 Good morning. Good afternoon and good evening. Wherever you are in the world, my name is Anthony Hobley. I'm the Executive Director of Mission Possible at the World Economic Forum. I would like to welcome everyone to the unveiling of the exciting new Mission Possible partnership at Davos Agenda Week. We are pleased to have such a lineup of great and very relevant speakers to unveil the partnership. The platform launched in 2019 at the UN Climate Action Summit, the Mission Possible platform, as a vehicle to deliver the industry decarbonisation blueprint laid out in the energy transition's seminal Mission Possible report. The precursor Mission Possible platform has grown from the then 40 to now over 400 companies along with their customers, suppliers, bankers, shareholders and regulators to forge net zero pathways and the actions necessary to achieve them. The acceleration of the Mission Possible platform to a partnership one year since its formation is a signal that businesses and countries are ready to step up ambition in the raised net zero emissions. We have demonstrated that this is truly Mission Possible and not Mission Impossible although we will continue to do our own stunts. At the same time we have outlined the systems change required in a four-step process we will apply to accelerate several pathways in the so-called harder to evade sectors. This will require collaboration across business, finance, government and civil society up and down supply chains. The scale of this ambition necessitates a scale up of resources. That is why we are launching this partnership to supercharge this industry decarbonisation and to consign the term harder to abate to the dustbin of history. The Mission Possible partnership will play a critical role as the conductor of the industry decarbonisation orchestra we have assembled. The Davos agenda is an important moment in the drum beat to COP26 in Glasgow the international climate negotiations in November and we look forward to working with our partners across sectors and as part of the net zero breakthroughs being pushed by the high level champions to deliver concrete industry decarbonisation commitments. Run by the World Economic Forum, the Energy Transitions Commission, the Rocky Mountain Institute and the We Mean Business Coalition the Mission Possible partnership will work to decarbonise heavy industry and transport by unifying the critical actors needed to influence and enable industry transformation at speed and scale. Thank you all for taking part and taking the time to join this discussion. With that I'm going to hand over to our excellent moderator Rich Lesser the CEO of BCG. Rich. Thank you Anthony. I'm so pleased and excited to be here today. BCG's partnership with the World Economic Forum on climate topics has been one of our highest priorities over the last few years and there are two things of particular note for this session. First just last week we published a joint forum BCG report called the supply chain opportunity that takes a supply chain perspective on emissions and their abatement. What's really striking is the impact supply chain collaboration can have in promoting action by sharing decarbonisation costs and lowering financing hurdles. The report also highlights nine actions CEO should take to step up their climate ambition two of which stress the importance of ecosystem action for best practice sharing policy advocacy and amplifying demand side commitments. And second six months ago we began supporting Mission Possible on the development of its long-term strategy. This panel represents the true launch of the Mission Possible partnership which is dedicated to helping hard to obeyed sectors accelerate their journeys to a low-carbon future so this is an exciting day. This launch could not come at a more urgent time given the climate context. We saw an emission reduction of six to eight percent in 2020 versus 2019 but for all the wrong reasons and yet we need a reduction on disorder of magnitude every year from now on to reach a Paris compatible emissions trajectory. We need to collaborate to accelerate climate action from every possible angle to meet that challenge. We'll discuss more about the vision and ambition of this partnership shortly but first I want to introduce the terrific panelists that are with us today. First is Minister Carolina Schmidt she's the Environment Minister for Chile who previously served as COP 25 president and was a driving force behind Chile's renewed climate pledge announced last year which includes a commitment to peak greenhouse gas emissions by 2025. Dr. Maria Mendeleuse she's the CEO of We Mean Business that Anthony just mentioned it's a global coalition catalyzing business action and driving policy ambition to accelerate the next the net zero transition. Dr. Fatih Birol he is the executive director of the International Energy Agency under Fatih's leadership the IEA has undertaken its first comprehensive modernization program. It's focused on three pillars opening the doors of the IEA to include major emerging economies making the IEA the global hub for clean energy transitions and broadening the IEA security mandate to include electricity and natural gas as well as oil. Who need Damia the managing director of Damia Barat who's long advocated for Damia's as well as India's focus on environmental responsibility and climate action he's positioned the firm to be a global leader across the industries within which they operate and Mad Snipper the chief executive officer of Orsted a leading offshore wind company before joining Orsted earlier this year he previously led a highly successful transformation of Grundfos a global water technology company before I dive in with questions our speakers all understand that given the size of this panel we only have 45 minutes we're going to try to keep remarks concise and hopefully we can cover a lot of ground here. Minister Schmidt first I know that you'll have to leave us a bit early so but I want to really thank you for joining us and I wanted to start with you as I know you wanted to really be a part of this discussion as Chile's environment minister you've been at the forefront of global conversations on how governments and corporations can and should cooperate in important ways government sets the context for business how do you intend to change that context through the incentives you set and how you cooperate with industry. Well thank you Rick thank you for the invitation and congratulations to all of you you know making so much to push forward to really fight climate change which is the the bigger global ethical imperative that we have today. First of all I want to start saying that global warming is a fight that have to equal urgent fronts one is mitigation by decarbonizing our economies and just as an important is adaptation reducing the vulnerability of our communities territories and infrastructure and both mitigation and adaptation are fully connected. Today thanks to the science we have one universal target for emission reductions that all countries companies and non-state actors must work towards and net zero by 2050 at the latest. Governments have you know a big importance in that that's why we are promoting our law of climate change and changing all our rules in order to accomplish that goal of carbon neutrality by 2050 and net zero goal requires all countries and sector to reduce CO2 emissions as part of a broad circular economy agenda. Some sectors like electricity can evade emissions easily and are already on a good track but other sectors like aviation, chipping, tracking, steel, cement face bigger challenges when reducing CO2 emissions because direct electrification is technically not viable or too expensive. Green hydrogen is a solution for those hard to evade sectors in particular sectors like chipping, heavy duty, tracking and intercontinental aviation. Hydrogen can meet energy needs given its unique high energy density and transportability attributes. This is why in 2020 the high level champions of Chile and UK with seven leading companies launched the green hydrogen catapult initiative by you know to deploy 25 gigawatts of green hydrogen by 2026. A sign of confidence in the supply base ability to scale up and reduce the cost of this in the short term. Chile is preparing the condition to be you know some of these 25 gigawatts to be developed in our country. We already established our national green hydrogen strategy together with the private sector to make Chile the cheapest green hydrogen generator by 2030 and one of the top three exported in the world helping to accelerate the introduction of renewable energies in all sectors. As Ellen MacArthur Foundation properly highlights, switching to renewable energy could reduce emissions in 55% but the other 45% can only be tackled by changing the way we produce and the way we use and consume products. If the world create a circular economy for just the key five sectors cement, aluminium, steel, plastics and food we could cut CO2 emission by 3.7 million tons by 2050 equivalent to eliminate all the current emissions from the transport. In Chile the implementation of the circular economy to only one sector to the construction centre will translate into $315 million in savings every year and reduce 35% of all our waste we generate annually. We know that climate risk is investment risk but we also believe that climate transition presents an historic investment opportunity. There is no company whose business model won't be profoundly affected by the transition to a net zero economy. Innovation is key and we must help that to happen. As you know, electromobility plays a very important role in the transformation process to a low emission economy but it's also in our country a clear example of how innovation in a business model can make big changes and accelerate transformations. Although the initial cost of the electric buses is higher than the combustion buses the operational cost is much lower. Innovation in the business model to finance the change to electromobility with the operation cost reduction helped Chile to promote electromobility making Santiago today the city with most electric buses in the world out of China. We have to eradicate the myth that taking care of the environment and economic growth are both quite the opposite. In Chile we promote the issue of green sovereign bonds with the highest international certification from the CDI the climate bond initiative obtaining the best rate that Chile has ever achieved with the issue of a sovereign bond. Reaching carbon neutrality brings important social, environmental and economic benefits. In Chile it requires an investment around 45 billion dollars but brings net economic benefit directly of more than 30 million billion dollars that's multiplied by five if you add all the indirect economic benefits. Furthermore as indicated by the World Bank reaching carbon neutrality will increase Chile GDP by 4.4 percent by 2050. Well colleagues today we are facing difficult times with decovid on 19 we were talking this before but this show us clearly that we are more connected than we ever expected everybody of that so now the international community together with the states the private sector must work together to foster a green recovery invest substantially accelerating the action to reduce emission and to strengthen adaptation and resilience as the base of a sustainable development. Transformation is already here we must join forces as you say this is a mission possible partnership that we can you know work together in this spirit I'm happy to invite you all to join the climate ambition alliance for carbon neutrality by 2050 this is the first alliance that put together countries with non-state actors with you know investors with business and local government committed to carbon neutrality by 2050 at the latest all working together help us to you know really accelerate this enormous challenge that we have again we can do it together and you can count on Chile for that great that's a wonderful set of ambitions both for the country and for the world that you've outlined I know you have to go very soon but can I just ask you one quick question which is given the kind of ambition job and the emphasis on innovation what do you feel like you need most from the private sector in order to appropriately set the right agenda and the right policies well I think that when the private sector understand that they are part of the solution and not part of the problem things change a lot at the beginning was a lot of resistance because it was to believe that this will bring a lot of cost that are kind of crazy things especially for countries like Chile that is a small amateur but we are very you know affected by climate change in the way that you understand two things that mitigation and adaptation coming comes together it's not this difference that we are making all the time they come very together business will not be able to continue the same path they were having before they need to make transformations and these transformations are vital for the sustainability of their business and there's opportunity there to make these changes the for example the energy sector in Chile was a leader in that in changing in understanding they're part of the solution and not part of the problem and they accelerate their transformation strongly now they're a leading business and they are very welcome by the communities instead other sectors that still think they are part of the problem you know you need to work with them to show them there is a solution so for example the development of green hydrogen has you know bring another sectors into the table that now see an opportunity there to change especially mining sector that is a very important sector in our country there was feeling a little bit attacked by the changes now it feels that they can also lead the changes and became a very important sector and start exporting for example green copper that is one of the mine products of our country so when they understand that they can be part of the solution there you know things change a lot thank you so much for joining us i'm gonna now shift maria to you in your role in we mean business and the championship you've provided to the mission possible partnership could you expand on the multi stakeholder collaboration points the minister just raised there are several organizations and coalitions devoted to fighting climate change how did you see mission possible partnerships distinct reason for being and why is the partnership differentiated in its ability to drive change against such an ambitious and important agenda thanks thank you very much rich and Anthony and Carolina for the great opening remarks certainly when we need business coalition during the mission possible partnership we did it because clearly we think that this is the best showing town and we need to align efforts and we're much stronger together so together with the four partners in plus the 15 organizations that we are working with providing already 300 companies to the partnership we think we need to raise the challenge we also agree with the minister Caroline that renewables and electric vehicles are going well much faster than what we have expected and that's great this morning we have a great news that in europe the renewable energy generation has been bigger than fossil fuel generation in the year 2020 fantastic news but we know that only how to obey things are going a bit slower and we want to supercharge efforts so that those sectors are on track because we need to be mature by 2050 we need to have emissions by 2030 so we invite the companies to join and today we're very pleased to launch the partnership why do we need the mission possible partnership well those how to have eight sectors that represent 30 percent and they're the most difficult but possible to have it and that was well demonstrated by the report that was published a few years ago we are working with the key and very difficult sectors in transport shipping tracking and aviation plus on the material style with aluminium chemicals cement and steel and we think we bring a differentiated approach because we're not only working with corporates but we're also bringing the demand from the sectors as Richard rightly said so the scope three emissions it's a large part of the emissions of many of the companies that have committed to net zero and they look at the sectors that we have included the mission possible partnership because we need to accelerate the decarbonisation and the demand sign up can play a critical role the banks and the investment community as well and unless the governments with the R&D and public procurement are a key factor and that's why I'm very pleased and also to partner with the IEA to bring this forward so corporates on these sectors are going to have a very clear signal from the market that they need to innovate that they need to bring a initial reductions in their products because there's going to be a scale demand on the ecosystem that is going to ask for those projects I think we can drive change we can drive change winning business works with 2,000 companies one of the initiatives that we support is the science based targets initiative that has today 1,200 companies that have committed to parents aligned targets so the companies have committed to this target and now they need to move to actions and I'm supporting this we have 70% of the world economy that now has a net zero target so the signal is clear now we need to accelerate and supercharge iPhone 64 I think I read I can't hear I think you might be on yes yes I apologize I've done it so many times and I still somehow still do it uh the the you've outlined such a bold set of ambitions around this um what's your goal for this year like how are you looking at 2021 in the context of mission possible and and what it can achieve um in a relatively short time frame yes so it is a short time frame that the group has been working for the past couple of years so they started with 30 companies now there are 300 companies of which many belong to the to the group the high level zero group hosted by web the high level champions have announced 20 initiatives that they want to see come with very ambitious pathways in Glasgow we want to bring seven of them in the sectors that I mentioned before and to do so we have a very clear roadmap that we want to apply to all of them some will go faster because they have done a lot of work before others will have to catch up but first we need to mobilize the companies they want with highest at the highest levels of ambition then the companies need to agree on that net zero vision and pathway and then they need to commit to actions both in terms of emission targets demand signals climate aligned finance or government R&D improvement and finally the the last step we want to support implementation with the reason of of different levels standards tools guidelines and metrics uh a big ambition that I think um I don't think we have a choice and in some form you know if we draw a parallel with what is happening with covid what we're trying to do here is to build a vaccines for climate change and we need to have the systems both the technologies but also the infrastructure to deploy them in the next decade great well it's a critical set of aspirations and I think appropriately bold ambitions for what we can achieve and uh it does feel like we're really on a good momentum path Fati I wanted to turn it uh to you uh you've recently stressed how critical innovation will be uh stating that about half of the emissions cuts needed to put the world on a path to net zero by 2050 will need to come from technologies that are not on the market yet is it realistic to believe that the partnerships can get sectors many of whom are fierce competitors to collaborate on innovation and technology and how do you see that working thank you very much uh rich for inviting the international agency to this important uh meeting now I would like to start by saying that the clean energy transition we all use is sometimes uh mixed with the expression of clean electricity transition so when we talk about the everything is going well in the clean energy side the examples are coming mainly from the solar and wind which are very good we have recently crowned solar as the new king of electricity markets it is becoming the cheapest source of uh electricity generation across the world the wind is growing as well but these are happening in the power sector and power sector today is responsible less than 40 percent of the emissions more than 60 percent of the emissions which are very stubborn are coming from industrial sector transportation buildings and uh others and the let's take transportation my dear colleague maria mantelucha mentioned electric cars are breaking records completely true in european elsewhere but let me put in a context 2020 electric car sales broker record their own record which meant of the all the car sales in the world three percent of the all the cars were electric cars 42 percent were suvs going in the opposite direction okay uh emitting uh more than 30 percent uh more emissions compared to average uh uh car so uh not an easy task industrial sector uh the uh mrs schmidt mentioned uh the iron steel iron steel yes cement petrochemicals they are making huge amount of emissions around the world especially in asia and most of those facilities are very young you cannot shut them down immediately before they finish the economic uh lifetime and uh they are uh we will need the world need iron steel cement petrochemical years to come urbanization africa is growing very strong the population india and the others so how we are going to decarbonize outside of uh power sector and i should make a footnote here our work in the power sector has not finished yet we are just in the beginning but how we decarbonize is a critical question as you mentioned uh mrs chairman we made a study we said we reduced emissions to net zero 2050 how many percent of these emission reductions can come from the existing proven technologies if we push them strongly and how much is the left what we found out is that about 50 percent of the emission reductions to reach net 2050 net zero in 2050 need to come from technologies which are only in the demonstration phase or in the laboratories now therefore key question innovation and innovation in the so-called stubborn hard to abate sectors transportation industry and uh buildings so in my view we are at the iea we believe that the energy markets are best governed by the rules by the rules of the market principles by competition but i believe in this case it's an urgent case and we need tremendous herculean efforts around the world there is a specific role for the governments to play governments need to be in the driving seat a couple of examples one i mentioned innovation how will the innovation happen it will not happen before because we give such strong speeches sent very very sharp tweets and so on innovation will happen if the r&d research and development but spending increases in clean energy we have the data in the last 10 years r&d for clean energy investments didn't move one millimeter stable in nominal terms stable and when you look at the other technologies it sector many car manufacturing r&d uh expertise are increasing so governments if they take the climate change seriously a lot of money needs to go r&d in terms of the clean energy second government private cooperation we all talk about this but the government leadership here in terms of providing incentives to private sector for innovation is critical we love the private sector but we all know that the private sector when they are built a key target is making profits there is nothing wrong with that is their job but governments need to make sure that they make the profit by putting the money in the right place right place for the climate so this is the second point third point and the last one international collaboration it is extremely critical that we learn from each other what to do which examples are good and also which examples are not good to learn from each other and create a synergy so i am very happy to see that there is a momentum now coming around the world and i hope that this momentum will go beyond setting targets and turning into real action and in this context last two points we are at the IEA we are preparing world's first roadmap for 2050 what does it mean for the energy sector year by year need to be done how much investment which source of financing for offshore wind for hydrogen for efficiency we are preparing and we are going to release on 18th of May and we are very happy to support this mission possible initiative by providing data suggestion advice and building the governments we are working from China to United States from Canada to India together with the private sector i believe right competition fierce competition but the right competition in the right framework we had everybody to make a sustainable future for governments for companies and for the citizens of the world and IEA is very determined to lead the global clean energy transitions thank you thank you Bhakti and i think the roadmap you're producing and sure will be a really important contributor on that journey I'm conscious of the time and we have two panelists that I haven't gotten to yet so I'm going to shift now Puneet to you as someone who lives in a hard to abate world you've helped Dhamia to integrate successful sustainability practices are you optimistic or pessimistic about the mission possible partnership and what role it can play to help sectors move faster right now so right first of all i'm delighted to be here on this very important platform at the beginning of the first month of 2021 with a very ambitious goal so I would say to your question that I'm cautiously optimistic first of all I think ETC has prepared a very detailed and well researched blueprint for seven sectors which generate almost a third of the world's co2 and I think that is a great start I also see tremendous urgency in corporates in policy makers as well as financiers to ensure that this is serious stuff and you know incentives and disincentives are given to are created so that people behave in a certain way and targets that are being set either by countries you know or by associations are being met so I see a sense of urgency I also see that world economic forum provides a very credible and a neutral platform to unify people who are corporates or fierce competitors policy makers and financiers and even consumers so I think there is a neutral platform which can create faster momentum in these dialogues and create you know possible solutions so overall I would say ETC has a detailed blueprint I see a sense of urgency in various stakeholders and world economic forum this mission possible platform is a very neutral and a credible platform to increase momentum of dialogue and possible solutions that's why I'm optimistic at Dalmian we are determined to play our role we have already announced that we will be carbon negative by 2040 we are the first company globally to commit to RE100 and EP100 targets and we are also a part of UN leadership group for net zero heavy industry transition so I think we are very keen and very excited to play a role with the world economic forum on the mission possible platform in the run up to Glasgow to ensure that you know we take some really specific and targeted projects which can be showcased and which can be which can demonstrate that you know this can work and I'll be I'll talk more about it so I think overall I'm optimistic but I'm cautious because I think ambition of this scale requires some real operational work and I think what is required is to create some showcase projects which can be used to show that green is profitable it is not a cost but you can actually improve your you know value creation for your investors and you can also improve profitability and I want to talk about one of these projects which we are working on we are working on a carbon capture project with Asian Development Bank they are already studying this project and the first report will be out by February of 2021 I think based on that we are you know looking forward on we will invest and we're also looking forward to some clean tech funds which could possibly participate in this bankable project and if this you know works it will absorb 55% of the CO2 which is produced in every cement plant 45% will still be you know we have to think through what to do but at least more than half of the CO2 which is emitted can be absorbed by this project so we are very excited to showcase you know a project like this in the run up to Glasgow and I'm hoping that you know we can do more such projects in each of the seven industries in the run up to Glasgow and show that ultimately green is profitable and we have seen in the solar energy sector that CAPEX in the last 10 years is down from 12 crore a megawatt to 4 crore which is down by 70% and the OPEX of solar energy is down by 90% same as happened in LED bulbs where the cost of an LED bulb is down by 90% so I think if such projects can get traction I think the cost of such projects with scale can also come down dramatically and which can further help in adoption so I think I'm optimistic but I would like to see some demonstrable marky projects in the run up to Glasgow which can be adopted in each of these seven sectors and hopefully make an impact in this year itself. Great I'm really resonant and you actually provided a wonderful lead in for our last panelist. Mads first of all congratulations on taking on the CEO role or said it's just such a great company. From the perspective of a renewable energy player does this all resonate? How do you feel like you're linking into the mission possible partnership given that you're not really in one of the hard to abate sectors? Absolutely it all resonates incredibly well and I think it's not only an opportunity it's an obligation for us to engage with these hard to abate sectors. Our vision as a company is a world that runs entirely on green energy and as a company ourselves we've already made a transition from almost 100% fossil fuels to now 90% and we will by 2025 be the first major energy company in the world who runs entirely it's entirely carbon neutral in our energy generation but that's not enough exactly like both the minister and Fatih Birol said the electricity the power sector is going reasonably well I would give the caveat that it is still not going fast enough we're not moving fast enough still but it's going reasonably well and the fact is that one of the major levers for any hard to abate sector is still fueled by renewable energy. The minister talked about green hydrogen that is certainly one but also further up the value chain how do you create e-fuels from renewable power into aviation into the high temperature processes in industry into heavy transport that's why we as a company we are not only continuing to roll out more renewable energy generation we are engaging heavily interactively already now four of the seven sectors in the mission possible partnerships where we engage ourselves in the working group to create those solutions it is it's very clear that we can't wait until the power sector has made the full transition to renewable we need to have parallel tracks and action that is too slow is a failure so I think as we hopefully accelerate the renewable energy generation not only we at Orsted but in the entire power sector globally we need to unparalleled significantly lean in to the hard to abate sectors to create innovative and not least scalable solutions because like for example offshore wind that has only been possible through lawmakers and and the governments leaning into creating the early incentives to make this profitable for companies to get started same thing is needed for green hydrogen right now it's hopelessly uncompetitive that competitiveness and price will come with scale and that is why the sectors need to come together but the lawmakers also need to create for at least for the next decade or so the economic realities for us to make that happen we are leaning in both into the steel sector we do have partnerships already on green hydrogen with companies like BP on one of their refineries with Yara the world's largest ammonia producer and and many other harder to abate sectors and and we are ready to lean in and we encourage all energy companies around the world to do the same I will I'll just finish up by saying two same two things we need to in a world that unfortunately has been somewhat more polarized in the last years we need to both at a national level but also at a company level to think much more structurally together into ecosystems which is why I think the mission possible partnerships by taking a global sector approach in collaboration with governments to ensure that we don't fall into the ever some of the excuse we always hear where we can't do it because it'll hurt our international competitiveness with this approach and with the cross sector collaboration we can remove that excuse and we can and will move forward and I will make a small final promotional break the climate partnerships that have happened to achieve the 70 20 30 emissions reduction target in Denmark my home country which is a rounding error in terms of global emissions but I will say that the approach of cross sector collaboration and very tight collaboration between governments and companies is something I believe can and should be scaled globally it will be difficult but it's doable and that's why like other panelists here I'm an optimist but it's going to take that we do away with the selfishness both at a national national and at a company level great well I'm very conscious that we run on time in in the in the West world and we're almost out now I'll take just one minute and say I'm so energized by the progress I see happening in the coalitions that are being built in the ways different industries are coming together within their industries and across the mission possible partnership what's going on now to me is just a critical element of that journey because if we can make progress in these seven sectors I think what Fatih said is really important renewable powers unbelievably important but we've got to be able to go after these hard to obey vectors and I think what we heard here from very different vantage points the world that governments can play just for this the role of innovation the power of industry leaders including the two great CEOs representing here to be helping to provide examples and real-life demonstrations of what can be done that when you put those elements together you really can start to make progress so I just want to thank all of you for joining this for contributing to such a rich discussion and more importantly to the whole mission possible partnership to wish you tremendous success both in this year leading up to COP26 but far beyond because we'll make a big difference for all of us so thanks to everyone for joining us it was great to have you here bye bye