 So we've been hearing these pieces kind of individually. We've heard from the foundations, we've heard from these major financial institutions. But to make any of these deals happen, if any of you have tried to do it, takes a whole set of stakeholders coming together. And I think sometimes it's helpful to understand a particular case study to see the way that these various players all come together, the way each of you in whatever role you have can play a role in this. So I'm excited to bring to the stage Gabriella Parsella from CEO and president of Mellon Capital, who's going to talk about the role that they had in helping a family foundation work through some ways that they wanted to address climate change, use their investment dollars to do that, and the way that Mellon Capital was able to support that. Welcome to the stage, Gabriella Parsella. Hello everybody, it's great to be here. Great to see so many faces and a couple of familiar ones out here. So I'm going to share a story with you guys today. And it's a story about investing in a way to help make social change. And to start off, I wanted to share, so Mellon Capital is an institutional investment management firm, and that means that we work with foundations, endowments, and pension plans, and we've done that in a very traditional way over the last 30 years. But recently, one of our clients came to us and gave us a really difficult question. And the question was, how can we take our investment dollars that are part of the portfolio and put them to work in a way that will help support our mission? And they really wanted to focus on environmental objectives. And you guys might say, if you don't work with many institutional investors, what's the big deal? Why does it take so long? Why don't those institutions just start putting their dollars to work? And it's this balance of figuring out how do we meet that fiduciary duty? And still invest in a way to support environmental objectives. And having been a lawyer, I'm kind of a recovering lawyer turned CEO, I can tell you that this fiduciary duty is real, and it's difficult. It's a constraint right now that we're trying to break through. And that is because, if you look at the words and the rules right now, they're written in a way that we have to focus on the exclusive financial benefit to the beneficiaries. And that is something that we can kind of get tripped up on. Now the good news is we're seeing more and more that there's acceptance that environmental factors are in fact risk factors that need to be considered as we're putting portfolios together. And that's really promising. So my story begins two years ago. And that's when the McKnight Foundation came to us and said, all right, Mellon Capital, you've been our manager for close to 30 years now, and you manage our portfolio that helps fund our foundation. And we'd like to figure out how to get those investment dollars under the control of our investment committee to work in furtherance of our mission. And if you don't know the McKnight Foundation, they're a $2 billion foundation based out of Minneapolis. And their mission is to improve the quality of life for current and future generations. And they've been working on investing toward that mission through their grant program, but they hadn't figured out a way to get their investment portfolio to also support the mission. So they came to us and said, can you help us here? And we did. And actually it took about a year, if you can believe that. And it wasn't just working with the McKnight Foundation, but they also had two consultants that they're working with, Mercer and Imprint Capital. So the four of us got together and started a very heated and healthy debate about how best to do this. And as you can imagine, anytime you get four organizations together, we all are very passionate about investing and about ways to make an impact. So it did take us a little bit over 10 months to come up with a strategy that we all felt comfortable with. And this process of collaboration and partnership that we went through was actually quite unique. And so much so that Oxford University actually wrote a case study about our project and made that part of their impact investing program that they presented at the SED Business School. So we're very excited about that. So in the end, we decided that of all the environmental objectives that we could focus on, we would focus on carbon. And I wanted to share a bit about why. Although given this crowd, you guys probably know a lot of these facts. I'll just share it with you briefly. So this is what we know about the numbers. We know that an average passenger vehicle emits 4.75 metric tons of carbon dioxide. We also know that it will take 122 tree seedlings 10 years to be able to sequester that carbon. And even beyond that, we know that an average American household actually emits 10 times more carbon than a passenger vehicle. So clearly there's a lot of emissions that are happening. And when we looked at the concentration of carbon dioxide globally, you see this rather frightening steep escalation. And this really inspired us to focus on carbon as an area where there's urgency to act and it's really the time to act is now. So with that as our kind of goal, we looked at a lot of different alternatives and we're often asked, why not just divest? Just don't invest in any companies, any fossil fuel companies or any companies related to fossil fuel. And you've heard in the press quite a bit across college campuses, there's been big cries for just full divestment from endowments. After looking at this carefully, we decided that this was not the right approach for us for two reasons. The first is that full divestment was going to create risk in the portfolio. Risk of potentially not getting the returns that were needed and also increasing volatility. But second, and actually as important if not more importantly, if you fully divest, you lose the opportunity to engage with those issuers. And we feel like it's very important to help drive change from within the companies. And when we go in and we engage with the companies, we're really asking for two things. We're asking for greater disclosure because if you've looked into this, you'll see that not all companies disclose and even those that do disclose, disclosure could be improved. And then secondly, we're asking for a clear plan for how they will reduce emissions in the future or and or will invest in other renewable energy sources. So we think that's the best, most comprehensive approach. So the solution we came up with was the carbon efficiency strategy. And what this is, it's a broad based equity strategy where we look at individual issuers and then we decide whether those issuers are ones that should be rewarded, should be penalized and they could be penalized down to a zero holding. And we also look to engage as I just mentioned earlier. And what was really important in creating this was something that was clearly measurable and objective. And so the standards that we put out is first on the reduction of carbon, the portfolio has to reduce the carbon emissions by 50% or greater. Second, from a fiduciary perspective, we wanna make sure that we have enough risk management in the portfolio that we won't deviate from the stated benchmark by any more than 50 basis points. And then third, again, we engage with the companies that we invest in. So that was the three prong approach that we put together to create the strategy for McKnight. Now, Mellon Capital is owned by the Bank of New York Mellon. And the Bank of New York Mellon has really started to up their engagement with social finance. And you might have seen some white papers they wrote recently about the five characteristics, the five things that are needed if you wanna bring social finance to scale. And the story I just shared with you about the McKnight Foundation touches on all five of these characteristics that are needed. It's accessibility, there's accessibility for institutional investors to put their dollars to work in favor of reducing carbon. It's measurable because we set out these two targets of reducing emissions by 50% and keeping the tracking error to 50 basis points. It's a transparent strategy that invests in publicly available securities, publicly traded securities. We're looking for a systemic change through reduction of carbon. And then lastly, collaboration, which I shared, it was these four organizations coming together to develop a strategy together. So in conclusion, what we're looking to see and what we're very excited about is that finally we're seeing ESG factors being taken seriously as risk factors that can be included in a portfolio. And we're having a lot of really interesting dialogue now with other institutional investors, foundations, endowments, government plans and pension funds. And we're having those conversations not just in the US but across the globe. So there's a real interest globally to try to make a difference. And we're hoping that Melling Capital will be able to play its part in working with organizations to put their investment dollars to work in a way that can make an impact and can help their greater mission. And I guess my ask for all of you here today is that perhaps after hearing this story, you can think about how you can put your own personal investment dollars to work because it really takes all of us if we all put our own investment dollars to work. That's really the way that in the end we'll be able to solve some of the world's toughest problems. Thank you.