 Hello, everybody. My name is Fivi Kunduri, and I am going to be moderating this session on the European Union's plan towards the future we want. What is the future we want, and how are we able to achieve this future? Let me share a couple of slides with you, and then I will introduce the amazing panel of speakers that will allow us to discuss these issues from different angles, from the angle of the policy analysis, from the angle of investment and investment banks, from the angle of private finance, and of course, to see how innovation will enable facilitation of the implementation of the European deal and acceleration of this implementation. The aim here is not just to talk about Europe, but to discuss how this leadership example of Europe can create value and knowledge that can be transferred across the world. Thank you very much for being with us, and let me share my slides so that I can start. So very, very quickly, what I wanted to share with you before we start this discussion is to very quickly bring together the last five to six years policy developments that are accelerating this transition to sustainability. There's so much needed transition to sustainability. We have the 17 STGs on all issues that have to do with environmental sustainability, economic growth, and of course social welfare. We have the climate agreement to try to mitigate the effect of climate change as a well-documented phenomenon that affects and threatens the way we live, and the agreement to between 197 countries to try to limit global temperature well below two degrees. In 2018, we have of course the Intergovernmental Policy Plan and on climate change saying that even two degrees increasing average global temperature at two degrees is too much. We need to limit this increase to 1.5 compared to pre-industrial levels. And on the same, on the next year 2019, the SDSN, the UN Sustainable Development Goals announces the six pathways transformations, the system transformations that allow us to implement the 17 STGs. We need to work on education, health, energy, decarbonization, sustainable food, land, water, and ocean, sustainable cities and communities, and the digital revolution to sustainable development. And in 2019, late 2019 December, we have the European Green Deal. The European Green Deal is a commitment for climate neutrality by 2050, a commitment to protect human life, animals, and planets by cutting pollution, a commitment for helping clean tech companies to achieve leadership, worldwide leadership, and of course a commitment for this sustainability transition to happen in an inclusive way, to leave no one behind. And the deal has been supported by one trillion budget, some of it from EU budget, some other hope to be leveraged by public-private partnerships. And then early 2020, we have the coronavirus. We have the short-term responses to coronavirus, which basically aim at supporting the vulnerable groups in the society, the finance system as non-performing loans started to mount the SMEs from background seeds. But we also have the medium-term response, which was the next generation EU, an additional 750 billion to be spent for investments for a recovery in a sustainable and resilient way. And what is interesting is that this recovery, the investments that will be funded by the recovery and resilient fund should be climate mainstream and digital mainstream and also respect the do no significant harm principle for the environment. So our strategy remains the European Green Deal, even after this huge non-linearity of the COVID-19 pandemic. And what is also very interesting is that by the end of 2020, the leaders of the EU member states have committed, have agreed to committing to increase the ambition with regards to the reduction of CO2 emissions up to 55%. And 2021 is a year of hectic, very active policy announcements, legislative announcements, and so on. We have the announcement of the climate law, the first political agreement setting into law, the objective of climate neutrality by 2050 and 55% reductions in greenhouse gas emissions by 2030. We have the EU taxonomy, which is aiming at improving the flow of money towards sustainable activities, that is climate change mitigation, investments, climate change adaptation, sustainable use and protection of water and marine resources, circular economy, pollution prevention, biodiversity, also proposing a corporate sustainability reporting directive and also demanding delegated acts on fiduciary justice, investment, and insurance advice to ensure that financial firms include sustainability in their procedures. And of course, lately, a few months ago, we have the fit for 55, the package with 19 legislative proposals in order to change European policy in order to become consistent with the goal of reducing greenhouse gas emissions by 55% compared to what we have in 1990. Revision of the EU emissions trading system, climate action, social facility, revision of the effort sharing population of the land use, land use change, and forest regulation, a proposal for a carbon border adjustment mechanism, revision of renewable energy directive, revision of energy efficiency directive, revision of the energy taxation directive, new forest strategy, revision of the directive of deployment of alternative fuels, policies for mobility, for vans, cars, aviation, and shipping. So a lot is going on, and it's not just going on in Europe, it's the same in the UK, even a bigger ambition for 2030, 68% reduction in greenhouse gas emissions, and a policy, an industrial policy focused on the green and digital transition. And not just the UK, but also beyond Europe and the UK. If you looked at the Biden summit, we had a concentration of leaders representing 82% of carbon emissions and 73% of world population aligning around the goal of deep decarbonization, including China committing to climate neutrality by 2060. This is what is going on in the world, and this is how active this momentum for green deals and climate neutrality and investments for climate resilience is at the moment. And at the European hub of Sustainable Development Solutions Network, I lead with Jeff Sacks, a report, an annual report on the transformations that are needed for the joint implementation of Agenda 2030 and the European Green Deal. And last year's report was an effort to bring together the SDGs, the European Green Deal, the European semester process recommendation, and the EU recovery plan to support policymakers with actionable strategies that can guide EU-wide and national economic recovery, in line with Europe's overreaching sustainability agenda. One of our main results was there is a moral case for building for what better, because the loans that we are going to use in order to recover from COVID are going to be paid for future generations. But the good news is that there is an economic case as well because our simulations confirm that the green economic stimulus is more growth enhancing than a return to normal stimulus. All these issues, I'm incredibly honored to discuss today with a panel of four amazing speakers, Anduano Gerhead of Global Challenges and SDG team at the Institute for European Environmental Policy, one of the most important institutes in the world focusing on analyzing European environmental policy. Laura Bayovesan, Director of the Sustainability and Quality Management Department at the European Investment Bank. Mary Ryder, an international ambassador of EIT, European Institute of Innovation and Technology, Climate Kick, Climate Knowledge and Information Community, the person who turned the climate kick as the biggest public-private partnership accelerating the economy to climate neutrality. And of course, Mr. Kedang Padel, a CEO at Greater Pacific Capital. I'm thrilled that they accepted to talk with me and I will start with my first question addressing Anduan and asking what are the main challenges I had in implementing the European Green Deal and what can the rest of the world learn from the challenges but also the opportunities that this deal is putting in front of us. Anduan? Thank you very much, Shibi, and thank you very much for this broad recognition of the legislative package that has been followed by the formal announcement of the Green Deal. I think it was necessary to give an idea of the amplitude of that particular plan of that particular package, which is part of the global fight at the moment. As we know, the European Green Deal is intended to have an impact well beyond EU's border for the simple fact that EU has been, Norway has been a very large emitter of greenhouse gas and is so far as a responsibility toward the fight against climate change. And the EU at the moment wants, clearly wants to be a leader in that particular fight we see it every day. And this is the narrative behind the launch of the European Green Deal and of the many, many legislative proposals that you've just outlined. The absolute objective of course is to support the achievements of the agreement in Paris in 2015 to maintain global temperature around 1.5 degrees to avoid the most detrimental effects of climate change toward the world. That is the main objective of that European Green Deal that was announced in 2019. And this I think in terms of the impact and in terms of the challenges that it poses, I would also like to have a good word beyond the challenges that I really like to be in the presentation of the chronology that you presented from 2015 to today. And I think it shows an acceleration of initiatives. There is more and more being published. There is more and more being done at the moment. We can see that from 2019 to 2020 to 2021, despite the COVID-19 pandemic, there's been a huge amount of legislative packages that have been proposed by the EU. You've named many of them. And this is still an ongoing effort since the EU is expected to propose new initiatives before the end of this year. So, for instance, on due diligence for corporations, on deforestation, for instance, or on sustainable products. Make sure that product footprints can be maintained below acceptable levels. So this is part of this global effort that the EU intends to have a leading role on. And of course, a major milestone will be a couple of months from now at the COP26 in Glasgow. This will be an important moment to take stock of where we are at the moment in this fight. If that acceleration over the past few years is actually embedded into concrete proposal because this is what remains the most important. Concrete actions, concrete proposals. There is a lot of work being done, as I said, on the legislative issue. And I'm sure we'll be going to work today with Ketan and other panellists on the financing issue, which is, of course, a major aspect of this fight. I wanted to do a few words on the challenges for the European Green Deal. Very briefly, for that I would like to share my screen to show you, to broadcast the studies that we've been doing at the IEEP recently. So if you don't mind, we'll try and share my screen. Yes, of course. Please do. Do you see my presentation? Very well. So this is the European Green Deal barometer that with the studies that we've done at the IEEP in collaboration with GlobScan, it is an idea to follow to monitor the implementation of the Green Deal and how it is perceived. This is how we hope to show some impact and the challenges in its implementation. So since we are not a bit limited on time, I will not go through the methodology, but if you later on, there will be some question on that. I'd be happy to answer them on the methodology that we've done for this study. A quick word is that I would simply like to say that this is not a survey among the public, this is a survey among the stakeholders. So people that are already potentially interested in the European Green Deal issues, and for half of them at least, there are specialists on environmental issues. So not the general public, but already stakeholders. And despite this, we see that only 48% half of people are familiar with the European Green Deal, which can be considered very low. It could be considered very low if we were talking about the public and now we are talking about stakeholders. And yet, there is a lack of awareness of what is the European Green Deal, what it is doing, what are the impacts, what are the expectations. So this is obviously a challenge in itself to raise awareness among the European Green Deal, among EU citizens at least. Now, we'd like to focus a bit more on the technical areas. I will not dwell on that too long, but simply to show an example. To mention that, as you said, there's been a lot of efforts at the legislative level recently with the increasing EU climate ambition. As you can see, this diagram shows in perspective the level of priority, increased priority or lower priority, and the progress made by the EU in terms of legislation recently. You see that areas where we can have a comparative advantage are the most important ones, and this is increasing EU's climate ambition. This is the fit for 55 package that you've demonstrated. This demonstrates that the EU has a leading role in terms of action at the moment. With various ambitions, but still good one when you talk about secure energy, when you talk about efficient building renovation, smart mobility, and so on. These are all part of the packaging that has been announced a couple of months ago. And you can see, of course, that there are still some efforts to do. With a food system, with ecosystems, biodiversity, and so on. This is the aspect where the EU has not yet done enough for the stakeholders that we have surveyed. And a very important point that I would like to make is on circular economy. The EU circular economy action plan has been announced two years ago. It is a massive priority, and at the moment we are at the border between enough and not enough. So maybe a bit more effort will be needed on circular economy aspect as part of the implementation of the EU Green Deal. That could be an opportunity, as I will be going very, very soon. What I wanted to say about the main challenges, and this is also going with the lack of awareness. There is a lack of commitment by member states to the European Green Deal agenda. At some point, there is so much that the EU can do. Member states of the EU have to take over and have to implement these policies into the national systems. And this, at the moment, is lacking. The EU is a leading actor. At the moment, there is an issue with the member states actually transpose this legislation and these efforts at their own national level. And this is partially due to inadequate governance mechanisms. And this is a bit more profound. With the EU Green Deal lacks a narrative, lacks an overall approach, lacks a monitoring governance system. And so insofar as that makes it easy to miss your objectives when you have just individual initiatives here and there, rather than a holistic approach and a dedicated governance system. This is a major challenge for the EU Green Deal. And third challenge, again, links the multispeed Europe with unequal progress among member states. This is linked to the two challenges that I've just mentioned. This is a message that I wanted to pass mostly today. The EU has a leading role, has done a lot of efforts in terms of legislative packages. Now it needs to be transposed through a governance mechanism at the national level into effective policies. In terms of opportunity, what the Green Deal could provide, as I've mentioned, low-carbon circular and resilient supply chains in the cleaning sector. This is the key part. This is really related to the circular economy action plan that we've mentioned and to the major initiatives that are being done. But this is a technical aspect where some efforts should be made and what the EU Green Deal could provide. The second and the third, the second, we will be talking more about it, finance. How do we finance, especially with private finance, the Green Deal and the transition, and the just transition. And as a third opportunity, the EU being a global leader, this I think we're seeing it and we need to see it more. Some, as you've mentioned China, you've mentioned in the US, there are other actors, of course, that need to upgrade their efforts and the EU needs to be a leader in that particular. Some key recommendations, I will go through them because I think I'm running out of time. To the recovery funds, you've mentioned finance again. How do we use the recovery funds of the COVID-19 pandemic? There is a lot of financial efforts being done. It needs to be geared toward Green Deal objectives more than it is at the moment. The cap reform, food system within the EU and globally, circular economy, again, it's there all the time, and the investments aspect. The SDGs, you've mentioned them in your priority, they need to be embedded into EU policies more than they are at the moment. They're always talked about, but they are not embedded in the policies with targets, timelines, effective ones. This needs to be an effort on that, particularly. Standards, EU is a major standard setter in the world and this could also be a way of action. Local and regional authorities, the EU at the EU level cannot and should not do everything. We need to empower member states, we need to empower local and regional authorities to implement the EU Green Deal, to operationalize it. And again, raising awareness. I started with that. I'm going to close with that. Raising awareness among stakeholders, among member states, among citizens, as what the EU Green Deal is and what it intends to do. Thank you. I will stop there. Thank you very much, Antoine. Extremely interesting. And I am really surprised. I mean, food and biodiversity. You have farm to fork policy in the European Green Deal. You have sustainable agriculture. You have protection of biodiversity. And then with regards to circular economy, this huge initiative on circular economy and still the people think that there is not enough engagement there. This is quite surprising, which basically tells you that whatever is the policies of the European level to not really get transposed at the national level, even if they are transposed into national laws, they are not really implemented at the national level. Not enough mobilization is there. We have a question for you. What does lack of commitment by member states mean exactly? So as you know, the EU member states buy to transpose EU legislation into their own national laws. However, depending on what EU legislation is implementing, whether it's a directive or whether it's a requirement, they do have some flexibility into how they transpose this particular legislation. And we see that sometimes the way they transpose it is not as ambitious as the original objective was. So this is part of it. And the second one is timeline. Sometimes member states can take a very long time to actually implement it effectively at the national level beyond political announcements. This is another aspect of this lack of commitment that we can see. Yeah, but could it be that it's not lack of commitment and it's lack of capacity? I mean, in my country and many of the countries that I worked through research projects and from our role as as the European chair, we have more than 400 institutions as members. There is serious lack of capacity. The institutions, the policy makers, the politicians, the financial sector, the business, the NGOs, even the universities, they don't know what secular economy is. They don't know what nature-based solutions are. They are not clear on what a systems approach means when you are dealing with a transformation. That's, do we provide this capacity and support for implementation? Is it lack of commitment or lack of capacity or both? It is obviously both. It is not obviously simply a lack of commitment for political reasons. There is a lack of capacity in many EU member states to effectively transpose the objective of the Green Deal. Absolutely. That's what you need to say. And this is, of course, a joint problem. And again, the EU, there is so much as you can do in terms of capacity to the member states in many ways have more capacity than the EU to implement effective policies in their own national systems. So all of this is obviously embedded. And the EU needs to support the member states into effectively implementing the European Green Deal. But at some moment, all actors need to play their part is also linked to the empowering of local original authorities that can have a lot of importance in some member states with a lot of decentralization legislative systems. For instance, in Spain or in Belgium that have much more powers at the local original authorities there lies more efforts to be made. So, of course, the question of capacity is a question of commitment is a question of all actors playing their part. Of course, thank you so much. You also mentioned finance and now you're going to ask Laura to tell us as Director of the Sustainability and Quality Management Department of the European Invest Member. What is the role of Europe's climate bank to your look at the European Investment Bank for a leadership example on how a mission of the bank can change if an investment bank can change in order to be reconceptualized and include financial sustainability and of course embrace the EU taxonomy. Laura. Thank you. Thank you, Phoebe. And good morning to you, the panellists and all the attendees. And thank you for inviting me to this debate. I listened with very much attention both to your introduction and to one very good analysis of the challenges and the opportunities of the Green Deal. And I do agree with both of you when you say that it's extremely ambitious and comprehensive plan which addresses climate environment. You mentioned, you know, the different areas addressed by it and also social development all aimed at reaching carbon neutrality by 2050. Essentially, it is a new growth strategy for Europe. And as I mentioned, comprehensive in a number of areas. Clearly, as mentioned by Antoine, investments are an opportunity and opportunity which also raised the challenge of how do we finance these investments with both private and public finance and how do we catalyze this financing. And I think an important element of this plan is also an ambitious approach to financing through establishing a common language for sustainable finance. Without a common language, the financial markets struggle to identify sustainable investments that is, you know, this lack of awareness. It's also there in the financing world, you know, what is green and how can we, you know, identify, track and report on the green lending and the impact of our financing. And so to central for this is indeed the EU sustainable finance taxonomy. At the European Investment Bank, at the EU Bank, we are putting our financing at work in support of the Green Deal and in line with the common language of the taxonomy. So last year, in fact, we operationalize our commitment to the Green Deal by launching our ambitious EIB Group Climate Bank Roadmap. It's a five-year plan which is structured around the core themes of the Green Deal indeed. And taxonomy is our compass in this journey, in this ambition. What have we committed to? As a EU Bank, we have committed to align all our financing activities to the goal of the Paris Agreement, dedicate at least 50% of our financing to climate action and environmental sustainability by 2025 and through these, support one trillion of climate and environmental investments in the decade to 2030. And Antoine mentioned that also one of the main challenges of the Green Deal in Europe is the support to adjust the transition. And this is embedded indeed in the Green Deal. We focus on the most vulnerable groups of society which are adversely affected by this structural shift from carbon-intensive activities. We said Green Deal can be opportunities for growth, but it needs to be an opportunity of growth for all of Europe and in fact outside and for all the society within Europe. So it needs to be social inclusive and creates opportunities and offers support to ensure that no one is left behind. And this is applicable within Europe but we also need to extend our reach outside Europe. And that's also an area where EAB can play a role because already also outside Europe we had an important focus on climate action. In the last five years more than a third of our landing outside Europe in developing countries was for climate action and we intend to increase further this support also outside Europe. Climate change is causing an unprecedented loss of biodiversity and is threatening our ecosystems and our life. No one will escape these effects and we need to mobilize globally and promote new green technologies. Partnerships are keys when we want to tackle such a big challenge. So we are doing this of course as part of Team Europe so a broader coalition with within Europe to step up and from what concerns EAB we're set up in landing we are also stepping up our advisory services in particularly for innovative solution in climate adaptation and mitigation as well as biodiversity and natural life capital. When we our focus in particular outside Europe in less developed countries and small island states is going to be around the climate adaptation because it's important indeed to underline that climate change will also disproportionately affect the more vulnerable regions and communities. And coping with this impact requires urgent action. On climate adaptation we are also being active in this sphere for over a decade and our support has contributed to better prepare and protect citizens, citizens, business and ecosystems from a negative effect of climate change. In the climate bank roadmap we focus indeed not only on the mitigation but also on the adaptation and we committed to prepare an adaptation plan so we will soon come and you mentioned the COP26 where we are a bit checking where we stand in this progress and also the bank will want to come and talk about what we are doing about adaptation for example an area where indeed we want to focus within Europe and outside Europe on those regions and sectors that are most vulnerable to the impact of climate change. And where the needs for finance are greater. As I already mentioned the partnership are key and we continue with work with external partners to support adaptation solutions to protect the people and the business and the ecosystems for example digital technologies for agriculture food security resilient cities and infrastructures and jobs and entrepreneurship for the youth. So to conclude Fabie finance both public and private is indeed key to unlock the substantial investments which are needed to enable the ambitious transformation which the green deal is aiming at. And the taxonomy by giving us a common language can help catalyze this green investment and avoiding greenwashing. But in this journey we must not forget focus on a sustainable unjust transition and I think this indeed is what makes the green deal so aligned and compatible with the targets of agenda 2030. Thank you. Thank you so much Laura. Very clear and very integrated way to showcase how we want to make this transition. And you already answered the question that we had on the contribution and importance in central stage of forest and environmental education. We have policies on online use and forest and all that. Environmental education will come a bit later. Christopher and we come back to your question but I also have another very interesting question Laura which says and I want to ask you this that I have the same question what steps are being taken to ensure the intersectional approaches to create climate solutions that leave no one behind. That is if I if I can rephrase the question that Lucy has called does the band understand all requirements requires intersectional systemic approaches that in order to find as a particular investment so you have a particular investment do you look at the impact on the different systems the energy system the land use and forest system the mobility system or is it that you focus on investments independently how do you bring into the picture this intersect or a holistic need approach need that we have identified? No thank you thank you Fabio very interesting questions well I think I think I briefly mentioned that we are not only about financing but also advisory you know so indeed the investments need to be placed in a broader strategy be at country level global level so you know not only we look at investments that we want to support and we do an assessment of investments and we look at the outcomes and impact of this investment and we monitor that but also we want to engage upstream we want by providing advisory services both in terms of capacity building and to mention a different you know speed and all in the different countries or regions and we want to intervene upstream in building capacity in really discussing with the regions and the countries the national plans for mitigation and adaptation and see how can we best support what is the priorities because indeed we want our investment to be impactful no so to focus I think there is a big broader need and the following speaker will also talk about the role of course of private finance so again we need to be complementary we need to be focused and we need to prioritize thank you so much Laura and indeed Kedan Badela CEO of Greater Pacific Capital will talk about the the role of private finance because as Laura said we need public private partnerships and the ability to leverage private money it's something to be proven rather than something to be taken from granted Kedan Badela has just released an amazing report on capital as a force for food capital is for sustainable future with some amazing results with regards to our with regards to financing need in order to implement the SDGs and of course the European Green Deal which is consistent with the SDGs Kedan the floor is yours thank you Fipee I'm delighted to be here and excellent to listen to Antoine and Laura particularly describe the challenge and Laura you know how the development institutions like the AIB which are very important in addressing these challenges we looked at 100 financial institutions to see their efforts at a very granular level and their commitments and their deployment of capital too we also looked at the system of capital in the world and how money flows through the system and then ground up we tried to examine the SDG targets and what it would really take to believe what has just been said is the kind of moral commitment to achieving these very important goals to establish the base for the world from which we can transition to perhaps a different energy source there might be more radical and functional and abundant in the future what we found was quite shocking the first was that the SDGs currently do get a financing of three to four trillion every year but the gap is something closer to 84 to 101 trillion dollars if you take into account a few very specific things first is the climate related costs that are now much clearer than they were when the SDGs were first formulated and in the revisions that are recent to the estimates to the cost of creating a broader inclusion and that's financial inclusion, educational inclusion, digital healthcare and so on third if you update for current prices and fourth if you take properly into account the effects of the pandemic which have placed a lot of people into systemic and structural poverty again so I'm sure you could go even further you might find the number is bigger but if we just focus for the moment that 100 trillion dollars is the gap and if you take into account what has been financed already again to 140 trillion dollars of total budget required just to 2030 and of course the world's challenges don't finish at 2030 and most of the climate change commitments go beyond 2030 so we have an ongoing challenge to use the financial system and change behaviour such that we can finance these big big numbers the first thing if we step back is it's not possible to buy 100 trillion dollars from the financial system as a donation it has to be something that is a real profitable commitment to make and I think what climate as a movement as a global movement has demonstrated is that you can find investable projects and investable companies and you can inspire trillions of dollars of commitments as a result the 100 financial institutions we looked at are the leading financial institutions in the world that represent about 170 trillion dollars of assets of financial assets and their commitments are 88 trillion to addressing these challenges and that's unprecedented this is actually 10 times the previous commitment of the previous year so you can see there's been a marked step up so what climate has done in terms of releasing this is what we need for the other SDGs the same treatment in terms of simplifying well and finding the investable opportunities clearly also money needs to meet the issues with these opportunities and private sector and individuals are probably the most powerful players and corporates are next what we found was if you take the money in the world governments don't have enough financial liquid capital to deploy their commitments are generally fixed in any year to many many things and an emergency as we saw during the pandemic they're able to print a huge amount of money with potentially as Phoebe you and I have discussed before with inflationary implications of course built in and other risks but it is a limited pool of money that in any year a government can free up and there is something like 400 trillion dollars of gross financial liquid assets in any one year two thirds of that begins with the individual and I think the most powerful player stakeholder in the change going forward therefore will be the individual increasingly the individual is aware of what the consequences are of their buying decisions whether they're buying a financial product or something at the supermarket and all their actions and decisions and I think over a not too long period of time what we saw happen in politics where the individual upended politics what happened in business and finance too they will choose who they think is an ethical player who is a committed player to something positive in the world and so I think we're headed for a very big change in that regard but the money does end up in the financial system and 85% of it is ultimately managed controlled governed in some form by financial institutions so an outsized role does belong to the financial institutions corporates of course have the solutions that can get financed and so that's a very important part of the solution too they control the supply chains they make investment decisions that can be green or not green and so on having said this about governments though in terms of the financial capacity of course when governments don't have the financial capacity they will introduce legislation and regulation and so the change is likely to be a systemic change and in that regard it seems as if Europe is leading the European Green Deal is wider and even with the challenges that Antoine very clearly pointed out it is attempting to be a platform for big systemic change and so I think this is very powerful having spoken to people in China who are policy makers they intend to copy a lot of what the EU is producing America's approach is very different and America's taken a much more private sector big bets approach where the large institutions are making very large bets on things like climate change and things like mass inclusion of their own populations that are underserved or underbanked and so on and so these are two different approaches but it's interesting to see whether big bets can be the systemic change and I would doubt it and so I think over time there will be a convergence around a series of regulations particularly because we have a I would call it a heroic effect on the private sector side in America where the 10 largest institutions are committing trillions of dollars to things like climate change and tens of hundreds of billion dollars to other major issues embedded in the SDGs while in Europe we have smaller tickets of investments being written but we have the governments of the EU together to form a platform of big change I have a lot more to say for you but your time will run out so I should pause there There is a question I love this analysis because it puts into perspective in a very holistic way where the money, the wealth is and who can mobilize it and how because Kedani is saying that Europe is having regulation and legislation and is trying to mobilize to direct the flow of investment through these tools whereas the US approach is more a private initiative embeds and there is a question Kedani which says we all think that the curve will not manage but at least we fall in terms of the ambition that we are expecting with regards to achieving a commitment that is consistent with climate neutrality by 2015 so we have the COP this year, we have the food summit this year, we have the biodiversity summit this year, we have G20 this year all these are public approaches how can the private finance which I understand it cannot do everything alone you need regulation and you need legislation and you need tax policies that incentivize towards the sustainability transition but how can the finance as well create partnerships the private finance create partnerships with these high level events that are basically events that engage public institutions but also private how come the two create an osmosis that will be really powerful in accelerating the transition it's a very difficult question but how can you see it because you have very inspirational ideas I would say Laura has part of the answer because the finance institutions that are the development institutions were the original force for good they were set up to address the biggest issues in the world the challenge unfortunately is for example last year as I understand approximately $250 billion was deployed by development institutions but if we have to close the gap of $100 trillion it can't be closed without a different stakeholder agreement between us all about how we will deploy this capital under what rules what returns and so on and let's say the world fell into a number of buckets one was where we need a return so we can service the tax requirements of governments the pensions of all of us on this call the educational requirements for all of us and so on and so on but that's quite a high bar return that we need to deliver but there may be ones where we're willing to take a much lower return just for the impact and the third unfortunately would be a series of countries or projects that will not get funded because they don't have the they don't meet the ESG requirements and the private sector institutions will not know how to address them but the development agencies and institutions have long addressed countries and projects that appear unfundable and they have the expertise one of the the important things is on the one hand we have the institutions like the UN and many others that have the knowledge of all the problems of the world on the other side you have the financial institutions that have to coin a phrase all the money in the world but in between has to be the opportunities and the opportunities have to be profitable for them to deploy otherwise they do not meet their mandate as far as they can tell now we could change those mandates but if we change them incorrectly we probably undermine the system of wealth creation that pays everybody's mortgages and salaries and pensions and insurance and so on so if Europe is successful it will create a superior system of enterprise America today has a superior system of enterprise because of its form of capitalism aggressive at making money so we need to figure out how the balance is struck so the system of wealth creation is still intact and the regulations don't undermine that otherwise we'll have other crises many other crises where things won't be paid that are paid today and we have lots of ideas to do that but I think in the report we identify a dozen investment themes that we think can be very commercial but it does need the people with all the knowledge and the people with all the money and the people with the solutions to come together be brought together to have a very concrete discussion on every SDG almost to drill it down and say what is fundable indeed thank you Kedah we need to support the win-win storyline supported with finance with policies with capacity with scientific solutions and with engagement with all the stakeholders and of course we can do nothing without technology technology is a major driver without technology we cannot achieve climate neutrality we cannot achieve climate resilience and I'm extremely thankful for Mary right there who is an inspirational woman she created the EIT climate kick that nowadays the Europe's largest public private partnership addressing climate change and ask how the climate kick is trying through systems innovation and the deep demonstration that it runs to accelerate the engagement for climate neutrality and which is the backbone of which is accelerating innovation research commercialization and engaging in this acceleration of the stakeholders Mary thank you so much the floor is yours thank you for being here the floor is yours thank you very much Phoebe I'm excited to join you today yes climate kick we established climate kick in 2010 and our work focuses very much on the EIT signature innovation model of integrating innovation and entrepreneurship and education just thinking of earlier comments we are there for the whole of Europe and we have a regional innovation to ensure this so for countries that may have a smaller number of kick partners because overall climate kick has 400 partners across the whole of Europe but for those that have perhaps a smaller number of partners or may have a modest innovation score according to the European innovation school board we have this regional innovation scheme with 14 hubs across southern Europe and we're delighted that the SDSN and Phoebe yourself are closely involved with our hub in Greece they play a key role as local catalysts so we have hubs across the north the south the east and the west of Europe the main hubs and then these regional innovation ones our absolute key approach is systems innovation and we believe that's absolutely what you need for radical transformations so we look at whole countries, whole cities, whole regions, industries, value chains and to give you an example work on cities will focus on energy, water, transport buildings, waste and also look at the enablers of technology, finance of policy, knowledge and behaviour so how do we do that well we have four main stages for our systems innovation first of all we sit down with the challenge owners and we map out the challenge so we sit down with city mayors or regional leaders or company CEOs and we try to understand their needs and their ambition for transitional change and then next with them we define the strategy and we identify where and how innovation can catalyze change and then we design a portfolio around the key leverage points and build on our 10 years of experience and something like 1,500 partners and projects and start ups we then orchestrate a whole portfolio of projects maybe up to 100 to address those leverage points so we might focus on education or the technology or citizen engagement policy or finance and then finally we have sense making approaches so that we can analyse progress and then use feedback loops to map continuing ongoing progress so that's the methodology we apply it in practice through large scale projects that we call deep demonstrations and through those as climate kick we can offer systems innovation as a service as a model and then we have the most ambitious challenge owners so for example we have 8 deep demonstrations at the moment one is in healthy clean cities looking at 15 cities right across the north, south, east and west of Europe we have another in transitions in heavy industrial regions focusing very much for example on the coal regions of Germany and Poland and we have others such as circular projects as carbon sinks so these deep demonstrations really act as test beds to show what can be done and what can then be replicated elsewhere right across the globe so they're intended as inspirational examples of what is possible so what others can do and I know we're getting quite short on time so just briefly we are working across the globe we've done it either alone I was involved in establishing Climate Kick in Australia which gives us a collaborative independent innovation platform in the Asia Pacific with some really interesting projects in many areas including energy finance and we also have done it in partnerships with other kicks in the EIT family in Israel China until it was paused for political reasons recently California and then very much we want to establish hubs and work in Africa and I guess just on a final comment about linking and the very interesting comments about the difference between Europe and North America we're linking very much with the government of California so trying to link the European Green Deal with the Green New Deal of California and particularly focusing on zero emissions transport to start with so it's a pan-European approach but very much linking with other innovation innovation ecosystems across the world indeed there's a pan-European approach I've used the approach as Climate Kick Cap Director here in Greece it is amazing to see how much response you have from the stakeholders once you decide to really invest in engaging them co-create the future vision with them and co-design the pathways that will get them to the future vision but it needs time and money and effort and knowledge and capacity and this is what we want to try to be. Thank you so much for being here Kedan says we could be speaking for hours we could be speaking for days it is always a huge pleasure to see the different sectors coming together in a green or what needs to be done it is we are at a point in time that science have spoken we need to mitigate climate change and conserve biodiversity technology developers have created the technology in most sectors that we need for this climate neutrality and climate adaptation and biodiversity production it is now up to the policy makers and the financial institutions and the institutions that work on engaging the stakeholders to really develop detailed pathways financial policy and technological pathways that we allow each and every country with different ideas and features of the developed and the world and the global south pathways that will allow this transition will accelerate and facilitate the implementation of the sustainability transition thank you all so much for being here feel free to send us email questions or any other interaction you would like to have with us thank you for being here and thanks to the amazing it has been an honor thank you thank you very much thank you so much thank you thank you