 Honourable Ministers, distinguished delegates, ladies and gentlemen. Thank you for your introduction and for allowing me this opportunity to address you today on a subject that is extremely dear to my heart. I need to remind you that tropical deforestation is one of the defining issues of our time. It requires local solutions to a global problem that must be implemented within a narrow window of time. This is no easy task. However, I also need to remind you that Indonesia is a beacon of hope for the rest of the world as we wrestle with the complex yet vital challenge that has brought us all to Jakarta today. Now I stand before you as a concerned father, and recently as a grandfather, but also as a representative of the finance sector. We live in an interconnected world where the financial economy facilitates much that takes place on the surface of the earth. I'm not rash enough to suggest that finance is the perfect solution that will enable sustainable landscapes. With a problem of such complexity, I would argue that there is no perfect solution. But what I would like to impress upon you today is that finance had a very important role to play. I would like to make three observations. It's these observations that give me confidence in our future, and I hope they give you some confidence too. Now discussions on the private sector and sustainable landscapes often gravitate to the issue of the finance gap. Now this is a valid concern, and we do need to unlock the vast pools of private capital to address the transition to a green economy. An economy that is low carbon, resource efficient and socially inclusive. The annual investment needs for this are measured in tens of billions of US dollars. This is critical, and of course I have no intention of telling you otherwise. However there is another gap that we need and which we tend to ignore which is equally critical, and I refer to this as the perception gap. This becomes apparent if you enter into a room with a variety of people discussing a common topic. The private sector, the public sector, and civil society all use their own jargon or language to describe the same problems. These stakeholders can be in violent agreement on a subject without realizing it as their messages are clouded by the terms and phrases unique to their own trade. Narrowing the perception gap and communicating more effectively is a tough challenge but a huge opportunity. Some of you may be familiar with the work of the Carbon Tracker Initiative. Now they have helped to transform the debate on climate risk within the finance community. They have taken some well established scientific facts and presented them in a manner which financial analysts and investors can easily relate to. They have termed a climate risk into a financial risk by using appropriate language. New phrases such as standard assets and unburnable carbon are increasingly part of the financial lexicon and we are now starting to see capital being redirected as this common language and this understanding emerges. Now ladies and gentlemen I often talk about investment in my day job. My first point this afternoon is to urge you to invest in understanding each other and narrowing the perception gap. We must leave our comfort zones. Whilst it will not be easy I am confident it will pay handsome dividends. We all know the challenge of creating sustainable landscapes and that will require vast pills of capital and most of it will need to come from the private sector. We also know that sustainable landscapes depend upon activities far beyond the forest frontier. We need a broader transition to a green economy. We need to rethink other sectors such as the agricultural, urban, transport and energy systems that can all impact the forests. This will cost money but the really good news is that this capital already exists at a staggering scale. An estimated $225 trillion of private capital is currently allocated throughout the world's financial markets. However, if achieving the goal of economic growth decoupled from resource exploitation were a simple exercise in matching financial resources with expenditure needs we would certainly not be gathered here today. It is not. These vast private resources cannot be released without a public lever. Public policy must pave the way with a financial framework that is conducive for private money to flow at scale into the green economy. We need political investment to unlock private investment. Even with the best intentions, market and policy failures currently make it challenging to allocate capital to activities with high social and environmental returns but low financial returns. But there are many ways to address this. We can focus on fixing the real economy. Introduce carbon pricing, pollution taxes, minimum wages. We can continue to use public sector funds or incentives in a strategic manner. If done well this can leverage between three and eight private sector dollars for every public sector dollar spent. We can also continue to use public sector balance sheets. The Chinese Development Bank, Germany's KFW and the European Investment Bank are already amongst the world's largest investors in renewable energy in developing economies. All of these can and should be part of a comprehensive financing solution. However, we are dealing with a challenge of such magnitude that these are insufficient within the window of time available. What is needed is not just money. Clearly that exists in vast quantities. What is really needed is the political will to correct market failure by rethinking parts of the financial system. Fundamental shifts in the metrics, institutions and policies that govern how financiers and investors evaluate economic activities are required. We must also think about changing the very rules of the financial system to create a level playing field and help all boats rise on the incoming tide. The APEC region is already showing great initiative in this regard. China has been speaking of the need for an ecological civilization since 2007 and those of you familiar with their five-year plan will know that this is not just political rhetoric. Our host today, Indonesia, are part of a world first group of financial regulators focused on advancing green finance brought together by China and the ISC. This is a reaction to the social and environmental pressures that rapid economic growth and resource exploitation has brought. The Sustainable Banking Network of Regulators also includes financial regulators from China, Vietnam, Bangladesh, India and Nigeria. Our hosts, Indonesia and our APEC neighbours are showing us there is much that we could do. We can look at how we account for the rapid environmental and social risks and redefine terms like materiality and fiduciary duty to properly account for externalities. We could look at banking regulations and credit ratings to ensure the solvency implications of natural resources are properly factored in to asset prices. An incredibly important tool. We need to consider the social and environmental metrics that underpins tomorrow's sustainable, inclusive economy. None of this is easy and the past four years bear testament to that. But the stakes could not be higher. However, we are already seeing positive change, as I have mentioned. There are all signs that one of our greatest social innovations, and that is the financial markets, can be realigned to channel capital into the green economy. Ladies and gentlemen, although the financial system must at times seem very far removed from the forests behind me and the agricultural systems we are here to talk about, they are in fact intrinsically linked. I urge you to follow and encourage the positive changes taking place in the financial ecosystem, as they can be a powerful force for good in the physical ecosystem. I have spoken so far of the perceptions and policy, and the third P I would like to address relates to a financial product. And this is where I'm increasingly optimistic. A recent conversation with the very senior management, one of the world's largest sovereign wealth funds, makes me believe that we'll be hearing much more about these in the future. I want to talk to you about bonds and specifically green bonds. Now bonds are attractive for many reasons. They are a familiar product to the investment community, and they represent the largest single pool of capital in the world. The key question today is how would these benefit our forests? You may have noticed that I have spoken of green, not forest bonds. To take the pressure off the forests, we need a holistic approach to green growth, not a siloed approach. We need to deal with the agricultural infrastructure, urban and transport requirements that are essential to create a green economy. This is vital to create the jobs and green growth that will in turn create the social and political space for our forests to thrive. To do this, we need a green growth blueprint. Once we have a blueprint, we can use green bonds as the mechanism for preferencing sustainable investments over alternative growth strategies in forest communities. Green bonds capitalize on a growing appetite for purpose-driven finance and can help reduce the risk and complexity of greener investing. They make product selection simple and standardised for investors, and importantly, they outsource the social and environmental due diligence to credible third parties, one of the great problems of green bonds in the past couple of years. They have the potential to create a virtuous cycle, uncovering the large-scale investor appetite we are seeing in the market will help to drive governments to develop green-growth frameworks in the knowledge that cheap private sector capital is eager and available. A wonderful cycle of, in fact, the finance sector driving government perceptions because governments are always worried about where is the money coming from. Now the key question is how do we scale up this opportunity? And to do so, there are several key requirements. Investors demand large-scale investment opportunities. We need to be thinking of investment-grade bonds of half a billion dollars and upwards. This will make it easier for money managers to increase green capital allocations with an existing liquidity and credit-worthiness constraints of investors. So I believe, as a banker of 40 years, that for green growth we need to think big. Green bonds are a relatively new concept. We need to use public funds strategically to improve the attractiveness of these products and develop an investment-track record. We need to bring to the balance sheets of rich nations the ability to bring down the cost of capital by buying these bonds. However, at the other extreme, and this is very important, we must avoid development banks providing 100% of project financing and crowding out the private finance sector. We need to be strategic. We also need to be clear and rigorous about what green growth is, especially in complicated areas such as forestry and agriculture. And for that, and this is probably the most single important thing of what I'm saying to you, we do need standards. And then we need third-party verification of those standards. There is a huge demand from the finance community for this. They want help to screen and preference green investment. We do need to simplify and standardize. This is the key to unleashing the green bonds. But we also need to use incentive for green bonds. And this is in rocket science. Tax incentives have driven the expansion of the US oil and gas industry for years. It's all about defining your universe and implementing it. Remember this, very little treasury loss can be a big boost to investment. We need carrots. Build a green growth narrative in a language that resonates with the target audience. Once again, we need to close the perception gap. Let's reposition the narrative in both politics and the financial markets towards financing productive investments, which will provide long-term economic stimulus. We need a compelling story. Now, ladies and gentlemen, my allocated time is up. I've given you some views today on perceptions, policy and a product that all contribute to sustainable landscapes. The challenge ahead of us is inconsiderable, but we should never stop reminding ourselves the vast opportunities for the planet and the people that lie beyond it. People like you will make this happen. But I want to just, before closing, just re-emphasize that the capital is there. It is how to unleash it. It's how to actually move the fund managers into the green bonds and to the financial economy. But in the work that I do, you see changes in big waves, long wave cycles. And my view is, and I've said this at one of the sessions yesterday, that the mood amongst all the major investment banks and banks in the world, among all the large sovereign wealth funds, among all the very large trillion-dollar investors, the mood is changing. So if we can deal with the sorts of things I've mentioned, money will move into the green economy. It will not be seen as a risk economy. It will be seen as the economy for the future. Now, I just wanted to leave you with the words of the American writer and anthropologist Margaret Mead, and this applies to all the people here. And she said, never doubt that a small group of thoughtful, committed people can change the world. Indeed, it is the only thing that ever has. Thank you and good afternoon, Teri Makasi.