 So many people have been speaking about the climate crisis. So many things have been put on paper. But the real question is why is it that we're still not acting at the scale and speed that is necessary? The extreme weather events that the scientists have long connected to the climate crisis are becoming far more frequent and far more destructive. For 150 years we've built up a world based on the assumption that we can exploit the planet for free and it translates to very dramatic impacts happening right as we speak. The climate crisis is a threat multiplier which means it exacerbates existing inequities in our society. The impacts are felt most deeply by black, indigenous and communities of color. We're living through an explosion of inequality. We need to remember we're on the same planet and this is the planet that we need to make sustainable for the whole of humanity. Climate change is impacting food security as well as political stability in many nations around the world. Five years ago there were 80 million people marching towards starvation. That number had jumped to 135 million. What caused the jump? It was a man-made conflict like in Ukraine compounded with climate shocks. No one is as vulnerable to climate change as farmers are. If you talk transformation, the first thing they want to know is what must I do on my farm? We know that in this transition we require a fast adoption of a lot of new technologies and the question today is how to find the appropriate way to finance this technology. To put a number around it, it's an extra two and a half to three trillion dollars a year of additional finance that we have to find in order to get those emissions down. Financial institutions have a lot of roles to play to bring the advice and provide the financing to make these transitions happen. Younger generations are demanding a sense of purpose. They want to look at companies and say, I am investing with you all for this reason. With the upcoming two cops taking place in Africa and the Middle East, we have this tremendous opportunity to put emerging markets at the forefront of our collective response to climate change. For international trade has to be part of the solution. How do we all get together to talk about a global carbon price that can guide us and help us to decarbonize the world? The solutions are there. What we need is governments to regulate, to invest, and we need business to act with values. History will look at us, people, politicians, corporate leaders. These times require not only solutions but speed. There is nowhere else to look than the mirror. We are the ones that need to do this. Good morning from New York. This is the first happening at the World Economic Forum's meeting on sustainability, taking place during the United Nations General Assembly week. It is quite natural for us to focus then on climate change. It is really no or never United Nations has strongly underlined in the run-up to this week. We have been focusing a lot on why. I think no, it is a time to really focus on how. But we are reminded every day that climate change is nothing that will happen for next generation or grandchildren or children. It is happening here and now and it can be felt. We saw yesterday the devastating hurricane Fiona hitting Puerto Rico, and this is one of hundreds of examples that the cost of inaction far exceeds the cost of action. We have a great panel with us this morning to really inaugurate our meeting, starting with Minister Rania Al-Mashat, Minister of International Cooperation of Egypt. We have Minister Vilas Gennari, Minister for Development, Cooperation and Foreign Trade of Finland. We have the CEO of YARA, Sventur Hulsettir, one of the largest fertilizer companies in the world, and not at least Andrew Stair, the CEO and President of Bessos Earth Fund, one of the largest funds when it comes to then enhancing fight against climate change, but also the broader nature-based agenda. As we also know and as was also underlined in the presentation video, COP26 was in Glasgow, and we know moving to Egypt for COP27 in November in Shamshake, and Egypt has taken on a very proactive agenda. And Minister, I think you even said that now we need to move from pledges to implementation. And who are you going to make sure that that happens in this polarized world where we see that less actors are really talking to each other? Thank you very much, Borgi. It's a pleasure to be here. And as you mentioned, absolutely, the climate agenda is of key priority for all countries, and we're coming out of a double crisis. We just had COVID with countries being affected in different ways, and now there's the climate issue as well. As we saw in the video that was shown to address climate, it's everybody's role. All stakeholders have to be engaged. Governments have a role to play. The international community as financing has a role to play. Philanthropy has a role to play. And citizens' awareness as well. When we say we want to go from pledges to implementation, one of the key highlights that we saw out of Glasgow were the many pledges. And for the first time, there were very strong pledges from the private sector. And the point is how can we ensure that these pledges make their way on the ground in countries that need them the most? There is definitely a financing divide. When we take a look at the landscape of climate finance, we find that it's very much skewed towards the developed world, whereas those that need it the most to be able to move forward are the developing countries. And that's why what we have been trying to do over the past several months is pave the way to try and see how different countries can actually move into implementable projects in front of everyone projects that could be implemented so that this concept that countries are not ready with projects, a concept that capital does not know where to go and try to find innovative financing tools. Philanthropy plays a very big role. Multilateral development banks play a very big role because of the de-risking factor that can be provided to the private sector. And another very important aspect just linking to pledges to implementation is the importance of food security. All of us saw that with what's happening in Europe food security is not just a specific country's problem or a developing country's problem, it's a global problem. And that's why this COP is also focusing on adaptation projects. So these are the two points that are key for COP 27 and both the G20 and COP 27 are from the south, Indonesia, Sharma Sheikh in Egypt and again trying to scale up the voices of developing countries and low-income countries. I guess that walking the talk when it comes to the pledge from Copenhagen of 100 billion US dollars a year and climate financing is going to be something crucial was already touched on of course and discussed at COP 26. Where do we really stand there? How big is the gap? Because some people say it's a gap of 13 billion and some say it's larger or smaller. Data here is extremely important and that's why institutions such as the OECD come forward with doing the accounting. All we know is that it's definitely short than 100 billion and when you take a look at the spread across geographies Africa gets the least even though it's most affected by climate and it contributes the least to the climate crisis. So, you know, when we looked at Glasgow everybody was so ambitious beyond the 100 billion. We heard trillions and we heard trillions from different actors. So the point is how can we make sure whether it's the billions or the trillions, how do they make their way through the projects on the ground and that's why the Egyptian presidency hosted several roundtables in different regions to basically come up with a list of investable projects to be presented to those who have made the pledges and say, here are the projects, let's try together to see how we can start implementing them including adaptation and food security projects. Thank you. We'll come back to the adaptation. I just wanted to have a short follow-up on adaptation. Anders there, we have talked a lot about mitigation and now we're talking also adaptation. Is that showing that we haven't succeeded in the mitigation piece? Are you supportive of also now focusing more on adaptation? Oh, yes, look, and by the way, Borger, first of all, thank you for what you're doing at the World Economic Forum. We look forward to this event each year. It's become a real important event for us. So thank you very much. Yes, look, climate change is here, so we have no choice. We've got to fight both on the mitigation side and the adaptation side. So long, we have been lulled into this sense that maybe we could solve the problem. Therefore, we won't focus on adaptation and if we focus on adaptation, that would be admitting we've failed and that, of course, is not the case. So it is a disgrace what's happening in the poor countries of the world and it's a disgrace what is happening to poor people throughout the world. We all know that poor people have not caused the problem but they're the ones that suffer most and we now put our resources, our political energy, our money where our mouths are. Well, thank you, Andrew, and thank you for your leadership on this. Let me now go to Minister Villescanari. We know that in Europe, you really know trying to square a circle because Europe has big ambitions when it comes to the green transition but no, Europe is also in the middle of a huge energy crisis and hope to manage the short term energy security access problems without losing the baby with the bot water meaning the green transition. Well, first of all, thank you also from my side. It's good to be here in New York. I think as a European minister and as a Nordic minister, first I want to emphasize that yes, we have supply crisis in Europe but at the same time we have done a lot for the green transition renewables including nuclear in a country like Finland so we have different portfolios so there is no one Europe. Nordic countries have paved the way with the common electricity market but you absolutely right that instead of just looking the mirror that what Europe has done wrong, we really have to speed up and do it rapidly at the European level as far as the infrastructure of energy supply as far as the cross-border collaboration as far as the EU 27 and of course for a country like Finland it's obvious that we understand that we need scalability, we need economies of scope if and when we want to be strong economy in the world but absolutely as my colleague from Egypt said that we have to implement and I think it's everything but the implementation how we understand the system level approach it's even now in Europe that you really have to understand how you do the electrification, digitalization what's really meant by green transition and how you get people on board how you include the local people and then of course we look at the COP 27 for instance or Glasgow of course we as Europeans we really want to implement our solutions as well not just you know pledging and providing money so my message here in the New York is that it's really time to understand the system level need of change as far as development cooperation as far as public-private partnerships there's been a lot of talks during the last years yes we're doing so much with this and this but what the LDC countries what the least developed countries really need they need the solutions as simple as that and that's why I believe that today and tomorrow here in New York it's so important that we are very solution-driven not just talking about money and pledges because we have to be honest as well that the ODA is not enough we all know that but then again we have to leverage the private funding for adaptation now it's only 3% we have to look at the mitigation but are we really holistic enough as far as the infrastructure and the digitalisation because as a fin I can truly say that if you want to be successful in green transition you need the digitalisation as well in other words you have to be very strategic very holistic and you need the local level acceptance the let's say business to government approach that is really there with the trust and we have a lot to do with COP 27 and hopefully we can get things better Thank you so much Minister we are faced with the climate crisis energy crisis food crisis growing inflation and war all happening at the same time we know that crop do play an important role in this food prices have been soaring has stabilized a bit but what are the short and medium term strategies we need for ensuring also enhanced crop production in the years to come first thanks for inviting me here thanks for your leadership and what the forum is doing to convene and discuss and talk about solutions and indeed the food system is going through a rather extreme situation at the moment after decades of being able to grow more food for a growing population that changed a couple of years ago and now with as you mentioned the climate change with Covid that really uncovered how fragile the food system is it's really a very global system with very complicated supply chains and much more vulnerable to disruption than what we believe it to be before we're in the middle of it like we are right now and then on top of it Russia's war on Ukraine which is really impacting food production in Ukraine Ukraine is a food superpower and now the armed land going down ships being stuck in the harbor that's causing shortages and increased prices as well and then also the role of Russia in the food system both as a producer of fertilizer and of food and then indirectly as a supplier of energy to Europe because why do we eat food in the first place well it's to get energy and when energy prices go up food prices go up as well it's really connected but what we're seeing in Covid and what we see as a result of the conflict I believe that this would have happened to the food system at some point anyway because of climate and as we heard in the introductory film here no one is more vulnerable to climate change than the farmers and we see this every day when we're working out in the fields with the farmers how they're impacted from better record drought in south of Europe as well floods in Pakistan and record high temperatures that we've seen this growing season in North America and in India so it's all impacting the productivity and agriculture is part of the solution as well 31% of the greenhouse gas emissions come from agriculture so in that is the solution so what do we do now short term I think short term the only thing we can do is to let's get product moving make safe corridors for food to get out of Ukraine treat fertilizers in a way so that it's not impacted by the conflict so it reaches the farmers because if not crop yields will go down significantly if you don't apply fertilizers it could drop as much as 50% in the first season you just need to get product flowing long term we need to change how we do farming regenerative farming I spent the weekend together with five farmers from Brazil and the US this weekend and I see the impact possible if you do regenerative farming looking after the soil but still having the right productivity so it's doable and as I heard from the others in the panel as well technology let's get this done and let's move from pledges to really to action we don't need any new innovations we don't need any miracles in the food system we have all the pieces it's about putting it in place and just doing it I think many of the viewers probably reflect on the following if the war continues in Ukraine and we see the global polarization also continuing are you afraid that there will short and medium term be a food crisis in the world see famine because we do see that some of the prices of wheat has gone down again the last months so short answer to that we're in a food crisis and I believe every mother and father that cannot feed their children now because of the increased cost of food it is a crisis so how do we lessen it yes food prices have gone down from the spike at the beginning but a lot of that was linked to financial transactions and I was together with Sarah Menker yesterday and she explained it quite well how much of that is financially driven but the physical move product and prices facing the end consumers it's still very high it's down from the highs we saw in winter but still significantly about where we were a year ago and two years ago and I'm more worried about what happens now as we get into the next growing season if we're not able to get the right amount of fertilizer out there and the yields drop again and how that will impact the next harvest so I think we have to still treat this as a food crisis and work accordingly and you have to close some of your factories don't you because of the energy prices in Europe not only me but the whole nitrogen fertilizer industry in Europe has been significantly reduced in the last month we're talking about 60-70% reduction in nitrogen fertilizer production in Europe and that's an important place to produce that product for the world as well and it's natural the kind of prices that we're seeing now for gas in Europe it's been at an oil price equivalent to $500 per barrel of oil and how can you produce any product at that kind of cost so yes that's being curtailed and it has some real severe consequences thank you back to you Andrew you already commented on adaptation but of course the basis for sustainable future is that we have to mitigate CO2 emissions and we have to do a lot more faster but we see all the complications the European energy crisis now we are also seeing that some old coal-fired power plants are being restarted in this situation but you also been focusing at the Basel's Fund on environmental justice related to mitigation so where do you hope things will go in the coming years well it would be very easy for us now wouldn't it to say my goodness me it's also complicated it's become so much more difficult and clearly we need to drill for more fossil fuels because otherwise the economy will drive to a halt and so on look we need to use this current crisis as an additional spur to move quicker so that we are no longer dependent upon you know the fuel of the last century but we're dependent rather on the ingenuity and technology and clean and green of this century so yes you raise the issue of environmental justice which certainly to us at the Basel's Fund is very important as I know it is to you Minister Helmachat as well and hopefully to all of us I think and there's two reasons why we need to focus on environmental justice I mean one is as we said before it is the poor and the disadvantaged and those that have tended to be on the margins of society that are the most affected by the problem and so what we need to do is to provide resources to enable them to become more resilient and to adapt but there's another reason and that reason is that actually these same people are actually the source of the solution and we tend to forget that the environmental movement the climate movement has tended to be sort of dominated by if you like more technocratic approaches and understandably I mean no one's been wicked about it we've really tried to do our best plain fact of the matter though if we want to find solutions give it to the people really on the front line the people that actually can figure out the solutions and by the way this is not just an issue for developing countries right here in the United States the environmental movement has been dominated by more traditional more technocratic and quite frankly more white led organizations the current administration in the United States is doing a remarkable job on something well they call justice 40 so 40% of the hundreds of billions of dollars that are going to be put into green technology is to go to areas of disadvantage areas that have more black, brown indigenous and people of color which is a wonderful initiative the problem is that actually even the federal government of the United States doesn't have the capacity to know exactly how to place that they don't because of the constitution of the United States the money flows down through the system states have a role not all states are on the same side not all cities are on the same side so what's the solution well what we've done is put the money flows into the hands of organizations run by indigenous people and people of color and what's the point the point is to build their capacity and also to build their ability to apply for that money and to pull the money in if you like so for example if there's money for energy efficiency traditionally it's been wealthy areas that have had the right lawyers that can put in the right application forms and so on and he flipped that on his head so it's just as relevant here in the United States as it is in countries around the world and it's time that we've got to do something which takes us out of our comfort zone because quite frankly sending money to organizations that maybe not all of them have the capacity to have the sophisticated management structures that some more traditional organizations do fine we need to help them build that so it's taking us out of our comfort zones and it's forcing us to actually take the risks that we absolutely must take I think that can be a very consequential approach I remember when I was secretary of general of Red Cross I think we spend too much time on filling out applications than really doing underground humanitarian work but of course covering new communities is very important but at the same time we see the geopolitical situation is not that good and global challenges need global solutions and now we see that the US and China even suspended their discussions on climate how can that happen and do you think that will be broken in the coming weeks well we certainly hope and pray that it will be but we shouldn't wait for it we should work in every way that we can to build bridges to solve this massive problem that humanity is facing but at the same time we need to get on with it and one of the exciting things and those of you on the panel have been at the very frontiers of this one of the most exciting things is the notion of leaders now that are saying look this must not stand we are going to do things differently you know the world's most powerful fertilizer company you're doing things quite differently sorry it's terrific we're going to see COP 27 do things differently we're going to say no the existing structures won't won't do the job World Economic Forum last day than it was 10 years ago you know you put this right at the centre this is the very first event that you're putting on I assume in this very important week and you put these issues of justice and climate at the very centre of what you're doing so there's a lot to be hopeful for but at the same time the battle is still not being won thank you and as also Minister Skinari alluded to I think the private sector has to take also on a more important role making sure that billions go to trillions when it comes to investing in climate mitigation and adaptation and justice there is an area where we can also mobilise additional resources and thank you for the collaboration that Egypt and the World Economic Forum is also having in the run up we will also do our best to mobilise also the private sector but I think your approach is very much aligned with what Mr. Steyer just underlined more bottom up empowerment of new groups just a few points to make and I think everyone on the panel is very much on agreement so there's a common denominator and in order to move forward we should not see climate as divorced from development climate issues are supposed to be embedded in the development plans of countries this is a very very key message so that when you are financing climate you are financing development all of us know that there's a decade to 2030 to the SDGs we know that there is shortcomings there nonetheless joining forces climate and development as one goal this is going to push us very much into the future also when we put climate with development the locals of the discussion when we talk about agriculture when we talk about adaptation resilience comes up and that is as was mentioned we don't know what the next crisis is going to be and how it will affect food systems that's why we need to invest in creating resilience systems locally across different countries and also in collaboration with one another the nexus of water food and energy is extremely important today so when we're talking about agriculture we have to talk about water when we're talking about agriculture and water how are we supposed to bring the energy to that so renewables become important and that's why Egypt as president of COP but also as one of the biggest countries in Africa we created a program called the nexus of water food and energy it's NWFE it's pronounced in Arabic nwafi nwafi means from pledges to implementation so this nexus of water food and energy we've been able to mobilize our partners partners not just for finance but also for technical advisory and this is a very very important point that as you are pushing the local communities you also need to raise the capacity building to be able to access finance the excuse is always that they are not ready how are they supposed to fill in all these applications that you mentioned and so forth so this NWFE program we had a very important meeting in Cairo last week and we had we launched Egypt's country platform for the nwafi program and we have mobilized private sector MDB's the US the GFANS and many of our partners as well as the private sector to be able to implement these projects and if this is successful this would be a replicable example for other countries in Africa and elsewhere so just to conclude climate and development have to come hand in hand we should no longer talk about climate by itself I think this would be a way to motivate governments, private sector and local citizens to move forward the second point is all of us need to be together so all hands on deck be it the government with its regulatory capacity the private sector telling us exactly what they need philanthropy coming into this space in a very forceful way and that's why as part of the COP 27 we also put together the Charmes-Sheikh guidebook for just financing so it's also identifying what each stakeholder needs to do in order to move from pledges to implementation and then finally the word resilience and this concept of mitigation adaptation they shouldn't be you shouldn't be choosing between them they actually should be put hand in hand so when we say we invest more in adaptation it's not that we are pulling away from mitigation resources it's actually trying to increase the pie because when we take a look at agriculture and water energy becomes key and if talking about Egypt we are going to be exporting more gas to Europe it means that we need to be producing more of our renewables and that is part of this nexus of water food and energy part of the NUFE program that's a huge solar potential yes solar and wind solar and wind Mr. Skinaray I guess you want to comment on some of the things that have been said but as minister said resilience is also core of this and I know you've been very engaged in also early warning systems when it comes to natural disasters that's I guess part of your adaptation strategy absolutely and I hope we in Europe could find a similar word as you have for implementation I really want to improve my Arabic as well but that's something to do as a homework but maybe you have a finished word for it well I'm trying to find you know Swedish or Norwegian maybe it's coming up you need a lot of sisu at least at least but to answer your question yes I think when we talk about let's say the implementation as you said what we really wanted to do some 5 years ago as Finland our partner countries all over the world with the coalition of finance ministers this climate coalition to really get the ministers of finance involved in order to be horizontal in order to be holistic but also to implement at the very national level to the very local level and I think now having said all this I really hope that this week we can have altogether more than 100 countries on board on this coalition because then we can be more strategic and we can utilize that word that I can't remember now what you just said oh perfect and but then I come to climate adaptation yes we have been really working with the very least developed countries as far as the early warning system saving lives with different technologies but that's I think that's a very good sample for public private collaboration because we have many many instruments for companies is quite frustrating and time consuming to really go back and forth what is the instrument for this and that but we have really conceptualized early warnings with our national meteorological institute from Finland and with the private company called Weisala which is of course one of the leading technology providers and then we scale it within the African region as well as let's say the Americas as well and that's something that we can say that yes now the private money is leveraging and that's why I have identified let's say three four to five different thematic solutions from the mitigation to adaptation but even to more let's say more complex challenges in societies and to really provide that solution to the local level and then after that once we have the best technologies and the most important thing the best people over there the best team then we start to think that where we get the money from what kind of entities we need and exactly what you said that now we to entity driven instrument driven we are not solution driven and then we just asking ourselves that should we coordinate more yes we should but at the end of the day we need solutions and I think this is a topic for this week here in New York that how we can really provide the solutions for the Africans how we can build up the trust before co 27 how we can do that the global level as far as development cooperation and of course what we have spoken a lot earlier on with you is that how we really get let's say from aid to trade type of thinking as far as trade policy and of course as a trade minister I really push now further the trade agreements within the African region within Wolf between Europe and South America Mercosur for instance we need those agreements if and when we want to be more sustainable in this world and therefore I really believe that and I look forward to see you in Egypt thank you very much this afternoon we will even launch a new report showing the huge potential when it comes to better facilitating trade when it comes to green technology today there are so many obstacles if you want to export technology that is also going to be crucial when it comes to green investing so but as you heard there is a lot of need for additional capital there is a lot of green energy projects out there and there is a lot of money sitting on the sideline I think like a trillion new has dollars from the private sector that can be invested and what what does it take to get those money invested into those projects because if you have the projects and you have the money and nothing happens we are not making progress yeah we need to accelerate that and I believe we are at that point now where the understanding of the issue and the need to work together it is so urgent now and understood that it is about moving to the implementation phase and I fully agree what you said on climate and development was hand in hand and in order to get done at scale then we need the private sector to play a role but not alone it needs to be done in cooperation I'm really pleased with the agenda for COP 27 I'm also happy that there will be a food pavilion we will be there from the private sector as well to work together and in agriculture climate and development it plays such a huge role in creating that resilience to make a more resistant agriculture to climate change we see it when the farmers get the tools and the knowledge and focus on soil health it's much more resistant to climate change, less soil erosion when you have floods it keeps more of the nutrients in the ground the crops grow better even in drought as well but then we need to use technology to work together with organizations like the Basel Earth Fund with Andrew here how can we use technology to drive change let's do soil mapping globally because if you know the soil conditions then first of all you can do something about it you can create a more healthy soil you will get better yields I was in Africa two weeks ago in Kigali and when I see the impact to farmers when you helped them to put the right nutrition in the ground focusing on the soil health we're not talking small changes to yields we're talking 50% increases or doubling in the first harvest maybe this could be the wake-up call needed in order to really accelerate African agriculture as well the continent imports food for 50 billion dollars a year money that should stay in Africa and develop African workplaces and creating food security and we see the need to have more local food production as well now so if we could work together come up with solutions but focus on now implementing because we really know what we need to do it's about getting it done and trust is also an important part of the equation here unfortunately right now I feel trust is short in supply but let's at least get started with some things and demonstrate what is possible So Andrews there I guess this was good music in your ears so moving into implementation we've been talking about that for decades and the crisis is really here I think the planet is really on fire but the geopolitical economic situation are no excuses not for really delivering on it but what does it take of new ways of doing things as I said in the beginning the price of inaction far exceeds the price of action but that's hard to get that internalized to some leaders well I think it needs at least two big things first it needs a change in mindset many policy makers many CEOs still believe the economics of last century which basically said we used to act but actually it's gonna cost us we're gonna lose jobs we're gonna lose growth we're gonna lose competitiveness the economics of this century have demonstrated that smart bold action on climate change will lead to more economic efficiency will drive new technologies will lower risks and will reshape expectations about the future those four things combined actually lead to a dynamism that most economic models still don't capture we need that intellectual revolution to enter our minds so that we have a different perspective the second thing is exactly as you've all been saying but you made the point very clear Sventari which is we need creative collective action partnerships there are no silver bullets it's a jigsaw puzzle and it's a jigsaw puzzle in several senses one is that we need different types of actors to come together and so we now need whether it's philanthropy whether it's government to work with the private sector to work with NGOs and so on in a creative way that we've not done before so for example we've just together with the Rockefeller Foundation and the Ikea Foundation we've created something called the Global Energy Alliance for People and Planet and we work very closely with your team on this and what's the point? Well the point is if you could get a couple of billion dollars of grant money that you can deploy very quickly you can then sort of operate at three levels first on the politics and policies and plans second pipeline development and third de-risking and in each of those we need relationships with governments with civil society with corporations in a sort of creative way and then we need to bring in the more traditional very good financial institutions the world banks, the African banks and so on in a way that we can actually do things a little bit differently and we can have a capital stock where actually those that can afford to take risks those that can afford to move quickly can get in there and encourage the others Well thank you very much I think this has been a very good start of our meeting that is going on the whole week and the road to Sharmshake and COP 27 in Egypt of course there are a lot of challenges but I feel that this group also shared with us some silver linings as Andrew Starris just said this energy transition, the green transition can create jobs and can create a different planet in the years to come and the application of the new technologies but also looking at this crisis as an opportunity look at 1973 at the oil crisis back then that led to a big change in our economy cars were then back running with 1.8 litter per 10 kilometers after a few years it was a litter per 10 kilometers today 17% of the cars sold this year are electric cars and in the years to come there will be even more after the oil crisis in 1973 we saw the introduction of new nuclear plants different ways of facing out coal in railways and in ships and etc so maybe this deglobalization of energy is also something that will increase the energy security because you will have solar panels, windmills at the different countries so you also increase your energy security coupling economic growth from growth in CO2 is something that we are looking at and the World Economic Forum also are proud that we mobilized our partners in implementation mood in the run up to COP 27 so thank you very much for joining us today early morning here in York but that's the way to get things done thank you well done thank you