 2030 . We like all

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small island developing states and many

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developing countries remain committed

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to advancing climate action and we are

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determined to build forward stronger ,

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better and greener The world ,

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committed to $100 billion dollars per

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year to support climate action in

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developing countries . It is critical

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that this commitment not only be

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honored , but that the ambition be

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increased and major emitters should

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contribute more to its financing . We

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welcome president minds announcement in

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this regard . I encourage all

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governments their part in achieving

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this goal and the private sector must

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also be engaged while increasing the

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quantum of financing is necessary , it

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will not be sufficient to address the

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needs of small island developing states

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unless it is accessible and flexibly

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enough to support for our

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vulnerabilities . While some progress

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has been made , significant hurdles

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remain in accessing climate finance and

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the pace of implementation does not

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reflect the urgency of the climate

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crisis . We need to take specific

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actions to include one , the

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establishment of a global disaster fund .

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The help SIDS recover and manage

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disasters . Two , the development

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of innovative risk informed financing

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for disasters and climate Event three .

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The inclusion of vulnerability measures

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as the prime consideration in

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determining access to financing rather

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than only income criteria and for the

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scaling up of debt for climate

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adaptation swaps . The simultaneously

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address climate crisis and the systemic

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debt issues affecting already burdened

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developing countries . Jamaica has

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great sprinters and we know that a

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great start does not guarantee a win .

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It requires momentum building in this

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case and accessible and equitable

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climate finance mechanisms . We have

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raised our ambition and now call on

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major economies to step up and sprint

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with us to the finish line , we can win

17:15.272 --> 17:18.160
this what we must act , no

17:22.140 --> 17:24.196
the Minister wholeness . And now I'd

17:24.196 --> 17:26.084
like to introduce President Felix

17:26.084 --> 17:28.440
Tshisekedi of the Democratic Republic

17:28.440 --> 17:29.080
of Congo .

17:39.340 --> 17:41.490
That's the place , you know , your

17:41.490 --> 17:43.480
excellency , the President of the

17:43.480 --> 17:45.850
United States of America . Your

17:45.850 --> 17:47.760
excellencies , Heads of state and

17:47.760 --> 17:50.690
Government . I am particularly honored

17:51.000 --> 17:53.550
to take place in this important virtual

17:53.550 --> 17:56.740
summit on the climate initiated by

17:56.740 --> 18:00.400
President joe biden . This initiative

18:00.400 --> 18:02.511
is all the more important as it takes

18:02.511 --> 18:05.350
place on this symbolic day of the

18:05.350 --> 18:07.560
celebration of Earth Day .

18:10.340 --> 18:12.062
I would also like to take this

18:12.062 --> 18:14.960
opportunity to express on behalf of the

18:14.960 --> 18:18.420
Democratic Republic of Congo and on

18:18.420 --> 18:21.400
behalf of Africa . My

18:21.410 --> 18:23.632
congratulations to the United States of

18:23.632 --> 18:25.521
America and its president for the

18:25.521 --> 18:27.743
honourable decision to rejoin the paris

18:27.743 --> 18:30.860
Climate Agreement in

18:30.870 --> 18:33.600
Africa is one of the continent's that

18:33.600 --> 18:35.790
is the most impacted by the negative

18:35.790 --> 18:38.910
effects of climate change . Indeed ,

18:38.910 --> 18:42.460
climate change negatively influences a

18:42.470 --> 18:46.120
social , economic development , peace

18:46.130 --> 18:50.000
and security , thus jeopardizing the

18:50.010 --> 18:52.450
well being of populations and future

18:52.450 --> 18:56.240
generations . This is why my

18:56.240 --> 18:58.360
country , as well as the African

18:58.360 --> 19:01.760
continent , reiterates their commitment

19:01.770 --> 19:05.140
to implement the paris agreement and to

19:05.140 --> 19:08.230
contribute in so doing to the global

19:08.230 --> 19:10.580
fight against climate change in the

19:10.580 --> 19:13.320
context of sustainable development and

19:13.330 --> 19:17.310
poverty reduction . For the Democratic

19:17.310 --> 19:20.060
Republic of Congo . This implementation

19:20.070 --> 19:22.230
is reflected among other things by a

19:22.230 --> 19:25.730
nationally determined contribution That

19:25.730 --> 19:28.820
provides for a 17 reduction in

19:28.820 --> 19:32.320
greenhouse gas emissions by 2030 . This

19:32.320 --> 19:34.730
contribution amounts to approximately

19:34.870 --> 19:37.760
$21 billion dollars and takes into

19:37.760 --> 19:41.610
account both mitigation and adaptation

19:41.620 --> 19:44.260
measures in this regard .

19:45.240 --> 19:47.160
Given the significant forestry

19:47.160 --> 19:49.580
potential of the Democratic Republic of

19:49.580 --> 19:51.860
Congo , we are working to carry out

19:51.860 --> 19:54.600
actions that provide for the protection

19:54.600 --> 19:56.980
of our forests , but also for their

19:56.980 --> 20:00.460
efficient management , While seeking to

20:00.460 --> 20:04.360
restore our forest cover to 63

20:05.140 --> 20:07.450
Percent by 2030 .

20:09.140 --> 20:11.820
Among these actions is the ambitious

20:12.040 --> 20:14.970
intergenerational reforestation program

20:15.270 --> 20:18.350
that aims to plant one million trees by

20:18.360 --> 20:21.840
2023 throughout our entire national

20:21.840 --> 20:25.040
territory , in line with agreements

20:25.040 --> 20:28.900
current revision that will now

20:28.900 --> 20:32.400
include the requirement to preserve

20:32.410 --> 20:36.020
biodiversity , peatlands , as well

20:36.020 --> 20:38.560
as other additional emitting sectors

20:39.140 --> 20:42.830
such as energy waste and multimodal

20:42.830 --> 20:45.980
transport . We are pursuing the goal of

20:45.990 --> 20:49.110
decoupling the use of forest resources

20:49.240 --> 20:51.770
from important sectors of the national

20:51.770 --> 20:54.130
economy , including energy and

20:54.130 --> 20:58.030
agriculture . In addition to these

20:58.030 --> 21:00.460
resolutions , we have decided to

21:00.460 --> 21:03.270
develop our huge renewable energy mix

21:03.640 --> 21:06.650
consisting of hydro electricity , a

21:06.660 --> 21:09.970
solar power , as well as the

21:09.970 --> 21:12.940
sustainable mining of our reserves of

21:12.940 --> 21:16.350
essential green strategic metals that

21:16.350 --> 21:19.240
will not undoubtedly contribute to the

21:19.240 --> 21:21.550
decarbonization of our economy .

21:23.740 --> 21:27.700
As chairperson , uh the African

21:27.700 --> 21:31.530
Union , I have no doubt that

21:31.530 --> 21:33.890
african nations are part of the

21:33.890 --> 21:36.580
solution that is required to mitigate

21:36.580 --> 21:39.170
the effects of climate change . And as

21:39.170 --> 21:41.392
president of the Democratic Republic of

21:41.392 --> 21:44.840
Congo , I am endeavoring to protect the

21:44.850 --> 21:46.961
tropical force in the Congo basin and

21:46.961 --> 21:49.183
also to work with our neighbors as well

21:49.183 --> 21:51.517
as the international community to do so .

21:51.517 --> 21:53.183
These forces are the critical

21:53.183 --> 21:56.190
importance at the global level broader

21:56.190 --> 21:59.980
than Alaska . They cover a span

21:59.980 --> 22:02.200
six countries in africa and thus

22:02.200 --> 22:05.490
creating the congo basin Which contains

22:05.510 --> 22:09.330
two million square ah km of tropical

22:09.330 --> 22:12.830
forest . It also has the largest pete

22:12.840 --> 22:16.130
complex in the planet , which 30

22:16.140 --> 22:18.330
million metric tons of carbon that is

22:18.340 --> 22:20.770
three years worth of global emissions .

22:21.440 --> 22:23.800
However , to be quite frank , these

22:23.800 --> 22:26.450
forces are currently endangered . The

22:26.460 --> 22:30.450
illegal use of timber and of other

22:30.450 --> 22:34.100
raw materials as well as the

22:34.110 --> 22:37.270
controlled use of energy is threatening

22:37.270 --> 22:39.630
the world's second lung . We can

22:39.630 --> 22:41.741
improve the lives of people living in

22:41.741 --> 22:44.210
these areas by combating corrupt

22:44.210 --> 22:46.780
activities and by implementing

22:46.790 --> 22:49.000
sustainable energy production as well

22:49.000 --> 22:52.500
as better agricultural practices . The

22:52.500 --> 22:54.278
Democratic Republic of Congo is

22:54.278 --> 22:56.500
striving to do its part . But the truth

22:56.500 --> 22:59.820
is we can do more with the support of

22:59.830 --> 23:03.000
the international community . I know

23:03.010 --> 23:05.660
from my discussions with President

23:05.660 --> 23:08.790
Biden and Vice President Harris that

23:08.790 --> 23:11.200
the United States is willing to invest

23:11.210 --> 23:14.160
in this critical issue . And I also

23:14.160 --> 23:15.882
look forward to increasing our

23:15.882 --> 23:18.220
cooperation with all countries ,

23:18.250 --> 23:20.760
international organisations and private

23:20.770 --> 23:24.160
entities that wish to make a difference

23:24.190 --> 23:26.670
for future generations

23:28.440 --> 23:30.800
existing financial mechanisms are not

23:30.800 --> 23:33.022
sufficient to achieve the objectives of

23:33.022 --> 23:36.010
the paris agreement , neither in terms

23:36.010 --> 23:38.650
of their mechanisms nor in terms of

23:38.650 --> 23:40.820
their implementation costs . The

23:40.820 --> 23:42.931
current price of forest carbon set at

23:42.931 --> 23:46.580
$5 per ton is neither fair

23:46.590 --> 23:50.030
nor realistic . Moreover , achieving

23:50.040 --> 23:52.950
carbon neutrality will not be possible

23:52.960 --> 23:54.860
without taking into account the

23:54.860 --> 23:57.410
conservation and regeneration of

23:57.410 --> 24:01.310
forests . To this end , A fair price

24:01.320 --> 24:03.800
for forest carbon that incorporates

24:03.800 --> 24:06.140
foregone opportunities should be at

24:06.140 --> 24:08.760
least $100 per ton .

24:11.040 --> 24:12.818
It is important that the summit

24:12.818 --> 24:14.596
accelerates the mobilization of

24:14.596 --> 24:16.650
additional financial resources and

24:16.650 --> 24:18.872
these should be substantial . This also

24:18.872 --> 24:21.150
requires simplifying the procedures for

24:21.150 --> 24:23.120
accessing financing for the least

24:23.130 --> 24:25.630
developed countries , the majority of

24:25.630 --> 24:29.360
which are in africa in this regard .

24:29.840 --> 24:31.540
I would like to emphasize the

24:31.540 --> 24:33.596
importance of the commitment made by

24:33.596 --> 24:35.690
developed countries to mobilize $100

24:35.690 --> 24:39.670
billion 2020 and

24:39.670 --> 24:42.460
to increase this amount by 2025 .

24:42.840 --> 24:45.220
Finally , I would like to express the

24:45.220 --> 24:47.960
hope that this summit will pave the way

24:48.540 --> 24:51.390
For the 26 conference of the parties to

24:51.390 --> 24:53.612
the United Nations Framework Convention

24:53.612 --> 24:57.300
on Climate Change . Thank you for your

24:57.300 --> 25:00.960
attention . Yeah .

25:01.340 --> 25:04.970
Okay , thank you very much President

25:04.970 --> 25:07.380
Dish Katie and thank you for drawing

25:07.380 --> 25:10.020
our attention to the critical coupling

25:10.030 --> 25:12.130
between your efforts to save your

25:12.130 --> 25:14.770
forests and finance .

25:15.540 --> 25:17.860
Uh it's my great pleasure to be able to

25:17.860 --> 25:20.290
introduce the Prime Minister of new

25:20.290 --> 25:21.960
Zealand , Jacinda Arden ,

25:25.840 --> 25:29.020
go to Kolkata and thank you President

25:29.020 --> 25:31.640
biden and special envoy Kerry for

25:31.640 --> 25:34.310
inviting new Zealand to participate in

25:34.310 --> 25:36.750
this leaders summit on climate and for

25:36.750 --> 25:38.870
your commitment to US leadership on

25:38.870 --> 25:42.530
climate change . Our pacific neighbours

25:42.530 --> 25:45.400
have identified climate change as the

25:45.400 --> 25:47.122
single biggest threat to their

25:47.122 --> 25:50.450
livelihoods , security and well being .

25:51.040 --> 25:53.320
Our collective goal here at this summit

25:53.320 --> 25:55.570
and beyond has to be effective global

25:55.570 --> 25:57.980
action on climate change . That means

25:57.990 --> 26:01.720
our collective commitments in 2021 will

26:01.720 --> 26:03.630
need to be enough to limit global

26:03.630 --> 26:06.750
warming to 1.5° above pre industrial

26:06.750 --> 26:09.550
temperatures . New Zealand has set the

26:09.550 --> 26:12.140
1.5° limit at the heart of our

26:12.140 --> 26:14.490
domestic climate change legislation ,

26:14.490 --> 26:16.920
our zero-carbon act . We've also

26:16.920 --> 26:20.270
committed to a 2050 carbon target and

26:20.270 --> 26:21.992
work is underway to revise our

26:21.992 --> 26:24.320
nationally determined contribution to

26:24.320 --> 26:27.120
ensure we are doing our part . We will

26:27.120 --> 26:31.060
lift our ambition because we must Our

26:31.060 --> 26:33.060
collective transition to low-carbon

26:33.060 --> 26:35.830
economies means that all aspects of our

26:35.840 --> 26:38.350
economic activity is going to need to

26:38.350 --> 26:40.294
be working towards limiting global

26:40.294 --> 26:43.880
warming to 1.5°, , finance both our

26:43.880 --> 26:46.810
financial systems and financial flows

26:46.810 --> 26:49.340
to assist developing countries is at

26:49.340 --> 26:52.120
the heart of that transition and that's

26:52.120 --> 26:54.850
why we call on others to follow what

26:54.850 --> 26:57.380
here in new Zealand , we have done By

26:57.380 --> 27:00.060
doing the following four things . 1

27:00.740 --> 27:04.290
price Carbon two make

27:04.300 --> 27:06.940
climate related financial disclosures

27:06.950 --> 27:10.760
mandatory three End fossil

27:10.760 --> 27:13.640
fuel subsidies and four finance

27:13.650 --> 27:16.280
adaptation . NEW Zealand has been

27:16.280 --> 27:18.460
pricing carbon since our emissions

27:18.460 --> 27:21.520
trading scheme was introduced in 2008

27:21.530 --> 27:23.930
and in a world first will begin pricing

27:23.930 --> 27:27.330
agricultural emissions from 2025 if you

27:27.330 --> 27:30.060
price carbon emitters followed by

27:30.070 --> 27:33.650
innovating On finance . In 2020 , New

27:33.650 --> 27:35.483
Zealand was the first country to

27:35.483 --> 27:37.428
announce mandatory climate-related

27:37.428 --> 27:39.350
financial disclosures . What gets

27:39.350 --> 27:41.830
reported gets managed . It's one thing

27:41.830 --> 27:44.052
for investors to have a climate lens in

27:44.052 --> 27:46.274
their investment , but when its economy

27:46.274 --> 27:48.330
wide , that changes the way in which

27:48.330 --> 27:50.219
all financial flows and risks are

27:50.219 --> 27:53.360
managed on fossil fuels . Global

27:53.360 --> 27:55.471
agreement on the need for fossil fuel

27:55.471 --> 27:58.530
subsidy reform is a long overdue fossil

27:58.530 --> 28:02.150
fuel subsidies undo any advances we

28:02.150 --> 28:05.210
make on pricing carbon , we cannot take

28:05.210 --> 28:07.154
money from them that is paying for

28:07.154 --> 28:09.210
their carbon emissions and then give

28:09.210 --> 28:11.830
them money back in subsidies , join us

28:11.840 --> 28:13.910
in supporting a renewed W . T . O .

28:13.910 --> 28:16.430
Ministerial statement on fossil fuel

28:16.430 --> 28:19.070
subsidy reform at the 12th ministerial

28:19.070 --> 28:22.070
conference in november . Finally ,

28:22.080 --> 28:24.380
developing countries particularly those

28:24.380 --> 28:26.360
most vulnerable to the effects of

28:26.360 --> 28:29.230
climate change such as pacific SIDS

28:29.240 --> 28:31.540
have a genuine need for easily

28:31.540 --> 28:33.540
accessible finance to support their

28:33.540 --> 28:35.510
climate change action , both for

28:35.520 --> 28:38.350
adaptation and mitigation . This is

28:38.350 --> 28:40.183
even more important as economies

28:40.183 --> 28:43.260
recover from COVID-19 well , support

28:43.260 --> 28:45.440
for adaptation has been increasing

28:45.450 --> 28:48.820
finance for adaptation remains low . We

28:48.820 --> 28:50.987
must do better to support countries to

28:50.987 --> 28:53.264
adapt to the impacts of climate change .

28:53.640 --> 28:55.870
The numbers we are discussing are

28:55.870 --> 28:59.520
beyond astronomical globally fossil

28:59.520 --> 29:03.120
fuel subsidies total around $500

29:03.440 --> 29:06.270
billion a year . This is five times our

29:06.280 --> 29:08.447
annual climate finance goal of U . S .

29:08.447 --> 29:11.380
$100 billion a year . Imagine what

29:11.380 --> 29:13.510
diverting trillions of mobilized

29:13.520 --> 29:16.120
finance could do to help us achieve our

29:16.120 --> 29:18.360
collective goal to limit global warming

29:18.440 --> 29:21.950
To 1.5° above pre industrial levels .

29:22.740 --> 29:26.010
It is time to stop imagining and for us

29:26.010 --> 29:28.280
to do what is needed . He walked

29:28.290 --> 29:32.080
Economia in order to go toe to toe to

29:32.080 --> 29:32.960
toe Qatar ,

29:37.340 --> 29:39.520
thank you very much Prime Minister in

29:39.520 --> 29:43.370
for that powerful intervention . Um I

29:43.370 --> 29:45.426
want to thank the president . I know

29:45.426 --> 29:47.537
the president has to step out , but I

29:47.537 --> 29:49.592
want to thank him for being here for

29:49.592 --> 29:51.814
these important heads of state comments

29:51.814 --> 29:54.960
on the finance . Uh Mr President . We

29:54.960 --> 29:56.960
very much appreciate you being here

29:56.970 --> 29:59.137
part of it . Thank you , john . And we

29:59.137 --> 30:00.970
wouldn't be here , quite frankly

30:00.970 --> 30:03.137
sponsor this without you . Thank you .

30:03.137 --> 30:06.170
Thank you . Mr . Well , you called the

30:06.170 --> 30:09.050
summit . Uh

30:10.140 --> 30:13.760
So , uh I have a great pleasure now of

30:13.770 --> 30:16.920
introducing my my friend Janet Yellen ,

30:16.920 --> 30:18.753
who is our terrific Secretary of

30:18.753 --> 30:20.550
Treasury . And she's been an

30:20.550 --> 30:22.970
extraordinary partner and frankly , a

30:22.970 --> 30:25.710
stalwart champion on the climate issue

30:25.710 --> 30:28.043
since her days that the Federal Reserve .

30:28.240 --> 30:31.630
Uh and she has long recognized the

30:31.640 --> 30:34.310
threat that climate crisis poses to the

30:34.310 --> 30:37.630
financial uh marketplace , the United

30:37.630 --> 30:39.852
States and around the world . And now ,

30:39.852 --> 30:41.963
as Secretary of the Treasury , she is

30:41.963 --> 30:44.930
continuing to use every lever at her

30:44.930 --> 30:47.320
disposal to tackle the climate crisis .

30:47.320 --> 30:49.487
So , over to you , madam . Secretary ,

30:49.487 --> 30:52.800
thank you . Thank you . President biden ,

30:52.800 --> 30:55.850
Secretary Kerry and other distinguished

30:55.860 --> 30:58.760
guests . I'm honored to join you today .

30:59.340 --> 31:01.950
The global community has only a short

31:01.960 --> 31:05.200
time to avoid the most catastrophic

31:05.200 --> 31:08.180
effects of climate change . We need a

31:08.180 --> 31:11.360
sprinting start now if we wish to

31:11.360 --> 31:14.320
achieve our goal of net zero emissions .

31:14.420 --> 31:17.840
By mid century , president biden has

31:17.840 --> 31:20.480
recommitted the United States to do its

31:20.480 --> 31:24.180
part to tackle this crisis and marshall

31:24.180 --> 31:26.720
the full capacity of the U . S .

31:26.720 --> 31:30.190
Government as Treasury Secretary . I

31:30.190 --> 31:33.160
understand that finance , public and

31:33.160 --> 31:36.880
private is crucial to enable countries

31:37.070 --> 31:39.580
to accelerate their progress to admit

31:39.580 --> 31:42.990
zero emissions future and cope with the

31:42.990 --> 31:46.390
climate that is already changing . But

31:46.390 --> 31:48.410
this will require economic and

31:48.410 --> 31:52.070
political choices . Government and

31:52.070 --> 31:54.181
business leaders around the world are

31:54.181 --> 31:57.020
pondering these choices . So let me

31:57.030 --> 32:00.230
mention two questions to keep me up at

32:00.230 --> 32:04.050
night . First , how can nation's best

32:04.050 --> 32:06.720
reduce emissions while supporting

32:06.720 --> 32:09.680
economic development And responding to

32:09.680 --> 32:13.460
other major challenges such as COVID-19 .

32:14.340 --> 32:16.800
This is especially challenging for low

32:16.800 --> 32:19.220
income countries that have few

32:19.220 --> 32:21.900
available resources and pressing

32:21.900 --> 32:25.610
development needs . And second , how

32:25.610 --> 32:28.550
should governments target public sector

32:28.550 --> 32:31.560
climate finance to mobilize the

32:31.560 --> 32:34.560
greatest private sector investments ?

32:35.340 --> 32:37.710
Past efforts to support private

32:37.710 --> 32:40.640
investment have not achieved anywhere

32:40.640 --> 32:43.530
near the scale needed to green the

32:43.530 --> 32:47.080
global economy . I can tell you that

32:47.080 --> 32:49.620
the United States Treasury will focus

32:49.620 --> 32:52.590
the full range of our tools and

32:52.600 --> 32:56.310
expertise to work with you in producing

32:56.310 --> 32:59.200
concrete and innovative answers to

32:59.200 --> 33:02.250
these questions . Multilateral

33:02.260 --> 33:06.110
institutions are invaluable partners in

33:06.110 --> 33:09.330
the pursuit of sustainable , inclusive

33:09.340 --> 33:12.900
and resilient development For these

33:12.900 --> 33:16.100
reasons . In our 2022 budget , we have

33:16.100 --> 33:19.350
requested $1.2 billion dollars for the

33:19.350 --> 33:23.090
Green Climate Fund . $485

33:23.100 --> 33:25.880
million dollars to support the

33:25.880 --> 33:28.770
multilateral climate initiatives

33:29.740 --> 33:31.407
and increased support for the

33:31.407 --> 33:35.000
multilateral development banks . As you

33:35.000 --> 33:37.250
will hear from our panel while we're

33:37.250 --> 33:40.070
making progress , there is a need for

33:40.070 --> 33:42.800
redoubled efforts to boost the flow of

33:42.800 --> 33:46.050
capital and foster the growing market

33:46.060 --> 33:49.520
demand for climate aligned investments .

33:50.340 --> 33:53.690
This effort will involve engagement on

33:53.690 --> 33:57.060
many fronts . U . S . Treasury is

33:57.060 --> 33:59.590
working to facilitate investments in

33:59.590 --> 34:02.660
projects that reduce greenhouse gas

34:02.660 --> 34:05.210
emissions and protect against the

34:05.210 --> 34:08.830
impacts of a changing environment . We

34:08.830 --> 34:11.360
do that in part by providing technical

34:11.360 --> 34:14.950
assistance to foreign counterparts that

34:14.950 --> 34:18.040
help attract private sector investment

34:18.050 --> 34:20.950
in clean energy and sustainable

34:20.960 --> 34:24.320
infrastructure projects . We're also

34:24.320 --> 34:26.910
working with the G20 and coach ,

34:26.910 --> 34:29.480
sharing a sustainable finance working

34:29.480 --> 34:32.890
group that will establish a sustainable

34:32.890 --> 34:35.840
finance roadmap and improve the

34:35.840 --> 34:38.760
information that private investors have

34:39.140 --> 34:42.220
to make investment decisions aligned

34:42.220 --> 34:45.340
with a more healthy and prosperous

34:45.340 --> 34:48.710
future . In the end , though , we

34:48.710 --> 34:51.730
know we will only achieve our goal of

34:51.730 --> 34:54.000
curtailing climate change through

34:54.000 --> 34:57.160
collective action . Today .

34:57.940 --> 35:00.730
We as a global community , need to be

35:00.740 --> 35:04.710
ambitious , set goals , work together

35:04.810 --> 35:08.100
and sprint toward a cleaner , safer ,

35:08.110 --> 35:11.220
better future . We look forward to

35:11.220 --> 35:13.160
meeting this challenge together .

35:15.840 --> 35:18.062
Thank you very much , madam Secretary .

35:18.062 --> 35:21.280
We really appreciate that input and I

35:21.280 --> 35:23.169
know we're all looking forward to

35:23.169 --> 35:25.280
hearing from panel that we have now .

35:25.640 --> 35:29.060
Um because uh

35:29.740 --> 35:32.120
the criticality of the finance

35:32.300 --> 35:35.050
structure to the solution , climate

35:35.540 --> 35:39.100
can't be emphasized enough . The

35:39.110 --> 35:42.970
un finance report is a gap report

35:43.640 --> 35:45.790
That tells us that we have a gap in

35:45.790 --> 35:48.630
financing of climate-related efforts of

35:48.630 --> 35:50.570
about $1 trillion $22 trillion

35:50.570 --> 35:53.860
30 years .

35:54.640 --> 35:57.110
As I said earlier with President biden

35:57.110 --> 36:00.400
here , that there is no way that anyone

36:00.400 --> 36:02.567
government anywhere or even a group of

36:02.567 --> 36:04.733
governments are going to put that kind

36:04.733 --> 36:07.900
of funding to the task . So we've

36:07.900 --> 36:10.740
gathered leaders today from top public

36:10.750 --> 36:13.050
international financial institutions

36:13.530 --> 36:15.920
and we have top executives from some of

36:15.920 --> 36:18.960
the largest private managers of capital

36:19.950 --> 36:22.320
and in order to address the climate

36:22.320 --> 36:26.170
crisis , we understand that we

36:26.180 --> 36:29.630
have to increase our ambition . We've

36:29.630 --> 36:32.410
increased our expectations . But the

36:32.410 --> 36:34.650
question before every leader here today

36:35.230 --> 36:38.800
is how can the combined world of public

36:38.810 --> 36:42.040
and private finance meet this challenge

36:42.730 --> 36:44.800
disclosure is one thing that is

36:44.810 --> 36:46.866
obviously gonna drive capital in the

36:46.866 --> 36:49.530
direction we want . But how can public

36:49.530 --> 36:52.540
and private finance work together to

36:52.540 --> 36:55.860
accelerate this move towards a net zero

36:55.860 --> 36:58.590
economy , where the technologies are

36:58.590 --> 37:00.812
being deployed that need to be deployed

37:01.070 --> 37:03.280
and where jobs are being added at a

37:03.280 --> 37:06.030
very rapid rate . So the question

37:06.030 --> 37:09.160
before the panel today is , what can

37:09.160 --> 37:12.150
the world of finance do in this decade ?

37:12.290 --> 37:15.020
Now , immediately , what is the most

37:15.020 --> 37:17.242
consequential step that can be taken in

37:17.242 --> 37:20.030
the race to stop the planet From

37:20.030 --> 37:23.410
reaching above the 1.5°. .

37:23.930 --> 37:25.763
It's going to take unprecedented

37:25.763 --> 37:28.050
cooperation . But what does that

37:28.050 --> 37:30.370
cooperation look like ? So we're gonna

37:30.370 --> 37:32.670
look to those answers from this panel

37:32.670 --> 37:35.620
and I want to introduce first my friend

37:35.620 --> 37:38.170
Kristalina Georgieva , the managing

37:38.170 --> 37:40.520
director of the International monetary

37:40.520 --> 37:43.380
fund , Kristalina . You're there ,

37:43.380 --> 37:45.750
there you are . Thank you . The IMF

37:45.760 --> 37:48.180
obviously plays a key role through its

37:48.180 --> 37:50.990
surveillance and policy dialogues with

37:50.990 --> 37:53.470
the world's financial authorities and

37:53.470 --> 37:55.581
from your perspective and you've been

37:55.581 --> 37:57.637
at this for quite a period of time ,

37:57.637 --> 38:00.090
what economic and financial policies

38:00.090 --> 38:02.660
are most likely in your judgment , to

38:02.660 --> 38:04.860
accelerate the transition to net zero

38:04.860 --> 38:07.190
carbon . And how do you see the IMF

38:07.190 --> 38:09.040
playing a key role in that ?

38:11.520 --> 38:13.950
Thank you very much . Special envoy

38:13.960 --> 38:17.520
Kerry and I want to recognize President

38:17.530 --> 38:21.110
biden Secretary Yellen yourself for

38:21.110 --> 38:24.500
giving this very precious gift to

38:24.500 --> 38:27.200
mother nature into our future with the

38:27.200 --> 38:30.480
summit you assembled today uh at the I .

38:30.480 --> 38:33.390
M . F . We look at climate change as

38:33.400 --> 38:36.350
central in our work on macroeconomic

38:36.350 --> 38:38.517
and financial stability , growth , and

38:38.517 --> 38:42.310
employment . It presents huge risks to

38:42.310 --> 38:45.150
the functioning of our economy , but it

38:45.150 --> 38:48.650
also offers through action incredible

38:48.650 --> 38:50.630
opportunities for transformative

38:50.630 --> 38:53.210
investments and green jobs . So let me

38:53.210 --> 38:56.880
focus on your questions By

38:56.880 --> 38:59.850
highlighting three areas where right

38:59.850 --> 39:02.490
policies would make a significant

39:02.500 --> 39:05.770
difference . 1st . I want to Echo Prime

39:05.770 --> 39:09.360
Minister Arden a robust

39:09.370 --> 39:13.280
price on carbon , together with phasing

39:13.280 --> 39:16.220
out harmful subsidies , provides a

39:16.230 --> 39:19.930
critical market signal to producers and

39:19.930 --> 39:22.460
to consumers in all sectors of the

39:22.460 --> 39:25.630
economy . It has proven to advance

39:25.630 --> 39:27.519
investments in renewable energy ,

39:27.519 --> 39:29.660
electric mobility , energy efficient

39:29.670 --> 39:33.180
buildings , reforestation with

39:33.180 --> 39:36.110
positive impact on growth and jobs ,

39:36.120 --> 39:39.500
while reducing carbon emissions and

39:39.500 --> 39:42.710
carbon revenues can also help secure a

39:42.710 --> 39:45.160
just transition , compensating

39:45.160 --> 39:47.550
households for price increases and

39:47.550 --> 39:50.180
helping businesses and workers move

39:50.190 --> 39:53.110
from high to low carbon intensity

39:53.120 --> 39:56.330
activities . Our analysis shows

39:56.720 --> 40:00.430
that without it we will not reach

40:00.440 --> 40:03.350
our climate stabilization goals . It

40:03.350 --> 40:07.040
also shows that a mix of steadily

40:07.040 --> 40:10.560
rising Carbon prices with forward

40:10.560 --> 40:13.190
guidance and green infrastructure

40:13.200 --> 40:16.390
investments could increase global GDP

40:16.390 --> 40:19.790
by more than 0.7 per

40:19.790 --> 40:23.230
year over the next 15 years and

40:23.230 --> 40:26.000
create millions . As president , Biden

40:26.000 --> 40:28.820
says , good paying new jobs ,

40:29.710 --> 40:32.770
carbon pricing is gaining momentum .

40:32.770 --> 40:35.780
Many businesses now use shadow carbon

40:35.780 --> 40:39.490
price . over 60 pricing schemes have

40:39.490 --> 40:43.000
been implemented , but we are not

40:43.010 --> 40:46.000
near where we should be . The average

40:46.000 --> 40:49.390
global price is currently $2 a 10 . It

40:49.390 --> 40:52.850
needs to rise to $75 a 10 by

40:52.850 --> 40:56.610
2030 to curb emissions in line with the

40:56.610 --> 40:58.950
goals of the paris agreement and this

40:58.950 --> 41:01.120
is what we want to propose because of

41:01.120 --> 41:04.280
the urgency to act , We need an

41:04.290 --> 41:07.670
international carbon price floor among

41:07.680 --> 41:10.520
large meters such as the G20

41:11.510 --> 41:14.910
Focus on a minimum carbon price . Among

41:14.920 --> 41:18.810
a small group of large emitters could

41:18.820 --> 41:21.590
facilitate an agreement covering up to

41:21.600 --> 41:25.510
80 of global emissions . This price

41:25.510 --> 41:29.150
floor has to be pragmatic and equitable

41:29.150 --> 41:31.550
with differentiated pricing for

41:31.550 --> 41:33.383
countries at different levels of

41:33.383 --> 41:35.550
economic development and it can be

41:35.550 --> 41:38.170
implemented through different means

41:38.180 --> 41:40.660
carbon taxes , carbon trading systems

41:40.670 --> 41:43.790
or equivalent measures that match local

41:43.790 --> 41:47.320
policy preferences . And crucially if

41:47.320 --> 41:50.510
we are to have a price floor , we may

41:50.510 --> 41:52.920
avoid the less efficient and

41:52.930 --> 41:56.130
potentially contagious border carbon

41:56.130 --> 41:58.630
adjustments if some countries move

41:58.630 --> 42:01.950
ahead with robust pricing while others

42:02.020 --> 42:05.490
do not . Second green

42:05.490 --> 42:08.270
taxonomy , standardized reporting of

42:08.270 --> 42:11.490
climate related financial risks . Both

42:11.500 --> 42:14.670
are necessary to unlock trillions of

42:14.670 --> 42:17.320
dollars in private finance . We know

42:17.320 --> 42:19.570
the finance industries stepping up ,

42:19.580 --> 42:22.270
but when we look at surveys of major

42:22.270 --> 42:25.350
investors more than half site the poor

42:25.350 --> 42:27.920
quality or availability of data as the

42:27.920 --> 42:30.190
biggest barrier to sustainable

42:30.200 --> 42:32.680
investing . And this is why I . D . M .

42:32.680 --> 42:34.791
F . We are working become members and

42:34.791 --> 42:38.260
partners on data quality and disclosure

42:38.270 --> 42:41.410
as well as on financial sector stress

42:41.410 --> 42:44.120
testing for climate related risks ,

42:44.800 --> 42:48.230
birth financial support to developing

42:48.230 --> 42:51.040
countries . They offer many of the

42:51.040 --> 42:53.980
lowest cost opportunities . So it is in

42:53.980 --> 42:56.280
everyone's interest to fulfill the

42:56.280 --> 42:59.370
commitment to $100 billion a year . And

42:59.370 --> 43:01.850
we have to innovate including as we now

43:01.850 --> 43:04.060
work with the World Bank potentially

43:04.060 --> 43:07.670
bet for climate swaps combined with

43:07.670 --> 43:10.330
technology transfer and policy support ,

43:10.340 --> 43:13.010
it would make it possible to decouple

43:13.010 --> 43:15.620
growth and carbon emissions and let me

43:15.620 --> 43:19.000
finish . We will do our part uh special

43:19.000 --> 43:22.130
Envoy Carrie . We will integrate

43:22.130 --> 43:24.560
climate change into our annual economic

43:24.560 --> 43:26.282
health checks of countries and

43:26.282 --> 43:28.720
financial systems and would actively

43:28.720 --> 43:31.550
promote low carbon climate resilient

43:31.560 --> 43:35.320
growth paths that we need . Thank you .

43:37.400 --> 43:39.710
Thank you very much . Uh we really

43:39.710 --> 43:41.654
appreciate that Ma'am director and

43:41.654 --> 43:44.640
Kristalina , those are three powerful

43:44.650 --> 43:46.800
uh important contributions and if we

43:46.800 --> 43:49.310
have time we may come back um and

43:49.310 --> 43:52.440
inquire further , um I want to turn to

43:52.440 --> 43:55.440
Yannick glamorous now he's the

43:55.440 --> 43:57.551
executive director as everybody knows

43:57.551 --> 44:00.040
that the Green Climate Fund and the G C

44:00.040 --> 44:03.970
F has a very big portfolio now of

44:03.970 --> 44:06.137
climate projects around the world . So

44:06.137 --> 44:08.750
how is the fund going to enable

44:08.750 --> 44:11.610
developing countries to join and

44:11.610 --> 44:14.040
pushing the boundaries of innovation

44:14.480 --> 44:18.080
and and to blunt the impacts of climate

44:18.080 --> 44:21.720
crisis . Thank you very

44:21.720 --> 44:23.831
much . Special envoy , john Kerry for

44:23.831 --> 44:26.030
inviting the Green Climate Fund to

44:26.030 --> 44:29.540
participate in this crucial summit . We

44:29.540 --> 44:31.510
feel honored to be part of it .

44:32.190 --> 44:34.560
Innovation in new technologies ,

44:34.560 --> 44:36.250
business model and financing

44:36.250 --> 44:39.410
instruments is imperative to achieve

44:39.410 --> 44:43.290
the goals of the paris agreement . G C

44:43.290 --> 44:45.690
F was established to foster all

44:45.690 --> 44:48.210
paradigm shift in our fight against

44:48.210 --> 44:51.290
climate change , if I may quote your

44:51.290 --> 44:53.960
world in a recent event , special envoy ,

44:53.960 --> 44:57.400
john Kerry , G CF missions is to put

44:57.400 --> 45:00.320
new ideas to work and scallop existing

45:00.320 --> 45:04.020
IEDs . We are an open country

45:04.020 --> 45:07.180
prevent partnership . We work with over

45:07.190 --> 45:10.000
200 National and International Partners ,

45:10.690 --> 45:12.746
including commercial and development

45:12.746 --> 45:15.220
banks , civil society organization ,

45:15.590 --> 45:18.830
United Nations agencies and private

45:18.840 --> 45:22.720
equity funds . This enable us

45:22.720 --> 45:26.420
to foster unprecedented coalitions to

45:26.420 --> 45:29.220
finance frontiers climate investment .

45:30.790 --> 45:34.300
We use a range of financing instruments

45:34.990 --> 45:36.879
to meet the needs of the european

45:36.879 --> 45:39.920
countries and investors grant

45:40.790 --> 45:44.220
concessional debt guarantees and equity .

45:45.790 --> 45:48.080
This flexibility let us pilot new

45:48.080 --> 45:50.940
financial structure to create new

45:50.940 --> 45:53.810
markets for new climate solution .

45:55.690 --> 45:58.180
We liberate as capabilities in four

45:58.180 --> 46:01.290
ways . First ,

46:02.180 --> 46:04.420
we have a dedicated grant funding

46:04.430 --> 46:07.240
readiness program to support developing

46:07.240 --> 46:11.100
countries effort to incubate nobel IEDs .

46:11.880 --> 46:15.310
Second , we pilot innovative

46:15.320 --> 46:18.930
ideas to establish a proof of

46:18.930 --> 46:22.080
concept . For example , we are

46:22.080 --> 46:25.490
providing risk capital to smes that are

46:25.490 --> 46:27.430
developing of green and climate

46:27.430 --> 46:29.800
resilient agricultural story Shan for

46:29.800 --> 46:32.400
vulnerable communities in East Africa .

46:33.880 --> 46:36.170
Risk capital is extremely scarce in

46:36.170 --> 46:39.300
developing countries , yet it is a

46:39.300 --> 46:43.210
precondition for innovation so

46:44.580 --> 46:47.010
often together with partners like the

46:47.010 --> 46:49.500
World Bank and the African Development

46:49.500 --> 46:52.790
Bank here today we crawled in private

46:52.790 --> 46:56.190
finance by serving as an early

46:56.200 --> 46:59.060
investor to establish a commercial

46:59.060 --> 47:02.100
track record for new climate solution .

47:03.880 --> 47:06.550
As an illustration , we are anchor

47:06.550 --> 47:09.490
investor to mobilize institutional

47:09.490 --> 47:12.640
investors for what will be the world's

47:12.640 --> 47:16.160
largest seawater solar power plant in

47:16.160 --> 47:19.500
chile . Finally ,

47:20.280 --> 47:22.447
we strengthen the capacity of domestic

47:22.447 --> 47:24.020
financial institutions and

47:24.020 --> 47:26.390
entrepreneurs to accelerate the

47:26.390 --> 47:28.960
widespread adoption of commercially

47:28.970 --> 47:30.900
attractive climate innovation ,

47:32.880 --> 47:36.360
plain vanilla projects , our luxury we

47:36.360 --> 47:39.250
cannot afford . We must make every

47:39.250 --> 47:41.340
dollar count in the fight against

47:41.340 --> 47:43.490
climate change . Thank you very much

47:48.480 --> 47:51.030
cube you put your finger on one of the

47:51.030 --> 47:53.550
most vexing components of this which

47:53.550 --> 47:55.717
everybody should perhaps think about .

47:56.180 --> 47:58.260
And thats concessional concessionary

47:58.260 --> 48:01.790
money . Um the de risking taking the

48:01.790 --> 48:04.060
risk away is going to be absolutely

48:04.060 --> 48:06.116
essential and I think it's something

48:06.116 --> 48:08.338
we're all going to need to work on it .

48:08.338 --> 48:10.338
Thank you . My next question is for

48:10.338 --> 48:12.393
David Malpass president of the World

48:12.393 --> 48:16.290
Bank Group . Uh the World Bank

48:16.290 --> 48:18.123
Group is the largest provider of

48:18.123 --> 48:20.780
multilateral funding And finance for

48:20.780 --> 48:24.060
developing countries . In your 2021

48:24.060 --> 48:26.890
2025 climate Change action plan is

48:26.890 --> 48:28.890
going to be published in the coming

48:28.970 --> 48:32.000
weeks . How will the World Bank Group

48:32.670 --> 48:35.520
contribute to raising ambition on

48:35.520 --> 48:37.790
climate through this new plan

48:40.270 --> 48:43.550
That thank you , Secretary Kerry and

48:43.550 --> 48:45.661
everyone . It's a pleasure to be with

48:45.661 --> 48:48.770
you . We published a summary of our

48:48.780 --> 48:51.930
action plan today . The core of the

48:51.930 --> 48:55.150
plan is to spend more , in fact ,

48:55.160 --> 48:57.480
record amounts in ways that get the

48:57.480 --> 49:00.490
most results . That means helping the

49:00.490 --> 49:02.790
biggest emitters flatten the greenhouse

49:02.790 --> 49:05.450
gas emissions curve and accelerate the

49:05.450 --> 49:08.450
downtrend . And it also means record

49:08.450 --> 49:10.830
spending on adaptation . That's at

49:10.830 --> 49:13.910
least 50% of our climate finance to

49:13.910 --> 49:16.740
help countries prepare for and adapt to

49:16.740 --> 49:19.890
climate change as background . World

49:19.890 --> 49:22.112
Bank Group has reached its highest ever

49:22.112 --> 49:24.560
levels of climate finance in the past

49:24.560 --> 49:27.290
two years . Our plan commits to big

49:27.290 --> 49:30.510
increases in spending focused on

49:30.510 --> 49:33.200
results plus active private sector

49:33.200 --> 49:35.420
mobilization through I IFC and MIGA ,

49:35.430 --> 49:38.720
our private sector focused entities and

49:38.720 --> 49:40.887
importantly , we're allowing and we're

49:40.887 --> 49:42.998
aligning our financing flows with the

49:42.998 --> 49:45.650
paris agreement . So the key to make

49:45.650 --> 49:48.320
this work is to integrate climate and

49:48.320 --> 49:50.431
development . We need to identify the

49:50.431 --> 49:52.420
biggest mitigation and adaptation

49:52.420 --> 49:55.370
opportunities and use those to drive

49:55.370 --> 49:57.870
our climate financing . This is a path

49:57.870 --> 50:00.940
that I hope others will follow to spend

50:00.940 --> 50:03.100
more but do it in ways that will

50:03.100 --> 50:05.640
achieve the most useful results . For

50:05.640 --> 50:07.860
example , in a given country , will it

50:07.860 --> 50:09.970
be more effective to invest in green

50:09.970 --> 50:13.380
agriculture or low carbon energy

50:13.860 --> 50:17.270
or drainage systems that can save lives

50:17.270 --> 50:19.710
in a hurricane ? We're adding

50:19.710 --> 50:22.480
diagnostics that will help with these

50:22.480 --> 50:24.702
questions . Were working with countries

50:24.702 --> 50:26.840
to reduce their subsidies on fossil

50:26.840 --> 50:29.250
fuels , recognizing that they are

50:29.250 --> 50:31.310
expensive and distorted . Some

50:31.310 --> 50:33.810
countries will want to implement taxes

50:33.810 --> 50:35.910
on carbon and might reduce taxes

50:35.910 --> 50:39.050
elsewhere . Nature based solutions and

50:39.050 --> 50:41.530
renewable energy sources each have a

50:41.530 --> 50:44.070
key role . An important element of our

50:44.070 --> 50:46.490
plan is to support the transition from

50:46.490 --> 50:49.270
coal to affordable and sustainable

50:49.270 --> 50:52.370
energy . And our plan also includes

50:52.370 --> 50:54.570
diagnostics to help achieve the best

50:54.570 --> 50:56.737
results from adaptation . What are the

50:56.737 --> 50:59.610
best opportunities to save lives and

50:59.610 --> 51:02.100
livelihoods ? And this type of

51:02.100 --> 51:04.860
prioritization and planning is critical ,

51:04.860 --> 51:07.040
I think , to achieve the most impact

51:07.040 --> 51:09.600
and results from climate finance were

51:09.600 --> 51:12.130
actively engaged with developing

51:12.130 --> 51:14.620
countries on their NDC S and long term

51:14.620 --> 51:17.820
strategies and will be introducing new

51:17.830 --> 51:19.750
in depth country climate and

51:19.750 --> 51:22.710
development reports . So all in all our

51:22.710 --> 51:24.860
plan is ambitious were integrating

51:24.860 --> 51:27.190
climate and development to engage the

51:27.190 --> 51:30.210
full resources of the World Bank group .

51:30.220 --> 51:32.630
And we're working on and I'm very glad

51:32.630 --> 51:34.408
you mentioned the importance of

51:34.408 --> 51:36.574
concessional resources . We're working

51:36.574 --> 51:39.520
on a strong idea 20 replenishment for

51:39.520 --> 51:42.090
the poorest countries . Climate action

51:42.090 --> 51:45.320
will be a core theme of that . Also ,

51:45.330 --> 51:47.390
middle income countries will need

51:47.400 --> 51:50.790
additional support , green bonds , blue

51:50.790 --> 51:53.270
bonds , financial innovation . They all

51:53.270 --> 51:55.510
play a key role . And the World Bank

51:55.510 --> 51:58.440
Group provides an effective platform

51:58.440 --> 52:00.850
for this type of leveraging of donor

52:00.850 --> 52:03.920
resources that we can combine financing

52:03.920 --> 52:06.490
with deep country based climate and

52:06.490 --> 52:09.860
development , know how and that all

52:09.860 --> 52:12.140
reduces the fragmentation that is

52:12.140 --> 52:14.670
occurring in climate and development .

52:15.150 --> 52:18.120
So I have other comments I would love

52:18.120 --> 52:20.500
to make . But we , above all , we

52:20.500 --> 52:22.580
recognize the severity and the

52:22.580 --> 52:25.170
inequality of the current environment .

52:25.180 --> 52:27.910
People are facing challenges everywhere .

52:27.920 --> 52:30.150
They're tough issues that I haven't

52:30.160 --> 52:32.770
been able to name for us . The

52:32.770 --> 52:34.770
challenges are different country by

52:34.770 --> 52:37.400
country and to be valid . We have to

52:37.400 --> 52:40.100
take into account the full life cycle

52:40.100 --> 52:42.800
costs and benefits of various climate

52:42.800 --> 52:45.890
policy choices . So what we

52:45.890 --> 52:49.250
know is that poverty inequality and

52:49.250 --> 52:51.600
climate change are defining challenges

52:51.600 --> 52:53.656
of our time and they're increasingly

52:53.656 --> 52:56.380
they go hand in hand for the World Bank

52:56.380 --> 52:58.550
Group . Our goal , my goal is to

52:58.550 --> 53:01.980
provide support and take prompt action

53:02.040 --> 53:04.260
in ways that create the most positive

53:04.260 --> 53:07.160
impact toward green Resilient and

53:07.160 --> 53:09.770
inclusive development . Thank you .

53:11.850 --> 53:13.850
Well thank you . Well , thank you ,

53:13.850 --> 53:15.739
David . I think that's a that's a

53:15.739 --> 53:17.406
comprehensive answer and much

53:17.406 --> 53:19.680
appreciated . I think when you listen

53:19.680 --> 53:22.990
to the young woman who spoke earlier ,

53:23.000 --> 53:26.910
Shia Bastida and and the challenge

53:26.910 --> 53:29.930
and impatience of coming generations .

53:29.930 --> 53:33.060
But you also compare that to the

53:33.060 --> 53:36.990
magnitude of the uh the job we have to

53:36.990 --> 53:39.212
do . I mean we are way behind everybody

53:39.212 --> 53:41.379
understands we're way behind . I think

53:41.379 --> 53:43.490
the effort to bring up the scale even

53:43.490 --> 53:46.250
more is our great challenge and I think

53:46.260 --> 53:48.610
we all need to work together . I wish

53:48.610 --> 53:50.832
we had more time in the context of this

53:50.832 --> 53:52.943
panel , but we need to do that . So I

53:52.943 --> 53:54.610
thank you for opening up that

53:54.610 --> 53:57.070
conversation . I want to turn to uh can

53:57.070 --> 53:59.330
mummy Adesina the president of the

53:59.330 --> 54:01.850
African Development Bank ?

54:04.040 --> 54:06.096
I want to thank you . Thank you very

54:06.096 --> 54:08.318
much . Let me just see if I can frame a

54:08.318 --> 54:10.880
question to you . I'm sorry , I can uh

54:10.890 --> 54:13.350
I can for me the African Development

54:13.350 --> 54:15.580
Bank is the only multilateral

54:15.580 --> 54:18.370
Development Bank now to focus one half

54:18.380 --> 54:21.330
over half , I guess , of your financing

54:21.330 --> 54:24.610
on projects with climate adaptation and

54:24.610 --> 54:26.960
resilience objectives . Not most people

54:26.960 --> 54:29.400
are doing that . How is the bank doing

54:29.400 --> 54:32.020
this and what have we learned you

54:32.020 --> 54:34.720
learned about how to do adaptation

54:34.720 --> 54:36.790
effectively that we could share with

54:36.790 --> 54:40.680
others . Thank you very much .

54:40.690 --> 54:42.801
Mr Secretary I was just following the

54:42.801 --> 54:45.420
Prime Minister from uh Jamaica to say

54:45.420 --> 54:47.420
it's time to spring . So I was just

54:47.420 --> 54:49.642
about getting off the blocks . I'd like

54:49.642 --> 54:51.476
to thank President biden , a new

54:51.476 --> 54:53.770
secretary Kerry very much for inviting

54:53.770 --> 54:56.130
me to the summit for all of US .

54:56.140 --> 54:58.230
President biden's election has given

54:58.230 --> 55:00.690
renewed hope for us to global efforts

55:00.690 --> 55:02.860
to tackle climate change . Of course ,

55:02.860 --> 55:04.971
it's appointing you you die friend to

55:04.971 --> 55:07.027
all of US . Secretary Kerry , you're

55:07.027 --> 55:09.249
also a friend of the global climate . A

55:09.249 --> 55:11.970
special envoy is a very strong signal

55:12.640 --> 55:14.529
and he's also appointed secretary

55:14.529 --> 55:16.473
yelling in Treasury , in my view ,

55:16.473 --> 55:19.270
completes the action triangle of

55:19.270 --> 55:22.300
leadership , passion and finance that's

55:22.300 --> 55:24.870
critically needed to accelerate global

55:24.870 --> 55:27.850
action on climate change to be sure

55:28.240 --> 55:30.850
climate change is a threat to Africa .

55:31.440 --> 55:33.690
The continent loses 7 to $15 billion

55:33.690 --> 55:36.430
dollars per year to climate change And

55:36.430 --> 55:40.170
this will rise to $50 billion 2040 .

55:40.180 --> 55:43.550
According to the IMF . Africa , the

55:43.550 --> 55:46.630
least emitter suffers the worst of the

55:46.640 --> 55:48.751
impacts of climate change , including

55:48.751 --> 55:50.680
droughts , floods , Locusts and

55:50.680 --> 55:54.090
pestilence nations . Africa is not

55:54.100 --> 55:57.960
at Net zero . Africa is at ground

55:57.960 --> 56:01.290
zero . We must therefore give Africa a

56:01.290 --> 56:04.070
lift to get a chance of adapting to

56:04.070 --> 56:07.110
what it did not cause . At the African

56:07.110 --> 56:09.450
Development Bank . We are leading this

56:09.450 --> 56:12.150
charge for Africa . We have committed

56:12.150 --> 56:14.317
$25 billion dollars to climate finance

56:14.317 --> 56:17.190
over the next four years . Our shell

56:17.190 --> 56:19.870
financing devoted to climate rows of

56:19.880 --> 56:21.670
just nine in

56:21.670 --> 56:25.650
2016-35 in 2019 and we will reach

56:25.650 --> 56:29.570
40 in 2021 this year . We

56:29.570 --> 56:32.310
are also setting the pace . As you said ,

56:32.310 --> 56:34.570
Secretary Kerry , the African

56:34.570 --> 56:36.360
Development Bank is the only

56:36.360 --> 56:38.980
multilateral Development Bank To meet

56:38.990 --> 56:42.330
and exceed the 50 parity for climate

56:42.340 --> 56:44.830
adaptation and resilience . Indeed , we

56:44.830 --> 56:47.770
devoted 50 of our climate finance to

56:47.770 --> 56:50.910
climate adaptation in 2018 And last

56:50.910 --> 56:54.460
year we increased our to a record 63% .

56:55.330 --> 56:58.070
We are climate proof in Africa . The

56:58.070 --> 57:00.410
bank is started in 40 million farmers

57:00.410 --> 57:02.188
with climate smart agricultural

57:02.188 --> 57:04.750
practices . We are also speeding up

57:04.760 --> 57:07.230
Africa's energy transition to renewable

57:07.230 --> 57:09.870
energy . We help to support the largest

57:09.870 --> 57:12.350
wind power plant in Africa in kenya .

57:13.030 --> 57:15.710
And now we have impact on what we have

57:15.710 --> 57:18.740
called desert to power A $20 billion

57:18.740 --> 57:21.150
dollar investment that will provide

57:21.630 --> 57:24.660
opportunities to chinese Suhel into the

57:24.660 --> 57:27.220
world's largest Sola zone and provide

57:27.230 --> 57:30.340
electricity . 250 million people .

57:31.630 --> 57:33.519
We are securing the future of the

57:33.519 --> 57:36.320
circle . We have played $6.5 billion

57:36.320 --> 57:39.980
Great Green Wall in the sale to protect

57:39.990 --> 57:42.540
against the certification . We are

57:42.540 --> 57:45.030
deploying our Africa disaster risk

57:45.030 --> 57:47.720
facility to help countries to pay for

57:47.720 --> 57:50.400
insurance premiums against catastrophic

57:50.410 --> 57:53.320
climate events . We are also building

57:53.320 --> 57:55.376
strategic partnerships and you are a

57:55.376 --> 57:57.487
key part of that . Secretary Kerry in

57:57.487 --> 57:59.598
particular with the Global Center for

57:59.598 --> 58:01.820
Adaptation and together we have created

58:01.820 --> 58:03.960
and launched the African adaptation

58:03.980 --> 58:07.560
acceleration program . Our goal is to

58:07.560 --> 58:10.490
mobilize $25 billion dollars For the

58:10.500 --> 58:12.500
program exclusively for scaling of

58:12.510 --> 58:15.050
actions on climate adaptation . And

58:15.050 --> 58:17.690
just two weeks ago , 30 African heads

58:17.690 --> 58:20.250
of state global leaders including U.N .

58:20.250 --> 58:22.640
Secretary General Gutierrez . Secretary

58:22.650 --> 58:24.830
Janet Yellen Terry is determined to

58:24.830 --> 58:27.520
speed up green growth . What is needed

58:27.520 --> 58:30.510
now is green paper to back this green

58:30.510 --> 58:33.470
growth . It's time developed countries

58:33.470 --> 58:35.637
met their promise $100 billion dollars

58:35.637 --> 58:37.581
per year for climate finance . For

58:37.581 --> 58:39.950
developing countries together we must

58:39.950 --> 58:42.230
secure the future and make hope come

58:42.230 --> 58:45.170
alive for the present . The African

58:45.180 --> 58:47.640
adaptation acceleration program is

58:47.640 --> 58:49.910
Africa's plan . Your Excellency

58:49.910 --> 58:52.580
President biden support , we'll give it

58:52.580 --> 58:54.802
a resource . It needs to be a big boost

58:54.802 --> 58:57.140
by so doing you won't have supported

58:57.150 --> 59:01.090
Africa Arise from Grand zero On his way

59:01.270 --> 59:03.530
to Measure zero . Together we adapt .

59:04.120 --> 59:06.176
Together we prosper . Thank you very

59:06.176 --> 59:09.890
much it's a secretary . Well

59:09.900 --> 59:11.956
thank you very much I can do to me .

59:11.956 --> 59:14.122
That's a tremendous effort . I wish we

59:14.122 --> 59:16.233
had more time because there's so much

59:16.233 --> 59:18.480
to dive into . But we will work with

59:18.480 --> 59:21.330
you in this effort going forward . It's

59:21.330 --> 59:23.990
my pleasure now to turn to brian

59:23.990 --> 59:26.870
Moynahan , the chairman and Ceo of the

59:26.870 --> 59:28.900
Bank of America , chair of the

59:28.900 --> 59:31.080
International Business Council and co

59:31.080 --> 59:33.260
chair of the Sustainable Markets

59:33.260 --> 59:35.371
Initiative , brian , if I can ask you

59:35.371 --> 59:37.538
Bank of America yesterday committed to

59:37.538 --> 59:40.940
join the Net Zero banking alliance

59:40.950 --> 59:44.060
and the Glasgow financial alliance for

59:44.060 --> 59:46.210
Net Zero . Could you share with

59:46.210 --> 59:48.266
everybody what these two commitments

59:48.266 --> 59:51.500
mean about Bank of America's decision

59:51.510 --> 59:54.650
to mobilise $1 trillion over 10 years .

59:55.120 --> 59:58.810
Uh , and I think why don't I just leave

59:58.810 --> 01:00:02.500
it there ? Well , thank you . Special

01:00:02.500 --> 01:00:04.980
envoy , Kerry and uh I think president

01:00:04.980 --> 01:00:08.320
biden for convening this session , We

01:00:08.320 --> 01:00:10.542
joined a Glasgow Financial Alliance for

01:00:10.542 --> 01:00:12.840
Net zero because defense provides a

01:00:12.840 --> 01:00:14.951
roadmap for the transition , not only

01:00:14.951 --> 01:00:17.173
for our company , but for all financial

01:00:17.173 --> 01:00:19.118
companies across all sectors . And

01:00:19.118 --> 01:00:21.020
importantly , it demonstrates the

01:00:21.020 --> 01:00:23.187
commitment we have to meet many of the

01:00:23.187 --> 01:00:25.298
discussion earlier on in this session

01:00:25.510 --> 01:00:27.677
Were also confident we can deliver our

01:00:27.677 --> 01:00:29.843
on the Bank of America's commitment to

01:00:29.843 --> 01:00:32.010
deliver $1 trillion dollars investment

01:00:32.010 --> 01:00:33.843
over the next decade because our

01:00:33.843 --> 01:00:35.899
customers from all sectors of making

01:00:35.899 --> 01:00:37.621
transition commitments , these

01:00:37.621 --> 01:00:39.788
commitments drive a fundamental change

01:00:39.788 --> 01:00:41.954
in demand and what they do to change .

01:00:41.954 --> 01:00:44.177
We need to finance the private sector ,

01:00:44.177 --> 01:00:46.232
therefore , is key to bringing about

01:00:46.232 --> 01:00:48.288
the capital innovation to drive just

01:00:48.288 --> 01:00:50.920
transition and we have as a bank have

01:00:50.920 --> 01:00:52.587
to help our clients make that

01:00:52.587 --> 01:00:54.587
transition . Now as you mentioned ,

01:00:54.587 --> 01:00:56.698
john I personally worked with many of

01:00:56.698 --> 01:00:58.920
my colleagues across industries as they

01:00:58.920 --> 01:01:01.087
make Net zero or similar commitments .

01:01:01.087 --> 01:01:03.031
The example is a sustainable marks

01:01:03.031 --> 01:01:05.031
initiative that I co chair with his

01:01:05.031 --> 01:01:05.030
royal highness , the prince of Wales .

01:01:05.410 --> 01:01:07.466
This is a volunteer army of over 200

01:01:07.466 --> 01:01:09.577
large companies working to accelerate

01:01:09.577 --> 01:01:11.577
their efforts . Acid owners , asset

01:01:11.577 --> 01:01:13.854
managers , banks , airlines , shippers ,

01:01:13.854 --> 01:01:15.854
port operators , buildings , supply

01:01:15.854 --> 01:01:17.854
companies , Agriculture companies ,

01:01:17.854 --> 01:01:19.743
companies from all sectors of the

01:01:19.743 --> 01:01:21.743
economy are committed to working to

01:01:21.743 --> 01:01:23.799
accelerate the commitments they have

01:01:23.799 --> 01:01:26.021
made . The net zero . The other example

01:01:26.021 --> 01:01:28.188
uh , is similar to this by the private

01:01:28.188 --> 01:01:30.132
sector is the World Economic Forum

01:01:30.132 --> 01:01:32.299
Alliance for Ceo Climate leaders . 100

01:01:32.299 --> 01:01:34.521
large companies all driving towards Net

01:01:34.521 --> 01:01:36.577
Zero pledges working together to see

01:01:36.577 --> 01:01:36.530
how they can accelerate the pace .

01:01:37.410 --> 01:01:39.577
Another piece that we've worked on you

01:01:39.577 --> 01:01:41.466
mentioned is standardized metrics

01:01:41.466 --> 01:01:43.743
developed by the World Economic Forums ,

01:01:43.743 --> 01:01:45.799
International Business Council . The

01:01:45.799 --> 01:01:47.799
Big Four accounting firms helped us

01:01:47.799 --> 01:01:49.966
develop these metrics . They cover all

01:01:49.966 --> 01:01:52.188
the stds and are drawn from the best of

01:01:52.188 --> 01:01:54.354
the current voluntary standards . They

01:01:54.354 --> 01:01:56.410
disclose , disclose emissions across

01:01:56.410 --> 01:01:58.299
all scopes by all companies . The

01:01:58.299 --> 01:02:00.132
metrics show stakeholders what a

01:02:00.132 --> 01:02:02.243
company's plans are to improve across

01:02:02.243 --> 01:02:04.410
time . 80 of the largest companies the

01:02:04.410 --> 01:02:06.132
world have already admitted to

01:02:06.132 --> 01:02:08.188
disclosing the metrics and many more

01:02:08.188 --> 01:02:10.188
are joining these metrics provide a

01:02:10.188 --> 01:02:12.354
roadmap for how a company can disclose

01:02:12.354 --> 01:02:14.466
in straightforward , understandable ,

01:02:14.466 --> 01:02:16.632
transparent way their path forward and

01:02:16.632 --> 01:02:18.854
we believe they should be the basis for

01:02:18.854 --> 01:02:20.799
the work for the broader corporate

01:02:20.799 --> 01:02:23.021
disclosure by the official sector . Now

01:02:23.021 --> 01:02:22.890
we're moving to the confidence and

01:02:22.890 --> 01:02:25.057
deploying the trillion dollars of Bank

01:02:25.057 --> 01:02:27.279
of America . That conference comes from

01:02:27.279 --> 01:02:29.168
the demand that is created by the

01:02:29.168 --> 01:02:31.730
commitments our customers are making to

01:02:31.730 --> 01:02:33.730
use the phrase that your colleagues

01:02:33.730 --> 01:02:35.730
have used . It takes a whole of the

01:02:35.730 --> 01:02:37.730
bank approach though , to make this

01:02:37.730 --> 01:02:39.897
happen First , in our own operations ,

01:02:39.897 --> 01:02:42.119
how we use energy . Second , we have to

01:02:42.119 --> 01:02:44.286
work with those small and medium sized

01:02:44.286 --> 01:02:46.230
companies to help them reset their

01:02:46.230 --> 01:02:46.180
operations and finance the transition

01:02:46.180 --> 01:02:48.700
for them . They not only need our money ,

01:02:48.700 --> 01:02:50.867
they need our expertise to advise them

01:02:50.867 --> 01:02:52.978
as they don't have large staffs . The

01:02:52.978 --> 01:02:55.200
big companies have . 3rd importantly is

01:02:55.200 --> 01:02:58.000
our capital markets activity primarily

01:02:58.010 --> 01:03:00.232
in the first instance , raising capital

01:03:00.232 --> 01:03:02.399
for the larger companies to fund their

01:03:02.399 --> 01:03:04.288
operational restructuring and new

01:03:04.288 --> 01:03:06.288
facilities for clean energy . We're

01:03:06.288 --> 01:03:08.510
already one of the largest financers in

01:03:08.510 --> 01:03:10.566
that area and we did $100 billion in

01:03:10.566 --> 01:03:12.788
financing activity in 2020 alone across

01:03:12.788 --> 01:03:15.080
the SGS , we also , through our capital

01:03:15.080 --> 01:03:17.247
markets activity will raise equity for

01:03:17.247 --> 01:03:19.413
innovative new companies to fund their

01:03:19.413 --> 01:03:21.580
technologies and their growth . And we

01:03:21.580 --> 01:03:23.802
also raise money . And when the finance

01:03:23.802 --> 01:03:25.858
structures that Mr Malpass mentioned

01:03:25.858 --> 01:03:27.858
delivered the public money from the

01:03:27.858 --> 01:03:30.390
Mdgs spoke today , especially to help

01:03:30.390 --> 01:03:33.120
those developing countries .

01:03:34.100 --> 01:03:36.322
Another area that we have to work on is

01:03:36.322 --> 01:03:38.489
our research area . Our research shows

01:03:38.489 --> 01:03:40.656
that companies that are focused on the

01:03:40.656 --> 01:03:42.767
S . G . Are better investments . This

01:03:42.767 --> 01:03:44.989
provides a character good companies are

01:03:44.989 --> 01:03:47.100
making progress is stick to those are

01:03:47.100 --> 01:03:49.044
lagging . And then we bring to the

01:03:49.044 --> 01:03:51.156
table our investment platform over $3

01:03:51.156 --> 01:03:53.378
trillion dollars plus in customer acids

01:03:53.378 --> 01:03:53.170
bringing capital from individual

01:03:53.170 --> 01:03:55.950
investors whose demand for USd funds

01:03:56.040 --> 01:03:57.984
and similar investments is growing

01:03:57.984 --> 01:04:00.730
because they simply care Even in our

01:04:00.730 --> 01:04:03.080
commitments to on racial and social

01:04:03.080 --> 01:04:04.969
justice in the United States of a

01:04:04.969 --> 01:04:06.580
billion and a quarter or our

01:04:06.580 --> 01:04:08.580
commitments to $6 billion dollars a

01:04:08.580 --> 01:04:08.560
year in community development and

01:04:08.560 --> 01:04:10.449
modern income housing . All these

01:04:10.449 --> 01:04:12.227
commitments are made across our

01:04:12.227 --> 01:04:14.171
platform with the view of the same

01:04:14.171 --> 01:04:15.893
transition pathways . So we're

01:04:15.893 --> 01:04:18.060
committed in at zero and the good news

01:04:18.060 --> 01:04:19.727
is many of our private sector

01:04:19.727 --> 01:04:21.949
colleagues are similarly committed . We

01:04:21.949 --> 01:04:23.616
believe those sectors , those

01:04:23.616 --> 01:04:23.320
colleagues , those private sector

01:04:23.320 --> 01:04:25.487
colleagues are significantly important

01:04:25.487 --> 01:04:27.653
and the critical part path forward for

01:04:27.653 --> 01:04:30.120
debt zero for the world . Were there to

01:04:30.120 --> 01:04:31.842
help those customers make that

01:04:31.842 --> 01:04:34.064
transition and to provide the financing

01:04:34.064 --> 01:04:36.342
like a bank should . And by doing that ,

01:04:36.342 --> 01:04:38.287
we deliver for society and for our

01:04:38.287 --> 01:04:40.231
shareholders . We call that a bank

01:04:40.231 --> 01:04:42.398
America the genius and we look forward

01:04:42.398 --> 01:04:44.620
to helping you in your endeavors here .

01:04:46.330 --> 01:04:48.552
Thank you . Thank you very much brian .

01:04:48.552 --> 01:04:50.530
That's a pretty comprehensive

01:04:50.540 --> 01:04:52.990
undertaking . And I might just comment

01:04:52.990 --> 01:04:56.940
that yesterday you are one of six banks

01:04:56.940 --> 01:05:00.830
that announced um An aggregate amount

01:05:00.830 --> 01:05:03.320
of money of about 4.16 trillion that

01:05:03.320 --> 01:05:05.790
will be allocated over the course of

01:05:05.790 --> 01:05:08.250
the next 10 years , which is an

01:05:08.610 --> 01:05:10.640
incredible start to the effort to

01:05:10.640 --> 01:05:13.510
provide the finance we need . Um

01:05:15.790 --> 01:05:18.012
I want to turn now to jane fraser , who

01:05:18.012 --> 01:05:21.710
is the ceo of Citigroup , Jane's

01:05:21.710 --> 01:05:24.420
been sort of thrown into the hot house

01:05:24.420 --> 01:05:26.587
here pretty quickly because she's only

01:05:26.587 --> 01:05:29.370
been there for at as a chair of Ceo .

01:05:29.890 --> 01:05:32.057
She's been there for a long time , but

01:05:32.390 --> 01:05:34.640
Um you've already announced that city

01:05:34.640 --> 01:05:36.862
is going to be net zero and its lending

01:05:36.870 --> 01:05:40.270
business by 2050 and you're setting

01:05:40.270 --> 01:05:44.170
2030 goals . Uh , you also yesterday

01:05:44.170 --> 01:05:46.300
announced you're joining the net zero

01:05:46.890 --> 01:05:49.110
banking alliance , which is a pretty

01:05:49.120 --> 01:05:52.330
fast start with respect to the climate

01:05:52.330 --> 01:05:56.150
crisis . Um what is it that you're now

01:05:56.150 --> 01:05:58.630
setting out as the new Ceo ? How do you

01:05:58.640 --> 01:06:01.890
hope to change or advanced cities

01:06:01.890 --> 01:06:03.946
relationship to the climate crisis ?

01:06:05.080 --> 01:06:07.024
Well , first of all , let me thank

01:06:07.024 --> 01:06:09.070
special envoy Kerry for both your

01:06:09.070 --> 01:06:11.330
leadership on climate and for your

01:06:11.330 --> 01:06:14.130
invitation to this important summit . I

01:06:14.130 --> 01:06:16.710
may have been Ceo for only a short time ,

01:06:17.180 --> 01:06:19.780
But city has been helping lead our

01:06:19.780 --> 01:06:22.020
industry's drive to sustainability

01:06:22.020 --> 01:06:24.490
around the world for many years . We

01:06:24.490 --> 01:06:26.546
helped create the equator principles

01:06:26.546 --> 01:06:29.120
back in 2003 and the green bond

01:06:29.120 --> 01:06:32.540
principles in 2014 , both of which have

01:06:32.550 --> 01:06:34.620
been establishing important industry

01:06:34.620 --> 01:06:38.440
standards . And in 2018 , city became

01:06:38.440 --> 01:06:41.130
the first US . Bank to report on our

01:06:41.130 --> 01:06:43.730
efforts to implement the task force on

01:06:43.730 --> 01:06:45.950
climate-related financial disclosures

01:06:45.950 --> 01:06:48.880
framework , which provides transparency

01:06:48.890 --> 01:06:51.390
about the impact climate change has

01:06:51.400 --> 01:06:54.770
from a risk management perspective . So

01:06:54.770 --> 01:06:57.370
I'm very happy to see the cross section

01:06:57.370 --> 01:06:59.890
of institutions participating today

01:06:59.900 --> 01:07:01.970
because solving climate change is

01:07:01.970 --> 01:07:04.110
really going to require the ultimate

01:07:04.120 --> 01:07:07.220
public private partnership and agreeing

01:07:07.220 --> 01:07:09.930
on common metrics and common standards .

01:07:09.930 --> 01:07:12.470
It's going to be fundamental At city .

01:07:12.470 --> 01:07:15.260
Our goals for 2030 , they're grounded

01:07:15.260 --> 01:07:17.940
on three principles and priorities .

01:07:17.950 --> 01:07:19.990
The first is financing climate

01:07:19.990 --> 01:07:23.400
solutions . The second is measuring the

01:07:23.400 --> 01:07:26.150
reduction of climate risk and impact of

01:07:26.150 --> 01:07:28.970
our own clients in the portfolio . And

01:07:28.970 --> 01:07:31.370
the third is continuing to minimize our

01:07:31.370 --> 01:07:33.970
own companies direct impacts on the

01:07:33.970 --> 01:07:37.550
planet . We recently committed to $500

01:07:37.550 --> 01:07:38.550
billion

01:07:38.550 --> 01:07:42.100
2030

01:07:42.580 --> 01:07:45.500
And this is a 10-fold increase over our

01:07:45.500 --> 01:07:47.611
very first commitment . We're back in

01:07:47.611 --> 01:07:51.320
2007 And combined with our plans to

01:07:51.320 --> 01:07:55.110
finance 500 billion by 2030 in areas

01:07:55.110 --> 01:07:57.220
such as health care and affordable

01:07:57.220 --> 01:07:59.700
housing like Bank of America . We've

01:07:59.700 --> 01:08:02.430
committed A total of $1 trillion

01:08:02.430 --> 01:08:06.250
U.N . Sustainable Development

01:08:06.250 --> 01:08:09.550
Goals and we're proud to do this now .

01:08:09.590 --> 01:08:12.240
Some think that confronting climate

01:08:12.240 --> 01:08:15.150
change and creating jobs and economic

01:08:15.150 --> 01:08:17.900
inclusion are in conflict , but we

01:08:17.900 --> 01:08:19.622
believe we're only going to be

01:08:19.622 --> 01:08:21.770
successful in tackling our global

01:08:21.770 --> 01:08:24.780
challenges if these three agendas are

01:08:24.780 --> 01:08:27.440
working together . So solving climate

01:08:27.440 --> 01:08:30.900
change must be a driver of jobs and of

01:08:30.910 --> 01:08:34.220
economic prosperity . Um now , in what

01:08:34.220 --> 01:08:37.110
is our biggest challenge yet , as a

01:08:37.110 --> 01:08:38.960
firm , we're targeting net zero

01:08:38.960 --> 01:08:42.030
emissions by the year 2050 and

01:08:42.040 --> 01:08:44.650
underscoring its importance . I

01:08:44.650 --> 01:08:46.706
announced this commitment on my very

01:08:46.706 --> 01:08:49.660
first day as Ceo and this is a bold

01:08:49.670 --> 01:08:52.200
goal for a global bank be like ours

01:08:52.200 --> 01:08:54.256
because it means not only addressing

01:08:54.256 --> 01:08:56.478
the emissions from our own operations ,

01:08:56.478 --> 01:08:59.290
which we intend to have done by 2030

01:08:59.670 --> 01:09:02.130
but also those emissions produced by

01:09:02.130 --> 01:09:05.200
our client portfolio . And yesterday ,

01:09:05.200 --> 01:09:07.367
as you said , we're very proud to help

01:09:07.367 --> 01:09:09.490
launch the Net Zero banking alliance

01:09:09.490 --> 01:09:11.620
with BRian and others to establish a

01:09:11.620 --> 01:09:14.600
common industry framework for Net Zero .

01:09:15.270 --> 01:09:18.230
But we know that to truly fight climate

01:09:18.230 --> 01:09:20.700
change . Our clients , which include

01:09:20.700 --> 01:09:22.144
many of the biggest world

01:09:22.144 --> 01:09:24.270
multinationals , as well as investors

01:09:24.280 --> 01:09:26.502
and countries like the ones we've heard

01:09:26.502 --> 01:09:28.260
from today , will also need to

01:09:28.260 --> 01:09:31.780
transition to Net Zero And we will join

01:09:31.780 --> 01:09:35.160
them on this journey . Net zero is very

01:09:35.160 --> 01:09:37.500
easy to say , but it's going to be hard

01:09:37.500 --> 01:09:39.730
to do and make no mistake about this .

01:09:39.730 --> 01:09:42.270
This is going to be really hard . We

01:09:42.270 --> 01:09:44.159
think it's going to require three

01:09:44.159 --> 01:09:46.580
critical things , putting hard numbers

01:09:46.580 --> 01:09:48.802
to this because when we look across our

01:09:48.802 --> 01:09:51.200
client portfolio , particularly in

01:09:51.200 --> 01:09:54.390
carbon intensive sectors , Measuring

01:09:54.390 --> 01:09:56.640
our finance emissions is rather a

01:09:56.640 --> 01:10:00.360
herculean task . 2nd , having

01:10:00.360 --> 01:10:02.527
tough conversations with our clients ,

01:10:02.600 --> 01:10:05.350
do they have a net zero plan themselves ?

01:10:05.540 --> 01:10:08.030
And how can we partner with them on the

01:10:08.030 --> 01:10:10.480
execution of this critical transition ?

01:10:10.860 --> 01:10:13.070
And if a client isn't interested in

01:10:13.070 --> 01:10:15.610
decarbonization ? Well , what does that

01:10:15.620 --> 01:10:17.287
really mean for our long term

01:10:17.287 --> 01:10:20.360
relationship ? And the third element is

01:10:20.360 --> 01:10:22.770
looking outside the company , we've all

01:10:22.770 --> 01:10:24.450
got to accelerate technology

01:10:24.450 --> 01:10:26.394
development , whether it's through

01:10:26.394 --> 01:10:28.990
renewables or carbon capture and we all

01:10:28.990 --> 01:10:30.879
have to get behind supporting the

01:10:30.879 --> 01:10:33.040
public policy that is really going to

01:10:33.040 --> 01:10:35.740
be essential to making this all happen .

01:10:35.830 --> 01:10:38.790
So yes , we are acting with urgency .

01:10:38.860 --> 01:10:41.680
We're excited about this road ahead .

01:10:41.960 --> 01:10:44.071
But I do want to underscore , its not

01:10:44.071 --> 01:10:46.071
going to be easy and we're going to

01:10:46.071 --> 01:10:47.849
need all the pragmatism and the

01:10:47.849 --> 01:10:50.182
partnership that we can muster together .

01:10:50.182 --> 01:10:52.470
I can assure you whether it's the drive

01:10:52.470 --> 01:10:54.470
to Net zero or the other important

01:10:54.470 --> 01:10:57.880
parts of our SDG agenda , including

01:10:57.880 --> 01:11:00.120
closing the gender pay gap and

01:11:00.120 --> 01:11:02.350
promoting racial equity . We're going

01:11:02.350 --> 01:11:04.520
to back up our commitments with real

01:11:04.520 --> 01:11:06.860
action and with measurable results

01:11:06.860 --> 01:11:08.860
because that's what matters and our

01:11:08.860 --> 01:11:10.916
clients and our shareholders and our

01:11:10.916 --> 01:11:12.804
people . Well , they're expecting

01:11:12.804 --> 01:11:14.971
nothing less . So thank you for having

01:11:14.971 --> 01:11:18.450
me today . Thanks for coming today . We

01:11:18.450 --> 01:11:21.730
appreciate your participation . And uh ,

01:11:21.740 --> 01:11:23.796
and , and congratulations on getting

01:11:23.796 --> 01:11:26.120
off to such a great quick start . You

01:11:26.120 --> 01:11:28.510
said twice . Getting to Net Zero is

01:11:28.510 --> 01:11:32.270
going to be hard , really hard and

01:11:32.280 --> 01:11:34.810
just remind everybody that that will

01:11:34.810 --> 01:11:38.020
depend on Whether or not we have some

01:11:38.020 --> 01:11:39.687
breakthrough technologies and

01:11:39.687 --> 01:11:41.798
breakthrough innovations number one .

01:11:41.798 --> 01:11:44.440
But even if we get to net zero , we

01:11:44.440 --> 01:11:46.860
still have to get carbon dioxide out of

01:11:46.860 --> 01:11:49.490
the atmosphere . So this is a bigger

01:11:49.490 --> 01:11:51.530
challenge than a lot of people have

01:11:51.540 --> 01:11:54.270
have sort of really grabbed onto yet

01:11:54.280 --> 01:11:57.270
and again , we can't do it without your

01:11:57.280 --> 01:11:59.950
engagement and support . So we thank

01:11:59.950 --> 01:12:03.250
you for that . Um , I want to turn now

01:12:03.250 --> 01:12:06.120
if I made to uh ask a question of

01:12:06.130 --> 01:12:09.760
Oliver Beta , the ceo of Elias ,

01:12:10.550 --> 01:12:13.260
uh , you obviously represent one of the

01:12:13.260 --> 01:12:15.204
largest insurance companies in the

01:12:15.204 --> 01:12:17.850
world and one of the most committed to

01:12:17.850 --> 01:12:19.739
Net Zero . I can remember being a

01:12:19.739 --> 01:12:21.906
conferences with you a number of years

01:12:21.906 --> 01:12:24.072
ago and you made some huge commitments

01:12:24.072 --> 01:12:26.380
given your long experience in climate ,

01:12:27.050 --> 01:12:30.890
help us understand uh what do

01:12:30.890 --> 01:12:33.057
you think the business community needs

01:12:33.057 --> 01:12:35.100
to do just bluntly in order to

01:12:35.100 --> 01:12:37.240
accelerate the amount of capital is

01:12:37.240 --> 01:12:40.160
flowing into zero ? Net zero transition .

01:12:40.550 --> 01:12:43.940
How are we going to get there ? Thank

01:12:43.940 --> 01:12:46.440
you special envoy and it's a great

01:12:46.440 --> 01:12:48.560
pleasure to be with you all and being

01:12:48.560 --> 01:12:50.760
the european today in your conference

01:12:51.150 --> 01:12:54.240
as an expert . We started actually with

01:12:54.240 --> 01:12:56.220
the Net zero S Alone Alliance in

01:12:56.230 --> 01:13:00.210
september 2019 . We were only about 13

01:13:00.220 --> 01:13:02.442
companies Marcy , we'll talk about that

01:13:02.442 --> 01:13:03.998
convened by the U . N . And

01:13:03.998 --> 01:13:06.100
particularly um Secretary General

01:13:06.110 --> 01:13:08.166
Guterres who I would like to applaud

01:13:08.166 --> 01:13:10.388
for his initiative to bring us together

01:13:10.388 --> 01:13:12.554
now at the time and I will answer your

01:13:12.554 --> 01:13:14.721
question and second it was a coalition

01:13:14.721 --> 01:13:16.943
of the willing , it was people that had

01:13:16.943 --> 01:13:19.110
a dedication , wanted to put like many

01:13:19.110 --> 01:13:21.054
today wanted to put their personal

01:13:21.054 --> 01:13:23.332
energy and their companies behind that .

01:13:23.332 --> 01:13:25.443
So the answer is we need to move from

01:13:25.443 --> 01:13:27.332
something that is voluntary and a

01:13:27.332 --> 01:13:29.443
coalition of the willing to making it

01:13:29.443 --> 01:13:31.499
mandatory in the financial sector to

01:13:31.499 --> 01:13:33.388
drive to net zero . We have , for

01:13:33.388 --> 01:13:35.610
example , the German insurance industry

01:13:35.610 --> 01:13:37.777
that is committing to 100 doing that .

01:13:37.777 --> 01:13:39.999
So we need to move from a few banks , a

01:13:39.999 --> 01:13:42.221
few asset managers , a few asset owners

01:13:42.221 --> 01:13:44.110
to have them . Let me give you an

01:13:44.110 --> 01:13:46.221
example and just be very forthright .

01:13:46.221 --> 01:13:49.320
We have today heard more than 70 of

01:13:49.330 --> 01:13:52.170
global GDP committing to net zero

01:13:53.050 --> 01:13:55.272
unless there is a lot of countries that

01:13:55.272 --> 01:13:57.439
have very large sovereign wealth funds

01:13:57.439 --> 01:13:59.661
that have not yet committed to Net zero

01:13:59.661 --> 01:14:01.717
and that we should ask ourselves why

01:14:01.717 --> 01:14:04.760
that is so we need to move from an idea

01:14:05.140 --> 01:14:07.380
and an aspiration to action otherwise

01:14:07.390 --> 01:14:09.950
it will remain as thomas . Edison says ,

01:14:09.960 --> 01:14:12.182
hallucination and our Children will not

01:14:12.182 --> 01:14:14.404
be happy . The second thing is we heard

01:14:14.404 --> 01:14:16.182
a lot about practicalities . So

01:14:16.182 --> 01:14:17.960
reporting , making sure we have

01:14:17.960 --> 01:14:20.016
transitioned finance both into green

01:14:20.016 --> 01:14:22.510
energy but out of brown energy but we

01:14:22.510 --> 01:14:24.720
need to have a deadline . A lot of

01:14:24.720 --> 01:14:27.010
these things have deadlines to 50 that

01:14:27.010 --> 01:14:29.230
are too far out . So for example , in

01:14:29.230 --> 01:14:31.800
the net zero acid owner lines , every

01:14:31.800 --> 01:14:34.470
member has to deliver concrete targets

01:14:34.480 --> 01:14:37.900
and actions And achieve results by 2025

01:14:37.910 --> 01:14:40.077
and that is around the corner and that

01:14:40.077 --> 01:14:42.132
is what we really need to do . So we

01:14:42.132 --> 01:14:44.132
need a pathway and we need credible

01:14:44.132 --> 01:14:46.354
outcomes , incredible action short term

01:14:46.690 --> 01:14:48.746
and last night , but least there's a

01:14:48.746 --> 01:14:50.857
quote from one of my kids , they said

01:14:50.857 --> 01:14:53.023
dad put a deadline behind these things

01:14:53.023 --> 01:14:55.980
and reinterpret it . It means get in

01:14:55.980 --> 01:14:58.470
line or fall dead . So we really need

01:14:58.470 --> 01:15:00.581
to make sure that people cannot sneak

01:15:00.581 --> 01:15:01.770
out and not deliver

01:15:04.740 --> 01:15:08.500
Oliver , I'm with your kids . Uh ,

01:15:08.510 --> 01:15:10.560
thank you for your contribution .

01:15:11.140 --> 01:15:14.970
Finally , the last Panelist uh , is

01:15:14.980 --> 01:15:17.620
Marcy Frost . The ceo of calpers

01:15:17.630 --> 01:15:21.200
calpers is a universal investor , uh ,

01:15:21.210 --> 01:15:23.370
sees a whole bunch of different kinds

01:15:23.370 --> 01:15:27.290
of investments and I'd like to ask

01:15:27.290 --> 01:15:29.790
you , what are the barriers to

01:15:29.790 --> 01:15:32.012
mobilizing the money that is needed for

01:15:32.012 --> 01:15:34.179
climate solutions and what governments

01:15:34.179 --> 01:15:38.090
can do about it together in your own

01:15:38.090 --> 01:15:39.770
investments . And what is the

01:15:39.770 --> 01:15:42.590
experience of calpers calpers say to

01:15:42.590 --> 01:15:46.030
you ? Yeah , so thank you special

01:15:46.030 --> 01:15:49.120
envoy Kerry as well as on the behalf of

01:15:49.120 --> 01:15:51.280
calpers . We really appreciate our

01:15:51.280 --> 01:15:54.960
honor to be a part of this summit . As

01:15:54.970 --> 01:15:57.910
the largest public defined benefit

01:15:57.920 --> 01:16:00.400
system in the United States . Calpers

01:16:00.400 --> 01:16:03.350
manages approximately $450 billion

01:16:03.350 --> 01:16:05.800
dollars in global assets On the behalf

01:16:05.800 --> 01:16:08.070
of two million members . Our duty to

01:16:08.070 --> 01:16:10.860
pay benefits decades into the future

01:16:10.870 --> 01:16:13.200
requires that we take a long term view

01:16:13.210 --> 01:16:15.432
in assessing whether the companies that

01:16:15.432 --> 01:16:17.770
we would hold in our portfolio managed

01:16:17.770 --> 01:16:19.937
both the short and the long term risks

01:16:19.940 --> 01:16:22.330
effectively . For many years , we have

01:16:22.330 --> 01:16:24.800
carefully monitored material climate

01:16:24.800 --> 01:16:27.580
risk that our portfolio companies base

01:16:27.580 --> 01:16:29.302
and engage directly with those

01:16:29.302 --> 01:16:31.136
companies about their efforts to

01:16:31.136 --> 01:16:33.490
mitigate those risks . We also work on

01:16:33.490 --> 01:16:36.000
global initiatives to help develop more

01:16:36.000 --> 01:16:37.960
effective reporting frameworks .

01:16:38.130 --> 01:16:40.500
Helpers is a co founder of climate

01:16:40.500 --> 01:16:43.370
action 100 plus an initiative to really

01:16:43.370 --> 01:16:45.480
ensure the world's largest corporate

01:16:45.480 --> 01:16:47.650
greenhouse gas emitter emitters ,

01:16:47.650 --> 01:16:50.300
excuse me , take necessary action on

01:16:50.300 --> 01:16:52.550
climate change . A newly released

01:16:52.550 --> 01:16:54.772
benchmark from this group indicates the

01:16:54.772 --> 01:16:57.360
seriousness around this topic and how

01:16:57.360 --> 01:16:59.760
serious investors like calpers are And

01:16:59.760 --> 01:17:02.600
measuring progress toward the 2050 net

01:17:02.600 --> 01:17:05.110
zero target . We believe it is also

01:17:05.110 --> 01:17:07.277
vital that federal regulators do their

01:17:07.277 --> 01:17:09.480
part and closely monitor climate risks

01:17:09.480 --> 01:17:11.480
to the financial system and provide

01:17:11.480 --> 01:17:13.036
clear guidance to financial

01:17:13.036 --> 01:17:15.370
institutions who are really addressing

01:17:15.370 --> 01:17:18.690
these risks on a daily basis . If fred ,

01:17:18.690 --> 01:17:21.220
federal regulators are not attentive ,

01:17:21.230 --> 01:17:23.230
you know , with their international

01:17:23.230 --> 01:17:25.760
counterparts to monitor these climate

01:17:25.760 --> 01:17:27.540
risk , we we truly believe that

01:17:27.540 --> 01:17:29.610
coordination is necessary to protect

01:17:29.610 --> 01:17:31.832
our interconnected capital markets from

01:17:31.832 --> 01:17:34.610
climate disruptions and our Cabinet

01:17:34.610 --> 01:17:36.610
markets also need to adequately

01:17:36.610 --> 01:17:39.380
mitigate these risks . So , in our view ,

01:17:39.390 --> 01:17:41.557
government should take three immediate

01:17:41.557 --> 01:17:43.723
steps , and these are the first one is

01:17:43.723 --> 01:17:45.946
really in support of Secretary Yellen's

01:17:45.946 --> 01:17:48.112
comments that she made earlier that we

01:17:48.112 --> 01:17:49.834
require mandatory climate risk

01:17:49.834 --> 01:17:52.130
reporting . We welcome efforts by the

01:17:52.130 --> 01:17:54.297
Securities and Exchange Commission and

01:17:54.297 --> 01:17:56.186
international Financial reporting

01:17:56.186 --> 01:17:58.340
standards in this area . Sustainable

01:17:58.350 --> 01:18:00.570
data disclosure should be fully

01:18:00.580 --> 01:18:03.000
integrated with and held to the same

01:18:03.000 --> 01:18:05.420
standards as financial data disclosures .

01:18:05.430 --> 01:18:07.652
Whether that's a timely release of this

01:18:07.652 --> 01:18:10.730
data , how comprehensive that data is ,

01:18:10.740 --> 01:18:12.950
the reliability of that data and the

01:18:12.950 --> 01:18:15.520
ability to audit it . Investment grade

01:18:15.520 --> 01:18:18.120
data would be a game changer and could

01:18:18.120 --> 01:18:20.770
lead to an inflection point . We also

01:18:20.770 --> 01:18:23.150
believe that we should remove or that

01:18:23.150 --> 01:18:25.840
removal of all fossil fuel subsidies to

01:18:25.840 --> 01:18:28.150
the uh , to that industry should be

01:18:28.150 --> 01:18:31.310
eliminated . We also believe that as

01:18:31.310 --> 01:18:33.366
many have already stated prior to me

01:18:33.366 --> 01:18:35.310
that instituting carbon pricing is

01:18:35.310 --> 01:18:37.366
essential to the markets to mitigate

01:18:37.366 --> 01:18:40.000
ongoing and future risk . Without these

01:18:40.000 --> 01:18:41.833
policy measures , investors like

01:18:41.833 --> 01:18:44.260
calpers as one large institutional

01:18:44.260 --> 01:18:46.860
investor , we do not have the data

01:18:46.870 --> 01:18:48.703
needed for climate , intelligent

01:18:48.703 --> 01:18:50.759
capital allocation and stewardship .

01:18:51.320 --> 01:18:53.153
The subsidies and lack of carbon

01:18:53.153 --> 01:18:55.320
pricing are giving a false positive on

01:18:55.320 --> 01:18:57.264
the investment risk and returns of

01:18:57.264 --> 01:18:59.431
carbon , which is not sustainable over

01:18:59.431 --> 01:19:01.860
the long term , the commodity futures

01:19:01.860 --> 01:19:03.971
Trading Committee's report on Climate

01:19:03.971 --> 01:19:06.030
change as a financial risk backs all

01:19:06.030 --> 01:19:08.320
three of these points . And calpers was

01:19:08.320 --> 01:19:11.260
a member of that committee . Calpers

01:19:11.260 --> 01:19:13.427
will continue to address climate risks

01:19:13.427 --> 01:19:15.427
so that they could be accounted for

01:19:15.427 --> 01:19:17.593
comprehensively within our portfolio .

01:19:17.593 --> 01:19:19.593
And we look forward to working with

01:19:19.593 --> 01:19:21.649
regulators to advance initiatives to

01:19:21.649 --> 01:19:23.871
protect our markets from climate risk .

01:19:23.871 --> 01:19:25.982
And with that , I'd like to thank you

01:19:25.982 --> 01:19:27.649
again for allowing calpers to

01:19:27.649 --> 01:19:30.050
participate in the summit . Well ,

01:19:30.050 --> 01:19:31.994
thank you , Marcie , thank you for

01:19:31.994 --> 01:19:34.640
participating . Um , unfortunately ,

01:19:34.640 --> 01:19:37.330
because of time , we have to move to

01:19:37.330 --> 01:19:40.750
our next two speakers , uh but I want

01:19:40.750 --> 01:19:42.861
to say to everybody on this panel and

01:19:42.861 --> 01:19:45.410
to those listening , that I think each

01:19:45.410 --> 01:19:49.150
of the participants representing

01:19:49.620 --> 01:19:52.090
different approach , but in different

01:19:52.100 --> 01:19:55.410
kinds of institutions uh in the

01:19:55.410 --> 01:19:58.280
aggregate underscore the degree to

01:19:58.280 --> 01:20:01.370
which this market is changing . That

01:20:01.370 --> 01:20:04.780
that those who are advocating moving to

01:20:04.780 --> 01:20:07.200
address the climate crisis are not

01:20:07.200 --> 01:20:09.370
saying that there's a sacrifice to be

01:20:09.370 --> 01:20:12.190
made . In fact , they're saying it's

01:20:12.190 --> 01:20:14.134
the it's the opposite . There's an

01:20:14.134 --> 01:20:16.680
enormous opportunity . The largest

01:20:16.680 --> 01:20:19.120
market the world has ever known is

01:20:19.120 --> 01:20:22.520
waiting for everybody and growing by

01:20:22.520 --> 01:20:25.700
the day right now . And I don't think

01:20:25.700 --> 01:20:27.700
these institutions would be talking

01:20:27.700 --> 01:20:31.000
about investing if it weren't true that

01:20:31.000 --> 01:20:33.300
they're able to produce a return on

01:20:33.300 --> 01:20:35.522
that investment for the invest stores .

01:20:35.522 --> 01:20:38.150
So this market is going to happen , the

01:20:38.160 --> 01:20:40.550
challenges , whether or not it happens

01:20:40.560 --> 01:20:44.010
fast enough , and already we're seeing

01:20:44.010 --> 01:20:46.250
exponential movement in the

01:20:46.250 --> 01:20:48.890
technologies , the capacities , but

01:20:48.900 --> 01:20:51.890
we're going to need all of you , uh ,

01:20:51.900 --> 01:20:54.710
even more because we obviously are

01:20:54.710 --> 01:20:57.050
behind , we have to accelerate and

01:20:57.050 --> 01:20:59.960
bring a lot of things to scale , uh ,

01:20:59.970 --> 01:21:02.890
that just aren't there yet . Uh , it's

01:21:02.890 --> 01:21:06.660
known that to do this . 1/2 about

01:21:06.660 --> 01:21:08.882
half of the emissions we have to reduce

01:21:09.210 --> 01:21:12.040
are going to be reduced by technologies

01:21:12.040 --> 01:21:14.373
that are not yet at scale in the market .

01:21:14.410 --> 01:21:17.640
So , You know , we're 4.5 to 5 billion

01:21:17.640 --> 01:21:19.807
energy user market today . We're going

01:21:19.807 --> 01:21:22.029
to go up to nine billion in the next 30

01:21:22.029 --> 01:21:24.084
years . That's the largest market in

01:21:24.084 --> 01:21:26.307
the world . So thank you for being here

01:21:26.307 --> 01:21:28.473
and sharing your thoughts and I'm sure

01:21:28.473 --> 01:21:30.830
we're gonna be working together and

01:21:31.210 --> 01:21:33.780
sharing a lot more going forward . It's

01:21:33.780 --> 01:21:36.730
my privilege to turn to two leaders who

01:21:37.210 --> 01:21:40.160
Together are helping to Shepherd This

01:21:40.160 --> 01:21:42.160
process , the international climate

01:21:42.160 --> 01:21:44.690
negotiations to ensure that we can

01:21:44.690 --> 01:21:47.030
deliver on the promise of the Paris

01:21:47.030 --> 01:21:49.030
agreement with the ambitious action

01:21:49.030 --> 01:21:51.130
that is needed in order to achieve

01:21:51.130 --> 01:21:54.830
1.5° limit in the warming . So I want

01:21:54.830 --> 01:21:57.320
to introduce introduce Minister

01:21:57.430 --> 01:22:00.060
Carolina Schmidt , who led chile's

01:22:00.060 --> 01:22:03.310
presidency of the 2019 U . N . Climate

01:22:03.310 --> 01:22:05.950
conference and who in particular

01:22:05.950 --> 01:22:08.580
underscored the important links between

01:22:08.580 --> 01:22:11.450
the ocean chile is an ocean country and

01:22:11.450 --> 01:22:13.506
one that's very dedicated to dealing

01:22:13.506 --> 01:22:16.190
with ocean issues . And and she was a

01:22:16.190 --> 01:22:18.310
leader in helping to draw the links

01:22:18.310 --> 01:22:20.366
between ocean and the climate crisis

01:22:20.540 --> 01:22:22.770
and chilies . Ambitious climate plan is

01:22:22.770 --> 01:22:25.650
a living example of how ocean solutions

01:22:25.650 --> 01:22:28.630
play an integral role in the climate

01:22:28.630 --> 01:22:31.280
effort . And after her message we'll

01:22:31.280 --> 01:22:33.930
hear from my friend a lock Sharma who

01:22:33.930 --> 01:22:36.280
has taken on a role that no one foresaw

01:22:36.280 --> 01:22:38.870
which is preparing for and leading a

01:22:38.870 --> 01:22:41.092
critical U . N . Climate conference cop

01:22:41.092 --> 01:22:44.230
26 in the midst of a global pandemic .

01:22:44.900 --> 01:22:47.410
He's managed this work with relentless

01:22:47.410 --> 01:22:49.740
determination . We're very grateful for

01:22:49.740 --> 01:22:51.851
his leadership and we look forward to

01:22:51.851 --> 01:22:53.907
working very closely with the United

01:22:53.907 --> 01:22:55.740
Kingdom on the road to cop 26 in

01:22:55.740 --> 01:22:59.440
Glasgow . So um Carolina and a lock ,

01:22:59.450 --> 01:23:02.740
uh Carolina , you would lead off and

01:23:02.740 --> 01:23:04.851
and then we'll go right to a lock and

01:23:04.851 --> 01:23:06.851
then we'll close out this session .

01:23:06.851 --> 01:23:09.810
Thank you . Thank you , john

01:23:09.820 --> 01:23:12.430
distinguished delegates , my warm

01:23:12.430 --> 01:23:15.010
greetings to you all from chile and a

01:23:15.010 --> 01:23:16.899
special thanks to our hosts , the

01:23:16.899 --> 01:23:19.920
United States . Climate change is the

01:23:19.920 --> 01:23:22.142
greatest challenge facing humanity this

01:23:22.142 --> 01:23:25.260
century And this year 2021 with the

01:23:25.260 --> 01:23:27.840
United States fully back in the Paris

01:23:27.840 --> 01:23:30.230
agreement is the year the multilateral

01:23:30.230 --> 01:23:32.890
process must show it is up to the

01:23:32.890 --> 01:23:35.190
challenge to bring the agreement into

01:23:35.190 --> 01:23:38.210
full operation at 25 in Madrid .

01:23:38.210 --> 01:23:40.730
Important steps were taken towards this

01:23:41.100 --> 01:23:42.989
for the first time , a mandate to

01:23:42.989 --> 01:23:45.267
address oceans under the U . N . F . D .

01:23:45.267 --> 01:23:47.489
C . Agenda was established an important

01:23:47.489 --> 01:23:49.950
step for the integration of the climate

01:23:49.960 --> 01:23:52.330
and environmental agendas in a Blue cup

01:23:52.340 --> 01:23:54.062
highlighting the importance of

01:23:54.062 --> 01:23:56.460
protection of oceans to tackle the

01:23:56.460 --> 01:23:59.240
climate crisis . We catalyze technical

01:23:59.240 --> 01:24:01.600
assistance and knowledge on loss and

01:24:01.600 --> 01:24:04.250
damage with the Santiago Network . We

01:24:04.250 --> 01:24:06.740
adopted a completely normal gender

01:24:06.740 --> 01:24:09.790
action plan for Climate action with

01:24:09.790 --> 01:24:13.110
justice . We step action on adaptation

01:24:13.120 --> 01:24:16.190
as relevant as an as urgent as

01:24:16.200 --> 01:24:18.940
mitigation . Holding the first cop

01:24:18.940 --> 01:24:22.150
ministerial on adaptation and develop

01:24:22.160 --> 01:24:24.800
key progress , bringing us closer to an

01:24:24.800 --> 01:24:27.460
agreement On a global market mechanism

01:24:27.470 --> 01:24:30.310
on Article six . But one of the most

01:24:30.310 --> 01:24:32.980
fundamental activities of cop 25 was

01:24:32.980 --> 01:24:34.940
the climate ambition alliance for

01:24:34.940 --> 01:24:37.300
caravan neutrality , bringing together

01:24:37.300 --> 01:24:40.590
for the first time state and non state

01:24:40.600 --> 01:24:44.540
actors committed with concrete plans to

01:24:44.540 --> 01:24:46.930
reach carbon neutrality at 2050 at the

01:24:46.930 --> 01:24:49.650
latest following the requests of the

01:24:49.650 --> 01:24:52.220
science and recognize it that countries

01:24:52.230 --> 01:24:55.670
alone cannot face this challenge . We

01:24:55.670 --> 01:24:58.670
need the commitments and plans for

01:24:58.670 --> 01:25:00.670
transformation through innovation ,

01:25:00.680 --> 01:25:03.300
technology and resources of the private

01:25:03.300 --> 01:25:07.170
sector . The top 25 presidency and

01:25:07.210 --> 01:25:10.500
incoming cop 26 presidency of UK are

01:25:10.500 --> 01:25:12.920
working closely together to increase

01:25:12.920 --> 01:25:15.710
the climate ambition , using all tools

01:25:15.720 --> 01:25:18.860
available to work with everybody . Even

01:25:18.870 --> 01:25:20.870
though these difficult times of the

01:25:20.870 --> 01:25:23.920
pandemic . Working together with the UK

01:25:23.920 --> 01:25:27.000
and the cup champions of cop 25 26 the

01:25:27.000 --> 01:25:29.167
high ambition alliance and it's raised

01:25:29.167 --> 01:25:31.000
to Syria campaign has become the

01:25:31.000 --> 01:25:33.260
greatest ever coalition committed to

01:25:33.260 --> 01:25:36.740
net zero carbon emissions . 122

01:25:36.740 --> 01:25:39.760
countries and over 3000 organization .

01:25:39.760 --> 01:25:41.427
Business investors , cities ,

01:25:41.427 --> 01:25:44.400
universities and many others accounting

01:25:44.410 --> 01:25:48.290
for over 70 of global GDP are now

01:25:48.290 --> 01:25:51.190
part of this alliance that include not

01:25:51.190 --> 01:25:54.040
only the world's biggest companies And

01:25:54.040 --> 01:25:56.040
now as well with the Glasgow Finals

01:25:56.040 --> 01:25:59.560
Alliance , also more than 160 of the

01:25:59.560 --> 01:26:02.700
biggest banks , investors and insurance

01:26:02.710 --> 01:26:05.590
representing more than $70 trillion

01:26:05.600 --> 01:26:08.860
dollars globally . The moment to is

01:26:08.860 --> 01:26:11.180
with US . Climate leaders around the

01:26:11.180 --> 01:26:13.347
world recognize that carbon neutrality

01:26:13.347 --> 01:26:15.730
by 2050 at the latest is not only an

01:26:15.740 --> 01:26:18.600
ethical imperative but also a key

01:26:18.600 --> 01:26:21.390
condition for development and the only

01:26:21.390 --> 01:26:23.460
path to a resident and prosperous

01:26:23.460 --> 01:26:27.230
future . The world is watching us And

01:26:27.230 --> 01:26:29.590
will accept nothing less than a

01:26:29.590 --> 01:26:33.400
complete an ambitious outcome at Cop 26 .

01:26:33.880 --> 01:26:36.050
That must consider mitigation ,

01:26:36.060 --> 01:26:39.140
adaptation and finance as equally

01:26:39.150 --> 01:26:42.570
urgent on the road to Glasgow . We urge

01:26:42.580 --> 01:26:44.420
all countries and non state

01:26:44.430 --> 01:26:48.190
organizations to join us for people for

01:26:48.190 --> 01:26:50.710
the planet and for a prosperous future

01:26:50.710 --> 01:26:52.500
for the world . Thank you .

01:26:54.780 --> 01:26:57.100
Thank you Carolina for your forceful

01:26:57.110 --> 01:26:59.520
leadership . Uh , we're gonna need you

01:26:59.520 --> 01:27:01.520
more than ever in these next days .

01:27:01.880 --> 01:27:04.102
Over to you , Alak ! Thanks for joining

01:27:04.102 --> 01:27:07.540
us . Thank you john and thank you for

01:27:07.540 --> 01:27:09.570
your very kind introduction . Your

01:27:09.570 --> 01:27:12.220
Excellencies . Ladies and gentlemen ,

01:27:12.220 --> 01:27:15.370
friends before a baby born . Today has

01:27:15.380 --> 01:27:17.930
even finished primary education . The

01:27:17.930 --> 01:27:21.250
future will be set . We all know that

01:27:21.250 --> 01:27:24.030
the next decade will be make or break

01:27:24.040 --> 01:27:26.990
for planet Earth and the warning lights

01:27:27.000 --> 01:27:30.920
are flashing bright red . And that is

01:27:30.920 --> 01:27:33.240
why the decisions that world leaders

01:27:33.240 --> 01:27:35.770
are taking today and indeed on the road

01:27:35.770 --> 01:27:38.530
to cop 26 are going to be absolutely

01:27:38.540 --> 01:27:41.070
critical . So I want to thank President

01:27:41.070 --> 01:27:43.780
biden for bringing us together and for

01:27:43.780 --> 01:27:46.220
the US's own ambitious , new ,

01:27:46.220 --> 01:27:48.640
nationally determined contribution and

01:27:48.640 --> 01:27:50.990
indeed I'm very grateful to everyone

01:27:50.990 --> 01:27:53.157
who has made announcements and move us

01:27:53.157 --> 01:27:56.610
closer to our clean green future to

01:27:56.610 --> 01:27:58.670
creating those jobs and prosperity

01:27:58.680 --> 01:28:01.520
without harming the planet . And with

01:28:01.520 --> 01:28:03.687
today's announcements from the U . S .

01:28:03.687 --> 01:28:06.720
From Canada from Japan , every G seven

01:28:06.720 --> 01:28:10.030
country now has an NDC that puts them

01:28:10.040 --> 01:28:13.180
on a path to net zero by 2050 .

01:28:13.770 --> 01:28:16.290
This is a significant step towards

01:28:16.290 --> 01:28:19.870
keeping 1.5° within reach from a group

01:28:19.870 --> 01:28:22.200
of countries who have a responsibility

01:28:22.240 --> 01:28:25.400
to lead As you've heard . Netzero

01:28:25.400 --> 01:28:28.530
commitments now cover 70 of the global

01:28:28.530 --> 01:28:31.400
economy and this is real progress .

01:28:31.870 --> 01:28:35.310
But we have much further to go because

01:28:35.310 --> 01:28:37.310
as I said that the climate ambition

01:28:37.310 --> 01:28:39.421
summit in December , the key question

01:28:39.421 --> 01:28:41.980
is how we collectively as a world

01:28:41.980 --> 01:28:44.060
community done enough to put us on

01:28:44.060 --> 01:28:47.350
track to limit warming to 1.5° to

01:28:47.350 --> 01:28:49.280
protecting ourselves from climate

01:28:49.280 --> 01:28:51.810
change and making the Paris agreement a

01:28:51.810 --> 01:28:55.570
reality friends . The answer to that

01:28:55.570 --> 01:28:59.190
question is still no , not yet .

01:28:59.870 --> 01:29:02.690
Between now and cop 26 there will be

01:29:02.690 --> 01:29:04.690
more opportunities for countries to

01:29:04.690 --> 01:29:06.801
raise their ambition . And so we must

01:29:06.801 --> 01:29:08.970
because if we are serious about 1.5

01:29:08.970 --> 01:29:12.210
degrees , we must be serious about NDC

01:29:12.210 --> 01:29:14.500
s and we must be serious about acting

01:29:14.500 --> 01:29:17.130
now to reduce emissions and we must be

01:29:17.130 --> 01:29:19.310
serious about supporting developing

01:29:19.310 --> 01:29:23.210
countries . The next IPCC report

01:29:23.220 --> 01:29:26.590
will show us again the urgency of our

01:29:26.600 --> 01:29:29.200
situation . The world is looking

01:29:29.210 --> 01:29:32.100
expectantly to its leaders to respond

01:29:32.670 --> 01:29:35.130
and we must prove that we are up to the

01:29:35.130 --> 01:29:38.040
challenge And we must make cop 26 that

01:29:38.040 --> 01:29:40.151
turning point at which we get back on

01:29:40.151 --> 01:29:42.262
track and make the goals of the price

01:29:42.262 --> 01:29:44.540
agreement reality . And that means

01:29:44.550 --> 01:29:47.410
firstly putting the world on a path to

01:29:47.410 --> 01:29:50.130
net zero through long term targets and

01:29:50.140 --> 01:29:53.400
aligned NBC's and taking immediate

01:29:53.410 --> 01:29:56.110
action to meet those targets by , for

01:29:56.110 --> 01:29:58.980
example , phasing out coal . So I

01:29:58.980 --> 01:30:01.202
welcome South Korea's commitment to end

01:30:01.202 --> 01:30:04.310
overseas coal financing . Second , we

01:30:04.310 --> 01:30:07.630
must boost adaptation . 3rd , we need

01:30:07.630 --> 01:30:09.686
finance as we've heard about in this

01:30:09.686 --> 01:30:12.250
section and we must all see ourselves

01:30:12.260 --> 01:30:14.450
as champions of developing countries

01:30:14.460 --> 01:30:16.571
whose call for action , we have heard

01:30:16.571 --> 01:30:19.680
loud and clear today . Climate

01:30:19.680 --> 01:30:23.110
change , we all know does not respect

01:30:23.120 --> 01:30:26.610
borders and tackling it is absolutely a

01:30:26.610 --> 01:30:28.990
global effort . Developed countries

01:30:28.990 --> 01:30:31.480
must mobilise that promised $100

01:30:31.480 --> 01:30:35.440
billion US . return to the

01:30:35.440 --> 01:30:37.850
fold following today's initial climate

01:30:37.850 --> 01:30:40.200
finance commitment and we will continue

01:30:40.200 --> 01:30:42.800
to work with all donors to increase

01:30:42.800 --> 01:30:44.980
ambition towards our collective goal .

01:30:45.960 --> 01:30:48.830
Finally , we must work together to

01:30:48.830 --> 01:30:51.440
deliver a low carbon world and make the

01:30:51.440 --> 01:30:53.870
negotiations in Glasgow a success

01:30:55.360 --> 01:30:58.220
Friends today . We have made progress

01:30:58.230 --> 01:31:00.760
on our goals , but we need a further

01:31:00.760 --> 01:31:02.927
step change . We need world leaders to

01:31:02.927 --> 01:31:04.982
mount a global response that matches

01:31:04.982 --> 01:31:07.230
the scale and the urgency of the crisis

01:31:07.240 --> 01:31:11.130
we face . This is the defining issue of

01:31:11.130 --> 01:31:14.060
our political age . The one against

01:31:14.060 --> 01:31:16.200
with future generations will judge us

01:31:16.400 --> 01:31:20.220
above all others . But I do believe

01:31:20.230 --> 01:31:22.960
that we can and we must rise to the

01:31:22.960 --> 01:31:26.950
occasion . Thank you Lock . Thank

01:31:26.950 --> 01:31:29.200
you for those very important words .

01:31:29.930 --> 01:31:33.360
President biden is hosting

01:31:33.370 --> 01:31:37.340
this summit because he agrees with what

01:31:37.340 --> 01:31:39.396
you just said , that we're not there

01:31:39.396 --> 01:31:43.030
yet . And we all know the theme of this

01:31:43.040 --> 01:31:46.220
summit is raising ambition and a bunch

01:31:46.220 --> 01:31:48.370
of countries raised ambition today ,

01:31:49.060 --> 01:31:53.040
including the United States , but And

01:31:53.040 --> 01:31:55.262
the United States and Europe in certain

01:31:55.262 --> 01:31:58.460
countries are hitting targets now that

01:31:58.460 --> 01:32:01.240
do get them on track to hold on to the

01:32:01.240 --> 01:32:04.690
1.5° and Prime Minister Modi with his

01:32:04.690 --> 01:32:08.090
450 gigawatt renewable if it gets

01:32:08.090 --> 01:32:11.480
deployed , keeps India on that track .

01:32:11.550 --> 01:32:15.350
So there is a beginning of the level of

01:32:15.350 --> 01:32:17.940
commitments necessary . But as a lock

01:32:17.940 --> 01:32:20.600
has just underscored and

01:32:20.610 --> 01:32:24.550
uh , we we we we know and

01:32:24.550 --> 01:32:27.120
Caroline also , we are not where we

01:32:27.120 --> 01:32:29.350
need to be . And the science is going

01:32:29.350 --> 01:32:31.517
to document that increasingly over the

01:32:31.517 --> 01:32:34.380
course of the next months . So this is

01:32:34.380 --> 01:32:36.213
the beginning of building blocks

01:32:36.213 --> 01:32:39.380
heading towards Glasgow and Glasgow

01:32:39.380 --> 01:32:41.770
will be what many of us think is the

01:32:41.770 --> 01:32:43.950
last best hope to be able to get the

01:32:43.950 --> 01:32:46.283
world on track to do what we need to do .

01:32:46.283 --> 01:32:48.394
So there's a lot of work to be done .

01:32:48.394 --> 01:32:50.394
And I really thank you a lock and I

01:32:50.394 --> 01:32:52.506
thank you very much Carolina for your

01:32:52.506 --> 01:32:54.506
leadership , chile's leadership and

01:32:54.506 --> 01:32:56.561
look forward to working with both of

01:32:56.561 --> 01:32:59.540
you in the next months . When we return ,

01:32:59.590 --> 01:33:02.280
we will have a message from a very

01:33:02.290 --> 01:33:06.170
special guest . Um and

01:33:06.170 --> 01:33:08.059
then we will go into our breakout

01:33:08.059 --> 01:33:10.770
session on climate action at all levels

01:33:11.150 --> 01:33:13.530
as well as a separate breakout on

01:33:13.530 --> 01:33:15.710
adaptation and resilience . Those are

01:33:15.710 --> 01:33:18.090
the first to break out sessions and we

01:33:18.090 --> 01:33:20.560
look forward to seeing you there .

01:33:20.570 --> 01:33:22.570
Thank you all very , very much . We

01:33:22.570 --> 01:33:24.570
take a short break and then we come

01:33:24.570 --> 01:33:26.792
back to go into that session . It's not

01:33:26.792 --> 01:33:28.570
that long a break . Thank you .

01:34:27.040 --> 01:34:30.860
Are we at risk of destabilizing the

01:34:30.860 --> 01:34:34.300
whole planet . Recent

01:34:34.300 --> 01:34:37.030
discoveries made by scientists studying

01:34:37.030 --> 01:34:39.600
the ways in which our planet works are

01:34:39.600 --> 01:34:41.980
surely of the greatest importance for

01:34:41.990 --> 01:34:45.430
all of us . The insights are deeply

01:34:45.430 --> 01:34:48.610
troubling . Nonetheless . They also

01:34:48.610 --> 01:34:51.530
give us hope because they show us how

01:34:51.530 --> 01:34:55.430
we can fix things . Johan rockstar

01:34:55.430 --> 01:34:57.890
um has focused on what keeps our planet

01:34:57.890 --> 01:35:00.750
stable . What he and his colleagues

01:35:00.750 --> 01:35:02.750
around the world have discovered is

01:35:02.750 --> 01:35:04.900
perhaps the most important scientific

01:35:04.900 --> 01:35:08.870
insight of our times . This comes from

01:35:08.870 --> 01:35:11.037
ice core data and I think that this is

01:35:11.037 --> 01:35:13.314
the most important graph we have today .

01:35:13.314 --> 01:35:16.440
The graph is a revelation . It shows

01:35:16.440 --> 01:35:18.890
global temperature variability over the

01:35:18.890 --> 01:35:21.930
past 100,000 years since the first

01:35:21.930 --> 01:35:24.460
appearance of modern humans , We were

01:35:24.460 --> 01:35:27.740
jumping between plus -10°C in a decade .

01:35:27.750 --> 01:35:31.370
We had to put it simple . A rough time .

01:35:31.840 --> 01:35:34.090
What's critical is that the temperature

01:35:34.090 --> 01:35:37.560
stabilized just 10,000 years ago .

01:35:38.040 --> 01:35:40.096
geologists have given this period of

01:35:40.096 --> 01:35:43.220
stability its own special name , It's

01:35:43.220 --> 01:35:47.210
called the Holocene . Holocene is

01:35:47.210 --> 01:35:50.170
remarkable . It is a warm period where

01:35:50.170 --> 01:35:52.170
the planets global mean temperature

01:35:52.170 --> 01:35:54.680
varies between just plus -1°C. .

01:35:54.680 --> 01:35:57.820
During the entire period , the holocene

01:35:57.820 --> 01:36:00.350
stable temperatures gave us a stable

01:36:00.350 --> 01:36:03.320
pan , It sea levels

01:36:03.320 --> 01:36:07.190
stabilized for the first time . We had

01:36:07.200 --> 01:36:09.230
predictable seasons and reliable

01:36:09.230 --> 01:36:12.950
weather . This

01:36:12.960 --> 01:36:16.280
stability was fundamental for the first

01:36:16.280 --> 01:36:19.160
time civilization was possible and

01:36:19.160 --> 01:36:21.270
humanity wasted no time in taking

01:36:21.270 --> 01:36:25.240
advantage . The holocene is the only

01:36:25.240 --> 01:36:27.560
state of the planet we know for certain

01:36:27.570 --> 01:36:30.420
can support the modern world as we know

01:36:30.420 --> 01:36:34.110
it . But we have just left the holocene

01:36:34.110 --> 01:36:37.050
behind . The exponential rise in human

01:36:37.050 --> 01:36:38.939
pressures on planet Earth has now

01:36:38.939 --> 01:36:40.939
reached the stage where we have now

01:36:40.939 --> 01:36:43.050
created our own geological epoch . We

01:36:43.050 --> 01:36:45.900
are now in the anthropocene , the age

01:36:45.910 --> 01:36:48.900
of humans , because we now are the

01:36:48.900 --> 01:36:51.420
primary drivers have changed on planet

01:36:51.420 --> 01:36:54.040
Earth . It's just a mind boggling

01:36:54.040 --> 01:36:56.373
situation to be in . For the first time ,

01:36:56.373 --> 01:36:58.540
we have to seriously consider the risk

01:36:58.540 --> 01:37:00.596
of destabilizing the entire planet .

01:37:01.030 --> 01:37:03.260
There is a danger that we have already

01:37:03.260 --> 01:37:05.950
crossed the boundary in Earth's climate .

01:37:07.110 --> 01:37:10.140
The most alarming evidence of this is

01:37:10.140 --> 01:37:12.460
in the change of our planet's ice ,

01:37:13.130 --> 01:37:16.790
Having two caps of a permanent ice

01:37:17.110 --> 01:37:19.950
in the Arctic and in Antarctica is the

01:37:19.960 --> 01:37:22.710
very precondition for the planet to

01:37:22.710 --> 01:37:25.250
stay in the state that has enabled us

01:37:25.250 --> 01:37:27.560
to develop civilizations as we know it ,

01:37:28.030 --> 01:37:31.230
A permanent wide surface , like what we

01:37:31.230 --> 01:37:33.500
can see around us here is reflecting

01:37:33.500 --> 01:37:37.440
back 1995 of incoming heat from the

01:37:37.440 --> 01:37:37.960
sun .

01:37:41.230 --> 01:37:44.040
When these ice sheets start melting ,

01:37:44.370 --> 01:37:47.050
you can come to a point where the ice

01:37:47.050 --> 01:37:50.090
sheets tip over from being self cooling

01:37:50.100 --> 01:37:53.500
to becoming self warming . And that is

01:37:53.580 --> 01:37:57.260
the most dramatic tipping point in the

01:37:57.260 --> 01:37:59.790
earth system . A keeping point is a

01:37:59.790 --> 01:38:02.040
point beyond which a change becomes

01:38:02.050 --> 01:38:04.140
irreversible . So in the current

01:38:04.140 --> 01:38:06.251
climate , Greenland is already beyond

01:38:06.251 --> 01:38:09.520
its threshold where it's now losing

01:38:09.530 --> 01:38:13.530
10,000 m3 of ice per second .

01:38:14.620 --> 01:38:17.380
That's the average law straight now .

01:38:17.390 --> 01:38:20.990
That law straight will only continue as

01:38:20.990 --> 01:38:24.660
the climate heats up . So is Greenland

01:38:24.660 --> 01:38:28.030
lost ? Evidently it is

01:38:28.700 --> 01:38:30.530
the drama here . Is that one

01:38:30.530 --> 01:38:32.660
characteristic of tipping points is

01:38:32.660 --> 01:38:35.330
that once you press the on button , you

01:38:35.330 --> 01:38:37.760
cannot stop it . It takes over . It's

01:38:37.760 --> 01:38:40.038
too late . It's not like you could say ,

01:38:40.038 --> 01:38:42.260
oops . Now , I realize I didn't want to

01:38:42.260 --> 01:38:44.316
melt the Greenland ice sheet . Let's

01:38:44.316 --> 01:38:46.427
let's back off then . It's too late .

01:38:46.890 --> 01:38:48.980
The important point to make here is

01:38:48.990 --> 01:38:51.380
that everything in the earth system is

01:38:51.390 --> 01:38:55.060
connected of one part of the climate

01:38:55.060 --> 01:38:58.840
system crosses its tipping point , then

01:38:58.850 --> 01:39:00.794
that might make it more likely for

01:39:00.794 --> 01:39:03.017
other parts of the system to also cross

01:39:03.017 --> 01:39:05.570
their critical threshold . So you can

01:39:05.580 --> 01:39:09.030
think of this in terms of dominoes , if

01:39:09.030 --> 01:39:11.086
you tip one of them over , then this

01:39:11.086 --> 01:39:13.197
might lead to cascading effect . When

01:39:13.197 --> 01:39:15.252
we cross tipping points , we unleash

01:39:15.252 --> 01:39:17.419
irreversible changes . That would mean

01:39:17.419 --> 01:39:19.530
that the planet will go from our best

01:39:19.530 --> 01:39:21.800
friends , a position where it dampens

01:39:21.800 --> 01:39:24.680
and reduces the stress , sucking up

01:39:24.690 --> 01:39:27.240
carbon dioxide , taking up heat ,

01:39:27.620 --> 01:39:30.440
absorbing impacts and tipping over to a

01:39:30.440 --> 01:39:32.440
point where it could self reinforce

01:39:32.440 --> 01:39:34.250
warming and become a folk .

01:39:36.020 --> 01:39:39.700
1988 We passed 350

01:39:39.700 --> 01:39:42.410
parts per million of carbon dioxide in

01:39:42.420 --> 01:39:44.710
Earth's atmosphere . This was the

01:39:44.710 --> 01:39:47.270
moment we crossed the boundary ever

01:39:47.270 --> 01:39:49.360
since then , we've been at risk of

01:39:49.360 --> 01:39:52.400
triggering changes that lead to runaway

01:39:52.400 --> 01:39:55.700
warming . Right now , we've reached a

01:39:55.700 --> 01:39:58.250
point of carbon dioxide concentration

01:39:58.250 --> 01:40:01.860
in the atmosphere of roughly 415 parts

01:40:01.860 --> 01:40:04.300
per million . We're starting to seeing

01:40:04.480 --> 01:40:06.536
the impact of being in the middle of

01:40:06.536 --> 01:40:08.758
the danger zone in the climate boundary

01:40:08.810 --> 01:40:10.810
in terms of rising frequency of

01:40:10.820 --> 01:40:13.750
droughts and heatwaves and floods and

01:40:14.260 --> 01:40:16.540
accelerated melting of ice and

01:40:17.010 --> 01:40:19.720
accelerated throwing a permafrost and

01:40:19.730 --> 01:40:21.674
higher frequency of forest fires .

01:40:22.110 --> 01:40:24.100
Today , our assessment is that the

01:40:24.100 --> 01:40:26.110
uncertainty range and science lies

01:40:26.110 --> 01:40:30.000
between 350 ppm , Which is the boundary

01:40:30.000 --> 01:40:32.167
between the safe zone and entering the

01:40:32.167 --> 01:40:35.750
danger zone up to 450 ppm , which is

01:40:35.750 --> 01:40:37.806
when you exit the danger zone and go

01:40:37.806 --> 01:40:40.310
into really high risk zone . If we

01:40:40.320 --> 01:40:42.910
enter the high risk zone , irreversible

01:40:42.910 --> 01:40:45.021
tipping points become highly likely ,

01:40:45.021 --> 01:40:47.340
if not inevitable , and this is a

01:40:47.340 --> 01:40:49.520
conservative estimate , given that the

01:40:49.520 --> 01:40:52.100
signs of tipping points are all around

01:40:52.100 --> 01:40:55.050
us . Now , we are fast approaching a

01:40:55.050 --> 01:40:57.090
major tipping point in one of the

01:40:57.090 --> 01:40:59.650
planet's largest remaining wildernesses .

01:41:00.210 --> 01:41:03.250
The amazon , large parts of the

01:41:03.250 --> 01:41:06.670
rainforests are drying out as the

01:41:06.670 --> 01:41:09.280
forest is reduced and fragmented , its

01:41:09.280 --> 01:41:11.810
ability to recycle water and generate

01:41:11.820 --> 01:41:14.620
rain into the dry season is diminished .

01:41:15.710 --> 01:41:18.210
If the dry season becomes longer than

01:41:18.220 --> 01:41:21.120
four months , the jungle trees die and

01:41:21.120 --> 01:41:23.670
are replaced by savannah and carbon is

01:41:23.670 --> 01:41:26.450
released into the atmosphere . Carlos

01:41:26.450 --> 01:41:29.360
Nobre has calculated the Amazon could

01:41:29.360 --> 01:41:32.890
release 200 billion tons over the next

01:41:32.890 --> 01:41:35.530
30 years . That's equivalent to all the

01:41:35.530 --> 01:41:38.480
carbon emitted worldwide for the past

01:41:38.480 --> 01:41:41.870
five years . We are very , very

01:41:41.880 --> 01:41:44.770
close to the tipping point . Are we

01:41:44.770 --> 01:41:47.420
concerned about fighting the climate

01:41:47.420 --> 01:41:51.270
crisis ? Are we uh , concerned about

01:41:51.280 --> 01:41:55.250
keeping the carbon in the forest or I

01:41:55.250 --> 01:41:59.010
don't care now that johan and his

01:41:59.010 --> 01:42:00.677
colleagues have turned on the

01:42:00.677 --> 01:42:02.677
headlights , We can clearly see the

01:42:02.677 --> 01:42:06.020
boundaries , we can see the path back

01:42:06.030 --> 01:42:08.730
to a safe space to a more resilient

01:42:08.730 --> 01:42:12.670
future . It is achievable . An

01:42:12.680 --> 01:42:15.470
immediate priority is to reduce carbon

01:42:15.470 --> 01:42:18.430
emissions to zero and stabilize global

01:42:18.430 --> 01:42:21.420
temperature as low as we possibly can .

01:42:21.670 --> 01:42:23.781
Since the beginning of the Industrial

01:42:23.781 --> 01:42:27.360
Revolution , we have emitted 2400

01:42:27.360 --> 01:42:31.050
billion tons of carbon dioxide To

01:42:31.050 --> 01:42:34.460
stay below 1.5°. . We must emit less

01:42:34.460 --> 01:42:38.410
than 300 billion tons more . If we

01:42:38.410 --> 01:42:41.910
continue to emit 40 billion tons each

01:42:41.910 --> 01:42:45.000
year , our budget will run out within

01:42:45.010 --> 01:42:47.910
seven years . Of course we cannot shut

01:42:47.920 --> 01:42:51.760
down all energy utilities in the

01:42:51.760 --> 01:42:54.340
world overnight . So the only orderly

01:42:54.340 --> 01:42:56.420
way to do this is to bend the global

01:42:56.420 --> 01:42:59.250
curve , emissions . Now , that's what

01:42:59.260 --> 01:43:02.480
all signs shows now is the last chance

01:43:02.480 --> 01:43:04.424
we have to bend the global curve ,

01:43:05.200 --> 01:43:07.200
cutting our emissions in half every

01:43:07.200 --> 01:43:10.720
decade is an exponential rate of change .

01:43:11.600 --> 01:43:13.800
Anyone can adopt this pace and a

01:43:13.800 --> 01:43:15.911
company can do it , or country can do

01:43:15.911 --> 01:43:18.830
it , or the world can slash must do it .

01:43:19.300 --> 01:43:21.440
The future is not determined , the

01:43:21.440 --> 01:43:23.890
future is in our hands . What happens

01:43:23.900 --> 01:43:26.620
over the next centuries will be

01:43:26.620 --> 01:43:28.820
determined of how we play our cards

01:43:28.830 --> 01:43:31.060
this decade . I would say that we do

01:43:31.060 --> 01:43:33.227
not have environmental problems in the

01:43:33.227 --> 01:43:35.504
world anymore destabilizing the planet .

01:43:35.504 --> 01:43:38.190
The risk of destabilizing planet is a

01:43:38.190 --> 01:43:41.430
question of security and stability for

01:43:41.440 --> 01:43:43.790
for all societies in the world ,

01:43:43.800 --> 01:43:45.856
therefore , it is a question for the

01:43:45.856 --> 01:43:48.550
Security Council . It's a remarkable

01:43:48.550 --> 01:43:51.380
time to be alive , but it also carries

01:43:51.380 --> 01:43:55.010
great responsibility to act decisively .

01:43:56.300 --> 01:44:00.250
We have no time to lose . We still have

01:44:00.250 --> 01:44:03.140
a chance . The window is still open for

01:44:03.140 --> 01:44:06.320
us to have a future for humanity .

01:44:07.100 --> 01:44:09.267
That I think is the beauty of where we

01:44:09.267 --> 01:44:09.920
are today .