 So, good morning to all of you, and thank you very much for coming to this session. Quick show of hands. Who believes that climate change is not an issue? No one. That's progress. I will introduce a fantastic panel in a second, but we have the privilege of beginning our session with remarks by His Excellency, the Secretary General of the United Nations, Secretary General, on giving you the floor, and we will welcome your remarks. Thank you. I think this important gathering, our Excellency, President Paul Kagame of Rwanda, Dr. Chimnyong Kim, President of World Bank, Paul Pullman, Chief Executive Officer of Wunee Level, Nobel Professor Michael Spence, Excellencies, ladies and gentlemen, it's a great privilege and honor for me to address this very informed and interested and committed group of leaders. 2015 is a year for global action. We are faced with multiple crises in this world, geopolitical, social, economic, and sustainable development. The year ahead must be a time for our strong commitment and for global action. With the adoption of the post-2015 development agenda, with a set of sustainable development goals and an agreement, universal and meaningful climate change agreement, by December this year in Paris, I think we can set our life, our world on course for a better future. UN member states have proposed a set of sustainable development goals that will guide anti-poverty efforts through the year 2030. Further negotiations have already begun among member states this week in New York. And I'm expecting that world leaders will come to the United Nations in September this year, will adopt and declare as their commitment, as their vision to the world in September. Meanwhile, the climate summit I hosted in September last year has created new political momentum. I'm very encouraged that the European Union has taken a far-reaching visionary leadership decision to cut 40 percent of greenhouse gas emissions by 2030, and China and the United States have agreed a very significant reduction of greenhouse gas emissions. And there was a successful climate meeting in Lima, Peru, who adopted this Lima call to action. Sustainable development and climate change are two sides of one coin. Climate action will contribute to many of the SDGs, and the SDGs can be a new investment pipeline on issues that are essential for tackling climate change. The success of both agendas will hinge on substantial resources from the public and private sectors. The United Nations Financing for Development Conference in July in Addis Ababa will provide an opportunity on a comprehensive framework, which must be a very robust and visionary mechanism. Success will also depend on growth. Growth has freed millions of people from poverty and hunger, and supported healthcare, education, environmental protection. Growth is also associated with pollution and an increase in emissions. One key transformation for the post-2015 era will be to make growth more inclusive and green. Over the next 15 years, until by 2030, the world will make a massive investment in new infrastructures in cities, energy, and agriculture. If this spending is directed towards low-carbon goods, technologies, and services, we will be on our way towards more sustainable, equitable, and climate resilient societies. At the moment, however, infrastructure and sustainability are treated as separate issues. We see this at the meetings of the G20, at other international gatherings, and even here at the World Economic Forum. We need to address this troubling disconnect. If we do not, we will lock ourselves into bad, long-term investment that will make it virtually impossible to achieve the SDGs and will put ourselves and our children at grave risk for extremely costly climate disruptions. I urge you to choose wisely and invest in the low-carbon pathway. I urge finance ministers and leaders of the government and business community to do the same, both in their domestic budget as well as in positions they take at the G20 and the meetings of international financial institutions. The low-carbon calculation must be factored into every aspect of our planning for the next decades and beyond. Your leadership is critical. The latest report of the IPCC Intergovernmental Panel on Climate Change has made it quite clear. I launched this fifth assessment report last November in Copenhagen. The gist of the report is that climate change has happened because of human factor, human behavior. Therefore, it is only natural that it should be us human beings to address this issue, and it may not be too late if we take decisive actions today. I encourage all of you to put forth new commitments that spark a raise to the top. Show the world that the low-carbon pathway is not only the right thing to do, but a smart choice for sustainable prosperity for all. Ladies and gentlemen, we are the first generation that can end poverty, and the last generation that can take steps to avoid the worst impacts of climate change. Future generations will judge us harshly if we fail to do upholding our moral and historical responsibilities. I count on your strong commitment and leadership. I hope this discussion today will provide another energetic and passionate awareness of our common responsibility. Thank you very much. Thank you. Thank you very much, Secretary-General. From your initial remarks, clearly what you're saying is it's a collective endeavor, it's collective accountability, and it may not be too late. Now, we have the benefit of an outstanding panel. You've heard that many times. But you know what? They have so many diverse backgrounds that they represent many channels of knowledge. With Dr. Jim Kim on my left, none of them needs introduction, president of the World Bank. But his background is physician and anthropologist. President Kagame, president of Wanda, his background is military. Michael Spence, his background is economics. Paul Pullman, his background is business executive and leader. And of course, you, Secretary-General, you're the ultimate diplomat and foreign affairs expert. All you need is a lawyer. And you know what? I'm one. Now, there has been a lot said about the fact that climate change, growth, development, reduction of poverty, they don't reconcile. There's a hick. It doesn't work together. Well, I would like to ask our panel members what they think about that and how they reconcile those objectives. Jim, do you mind addressing this? Christine, thank you so much. And first of all, I want to thank you for having spoken out so strongly on the importance of tackling climate change from the IMF. But this is new and it's really important. But let me just make three quick points. First, I think that when you look at something that seems so daunting, how do you battle climate change, spur economic growth, achieve all these development goals at the same time? Aren't they in conflict? Let me just focus on three things. First, I think it's important to get the math right. So we published a report last year called Adding Up to Benefits. And we show that with an aggressive move toward clean transport, for example, and getting just greater energy efficiency, we lose so much from inefficient buildings, inefficient factories. If we just do those fairly straightforward things that are good for everybody, we could add $1.8 to $2.6 trillion to GDP over the next decades. So these are no-brainers. And if you get the math right, it seems less like a contradiction. Second, I think it's really important to get the incentives right. A couple of quick things that we can change. Some people will say that, well, you don't have to worry about climate change because we'll invent some kind of technology that will suck the carbon right out of the air. We're not there yet, but I can tell you it will never happen unless we get the incentives right. And last year at the Great Summit meeting that the Secretary General convened, it forced a conversation around carbon pricing. And we had a statement that more than 1,000 companies and countries representing more than 52% of global GDP signed that said we've got to have a price on carbon. If we have a price on carbon, it will take account of the actual cost to societies and to humans of putting carbon in the air. And it will incentivize the kind of efforts around technology that may very well one day take carbon out of the air. The final point I want to make is that we have to have a plan equal to the challenge. Now just before we came to Davos, the leaders of the other multilateral development banks, the African Development Bank, Asian Development Bank, Inter-American, the European Bank for Reconstruction and Development and the European Investment Bank, we all sat down. We realized that we can come together and come up with at least a financing plan that would give us some sense of how we would have to move forward. One of the things we've learned is that despite the fact that we are responsible for about $200 billion of financial flows every year, the vast majority to developing countries, we're going to need a lot more than that to accomplish a very robust sustainable development set of goals. And so what that's going to mean is a plan equal to the challenge is going to have to include the private sector in a way that we've never done before. We have to think right now about how we can bring public and private together to achieve these goals. And finally, just last thing I would say is one of the things we have to do is we have to now change as I've learned from my staff, so many economists. We have to change something called the poverty elasticity of growth. There's no growth estimate that we can see that will get us to below 3% extreme poverty by 2030. So we have to find a way to ensure that growth is robust but has an even larger impact on the poor than it has had over the last 20 years. So we'll never get to the goal of ending poverty. Thank you, Jim. So it's the right time to get the price right. Okay. You called on the private sector to actually do something about it as well. Paul, I'll turn it over to you. Growth, poverty reduction, climate change, how do you from the private sector point of view reconcile those three? Yeah. No, thanks, Christine. And thanks for the opportunity. For us, I call the same thing as Jim is saying that tackling climate change is obviously closely linked to poverty alleviation and economic development and I would call them different sides of the same coin. We increasingly see in many countries around the world that economic growth is being stifled or slowed down because of climate change. We see industry sectors, profits or opportunities to grow under pressure because of climate change. We also see that when there is climate change and we have enough of that in the world in terms of natural disasters the last 10 years, 2.7 trillion of extra costs. It's especially the poor that suffer the most. If you're in the food business just to make it simply come alive, tremendous demand on food to feed the appetite of the world as we all have our economic developments. 50% of the global deforestation that is happening is because of the demand of food. If you have deforestation it accounts for 15% of global warming. That same global warming affects again the poor people. So if we don't look at a whole value chain holistically to solve it in the spirit of the SDGs and the climate negotiations together, we will not find the right solution. And yet we're able to fairly, we are fairly close to a solution to actually solve it. There was a very good report that came out from the new climate economy group that was under the leadership of Felipe Calderón, the former president of Mexico or Nick Stern talking about the dilemma that some people put in front of us that tackling climate change gets in the way of stimulating economic growth and job creation. And this report actually for the first time dismisses that and says no, in order to get economic growth we actually need to attack climate. And looking at especially three areas which is land use, cities and energy. And looking at the investments that the world is going to make over the next 15 years, for example 90 trillion in infrastructure that needs to be done anyway, do it in the right way and at the same time you can solve your climate change issues and stimulate economic growth. A unique opportunity that we have. The price of oil has come down at this point in time. A unique opportunity to get rid of peripheral subsidies which are still between 600 million and 1 trillion in terms of fuel subsidies in the carbon sector, very limited support for green energy. Use this opportunity to correct that. Europe has a hard time growing and so does the US to some extent. A unique opportunity to invest in the right infrastructure to get the right economic development. Now business needs to play a big part being 60% of the global economy, 80% of the capital flows, 90% of the job creation. It is absolutely important that we work together as Jim mentioned before to solve these issues. But Paul what do you say to those who are in the manufacturing sector for instance and who say well you know to be really competitive I need lower prices of energy. So forget about your recommendation to remove the subsidies, to impose a carbon tax, to price it right. We need cheap energy. What do you tell them? I have a few ideas but I'm sure you do too. Sure but there are two things. We need competitive energy I would say, cheap is a relative word. And we need sustainability. This is a planet that needs to be around for generations to come. And these two have to be married. Now we are in a fortunate position already now that increasingly we are seeing that the green energy is actually the cheap energy. We have 40 countries now that actually are hitting that criteria already. As a company we are green energy in Europe and we're green energy in the US and I'm not paying more for it. I'm just thinking about it differently. Many of my factories have biogas which is a circular economy concept or a closed loop system. So if people think about it differently you can actually have the cake and eat it too. And increasingly that is the case on a global level. And where it is not the case yet it is often because the market mechanisms aren't fully working. The perfor subsidies, the frameworks that are put in place and this is exactly where we need to help in the next few years to get there. Michael, the market mechanisms might not be working so well. But from an economic point of view, you saying that it makes absolute sense. Tell us about it. I will. I'll try. But let me comment on this. You know, when we were working on Luke's growth commission report, one of the things we discovered is that energy subsidies were pervasive in the developing countries. And they are fortunately thanks to the leadership of the people on this panel and many others in the process of disappearing and getting to where Paul said we ought to be. Energy subsidies are a catastrophic policy. They produce distorted development of the economy and all kinds of bad things. So I think we're on our way on that one. I think of the climate challenge and I'm very encouraged. This year has been a turnaround. Just a huge, I think humanity is on board. In economic terms, I think of it the following way. We have a choice between a sort of energy, low energy, energy efficient low carbon path and an energy intensive high carbon path, which at an unknown point of time ends catastrophically. This doesn't seem like a very hard choice. When you think about it, regardless of what it looks like, now the really good news at the risk of repeating something Paul said is this important report on the new climate economy based on very careful research and experience and some creativity has argued that these two paths really don't differ much from each other. That is, you do not pay a price or not much of a price in terms of growth and other things that matter by getting on the energy efficient low carbon path. That's the good news and I think it's a convincing case. One has to read the evidence and it's going to take a great deal of creativity and commitment to get there. My last point, Christine, and I think we need an element of realism, that developing countries are doing very well, they are reducing poverty, they are growing. That is on any path going to produce increased energy, increased use of fossil fuels, increased carbon. And that means that the mitigation program, the reduction of the carbon intensity of our global economy is urgent because it's a foot race against the growth. And if we do this well, I think we've got a good chance of doing it well, then we can stabilize the carbon emissions and start to bring them down and achieve the objectives that we hope for in the long run. Thank you, Michael. President Karkame, you wonder under your leadership is setting standards in many, many areas. In that one, what can you propose? What are you doing and what will you do? What I would propose in addition to the good points that have already been made is it all depends on cooperation. I think we shouldn't allow political deadlocks to stand in the way of cooperation, cooperation between governments, business, research institutions and so on and so forth. And I want to specifically go to the point of saying we should also be trying to focus on investments that we can make in research and development. We already have technologies in place that are showing good signs or some breakthroughs have already been made. So if we made more breakthroughs, for example, in the battery technology, and we can store the energy in the whole supply chain of energy, then we can, for example, with the battery technology, we can therefore take power to rural areas, communities that are underserved or not served at all. So there are all these diversified efforts that can be carried out. But I think if we can also add that as an area of focus so that research technology and the signs that are there that things can work and we make them work, I think that could be helpful. Well, thank you very much. One point that I would actually argue about, Paul, is the number that you used concerning removal of subsidies. We've done quite an extensive piece of work on that. And if you actually include the damage to the environment as well as the net cost of subsidies, you very quickly hit the $2 trillion mark. And if that can be removed from energy subsidies, it will have triple effects. And it will be obviously relevant for the economy because you can use that spending to other matters, infrastructure, support innovation, health and what have you, education, of course, of women in particular. And it's good for the people and it's good for the planet. So $2 trillion is available right there. Secretary General, how do you reconcile those two major channels of work that you are leading? Climate change and the sustainable development goals. How does it work together? How do you bring them together? This is often asked questions. There are some misperceptions that sustainable development is one thing, climate change is another thing. But I can tell you very clearly that this is one thing, one. This is a two size of one coin, as I said in my remarks. You cannot separate one from another. You cannot separate climate change from sustainable development. You cannot just make this world sustainable without addressing climate change. Of course, the reason why they have some misperceptions is that there are some different tracks, legally speaking. You have UNFCCC, what is the United Nations Framework Convention on Climate Change, through which member states are now still negotiating to have a very robust global climate change agreement, which will be applied to all the countries. And member states have just begun the negotiating on sustainable development goals. Then in 2012, in Rio de Janeiro, when leaders met in a sustainable summit, they agreed that to make this world sustainable, a better for everybody, we must address all the spectrums of our life, including our planet Earth, social, economic, and environmental way. The climate change comes environmental way, and social economic comes in this sustainable. But on the big framework of sustainable development, climate change is also part and parcel of this one. For example, when we say the main thrust of sustainable development policy should be people-centered, that means eradicate abject poverty and provide health services and gender empowerment, equal gender equality. These are all people-centered. And then we need to be planet-sensitive, planet-sensitive. This is the house where we are living. So we make our house sustainable, environmentally sustainable. That is what we are doing. Therefore, I would really urge the world leaders to have the correct understanding of this. Often, some national leaders, they have their national economic development policies without much paying attention to the climate change aspect. But all this should be comprehensively addressed. Investing in climate change will help generate growth, domestic growth, job opportunities. And you will have a significant impact to all national. Then you will affect the global growth. Thank you, Secretary-General. Now, you are all highly competent, very determined gentlemen. And I would ask each of you to actually identify what action you can take in your respective position to make all this happen. Think in terms of action, think in terms of policies, think in terms of financing. President, I will ask you as head of a country, locally, globally, what actions will you take? Let me start with locally. Locally at home, what we have to do is to make sure that we involve everybody. And involving everybody means equality as well. So that's how, in fact, we lead to another point that we discussed earlier about gender equality, so that women are involved. Women, let's say, in Rwanda, are 52% of our population. You keep 52% of the population out of the meaningful economic activity. You are just not very intelligent. So they have to be involved. And it is an issue of rights as well. So we, and as we look forward to development, we are not making a choice between environment and prosperity. But we are rather looking at how do we combine both and achieve, because after all, one supports the other. So that's how we have come around to put in place policies that every activity, whether it's an agriculture or education or health, we have integrated aspects of our environment and how this has been affected by the climate change that we see across the world and also affect Rwanda. So if it is across the world, therefore, that means international cooperation. But we have to begin at home. That's where we have started doing whatever you can do, from land management and use, and better use, and management of our water resources, and how does this affect agriculture, and how, therefore, we have seen, in fact, paying attention to environment and issues of climate change. There are broader benefits, because, for example, in agriculture, my country is a very hilly country, and we have seen erosion and all kinds of stuff and water causing more damage than actually being hurtful. So we attended to, therefore, making sure that there is better management and use of these natural resources. So our citizens know that the farmers, most of which, they need to do, for example, they do terracing. They do engage in actions that have also been reforesting. Initially, actually, we had lost almost the entire forest body of our country, because, again, for various reasons. It is agriculture, it is firewood, and so on and so forth. So we invested in cooking stoves that conserve energy. Then we so provided alternatives so that people don't cut wood and create. And then we also identified how agriculture can coexist with preservation of forests. And this has been working, and everybody is happy, and we are seeing benefits. So this is, but alone, it's not enough. We need to work together with others. And of course, the global it is understood, even in Rwanda. There is the need to produce more. There is the need to consume more. But we must do it sustainably. And you can't do it sustainably unless you pay attention to how you achieve prosperity at the same time preserving the environment. So new rules, new policies, new investment decisions are put through the screen of protection of the environment, that's what you're saying. And it goes down to the cooking stove, to the terracing of land. And those seem like trivial details, yet they are critically important. Paul, from a business point of view, actions. You're asking what do we need to do? Yeah. So what we need to do is, it was Steve and Kofi who said, you cannot talk yourself out of things you've behaved yourself into. And I think I want to repeat that. You cannot talk yourself out of things you've behaved yourself into. We need to have action here. And we will very squarely be focused on action. When we were at the high level panel, working on the report for the Secretary General, that resulted in the dignity for all proposal of alleviating poverty in the next 15 years. The business community at that time, we reached out to about 10% of the GDP overwhelmingly said, yes, we need growth and job creation, but we need to do that sustainably. These agendas are closely linked. The first thing we need from the business community and from the business leaders themselves is commitment. If you're not committed, actually, you're more destructive at the table than if you're really committed and want to solve it. Now, fortunately, I haven't met yet a business leader who is against solving poverty, who is against climate change. You just asked it, who is against equal opportunities for all, who is against equal rights for men and women. So fortunately, we have a big enough group of people that seem to be committed. Translate that commitment into specific actions in your company. Now, not only on climate change, but also on the development agenda. If you're in food security, look at climate change, but also look at smallholder farmers. Look at women. Look at nutrition. These agendas are closely linked. The second thing you need to do is put it in action with specific programs in your company. And ideally, get companies within your value chains to be connected so there is scaling and scaling for impact. We have a unique opportunity to show to the governmental leaders now that are dealing with the process of both the SDGs, as well as the climate change negotiations, that there are solutions and that these solutions are better from an economic point of view, from a sustainable point of view for all, including the business community, who, by the way, is 2 thirds now of the investment in the green energy, and 50% of the new investments are in fact done in green energy already right now. So it is happening, and we need to create that awareness amongst the policymakers. The last thing next to commitment and scaling with concrete plans is advocacy. We have been too long the silent majority, and we've given too much of the voice to the focal minority. It's as simple as that. We have the road to Paris coming up. We have the September meeting for the SDGs. There are big actions happening, from live earth, to we mean business, to project everyone. We have to be part of that. When we come out with statements like Jim did on calling for a price on climate with the World Bank statement, yes, we did get 52% of the GDP to sign up. Yes, we did get 1,000 companies, and that gave an enormous confidence level also to the politicians to be more ambitious in their targets. Now you might say the financial sector doesn't care. Well, in New York in September, we had $24 trillion of the financial sector, financial institutions calling for a price on climate, because they're catching on as well. So that momentum is building, that advocacy is needed as we go to the final stretch. One final thing to think about, both of these things need to happen in 2015. At the end of the day, we're talking about a moral framework. We're talking about opportunities not for us, but for people who can't be here. Do you want to be the one that misses that opportunity? Go on and explain it to someone. I have a hard time doing this, and that's why it's important that we give it all this year. So unique opportunity. Paul, you're a very strong advocate. No question about that. And your point about the supply chain is well taken. Do you have a coalition of the willing, your colleagues at your level with this very large international corporate account that actually put that into practice in their general terms and condition of supply in their procurement procedures? I'm sure they do, but give us some examples. Just very quickly, companies like ours, we have 200,000 suppliers. Putting in a responsible sourcing code, which includes women, which includes the Rocky framework on US business principles on human rights has an enormous ripple effect. We all belong to trade associations. We've made a commitment with the Consumer Goods Association, which is $3 trillion of consumer goods that we're not going to sell any products anymore by 2020 as an industry that comes from what I call illegal deforestation. No palm oil, no soy, no paper, no... And that had sent an enormous signal, obviously, up the value chain. And as a result, we created here in the WEF, actually, what is called the Tropical Forest Alliance, calling for halving deforestation by 2020, getting out of it by 2030, replanting degraded land. If we do and achieve this, and by the way, every technology is available, it's human will we're talking, that's the same as the total carbon emission of the US or all cars in the world. So these commitments are being made, but we cannot do it alone. We need, obviously, the governments to be part of that. And I'm very encouraged to see this happening. As we work on the road to Paris, for example, we will be working with each of the individual called businesses, Mobility, Forestry, Building Sector, and all come with these projects where we've put our combined efforts together to show that if you add it all up, you can actually get to the targets we're talking about. And that ought to give an enormous level of confidence to the politicians as they strive for an ambitious agreement. Thank you, Paul. Jim, the bank does an awful lot in that field. Tell us what is actively being done and what you plan in the coming weeks. Well, as the Secretary General said many times, this is a really, really important year. And so we have an opportunity to put a framework around financing for the sustainable development goals and also for the plan that we hope will come out of Paris. And, you know, Christine, as you know, we've been involved with IMF and also the other multilateral development banks. First, I think we have to cost what the 17 goals and the 169 targets will cost. But I think we have to do much more than that. I think the next step for us is then to say, let's do an accounting of all the different sources of financing that are available in the world and then have a plan as to which things that we'll try to finance with certain kinds of funding. So for example, I think we have to take seriously the notion that we can help, especially developing countries, improve their revenue collection, working on tax systems, more efficient tax systems. And let me just say it again, with these low oil prices, now is the time to remove these harmful fuel subsidies. One of the studies that Christine did show that the top quintile, the top 20% of earners in any society receive six times the benefit from fuel subsidies as the bottom quintile. Now is the time to get rid of them. That will create more fiscal space, more room for spending on these goals. We have to look at illicit flows, especially out of Africa. That's another potential source of funding. But then there's grants, there's concessional lending, there's the, for us, IBRD, the higher rate lending. And then there's this entirely, I think a very popular, people talk about public-private partnerships all the time. What we've learned is that really doing it well requires expertise, commitment, endurance, all kinds of things. And so if you put all those things together, you come up with an extremely robust financial framework that, again, requires a kind of collaboration across sectors, especially public-private, that we frankly haven't had before. You know, as the Secretary General points out all the time, with the MDGs, the goals were set. And then the first conference to talk about financing happened two years after they were set. Our conference is happening in Addis Ababa. We think with all the multilateral financial institutions we can put together a big plan. Now the last thing I'll say is that, you know, we let, the notion for this process was to let 1,000 flowers bloom. Well, 169 flowers bloomed. I think agencies are gonna have to make priorities, groups are gonna, and for the World Bank, our priorities are gonna be, we've got to do everything we can to stimulate economic growth. But not just any kind of economic growth. We have to ask ourselves, can we invest in the kinds of infrastructure, road, I mean, in health, in education, in ICT? Can we invest in a way that will have an outsized impact, especially on those living in extreme poverty, but also on those in the bottom 40%? We need to change the relationship between growth and poverty in a way that has a bigger impact. So that will be our priority, but as we move forward, I think we'll all have to get some sense of how are we gonna deal with these 169 flowers blooming in a way that will feel like a strategic effective approach. I think, Jim, it's fair to say, and I'm saying it for you, that you are also, and we do too, providing technical assistance on the ground to governments that are prepared to actually tackle this issue of the subsidies, tackle this issue of a carbon tax. And we do that together in many instances. And frankly, it's really, at this point in time, as you said, because it is macro critical, it's people critical and planet critical, we are seeing lots of countries that are doing it. Countries that were disbursing a lot of public spending on subsidies that are gradually removing them, thanks to your efforts, ours they're putting in place safety nets to protect the poorest. And then they're moving on with spending money differently, which is really important. Now, Michael, I'm going to turn over to you, because I would like you to tell us how fast we need to go. The business community is prepared, it's moving on, governments, as indicated by President Kagame, do things when they decide, when they vote a budget, when they implement. International institutions are also rolling. How fast must we go? Well, we have to go very quickly. I mean, it's the short answer. We have a window of a very small number of years, and I think this is backed up by a whole lot of analysis, after which we cannot win the battle to mitigate fast enough to meet the safety goals. And this is, as it's been said several times, there's a tremendous sense of public sector awareness, commitment, demonstrations on the streets, a sense of momentum that hasn't been there before. So if this year goes badly, and I don't think it will, it would be a massive misopportunity. And so this is the time we have to go, and at the risk of repeating myself, and I'll stop here, the reason it's urgent, if we lived in a no growth world, we'd have a little more time. But we don't live in a no growth world. I just, I wanna say this clearly. The advanced countries are 15% of the world's population. The other 85% have a process going that's associated with economic growth, and increasingly, hopefully, as Jim says, with inclusive economic growth that will make the global economy go from, nobody has precise estimates, but let's call it $70 trillion to $200 trillion over several, two or three decades, depending on how fast the growth is. A $200 trillion global economy with, is just a very different kettle of fish. And if we aren't moving rapidly to a low carbon economy growth pattern, while we make this shift in terms of the size of the economy, then we are actually at risk of being on what I call the catastrophic failure path. As I said two years ago, we are at risk of being grilled, fried, and toasted. So to avoid that, we need to move on. President Kagame, you've mentioned some very practical examples of how you go about it at the national level. There is a global conversation. There are global urgencies. There's a global imperative that you've said, Secretary-General. And that includes the Addis Ababa meeting with the framework and the financing, the September SDGs, Sustainable Development Goals, and then later on in December, early December, the road to Paris. How confident are you that we will get there? And what can we do to help? Again, let me quickly mention, by the way, among the efforts, even locally, we have set up a climate change fund. When we set it up last year, we immediately mobilized $75 million, partly funded by government through the budget and through partners that have put in the money. So that is how focused we are on this. But it gives hope. I think everybody is talking about the urgency there is. I think that is a big step in itself, that people, it is on people's minds and they want to do something. Of course, the next big step is we need to do it. And how urgently can we implement what we need to do? So the conversations are going on. At continental level, are you now at the global level championed by the UN Secretary-General? So I think we need to keep pushing and pushing hard and getting some of these good examples. Because if we, it can work at a national level, even at a small scale like Rwanda's. It demonstrates, it has the power of demonstration that things can work, elsewhere. If Rwanda can do it, anybody else can do it. So we have to marry these local, national and international efforts and really keep pushing. And there are many people, as even represented here at the panel and I'm showing the audience, that there are people who really want to do positive things to make sure that what we want to achieve is achieved. So I'm optimistic. I think anyway, I shouldn't even have an alternative. I just have to be optimistic and work towards the optimism. Actually, in the book that we published last year getting the price right, that's exactly the point we make, is that the actions that you take locally at the national levels are worth it anyway. But clearly we need to have a parallel track at the global level. Paul, you want to react on that? Do we have the choice? Well, we, I cannot, I would fully agree with what you're saying, but I just want to build on it and stress a few points. I think the government should not underestimate what enormous signal you send to the business community if you put clear goals and targets out there. That will unlock far more investments needed to accelerate this and we might be pleasantly surprised. So there are enough business community, people in the business community that say we need net zero emission by 2050. Even the two degrees already is playing with fire that is difficult actually to manage for many businesses already. And this is just barely staying below the two degrees, which again is a two degree for the efforts of the globe. You hate to live in the part of the world where it's three degrees versus the one where it's one degrees. We should also keep that in mind. So clear targets. The second thing is what Jim was saying before is we do need a price for carbon. If you don't price what you value, you don't get people to react. That's unfortunately our economic system and that's what we're pushing in many other aspects. The third thing is the financing is a crucial part. We haven't talked it enough. We've mentioned it briefly, but the conference in Addis Ababa is going to be absolutely crucial to help because these emerging markets where all the gross is that Mike talked about that does need to be a little bit of financial help to make this transition possible. And we need to recognize that as there probably needs to be some financial help in industries that are sitting on a lot of stranded assets because we have to be very clear about this. We won't get there unless we leave 70, 80% of the coal and the oil in the ground. It's as simple as that. So there also will probably be some help needed. And then what we can do is really put our efforts together across the value chain, put the interest of the common good ahead of our own. Ultimately we will be paying the price for that otherwise and come in with tangible projects at scale that show that we can for each of our sectors and in total come to very challenging agreements both in September and in December. Absolutely right. And in a world where growth is rather low, fiscal space is limited, we're going to have to apply a lot of imagination to find the responses to these financing needs and we are going to have to be together including private sector. Now, I will come back to each. Oh, Secretary General, please take the floor. I'd like to add just briefly to your question. How fast we have to move? I think we don't have time to lose. So we have to accelerate in MDG. And once SDG is agreed by the leaders, we have to put this immediately with robust mechanisms of financial and technological support. That is one thing. Then who should do it? It's not only government. Normally people believe that it's a president, the prime ministers, but government cannot do it alone. And United Nations even cannot do it alone. There should be full partnership. One of the most valuable experiences, lessons I learned as a Secretary General is that we should have a partnership. First, the government, in my case, United Nations, then business leaders like CEOs of Paul Paulman, and they can use very vast supply chain networks all throughout the world, particularly transnational corporations, they have a huge power. Then I think we have to have civil society coming together. It's even one citizen, normal citizen, they have a role to play if they really change their living pattern, their behavior. You can save a lot of energy, you can save a lot of water, very valuable resources. Therefore, three partners should come together. The President and Prime Minister's role, and my role as Secretary General, is to really forge and energize this partnership. That's what we are really focusing on partnership. Then we have to use youth, young people, women. They are most unutilized resources. I think least utilized resources. And overexploited occasionally. Yes, yes, education, of course. And I'd like to particularly take note as well as a command Paul Paulman's contribution to deforestation. Not many people pay how serious impact this deforestation affects. This creates a huge, I think, a most number of greenhouse gas emissions. And I myself visited Kalimantan and I saw with my eyes the impact of deforestation. Go to Amazon rainforest basin. There's a serious problem, so we have to really prevent this deforestation. Thank you very much. Thank you very much. I'll come back to each of you with you 10 seconds or 15 seconds last really key thought that you want to share with everybody else. And I would like to recognize in the audience, actually, somebody who's sitting at the front row, who is a key member of the NCE Commission, which is the New Climate Economy. Nick Stern, he was sitting at the front row. And obviously if Felipe Calderon was around with us, he would also be given the floor, but I'm not sure that he's here with us. But could you share with us if a microphone can be brought down right very quickly down here to the front row, yes? Nick, tell us a little bit more about this window of opportunity, this golden moment that we have to actually change them up. We see an extraordinary structural transformation of the world economy within the next 35 years, something like three billion being added to the world cities. There are about three and a half billion there. Three billion people. Three billion people being added to the world cities. We see as part of that structural transformation, output moving from about half in the rich countries to about two thirds in the next 20 years. So first, an enormous structural transformation of the kind we haven't seen. Secondly, extraordinary rapid technical progress in digital materials, bio. And thirdly, a crucial 20 years for reducing emissions, which if we miss it, we'll put ourselves in deep trouble. And finally, we see interest rates on the floor in most countries and a recognition of the importance of infrastructure. If you put all that together, and this is the basic argument of the report where Paul Pohlman was participating and Mike Spence was one of our economic advisors for that, if you put those four things together, this is a critical moment in time which we can miss or we can take. If we miss it, we lock into our cities, high carbon, polluting, congesting infrastructure and dirty energy systems. If we take it, we can find a different pattern of growth which is strong on reducing poverty, strong on reducing emissions and make our cities and countryside much better places to live. That's the sense in which we have an opportunity to put development, poverty reduction, action on climate change together. And it's the international institutions and the business people of the world working together and of course the countries themselves that will determine whether or not we take that opportunity. So that's where the debate has to be. We know what to do, the sense of urgency should be there and it needs now leadership. Thank you. Thank you very much, Nick. I will take two questions from the floor. If you are very keen, I see one very keen questioner. If you can say who you are and be brief. I'm Jeremy Garrocox from the UK. We've talked about the human impact on climate change and we've also talked we're in a period of enormous growth in the human population. In that context, what does the panel think that population should be part of the dialogue and if so, how does one go about overcoming the hurdles to have that dialogue? Okay, participation of the population and hurdles to overcome. Madame, with your hand up, yes, you have the floor. Thank you so much. My name is Marie M. Jam. I'm one of the young global leaders here at the World Economic Forum. Mrs. Lagarde, you're one of my heroes. I've been watching you for a very, very long time. So allow me to say that here. Mr. Moon, we work with young women quite a lot across Africa and you have been to many tech hubs in Africa and in Nairobi particularly. What can we do right now to engage the citizens, the young people from Tweet to Street? How can we engage them to start really having they say on the MDGs? I think it's time now if we engage them. What can we do about that? Thank you very much. You both coming from different angles but you are addressing the same issue. How do we involve everybody? How do we get buy-in? How does it become everybody's business? And how can they participate in the dialogue? Secretary General, thank you so much for taking it. In my remarks, I said that all these policies should be people-centered. Without people, there's a meaningless that we are working for and making for striving to make everybody's human rights a well-being is protected and promoted, nobody's left behind. In fact, the main motto of the sustainable development and climate change is that we should make a world where nobody is left behind. And particularly young people. I have seen so many young people wandering around the street and without going to school and so many women not being used, utilized. This MDG sustainable development and climate change should mobilize a full potential of women and youth. That is United Nations top priority, yes. And Mr. Secretary General, from street to tweet, how do we implement that? How are voices expressed and heard? I have been consistently urging leaders to listen carefully and sincerely, attentively to the voices of the people. This is inclusivity. Without including everybody, without listening to their views, the leaders cannot simply do it. That is why at this time, inclusive dialogue, that will be the key. And listen very carefully what are their grievances, what are their aspirations and concerns are. Particularly listen to the voices of young people and women. Thank you. President Kagame, you have involved women like hardly any other leader. 52% of the economic actors are women. More than 50% of your parliament comprises women. How do you make sure that those voices are heard? What is the channel of communication so that you have a complete buy-in? Or if not, that opposition is raised? In actual fact, to answer the bigger question, the issue hasn't, the problem hasn't been how. The issue has always been whether. Otherwise people know how. I mean, if you are leaders of any institution, business or government, the issue of communication, the issue of how involved people is known, is a given. But the failure comes in not doing it. Not because we don't know it, but just we don't do it. So in our case, therefore, the fact of involving women to this level speaks to something else. It really speaks to involving the population. We are not just singling out to women and saying we are going to give them this. We start with saying everybody must be involved. And among everybody, then there are these women who for historical and many other reasons have been disadvantaged or haven't been given their rights. So we had to correct that and make sure that as we involve everybody, women have their rightful place in participation. And really it's a simple thing. You don't have to labor hard looking for all kinds of things. You involve people, you stand a better chance of succeeding. And that's it. So we have to make sure that we do it, otherwise it's known it is a fact. Thank you very much. I'm going to gallop through the panel and give you a very short time to really identify your key thoughts, key contributions. Jim. I think it's a great year. Let's come out of September of the UN General Assembly with a strong set of sustainable development goals, send a very, very strong message from Paris. I would love to see us have enough faith and humanity in human ingenuity that we set a price on carbon, get the incentives right, unleash human ingenuity to find the solutions that will provide energy for Africa but at the same time keep a planet clean. And I would just leave you with the thought, we just celebrated Martin Luther King holiday. And one of his most important insights was that when there is oppression, when there is injustice, when there is too much carbon in the air, we all have to wake up to the fierce urgency of the now. Seize the moment. President Kaban Kagami. This we are discussing is an urgent, serious problem that we need to pay attention to collaboratively and we have to do that. But let me quickly say, I also want to see it like in our own place and in our continent. I want to look at it in a way, say, of mobile telephony and the internet. The way, you know, some of the others left behind the countries have leapfrogged. I think also if we invest, as I started saying at the earlier point, if we invest in these technologies, continue to invest in research and development, some of the technologies that have been developed or will be developed can help some of the underdeveloped areas to actually leapfrog and address some of the problems that need to be addressed. At least this is my wish and I think it is possible. To include, invest, innovate. Michael. As I think of this year, the energy that will come from success in a sense that we're all participating in a common enterprise on behalf of humanity, I think is pretty inspiring. And honestly, if you'd asked me five years ago if we could probably do that, I would have said no. So I think this is a chance to do something we've really never done before, is to come together in a process of top-down kind of agreement, bottom-up initiative in energy and creativity and commitment. And as Paul said earlier on, it will be a moral victory. So yes, we can. Paul. If you're not yet involved, get involved. If you are involved, simply give it a little bit more this year. If you give it a little bit more this year, enroll others and drive to scale. For the business community, hook up with some of these initiatives that are already happening around the WEF, around the World Business Council for Sustainable Development, around the UN Global Compact, because that is where we will be heard most for the people that have to make the decision. Thank you. Final thing is Benjamin Franklin, who simply said, you may delay, but time will not. And lost time will never be found again. Mr. Secretary-General, I have been dealing with so many crisis issues and development issues. But what I am troubled is that most of the media and people pay attention to headline news, how many people have been killed in war, natural disasters, and all these are capturing all the attention. It seems that the whole world is burning. Not many people pay attention, and not many newspapers and media carry about sustainable development. How important this sustainable development, how important the climate change addressing is urgent, we have to address everything in a comprehensive way, in a balanced way. I hope our discussions today will have helped that, the importance and urgency of addressing climate change as well as shaping future development agenda in a sustainable way. Thank you. Thank you so much. Some of you, particularly those who've joined us in the last five minutes, might be wondering why we're keeping President Hollande waiting, not that he's not interested in climate change, he is. But the bad news is that he's been delayed and because he was stuck by the snow in Zurich, so I'm asked by the forum to announce to you that he will give his address at 2.15, and we have to be very grateful to the snow and to him that we could exceed our time by a little bit. And I think we should recognise this panel as terrific. Thank you very much.