 Hello, everybody, and thank you for joining us today, and thank you to our distinguished panelists. Now, all of you in the audience should have their names and bios clearly on your screens, but just in case, I'm going to quickly introduce them. We have Sharon Borough, General Secretary of the International Trade Union Confederation, Nadia Canvino, Deputy Prime Minister and Minister for Economic Affairs and Digital Transformation of Spain, Jonas Priesen, Chairman and Chief Executive Officer of Manpower Group, Nikola Schmidt, European Commissioner for Jobs and Social Rights, Spain Torre Jolceter, President and Chief Executive Officer of YARA International. Now, today, we are going to be talking about solutions. To the great inequality caused by the COVID-19 pandemic, it's clear after more than two years of the world with COVID-19 that this was a pandemic of inequality, that the haves and the have-nots have been affected very differently by the pandemic. And this is true in global sort of cosmic terms, if you will, so across different geographies where you happen to live, but also at the local and individual level. And this is true in terms of the suffering from the disease, in terms of being affected by the policies introduced because of the virus and from the overall economic toll. COVID created inequalities, but also exacerbated existing ones. And of course, we are seeing the consequences of this growing disparity, not only in economic terms, but also in political ones. So today, we are here to talk about what happens next, how we emerge from the crisis, what policies are needed, what partnerships, what compact is needed across all areas of economy and society. Very quickly, for all of you in the audience, a note of housekeeping. You can all ask questions by using Slido. You scan the QR code on the screen, select the session, post your queries. Now, to the panelists, I'd like to jump right in. And I'd like to warm us up, because this is quite a heavy topic. I'd like to warm us up with a lightning round question for all of you, really just a 30-second, after a five-second answer even. And that question is, how long do each of you think that the scars of this pandemic will be with us? Are we talking months, years, decades, a century? I would like your quick prognosis. So let's begin, on the screen, it's Harvard Minister Kandino. Let's begin with you, and then we'll do a quick round. OK, well, thank you very much. Indeed, I'm happy to kickstart, to put the ball in the playing ground. And I think that the impact is going to be extremely different depending on the circumstances of the countries. You already flagged that there's been a very unequal response. I think that in developed countries, we have focused a lot in avoiding inequalities. We've focused a lot in protecting citizens, protecting companies and jobs. Also, we've had access to the vaccines. And that, I think, is leading to a very limited scarring. In the case of Spain, for example, job numbers have recovered in around 15 months, as compared to 12 years after the past financial crisis. But, of course, the impact may be very different in most vulnerable countries. So we really have to get the recovery right to make sure that the potential structural impact is as small as possible, as little as possible throughout the world. And I think this will depend greatly on vaccination and the availability and access to vaccines, and also on financial stability, probably two of the issues we should be focusing on in the coming weeks and months. Absolutely. Mr. Commissioner Schmidt. Well, I fully agree with what Nadia has said. The scars depend a lot on our solutions. As in Europe now, we have been able to mobilize a lot of energy, a lot of measures, including also the recovery and resilience plan. The scars are already disappearing, depending also on the vaccination and on the evolution of the pandemic. But I think what will remain, and I would even say what should remain with us, is the awareness of our fragility. And I think this is something we have to work on. We have been taken by surprise with this pandemic, although some announced this kind of big pandemic. And we have now to prepare for the next pandemic, or for events we are not sure, but which may occur. And this is for the next coming years. We have to work on this fragility in our societies, and we have to build up solutions to cope with that. Great. So years for sure. Both of you are indicating years, but obviously with difference, it depends where you began with, which is clearly a very good point. Secretary Burrow. Well, it'll take at least a decade, and that's only then if the solutions that generate a new social contract are in place, and it's inclusive of everybody. Because the pandemic has shown that if one person is at risk through unvaccination or unjust development or lack of social protection for resilience, we're all at risk. So we need a new social contract, and it needs to be inclusive. And it needs to recognise that the inequality and indeed the integration of crisis with climate started before the pandemic. This has simply laid out a much deeper crater. And the big challenge is indeed to rebuild trust, because what's at risk here is the very democracies and the trust in democracies that can put in place that social contract. Yeah, you raised the word trust, which is clearly a very, very important one, which I'm sure that that we will come back to. Mr. Prizing. I would probably characterize it as a little bit more optimistic. I think the scarring that you describe from the pandemic is, in my view, more a question of highlighting pre-existing, pre-pandemic differences between the haves and the haves nots that have now been exacerbated, and some of the structural changes to labour markets have been accelerated. And I think what it's highlighted is that while we're all in the same ocean, we are clearly all not in the same boat. So I'm more optimistic on the short term rebound once we get to post-pandemic on the immediate pandemic-related labour market impact. And we've seen it already in terms of unemployment bouncing back very quickly on the impact on people's earnings actually being reasonably limited and wage inflation being very strong. So I think the labour markets have navigated this well individuals within the context of the pandemic have navigated it well, but it highlights the need to address the deep rooted inequalities in the labour market that's otherwise just as Sharon said, is going to impact us and our societies and workers in a way that is very, very unequal. And you raise an important point, which of course is another aggravator here, which of course is inflation, which is also the result of pandemic supply chain issues, also others, but in addition, pandemic-related issues. So that's another point that that we interesting to go to go back to. Mr. Holtzeter. Well, it's really impossible to answer, but I still believe it's still within our power to influence the length of how long it will take for this. But I have good examples of strong response to this. And we also have some really negative examples. And I believe the distribution of vaccines and access to vaccines, it's shameful. And many have been left out. And that goes straight to the topic that Sharon raised on trust, how we're going to rebuild trust after this. So that will be, we keep it also there are some learnings here that are very relevant in other prices that were faced with like the climate crisis that, you know, when we're faced with a common threat, how we're able to get together, how we for this time listened to science and science was able to come up with solutions. That's something that is very relevant also in the climate crisis. So there are some positive learnings that we can bring with us as well. Yes. And you know, your point about science is actually very related to trust. I mean, we see it in the media business on in my industry that there's been actually increased trust in the media business because we have been talking to scientists who have been who have been giving us numbers and who have been giving us facts. And that actually the population is more in tune with that, if you will. Okay. Thank you for setting the scene here. Let's turn. I'd like to turn to the policymakers here because, you know, clearly governments around the world have done a lot, you know, objectively within this pandemic from policy measures to financial instruments. Commissioner Schmidt, so as we said, there have been a slew of measures, you know, to help populations, particularly, you know, workers and employers during lockdowns. But clearly, there are limitations, national budgets are limitations. And also a pandemic that is still, you know, very uncertain. So what needs to be done next? And in particular, picking up on what Secretary Baro does, what does this compact need to look like from the policymakers side? Well, I think that the pandemic has revealed a lot of issues and exasperated issues, which we should have already been prepared to work on and to solve. And I think this is the big lesson out of this pandemic. It's about resilience. It's about trust. It's about the broken social contract we had. I think we are talking now about building and developing a new social contract. This means in a way that before the pandemic, this social contract was probably even broken, at least put into question. And I think these are the lessons we should learn out of the pandemic now. First, that some approaches we thought that could not be changed had to be changed very rapidly. That was the economic response to the economic impact of the pandemic. If we had followed the orthodoxy, we would be nowhere. So I think this is an important thing we have to build on. The second one is, well, society exists. You remember this famous phrase of Margaret Thatcher that there is no such thing as society. We have discovered that society exists, and we needed society. And we have to rebuild our societies. We have to rebuild solidarity in our societies. And part of the pandemic, we are in a tremendous moment of change, because the pandemic has not changed or diminished the impact of climate change. I think this is at least or even a bigger challenge for our societies, for our economies, for the world of work. And we have really to continue and even amplify our measures in relation to climate change. Technology is there. Technology has helped us a lot in this pandemic, because our economies would have run even worse if we had not a very rapid adaption to technological means. But finally remains the division in our societies inequalities. They were before the pandemic. They have been exasperated after. And I think that's the issue about the new social contract. We have to bring in new policies, new ways how to see social, how to see social investment, how to invest in people, how to reduce these inequalities in our societies. That's the big challenge. In order to cope with the climate change, technological, demographic transformations. And I think here the pandemic can help us, can be an accelerator, but it can also, if we do not draw the right solutions, it can also worsen the situation. But that would then be a problem of trust, of democratic rights, of the cohesion of our societies. But so your points are well taken, but let's speak, let's give a few specifics here. So, you know, Minister Canvino, okay, so everything the commissioner says, you know, makes sense. But he talked about solidarity. We have not always seen solidarity. Often we've seen brinkmanship, in fact. And so, okay, so what impact is what are the instruments then that now, as we, I don't, I cannot say we are emerging because we are still in it. But if we look at a time where we emerge from the health crisis, what are the instruments? What are the initiatives that need to remain? Well, actually, I think that as I said in my introductory remark, I think that to some extent we learned the lessons from the past financial crisis. And at least in so far as developed countries, most developed countries are concerned. And in particular, that's the case with the EU, as Nicolás Commissioner and Nicolás Schmitz was highlighting. I think the response to this crisis has been totally different from the last financial crisis. There has been, first of all, a coordinated response on the health front. And that has been instrumental for the development of the vaccines, but also to guarantee that all Europeans have access to those vaccines. But also on the economic and social front, well, we have all deployed an unprecedented massive program of public guarantees, support to short-term work schemes, a social protection network for the most vulnerable part of our societies. So we have focused very much on citizens, on this society that Nicolás was saying maybe 15 years ago, people were suggesting did not exist. And we have also, I think, become increasingly aware that the public sector and public services are absolutely essential, that there is a social infrastructure that we need to protect if we want to ensure long-term resilience, health sector, education. We have become aware of our vulnerabilities, but also where we need to put our money and our investment and our focus going forward. So I would say that the response has been very different, both from a short-term perspective, short-term reaction to provide financial stability, vaccines, et cetera. But also from the mid to long-run perspective, because we have put in place this massive investment program, investment and structural reform program. For the first time in the EU, we are borrowing together in order to invest together in our common future. And therefore there is a focus on long-term sustainability from the economic and financial point of view, but also from the social and environmental point of view, which is new. And I would close this reflection by saying, and this is building a new global orthodoxy to a certain extent. So all financial institutions, international financial institutions, multilateral fora, the Davos Forum and public-private partnership and dialogue, and the academia, everybody is now realizing that reducing inequalities should be one of the top priorities of sustainable growth in the mid to long-run. And so the two go together, growth and equality or fairness. And we need a fair recovery if we want it to be sustainable throughout time. Let me quickly, but just for a nanosecond, press you. You said it is clear where we need to put our money. Clarify that for us then. Well, for example, just to give you the example of the Spanish recovery plan, we're going to devote around 40 percent of investments to the green transformation agenda, 30 percent of investments to the digital transformation agenda, around 10 percent of investments, education, vocational training, digital skills for the whole of the population. There's also a very strong focus on developing new social infrastructures. So our whole recovery plan, not to speak about the structural reforms, we can maybe come back to this in a second round, labor market, pensions and other important structural reforms. But in terms of investments, I think we're really putting our money where our mouth is and focusing on future proof investments in order to foresee or to ensure that there is a strong recovery, but also a fair recovery thinking about future generations. Got it. And also you raised that essentially the global social contract needs to include an environmental dimension to it. Perhaps we'll come back to that. Let me move to the role of business leaders then, in setting this agenda for the new social contract for creating a fairer workplace. Mr. Holzer, what is the role here in detail and in what can actually be done? I think it's an important and clear premise that business will not thrive in a society that is not thriving. And this means that we from the business side need to think much broader than just focusing on our own individual P&Ls or balance sheet. We need to move from the traditional shareholder capitalism to stakeholder capitalism. And this, I think, is both needed and expected. I just saw this morning in the annual Edelman Trust parameter that was published. And we see that business is the most trusted institution and that the respondents were very clear that they expect businesses to play a larger role whether it's on on climate change, on economic inequality, racial injustice and workforce risk killing. So the expectation is there. And here I believe it's the strength of the purpose driven companies that all companies should ask themselves, what is the purpose of their existence? And if that answer is just to make money, I think we need to rethink that. Why do they exist in the first place? It is about playing a role in society, about creating jobs, about creating solutions. And as the Edelman survey concludes with, societal leadership is now a core function of business. So I think this is changing a lot now. So just to follow up quickly on what you just said, you seem to be the optimist here in this group. And you pointed out that during the pandemic that actually institutions, businesses and businesses you pointed by the way that they acted have increased trust. And yet, when we look at what's happening in the world around us, there are things to be concerned about at the geopolitical level, but also what we're seeing on the streets, people are taking to the streets. There is questions even about democracy. So how do you see, it seems to me that trust does need to be the bedrock of this new social contract, but how do you see that playing out just very quickly as a follow-up to this? And then we'll go to Secretary Barrow. The reason I am optimistic is that I've seen it in practice now in the pandemic with a company that has a very clear purpose where the organization understands what is it that we contribute within society and the need for doing that locally. We have to take some very tough decisions that in this situation we're not going to be able to sort of remote control a global business. We have to delegate the ownership of that, empower people and have the combination of empowerment and a very clear purpose. We see what our organization is able to do in the societies where we operate. And at the end of the day, trust is built on what we're doing in practice and we see what we're in the ag industry, what we can do for helping farmers to produce more food to combat hunger and so on. It's examples like this, I think, that are needed. And that's what makes me optimistic on what we can do. Great. Sorry, I said I was going to Secretary Barrow. I'm saving you for the end, Secretary Barrow. I want to go to Mr. Preising. You're at the forefront of this, obviously, through your company. How much of all of this is realistic and how much of it instead is or how much does it have to be hand in hand with rescaling a population that needs to emerge from the old ways of working and needs to find new ways of approaching the labor market? What is needed from your point of view? Because then I want to draw us in the second round to real solutions in the specific. I think one of the big and maybe one of the few positives of the pandemic is that it's given us a glimpse into the future of what could happen if we don't address some of the structural changes that are occurring in labor markets. And both the Deputy Prime Minister Sventora talked earlier about climate change. And what we've seen over 40 years looking at data is that climate change is real and it's happening. It took us 40 years to get to the tipping point, arguably, of the pandemic. And the Deputy Prime Minister, along with many other policy makers and the EU, have plowed in and are allocating significant resources with a full realization that we need to avert a planetary disaster with climate warming. We believe that what we've seen during the pandemic is what could happen in terms of the acceleration of inequality and that we need to take action now because we actually have the data. We know that the impact of technology means different skills are needed and we need to move from different industries and occupations at an accelerated pace. We know individuals have new expectations and preferences, which frankly have been fast forwarded significantly during the pandemic, leveraging and realizing that companies and organizations need to stand for more than profits and a job and also align with their own ambitions around purpose and sustainability. And we also know that demographically during the pandemic, most birth rates crashed. And it's an acceleration of a trend that's been going on for 30 years. So our call to action is really to think about the S in the ESG in the same vein as you think about climate change, but instead of waiting for these gaps to become so painfully obvious that we're forced to take action, we can anticipate this. And we understand, just as Sven Torres said, as enterprises, we understand we cannot thrive if the societies in which we operate aren't thriving. And inequality is bad for business. So businesses and organizations are aligning with that understanding. And that's why you see the emergence and the strong belief in stakeholder capitalism, because we will allocate resources in a way that makes us more successful, including the broader stakeholder view. So we ensure that we can continue to thrive as businesses. So Secretary Burrow, bring us here. The reason I came to you last is I want you as a reality check here. And so to say, okay, this is all great. This all sounds great. But from your vantage point, I have two questions. What does it look like in pragmatic terms? What does it look like to have this new contract, to have these partnerships? Who can disagree about multi-stakeholders? But what does that look like in practice? First question. Second question, what about your organization and organizations like yours? Do they have the structural adequacy to be at the forefront and to push the new labor of the future? So the first thing is that Sven and Jonas are right about the need for business to reform, to have a mandate that's much faster than simply making money. Because what we have now is simply a total disconnect between Labor income share, which has a 30-year slump between the fact that only some 40-odd percent of the world have universal social protection as a resilience foundation and indeed 73% of the world's people have little or no social protection. And when you look at the convergence of crisis, if we don't transform every industry, and that means a responsibility for workers and for jobs, then this crisis, which is exacerbated by the health crisis, will get worse. But when you look at the global labor market, it's broken. You have 60% of the world's workers working informally, no rights, no minimum wage, no social protection. That's a disaster for business as well as, of course, for the survival of people. And COVID simply exposed that for that 60%, if they don't earn money every day in an economy that's simply shut down, they struggle to survive. The 40% increasingly insecure, short-term contracts, platforms undermining secure work with no regulation. Thanks, Nicholas, for taking this on in the EU. But we are seeing a breakdown in responsibility for human and labor rights. Now, the companies Jonas and Sena talking about, I work with. And they are putting in place minimum wages. They are committed to dialogue, not so much the American companies, but to social dialogue and collective bargaining, certainly in the European model. And we know that it will take four or five key demands to enact a social contract for labor. The first is jobs, jobs and jobs, a return to full employment. Those jobs will be different. They will, in fact, require re-skilling. They'll require looking at where, indeed, we need to shore up the models of labor rights and social protection. But we must have jobs and there must be climate friendly jobs. We have no hope of putting a floor of confidence or trust or, indeed, optimism back for business or for people. We need universal social protection. And we've called for a global social protection fund. We need, in fact, universal rights. And that means the restoration of respect for human and labor rights beginning with freedom of association. The right for workers to actually have a say at the table and, of course, to bargain collectively to share the responsibility for that future. But we need equality. We need equality of income through minimum wages, through collective bargaining. But we also need equality of gender and rights. If you look at the plight of COVID for women, $800 billion has been lost. More women have left the labor market. The labor participation of women has simply collapsed. And, indeed, we know that we can rebuild this if we invest in those public services you heard the minister talk about. Because care, whether it's child care, age care, health care, education, these are good jobs for women and men. But they're also the enabling jobs that allow women to participate in the global labor market. We will not get an inclusive future if business doesn't reform, if climate, inequality and health are not tackled in the context of realising those SDGs and time is running out. Secretary Boe, so we should have your saying, and this is one of the questions that actually is coming in, a universal citizen income. What I'm saying is that for those workers, for those people who are not in work and not earning a minimum living wage, then the social protection system must include an income base. But why would you pay me an income or you an income share this amount of money when we earn good wages? We need to look after the solidarity that will include the poorest amongst us. And if we don't build that universal social protection floor, then we will not indeed see any resilience against future shocks. That's bad for business, bad for people. But it also is, as I said, totally undermining our democracies. The model of development now is so unjust. And if you want to put it in really crass terms, vaccine nationalism, nine new billionaires created in the U.S. alone by the companies who depended on taxpayers' money in part, large part in some cases, for the research now blocking the intellectual property sharing that would vaccinate the world, which is creating even more risks for all of us. Commissioner Schmidt, Secretary Boehrer, is saying Europe has a role to take a lead here, to talk about European companies taking a lead over American ones. So is this your view as well? I mean, what in pragmatic terms can European Union, the EU, Europe do for this contract? Well, I think we have started before the pandemic. Already the previous commission adopted with the member states and institutions the European Bill of Social Rights with very strong, very concrete principles, how we can really rebuild the social contract on jobs, on education, on skills, on equality, on men and women equality, on youth, on care. So very concrete rights, which in a way compose this new social contract we need, and especially we need in a period of big transformation. And I think we have worked on that. We have presented in last May an action plan how we can really implement this very concrete rights. And Sharon has mentioned what we have done on minimum wage. We are now about, hopefully, to find an agreement on a framework for minimum wages in the European Union, guaranteeing everybody to have a decent wage for the work people do and having decent living conditions. This is a paradigm shift in a way also for Europe. And Nadia just mentioned how we change in comparison to the previous crisis. We have proposed now a framework for platform work, rights, protection rights, labor rights for platform workers. Not these illusion platform workers are self-employed entrepreneurs and they have no protection whatsoever. We have proposed now a real framework for rights for these platform workers. So I think this is, by the way, a very important proposal because it applies to new forms of economic activity. And I am sure that this will extend to other places in the world where the same problems have coming up. And just my last word is on transition. I think we are in a major transition period. And we have to give people certainly the idea that mobility is needed from mobility job mobility, but at the same time people are asking us for security. They have to organize their lives. They have to be sure for their kids. So we have to find a new paradigm also for our labor markets. And I think how we organize transitions, it's not about giving everybody a minimum income. It's about giving people new opportunities, investing in their skills. Thank you, Commissioner. And that is good because to a certain extent it starts to answer some of the questions that are coming in. I'll read one for you because I think it's really what we're trying to hone in on. And one of the questions says it's good to have dreams and a vision. But on the pragmatic side of things, how can we make the global social contract work? So the commissioner started giving a big picture response to that. Minister Calvino. And speak to us perhaps about your own experience in Spain and what that transformation looks like, what those new jobs look like. Yes, as Nicola was talking, I was thinking about the example of Spain because to a certain extent Spain is one of the countries in Europe which has for decades had growth been dragged by the malfunctioning and the dysfunctioning and imbalanced labor market with very high unemployment, very high youth unemployment, low productivity growth, etc. And I was thinking of three main features, I think, of the response to this crisis and the outlook, which are extremely relevant in this regard. First, in terms of the response to the pandemic, and this is an important comparison between the EU and the US as a commissioner, Schmidt was mentioning, in Europe, we have protected the jobs. In the case of Spain, we estimate that more than 3.5 million workers were protected, more than 1.5 self-employed workers were protected as compared to previous crises where a small decline in activity would lead to a massive job destruction. And what we have learned is that it is better to protect its cheaper than to let something be destroyed and then having to rebuild from scratch. And this certainly has allowed the Spanish labor market to recover the pre-pandemic levels in around 15 months, as I said at the beginning, as compared to 12 years from the past financial crisis. There's also a positive side effects to these support measures in that I think that a part of the informal economy that this was referred to is also coming up to the formal economy, because many, many players are realizing that you can have a network and a support framework if you are paying your taxes at maybe also a positive side effect of this framework. A second element coming out of the crisis is that we are really undertaking a big negotiation with our social partners and dialogue with society, I think, is instrumental to rebuild this social contract, to design what social contract we want for the new economic cycle, which is now starting. We just, by the end of December, reached a tripartite agreement with the business organizations and the unions to have a labor market reform in order to reduce temporality, to provide new flexibility instruments to companies different to extremely high temporality and precariousness. Also, to move ahead with a very different kind of job creation framework and let me just have to rush you along because we're near the end of the communication. The final point is, indeed, we need to invest in social skills and re-skilling and training of the whole society if we want them to be able to cope with the structural transformations taking place. Thank you. Great. This is the same question to Mr. Holtzer and Mr. Priesing. What commitment should business make? What single biggest commitment that is numerically, that has a target that can be measured, should business do? Mr. Holtzer, first. People care. Consumers care. But we need to give them the opportunity to direct their spending, to support the development in society. And how can we rebuild trust, how can we create a news social contract with income inequality as we have right now? This coffee cup cost me $3. It's 1 cent that's going to the farmer of the coffee beans. So you have 600 million farmers and very often the ones doing the most important job are paid the least. So if we commit to tracing the cost and the income and make that visible to the consumers, I think that's one very concrete key thing that we can do from business at scale that can drive change. Transparency and tracing. I love it. Mr. Priesing. Businesses are already very actively involved in re-skilling their workforces and upskilling their workforces. And as I highlighted at the beginning, the spotlight on the future of work we are seeing during the pandemic, difficulty to find people with the right skills. So organizations are investing in their workforces to create the talent and the skills that they need from within the organization. But on a broader question, however, I would say the big shift that we have yet to do and that we are not seeing emerge yet is truly the future of work, where employment security is going to be what facilitates the mobility that we need as we're shifting and transforming between industries. And if you think back on a conversation like this five years ago, it would have all centered around the threat of AI that was going to destroy all of our jobs. And what do we do with 50% of the workforce that doesn't have anything to do anymore? And that's a theoretical construct that even at its time was never actually going to happen. And the data is very clear. The technological impact creates more jobs than it destroys, but it requires different skill sets. And I think we're still mired in old fashioned labor market policy thinking as we're trying to imagine the future of work. And when we talk about the investments we're making in climate, 40% of all of these funds, 50 in some countries are going to address climate. And yet a small fraction of that, maybe 10, maybe 5% are going back to support traditional labor market policies. So we are not yet with the understanding of the transformation that is required to support inclusive growth for everyone, reflecting in the policies that we're pursuing for labor markets. Great. We're at the closing. I'm going to give the last word to Secretary Barrow. Mr. Preezing talked about we are still in the old labor market paradigm. Okay. So what is the new one? Tell us forcefully and pithily, if you will, because then we need to go to Sadia. Well, we may differ a little, but Jonas is right on the fact that business has to think differently, but they have to take responsibilities for jobs, secure jobs for re-skilling their workforce. And of course we need governments to be part of that negotiation around a new social contract. Every sector has to transition for climate. But if we don't transition in a way that protects and creates jobs, then we will see more dislocation, more distrust, more despair, that is the driver of all of those things. Spain has done an enormous amount of work with unions, with business to actually drive a just transition, to put in place the sorts of legislative frameworks that Nicola is working on at the European level. So we need legislation. We need serious commitment from business on both climate and on secure work. But we're only seeing the tip of the iceberg. We're very pleased to work with business who want to actually sit and negotiate, think through jointly with workers at the table what the transition looks like. But sadly, that's not enough of them yet. So much reform is necessary. We also can't count on governments. And I need to say this, some governments yes, but the geopolitical situation is such that too many governments are dodging the responsibility for climate, for workers, for society generally. And we need to actually have them step up. But we need to work with indeed businesses who have a value set around inclusion, who care about workers and their communities and don't leave them stranded. I would just say to you the social and environmental taxonomy work in Europe, where optimistic this can become a legislative base. Indeed, we've seen a global standards body set up, but the International Sustainability Standards Board, it's welcome. But where's the international social standards that actually partner with that? We have a lot of work to do and the parties that care about an inclusive future with a new social contract have to be very vocal. So we leave no room for others to simply carry on business as usual. Great. And on that, I must close. I'm just going to say on the words of trust, transition and transparency, I will close, leave the closing remarks to Sadia. Thank you so much to our panelists, Sadia, over to you. Thank you very much. Thanks to all of the panelists and thank you, Alessandra. Last week, our global risk report reveals that the topics that experts were most concerned about in terms of worsening risk, its social cohesion across multiple societies that is getting eroded. What you heard today from our phenomenal group of panelists is the sense of urgency, but also the elements of this new social contract that needs to be built or rebuilt in some cases across societies. Better health systems, better education systems, better care systems, both childcare and elder care, better jobs, better paid jobs. Social protection systems and income support for those that are going through a rescaling or jobs transition, rescaling and upscaling for adult workforces to deal with both the technological shifts and the green transition, and then finally ensuring that equality and equity is embedded throughout each of these features. What the World Economic Forum will aim to do is help move these features of this new social contract along through a few different initiatives that bring the public and the private sector together. I'll just give you three examples. Next week, our global competitiveness report will aim to measure how countries are doing against these elements of a new social contract that will hopefully help change some of the targets that we're focusing on as economies recover. Two, a new jobs coalition that aims to support investment and innovation in those jobs of tomorrow that Sharon mentioned, but also a focus on standards and wages. And finally three, the reskilling revolution initiative that seeks to rescale and upscale as well as provide better education to a billion people by 2030, already made a progress to reach about 100 million people and looking to reach a lot more. Thank you so much and happy to work with you moving forward. Thank you.