 Welcome everybody, it's a great honor to be here with all of you to discuss the next steps in the climate agenda that we have because of the hard work of so many of the panelists. I'll introduce each of the panelists as we go forward but first I'd like to introduce our introductory speaker. Now you know there's at the end of every year there's a poll of who had the best year and who had the worst year. And I think it'd be very hard to argue that anyone had a better year last year than Secretary General of the United Nations Ban Ki-moon. We had the sustainable development goals, we had the COP 21 agreement, and having worked closely with him for three and a half years I can tell you that he put his own neck on the line. He put all his political capital into making sure that he left the world with these historic important agreements. So without further ado I'd like to introduce the Secretary General of the United Nations, Secretary General Ban Ki-moon. Thank you, President Kim. Distinguished panelists, Excellencies, ladies and gentlemen. I'm pleased to join you today. This is the first occasion since the adoption of sustainable development goals, first major international venue where we discussed this matter. I thank Professor Klaus Schwab whom I met just 10 minutes ago and his team for bringing us together. Last year I came here, you may remember, I was seeking your support, world leaders of support for an ambitious agenda for sustainable development goals and also the urgency of having climate change agreement in Paris. Now I can say we have delivered both 2030 sustainable development agenda and climate change Paris agreement. And I thank you for all your strong support and engagement to make this happen. The only agenda greater than our promises last year and after the adoption of these two vision statement agreement is that how we can from now, how we can deliver and implement these two important agreements, namely carry them out, implementation. That's why we are gathered here today. Ladies and gentlemen, four days ago I was in Abu Dhabi United Arab Emirates for the World Future Energy Summit where they showcased young innovators. One group of high school in Somalia is working on solar panels. By video one of the young women, young student pointed to a grassy area. She said, I quote, this is where I will put the solar panels and it is where my future begins. It was quite moving. On that patch of grass, you see the link between climate and development. This is our main subject today. We need to scale up the sustainable energy sources, especially in the developing world. The SDGs and climate change must go together. SDG is ambitious, universal, integrated, and those two are indivisible. All 17 goals, including climate change, must go hand in hand. The Paris Agreement will reinforce climate action and make important contributions to realizing the SDGs. Climate change undermines development gains. If we do not do properly this Paris Agreement, then all remaining 16 goals will be undermined. Traditional development models exacerbated the problem. Now we have a holistic approach. The SDGs commit countries to moving towards development models that are more sustainable, protecting the environment, and addressing climate change. Ladies and gentlemen, another nexus between climate change and development is disaster risk reduction. All countries have to be concerned about natural disasters. This will undermine all of our gains, whatever we might have been doing. Surprisingly, the United Nations headquarter a few years ago was flooded by this storm sandy. Right near this forum, snow and avalanche experts are developing new flood prediction models that reflect the changing climate. From the world, more and more people understand that climate resilience supports progress. Trillions of dollars will be invested in infrastructure in the coming years. Governments and private sector must align their investment and infrastructure with the goal to limit global temperature rise well below 2 degrees centigrade and even below 1.5 degrees as was agreed in Paris. The Paris Agreement gives the private sector an unprecedented opportunity to create clean energy climate resilient economies. Governments have agreed on transparent rules of the road to monitor progress, enhance accountability, and foster a raise to the top of climate ambition. They also endorse the use of market mechanisms to spur the growth of carbon pricing. The direction of travel is clear. Five steps will move us forward. This is my conclusion. First, national climate plans must urgently be converted into bankable investment strategies and projects. Second, we must generate sufficient financing for developing countries to bypass fossil fuels and meet high energy demands with low carbon sources. Third, we need greater attention and resources for climate resilience. That is why I launched a new climate resilience initiative in Paris called A2R. That is to anticipate risks, absorb shocks, and adapt development approaches. Fourth, we need to rapidly increase climate actions at every level. I will work to help strengthen this action agenda and public-private partnership. Fifth, lastly, on the list, governments must quickly ratify the Paris Agreement so that it will become effective. I am inviting all heads of state and government of the parties to a signing ceremony at the United Nations headquarters on April 22nd. That will be the best possible way, the first best way to celebrate Mother Earth Day. Everyone here can take at least one of these steps. And so can billions of other people in this world. Ladies and gentlemen, let us do our part and empower them for our common future. I thank you for your strong commitment and engagement. Thank you very much. Thank you so much, Secretary General. I want to move now to really pay tribute to the French government. I mean, you know, I remember Lawrence Tuviana is here in the audience, but I remember hearing from President Hollande, from Foreign Minister Fabius, from Michel Sapin, the Minister of Finance, everybody was so focused on getting a deal. And it's just, it's stunning that we came out of Paris with a deal that's more ambitious than we had hoped. And so I want to pay tribute to the entire, everybody in the world owes a debt of gratitude to the French people, to the French government, after the terrorist attack, you went forward. So we're very, very grateful. Now, one of the things that we all heard, Mr. Minister, was that it was your very soft touch, your invitational approach, not just to everybody among the governments, but also to civil society, to businesses. And so we now have pledges that are just enormous. We have the national lead determined contributions, but we also have what we understand is the non-state actor pledges that cover 150 million people and 11 trillion dollars. So we are also grateful, but now we're asking you the next question. How do we take these pledges and turn it into action? Thank you. Thank you, Mr. President. Last year I was in Davos and discussing with some of you and discussing about the preparation of the COP21 in Paris. And the most favorite sentence was, good luck. Okay, we have done it together. And I would like to thank all of you for that because it's a common achievement. And thank you. But now we have to deliver. I'm still the president of the COP till November, where our American friends will take over. And I will tell you in Davos here how I see the coming months and answering the questions which were raised by our president. First, like our friend, Secretary General, General McKeemoon said, we have in April to get together heads of state and governments in order to sign and then to ratify the agreement. We have to have 55 countries representing at least 55% of the greenhouse gas emission in order the Paris agreement to take into force. Therefore, it's the first thing, April. Second, in May, we shall have a meeting with all the nations in order to get into the details of the Paris Agreement. The Paris Agreement, it's on the one hand an international agreement, 29 articles and a decision with 140 bullets. But there are still some elements which have to be precise. What does mean transparency? How do we report on and so forth? And therefore, in May, we have to work about that in order to be precise. Then we shall have, and I answer to your questions, to implement both state agreements and non-governmental actors agreement. About interstate agreements, there are a lot of things that we are committed to do. For instance, we have said and we must deliver that rich countries must give money for climate to developing countries and we have to give money and to check. We have to invest in Africa, I take this example, in order to launch a large electricity program for Africa. We have to launch the program that we call the cruise program. The idea is to have an early warning system to warn the populations, especially in the small islands and in difficult areas that typhoonists are coming and so on. Therefore, a lot of things. We have to work on states, I mean, on two important sectors which are out of the Paris Agreement but which are very important. I mean airplane transportation and maritime transportation which are emitting a lot of greenhouse gas and it is not included in the Paris Agreement because of many reasons. Therefore, we have to work on that in 2016 because it's growing and it's a real problem. Then about non-state actors, both its local authorities and there are a lot of commitments by regions, by cities and we have to check that they are implemented. Then we have companies, Paul is doing a wonderful job and you have to keep on Paul because the many and ambitious commitments that have been taken by the different companies have to be implemented and we have to check that, if I may say so, together. Then we have also to be sure that new initiatives will be taken in the civil society and probably one of us and probably you will insist on that because it's not only states, it's not only private companies, it's the whole society which must be committed. Then we have to be sure that finance is delivered. Not only public finance, it's very important. But here, we have a lot of CEOs. The decisive factor is when everybody and its growing will have understood that now time has come to invest in new technologies, in economies, in energy. It's a new world and you will have these investments and new investments and this move is quite decisive because the figures are very high and will be much higher than even the public ones, even the public ones are necessary. Now, my final comment because I don't want to be too long. In the Paris Agreement, it has been decided that the president of the different CAHPS will choose a champion. Therefore, I said I will choose a champion in some days and this champion will have the responsibility to check that everything is going in the right place in relation with UN and in relation with the president of the CAHPS. And there is the decision which has been taken that every single year there has to be a special event for these non-governmental actions. My plea stemming from the experiment of Paris is that this special event with non-governmental actors has to take place at the same place and the same time as the CAHPS. Because one of the reasons why we had such a success in Paris is that it was not only governments, obviously it was decided, but also private companies, but also local authorities and also NGOs and also civil society. And it's really decided that every single year in the future in the CAHPS, we have a special event where everybody can check what has been done and can propose for the future. If we implement that very ambitious program things will go in the right direction. Thank you. Thank you, Mr. Fabbis. So in that spirit, let me go to Paul Pullman. Paul has been such a pioneer in bringing climate concerns to Unilever. And I'm amazed, Paul, you show up in so many places where we're talking about climate change, pandemics, and you're still running this huge company extremely well. So I'm wondering, Paul, what do we need to do to get the incentives right? One of the things we've been saying at the World Bank Group is that unless we have a carbon price, unless we get the incentives right, we just won't be able to do this. A public action won't get us there. What do we need to do to make sure that these incentives are aligned? No, absolutely, Jim. Thanks. I mean, the first thing I do is hire a lot of good people so I can do what I like to do and what is probably more needed. No, but what is important is what we have seen in Paris is, first of all, again, I can only echo the enormous admiration of the whole process and also the agreements. And what was very clear in Paris was, which is a very difficult task that we set ourselves, have zero emission, that we saw an enormous momentum also in the private sector. Because I think at that moment, more than ever, because it was so focused on a specific issue, the private sector understood not only what the enormous costs were or threats to their business models by not acting, but even more importantly, the enormous opportunities by changing our system. And it was not surprising that you got millions of companies calling for a price on carbon, that we got commitments from the UN Global Compact members, the World Business Council members, the WEF, and many others that added up to quite significant commitments that probably gave the politicians more courage than they otherwise would have had to come to a satisfactory agreement, at least a good start of where we need to go. It is very clear also from Paris that although it's goal 13 and we talk about the other 16 goals, the reality is that probably more than half, I say probably 13 or 14 of the goals, have climate change written into them. If you look at the goals of forestry or oceans or the development goals, the partnership, I would even say that goal number 16 of fragile states, et cetera. So climate change permeates the whole sustainable development goals. And that makes it easier, I think, to link it now quite actively and fast to the SDGs. What is very clear is that the cost of this is 2 to 3 trillion a year just to implement the SDG agenda. ODA is 140 million. Some other pledges that are made, it cannot happen if we don't unlock the enormous amounts of money in the private sector. And the private sector also understands increasingly more so that there is no business case in enduring poverty that they have to get involved. And also that they have to take more responsibility. Responsibilities in the value chain, and you'll undoubtedly talk about that, responsibilities on tax and compliance, fighting corruption. So there is an obligation towards society, which I've always said gives them the permit to exist in the first place. But most importantly, what is most exciting is the enormous opportunities that are being unlocked. And to get business involved, we have to talk more the opportunities than the threats, not surprisingly. I'll give you two or three very quick sound bites. If women in this world have the same rights as men, the calculations are that the global economy would be 37 trillion dollars bigger. If the energy situation, hopefully sustainable energy situation would be given to all the people, that's 18 trillion. If we give the people decent homing with urbanization, the population grows, the cities that we need to build, those are investments of 90 trillion. And the way we do this is going to decide how we're going to live in the future. So we'll put a lot of emphasis on making this business case a case of opportunity, and many businesses are starting to understand that. What are some of the very quickly three things that need to be worked at? One of them is the market inefficiencies. We have a lot of market inefficiencies. A good example is the peripheral subsidies that we still have on fuel. That's about six to 800 billion. We don't price carbon. So business reacts very quickly and very efficiently to the right market signals there. So market inefficiency would be the one. The second one is to build on existing market momentum. And we will be looking at that. You have been a great champion and part of the Gavi momentum, the tropical forest momentum that we have created, the Paris Pledge momentum. So as Minister Fabius said, we have to build on that momentum and then roll more people into that. And the final thing is we have to get into the inefficiencies of our financing system. It is very clear that everybody sees the benefit of solving the total system, but the cost are carried by a certain part and the benefits fall to another part. So how can we look at blended financing and all the other things? And that is going to be a very important part. Just one statistic, ODA is 140 billion in this world. But if you just look at the capital that is available in the capital markets, you're talking about 200 trillion. I'm talking about the pension funds and all the other things. One of the things we've announced today, and that's why it's an important day, first of all, the Secretary General has announced the SDG advocates. I'm honored to be one of those, but we will rally the SDG advocates to keep this very high on the agenda and they're amazing people. And the second thing is we've announced the creation of the Commission for Business and Sustainable Development under the chairmanship of Mark Mullick-Brown. And that commission has a task to make the business case because it is confusing for many of the CEOs. It's a broad agenda to make the business case. My ideal goal will be that everybody will run its business plan and its objectives along the sustainable development goals, that we would actually publish our annual reports to show what contributions we make to the sustainable development goals. And then that commission will look at creative partnerships, new business models, and the financing side. So I hope that certainly will create the momentum. But ultimately we will be held accountable for what we obviously achieve, not for what we say. So we will be looking at clear measurements, transparency, accountability, as we move this process forward. Thank you. Thanks so much, Paul. Great. You mentioned the Tropical Forest Alliance. Prime Minister Solberg, again, you've been such a great champion and such a supporter of COP 21 and the climate agreements. The Norwegian International Climate and Forest Initiative has made huge commitments and continues to support countries. How are you working with the Tropical Forest Alliance and why all the emphasis on forests from your government? Well, it comes out of a national political compromise in 2008. And by a good activism from NGOs saying that we should do something that's really counted and of course you can, as a small country, do higher petrol prices and all of those things that we already do. But, you know, saving the rainforests is the biggest contribution you can do. So we made an all-party agreement that we should fund this. It was slow in the beginning. But we now have a very good program saying that we pay for results. So we have an agreement with Brazil. We are working on other Amazonian countries. We are doing it within Indonesia. We are doing it in West Africa. We are looking at Congo to see if we can do something there. Of course, but we are not paying without seeing the results. That means that we are building up a structure and learning from that with local authorities, with the government. They have to monitor. They have to find ways. And the money we are paying for the results is going back to projects in the same regions so that people can have another livelihood. And it's a practical way of doing it but it has great impact. And of course, it's mainly done by the countries themselves. But I think the way we are putting up the plan, and now it's not nurse Norway. I mean, Britain is participating. Germany is participating. It becomes a larger program because it shows very good results. And I think we can do that on other areas too because I think we all have the histories of supporting programs that afterwards haven't led to the results. And you get this difficult media coverage of throwing away your taxpayers' money in a way on a project in a different country that didn't show the results. So we are trying to put that together with the World Bank and education on other areas to make sure that maybe the new way of giving support is to have a scheme where you're delivering the results and you're getting a benefit back. And especially when it comes to resources and resources, because basically we will never manage to reach the targets of the Paris Accord if we don't at the same time create jobs and more social fairness in the world. If we don't reach the Estudies, if we don't manage this, it will not be possible because then a lot of countries will look for cutting down forests and not doing the investments in decarbonizing their economy because it will mean losing jobs. So we have to find alternative ways of creating those jobs. And in an international world, but some of us have lived in countries where we are plentiful, where good economics, it's important to understand that every other person in the world has the same ambitions as we have. And we have to make this world a bit more fair. And that's why we look at new types of mechanisms to do that. And also because we have to be honest in this world, some of the old projects, the way we did things, didn't leave to results, but it led to elites in their countries getting richer because money was getting out of the budget, not to the projects, but to people's personal income. So corruption is a problem. When you're paying for results, at least you feel that you can get more better results than you're doing if you're just following up and you really don't see that school after you've built it because the money went somewhere else. Thank you very much, Mr. Roy. With the support of the Norwegian government over many years, we've built this program for results that has worked in health and education and we're expanding it now. Prime Minister Duncan, you and President Huatara have been very forward-leaning. You really put together an ambitious plan for Cote d'Ivoire to the UNFCCC. And in order to achieve the targets, it's gonna require quite a bit of money, something like $2.7 billion. So with this group, and some of it will be through public-private partnership, so with this group here, how will you and President Huatara and the government of Cote d'Ivoire make the case that investing in climate-related investments in Cote d'Ivoire is in fact a good investment? Well, thank you, President. I think the amount is higher. $2.7 billion to start, okay. It must be around, if you take the period from now to 2030, I think the amount is around $30 billion. $30 billion. Well, but I would first like to congratulate again the French government for the success of COP 21 and mainly our friend, Prime Minister Fabius. The commitment made by Cote d'Ivoire is that from now to 2013, there will be a decrease of about 28%. Our contribution to the deterioration of the climate. So we have to agree to decrease by 28%. While we have to work on, let's say, four main areas. The first one is agriculture, of course. You know that we are the world's largest producer of cocoa with 1.8 million tons a year. But I would say that the production will eat a lot of forest. How to do so that we will not cut the forest in Cote d'Ivoire. We have to have an agriculture which will be friendly, I would say, with environment. Well, in that case, we have to use more fertilizer, to use less land, to use more irrigation, and the well mechanization. If you do that, we can have the same production all within lesser land in Cote d'Ivoire. That is not for cocoa, but for all the agriculture. We have a program called the Fafia Agriculture Program of about four billion US dollars. 60% will be contribution from the private sector. And Mr. Paul, Paul Mann of Unilever, are contributing to the private sector financing. Well, the other sector is deforestation, of course. The share of the forest in Cote d'Ivoire has come down to 13%. Our goal is to increase it to 20%. So we have to plant more trees and so on so that they will have more forest in Cote d'Ivoire. Well, and then the third sector is transportation. We have to modernize our park of vehicles in Cote d'Ivoire. 50,000 vehicles will be changed in Cote d'Ivoire. Trucks, cars and so on. And we have to done it within 10 years. And finally, of course, is the energy sector. We want to change the energy mix in Cote d'Ivoire. Well, now the production is 2,000 megawatt. From now to 2020, we want to reach 4,000 megawatt. We have to double the production because Cote d'Ivoire is a priority to the neighboring countries, five neighboring countries already. And then within two years, three other neighboring countries, that will be it. So we have to supply our needs, but also to contribute to give electricity to the sub-breeding. Well, the energy mix is for the time being, 65% comes from the gas. We produce offshore and 35% hydro power. We want to do that by 2020. The energy mix will be 60% from hydro power and 30% only by gas, thermal power plant. But 10% will be by renewable, mainly, of course, sun, but also using biomass in the region. So that's our scheme for the coming years. And if we do that, I think we'll contribute to improve the situation over the climate in the world. Thank you. Thank you. And when I visited, I think it's very important to note that after years of war, you, President Wattara, and other leaders have really brought the peace. And Cote d'Ivoire now is a great place to invest. I'm sure you would agree with that. Yeah. Well, thank you for that, because you are the, I would say the teacher of Cote d'Ivoire as a World Bank manager. Well, over the four past year, GDP grows at a rate of 9%, an average of 9% each year. In Cote d'Ivoire, but our goal is that this year in 2016, we want to have a double-digit growth. Despite the drop in the price of oil, because we want to diversify the agricultural sector, while promoting investing in the sector of agriculture in Cote d'Ivoire. And also, we want to have more infrastructure in Cote d'Ivoire, mainly in the port, airports, and also roads and highways, and regional highways, linking, for instance, Cote d'Ivoire to Nigeria by a tall highway of a length of 1,000 kilometers. And as we are one, we have two lists with Wagadou in the north of Cote d'Ivoire. So there is a lot of potential for development. But the engine of the economy is and will remain the private sector. In last year, the private sector contributed to 62% of the investment in Cote d'Ivoire. Our goal is that by 2020, the contribution should reach 70%. So that's the reason why we're improving the environment of business in Cote d'Ivoire. And you know that we have ranked among the 10 best we've formed in the world in 2014 and 2015, as far as doing business is concerned. Thank you. Business environment, double digit growth, excellent governance, President Wattara is a former deputy managing director of the IMF. You heard it here. Cote d'Ivoire is a great place for you to invest your dollars in the future. Thank you. Thank you. Sharon Burrow, one of my heroes. We argue on certain occasions, but you have been so clear, so honest, such a great advocate for working people. General Secretary of the International Trade Union Confederation, you've advocated for multilateral partnerships to deliver a green growth and decent, good, green jobs. What can we do now with all the interest from civil society around COP 21? What do we need to do to take it forward in a way that we do work in these partnerships? Well, the world's reached a tipping point, Jim, you know it better than anybody. We cannot have a future that's based on inequality or climate devastation or we all lose. So there's no doubt, Mr Fabius, Secretary-General, that 2015 was an historic year. If you take the decisions around sustainable development goals and the climate agreement, then this charts a pathway, if we're ambitious enough, for a zero carbon, zero poverty world. That's something we have to understand is realizable, but only if there is incredible systems change. This will require an industrial transformation on a scale that we've not seen before in our lifetimes. And it will be faster than any industrial revolution we've faced to date. Indeed, the Swedish Prime Minister has been advocating a new global deal here this week and that's what it will take. We support that, we want all of you to support that, we want governments to sign on. For us, it's simple. For workers, there are no jobs on a dead planet. And this is much more than a slogan. We're seeing the loss of lives and livelihoods already from climate devastation and the desperation of a global economy that is not working for working people in terms of distribution of wealth or safe and secure jobs. So we know that there are great jobs in the transition. There are great numbers of jobs in the transition. In fact, just the infrastructure spend we require, we must lift our game. But if we are serious about, you know, seven trillion US dollars a year, that's money that will generate jobs. We know that there are more jobs in construction, in transport, in manufacturing for those industries, in services. We have to green every city, every industry and build those new mega cities. And they must be built on a sustainable base with jobs in agriculture and, of course, the health and education to make it possible. But the good news is that renewable energy, jobs in renewable energy are outpacing the jobs growth in other sectors in some countries by up to 20 times. That's got to be good news for everybody. What I want to say to you is, though, that all nations, all sectors need a plan for a transition and it must be a just transition. We fought and we thank all of the players but particularly Minister Fabius for the support of both human rights and just transition in the climate agreement. We want to know whether or not if we can get the dialogue with nations and employers because that's what we'll be asking for for those just transition plans. That will unleash the productivity, the security, what we need to actually build that future. And can we build a just transition fund? I am doing the figures and we'll release them at some point but a very small percentage of the carbon pricing we all support or the reduction in fossil fuel subsidies no longer necessary given the competitive base of renewable energy. If these are put into a just transition fund, we can make a big difference on both of those commitments. But I would simply say to you, if we don't tackle inequality, if we don't tackle technology sharing, we can't wait for the generic medicines fight of decades gone by. We must have shared technology right throughout the world. It needs new IP models and of course it needs the action by all of us. A final caution is, though, what we all know the technology is there if we wanna share it but we won't tackle inequality and we won't tackle climate if the world continues on a business as usual model. If the 1% have all the wealth, if the global trading models based on supply chains that continue to in fact attack human and labour rights and decry environmental standards then nobody wins. So we will also use our capital. Not just will we demand dialogue from governments and corporations, but we will use our capital. $30 trillion of workers' capital, double that if you include our mutuals, invested in the global economy. And so as the proxy season comes along, I want companies to understand that we'll be asking for in fact, with our lives in the investment world, a plan for decarbonisation and jobs from every company, a two-degree impact plan with engagement and we'll guarantee that we'll fight with you for long-term investment to make it possible. But if and only if companies are prepared to have the plan to make the transition. It will take all of us. Collective action is the only way we can get to that zero carbon, zero poverty future. Thank you, Sharon. Secretary-General, I was wondering if you have any thoughts on this discussion, any more words for us. And then I'm gonna go to the audience and we'll take some questions from the audience. Thank you very much for all your strong commitment. I think you have spoken all correct things, your strong commitment. But taking this opportunity, if I may just say, some of my observation, not from you, from public understanding. Some people may seem to believe that the Paris Agreement is the final destination. Some government leaders are, well, we have done our work. You asked us to adopt this, we have adopted it. Now it's your responsibility, United Nations. Of course, I'm the depository of this Paris Agreement. That is a wrong perception. Paris is not the final destination. Of course, it was not the first destination. It is some major turning point. It's a major turning point. Therefore, we have to make this Paris Agreement live all the times. Everybody should be involved. The business communities during the last many, many years have been urging the governments to take certain action to address the climate change and also a vision for sustainable development. Now that world leaders have adopted this climate change agreement, sustainable development, now then it's time for business communities and civil societies to respond. Governments have given the right direction where our sustainability goes. Then everybody should go within that parameters. That is what I'm asking you. Now you should understand, particularly private sectors, that the sustainability and climate change action is inevitable, inevitable one. And it is already happening. Whether there was an agreement or not, it was already going on. Now it has been legalized as a binding agreement and also as a strong vision. Sustainable development goals are not the treaty. Therefore, it may be seen as not binding, but this should be binding in the domestic governments. Every government, business communities, they should have a strong ownership that this is my sustainable development and this is my climate change. Then I think everybody will be there and that is what I'm just asking you. Every decision the business communities will make should keep into consideration that how and what way your decision will be affecting to sustainability whether this will go in reducing climate, I mean global temperature rise within two degrees. That should be part of our daily life. And that's my observation and a strong urge that thank you very much. Thank you, thanks very much. So I'm gonna go to the audience. We have microphones in the audience. The person right next to you, yes, right back there. Sure, in the front row. And then I'm gonna ask Laurence, if you'd like to say something, we'll go to you. To Vianna, you've played such an important role, we'll go to you. Yes, go ahead. Hi, my name is Amudu Hot. I run the sovereign well fund of Senegal. Recently, we closed the first solar project in Senegal. 30 megawatt, 5% of the existing capacity one month after COP 21. In nine months, we'll deliver the plant to the national grid. Thanks to Pro Parco of France and thanks to a infrastructure fund from Paris as well. My worry though is the fact that oil prices are going down, it seems that this is the new norm. And if it is the case, how can we keep renewable energy projects competitive to have the low tariff so that governments are not tempted to keep building thermal or oil-fired plants? In particular, how can we deploy the soft capital, the soft loans, the grants faster after the commitment so that we can replicate the 30 megawatt many times in Senegal, in Africa, like the president, Makisal, want to do. Thank you. Thank you, that's a great question. And also, I wanna point out, Senegal is another fantastic place for innovation. President Makisal was one of the great leaders in supporting COP 21 and also ensuring that Africa had a role. And it's a great question. Paul, do you wanna take that question? I've got some ideas, but why don't you? It's not an easy question and I would be the last one to pretend I have the answer, but there are two or three things that are important right now. And one of them I've mentioned already, with the oil prices so low, it is important to get really out of all these subsidies. There are many of these subsidies around that actually work against what the same governments or others are trying to do. This is the moment. The price is exceptionally low that puts a little pressure on there, but this is a moment. The second thing which is important is that governments stick to the same policies. Business got a clear signal that we want to decarbonize. There were some timelines. It's even a one and a half degrees coming into Paris. Government policies have to give clear signals. We've seen some countries wavering on the policies towards the conversion to green energy or not. We've seen it in some countries in Europe. So if business makes these investments, then gets a different direction, uncertainty grabs in, and it will take five or 10 years to correct. So these two things have to be consistent. And then the third area is, we have to be able to calculate now in which we can do in the aids of transparency the cost benefit across a total value chain and then be creative in different types of financing. We've seen some great initiatives coming out around energy, also on the innovation side, by the world's billionaires, which is one of them, but there are many other ones, and we should lock them in with concrete projects in countries to move them forward. And I think there's a lot of appetite for that. So if I could, yeah, Prime Minister Duncan. Maybe what I would like to add is that the solar, as he mentioned, is really important, but also maybe you have to work for the time being also on the biomass in our country. I mentioned that in Côte d'Ivoire, we have about 12 million tons of waste. When you produce, for instance, cocoa, you just use the beans. The water is sold out, but when you produce banana, you don't use a trunk. But what we are trying to do is to use that to produce electricity. It was just waste, is not costly, but can use also not only solar, but also biomass. Maybe that's one of the way to work on, because I think that in Senegal, you produce also, how do you say, peanuts, and there are some waste that can be used to produce electricity. Okay, thank you. So let me, you know, we've just had a meeting with the heads of all the multilateral development banks, and one of the things I spoke about with the new president of the African Development Bank, Akinumi Adesina, is that we really have to change the financing picture. What we're talking about now is can we create funds that use blended finance? For example, if you take partial grant funding, and then we go to the capital markets and raise what we can usually raise, 15-year money at 3%, and then you blend the finance, then it can turn into one of our concessional instruments, 40-year money at 0%. I think at that point, given the drop in prices of solar, given the availability of wind, given the potential of geothermal and also hydroelectric power, I think that we can really change the incentives for African governments, for example, to begin investing massively. You know, we believe that the grid should be built, but in the meantime, the promise of solar and wind-based microgrids and mini-grids, you know, even solar farms in villages, I think is enormous, but we really believe we have to change the incentives. We have to find a way of using blended finance with like-minded donors to make it a win-win proposition. Now, you know, in the three and a half short years that I've been president of the World Bank, the price of solar went from 15 cents a kilowatt hour now to three and a half cents a kilowatt hour. So we're there, and I think if we make the financing available, we're gonna see a rapid increase in demand in places like Senegal. That's what the hope is. Now, I want to give a chance to Laurence. She has been such an incredible champion of the... Oh, go ahead, Sharon. Can I just say something to the government of Senegal? Sure. It's just congratulations, because you're one of the few countries in the world that has a national climate committee, and it's got all of the actors on it. And when I hear a trade union leader, Modi Yogiro in this case, talk about the circular economy and collective bargaining on resource productivity, which will be the jobs that we'll be investing in in the future. Then this is a country that is actually setting a model that we want others to follow. So thank you, and congratulations, and you have our support. And so quite apart from the de-risking process that we're seeing everywhere, we want to just say that it is a risk not to invest in Côte d'Ivoire and Senegal for those who want a strong return. Thank you. Laurence, do you have a microphone right here? No, no, over there, yeah, yeah. Go ahead. Thank you, Jim, and thank you for your kind words. I think for this year, the presidency will still have this presidency until November. And I think there are two very important elements. One is the one you refer to. You may remember Lohoff abuse called here in Davos last year, we have to mobilize everybody for the 100 billion target. This year, I think we have a different agenda. Exactly the one you design. I think we have now to gather the investors, the sovereign funds, the insurance, yourselves with what you are doing with your colleagues and the private banking and to see where really are the problems and how the leverage effect will happen. And I think that's very urgent. I know that Lohoff abuse wants this to happen. We have to have this conversation flowing and to really know that everybody is really wanting to implement this Paris Agreement, do that conversation this year. The second element is, we invited through the Paris Agreement the countries to deliver their long-term decarbonization strategies to just give the long-term signal, not only the short term or even the INDC 2030. I think a big thing is the company's doing the same. We need to know where the company sees their future in 30, 40 years time if they want to be consistent with the 2D receipt below 2D receipt strategy. So I think that is important because we have to have this dialogue to understand the depth of the transformation. So this year, if we could have companies putting forward and some have done already, what does it take to implement Paris Agreement from their point of view of their business model of their value chain? I think that would be great. Great, thank you, Lawrence. Very good. We're out of time, but I was wondering if anyone had some last comments. Prime Minister Solberg. I would just like to say a little bit to the Senegal issue. I mean, we are an oil-producing country. We probably have much higher carbon prices in Norway than Senegal has. Of course, we have a higher standard of living, but I mean, this is the best time for cutting subsidies, but also for, in fact, implementing the Anis Ababa discussion, increasing taxation in your own countries to make sure that you have money to spend. And of course, a CO2 tax, a carbon tax now, done in local countries, since we all have to deliver on our aims for 2030, we have to have national policy. I would have liked to see a price on carbon based on the world. In Europe, we have the ETS scheme, of course. But I mean, you have to give answers now how to reach the 2030 indicative goals for your own countries. And I think it's a good time to discuss also how do we finance our own budgets? Which resources should we pay use taxation on? And of course, those resources that are polluting and part of the climate problem should be taxed more in the world, even if we are an oil-producing country. Minister Fabius, again, such a hero of ours. You kept the whole talk together. Wondering if you have any last thoughts for this audience? Two observations. First about carbon pricing, I think it's a major issue. Because today, if we simplify, when you pollute, you have subsidies. And when you don't pollute, you pay high prices. It's really reasonable. Therefore, we shall have, in 2017, at least three major zones where we shall have carbon pricing. China, we shall have Canada, we shall have Europe, and hopefully some others. And I think we have to act in order to develop and to foster this carbon pricing because it will change the mix and will make it easier. Now, my final comment. I'm at the same time Minister of Foreign Affairs. And this agreement in Paris, it's not only an agreement about climate. It's much larger. It has implication on the whole economy. It has social implication. It has implication of food security. Implication on migration, because you can imagine what it means in terms of migration. We have problems today in Europe because of some hundreds of thousands of people migrating. But if it is a question of thousands, of millions of people, what will happen? And at the end of the day, it's a question of war and peace. And I think this agreement is a major pillar for security. And we have to explain that to those who have not yet understood that. But so far, as business is concerned, I'm fully confident. Like Secretary General was saying, it's not the final point. It's a turning point. But now there is no way back. And the companies which will not understand that it's their own interest and the interest of everybody to go in that direction, they will be lagging behind. Thank you so much. We're out of time. But let me just leave you with this thought. So I used to say to audiences that, based on the way my children, 15-year-old and 6-year-old, already talked to me, I can see them in 10, 15 years saying, Dad, what the hell were you thinking? You were president of the World Bank. Why didn't you do more about a climate change? Well, we were on vacation in Florida this past holiday season. And my 15-year-old was talking to me about how Miami, is an article that we'd read together about how Miami, which sits on limestone, is flooded on a regular basis. And so we were talking about what that meant and about how Miami is in danger because of the rising seas. And then all of a sudden, my 6-year-old blurted out from the back seat, Dad, you got to do more about climate change. So it's not 10 years in the future. It's not 15 years in the future. It's right now. And let me just say to the private sector, people in the audience, if you're not working with an internal price in carbon, you should start tomorrow. China is gonna have a national carbon trading system by 2017. And if you're not prepared to think about low-carbon solutions in your dealings with China, and my guess is that just about everyone in the world wants to do business with China, then you're gonna be at a disadvantage. It's coming, there's no doubt that the momentum is with us. We're so grateful to all the panelists for taking us forward. We thank you for your attention and please pay attention. And as the secretary general said, this is just the beginning. Thank you. 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