 point. What I'd like to do is give you a flavor of what our thinking is at the World Bank, where we see the trajectory globally in a number of areas of what are the global trends around food and agriculture? How does it link with climate change? What's the role of trade in this? What's the role of the interaction between the public sector and the private sector? Because I think these are some of the most defining themes of our time. And then, of course, the broader issue around sustainability that all of us love to talk about. But I think only part of us are convinced that we are even close to that, to real sustainability in agriculture. And I think we are going to be faced with a challenge in this decade to try to do to get real about it. And I think we at the Bank are taking this very seriously. So does Ireland. We had wonderful conversations with the Department of Agriculture this morning, a number of other actors last night. He failed to mention that I also had a dinner until 11 last night and so there was very little sleep in the last 24 hours. But I'm truly inspired and I'm excited by what I've seen so far in Ireland. The reason I came is because your country, even though it is not a very large country, is emerging as a leader on the global question of what does it mean to produce your food sustainably? And this will be a question that every country around the world in this decade will have to answer in one way or another. And we'll have to put in place the policy frameworks, the incentive structures, the mechanism by which private sector operate, the license to operate, the interaction between public and private. Everyone will have to deal with this because we're going to find ourselves in a situation where the consumers will want food that is produced on a sustainable basis. It's not happening everywhere yet. It's not fully there yet, but it's happening very rapidly. We are going to be in a situation where every private company on this planet will have to ask itself, how do I source my raw material? Is that really sustainable what I do? Do I actually have an idea of what I'm doing globally in terms of the water footprint, in terms of the broader environmental footprint, in terms of the biodiversity footprint, in terms of the social footprint, is child labour involved in what I'm doing? All these questions that are bubbling up and are out there and have not really translated into action everywhere are going to come to us. And why do I say that? Why do I not think that business as usual will prevail? It's simply because we can't afford to and because we're running out of time in the agriculture and food security space. We will have to feed 3 billion more people on this planet, as you will very well know. None of these 3 billion people will be born in food secure environments. They will all be born in areas that are currently not very food secure. They will not be born in Europe or in America or in Australia or in Japan. They will be born in the developing world or in the middle-income countries. So we will have to produce food in a different way and we will also have to have a trading system, which currently is not functioning very well globally, that allows them to get that food at a reasonable cost. And I'm not advocating free trade blanket here. I'm advocating for a process that allows those who need the food to get it when they need it. So these are the two big strands. One thing that is becoming increasingly clear and Ireland is leading the way on this is that agriculture and the way we produce our food and more broadly the way we manage our landscapes globally are the single largest contributor to climate change. It's bigger than transport. The emissions from food production globally are more significant than the car emissions that you have out on the street. And it's kind of known because many of you have seen the IPCC report, the panel on climate change report, but it is not in the public consciousness that we need to do something about it. And it's only beginning now to take traction. And we haven't been caught as an agricultural practice and as an agricultural community, but we will be because as these negotiations proceed, there will be the question, and what are you going to do over the next 30 years to reduce your emissions and islands in the middle of this conversation? As I was told in the last 24 hours, and it's a very important conversation to have. The energy sector has been innovating for 25 years. We have now windmills. I saw them yesterday. You have them. They all over the world. We have solar panels. We have technology that used to be esoteric and blue sky 25, 30 years ago and way too expensive for anything to be taken seriously. Now I'm fully mainstreamed, took 25 to 30 years. In the car industry, it's the same. We now have electric cars. We have hybrid cars. We have the technology, not only in theory, but in practice among us, that can take us to a different path. What do we have in agriculture? Do we have an electric car in agriculture? Anyone? Solar panel? Completely energy independent? Game changer? Completely different technology? We have that? We don't. Do we need it? I think we do. I really think we do. We need to look at two ways of how we change the way we produce our food and manage our landscape to reduce our footprint globally. One is incremental change, and this is where Ireland comes in with an incredible effort already to begin to measure what you're doing, systematically addressing it one by one, every step of the value chain on the production side, everything, and reducing it. But at the same time, we also need to take it a step further and begin to think about how we feed our animals in the future, how we feed the planet in the future. And I just want to give you one glimpse of what I would call the electric car in agriculture, which is being developed in the US at the moment in Hawaii, and that is algae production. In plastic tubes, using basically no land area can be done in the desert, no footprint on land, using no water, except for brackish water, which has no, no fresh water footprint, no carbon emissions, putting algae in a plastic tank with brackish water exposing it to the sun. Biomass production is 100 times more than anything that can be produced on one hectare of land in any agricultural system. If we just could develop that over the next 10 years, and I don't want to dwell in sort of blue sky technology too long, but just to give you an idea what we're talking about. If that could be developed in the next 10 years, and you would feed a third of the world's animals with that rather than soybeans or corn produced a huge amount of huge cost and huge global footprint, you could reduce the footprint by a third, global message. It's about 10 times more expensive today than conventional feed. When they started the solar technology was 35 times more expensive. Now it's competitive. It took them 25 years to get from 1975 to today. Given today's technology and knowledge that we have, it wouldn't maybe even take 10 years, 15 years to get to that. It never invested a billion in it. I think the current investment in renewables is in the order of, I don't want to get the number wrong, but it's in the three digit billions per year, 350 or something like that, 250 a year. So if we apply the same principle in agriculture, we can change the game. Are we doing it? No, not really, not in any significant way. So one of my first messages is we need to invest in agricultural research because we don't have the research capacity, nor do we have the vision, nor do we have the package that will lead us to the next generation of the way we feed this planet. It's happening in cornice, in piecemeal fashion, but our agricultural research approach right now is still the way we've always done it. We breed higher yields. We breed a vitamin intake over the last 20 years here and there because we want nutritional outcomes, which are very important. We breed adaptation breeds, traits into what we do. We have flood tolerant genes now bred in. We have heat tolerance, which is hugely important. Got drought tolerance, we get pests and disease resistance into it. So we are incrementally improving things. And we are good at the adaptation and the productivity side, but we are not looking at, and at the same time, does this crop, this new variety or the system in which it's grown, actually reduce our footprint. And it's not just carbon, it's methane, obviously, in the livestock sector and its nitrous oxides. So you take those three things. Our current thinking in agricultural research does not have a multiple objective function. And we're adding it on rather than making it a mainstream thought. And this is why we are discussing increasingly this concept of what we call climate smart agriculture. And I want to talk a little bit about that because there is some confusion in around various corners. What does this have to do with GMOs or is there something about, you know, the carbon trade or is this something else, right? This is not at all any of this. What it's basically means is, in summary, what I've just described to you over the next 10 minutes, going forward, the way we produce our food, we need to be highly productive. Let's be very clear that is the key thing we need to do because we need to increase our production. It is not like even transport or some of the other things where we may or may not have a growth trajectory. We know we will have nine billion people. We know we need to produce a lot more food. But we also know that we need to be more resilient and we need to have adaptation traits that allow the farmers who produce that food to deal with climate change and other shocks. So that's the second part. The first part is high productivity of climate smart agriculture. The second part is high resilience and adaptation. And they come in that order. And then thirdly, you want a system that at the same time is not causing a huge amount of trouble and causing a huge footprint. You want something that in addition gives you a co-benefit, which is a much lower footprint. And which is very important, unlike all other sectors, including transport and energy, which can't do that, agriculture can reabsorb carbon out of the atmosphere and put it back into the soil. No other sector can do that. A solar panel doesn't take a single carbon and molecule out of the atmosphere. It just lowers your emissions, but it doesn't reverse anything. If we manage our landscapes well, including forestry, of course, and that there it's obvious, but the broader agricultural system, we can in theory reabsorb up to 80 percent of all emissions that we have in the atmosphere today. That's what the scientists tell us. If we had all the degraded lands on this planet under proper management, and it's two billion hectares, it's a huge area. If we had those under proper management with high productivity, high resilience, and a system that reabsorbs carbon out of the atmosphere, we would not only be not part of the problem, we would be part of the solution. That's why it's doubly important to invest into this. It's partly because we are a big part of the problem. We need to reduce that, but it's also because there is potential opportunity out there that is nowhere else. So this is the concept of climate smart agriculture. Is it about trade-offs? In some places it is. Not every place you will get the three easily, but in many places it's not. There are many systems around the world where you can see a crop production or animal livestock or mixed combined system that gives you all three. Highly productive, highly resilient, and a low footprint. And it's up to us and the scientists of this world and as an international community to find those, describe those, fund those, and scale them up as fast as we can. That gives you in a nutshell a flavor of what we're going to do at the World Bank. We will be very deliberate and systematic over the next few years in our portfolio and pipeline going forward to ask those kind of questions. We will not just go out and have another livestock project or another in a rice improvement project just for the sake of improving the productivity. Everything we'll do we will have to ask the question and what do we do with resilience in this system and what does this do to the footprint. So if it's a rice production system you want to have less methane emissions. And you can have less methane emissions and less nitrous oxide emissions if you manage your water better. Reduce the number of days under flooding. Every day less flooding in a rice field reduces your methane emissions significantly. It's never been done before because nobody cared. It's convenient to have them flooded for the whole period. Water is there and who cares right? It's good for yield. We know today that you can reduce the number of days under water significantly without compromising yield. Just give you one example. Deep placement of fertilizer. You throw the fertilizer into the field if you're lucky it works if you don't it gets washed out in up in the air or down into the groundwater. 60% of all you we are today applied in the developing world disappears in the environment. Leading to 800 plus dead zones in the oceans around the world combined the size of Texas. 800 areas in the oceans and the coastal areas around the world are dead. There's no life. No fish, no nothing, no shrimp, no mollusks dead because it's over uterified and they are growing and expanding. Can we talk about sustainable agriculture? And it's not only agriculture but agriculture is a huge contributor to that, to that global runoff. It's not a system that can continue, right? So the fertilizer is the next piece. First the water management and the fertilizer. If you deep place your fertilizer rather than spread it on the ground you can reduce up to 30% your runoff and your emissions out of that. Basic stuff. It's been done on a million hectares in Bangladesh and in India already should it be done everywhere? Absolutely. I just want to give you a flavor and examples that this is not academic or a concept that there are stuff out there that has to be had and there's an urgency that we get into it. This is the stuff we know. We have agroforestry systems in Africa. We briefly touched on that earlier this morning where you have the sweet spot right there in front of you. Corn production in Niger, very low yield. You plant Fajderbia albide which is a legume tree, a nitrogen fixing tree into that system. That increases the nitrogen content in the soil. You double your yield for corn. You take carbon out of the atmosphere, sequester it because you have a much higher biomass in the system and you build resilience. So you have all these three things together. No trade-off. It's a win-win-win. Do I sound overly optimistic on a sales journey here? I don't want to do that. There's not everywhere and it doesn't happen every time. But there is stuff out there that we know and that we're not taking and putting it to scale. We need to change that rapidly and we need to provide incentives to do that which ties me back a little bit into what you have been doing in Ireland which I'm truly fascinated with. You have a very visionary government and I'm completely neutral. I'm not on the left or the right or any of this. I just see what I see here. This government has taken it on to say we need to develop agriculture number one and agriculture production and food security as a high priority which is a very important part. Many countries in the world haven't done that and they will over time because it will be the case for many. We want to do this in the most sustainable way and we cannot just talk about it. We need to measure it. We heard this morning you're measuring footprints in 30,000 or was it 60,000 you mentioned? Close to 60,000 individual farms in this country understand their footprint. They know what they're doing. They know what happens in the value chain. They know what happens on the ground. They know what happens in the stable, with the cows and the cattle. They have a sense of what they're doing and therefore they can improve and they've been given stretch goals and stretch targets and saying hey you know what you're doing now you can get better and here is how to do it. You cannot do this in abstract. You have to have data and evidence and really understand what it is that's wrong and how it can be changed and this is a government in a country not only the government and the private sector that are beginning to work together with Origin Green which we'll discuss hopefully more this afternoon but you make that connection because government can say all sorts of things and the private sector will do something else right. But we're now in a world in a decade where for the first time private companies are moving away from saying this is not my problem and if I do it somebody else will make more profit therefore you know this is this competitive disadvantage. I'm not going to go there because it costs money and doesn't benefit me. Two a world ten years ago they said we really have to be more responsible. It's not good people don't like us if you're not responsible then they invented corporate social responsibility. There was a decade of corporate I'd like to call it a decade of corporate social responsibility. You build a school in the village and therefore you can use the power model from that region and you know so I'm not saying it's bad but it's it's a step in a direction but now in this decade we're seeing big corporate and big private companies realizing that they essentially have no future as a company unless they can show and demonstrate that they're truly sustainable in the way they work and that's a big word it's a very big word right very big word and therefore there's a lot of skepticism you know in the boardrooms they're worried and what will this do to our bottom line it's just really necessary there's a growing recognition that it's not a question of whether or not you as a company CEO will go there it's not the question the question is when will you go there and when that is the conversation very quickly there are those who say we're not going to be last because if we're last we may be out of business and then this whole dynamic is evolving and you mentioned this this morning as well right even within Ireland there is a dynamic there's still those who are skeptical but there are those who are early out and they're going to do it and they're going to change the fascinating story of internationally not in Ireland but it I wasn't together with a bunch of business executives like 200 of them in Germany a few months back and I asked them the question in the room said how many of you know your company's footprint this were mid-sized companies and German entrepreneurs decent reasonably big sized companies not the biggest ones but mid-sized companies many of the CEO is socially very responsibly inclined they want to do good things they don't want to be damaging to the environment they want to be socially responsible so how many of you know your company's footprint what was your guess out of the 250 how many raised their hand 10 0 2 and I and only I could see the hands they didn't they didn't do this early right so because they weren't quite sure whether they really know it and and then I said wouldn't you really want to know right and of course yeah everybody actually really would want to know I mean it this is not just business and it actually you would want to know whether you are responsible or not and these are people who are by their nature responsible people they're not Mavericks or Cowboys out there so there was a big shock right and then so yeah we really should be doing this right and so there's this example and do any of you know Puma company you know the shoe manufacturing Puma right do you know the story of Puma and Johann Seitz was the CEO he at some point after a conversation like this went back to his team and said I want to know the footprint of my company I want to be responsible sustainable tell me what do I need to do but what is it number one and then what do I need to do I'll change the light bulbs to Ali to you know the renewable ones I'll get the hybrid car fleet I'll do insulation I changed the windows in the factory etc and then hopefully will be in good shape you know what the result of the analysis was that his factory his business you know what percent of the total footprint of Puma corporation that was yes it's an interesting question so Puma produces shoes as you know what but manufactures them and sells them internationally sources internationally sells them internationally one percent was the company your clothes it was six percent ninety four percent of the footprint of that company had nothing to do with Puma headquarters or the car fleet or the energy bill of the production facility or anything like that ninety four percent was the combination of the leather that they source for the shoes that came from the Brazilian from cattle that were grown in Brazil after cutting down the rainforest cotton that was produced in parts by child labor in some countries the rubber that came from rubber plantations in countries and I you know I don't have to go go there right so the whole sustainability and footprint question came to the surface and was utterly shocking I heard this from him directly right he made a presentation world economic form a couple years ago on this and it was just transformation he said it changed me as a person as a CEO I had no idea he says he didn't know you know wanted to do good he didn't know so he then began to do two sets of books he said I do my typical thing I just buy the stuff and put it in on what much I paid and then I'm going to put a value on the real value and cost of my input and then run two books he did it only for you then he checked the first book out and now he actually has a true cost accounting now he's a private company he's not a publicly traded company so he has different dynamics around him but this is visionary this is leadership right and his example has resonated with many many others others are in a more difficult situation because they're publicly traded and the bottom line pressure is much harder and all these things but it's permeating the conversations in the boardrooms and in conferences by private sector actors and it's you can go right across whether it's Walmart Unilever Nestle Coca Cola Pepsi Co all these are now in a very different conversation space way beyond corporate social responsibility into what do we need to do not only to be good ourselves but how do we drive sustainability change on the ground you know if Walmart which has a massive purchasing capacity goes to Vietnam and says we want to we will only buy the cocoa beans from you if you can demonstrate that they are produced sustainably in all its dimensions believe you me that changes the cocoa sector in Vietnam so we think we change the cocoa sector in Vietnam right and Irish aid and others who interact with the government we do as well but when they come and say this is what we need it has a massive implication so they're becoming partners in a conversation around what does it take to change the you know the way things are produced so just wanted to give you a bit of a flavor take a span across some of the issues that are close to our heart talk a little bit about climate smart agriculture talk a little bit about these global trends to maybe just a couple more points on the climate angle we are 20 we had a conversation this morning I don't know it's 20% right now 25% 28% the IPCC report said agriculture plus associated land use is 28% maybe a little less but it's huge if we don't do what we've just discussed and that means it begin to innovate and change the game and the way we operate you have any idea how much our percentage footprint will be by 2050 because we remember the others are innovating the others are doing things industries getting more efficient transports getting more efficient cities are getting into programs to do that you know transport energy all these are ahead of the curve if we do business as usual that means close our eyes and just not worry about mitigation and any of these things because it's food and therefore it's okay which is not an island I totally get that but in many parts of the world there is still this this happy believe we will be 70% of all the overgreen house gas emissions by 2050 is that tenable no we will be caught long before then and then the question is how long will it take us to change the game and you are you know agriculture space it takes a long time to do change in agriculture whatever the research require this it will take a decade to get it to practical applications that many things cannot be quantum leader you know jump to the next technologies not like in the telecom sector we don't need the version for you go straight to the version 5 or the version 6 don't necessarily do that in agriculture that easily so that's why I feel tremendous urgency to put serious amounts of money into agriculture research we need to double the research budget globally because we need a new type of agriculture and we need and that brings me to my final point we need champions to drive forward what I've just tried to describe to you because the world needs leadership the world is void of leadership when it comes to international issues there is tremendous leadership locally in many places but it's very very thin at the global level when it comes to champion profound change champion profound change in the areas that are important to all of us whether it's in oceans you meant some of you may have been involved in the in the global oceans debate one of the biggest tragedies on this planet what's been happening there we all know what's wrong and it's incredibly difficult to get checked climate change a very good example you know 19 years of UNF triple C negotiations haven't gotten very far hopefully that will change in a year or two from about an agriculture completely absent you know that nobody in the UNF triple C ever talks about agriculture it's just not even been negotiated because it's politically sensitive oh really I think we need to do better than that right and that's why we need leadership and champions and one reason I followed Tom's invitation because here here is a man who is a leader he's changed the game he's changed the needle single handedly together with a number of others on the on the nutrition agenda globally your country represented through him and Mary Robinson and a number of individuals have changed the discourse globally and have led to action that otherwise wouldn't have been possible and it's that type of leadership that we need in agriculture going forward and that we had a conversation I don't want to go too deep into it and don't talk too long but we had a conversation around the wall of the European Union and Europe broadly of which you are apart Europe has a tremendous opportunity it's had it has 50 billion euros that it gives to agriculture and farmers in Europe no smiles here everybody knows the common agricultural policy and its history and its controversy and everything else and for many many years and even until today there's a lot of money going there and it's kind of come a long way it's gone from a simple production support to a much more enlightened much more differentiated tool that gets you broad environmental outcomes is this the end of it I'm where I said no I hope it's the beginning and we were saying right now it's in the order of 20% maybe that goes into mitigation or into a new type I don't know what's the percentage right now roughly 20% one-fifth goes into the kind of climate-smart agriculture that I was describing that supports a good agricultural practice that builds resilience but that also really makes a difference in the overall footprint my view should be a lot higher and it shouldn't be called a subsidy it should be called an investment we need to invest in agriculture in Europe to develop the hybrid car the solar panel the windmill the electric car in agriculture because we have the firepower we have the money sitting in Brussels and this is a rich environment 50 billion euros can change the game if it's used for agriculture and in the right type of agriculture so for once the world banks not saying don't do it it's inefficient get rid of it which is what we've done for a long time and many of these subsidies schemes now I'm talking a different language because I now feel that we really need to invest in agriculture for the reasons that I've tried to argue and that I've tried to laid out in front of you but we do it we need to do it in a very targeted and very deliberate way and that will then provide the leadership for the rest of the world that can be followed you can develop the models the packages the operational approaches to this the policy and the whole thing that can then transform the way others work and I think others are looking towards that so that's why my plea for leadership I'm really delighted that this is a country we're up to the top level your prime minister is committed to a change in agriculture and is behind it and then the ministry is doing an amazing job in not only moving the needle domestically and in Europe and then hopefully now internationally so I see Ireland as a phenomenal partner those government and private and we'll come back to the origin green as well because there is leadership as well we want to work to closely together to help translate that concept to other parts of the world as well so thank you for your attention