 Good, I'd like to welcome you all to this important event, those of you in the room and those of you worldwide watching and listening and hopefully participating. Thank you for joining. The subject matter is important. Basically, we need investment in nature. The corporate sector is increasingly investing in nature and needs to do much more. And many corporate leaders would like to do much more and they're trying to figure out how to do it. And that's exactly what we're going to discuss today. My name is Andrew Steer. I'm the President and CEO of the Basos Earth Fund, which is a fund of $10 billion that Jeff Basos set up to be invested and spent as grants this decade to address nature and climate change. So welcome everybody. The issue is pretty clear. It's wonderful to see nature rising on the international agenda. And people in this room have done a lot to make that happen. The first time ever at COP26, we really had a recognition that it's not nature or climate. You actually can't address climate unless you also address nature. And we're seeing whether on the terrestrial side or the marine side, we're seeing an incredible growth of interest. And here in Davos, I've been coming here 10 years. I mean, 10 years ago, it would not have been thinkable. There'd be all of the events that are going on. And I would like to give a lot of credit to the World Economic Forum, Lindsay, and wherever you are. Thank you for what you're doing. And now you not only create a sort of space for us to engage with each other, but you also are now leading major initiatives, whether it's Trillion Trees, whether it's the analytical work you've done, whether it's the accelerator that you're doing or the Friends of Ocean action. Really, really terrific. And I think you've pioneered what we need to do nowadays, which is multi-stakeholder. None of the problems that we are trying to address can be solved by any individual set of players, not by governments, not by corporates, not by NGOs, not by scientists. It requires a jigsaw puzzle. And that's exactly what we've got here, isn't it? So it's really great to have. Let me just introduce the people here. Jim Andrew is the Chief Sustainability Officer of PepsiCo, and they're doing some pretty interesting things. Roshni Malhotra is the Chair of HCL, which is one of the most exciting software and advisory companies in India. Kahaia Pachero is the Co-Director of the Women's Earth Alliance, which is working, well, you can tell me about it later, but I tell you it's a very, very, very exciting outfit. And Annie Dasgupta is the President and CEO of the World Resources Institute, which is, of course, the finest of all the NGOs. And then until a year ago, I had his job. But it's good to be replaced by somebody much better than oneself. So maybe we start with you, Jim. As you sit right next to the CEO, which by the way is another example of how we've changed. The Sustainability Officer, you know, ten years ago was in the basement, and now they're up there in the C-suite. And as you think about, you know, where do you go next and investing in nature? How do you think about it? And if you want to, you can stand so people can see you don't need to, though. You know, nature and investing in nature is really important to PepsiCo. PepsiCo is an agricultural company at our core. We're about 55% food, 45% beverages. And the security of that crop supply, the making sure that we protect farmers and their livelihoods. We touch about 40,000 farmers around the world. And consumers and customers increasingly are really demanding and expecting us to invest in nature. And for us, investing in nature is really about investing in a regenerative agriculture. It's really about how do we work with the entire value chain, farmers and others, to protect the soil and to enhance the soil and to make it more productive and more resilient, because we need that in our supply chain. Forests are also a very important part of it. That's why we're a big supporter of the 1 trillion trees initiative. We also have a no deforestation pledge. So for us, as we think about it, it's all about landscapes. How do we, working with others, bring together multiple crops, multiple players in a landscape jurisdictional approach to be able to address all of the issues? That's what, as an agricultural company, really at our core, that's what we need. And that's why investing in nature is a very logical part of our PepsiCo positive strategy, which really puts sustainability at the center of our business so that we drive and build a sustainable company. By that, I don't mean just green, but I also mean built for the long term and can address all of the challenge facing us. You gave me two minutes, so hopefully I did it. You did it. That was perfect. So you deserve a follow-up question. So if you're talking to a new CEO that realizes that this is a new world out there and they say, you know, I can invest in nature obviously through my core activities. I can use my charitable activities. I can use my voluntary carbon market activities. How do you, what advice would you give that person? Great question. I would choose D, all the above, because I think the challenge in front of us is so big that we're going to need all the sources of money and financing. There's not enough money going to invest in nature and in agriculture today. Agriculture, which we're closest to, is probably 20 percent, depends how you count certain pieces of it. Ani will be closer to that, but it's probably 20 percent of greenhouse gas gets about 2 percent of financing. So we've had a lot of good discussions already this week on how do we get more money into the sector. But it also takes technical support. There's a lot of people that want to invest in nature and farmers and indigenous people who want to do the right thing. They don't always know what to do. They need the money. They need the technical support. And sometimes, honestly, they also need social and cultural support. So I would say harness, make it core to your business. Because if sustainability and investing in nature is over here, you're not going to do it. It's not going to have durability. For us, that's why we put PepsiCo Positive in the center of our business. Then it's very easy to talk about supply security, increased resilience, better yields, better livelihoods for farmers. Then it's a much easier sell and we invest in an ongoing basis. I think you make it core and then it happens. Terrific. Thank you very much. You mentioned indigenous people. So maybe we go to Kahia. You're based in Hawaii, but you have a worldwide remit working with women. And in particular, indigenous people, how do you engage with the corporate sector? So through our work, we really amplify the grassroots women-led solutions for climate. And we partner with various companies who are mission aligned with ours, who want to make an impact on climate and who believe that grassroots solutions, like we believe that grassroots solutions will really be the thing that moves the needle on climate change. And I think kind of listening to what I've been hearing over the past day and a half. It's just been a day and a half here. But I think I would encourage a mindset shift a bit from companies wanting to move the needle on climate. And when we talk about all of these kinds of solutions, these nature-based solutions, those are all really based on an indigenous framework. They are a holistic approach to sustainably stewarding and restoring our ecosystems by ensuring our social community and biodiversity thrives. And it's holistic in nature. So nature-based solutions, if you take a nature-based solutions approach, there's a chance it'll be unsuccessful if you then are repackaging it to protect a bottom line that values profit above everything else. Then you've taken out the holistic nature of it. With the way that some nature-based solutions are being implemented currently, they're not taking that holistic approach. They are not requiring something like decarbonization. They are not requiring companies who are engaged in nature-based solutions also stop harm that they are causing communities and the earth in different places. So I would say that if companies are really looking to engage in finding a pathway forward to ensure life on our planet, we might have to begin fixing what hasn't been working even if it might make us uncomfortable. And there are companies that are doing that. There are great companies out there that are really, truly committed to addressing the climate crisis. But I think there are also companies who are still trying to figure out a way to profit from nature-based solutions. And while I think that's possible, profit cannot be the goal here. Survival has to be the goal. And I think that's a pretty worthwhile investment. So your advice to a CEO that's taking on and wants to is try and see things through the eyes of an indigenous person because only if you have that kind of mindset change that you will be doing the right thing. Just a quick brief answer to this. Obviously you are working with some leading corporations. I'm sure some of them here are included among those. But also I'm sure you take a pretty strong line of criticism against some that do it wrong. Is that right? We do. That was my short answer. We do. Okay, thank you. Roshni, your chair of a major company, you do a lot of interesting things. What advice would you give to a company that wants to engage in nature? The one thing that I think corporates have done very well in their own industries over the last many decades is invest in their people. So whether it's been, you know, I represent the tech industry in India. India's 17% of the world's population. And the tech industry is the largest employer of, you know, white collar jobs in our country and many, many million. For every 100 jobs that a young, you know, graduate is aspiring to work in tech industry, maybe there is less than a handful of people who are aspiring for career in nature. So my, you know, my thought is and what we do at HCL, but what corporates can really do is invest in people in nature. So, you know, there's been much debate at the World Economic Forum for again many years, even, you know, during this time, which is what are the future skills in tech? What are the future skills in sustainability? But what are the future skills in nature? And I think that that is a space which is empty. You know, if we look at people working in nature, as the work here does, most of these people who have the indigenous knowledge are the people also who are most vulnerable to the changes which are taking place in nature. So when you think about nature-based solutions, can they see themselves as part of improving their ecosystems and then the larger ecosystems of, you know, the urban cities we live in, but they are the people who hold the knowledge. So much like we as corporates have done for skills for varied number of industries, what is it that we can do for skills in nature? And how do we scale that very fast and very vast so that the impact can be much broader? And of course, as with the tech industry with nature as well, bring down the average age of people working in nature. I think that's important because it gives them a long runway to make an impact. That's terrific. And as you look at your own staff and you have, was it 200,000 people working in your company, is it intuitive to them that a company that's in whatever you're in, in your case in software and advisory services, intuitive to them that they want to be part of this sort of new approach to nature? So I think it's about creating that ecosystem within the organization. So, you know, as we do about 2 million hours of training a quarter, upskilling with the new tech skills. But how do you actually provide, let's say even, and it's at least for us at HCL, we have the HCL Technologies Academy, which has skills for nature, you know, people wanting to make an impact in their own societies where they live. Or now everybody's working from home, so they've moved back to tier two and tier three cities, which is much closer to being more in rural India, where the impact of nature is that much more felt. And they will often ask questions like, so how can I make an impact? Give me the skills. And then, you know, so it's a bit of a push and a bit of a pull. But I think that all corporates are such large employers of young people that the ability to, you know, pivot their minds and really move them and ship them in that direction is much more easier to do. Oh, that is really great to hear. By the way, after we hear Anidas Gupta answer the questions, we're going to open up. Could you put the, have you put it up there, the Slido, there we are. So we're going to then open it up to a conversation. You can just raise your hand and speak normally if you like, but this is 2022, so the alternative is you get out your phone, especially if you're not here in this room, those that are online, go to Slido.com and, well, you know what to do. Ask your question. And then the great thing about that is your question will flash up on the board so that will give you extra power. So you can go to your computers now. I do this deliberately to interrupt Annie as he answers these questions. Annie, WRI has really been a global leader on sort of monitoring nature issues. Tell us sort of where you are and what role that could play in helping us in this discussion. When Andrew says WRI, he means when he was in WRI. So as you just all heard, two of the biggest companies, in 2022 we find ourselves in the last two years, the world has made significant commitments. Companies have made commitments. Countries have made commitments. It's not enough, but it is really significant. Two years back we wouldn't have imagined the amount of commitments that's been made. And the outcome we're looking for, and this is where, as Andrew said, outcome is not just a decarbonized world, a decarbonized world that is more equal and also nature positive. It's a three-dimensional outcome we're looking for, not a single-dimensional outcome. That's not easy to do. And to do that, you have to know whether it's working or not because we have to invent the way to go forward. This is where monitoring comes in or what we are doing. The reason I'm saying this, I want to highlight that what monitoring allows you to do is not only to track, so Pepsi, Coke, and track any biological asset that goes through, but it's also to experiment and know what is working and what is not. Because we haven't figured out how to decarbonize, make the world equal, and be nature positive at the same time. This is because we don't have a chance to do this once at a time. We have to do these three things together. I think what WRI has been focused on is actually a partnership with Bezos Earth Fund, which is the most exciting thing, building on our global forest watch, which could and can actually monitor forests all over the world. But now with this new thing that we're working with, Google and many other partners, depending on multiple satellites, is be able to monitor 10 square meters, which is much, much smaller than this room, anywhere on anything green, any biological asset, which is a forest, which is a tree, which is a grassland, which is a crop, which is a mangrove, and know what's happening to us over time. And why that is important, that allows not only tracking, but allows us to make long-term contracts on biological assets. So if you invested in restoration, you would know that tree is growing or not. This is cutting edge science. We are actually building it right now. And this, I think, would allow us and everything WRI does is a public good. It'll allow not only us, everyone else in the world, to build apps on top of it to suit their purpose of what they need to do. I was just telling Andrew before this meeting earlier this morning, some of us actually, some of us are in this room, we're in a really fascinating conversation about carbon markets, Andrew. So another source of financing towards nature, right? And it became clear to me how standards are needed there, because there are multiple things, and how a monitoring platform like this could actually help creating the standard transaction. I do want to say that the data itself can't do, it's just the beginning. Our goal in WRI is not to just produce data to help make better decisions. And data with the community action, making data available to communities and government business to take decisions, that is the outcome we're looking for. So there is lots going on, Andrew, and a lot of innovation in the space. And we talk about public-private partnership, and we always talk about money, but technological partnership has been fascinating, actually, what's going on. That's terrific. And just say a word, because you now, I mean, for some years you've been able to see literally almost every tree when it falls, almost, not quite. It's 10 metres by 10 metres, so you can... But now you're going to be able to see also trees re-growing. You're also going to be able to see, is that right, crops changing? And the important thing is, due to a whole bunch of AI and if you like triangulation with drones and so on, you're going to be able to figure out how much carbon is embedded in that. How does that work? By proxies, but just on the tree-growing part. I mean, one of the projects we are involved in is AFR 100, which is to restore 100 million hectares of land in Africa, which is now there's 131 million hectares pledged by government. But this is about tree-growing, right? It is about not just... And growing tree-growing land is difficult to make sure that the tree that you're investing is growing. This is what it allows you to do, whether its tree is actually growing there or not. That is immensely important if people are investing on the tree for the next 20 years. So they will need to know how to monitor that. You talked about carbon embedded in this, so by science as a whole different science than just taking pictures, allows us to monitor how much carbon is there on land-based resources. We hope to do something similar for ocean-based resources, but we are not there yet. Fantastic. You're a company and you want to invest in a trillion trees, say, which is a brilliant program, so please do it. How do you trust those you give the money to? Generally, a company won't do it themselves. Well, you get the coordinates and you will actually be able to see the trees growing, the bushes growing, crops growing, soils growing through the magic of photosynthesis and you'll know whether or not your money is being well spent. And time will know whether or not you can get credit for that in a carbon market. Very exciting. So, look, let's open the conversation now. Has anybody asked a question yet? Or would you actually like to do it the old-fashioned way? Yeah, so you can go to slido.com. Oh, we do have some. Great. Oh, wow. I can't read. I'm allowed to pick these. I don't know if you can read that there's another spoon there. So, Cahea, what should companies stop doing and what should they start doing? They should stop. I'm going to start with what they should start doing. They should start partnering with grassroots communities. They should start partnering with indigenous communities. True partnership, not consultation, but collaboration, not just checking the box saying that this community know I'm going to be working in their community or I'm going to be, you know, even for companies that are doing things like forest restoration that I'm going to be restoring land, not just consultation, but actually before a project is designed, before an intervention is designed, before your work begins, reaching out to find out whose territories those are, what CBOs are already there doing work to protect the environment there, and how can you get involved to support the work already happening? I think in terms of what needs to stop happening is we need to stop going into communities with our own agendas and telling them what they need to do for the public benefit. We need to stop thinking of indigenous communities and local communities as just those who are most impacted, although they are, and not just as beneficiaries of whatever interventions we are doing. They are solutionaries. They have solutions. They have holistic solutions because they are on the front lines. They know what's happening in their communities. They're going to know what's best. Great. Thank you very much indeed. I was told I had to sit down because I'm confusing things. I now have to read it on here, by the way, because my eyes aren't good enough to read it way over there. There's two for you two here. One is, does it make sense to invest in nature beyond the philanthropic? I hope the answer is yes. Absolutely. It's not just yes, it's absolutely yes. Maybe you could say a word about what that would entail, and that links to another question which is, how do you figure out the rate of return on this? How do you decide what to do? Go ahead. What was the first question, Andrew? The first question is, does it make sense to invest in your own, and then how do you figure out the rate of, how do you choose amongst the various things you'd invest in? Again, for us, what we're looking to do is to largely in our agricultural footprint, which spans 60 countries. That's a lot of real estate. We have every type of growing environment because we source about 25 major crops from there. What we look to do is to work very closely with, as we said, the local people and the farmers, because fundamentally, if we can't both work with the farmers and get the money and the technical support and the sociological support to the farmer, nothing's going to happen. And that's true whether it's a major landscape program in the central US around how they grow row crops and the same thing in rainforests in Southeast Asia where you're talking about reforestation. You've got to work, I agree completely, you have to work with the people on the ground closest to it because they understand they're the people that are most affected and in a true spirit of partnership. Terrific. My only advice to corporates would be stop looking for a rate of return. Nature takes time. You've got to have patient capital. You've got to, when you plant a tree and not a eucalyptus, but something that is indigenous to the soil and where you're going to plant it, by the time it grows up, that's many, many CEOs and chief strategy officers down. So I think that it's extremely important that if you are going to invest in nature and truly be honest about it, stop looking for a rate of return. And that's why I believe that if we can invest in our own people to become a lot more knowledgeable, you know, for example, all the data that's going to come out from WRI, you know, can we excite young people to actually analyze it, study it, take out inferences which really will impact and make a positive, you know, change in their environment. So I think investing in people, allowing for patient capital, allowing for nature to take time is very important. So there is an aspect of it which is philanthropic. There is an aspect of it which is, of course, CSR. But also investment in just your own people. And the average age in all companies is decreasing with time. I think, you know, younger people today are much more conscientious about climate. They're asking those questions from all of us in this room. So I think that we owe it to them to invest in them as well, to ask the right questions and then to do the right thing. Beautiful, beautiful. Can I just jump in real quick? I think that as we have looked, and I speak for PepsiCo, as we have looked, we have found more and more places where there actually is a very positive rate of return. And so that makes it much easier to get the entire business aligned behind it. We have to be creative about how we think about it. We have to bring, you know, an understanding of better understanding of what's really going on in the world. What is the risk to our ecosystem? If we don't have crops, we can't make food. As we better understand those things around water, climate, so on, the ability to generate risk-reducing and in some cases just flat-out positive return is more and more possible. And we find it more and more places, which makes it much easier to get the businesses behind it. And so I would just appeal to everybody. There's probably more there than you think and more places, once you really start to look at it to find actually quite attractive rates of return, which also help nature to make them successful, you've got to work with the farmers and the local people to really drive that benefit. Great, thank you. Annie, I know you want to answer this question, but let me ask you another question, which is how do you avoid corporate investments for nature being misused for greenwashing? I wanted to answer that question. I also want to very much second what you said about ROI, that we have to reinvent what return of investment is, because ultimately, we need leadership from the corporate sector. $65 trillion of the world's GDP is corporate sector, business sector, not corporate, it's small. And if they don't shift, because this market itself won't take care of it, there are some hitches here that leadership is needed. I very much want to answer the question of greenwashing, which is connected to this. It is that there is a serious issue of credibility of these commitments, because there are companies who are saying the right thing and doing the right thing. Two of them are here. The companies that are saying the right thing but not doing the right thing and you absolutely want to differentiate between the two. Otherwise, the whole movement, all the work that all of us are doing will be seen as not credible. So it is very important that credibility is something we look at. And credibility from the ROI's perspective and in companies' perspective, it has three things. One is you actually commit to take action, yourself as a company. You decarbonize. Don't buy carbon or carbon market just to offset your... Because there's not enough offset out there in the world if you just continue to throw emissions in the world. That's number one. Second, have a plan. That's the second. And be transparent of progress you're making because decarbonizing net zero for most companies is not an easy path. And it's a long-term path. So to answer the question, I think we should all be aware of the word greenwashing because remember right now, consumers are going to ask for greener companies. So there will be a lot more companies that want to be green and not do the hard work. And I think our job in Deblora and others is to differentiate. This is why SBTI was created. To differentiate companies that are taking action versus companies that are not. And my view is that companies that are not decarbonizing them should not participate in any carbon markets whatsoever. Well said indeed. And if we don't take a disciplined approach, we can undermine the very thing we're trying to do. And you go all the way back to... It'd be great to hear from you. You go all the way back, for example, to 2007 when we had the COP in Indonesia. The big thing then was Red Plus, do you remember? And the way we lost a decade probably because of low quality and the lack of that. You're one of the leading investors there. Do you want to say a word? Yes, yes. My name is Darsono, actually. I'm from Indonesia. 15 years ago, I believe that there is a path of investing in nature. So, you know, after COP 13 in Bali, we decided to do a NBS. Well, it's not even called NBS then. It was called Red Plus. It's an area of about 150,000 hectares, or Pitland Forest in Central Kalimantan. So just to give you a perspective, it's about two times the island of Singapore or two times the whole metro five borough New York. But at that time, nobody understand this. There was supposed to be a market then. Carbon market, it's called. But I think it took us 10 years to get out for sales. It's a long journey. But now, what I can tell you, you know, well, Ross, you said that don't look at return. There is a return now. You see, this is the thing. The difference now is when I did this 15 years ago, it's so binary to the one or zero. And I was just thinking, I want to do this for the right reason and the right purpose. But now for corporates, investment is nature is something that not only makes sense, it's going to give you return. And one thing that people are not pricing today is impact. You see, when you invest in nature, just like Ahiya said, it's about people. It's about buyers. We are so used to the matrix of price of earning, cash flow, NPV. But we never, and we still cannot value impact. Right. So hence all this valuation that we see are not there. You know, people are still scared. But I think the question becomes, how can we push this boundary more? We need people like you more and more. Right. Thank you. And we'll pick up that as a great point. I'd like to turn to Ahiya and Roshni now. Questions. One is the alpha gen is so excited about investing in nature. So besides training, do you have any other suggestions? And then Fabio from Brazil asks, how can we get engaged as young people? Ahiya, you work especially with women and young women. Tell us about the, how would you answer the question of Fabio, for example? My work is mainly catalyzing grassroots solutions of women leaders in community. But I get asked this question a lot, how can people get involved and take action? And my answer always is to start local. I mean, I'm a big proponent of community based solutions, local solutions, if you couldn't tell. So it's always start local. I always ask people whose territories are you in and what work are they doing in those territories? Are they doing sacred site protection? Are they doing water protection? Are they doing land back? Are they trying to rematriate their lands and get involved there? And if that's not appealing to you, then what, what is your passion area? What is the fire inside of you that is telling you that things can and need to be done differently if we are going to survive and move towards that passion? Whatever it is, whatever, even if you think it's small, every action someone can take, if all of us took action, no matter how small our individual actions would take, that would be a global movement of people taking action for climate change that is different for companies because they are much larger actors. I think they can take much larger scale action, but just to answer his question on an individual basis. Thank you. Thank you very much. I think for the generation alpha, which is quite restless as well, spends a little more time on social media than, you know, to become involved in nature is get away from the screen. You know, I think where corporates can help beyond just skilling is also funding, entrepreneurship. Let's say you have an idea. You want to look at nature-based solutions and you want to look at tech-based solutions, but you want to create a lab in which you want to work. You know, you want to involve more young professionals to get into that space. So, again, I think because of the way corporates are built, you have the ability to give patient capital. You have the ability to give them access to be able to work in the area that they are interested in. So, you know, one part is, of course, the skills. The other is, how can we even generate more entrepreneurship in nature? And I mean, I just reflect from India over the last two years of COVID, we had more than 40 billion dollars come in for VC funding of startups. More than 40 unicorns were born and not one was from nature. So, it just makes you think that at least for the generation today, if they have an idea and it's an entrepreneurial venture and it's in nature, of course, the definition of return on investment, the definition of risk appetite, a lot of that will have to change and that mindset will have to change. But I think that corporates can certainly encourage that piece of puzzle as well. Beautiful. Here's a broad spiritual question for you all. Where are the other species on this panel? We are tending to focus on the anthropogenic, aren't we? You know, and how do we capture the intrinsic value of nature in what we do? I bet, Kahir, you'll be the first to address this. I'm curious about that phrasing. We capture the intrinsic value of nature. For me... The word capture was probably... For me, it's not about capturing. Nature has value, whether or not we see it. Nature has value because our existence is proof of nature's value. Without nature, we could not exist. And I think we need to understand that and make moves to preserve that because everything between people and nature is connected. Anything that happens to the earth happens to us and happens to our bodies, and as women in particular, anything that happens to earth really happens to our bodies and is reflected in the health and the safety of our bodies. And so I think for me, that's part of the intrinsic value of nature is just seeing it as a mirror for ourselves. Yeah, well said. Annie? I'll try to take a non-spiritual angle to it. I think, Andrew, the biggest scientific development that has taken place since Paris has been the correlation of nature and climate and actually biodiversity and climate. In Paris, there wasn't any discussion on biodiversity. The idea that we as a species actually coexist with many other species is not human first, which is the question, actually. And that is scientifically now shown that there is no way for us to survive and keep the world at 1.5 degrees if we don't protect nature and the diverse set of species. So I think that science is catching up not as much ahead in the spiritual because that is what the science is telling us right now that this world of humans won't survive. Actually, the other species most probably will. And the frightening fact is we are very close. We are at 1.1 degree. That's what IPCC said. Someone actually in a room yesterday said, no, that's not true. We are at 1.4 degree. I don't know what whatever it is. That 1.1 degree is not a theoretical perspective anymore. We can see what's happening to the world. It was 50 some degrees, 53 degrees in Pakistan, 45 degrees in India for a week, right? I'm not making this up. This is where we are. So I think it is... I think science is just catching up with the spiritual thing that our ancestors knew for a long time. Can I jump in really quickly? I appreciate what you just said, Annie. And I just want to say that that distinction between the science and the spiritual, I think that's one of the other shifts we almost have to make is what we're thinking of as spiritual is traditional ecological knowledge. It is really the thing that has allowed our species to sustainably survive on this planet for generations. And so I think we have to start valuing it as much, if not more, than scientific knowledge. And I'm not saying you can do one or the other, but both of them have to come together and we have to stop thinking of them as separate. Well said. We are heading towards the end zone now, so we'll have some very brief answers. Well, there's a couple I want to end on. But first, Jim, food systems need to transform. A food system approach means that you link health of people to the health of the planet. It's PepsiCo working on both. Absolutely. And these are systems problems. They require an understanding of the interconnectedness on an end-to-end basis. People, planet, how they all interrelate. And as has been said several times, no one piece stands in isolation. So what we're trying to do, and our part is to really help lead that transformation of the food system so that it is more sustainable, better for people, better for the planet. That's terrific. Thank you. Annie, in order to calibrate AI to predict carbon from satellites, we need to ground truth data. How can we foster collection and sharing of ground data? Could we really think of some crowd sourcing here? Absolutely. So this is a great question. So at WRI, you know, we don't produce the data. The satellites are the companies, data companies produce. Our job is to connect the data to a question that the data can answer. And collecting ground truth in the data because the question Andrew asks is, you know, how much carbon is there? How do we do a particular patch and see what it is? But this idea of ground truthing it across the world, Andrew, this is something we should do more of. Open source. I mean, this could be done very much so given the technology there is. But our work is not just the data. It is actually data that is ground truth. Otherwise you won't answer any question. You'll just have data. Great. It's a question from Hellebank Jorgensen, who is here or online, asking what's holding investment back? Is it a lack of understanding? So that's one question. Hold that question. And let's merge it and then make this the final question. What is the single most impactful action that companies can take when investing in nature? Roshni. I think for companies, the single most investment they can make is investing in more capacity building for nature. That's investing in people, whether it's skills, whether it's entrepreneurship, CSR funding, philanthropic funding, patient capital, and really investing in people for nature. Great. Thank you. A global investment in grassroots climate solutions. Wonderful. Thank you. Annie. I think companies should see what the overall outcome we're looking for, which is a sustainable world, which is net zero. So nature would be one part of the solution. They shouldn't look at the systemically. How does nature fit into getting there? They need to decarbonize, they need to invest in nature, they need to invest in communities. Perfect. Jim. I think all great answers, and I would add to it, collaborate with others. This is a team sport, and no organization can do it by itself, and we all need to work together in ways that are often uncomfortable, new and different. So collaborate, partnership, work together. That brings us to the end of our discussion. Look, there is a revolution underway. The direction of change is absolutely positive. We're in a place today where you have leading corporations that genuinely want to do the right thing, and the pace is nowhere near enough. And let's use this year, we've talked, we've sort of, the implication has been we've been more on land during this, but also, let's not forget, we've had a meeting conference coming up, and then we've got the biodiversity convention coming up. We've got the G20 in Indonesia that's putting nature pretty central, including the ocean and the land. We've got incredibly exciting things on forest. We've got carbon markets that are developing. And a wonderful ending, all of you. Thank you very much. Let's give them a round of applause.