 Good morning. Good afternoon. Good evening and welcome to the financing the net zero transition session We're going to have a lively discussion for the next 45 minutes in this public forum And then we will go into a private session with forum members and partners when They will get a chance to ask questions Let me just take a moment to set the scene Trillions of dollars we know are needed to finance the net zero transition particularly in those Industries that have been termed hard to obey transport chemicals aviation We know that money is needed. It's not flowing and It's not flowing because there are constraints and we will tease some of that out It seems clear that The private sector needs to do more The financial sector needs to do more The public sector needs to do more but how these three interact with each other and what are the kind of incentives and the reduction of barriers we need to see is something we need to get at today this sister at this Session builds off the WEF initiative, which is financing transition to a net zero future And I would encourage Everybody to take a look at that initiative. It has some some bold action which is being outlined But let me without further ado Introduce you to our panel First the Honourable Al Gore who is chairman and co-founder of generation investment management welcome Secondly Mark Carney who is finance advisor to the Prime Minister for COP26 and UN special envoy for climate action and finance We also have dr. Verna Hoyer president of the European Investment Bank welcome Stephanie von Friedenberg who is the interim managing director and executive vice president of the International Finance Corporation and We have Oliver Bate who is chief executive officer for Alliance and you see this group really spans Long-term investors short-term investment investors government and the multilateral development banks so I'll go or maybe I can start with you because you've had the privileged position of sitting both on the public side Of the equation and now on the private side What are the constraints? Why aren't these trillions of dollars in the hard-to-bate industries actually flowing? Well, thank you Carolina and first of all may I say it's quite an honor to be with such distinguished colleagues on this panel And I'm sure I will learn more than I can impart, but I will do my best We are in a an almost unprecedented Global transition Many call it the sustainability revolution empowered by new digital technologies with much greater precision, you know A couple of decades ago one of the oil ministers in Saudi Arabia said publicly the Stone Age ended not because of a shortage of stones and the Petroleum age will end not because of shortage of petroleum We're seeing that now the obstacles you ask about are in part because the metrics we have used since Bretton Woods Do not take into account a negative externalities Nor positive externalities the benefits of investments in public goods do not take into account inequalities in the distribution of incomes and Net worths do not take into account the depletion of resources like topsoil and groundwater and others And there are other Deficiencies we also have obstacles in the field of policy capture By incumbent legacy industries which take the normal course of human nature and building up influence and creating networks of Influence, but we are now seeing a transition in the political world that may come to match the Transition in technologies. We've seen it in renewable electricity generation and electric vehicles We're seeing it in other sectors and now in the political world That we're less than a few hours into the first week of the Biden Harris administration But in advance of that transition here in the US We saw major new commitments by the European Union by China by Japan by South Korea And now the world appears to be close to a new alignment To start flowing a mix of private and public investment funds into This into accelerating this transition one final point the Oxford you had Joe Stiglitz in that lead-in memo Joe and Nick Stern and others were part of the Oxford Review of economic policy recently that showed happily Investments in these new sustainability Measures create three to four times as many jobs per dollar invested as investments in the old economy So even as we struggle with the pandemic and institutional Inequalities and the devastation in the economy caused by the pandemic and most dangers of all the climate crisis We are seeing an impressive movement in both the public and private spheres towards solutions Thank you very much, and I think that's a that's an optimistic read realistic, but but also optimistic perhaps of the current To mark me from the Al Gore spoke of a new alignment It's it's long been said that in some ways the private sector has been in advance of the public sector in beginning to look at What this would mean for regulation for four metrics for incentives. Do you see a switch? Here and as you look at the work you're doing for COP 26 Do you see that public sector now involvement greater involvement coming to coming to fruition? Well, thank you. Thanks for having me Caroline and I like I'll I'm going to learn more than than I give But let me try and give it a bit here, which is to pick up where I left off Which is you get this alignment globally 127 countries and counting With commitments to net zero and put the emphasis on and counting and that global net zero is Cascading down through the private sector Oliver can speak of many things But one of the things he can emphasize is what's happening with asset owners so the the large pension funds insurance companies So I'll be wealth funds and their commitments explicit commitments to net zero a partner of Al's a generation management has set up a asset manager alliance of over nine trillion of assets and their commitments to net zero and We will look to for COP by Glasgow to have those types of commitments across the financial sector Running into the private banking sector as well now Caroline your question is spot on which is what are public sector institutions doing in parallel And do they have the full orientation now Werner? Can speak to what the EIB is doing But when we look at which is which is very impressive if I may say that that laser like focus on the transition When we look across the whole spectrum though Multilateral development banks development finance institutions of what our governments are giving you money. There isn't that same level of orientation This is the year in order to get it It is exceptionally important that we don't just have I mean it will be a very odd situation if we have the core of the private Financial sector Oriented to net zero by Glasgow Governments oriented to net zero but not the MDB community fully oriented to net zero and that's that's part of what we need to fill in And crucially if we can This will help help unlock very large blended finance flows. So mixture of public and private Money blended finance flows to emerging and developing economies. That's part of the necessary architecture. I know and I'll hand back to you I know this is a party for the Italian G20. It's certainly a priority For cop 26 and I know it's a priority for a number of those Multilateral development banks, but we need to have this focus on it so that we can unlock all forms of finance so thank you Mark and and Stephanie and then Werner I'm going to come to both of you because you do represent the Multilateral development banks and I think Mark Carney just laid down a challenge to you both To help step up the work of their MDBs across the board going forward Stephanie at IFC. I know you've also done a lot How do you see this agenda rolling out in terms of the cooperation that there needs to be between that public and that private? We've seen during Covid and the development of a vaccine. We've seen the most incredible Collaboration that's taken place to speed up the vaccine. We haven't seen that on the net zero Agenda yet What's missing and what from your perspective as an MDB? Do what do you think needs to happen and is happening? Great question Caroline and first. Thank you very much for having me It's an honor to be here and it's certainly an honor to be with this panel And as you rightly said climate and our performance standards have been at the core of what we've done since the beginning and the creation of IFC But putting a sharper lens and a sharper focus on it when I look at emerging markets One of the issues that I see is that there are a lack of bankable projects. So how do we take? critical Operators and bring them into our countries of operation and in order to do that Mark rightly said we need blended finance We need to find a way to Make these Derisk these projects and attract sponsors who can build things that matter in relation to being net zero. That's one And in order to do that what we really need to do is standardize some of these types of platforms So one of the things that we've been working on we started in Zambia We created something called scaling solar and what we found was if we worked collaboratively with the government We gave them technical assistance and we created a core package of bid documents that any reliable Operator could understand we brought the best class operators to Zambia and built stable solar We then rolled it out to six other African countries We just did one in Afghanistan and one in Uzbekistan the one in Uzbekistan Two and a half cents a kilowatt hour and again with that we put staple terms that included blended finance So finding ways to blend the public and the private to de-risk these type of operations, but also to help operators and companies Understand the framework in which they are investing is super important in the emerging markets in particular Different in the developed world But one of the things that we are absolutely sure of in order to get to net zero and to tackle the other difficult challenges We have to find a way to create the projects that people are going to be investing in Thank you, Stephanie Vano Hoya We've heard a lot for many years about this issue of people with the money say They're where are the projects and people with the projects say where are the money and we cut where's the money? We kind of talk past each other and we've also talked a lot about de-risking. I Know the European investment bank is has been doing a lot But Mark Carney reminds us that the MDB community as a whole perhaps hasn't stepped up to the challenge What do you need to see? to From your perspective to encourage partners to come in to take these I'm thinking in particularly these big Lumpy investments in a hard to obey industries like transport like shipping like chemicals These aren't easy industries, but their transition will make an enormous difference What do you need to see to get that money to flow? Well, we have already heard some of the responses a gore said we need to better internalize external effects Be they positive or negative and if I look at the carbon prices around the world, that's not sufficient That is not enough incentive to to invest Secondly We have heard from from from mark that it is a there is quite a considerable difference between the public sector and the private sector And sometimes I have the feeling the private sector is ahead. I Had the huge advantage that These 27 member states of the European Union who own this very bank We're ready to be convinced that we must change course dramatically and we did that with our new lending energy lending policy and the climate bank roadmap it's much more difficult for for much laterals who are who have a completely different ownership where we have really clashes of cultures in this respect So it is not easily transferable from from from our experience to to the others And then I would say it is quite obvious and we probably agree on this the the investment Needs are so enormous and in my view the projects are there If you look at it more closely and tell some people to better make their product bankable Then we need Public money to as a kickoff, but the whole thing that needs to be done by the private sector Everybody who believes these challenges can be met by the public sector are dead wrong in my view So we have made good experiences with the with the Yonka plan for instance Where we said in the minimal incentive of the first-last peace-taking by the European budget can do the trick and it did And we need much more because we what we need for these projects is patient capital Long-term commitment and that requires also a little bit more courage on the side of the public sector Thank you very much Verna Oliver Bate you represent asset owners and we know that especially long-term institutional investors There's a lot of money There's a lot of interest I think in those long-term Projects those are long-term returns that patient capital from your perspective And we have seen the pension funds move. We have seen the insurance Industry move What more needs to happen to unlock this capital and perhaps Oliver you could talk a little bit about within within the financing project cycle There are points at which the risk is greater. Is there a role for Within the finance community for greater cooperation So that different players are assuming different levels of risk that they may be more comfortable with Thank You Caroline and thank you for having me And I would love to just sum up what we've heard the last few minutes because if you add up all the points We we basically have answered your question Why we've just heard from Verna we want and are committed to do it But sometimes we have very strong regulation that prevents us from investing But that should not be an excuse actually Verna just said it we've done it by the way at Alliance together with the IFC We could have heard that before we created for the Alliance global investors a 5 billion fund where the IFC took a 500 million first loss piece and then we could get to a totally different level of capital charge to carry into your question We need to look at regulation very carefully and today the regulatory framework We have in Europe does actually disincentivize us helping with the transition particularly on the equity or near equity side So that clearly needs to be addressed But it cannot be an excuse for our sector That's why we created net zero and again we only started 18 months ago So I'm a little bit more positive than other people are about the speed 18 months ago We started with nothing now we have five trillion I think we should use the next year to get to Chen trillion and that will really move markets because if we commit to net Zero with our assets and the asset managers do the same. There's no escape now. What do we need more? We need much more quickly now measurable changes in the way companies account We can only follow that zero transition by industry and company if the companies have to report and it cannot be an elective It has to be a must and we don't need three five years Whatever with fast B and the IFC and everybody else in the golf clubs to really debate that we need the actions and decisions now and then Yes, we have bankable projects But there's a lot more to be done for example in our home country in Germany There's a lot more to be done to do the energy transition and we do actually lack bankable project We don't lack the money We lack the bankable project and we often lack the Competence in the public sector in terms of engineering know-how in order to execute these projects so we need public private partnerships and know-how and We need to hold people accountable, you know, currently we're chasing evermore stringent commitments do it faster do it faster I don't think we need new commitments. We need a lot more execution Thank you. Thank you very much Oliver I think we've heard a lot about the importance of metrics that the importance of standards the importance of enforceable standards and Single sets of standards. We have we have a world now where I think that there's a lot of politics around it and a lot of turf around around the different standards that you see but I'll go I wanted to come back to you about some some Specifics that you might look to to the public sector to provide I mean the public sector could co-invest with private investors. It could provide tax credits long guarantees as we've heard it could subsidize consumers to buy green Higher-cost green products if that's necessary to offset that higher cost and it could commit to buying green products itself in its own procurement policies and of course as the issue we heard about of carbon pricing Where do you see this this? The the biggest imperative imperative for where the public sector needs to go now Well, Caroline for a long time the mainstream Economics community has told policy makers that putting a price on carbon is the single most Beneficial and obvious step, but the political resistance to any kind of new tax It is quite significant. I I have some scars to prove I've just said and so much of the world including Europe including China now and others are Going to indirect pricing of carbon with emissions trading But in the background what we're seeing is an ever rising demand by consumers by Executive teams and their families and employees To the private companies in the forum You know that when you are interviewing the best and brightest new women and men Coming out of universities and technical schools. They're interviewing you they want your values to be aligned with theirs There is a kind of struggle in the world today Between what you might call earth incorporated with the ever more elaborate interconnection of Economies on the one hand and the emergence of what you might describe as a kind of global conscience With young people in particular not only Greta Thunberg's generation, but others saying look the science is very clear We're putting a hundred sixty two million tons of heat trapping global warming pollution into the sky every single day We're destroying our future unless we change quickly And so whether whether we muster the political will to actually put a direct tax on These emissions remains to be seen, but regulations are politically more feasible We're seeing the requirement that ever increasing percentages of Electricity comes from renewable sources for example. We're seeing prospective bands on internal combustion engines and Mobility we're now even beginning to see for the thousand degrees Celsius use cases Where coal is still used a green hydrogen may eventually play a role and you add to that regenerative agriculture and sustainable forestry and the initiatives in shipping and air transport The latter may take more time. We'll see But we are moving and you know the late men Nelson Mandela once said it's always impossible Until it's done. What we're seeing now is a gathering of the forces both private and public fueled by this global conscience to secure our future and The financing is going to follow that those commitments Thank you So so I think as you said that The carbon price obviously remains a very central issue But as you pointed out, there are there are things that can be done beyond that Mark Carney I want to come back to this issue of political will and and and talk a little bit about vaccines and covid again If you look at the investment that has had to take place for vaccine development If you look at the public-private partnership that's taken place with the public sector Or from from the outset talking about its commitment to purchase vaccines We have a real model there in front of us about what can happen fast when that political will exists How do we create that political will for for moving forward in these areas Al Gore said we are moving There's a lot of optimism there. We heard some examples But we haven't we haven't reached that tipping point of of moving over into accepting that this is a core part of public policy Well, I think I disagree slightly. I think we're reaching the tipping point. The question is execution How is that political will channeled? How is that social the social movements that I'll refer to Channeled the energy then the expectations. How are they best channeled to have maximum impact? And let me make a couple of suggestions The first is on the carbon price. No, not everybody will be able to handle the politics of carbon price But the value of a forward price on carbon Such as the one the canadiens just put in with rises to 170 legislated by 170 a ton by 2030 that is incredibly valuable Janet Yellen and I did a big research project on this about six months ago Which said if you have a credible path to carbon pricing or regulation What the market will do will pull forward the adjustment will smooth that adjustment. That's what markets do best And by the time you get to the point where the price is high The economy has adjusted now as Al rightly says it's it'll be different in different jurisdictions And as you rightly say some of it will be with respect to regulation Let's take the example of internal combustion engines in europe. There's a moratorium from 2030 on new Ice cars Same thing in the united kingdom that tells the auto industry and investors in the auto industry very and investors in Remote charging and others very clearly where that industry is going And actually it tells me where that industry is going not just in europe But where it's ultimately going globally might go a little slower elsewhere, but that's where it's going globally So again credible forward commitments make a difference now you rightly caroline raise the example on Commitments to purchase drugs now. We've seen this in the past bill gates and the g7 did something for pneumococcus with Advanced market commitments. We've seen it with the covet vaccines We've seen it With something called contracts for differences in the power industry Where some governments have committed to buy down the cost of emerging solar and wind Technologies so that it's competitive ultimately by the way that does get passed on to consumers But it's bought down so they become competitive and what's happened for example offshore wind In europe including the uk that's helped flip that over to become competitive globally And so the question we have for emerging technologies and vital technologies such as hydrogen hydrogen as a blend in shipping The impact on the hydrogen chain if you will up the chain to electrolyzers Machines that will help create the hydrogen what advanced commitments can be put in place That will pull forward that demand and again. I'm sorry. I'm leaning a bit on europe here, but uh, the european recovery fund and some of those initiatives had hydrogen blends in there We see a hydrogen strategy and other jurisdictions be very interesting what the us does on hydrogen which will have global applications Because again, and i'll finish here If you have that credible forward commitment in scale could be a regulation could be a price could be a A minimum amount of you know a fuel blend That allows the market and really the real economy the companies that come up with these solutions To invest and build and it shifts the equation And we're starting to see that but that's one of the best ways to channel that political will that you reference Thank you very much. So so credible forward commitments Create a signaling effect And regulation creates a signal effect and then the market will The market will respond Stephanie, um, ifc has done a lot on trying to smooth The cost of big lumpy projects by by looking at Preparation costs by first-loss guarantees by really taking some of the load off particularly on the feasibility study and At the beginning which i think often represents 10 percent of the total cost um What do you see what do you want to see from governments? You spoke a little bit about your experience in solar, but in terms of that signaling effect What do you want to see from the public sector and you you represent? 184 governments So so you really are the the public sector as well as speaking for the private sector and trying to bring the private sector into these deals What do you think would make the biggest difference to to your partners in terms of public sector initiative? Great question caroline Let me first say to mark's point in addition to creating forward purchases Which i think work really well for vaccines the second piece of that was warp speed And putting the right incentives in place for the manufacturers to actually create the vaccine I think the idea of a warp speed 2.0 with some public money Sector by sector might be another way for us once you have a forward purchase Framework in place to actually incentive the right and brightest minds to figure out how we apply new technology But to our countries of of operations themselves I look post-covid and I say Before covid there was very limited fiscal space left. There is even less fiscal space now So very much I agree with all the panelists in that this problem has to be solved by the private sector What we really need governments to do is to create the right policy and regulatory environment And be willing to create public private partnership that will attract the private investment To actually create the right projects and finance those projects I do think there's patient capital on the sides getting that patient capital In all of her mentioned our mcpp platform, but finding ways to pull in pension funds Sovereign wealth funds of insurance companies who have long-term patient capital will be the next piece of that equation You put all that together caroline once you've created a project For a sponsor who understands the documentation and the project into which they're investing then you can actually begin To get traction. So it's a combination of governments leaning in on policy and regulation to create the right environment for private sector development coupling that with The right kind of de-risking tools from balance sheets like IFCs or eids because we're willing to take Longer positions and take more risk. That's what we were designed to do And then bring on top of us the long-term patient capital But create the projects and one of the things that we learned in trying to attract that capital was Project by project an insurance company is not going to come to emerging markets and invest in a solar plant We're a wind farm What they really need is a pool of projects So how do we create from our own balance sheet a pool of projects where we can actually bring people together? I don't know if you've heard about our um Monday ego fund But we had this idea that we could create a green bond fund Help banks issue green bonds help those banks actually build green books And then use the vehicle to attract pension money From europeans. We did it very successfully two billion dollars and now, you know Belgian dentists can invest in green bonds that are coming from emerging markets So that kind of uh financial ingenuity and creativity I think is the other piece that needs to come into play and again That will require additional policy and regulation in all of our countries of operation Thank you Verna Stephanie made a very good point that the multilateral development banks were In a sense designed to take more risk um And yet we know no partly because of their Their relationship to the rating agencies that sometimes taking more risk has become Difficult for them. I think you're very committed to taking more risk Um, is that is that an area that has to be looked at? Is there a problem here? That mdbs are not taking the degree of risk. They should be They're simply too conservative and if you If you sort of look into that What needs to happen to change that? I mean you're sitting in europe Where there's been a very large-scale commitment. I think Moving forward on this agenda, but other other mdbs regional development banks don't have that luxury Yeah, that's true that's a comfortable position that we have here because uh, we have The full support of the member states of the european union However, our activities or projects are being financed out of the money We get from the capital markets because the capital Endowment of eib is is relatively low in in view of balance sheet So that means we need the trust of the investors to give us 70 to 100 billion euros per year in bond sales And that is that requires a strong position and that requires trust and basically for the time being it requires a good position with the rating agencies That's quite clear on the other hand if you have a strong backing Like we have from from the european union and the member states Then I think you you should go into more risk. Indeed. That's what we did over the last 10 years We are considerable considerably raised the the level of ambition ambition is the name of the game anyway Beyond our direct banking activities I can only encourage the public sector to be very ambitious and that also sometimes means tell the people tell your voters That requires sometimes tough choices But in the long run you need them but long-termism is not the name of the game everywhere but it pays off and for In the present situation, I must say say what what I see in the private sector going on in terms of far-sightedness That supersedes considerably what's happening in the public sector Look at the the the letter that see all that and that everybody's reading now from from From there I think This is an opening of the eyes for many people that we should not miss And under these circumstances, I was not surprised That the at that time lunatic idea of eib to open a market for green bonds Has turned into such a success story? This lunatic idea has now led to a market of more than 1,000 billion euros And it's it's going to further grow and it will grow into further stg related activities We are now issuing specialized bonds for others SDGs and There is such an openness on the market for for going into these Activities on the other hand there is such a resolve in the private sector to get rid of assets Who might one day end up as stranded assets that I think we should learn from the private sector when we do our politics Yes, so so the time the time is now for for lunatic ideas or what one seemed like lunatic ideas Oliver Bate from see you over alliance We've heard a lot of that patient capital your capital is some of the the most patient The we we are seeing pension funds and Institutional investors step up What can can you concretely? I know it's difficult We've come up with a list of things that happened need to happen But can you prioritize what would make the biggest difference? To your industry to those asset owners to allow that money to flow in in in bigger amounts So the first thing we need an adoption of regulation sorry to say because we are over capitalizing in the sense investments in infrastructure There's there's one thing if you invest in publicly traded equities that can be very volatile and lose value for quite a while But we're applying the same capital logic to infrastructure investments even though the risk is very different That needs to be fixed very quickly. The second thing that we need is we need to really have the transparency on what are the priorities We've all together mentioned hydro. I don't know how many times today And we need to have clear commitments from the government. What exactly is going to happen? You know, for example, there are great ideas now unimaginable to create Green steel in Europe that technology actually does it exist. We need hydropower probably from northern Scandinavia. It can't be done. It's bankable. It has to be done I can't do it today because the capital charges we have by the way in pension funds the regulations the same are too high and the third one is To make sure that we have the regulatory and the pricing support It's really interesting that we still have the following debate and please bear with me for five minutes That we have public accounting officers says, why are we taking private capital that costs whatever five six percent for equity? Think about that. Our cost of capital is actually eight But five six for equity investment when we can borrow the money for free or negative rate in public markets Why are we taking private capital? I mean, this is ludicrous, but it's the newspapers every other week Yeah, and that's these are public people So the the point that politicians have to say we need the private money because it is not bringing the money It is actually bringing the discipline to plan Execute and deliver these project is not well understood and not well accepted in the public domain everywhere So that's to van us point. He was very polite. I'm trying to be a bit more specific. Thank you Thank you very much Oliver I I do want to To tease out a little bit from all of you. We've talked a lot about public private We've talked about mdb's what we really haven't yet teased out. What is the role within finance? For different players working together. Are we seeing that degree of cooperation within industry? and Maybe maybe Oliver I can start with I can reverse the order and start with you because um, you represent one part Al Gore represents another part of finance. We have mdb's represent another different Horses for courses as we say different roles But is this actually happening or is there a much greater need for collaboration within the industry? I start facetiously. Mike will solve that for us um Because he's actually going to propose that we do this as a cross-sectoral initiative around the common I think it's really important that we do collaborate across the sectors And you see it by the way alliance is also one of the larger asset managers in the world and we find it I have to be transparent more difficult Why because a lot of the mandates are legally done By funds and endowments that have very different objectives By the way, depending where you're coming from in what country you're residing in it's also very different understandings of ethics and how long you think something some people think very short term still So again, we need some regulatory push there to make sure the endowments join And let me start at the top and then unfinished We now need the big sovereign wealth funds to join the asset owner the net zero alliance wherever they fall But they need to commit for me, you know, japan just Committed to net zero. Why doesn't the japanese sovereign wealth fund one trillion plus not commit to net zero You know, we have the norwegians made all their money with oil and gas and that's fine And they said we are going to be sustainable. Why doesn't norsk event Yet commit to net zero So let's get a list amongst ourselves and let's you know get a hundred of the top people that are here on call today Everybody and calling the norwegian government has said one is net zero coming Thank you. Thank you oliver and thank you for reminding us about the sovereign wealth funds We have to close down this session soon, but I do want to go Before we go into the private session where we can continue. I do want to go to both mark khani and al gore mark just Oliver has has pointed the finger at you to solve this problem at at the cop of having Having the finance sector take this cross-sectoral approach Is it going to happen Well, if you're not part of solution by glasgo in november if you're in the private financial sector, you're not part of the solution It's you you're being asked You have the opportunity you have the time to make the decision and you will have made a conscious decision Not to be aligned to net zero It's a net zero cop. That's the objective and that's the expectation And we can work together and we've got the vehicles and and that's what we look to do And I think there's a lot of goodwill and so we'll channel leave it on the positive We'll channel the goodwill But if you're not in you're out because you chose to be right So you're outing you're outing people who won't be in essentially as a as an incentive While while keeping it on the positive side. Yes, you're in part of the solution That's a much better way of saying it. Thank you I'll go. I'm going to give the last word to you Before we close this part of the discussion You know you you you've worked a lot now on the financing side With with great success Do you are you I know you're optimistic in general? But are you are you optimistic that now climates of opinion Can shift we've seen a big shift in the in the us electoral scene Is the time right now for aggressive action beyond beyond executive orders but legislation to really now make this happen in in in One of our leading leading track what needs to be a leading trailblazer on this issue Yes, I I spoke in my first comments about the the obstacle of policy capture with lobbying and campaign contributions And we all know that story But we have seen in state governments in the us and local governments in the us a massive shift already Today president biden Is launching a whole series of new initiatives on climate and the environment And the public opinion polling shows that the vast majority of americans support this transition Indeed a majority of the republican party does as well uh the the legacy Pollution intensive industries still have a A hold on the the enough in the congress to slow down Progress, but we're moving forward anyway and people are realizing, you know the famous Hockey player wing gritsky. Everybody knows the quote. He said I don't skate to where the puck is I skate to where the puck is going to be Well, it's worth Thinking for a moment about where the puck is going to be at the end of this year in glasco Uh, we 17 years ago when we set up a generation investment management We sought to prove the case that the full integration of sustainability and esg could Actually improve returns and I knock on wood But the record has been yes and across the board esg investors have been out performing industries that companies that Fully integrate sustainability are out performing their peers sector by sector Another new reality by this fall A new coalition called climate trace is going to make public The exact location The person the entity responsible and the amounts of every single significant emission of greenhouse gas Pollution everywhere on the planet. So the accountability for these emissions is going to be fully Uh, and that is going to also have a big a big effect On the decisions of investors whether or not they want to stay In companies that are part of the problem or shift to companies that are part of the solution Thank you. Thank you. Um, Al Gore and thank you very much to all our panel. I think we heard We heard very eloquently about the need for metrics regulation incentive carbon action on the carbon price cross-sectoral cooperation between the in the finance industry a stepped up role for the mdb's and A plea that you're either with us or you're against us by the end of cop 26 and I think it's It is a more optimistic moment as as all of you have said and I would just encourage those who've been listening in To follow the work of the forum on the net zero transition Which has been diving in and to somebody's very hard to obey industries and and looking at some concrete solutions. So thank you all