 Good morning. Allow me to introduce myself. I'm Manuel Puig Abidal, currently in charge of climate and energy practice for WWF International. Today we'll have a very active panel and probably will keep on switching from Spanish to English according to the preferences of our distinguished panel. Whatever the case, let me tell you this will be a forward thinking panel. The idea of this conversation is to reflect on ways to ensure that we keep the Paris promise. How do we ensure that the Paris agreement signed in 2015 really brings about a transformative and cultural change and a change in the development paradigm that we have had until now and which requires, no doubt, an adjustment? And when we think about 2015, let's not just think about the Paris agreement. Let us also think about a set of other international instruments that have defined a new approach. The sustainable development goals, the Sendai framework for disaster management, the Erdes Ababa agenda on financing for development, among others, and all of that was achieved in 2015. But a year later, pessimism seems to have taken over among many. The difficulties and the complex context in international politics confront us again with the need to adopt urgent decisions linked to implementation. So in this difficult political context, how can we manage to ensure that we'll continue to make efforts towards complying with the Paris commitments? And without further ado, I would like to let the panelists reflect on these matters. Let me say before that the central element as part of this task is to see how we balance the role of all stakeholders. So I will quickly introduce all panelists and then present the topics for discussion. First, we have Patricia Espinosa, a very good Latin American friend from Mexico, and the Executive Secretary of the United Nations Framework Convention on Climate Change. So she represents multilateralism, the sort of multilateralism which after Copenhagen in 2009, which we thought had died out, was recovered on the road to Paris. She will be followed by Simone Gavidia, Minister of National Planning of Colombia, and a young leader, a young global leader. And I thank you very much for your participation. And Simone will bring the perspective of the government, of the state. A state like Colombia, which has made climate commitments and had made commitments in terms of engaging other players, but also like Peru and Ecuador, they suffer the consequence of climate change today. And my solidarity, I would like to express to our friends in Colombia who have suffered so much as a result of the landslide a few days ago. We'll then have an opportunity to share some thoughts with Marcelo, CEO of Pampa Energy Argentina, who will bring the perspectives from the sector that offers the most opportunities, the energy sector. And when we talk about energy, we must talk about opportunities in renewables and about energy efficiency, but also about universal access to energy and about how we are evolving in that regard. Chairman Global, partnership from Swiss Ray, and he will speak us about the financial sector and what the Swiss Ray are working on, resilience, insurance, and many other options that the financial sector are bringing to us to deal with our objective to implement the Paris Agreement. Last but not least, Jose Valls, from an important sector. He's the Chairman for Latin America of Nissan and represents the transport sector, which is defining road maps and objectives for the sustainability of the sector. So, now, yes, without further ado, Patricia, let me ask you by way of introduction, what lesson we have learned out of the process towards Paris that may prove useful in the process of implementation of the agreement and also in terms of defining a cultural transformative change. Thank you. Thank you very much, Manuel. I would first like to thank the World Economic Forum for including this session and this conversation on climate change and on the role of this agenda in the private sector as well, because that is a key link if we really want to fulfill the expectations of the Paris Agreement and not just the Paris Agreement, but also the other agreements very aptly referred to by Manuel and which provide a general framework which for the first time in history, the international community has managed to agree on in order to guide the development agendas of all countries because the agenda on climate change and the agenda on sustainable development is one single agenda. That would be the first thought I would like to share. What have we learned in the process towards Paris that may help us during implementation? I would first stress the role of so-called non-state actors, the private sector, the role of civil society, of scientists and of the population at large. There is a need to incorporate this action and there's a need for countries and governments specifically to define programs, policies and appropriate regulatory frameworks that will enable all of these players to join the agenda. I would also like to mention the great importance of us looking at this agenda on climate change and sustainable development as an opportunity. It is an agenda that opens up many opportunities. First, it helps meet the needs of the population which will continue to grow in the coming years and decades and that means that we need to ensure that we have ways to supply water, food, electricity, ways to satisfy those human necessities while at the same time doing that in a way that will preserve the wealth of our planet. It is an agenda that presents multiple opportunities for the business sector as well. Recently, a report was published that looks at the way in which the implementation of the sustainable development agenda and accordingly of the climate agenda opens opportunities to the tune of millions and millions of dollars for business. We are talking about markets that open up to investment but to generate best practices in all sectors whether it be energy or infrastructure or housing or in terms of food production, agriculture, soil use and that agenda is the one that will allow us to strike a balance between needs and the use of resources. On the other hand, it also lets us reduce risks, the sorts of risks to which countries are currently exposed people and businesses as well related to losses resulting from the effects of climate change. And what do we need for that? Well, we need national agendas that will include the governments along with all of these actors. In other words, we need to have an appropriate framework of public policies and regulations that will make it possible to join all of these efforts. We also need actions at city and sub-national government level. All of this is fortunately happening. Of course, we are not yet in a position to be able to say that we have already met the goals of the Paris Agreement but the good news in spite of the pessimism which Manuel referred to a moment ago is that the transformation has already begun. It is underway and will continue. At the same time, the role of the private sector and again, I repeat this, I particularly welcome the fact that at this session of the World Economic Forum on Latin America this topic has been included because the private sector's role is key. Governments by themselves alone will not be able to achieve the agenda goals. We need to create that partnership, seeking the best frameworks that will enable companies to really commit to the agenda while at the same time allowing governments to bring the results that their communities need. So I would leave it at that for the time being and I'm eager to listen to the other panelists. Thank you very much, Patricia. I think there's a couple of core elements. The integration of a sustainable development agenda which has the climate agenda as a key element but not only the climate agenda and the need to identify this process as a process that is unstoppable and irreversible. We need to stay optimistic and that is one of the topics that I think we may well reflect upon with our audience. How do we preserve optimism despite difficulties and what do we do in the face of a situation in which a state through an executive order has decided not to go against the agreement but at least to make decisions that internally may create some complexities. That merits reflection. And so now I would like to ask you, Simon, from the perspective of the state and government, as Minister of Planning, how can we integrate in a developing country like Colombia an agenda that is not just on climate but on development? How can we put together that agenda that will help us structure the government in a way to meet those goals? What challenges exist for a country like Colombia along the way of improving the national contribution, the national and international contribution? It is a very important matter. It is in fact a topic that is often delegated only to the ministers of the environment and the key to understanding climate change is that many of the decisions that have an impact have to do with the jurisdiction or sphere outside the ministers of environment. You know, they say, of course, that the road to hell is paved with good intentions. And on that, I think we have a big challenge because of the gap between rhetoric and what we do, which is very considerable. This is a matter on which everyone agrees and, of course, it's easy to agree on lower greenhouse gas emissions, for instance, but people agree until they are told how much implementation costs and there are other issues coming to the picture. And it's not just about challenges in terms of our relations with the private sector, but also, you know, many decisions may have an impact for citizens. Sometimes citizens by themselves are not necessarily consistent with what they want to do. So the challenge in public policy is to... is considerable because what we have and what we see in Colombia is this. We have about 135 different actions which range from changing boilers in companies to changing light bulbs in homes, you know, reconsidering landfill policies to make them cost-effective and also matters related to cattle and agriculture, which is the main source of greenhouse gas emissions in Colombia. We can't ban meat. They wouldn't let us do that and we wouldn't do it anyway. But those are big challenges that we're trying to look at. So at this stage, in terms of implementation, Colombia has set a 20% reduction goal for emissions. And we're trying to keep the reform impetus in the country starting with a lower threshold and hoping that technology and innovation will help us tackle higher or more ambitious challenges as we go. You know, when it comes to implementation, we need to look at the cost and benefit of each measure. For instance, we have met 30% of the goal in terms of landfills. So instead of demanding sacrifice of everyone, instead of telling everyone to go down by 20%, it's best to see where the cost-benefit is best at rational cost without creating a traumatic situation. For example, job losses. So I know that in the field of landfills with a relatively low investment, I can meet 30% of the goals. So what we are doing is going on a case-by-case basis. For example, light bulb replacement. Perhaps I want to reduce tax on sales of bulbs. Perhaps I don't want to tax electric cars. So we are approaching a first stage that would be very important during the first four or five years of agreement as regards measures that are win-win, which are a good deal for the private sector, which can become very lucrative. And at the same time, it is also good for the environment. This should be then followed by a second tier, which is regulatory changes. In other words, how do I generate win-win markets that do not yet exist today in the field of energy, for instance? Let's take solar energy, for instance. You can change the way you do the bids. For example, in the case of solar energy, having firm energy available all day long is very complex. But if you open two or three bids each day and we say, look, from 8 a.m. to 4 p.m., you've got to dispatch. Their solar power doesn't work that well and at night it doesn't work so well because of the batteries. So you can set up a business or market that is not subsidy-dependent, working on the basis of common sense to sum up. In the early stages, I would say what is most important is to be very clear in your mind as to what the regulation expenditure and tax changes will be. That's the easiest part of it. Colombia is doing already what is win-win. We have introduced a carbon tax, well designed in order not to make it traumatic, and that will be a source of funding for a number of public expenses. That will be the first part. The second part will be about changes in regulations to create markets and looking forward there are some matters that will take some more. We hope not to have to demand too much in the way of sacrifice. We hope that technology will help us make headway, but we need to be aware not in terms of the early victories. We'll need changes in the population's behavior. Thank you, Simone. Several topics to reflect on. I smiled when you said not only the ministries of the environment because I was minister of the environment for five years and probably the discussion is who should be the champion in climate matters. And many say how do we mobilize the ministries of finance? They should have the capability of pushing forward this agenda. I think they're still far from that. We have to continue promoting the possibility of bringing in the ministries of planning, for instance, considering that not all states have ministries of planning and not all of them have that at a ministerial level. I think that must be assessed. And the ministries of the environment have been the champions of an agenda that started back in the 1980s and that led us to meet goals by 2015. So the environmentalists must celebrate that. What we've done in the last few years has brought us to these levels of discussion. So we have to look at how environmental matters evolve. Now, two topics addressed by Simone that I want to address deeper later. Working without subsidies, with real variables and values, talking about carbon pricing and elimination of taxes on fossil fuels. And I'd like to ask Marcelo from the energy sector. The energy sector is facing the great opportunity of generating change when we think about decisions in many countries that we regret nowadays. We must think about how citizens make decisions by not realizing that when we work on energy and climate, we work for jobs and security too. And there is an interesting topic. When you look at the employment statistics in the U.S., renewable energy is well over above jobs in coal facilities and it is over and above oil and gas. So when we talk about energy, we not only refer to less emissions, but we also talk about job opportunities and profitability opportunities. So Marcelo, could you share with us your experience in the energy sector? How do you view the opportunities in renewables and what is hindering the acceleration of a transition to meet a 100% renewable goal as the forum has identified. 40 states have said by 2050 we have to have an X% of renewable energy. How can the non-state sector contribute to meeting that goal? Thank you very much. I wanted to thank the World Economic Forum for inviting me to be a part of this panel. I'd like to add the perspective of the companies and particularly of companies in the electricity sector. As you know, electricity in Argentina is 1.2% of GDP, but it's 12% of all carbon emissions in the country. Therefore, it is clear that in electricity generation we can work on a lot to mitigate climate change for two reasons. First of all, because it emits a lot compared to its share in GDP. And secondly, because working on the energy matrix, working on the different energy suppliers, we can reduce this a lot. And also because very few players can affect 12% of greenhouse gas emissions, working with 20 or 30 players in electricity generation. But I'd like to tell you what we're doing in Argentina. First of all, there was a law adopted unanimously in Congress by the previous administration and ratified by the current administration. So I would say that this is one of the few laws in Argentina with great consensus. The renewable energy law says that in 2025, 20% of electricity use must come from renewable sources. We won't achieve 100% as you mentioned until a few years ago. Renewable energy in Argentina was zero and we'll have 8% soon. And in 2025, we'll get to 20% at least. So that's a very important part. Another substantial aspect is that of seeking more efficient and clean technologies in the rest of the energy matrix. And there I'd like to share with you very illustrative data, but a specific example too that we experienced at Pampa. 40% of electricity in Argentina is produced by combined cycles, which account for 50% of carbon emissions. Another 20% of electrical energy is thermal and it produces another 50%. So even in the thermal generation, the modern technologies like combined cycles account for half of what any other thermal electricity generator emits. So one could say apart from going towards more renewable energy, we should go to more renewable or combined cycles, better say. So the latest investment was made in 2010, 2011 by Pampa at the time for our carbon bonds. We were approved and since then no additional projects were approved in this field. No other combined cycle was implemented. I don't think this was the only factor at stake, but the carbon bond market has been a substantial element in the specific case of the last combined cycle installed in Argentina that reduces by half greenhouse gas emissions. So to seek a change in the energy matrix and for this to substantially reduce gas emissions, there are two legs, the state one that has to enact laws and regulatory frameworks and incentives to promote more renewable clean energies and thank God in Argentina we have that through this new law but we also have to make great efforts so that the international carbon bond market operates again from the perspective of a business person and being very pragmatic I'd say that if we do not install again a market similar to the Kyoto one we can have many good meetings in Paris, Rome, London, Washington but there will only be meetings where good principle statements are made with nothing specific from the business perspective when a decision has to be made. Thank you Marcelo. It's challenging what he has mentioned. I think this can be deeply discussed and allow me to say for the second round Marcelo talked about 20% reduction by 20% of renewable energy by 2025. That's what I said. When you think of that it's important progress for a country like Argentina when you look at it compared to other countries it doesn't seem much but there's a dilemma here what is the energy matrix like in each country countries that have an efficient energy matrix with lots of sources like Argentina where there's gas, oil, coal, renewable energies calculation on how to move forward is more complex when you think of Chile which is a country with less energy efficiency as to sources the renewable energy goal is very high immediately so we must wonder how we can accelerate the process towards renewable energies. Marcelo also referred to carbon bonds the carbon markets that may have been efficient in the sense that Marcelo mentioned have been very much criticized particularly with a clean development mechanism when its results were assessed it was concluded that most of the initiatives regarding the clean development mechanism had been linked to emerging countries that had emitted the most so the net result of carbon markets had been globally negative as to what was being sought so we need to analyse this in further depth these are analysis elements to be born in my no doubt so... We're going into more time to talk about the financial sector and the role of Swiss Re. When we talk about the climate finance we are used to seeing in just in the flows of money the 100 billion target but it is sure more than that it is more related to the performance and behaviour of the financial sector how much we can deal with our climate objective by working in the behaviour and performance of the financial sector so this closure it is at least one important issue but also how the financial sector it is investing on so how can we have the financial sector facing out investing for example in coal facilities or in some fossil fuels how much what the Norwegian has already done to took out of their portfolio what it is related to the coal facilities it is also very important but in relation to Swiss Re also your experience in working in resilience because one of the most challenging issue in the climate debate it is how can we help and support the adaptation agenda how can we build a really strong resilient objective mostly to developing countries that need to deal with that so Martin please Thank you I apologise for my lack of Spanish but I am absolutely delighted that somebody from the insurance industry has been invited in this important topic I think it is a great privilege to contribute we have to make huge investments to conquer the climate change challenge huge investments and I am a little bit afraid of this we make development gains but then Mother Nature sends us regularly natural disasters and calamities which reverse those development gains the IADB report recently said we could expect 100 billion dollars of economic losses between now and 2015 and our governments don't need to make reserves for those contingent liabilities today yet the governments have a lot of that liability so after Mother Nature maybe it is cleanups it is rebuildings and maybe victim compensation and so on so there is a lot of investment planned there is a lot of contingent liabilities which will make our investments very hard to be resilient Paris Accord was very helpful to us it said in one section that we should put insurance in our toolbox when we are making these investments long term the Paris Agreement I just quote briefly says to establish a clearing house for risk transfer that facilitates the implementation of comprehensive risk management strategies so legitimizing insurance should be a partner in our journey and I think there is a big role that we can play if you look at economic losses across the planet over the last three decades insurance has only paid about 30% so there is a protection gap between the total of economic loss and the response of the insurance industry we need to close that gap over time by showing the cost benefits of taking insurance against some of these major investments we have been able to protect many countries and Switzerland's personal experience is between 300 and 400 transactions directly with governments it could be at the sovereign level or even down to municipalities and cities the decisions we have made to use insurance have it in their toolbox but it is still by far not yet enough and we can do very innovative things in insurance now for flood, for droughts, for wind speeds and for high temperature or low temperature variances we put in triggers and we can make the money flow very fast to those that need it it's interesting that to me two mature markets have recently made very significant insurance purchases across the industry not from Switzerland Switzerland participated but not to the full extent but the federal government in the US has bought some flood insurance protection in the amount of $1 billion this year for the first time and the UK government a year ago almost this time last year bought $3 billion of flood insurance protection now there were multiple reasons for this purchasing behavior but climate change was one of the levers that generated the action so Switzerland made a UN commitment on resilience in 2014 to make $10 billion of insurance available to sovereigns and sub sovereigns by the year 2020 to actually advise and make those offers to 50 sovereigns and sub sovereigns and we took it very seriously and we're on track to delivering against that and we're just one player in the whole of the insurance industry so significant money is available for resilience and protection I will stop there because there's many things to discuss but there was one point I would like to come back to that was made earlier about which ministry and we have talked a little bit about in partnership with the World Bank governments thinking about having a chief resilience officer or a chief risk officer this is now something that Rockefeller's foundation has taken up and sponsored 100 cities to appoint chief resilience officers the insurance industry needs chief risk officers we call them who look at everything so your chief resilience officer will be the person I think should have this part of this responsibility but their risks would be manyfold and not just climate change but if you don't have one person where it all lands I think the ability to get ourselves organized quickly enough to get to the 2% world in time is very much hampered Thank you Martin I am very specific and concrete suggest the chief risk officer because it is true in Latin America we are used for example in this time in which we are still suffering the damage of climate events on thinking in a recovery and rehabilitation process but not with a resilient objective so a chief risk officer should have that input be clear in thinking on thinking sorry on resilience as an object it's not only for infrastructure not only sorry for infrastructure but also for economic activities among some others so the idea of who is in charge of who should be in charge of the assessing the risk for the future it is important it should be in the top of the political agenda and the structure of the government This leads me to think now about the transport and mobility sector and before addressing this when you look at the panel you may think about Galileo's phrase things do go forward vis-à-vis the difficulties there's an agenda that is being pushed forward so allow me José from Nissan to ask you this is an important sector when you think about climate transport and mobility not only because transport is related to energy sources and also to opportunities with electric vehicles or cars but it's linked to new forms of mobility and the linkage of both with health too when you think of China and the change in attitude not because of climate but instead because of pollution and the healthcare of persons how do you view the transport and mobility sector evolution considering sustainability to try and address the climate needs of the sector what the Netherlands has done with 100% of its trains with wind energy 100% of Dutch trains are powered by wind so in Latin America how much do you think we can move forward in this field thank you, thank you very much for inviting me to be a part of this panel I'm gonna speak on behalf of Nissan also on behalf of the Nissan Renault Alliance because it's been a pioneer as to changing powering technologies to move towards different options selling electrical vehicles and we've been doing that for a few years already and it's the automobile group that has sold the most to the public so 2 million vehicles so we can say that we have a certain degree of experience some parameters to be borne in mind by the automobile sector which is not the old industrial sector that produces vehicle cells and then we think about transport mobility and soon it will be connectivity how do we move people around and connect them and the strategic partnerships of the automotive sector will be clearly linked to technology the next 5 years this sector will evolve more than in the last 50 years it's a dramatic evolution and obviously technology nowadays are meeting expectations technologies must be used by consumers the private sector thinks that this is not too convenient so everything remains in tensions because when we look at return on investments it's not so profitable then we start viewing a new technology comparing it to one that has been in place for 100 years which is that based on fossil fuels so it's difficult because the ranges were different technology was more expensive so implementation has a learning curve that is now shorter the management or driving ranges are the same technology is clearly very cost accessible and it's already available so from that standpoint we have been working on what Patricia said which is essential there must be the will to do something I don't know what ministry should be in charge but it should be at the top of the government's agendas because this is not only risk related country risk, population risk what world we will leave to next generations but we could look at this pragmatically as a business opportunity my colleague Marcela said we are strongly entering into the business sector from the automobile sector we can realise with these big investments in technology we can create a business opportunity we have to see at what speed we will do so it's not a matter of yes or no but at what speed and it depends on the will of the governments to start withdrawing incentives as to fossil fuel use we want to implement this but we are competing with the other sector in the short term well 99% of our sales will be fossil fuel powered so we will set up a plan and a common agenda with the states when they start converging the regulatory framework towards the new technologies because the old technology will remain outside the market so we have to adjust our investments and technologies in each of the states so that we are ready to provide an option that is practical, useful and accessible but also clean to all our customers so in this regard I think there's a great opportunity we have practical examples this is not only rhetoric we see practical examples in transformations in China you mentioned that China has made a strong investment in infrastructure with clear planning as to where they were heading for and how China would populate their streets and how they would incentivize the private sector to strongly invest in new electricity based technologies and China nowadays is now the leader in electrically powered buses there are Chinese companies not only foreign ones investing in this field so this is a clear example of how we can move forward hand in hand we have to see now when we accelerate the process thank you Jose this takes me to a very brief second round and I'd like you all to answer on how one can increase ambitions and how to work on cities but I'd also like the audience to participate but I want to make an exception Martin has to leave soon so I'd like you to tell me what's next how do you think you can raise ambition to deal with the 1.5 2 degrees objective? thank you the good news for me is I can stay I hope it's good news for you as well and the others has been delayed so thank you I think when you first introduced me one of the things you asked me to mention was the investment portfolios of companies and I think this will have a catalytic effect of some change here so Swiss Rea will sign up to an agreement to be very clear and make a lot of disclosures in our annual report documents on where our money is invested the business model of insurance will be used for your cover and hold them and invest them and then repay them when the claims are due so our investment portfolios are very very important to us and there is a shareholder pressure to take climate change and greenness into account and I think there will be maybe 100 or more companies that sign up to this and that will set a voluntary code but as investors and shareholders decide where they want to put their money and those companies that don't make those disclosures will in the future be expected to and I think that will drive attention to those who decide to put their money invest their money in supportive areas for climate change so I think that can have a very catalytic effect for us thank you very much so then I'd like to allow the participants to pose questions please be brief and please tell us from what sector you come are there roving mics please there are two hands that have been raised here up front good afternoon thank you for having a panel on climate change at this kind of meeting I would like to know the different views about the Paris Accord as to equality in the field of mitigation and 11 provinces in Argentina and Colombia we have the effects of floods how are you going to work from each of the sectors to meet these needs that entail an environmental impact but also economic and social for the affected inhabitants thank you very much let's take three or four questions I want to congratulate you my question is the following one after being attended to several conferences of the parties and climate talks I have a single formula in order to tackle climate change and the ingredients are political will technology transfer finance use action and personal will my concrete question is can we in order to tackle this international problem and I say that because we cannot face 21st challenges with 20th century formulas my generation as Cristiana Figueres has named us will face the real effects of climate change and we are very worried about climate action and we urge you to do it please thank you very much Patricia then somebody had raised their hands there at the back I'm worried about the absence of a topic on the green agenda in this panel and with great frustration I see we talk about climate change renewable energy mobility but where is mother nature infrastructure and the many services provided why do we exclude that that is my question I'm Alejandra Salazar I'm a global shaper from the Santiago Harbour and my question has to do with the previous one I'd like to understand the energy matrix a little better I want to ask you what strategies the public and private and multilateral should follow so as to have the necessary infrastructure so that we have the energy matrix reach out to the rural economies thank you there's another question at the back the last one thank you my question pertains to your invitation on increasing ambition which is obviously key to meet the challenges of the two-degree world that we're heading towards or hurtling towards one key element that seems to be missing is that countries and sub-sovereigns as well don't seem to have a good sense of how climate change will impact even just one sector of the economy say agriculture here in this country for instance without knowing the cost the havoc that climate change would wreck say in the next 10 to 20 years how can they possibly have a reasonable ROI possibly have a good sense of the ROI that decisive action now will bring in the short to medium term so if countries and if investment firms for instance have a sense of the cost that will give them the catalyst to be far more decisive and that should increase the investments and all the necessary action so why what progress have we made towards that and if not thank you thank you very much it's interesting to hear that all questions seem to converge towards the need of thinking not only of mitigation but also in adaptation and when we think of adaptation we have to think of the systems that support our lives and we have to think of forests, oceans, water as sources of life and this is linked to the last question on how we can establish a mechanism that will allow us to be profitable working on adaptation bringing about a benefit for society because we can measure carbon emissions but we still face difficulties measuring adaptation and the benefits of adaptation I do not want to answer the questions I'll give the floor to the panel there are two questions a minute and a half more or less each how can we mitigate emissions what we've done so far hasn't been enough we haven't reached that 1.5 degrees and how do we bring in adaptation having the natural infrastructure that is to say the soil and all that supports our life and actions Patricia please thank you Manuel and I thank the audience for these questions that allow us to go to the point I thank the minister of planning of Columbia for what he said here we have a very good example of how a government integrates an agenda to include a series of chapters and aspects of the economy and life of society if we look at that agenda based on the sustainable development agenda based on the mitigation goals of the national adaptation programs in climate change we have a very full agenda I'm concerned that you think we are excluding nature in no way it is one of the elements in almost all national adaptation programs in place and no doubt to NDCs nationally determined contributions we haven't gone into details but no doubt it is one of the essential elements on the other hand we have to work individually with each of the governments because each government each reality each country has specificities we think about Brazil where I come from now the main source of emissions is deforestation a country that must make all efforts and it's trying to concentrate on deforestation so I would say that it is an overarching agenda an agenda that streams the different dimensions in all development policies and also as to insurance progressively we have to try and also mainstream that dimension in the national plans to protect our assets and to protect the people that may suffer different kinds of losses of course we cannot make up for human lives but we can find ways of guaranteeing better opportunities into the future and as to youths no doubt the future is in your hands those that are on our way out are trying to make a contribution of course but I thank you and I encourage you to continue seeking leadership thank you Patricia Simon I would just like to address two topics the first one is one that will require a lot of financing what Parker was saying about how the insurance industry will invest resources in sustainable endeavors or in actions to help finance climate change that's of utmost importance for us for instance there are new mechanisms and funding schemes as to climate change green bonds funds that have the clauses as to investments in certain kinds of efforts only investments that would be issued to finance climate change that would be good it would be good to loan to the companies for green technological developments at a lower interest rate in Colombia we are working to try and recognize payment for environmental services so showing results if a person wants to sow a thousand hectares a forest I pay based on the results of reforestation now why don't we do more as to these topics nowadays as to compliance or verification of what is being done that is very expensive nowadays so if I I'm a Colombian farmer, peasant and I'm going to sow a thousand hectares of forest and they're going to pay me 300,000 per hectare it would cost hundreds of thousands of dollars to certify compliance and if I'm going to issue bonds compliance is also very costly so there are lots of resources available so what would I focus on now to make a big difference I would try compliance so verification of compliance be a lot more cost efficient so as to guarantee equity bonds that they are complying but at more reasonable cost because that is as we are doing it today it's not good for sovereigns or for any other kind of bonds and many times we need mayors committed to city planning many times affects climate change damages in the Colombia or in Peru may be favored by not allowing construction on river banks and so on so many decisions are made at the local level if I want to have an impact as a citizen it's not only having my voice heard at the national government level but also at community and local level government Marcelo please first of all I think it's important as the audience has pointed out it's important to have public-private and NGO coordination so we all have to play our role NGOs point out certain matters that we sometimes leave aside and the public sector is forced to regulate as my Nissan colleague said because things that we believe can be improved to mitigate climate change that is our responsibility to warn that there are new technologies that can help a lot and then the public sector must regulate them so that the private sector can execute and of course I don't know how the carbon bonds effect was measured but what we did was the only combined cycle project successfully through the carbon bonds so it did help Martin to the gentleman in the very nice yellow tie in the front there I think you have all of the right ingredients but when I try to bake a cake with all the right ingredients it doesn't always work out so my concern I think there's plenty of finance I think there's plenty of political will but is there a chef that can bring all those ingredients together to execute in time because there is an urgency and we haven't really addressed a sense of urgency very much today so I appreciate where you're coming from but that might be the piece that trips us up Thank you Just very quickly focusing on what I said about the importance of governments not being alone in this crusade they can't do it alone nor can the private sector do it all by itself we need to work hand in hand on common goals on planning the agenda and on ensuring that regulatory convergence is given a long term framework the private sector will bring the investments as part of a common shared agenda for today's population and for tomorrow's population if we continue to work in an isolated fashion you know going one way when the public sector agenda is different or the other way around it will not flow technology is advancing very quickly and we need to prepare to harness it we need to be part of the change rather than victims of change we don't want to be run over by change I think there are many opportunities so I think we need to leave aside rhetoric and ideology it's high time that we acted very pragmatically in our approach we need to act now not just think about the future thank you very much I thank the panel for final ideas Paris is irreversible and it's up to us to ensure that that stays like that we need to gather momentum speed up the pace as well and this is possible because the private and public sector can work together hand in hand third, mitigation it's just as important as adaptation that is fundamental and when we talk about mitigation and adaptation we are talking about economic activities and nature I agree with you Martin sometimes emission sources have to do with deforestation as well in tropical countries we see that as well so mitigation is also very important and my last comment is sort of a request Latin America has demonstrated action but it needs to try and join efforts the way Africa does to take advantage of opportunities the African Union has exhibited a capacity in terms of unity that enables it now to launch many actions related to renewable energy, to energy access in recent years Latin America has displayed little unity in that regard so I think we should make an effort as governments, as states to try and have a common vision for countries that have common needs and also shared and common capacities so I thank the World Economic Forum to discuss climate at this important event so let's give a big hand to our panelists