 Good evening everyone, and I know we are in different time zones. It's wonderful to Just to be with all of you and and share my thoughts So it's really a pleasure to be a part of the FTS science conference 2020 Building a more inclusive world especially the one that values women Supports climate action and builds community resilience. Now, this has been a part of IAX's mission for the past decade and Innovation has been a crucial part of our journey and approach and I'm going to share some of those thoughts with you today now Interestingly, if you think about it with Hold on my screen is not moving Okay, got it You know the state of the world pre-COVID and now again, I say that because of course COVID has been the big disruptor But interestingly even at the beginning of the year if I were sharing these thoughts with you I would start with this and I would actually like to share the same thoughts with you Which is what was really the state of the world and the state of the world at least on the surface seems quite good There are less people in poverty In an all-time low at 10% there were more people who were connected. There was massive globalization through Global trade capital information and of course the world actually went digital and we had half the global population More than half 57% who are using the internet and more than half of those people actually about four billion of them Were users who resided in Asia Pacific. So these are all wonderful news now interestingly if you think about it even pre-COVID was it really The case that the world was such a wonderful place and the reality is no it was not So what I just shared with you really was the surface and if you really just looked under the hood a little bit You saw that the world was actually experiencing a lot of challenges the Addressing the realities of climate change where 800 million people were vulnerable to the negative climate Change impact and just in a very few months. We had in 2020 more than 13,000 square kilometers the Brazilian Amazon was burned Now, of course, we are seeing that even in the US right now They're close to 15,000 firefighters and trying to combat, you know close to 30 major fires across California So it's it's just and of course with the one typhoon and hurricane after the other So these are all the things that we got battered and that still are being battered on the climate side Now interestingly if you look at on the biodiversity side Recently UN Global Biodiversity Outlook It actually just was came out last week and it shared with us that we basically missed all the critical deadlines to safeguarding biodiversity None of the 20 targets set in the IT biodiversity targets were met and with only six partially achieved now What did this happen because interestingly apparently some 500 billion dollars that was spent on fossil fuel and other subsidies Caused environmental degradation and thus the biodiversity was adversely impacted Now if you look at the inequality again with all the wonderful results I just started off with if you looked just a little bit underneath that you would have seen that even COVID we had still over 700 million people who were living under two dollars a day and again most of them were in Asia and Of course, we have now on top of all of that. We have the global pandemic which has Taken, you know close to a million lives across the globe and those numbers are rising now the impact of COVID on The global economy which again was experiencing Experiencing incredible inequality has taken it to the new level with economies contracting from 20 to 30 percent Already and of course the women who are the most vulnerable are Going into even further and deeper poverty now COVID actually has disproportionately impacted women and climate change before with COVID-19 women were already likely to live in poverty and now Making it even harder for them to cope with weather related shocks Along with the pandemic and low carbon technologies. So you have now the vulnerable Getting hit even in a much worse way now The reason I tell you all this is because not because the fact that you know, the world is in a bad place We all know that but really for you to step back and actually see what can be done about it all these challenges That we are facing does it actually mean we have some opportunities to go along with it? The answer is yes We actually can look at transforming the financial system the most Powerful powerful body in the planet. We can actually generate inclusive value and we can Empower women to be solution builders for climate action. Now, how are we going to do that? very simply by disrupting finance and We can do it and we're showing that we can disrupt finance for inclusive growth and Why finance why am I picking finance now? This is an interesting chart if you look at it closely and it's not drawn to scale because you can't draw this to scale If you look at it on the right-hand side, that's the global philanthropy Which you know hovers around half a billion dollars Now this does not of course take into account some of the the donor Agencies who are coming in this is private philanthropy. Maybe you add another billion to that so it really is a number that is Extremely small Compared on the left side of the screen where you see the global wealth This is global wealth of everything together. You have all the assets. You have all the stock exchanges everything together You see it's over 360 trillion dollars That's incredible 360 trillion dollars on one side where it's creating wealth for the 1% and The 99% of the global population are being exposed To the tiny amount of philanthropy, which is on the right side now having said that over the last 30 years we have seen Some very positive movements in the market There was a whole notion of socially responsible investing that started almost 40 years ago Where do no harm became one of the big mantras which is fantastic And it was really the anti-apartheid movement in South Africa that triggered it so if you if you didn't actually invest in gun or alcohol or Companies which are supporting apartheid Those were considered as socially responsible investing now That's about 30 trillion dollars and that now has gone to the next level, which is ESG Environmental social and governance focus, which is about 40 trillion where you're going at level deeper and actually keeping making the companies accountable Now there's no verification, but the company's actually saying we are doing x y and z with environment and socially Now interestingly 10 years ago This all of this would take them to the new level of depth and this was through impact investing This is where the investing is happens with an intention of creating social and Environmental good along with the financial return and that is now a market over the last decade of 715 billion I will talk a little bit more about that Little later, but what's important is if you think about it? The STG in before COVID even we knew that we needed 2.5 trillion dollars every year to actually meet the SDG code now that number God knows what that is You know, it's probably double or triple that every year now if you have this incredible need to meet the SDG goals and We actually have an incredible gap that cannot be met And we know that all this wealth is sitting in the capital markets The question then really is how do we actually bring that to make it work for everyone? Now the impact investing movement as I mentioned when it started 10 years ago It was really an idea that a group of us came together in Bellagio into the rocker for a foundation brought us together and we were the ones who basically said we are going to change finance and we're going to do it for good and It's really heartening to see after a decade. This market is now close to $800 billion and it's growing so people are waking up to it the Investors the financial markets the fact that you cannot be looking at finance in a myopic way So the good news is while all the new quality lasts we can actually as a group use this good Intentionality and see how we can make it work for everyone Now what is actually happening in the market right now? It's a good for us to step back and kind of take a look at it Yes, the corporates are issuing global sustainability bonds. You must be hearing about it You're hearing about the multilaterals have increased climate finance budget wonderful You're hearing about the MNC's, you know, we're doing a lot of work in the space, but again, let's look a little closer Interestingly, yes corporates have issued 35% of the global sustainability bonds But also if you look at some of the examples for example Bank of America Merrill Lynch Who just issued 1 billion dollars of corporate social bond focused on COVID The entire money is only for the BAML clients and it's not going into SMEs So interestingly, there is no additionality and how social then is this bond? I will leave it to you to decide Similarly, if you look at Organizations like Olam, which had secured two hundred fifty million dollars of sustainability linked loan in 2020 it's third in two years and if you look at it at the same time Olam is one of the big organizations who are Responsible for destroying rain forests with palm oil plantations Now Google, yes, we think Google is a wonderful company Well, I don't know they issued 5.75 billion dollars of sustainability bond the largest ever issued and the proceeds Include but are not limited to just clean transportation and circular economy and design The money is just circling by the rich for the rich In terms of the multilaterals They have increased their climate finance budget to 61 billion dollars But how much of that is really empowering women? Well, let's look at that World banks sustainability development bonds it claims to be the largest SDG bond provider in the world majority of the world banks bond portfolio commitment is allocated towards Transportation that's 22 percent followed by energy and extraction 19 percent and in the impact report listed funded project do not address SDG 5 gender equality even though SDG 5 is listed as a priority to the bond issuance This is the state of the world now Now in terms of the investors allocating a large part of their budget for climate finance The question is how much of that is really going to the last mile The world's 35 biggest banks have lent an underwritten 2.7 trillion dollars to oil gas and coal companies Since the 2015 Paris climate agreement It's not going to the last mile for clean energy Now if we can't build back better if we actually can't Bring in the my m m sms and sms especially in the least developed countries I think the world and it is in for trouble We need to use finance to be effectively inclusive globally m sms in the formal and informal economy make up over 90 percent of all the firms and accounts And even before covet sms and emerging markets were responsible for creating seven out of the 10 formal jobs and yet They faced a five trillion dollar annual financing gap and that number is rising with COVID At IAX when we started in that after that meeting in Bellagio where the where the term impact investing was coined I made it my mission to create a company which will be committed to actually valuing people on the planet It will actually connect the back street to the wall street of the world And it will give a voice to the voiceless and that is exactly what we have done now Yes What is it Michael One minute, please Okay So in terms of um, one of the things that IAX We do many different things But one of the things that we have done very effectively is creating the women's livelihood bond series A series that is effectively connecting half a million women to the financial markets And we have received many UN awards for this and again, what it effectively does Is brings in a village of partners and again, it takes a village to actually disrupt the financial system And that's what we have done Now in terms of giving a voice to the voiceless We have created IAX values Because this is the only way you can actually Have a say in the financial market When the impact is measured and that is actually part of the financial instrument that you're creating So with that i'm going to actually say For us our next Decades goal is to actually empower half a billion lives, especially for women Unlock a billion dollars, which we are very close to we have already there with over 200 million Educate 10 million people in joining our movement and avoid 10 100 million tons of carbon dioxide emissions Now I'll leave you with some talks and the thoughts is What concrete action are you going to take? You have had this conference go on for the last one week And I want to know in the next one week What is the commitment that you are taking in terms of actually creating concrete changes to bring climate action and women Front and center of the global discussion. Is your research actually inclusive? Is it actually unlocking capital? And are you unlocking capital while protecting people and the planet? These are all the things for you to question think about And have solution to and I know you will So thank you very much. And let's all together build climate resilience and an effective economy for all. Thank you Okay, thank you very much Doreen for that very interesting presentation Doreen Bass was curious what research do to upscale the work and the work of organizations such as IIx So what what what research can we support you with? That would be a first question Yes, so I think you know any work any sort of financial instrument actually starts with looking at first what the problem is So I think what makes The work that we do unique is the fact that we actually start with the problem And in this case when we created IX the problem was the fact that Women and women's livelihood was not a part of the financial system So the research work that you can do Is really being able to figure out what the problem is and not really dwell on the risks I think this is something that I have seen and a lot of the materials I went through for the conference and also a lot of the materials that c4 and your partners have produced Risk is wonderful to actually think about but then also you have to think of what's the risk mitigators How do we actually use effective partners and financial structures to mitigate risk? So I think it's very important to do the research not just the sake of research For unveiling the issues and the problems, but I would say to also think of solutions and effective solutions Okay, great. Well, thank you all. I really appreciate it the the time and the discussion