 Greetings everyone as we start on time for this topic of a lost decade question mark. Are we going to lose it or not? I've said to our panelists that maybe we've got one of the more depressing topics but the whole idea of WEF is to look for solutions and find ways through the times we live in and they're not just interesting times, though in many respects very shocking times so it requires even more of a step up than we might ever have imagined at this point in human history. You turn on the news every day you think am I living in this dystopia which we've created as human beings this is not good. We've seen our planet brought to the edge of its boundaries and beyond in some cases we walked into a global pandemic because we weren't ready and we were slow to respond and then in the past three months we have just seen this horrible horrible tragedy unfold with the war in Ukraine tragic for Ukrainians first and foremost but with spillover impacts globally. There's been a lot of talk here at Davos of the the food and energy price spikes and what this is going to do to the poorest around our world of course the huge numbers of forcibly displaced people over the borders of Ukraine. We're now seeing some of really the best of the traditional donors diverting money out of their development budgets to settle refugees in their countries that that's less money for humanitarian support and the other things that these budgets cover and then we worry about the shadow that this toxic geopolitics now will cast over our capacity to solve these big shared challenges of climate and the threats to biodiversity and ongoing poverty and hunger and and and so none of this is the way we would want the world to be so the big question is what can we do about it can we course correct if so and over what time frame and I've got a wonderful panel that's going to help us answer these questions I have Kirill Petkov the prime minister of Bulgaria I have Hino Rabani Kaa who is minister of state for foreign affairs from Pakistan and I have Carolyn Anstey president and CEO of PACT USA which is an international development organization works in close to 40 countries looking for human development solutions remember we're being live streamed we're happy for you to tweet your heart's desires with hashtag we're 22 so let me come to prime minister Petkov in these troubled times share with us just a bit about the realities your country's been facing thank you I'll actually focus on the specifics of the Ukrainian war and the European situation what we have done as a mistake in the last decade as a last decade and I hope in the second part of the debate and discussion to tell you what I think we could do and use this as a this problem as an opportunity so it should not be a depressing discussion it should be as you said very clearly find find the path forward so in 2014 we were obviously we all saw the taking over of Crimea and without all that's very negative we had a lot of political criticism towards Putin but at the same time we didn't do our serious homework of strategic next steps that could have made it very different today if we had done them first of all we allowed for a lot of the gas storages of Europe to be owned by gas prom which creates incredible dependency instead of thinking of how to decrease the dependency we built turkey stream which is one of the big pipes going through Turkey into Europe again gas prom gas and we also built north stream which now what was almost about to be turned on before Germans Germany said no which also increased the dependency we tied our electrical prices with our gas prices that which meant that Russia could not only decrease the supply of gas but can regulate our electrical prices throughout Europe we allowed our embassies to be filled with agents a little Bulgaria for example we have 118 diplomats in the embassy of Sofia that are Russian and Greece is very similar number next to us and Romania as well we so we kind of open the door for hybrid attacks we also didn't think strategically about our defense strategy and we didn't think about the Eastern flank the logistics we don't really have corridors south north to move troops goods along the Eastern flank so we kind of were criticizing politically we did all the political discussion yet our dependency increased our strategic thinking was not there and now last year as the gas supply was decreased the gas storages were turned down from Russia we all felt all of a sudden we're in the midst of crisis just before the war started a war that we could not respond as much as we would like because of these dependencies so this is the current situation and their clear answers what we can do forward and I really hope that in another decade we'll not have this discussion but the next discussion will be what lessons did we learn the first time that made us much more stable much stronger much less dependent both for dependency to Russia but also as you said for the health of the planet yeah so a lot of lessons not learned which are now very quickly learning and moving forward and we'll come back to to that minister Hina from from Pakistan the realities for your country at the moment okay so interestingly I noticed that you did not mention a very big reality which has a very big impact on my country in your what has gone wrong in the world and that is Afghanistan and I mentioned this specifically because this is what does a new crisis comes up and a crisis that we leave behind gets left behind and then whether it's a humanitarian disaster and people are dying and UNDP tells us that 97% of the people are going to be below poverty line it doesn't matter to the world because the world is looking somewhere else now the problem with such a framework or you know happening is that the impact on the people which is in this case 40 million of ones is not undone when the world starts to look away the impact on them continues to happen right and then the impact on countries like ours who have a 2600 kilometer border with them also continues to happen and as we have said repeatedly and I would like to say this again because many a times Pakistan finds itself in a very difficult position we find ourselves in the position where we are it seems the expectation of the western of the international community is superimposed on us at the same time as the expectation of what is now the interim Afghan government is also superimposed on us and Pakistan finds itself carrying at the same time two briefs and not having the ability to articulate and put forward what is its own brief what it is its own policy so I would perhaps want to take a minute to be able to do that because we feel very strongly that as a country which has constitutional provisions for women to be part of normal equally part of the Pakistani society and the Pakistani classrooms the Pakistani parliament the Pakistani banks the Pakistani workspace we find it obviously distressful that our sisters and women across the border will be curtailed in the in ways that they are right and we find it just more than distressful that some of that thought process may permeate through the border and find space which is obviously a threat I consider that to be a threat for Pakistan now having said that because of that grandstanding moral position that a lot of the international community also has and shares with Pakistan perhaps shall we enable the complete implosion of the Afghan economy and also the starvation of the Afghan people so that we can hold our moral moral position I find that to be equally threatening to us so Pakistan feels threatened in some ways and being in this space which we didn't want to own which we don't choose for ourselves so just wanting to put it on over here because I look at Ukraine being nowhere similar but when the tension of the world comes it also goes away very quickly but right now when we talk about negotiation as an option in Ukraine and a lot of people say no not until this happens the people who are suffering the collateral damage that is happening is not about countries who are summoning perhaps but of the Ukrainian people just as in Afghanistan of the Afghan people and then some of the spillover of the Pakistani people also so I think in some ways I find it I want to be optimistic but in the way we have seen interventions play out in the last two decades I'm quite pessimistic about how we leave the leftovers and the repercussions and the ramifications and start looking for the new you know place where to put all our minds to and then perhaps be and while all of this is happening on the international stage both humanity and the planet is being threatened like never before two things that I often say that every time time magazine would have a cover story on the next pandemic coming I would turn it around and say no not my problem and it became our problem it became a common problem right and much as the pandemic also gave us some hope because I think we were very good with being able to come up with vaccines quite quickly it also taught us a lesson that if we only try to preserve ourselves as in me if self-preservation and not the others not preserving others will come back to harm you because when vaccines were not judiciously distributed the pandemic found its way to the virus found its way to mutate into their response and then we all had to suffer because of those choices that were made and at the same time so that that's on humanity and then add on to that in some ways obviously exacerbated by the conflict in Ukraine but the food security crisis okay so 20 years from today we were looking at a food security challenge and today we're looking at a food security crisis so have we gained or have we lost and I find it difficult to live with a situation where we have actually lost more than we have gained then in the very same way as the pandemic is something that you would go like you know not my problem climate change not my problem well what guess what it is all of our problems okay because now the climate you know if Pakistan had one so it's hottest months in in years perhaps the hottest in our history Bangladesh is currently suffering from a very bad flood we've had flash floods so climate change is now saying to us I'm not a problem that you have to deal in the with in the future I'm a problem that you've already made right and in order to deal with all of those global challenges we had this thing called in 2014 two big ticket items where I think 2015 was still the time where the world was working together to deal with the challenges rather than create more challenges and in that framework we had the STGs and we had the climate Paris climate agreement and I had to be reminded by my colleagues that there was a commitment made of about a hundred billion dollars to enable developing countries to deal with the climate change requirements processes systems I don't even want to look at the number in terms of how much have we met so what I'm saying is the long and short of it is that we have humanity and planet being challenged like perhaps not in the last many decades and our answer to that is that the world order as it existed also does not is also teetering again we have no so what we we're finding answers in tactical form in some ways and creating fissures and divisions which are us versus them which is creating a world which is a dangerous world one in which we are not looking at ourselves as us but as us versus them well you're right that media attention world attention moves on very very quickly remember august last year it was afghanistan war war but the cnn effect says that senator later that story gets stale and you know let's be honest once western countries had evacuated their nationals the story went stale and the afghans were left with the very dismal consequences and we could add to the you know ignoring now of afghanistan me and ma things are bad t-grade in ethiopia things are bad yemen they're still bad syria you know all the military crews in west africa but you know at the moment ukraine although i feel watching media now the media want to move on from that too ukraine starts to slip from the the headlines despite the the horror no i mean over 13 million people forcibly displaced it is not a small number of people and and of course you know well over a quarter of the population so it is distressing carillon what what are you seeing from the packed perspective so um helen i think you did a great job at the beginning of outlining all the problems food crisis fuel crisis fertilizer crisis for many i guess i would add another f which is fiscal crisis there's so much that needs to be done and many countries are essentially bankrupt they have no funds to do it i remember the last time we met here in davos in person january 2020 walking down the promenade and all the stores that are taken over by businesses in every window you saw the sustainable development goals you saw sustainability uh i haven't heard you're the first person in the four days that i've been here to mention the fdg's so i think a lot of things are falling off the agenda and even sustainability and climate is not as dominant as it once um was i would add to that um progress on gender going backwards um enormous you talked about the schism of them and us between countries but it's also within countries absolutely a lot of countries very very divided internally polarized and um across the world the the polls tell us there's a lack of trust in institutions so helen you talk about you know how we can all come together to fix things but there is there is a lot of lack of trust so that's essentially the bad news of what i see and i do worry about development assistance being diverted away we already see some european budgets instead of being spent um overseas they're all going to be spent at home now on on the refugee crisis and we know in the development community getting additionality is very extra money is always very different difficult that's the bad news what's the good news i do see a glimmer of um of good news and that is all those people here at davos who are working on development everybody's talking about localization because there's no trust necessarily in big institutions in government people are now saying problems have to be solved at the local level because covid essentially had to be delivered at the local level we've empowered local communities and for so long we've talked about stakeholders we've talked about beneficiaries now we're starting to talk about solutionaries people at the local level who will make their own solutions and i think we've built this network now to deliver vaccines we now have to pivot it to deliver healthcare to deliver education to empower those communities to hold governments accountable through stronger civil society stronger media so i think in that um localization uh emphasis there has to be buying there has to be ownership at the local level that's what we do at packed we work with local communities that is a real hope for the future yeah very very interesting con anticipates the next question i was going to throw to the prime minister which is um you now see the lessons that needed to be learned so tell us about how bulgaria is pivoting to take on these these challenges and and where you think that's going to lead you yeah it's um the opportunity is there and so what happened to us we we were the most dependent gas dependent country in europe to russia we were over 95 dependency and they asked us to pay in rubles and we said no and everybody was very surprised because we were supposed to say yes the fastest because when you're 95 percent dependent you should be the fastest to say yes but we said no and not so we became from 95 percent dependent to zero percent dependent over one week the question is how can you pull this off and this is the starting of the lessons and i think we're learning it through covet and now we're learning it through energy we have to act together so we looked at this opportunity where how can we diversify right away and we saw that the economics and that's interesting because helping out other countries could be not only a positive thing to do for the common good but also very profitable venture so in our case if you look at the the prices henrica prices in the us are 26 euros per megawatt the market in europe gas from prices were about 70 euros per megawatt so you can help out a region east in europe and still make over two and a half times your money as long as you see it as an opportunity and as long as we can act together communicate together and act fast so over the next 30 days we were able to get alternative supply we were able to look at into the not only for us that was interesting so you're saying it very well we cannot look only for us we start looking at our gas infrastructure on a regional level if we can diversify ourselves potentially we can use the same method of lng through turkey and Greece to go for the whole Balkans and actually what pipes used to go from Ukraine Russia Ukraine Romania Bulgaria Greece Turkey now we can reverse them back how about we start pushing the gas up from Greece Turkey Bulgaria Romania Ukraine why is this important when you look at the regional level there are synergies synergies that if you look in country by country you cannot for example Ukraine right right now has over excess supply of electricity they can supply electricity from Ukraine to Romania Romania doesn't have to buy as much electricity from us we can sell this electricity to Greece which can then change their consumption of gas because they use gas for electricity all of a sudden we have less use of gas more optimal use of the system level and using the existing infrastructure to look at it on a regional level decreasing our dependency the second part is when we talk about sustainability I mean this is the best time if you want to decrease dependency also to increase your sustainability so I'm proud to say we're launching our project the biggest battery grid battery project in Europe where we're going to put over 6000 megawatt of megawatt hours of battery storage on a grid level with a lot of solar electricity supply so that we can have a base load based on on the sun so all of a sudden not because we really love to do it but because we had to do it but we're looking at it as an opportunity my hope is that by the end of the year we can say we have no dependency on Russia on gas and we have a lot more green economy than before and now the coordination between us in the region has increased because of this threat and final example on this when we talk about military mobility I mean up to now we had only one bridge between Romania and Bulgaria where we can move things along on on the east of both countries we just came together and said why we have one bridge let's have five bridges I go to Greece and we're like let's increase our interconnects with with the gas supplies so in other words there is hope because when when it really gets tough this is when you become creative and then you realize that the gain of working together so I'm actually optimistic for for the next decade if we have taken this lesson from the last decade which we've lost and say okay we don't want to lose another one yeah it's refreshing because your attitude is we're not going to cry over spilt milk we're going to get on and make our luck and I think the energy transition possibilities coming out of this in in Europe more broadly are really very very exciting just to heads up to the audience in a couple of minutes I'm going to come and say you know what would you like to put into the discussion so just be thinking about what you'd like to say minister Hina would you like to sort of maybe talk a little bit about what are the opportunities in Pakistan to innovate in response to the the crises that you face okay so I think it's it's it's it's it's a bit more challenging to have a response to crisis pretty much your type of situation where the crises are not in your control right so the crisis on the border for instance is not something that we made but it was handed over and then everybody left we we can't pluck ourselves up and leave right but then again to try and locate it positively I think there is a real possibility of the region working in a way that it has never worked how okay which would require so the only silver lining that I have seen in all of this is the potential for trade of Afghanistan with its neighbors which includes obviously Pakistan and Uzbekistan now what is happening at the same time is that what because of the because of what the US decided to do on the their exchange on their reserves and because of the banking channels collapsing the Afghan economy is not able to function at all right so you can even as an international organization if you want to take funds there so that's I think where the world is actually enabling a disaster which it should stop enabling and should start disabling immediately because that has an impact not only in Afghanistan but the entire region and of course if the impact is only on Afghanistan that's big enough now looking at where Pakistan is Pakistan has always talked about itself being a geo strategic location right but a geo strategic location which is a positive geo strategic location can only be such if we start trading with all of our neighbors now the problem again is that one of our neighbors decided to go rogue which is India now the bigger problem then the superimposed problem is that the world has however is currently very enamored by that neighbor because it is part of the china containment policy so I'm just giving an example of how a country find itself being the victim in some ways of international politics international geopolitics and I still want to take the the positive on what can Pakistan do to assist itself okay so when it comes to India I don't think we can do much until India decides to at least stop being rogue on whether it's Indian occupied Kashmir or it's the rights of the minorities and when it comes to Pakistan also but Pakistan can do is to be an image which is very different than the ones that we complain about okay so in how we treat our minorities in how we how politics in Pakistan or to become less divisive but there are some big takeaways on what Pakistan has done right and to me one of the biggest one is that in all of this fractured sort of politics around our in our neighborhood Pakistan and whatever economic impact we were having within Pakistan and right now we also have an oil impact by the way which is coming out of the Ukrainian crisis which is turning into a fiscal crisis so who would have thought that the conflict in Ukraine would have a direct impact on fiscal space in Pakistan but despite that 10 years back when we were in government earlier and then all successive governments which is actually a very big indication of positivity to me decided to take it along is that we decided to create a highway for the poor in Pakistan where we said okay beyond a certain limit everybody has to be supported through this thing called the benzene income support program which was targeting by the way women so it said that the household receivers will be women so that their status in the household is also improved so it turned out to be a very innovative and far reaching and has a far reaching impact and now we have built-in health insurance and many other used it really as a platform as a and as a highway so that when the Pakistani economy suffers from the shocks that it suffers the poor are at least given a certain you know a certain income that will go to the floor a floor in some ways and I am I'm just going to perhaps leave you with this thought that South Asia happens to be a region which has benefited the least from being in the being in its geography which means that even the countries which have done well within South Asia have done it by trading with countries which are far far away so the best country performer in South Asia would also have intra regional trade which is less than 5% which is not the norm anywhere right and just to say that on the trajectory that we thought we were going with everybody having a reason to normalize that trajectory has been broken because of the superimposition of the China containment policy and giving others a reason to now be sort of divided rather than together so that to me is a very very big challenge as we go forward because I genuinely believe that if this region can't come together and be able to live you know trade invest in each other have people to people contacts etc we will be held back by our geography and by our history we want to be we want to be able to break free from both not not a geography obviously but from a bad past so to speak thank you Carol and any reflections on what we're hearing from these two very different national contexts you know I think I think they're talking about as policymakers how many issues they have to deal with we tend to think since we're not in government that government deals with one issue at a time but all the issues come together and I think I think as I say two three years ago there was a much more singular focus on how can we build back better how can we deal with climate change and now there are all these things coming in from left and right politics economics culture I do see some positive things though greening of the supply chain companies are beginning to talk about that there's there's greenwashing we know but there's also I think a sincere effort to try and look at that supply chain I would like to see it be not just about the greening but also taking responsibility for the health of people along your supply chain putting the S really in ESG so it's not the focus isn't all just on environment and governance but also on social we do a lot of work with artisanal miners who are mining cobalt or mica or many of the products we all use now in batteries and in our cell phones they are really a forgotten workforce and we love to talk in development about the last mile about getting vaccines to the last mile which means the communities but really these people are the first mile they are the first mile on a supply chain that gives all of us what we need to live our lives and we need to recognize their role and our dependence on them and begin to work with those communities we need to certify these products we need to trace their their cradle to grave journey into our stores so that ultimately we know where or was their child labor were people did they have access to health care what were the health and safety around the production so I think that's that's also positive but we have to build on it and we have to hold companies accountable I'm I'm a little worried in this trust issue we know that the polls say people don't trust government but people have trusted business a little bit more yesterday I was at a lunch with corporate CEOs and it became clear that despite all the talk about progress on net zero that 2030 may come and not a lot will have been done and then I think dissolution will set in and then you have to ask well who are people going to trust them and are we going to have a backlash and and finally I would say that Davos was really one of the homes of globalization 1.0 and now people are talking about deglobalize absolutely and where I think globalization 1.0 went wrong was it didn't bring populations with it we know people lost out we know that people didn't get the education to retrain them for different jobs we know that whole community's got left behind as we go to deglobalization 2.0 it's imperative that leaders bring their publics with them we have politicians I can say because I'm not one but have to win the politics of progress and sometimes we feel that a lot of politicians look to blame what's happening external forces and there's no question they're very tough but it's also about healing inside and uniting your population so when I hear deglobalization I think we need to know what that means are suddenly people who've been producing in in developing economies and emerging economies going to be now discarded because people companies are bringing their supply chains home when a lot of corporates talk about localization they don't mean communities in emerging markets or developing they mean bringing them home to their own countries which has benefits but it threatens leaving an awful lot of people behind so let's have a debate of what that deglobalized world might look like and let's be very clear who are going to be the winners and losers and if there are losers how are we going to support them yeah good question audience now is your hour would anyone like to to come in with any any reflections or thoughts I did mention Myanmar and passing and I'm very conscious we have the UN special envoy for Myanmar Nolina a crisis which isn't in our headlines but if I mean you're a very experienced long-time international public servant any reflections you'd like to make about how we get get back on course and try and rise above these challenges sorry I came in late but I was very interested in this whole issue of localization because I think at the end of the day because there's a collapse of trust in so many institutions I think the new politics and the new empowerment and the agency and the dreaming in a sense will have to come from the local in in a way that it will allow what people feel are the main challenges but then we have to amplify it so it can't just be the local because the local has got to be supported by the national by the regional so in a sense it is really getting that energy but supported so you can't leave the local alone and hope to just give them a bit of hate here and there it has to be supported by good systems good infrastructure where the investment goes and what the new business model could look like if people are to be supported and and what do they want to be supported is actually a future for their children we cannot leave a future so devastated and hope that that we can create stability and sustainability without creating that I'm not even coming to the conflicts and why there's such a lot of conflicts and where even what I say in this country that I'm supposed to be to have been helping when I talk about social transformation the people said no we want a revolution we need a revolution and what they mean is a total re-throwing out of what governance should look like so it's not just the ESG but but really how on earth do you root humanity at the center of the governance system and the politics that we have this a quick thought in the midst of dealing with conflicts of the worst kind a good thought a very good thought not just a quick thought thank you so much anyone else like to come back to the panel with the thoughts yes in the front and then behind you hi my name is Jeremy I'm a global shaper from Seychelles we started by saying probably it was more the more pessimistic challenges in terms of taking on but actually out of a lot of the panels I have listened to I think this was the most optimistic approach to these very real very big challenges and coming from a small island states where you know dealing with climate crisis it's not always possible to have that shine that light shines and on your problems but what I really appreciated was to talk around regional integration it seems like when the old age adage of and it's tough to tough get going but I think the smart actually get together and figure things out and I see a lot of that happening and there is a lot of history to get over a lot of geography and geopolitics I think that are very not just in Europe across the world but I think the trick is this approach so I'm really glad to see that because I think that's that's key so that's just one reflection I'd like to think. I think as a panel we feel proud that we've turned this pressing outlook into something where we can innovate and move forward so thank you for that just behind you I think there was a hand up maybe not around here. Hi I'm Sara Pantuliano from ODI. Great reflections one thing I have perhaps not heard as much and it's something I've been sort of thinking about all the time is actually how the multilateral system has really struggled to you know come to the fore and really be seen to deliver during the pandemic in many ways we've seen you know a bit of a failure the multilateral system be that in terms of the delivery or in terms of the financing there has not been made available you know to those that needed it I mean if you look about the incredible level of fiscal stimulus we have seen in rich countries you know what has actually been made available in terms of you know resources for lower middle income countries is like 0.05 percent I think we've estimated it to the incredible now what building on Nolin's comment one thing I've seen obviously going forward we're going to struggle even more in terms of making the multilateral system work because of the paralysis given to you know the spillover of the crisis in Ukraine and something that I've been reflecting a lot with colleagues at ODI is that perhaps we need to enter a different phase where rather than the traditional multilateral system we really try and bring that back to its normative you know the standard setting um if you want the function that he has but for delivery for you know for really to advance uh progress we need to turn to coalitions of like-minded actors that bring together governments civil society businesses um you know we shared goals and various sort of specific objectives that they you know they want to achieve and we seen that very well in the climate space where you know these coalitions are sort of coming together we've seen them on you know the vaccine alliance Gabby there are there are examples but I'd be interested in your reflections because I think I think we need to have a quantum leap move away from the traditional sort of multilateral system as we've seen it so far yeah very very very good question I see our clock ticking so I'm going to come back to the panel and say any any reflections on the points that have been that have been raised Nolien talking about the the new model you're talking about new models there and thank you for your optimistic comments but uh you know can we rise to the challenge as a world to move in directions that are more productive coming out of this I really like the comments that I just heard so if we can say globalization 1.0 was actually um global competition and global competition or how it works is that you have local know house and then you try to sell to everybody in every other place so in this globalization it's more about competitive access of markets which seem to have solved some problems but created others what I think you all are referring to is globalization 2.0 is coordinated problem solving which is very different than just global competition if we can do a coordinated problem solving then we become more powerful stronger the synergies are assessed and that's a very different approach than globalization 1.0 so I think localization is not the opposite of globalization but it's local problem solving in a coordinated global way I think that that's the the the direction forward at least from my okay I'm going to try and weave this together and let's see if I can because I was particularly enamored by a comment that you made uh pertaining to coming to Davos and not saying the word sustainable anywhere right and that is what I generally feel that has happened in the last two years that global goods are no more on the agenda as an active mission and I also want to sort of weave this together to say that there are two things one is deglobalization which is a good thing but needs to be managed in a way that it doesn't break anything and you know there's a localization but then the global goods remain the global goods and the global infrastructure remain the global infrastructure and the global systems remain global systems and then there is the more challenging or difficult decoupling there's a difference between deglobalization and decoupling deglobalization good thing decoupling bad thing if decoupling that we see this charge towards decoupling continues in the world system then I fear and I hope I'm not being overly pessimistic but I truly fear the worst because I think exactly what you're saying sustainable uh stg's uh sustainable development goals uh climate change which affects all of humanity are going to get off the agenda and off the radar screen and I when when we sit here in this time I like to imagine are we what we're experiencing is this a blip is this a turning point is this an inflection point because when history is written really you know we've already forgotten our understand we will soon forget Ukraine perhaps and then we'll go on to the next big challenge and then you know for the next two weeks we really obsessed with it and then we'll move on but we what we leave behind is real people and real impact and real ramifications and repercussions not only for the people but for the geography for the region so in some ways trying to weave this together uh there is a role that the multilateral systems have until the time that we have not come up with a better system it's the only guarantee of security that is given to smaller states and medium side states and when everybody starts looking for exceptions because they are able to justify their behavior because there means to good ends and everybody else's behaviors means to bad ends it creates a problematic situation and that is what we're seeing right now because when you go against international law to do something because you think it's the right thing to do but then when someone else does it it's the wrong thing to do that's a bit problematic so I'm just going to perhaps weave this together and give the uh maybe part of the problem a little time we've only got one minute I have one yes just just last thing that the global agenda setting has been this affair of the developed world I think the challenge is that the developing world is saying we have the ability to set the agenda whereas our share of having a voice in that global agenda setting Carol you're watching that clock I will just say on the multilateral system it's going to be harder because it's now divided and and not everybody's on the same page we've got big countries that are uh are not together on the multilateral financial system I think we really have to ask are our institutions fit for purpose they are not taking the degree of risk they're meant to go in and invest when no one else will they they're too much a status quo issue now they have to have new instruments around debt they have to be much more forward looking let's let's look at news multilateral financial system for a globalization 2.2.0 and I think we can bring it all together in a way that is positive fantastic and I think taking out of it the themes that really came through were localization the need for regionalization as we look for solutions energy transition got a good plug as well the human dimensions of globalization which were overlooked and need to be built back into the the paradigm and then your new era 2.0 of coordinated public policy approaches so great panel please join me in giving them a hand