 Thank you. Thank you Sally for these kind words and and thank you for CGP to invite me to share ideas Just two days before this big Agreement and 224 is really something incredible that We got on the 12th of December 2015 a very ambitious agreement Something that I think every country was probably not prepared to accept really and at the same time these countries confirm They were ready to implement that by ratifying At the speed which is totally unprecedented in in international law. I Like this photo of course at the end of the meeting. We are just so happy everyone That way we could get that After weeks and weeks of work and so today I would like to Outline of course what we have in our hands with this Paris Agreement the challenge ahead and Why I think that 2018 is a very important landmark a very important milestone and some lessons I can draw from COP 21 again to use this for Further improvement Sally has been very clear in Showing what is the carbon budget about and what we should do and it is absolutely a lot so it's better to now understand what is really ahead of us and what this agreement in a way serve as a Framework and at the same time understand that this is not the whole thing of course Most of everything would stand in domestic action the change of behavior the change in technology as she said very clearly So on this What do we have in our hands in the and what are the defining features of the Paris Agreement? Of course is above all an agreement about mitigation and with a global goal, which is in All the increasing global average temperature to well below two degrees C above pre-industrial levels and pushing efforts to limit the temperature increase to 1.5 And I'm sure this would be part of the discussion Why in a way did we push the ball so in such a difficult zone? We know already and has Sally explained it's already very very difficult to stabilized temperature Well below two degrees C and 1.5 may seem most can seem unattainable but it is there and in particular this translate Beyond the temperature goal into what does it means in terms of the carbon budget and We don't have the phrase in total here But the complete formulation is that we have to get to net zero emission by the second hand of the century So that what exactly Sally explained to us before so that is in the agreement the second feature is having a Really a recognition that adaptation will be a main feature of our future Because we have to increase the ability to adapt because already the adverse impacts of climate change are there And we still are very lagging behind on how we we we get societies infrastructure more resilient to this adverse impact and There is an interesting third element in this global goal of the agreement is the finance And in a way it was a little bit of surprise for many countries and finally they accept that to do all this We have to reorient our investment flows public and private domestic and international consistent with this climate change Mitigation and adaptation objective and this was in a way it is a very important building block again for future action The other the other second feature of this Paris agreement is is in a way based on domestic decision Which are expressed in what we call in our jug on the national determined contribution Why is this so I don't have so much time to explain why it is not simply commitment But that's subtlety of the diplomacy, but anyway, that's what the countries On a unilateral basis are ready to engage in doing. So this is the second of course very important feature already 163 countries so most countries have took this individual commitments Normally most of them by with a time horizon, which is 2013 But there is of course a major feature in this agreement is that to recognize that it is clear that this first row of Climate plans or climate proposal Managing from countries doesn't put us on track for the well below two degrees C and even more for the 1.5 So we are not with this first row of 163 contribution we are not on tracks to be in the envelope Sally describes until 2050 and even beyond so that's why The we have built in and recognizing very early in the process that we were not there That we have to build in a constantly raise of ambition in the agreement itself That's why we built a system of reporting and measurement Which of course that the way countries can trust each other because they just follow what the other one is doing Which is very important in particular not only on the mitigation objective But as well on the financial and the technologies contributions and cooperation The that every five years we reconsider And we increase the ambition again, just to try to Bring us back to what should be a reasonable pathway to become compatible with the two degree C and There's the last one is we rely on government It's the engagement and obligation of governments But to just to get Paris done and that will be the same in the future We need the involvement of not only government, but the whole society and in particular the decision-makers in this society Which are in nowadays very much the local governments being region or provinces or cities and the businesses those these are the big feature of what we did in Paris and In a way We of course we believe in international law. It's important, but you know there is no global government There is no global justice at least for most of the issues So it's very much the implementation the efficiency the effectiveness of any agreement Will rely on the deep conviction the deep Expectation that that will be the new direction of the global economy So we we try to build in not in the agreement itself, but across Many actors across many constituencies The expectation that the low carbon economy was there to stay it was it was underway It was inevitable So the trend the train was going in that direction And if you were a reasonable actor in the global economy, you would not like to stay out this outside this train So that's why we worked with many actors to get the same message after the 12th of December I can tell you even that when I entered the government in 2014. I Started from the press communique I would like to see on the 12th of December and then walk down or back What kind of strategy I need to get that and the press communique was not we got the big beautiful agreement It was this low carbon economy is a future and we better be in there And that finally worked because of the support the contribution the corporation from the city of society The NGOs the business and the local authorities So that's why I think I hope this Paris agreement will be remembered as a turning point It's not the whole it just a tipping point to redirect our activities in a different direction But we have a lot of challenges ahead the challenge of implementation first Because these national develop determined contribution for the moment are standalone climate change mitigation adaptation They are not economic development plans and this because it can't work We have to embed these climate change mitigation adaptation policy into a broader long-term socio-economic development strategy So we are not there this requires strong leadership at the highest political level and a close coordination process between many many ministries So we need to get from climate to economic policy This Contribution when you look like you look that from a financial perspective, for example, they are still too generic We need much more precision granularity. We need to have detailed sectoral plans Which mean passing new legislation implementing new policy and regulation and which mean designing investment plans again If you would like to follow what Sally advised us to to look at the different sectors How much we have to electrify our type of energy consumption or decarbonize this production of electricity? We need plans we need sectoral plans. We need policy measures. This has to be done by now We have a number of toolkit to do that but And but in particular We know that we will have progressively to put a price on carbon whatever method you choose for that But it's a condition of success not sufficient. We have to invest above all in zero carbon and climate resilient infrastructure We know that the world we have to invest about 90 trillion in infrastructure over the next 15 years It's not 19 trillion just It is not so much above what we needed anyway So there it's like three to four percent Additional to whatever every country at world level would have to do just to replace or to create new energy infrastructure so this investment of course is a big challenge and that's why financing and Investment have to be mobilized and better deployed for a multitude of different domestic and external sources That's what where private and public finance has to work together Because we need a lot of leverage to incentivize the private capital both National domestic or international to come into this new sector on infrastructure in particular in developing countries We are two-third of this investment has to take place so multilateral development banks have a key role to play in this system because they have to Share risks Allowing the international cost of capital to go down in many developing countries. This cost is far too high far too high to just get investment that can be profitable and I have many examples of countries having to borrow at seven nine ten fifteen percent some time to invest in infrastructure This is not viable. So there were public funding that's where Multilateral development banks has to share risks to incentivize this to happen and you know This where we are and so we have a challenge of raising ambition Because the contribution we have on the table brings us more on the 2.5 to 3 degrees Increasing temperature and of course we are still as I said Not on tracks for even the two below two degrees C, which is the minimum we wanted to achieve how we can Really take this challenge of raising ambitions According to most studies the level of ambition of this current set of indices Need to be more than double or almost triple to have a likely chance of limiting this temperature Increased below two degrees C It's not a technical question is first of all a policy question Because it's not just to implement this current set of indices and I told you before We have a lot of work to do to have them as a sort of a real climate plans investment plans But it's now to begin to implement climate action That are even more ambitious and the current set of indices and to start doing this now It's it's complicated because when countries and in a way that the hope Countries came before Paris Most of them came on the last month before December and Present their plans, but at that point in time They didn't know exactly what the others were prepared to do really and above all they didn't know the rules the kind of obligation because The negotiation was far from being finished from this achieved So in a way they put forward plans where the most conservative in a way compared to what they really could do already And so we should not be of course captured lock-in in this first row Of course politically it will not be easy for countries to say we commit that for 2030 But we have changed our minds and we already by 2017 or 2018 We present much better numbers of course that of course the direction in which we should push these countries But it will be of course complicated in a political sense so We have to show that action is taking place action is accelerating Technology costs are going down and so there is many more possibilities to achieve to over achieve what was presented in Paris, but we have to do that very very quickly but as As always You have to have the support of the society at large. It can't be just a decision of one minister Or even one ahead of state to show leadership they have to be supported by their own society and so So The buy-in of these dramatic change of this deep transformation has to be presented to the society as a progress as a positive future and Again when I look at what is happening in Europe or even here We have a long way forward just to present that as a positive future and not just a change where as People today in some in many countries are afraid of change Some are deprived of change and some are concerned with change So we have to really work at the mindset and the philosophy of the vision for the countries to and the society to buy This new project which implies many transformation and a different growth model That allow people to get access to energy resources to more food and at the same time doesn't destroy the planet So we need political leadership, but it will not fall from the sky It's not a miracle leadership is not a miracle. It it is produced by Healthy society that really can strive and support leaders to go forward So in this aspect, I think the work across many actors is a central piece of any success for for this fight to claim climate change In a way this System at UNFCCC Again, we should not think that this is the center of the world that climate action is taking place everywhere It has to take place everywhere But the beauty of the exercise is at least it puts some kind of milestones and a meeting point So it takes us to pressure to revise and to assess where do we stand and push the different actors that would like really to To do something in a way to meet together assess where we are and decide for new steps That's why I think 2018 is a key milestone One because at the year where we will make this first assessment we will have the report of IPCC on What does it take to be at one to limit temperature at one point five It will move the moment where hopefully we decide in markets that the negotiation of the rules of the transparency system of The nature of these contributions should be decided and finalized by 2018 But that the roadmap for the 100 billion we promise in Cancun will be really clear but most of that we knew that it will be a Capacity to invest more and to have innovative a not only behavior but mechanism to to really start this development and I see 2018 at the Rallying moment where not only governments would come with the idea that they will over achieve their commitments Some can revise their contribution Some just can recognize that they are doing better than what they anticipate That the technology is much cheaper than what they anticipate that the model even the projection for 2050 are finally easier than they anticipate because of this global movement of the economy and the technology innovation So it's about changing the mindset and we have two short years to get this done To have a really much more optimistic view now we have an agreement now we have a framework But then now we have to accelerate action So I think this but optimism again doesn't come Just from the sky it's not sort of a miracle. It is created. It is grounded In particular it comes from the reassurance that really countries are doing seriously So the information that we are gathering the way the countries can present what they are doing Would say the cap on cold consumption in China or the revision even of the Investment in the new coal power plant that China is planning to in a way to close or to reduce These are and you take one by one the different countries can send these signals. We need to collect for 2018 But we have to check and this why is this Your program is so important And this investment in research and development dynamics induced by the implementation of this commit and that's why we need this flow of information that you as researchers as Companies need to know how really the policy frameworks in moving in many countries choose to feel that the market is Expending and that is a real good reason to accelerate research and investment in innovation So we have to create that Interaction that positive loop we can have negative loops naked negative Self-fulfilling prophecy Paris is based on a positive self-fulfilling prophecy and but this one has to be nurtured and constructed If we don't want the the bankruptcy we want the success we have to work hard at giving that signal and just to try to finish now I'd like here I have two or three issues that seems to be very important in Including just immediately for Marrakech in Marrakech I would like to see that this invitation for countries to prepare and present long-term low-emission development strategies are really Really admitted and supported by governments No country has a plan already today to reduce emission to 2050 consistent with the objective of well below to do We don't have it We need to prepare that we need to look frankly at what does it take again to just to understand what the carbon budget means To set the new row of NDCs So that's why I will personally as a high-level champion for climate for in the UN nations launch this platform after Marrakech that government cities regions and Businesses would work together to understand to imagine what does it look like what the economy would look like in a deep decarbonizing future But finally, I think we have to work Again, not only and it was a big lesson of Paris and I maintain that the only way to succeed It's good to work within the UNFCCC Word but we have to work everywhere in the G7 in JT 20 on this financial meetings of the multilateral development bank through the The stability was a financial stability board through the Montreal protocol we have had Some weeks ago a big success with the amendment to phase down HFCs and to now the aviation and and many more even on the maritime maritime We have some more and we should continue to leverage on non-state actors And we had a fairly complex infrastructure before Paris. It's there There are meeting points very important Davos next year by January or February I don't remember the date will be an important moment to rally. We have to maintain climate in the political agenda But not only on the government side, but the city's a region the business side globally and so And finally we have to remind ourselves at this positive look between Domestic discussion and the international discussion is the best way to get things done. Of course, the best result was obtained through the US China dialogue and Joint commitments joint announcement, but there was always and also small countries Vulnerable countries that put a pressure on the biggest emitters like the small islands like the most vulnerable countries that finally obliged us to Reconsider and to not to have an agreement a minimum agreement was the most ambitious agreement possible and of course we have them to really Resiliently fade the north-south divide around the climate action recognising the responsibilities of developed countries and their responsibility not only in Cutting emission even more drastically, but as well innovating and sharing this innovation with others So that's lessons. I would like to draw from Paris and we'll be happy to respond to any question. Thank you Should I stay there silly? Don't be shy. Yeah, okay Hi, thank you. I I very much Appreciate that the core of what you're saying and let me rephrase it because I there is a hook on the end of this the core of what you're saying is The tipping point where we're going We're at now is not a technology tipping point But a tipping point of beliefs that the commonality can move forward and there is a positive vision out there I think that is behaviorally the most important thing you Important thing you can be doing yet. Even in your talk you kept bringing up some of the negatives We're gonna put a cap on coal and China and every time you one rolls in that negatives You're undercutting the message of the positive future vision So the question is is this well understood in the other leadership that you're doing working with that? essentially and less than until you get this Positive vision that you're talking about that becomes a self-fulfilling prophecy Leading to these positives you're probably not going to make it Thank you. Thank you for your reaction and of course You totally understand my point even of course We have to to frame the positive Recognizing the difficulties and the things that has to be done. That's why this tension between voluntary action the contraction of the future in a way Relying on what the countries the societies wants to do and the and the tough constraint of the carbon budget Must be combined But I think this idea that Paris was exactly the turning point where Government began to think the cost of action and they transformed that on the the value of the transformation and I can say that probably most of the big emitters now at least Some part of the leadership is not broad. It's not everyone that are sharing this transformational narrative But at the same time again, we have to maintain the tension on Where do we stand and how fast we have to act and how fast we have to find the the Alternatives you totally right. We if we speak just on capping call What does he means? Meaning that we will reduce energy consumption in China Probably they can do much more on energy efficiency in industry in particular But they need alternatives and they are working very seriously on that So this tension I think is important I like the fact that I spoke after Sally because Sally just remind us what is the envelope? We can't ignore that and again just speaking with students yesterday I was telling many countries were very much in fiber in favor of the 1.5 as a temperature goal The same ones the same delegation the same government was saying but we don't want any reference to decarbonization So in a way you have to maintain when you have in a way to progressively Introduce that knowledge that recognition That learning process. That's why I'm so keen on this 2050 strategy because that's the way Where everyone will recognize what does it take to to get there? But with a positive narrative so but thank you You just understood perfectly what I'm trying to do and I think he's now share and shared by many many Thank you very much for your talk. David Cole from carbon free Palo Alto Do you ever see a time when out of these talks we would? Realize a global price on carbon, which would help you realize this goal Worldwide and finance all the things that we need to do at least put the pressure in the right direction Even our sponsor here today Exxon mobile has been pushing for something like this. Why can't we get this done? I? Have a very simple response which is It's a little bit Like trade policies today in the global discussion when you are just going into this sort of domain of the sovereignty of nations Policies and tax policies in particular are really very deep Whatever if you talk about authoritarian regime or democratic regime, you know the tax policy is something very strong in where Governments but more than that countries or citizens would like to decide on the policy regime. They accept to That's I think a given So to go to a sort of a global tax system, which global carbon price is about We have to in a way built in this in the process where it is accepted and adopted Recognizing that the there is a common consent to pay for that In this country tax and democracy is part of the history And it's a very important feature and so the first element was this one you can't impose a global carbon price Because again, it is an element of a tax policy that citizen or even authoritarian government would like to keep control on That said So we need to make recognize that this externality has a cost Not only for The national citizen because it has of course and it was the first step to get Paris down to Convince every government and the scientists of course have done a fantastic job to do that that there was already a negative externality on themselves and Of course a global negative externality on others so nowadays Based on this philosophy of Paris, which is you have to keep the sovereignty in the hands of the ones who want to keep it If not, you just face resistance and conflict So you have to build in the carbon price in each domestic context, which is Hopefully and already happening the range of the carbon pricing and I don't know where we stand but probably around 50 Countries where there is some kind of carbon tax or an equivalent of carbon tax or an equivalent Subsidies to renewable energy, which is finally the same Even if it's not that clear as a signal as a market signal We I think and I think World Bank will publish this in Marrakesh a report to see that we now in many sort of territories we have this carbon price in place, but they are diverse and And but the range is not that high. Of course, you have Sweden with 136 Euro tons but and most of the prices will range from five euros a ton to $6 or $7 to to 10 or 15 the carbon price that China will put in place next year Will be around probably below 10 and so I think it will progressively now the discussion Between the countries who have very diverse what different carbon price we can begin. So again asking for a global one pose the exact sort of question of who can decide of this global carbon price and you take So 136 euro a ton Pursuit to in Sweden you apply this price for example, which is probably the price that make a big difference To India and then energy pricing judges are impossible for people to pay so we have a distributive aspect and a problem of acquisitive power The parity there that I think that's why Again, even if the business and in particular the global business would be of course happy and naturally happy to see a level playing field We need to recognize that this has a progress and he has to be a really nationally determined We will face very soon trade impacts because of this divergence of carbon prices But I think that will be a way to to make these prices converge So again, it would have been fantastic to have a consensus of one price I don't believe myself that we can get because of the divergence in economy on the one price But we can begin to discuss about the range But above all I think it has to be grounded on a really good choice of the domestic policy. Thank you for your presentation I really like Jim Sweeney's Summary of the key point But if I take what Jim said and take it forward, which is that suppose it's a tipping point on the beliefs Would a way to test that experiment would be to do International surveys or some other feedback mechanism to say whether what you are the knobs you are turning is really making an impact on the beliefs So did you in your group and others talk about? Testing the feedback on whether it's making a difference or not and here I want to make a plug for John Krosnick I who I don't know if he's in the audience who is a professor Who's a who is a professor of political psychology at Stanford was 20 years history around public attitudes on this? Fascinating question and comment and thank you for that of course We we try we try before Paris even to try to have international surveys We didn't have the resources to do that. It's quite expensive and we discussed was many Academics from in particular from us who just maintained these global surveys We did some where we saw it was interesting that even if the government position on climate We are very diverse the citizen we are more or less in the same page about the perception of the risk Now the perception of the tipping point We are not I think we are not there because again for the moment the idea of having a change in beliefs was sort of focused on the Decision makers the one who are really Involved in that discussion. So now we have to expand that and that was a big question How we expand that? Understanding how we expand the understanding that we could have different Transportation models that we have different models that that is a big work So if we will probably if we would do the survey today, we will not have a lot of results Because most people ignore what Paris is about but that said if we begin to work deep on What I was calling the buying by the society of this transformation project like Modi is doing in India on renewables That's clear you probably if we do a survey in India now The perception that renewable energy is a very positive solution and it's going on I think we will have probably a yes. No, I suppose So you see that it depends on the capacity of governments to sell the product to sell the project So I would say it's essential then to track that so I would be very happy to have a research program on that Thank you professors Vienna for your great presentation. My name is Qing. I have a question for Projects or initiatives related to climate change adaptation of medication or even in development field How can you keep them sustainable when the initial grounds finished? Especially grounds. I think longs. It's maybe another category The the big thing and you you're right in some cases. It's very difficult to create an economic model out of this project But we should try to even in adaptation So that's one first try to Make understand that if you build a more sustainable infrastructure resilient to extreme events You are creating a benefit and and you know what the beneficiaries should be able to participate to that So maintain it over time The the big question of how the official development aid will continue and increase It's of course a difficult question The most of the agencies in the developed world are faced with budget constraints and of course because of the slowdown since 2008 now and At the same time there is a push and there is an increase in this official budget Which I think will we will see the results in many Countries that there will be a new flow of resources With all the issue about how you you use it efficiently But I think the big question now is to try to use this grand dimension to really leverage more investment and So a project that could not survive without grants would be probably very difficult to maintain over time and adaptation for example or mitigation our Action we have to maintain over time. They would not just give the result Very quickly. So I think we have to think new model of combining public and private finance We are still not there. I think the ideas are there, but it's not really happening But I don't see any other solution Okay, I'll ask you a question So so basically that the question will be when I finish it, you know, how is help being provided? to some of these countries Particularly when you consider developing long-term plans I mean if you think of many of these emerging economies that have that the primary goal of you know raising people from poverty and building an industrial foundation so that there are good jobs and so forth and so on one hand, you know, that's an overarching goal and at the same time, you know They're global citizens and participating in decarbonization. These are really hard issues You know, how do you build an energy system from sort of the ground up that doesn't have a robust fossil fuel background? And I wonder how much actual help is is being provided to These countries to think through to 2050, you know How do you meet the dual goals of increasing energy access and and reliability and quality? But at the same time decarbonizing and and and if they're getting help Who's doing that? And is that sort of an unmet need that we you know, should all be asking ourselves? Well, how could we how could we how could we help? At that moment we are there. I think as I said nobody really even Hearing this country or in my country in France. Nobody has a clear view. So in a way, we are More or less in the same situation. So that's why I think there is a need of research a need of thinking a need of dialogue Again, nobody there is no one pathway. There are several certainly One because we don't know there is a lot of uncertainty out there even by 2050, which is now very close But at the same time the the choice can be different and will be different It's totally different to imagine an energy system in a very sort of where Abitat is very distributed Whether at the contrary like Europe, for example, you have a very concentrated type of habitats That's a solution on all the same, of course. So but we need this we need help we need dialogue we need reflection and That's why I'm so keen in launching that in Marrakesh and I have really have a incredible response from governments incredible even the the head of delegation of Iran and her and the Minister of Environment came to me to say we want to do a Diversification plan for Iran. We don't want to rely on all over and over and Of course, you may have heard about Saudi Arabia But at the same time Jamaica or even the small island want to just begin to think about the future So it is an enormous amount of ideas discussion of research and and yes Again, nobody has a recipe, but we have to think through My name is Claya Colster. Thank you very much for your talk. I think this question may have been somewhat asked but In two parts so one you stress the role of MDB's and the need for them to provide finance particularly for developing countries How would you did you think of having some kind of NDC equivalent for them to provide and then A second a second part side question for those Countries that haven't ratified the agreement yet or perhaps won't do you have some kind of idea or structure in place to To account for for example cross-border emissions between countries that will have ratified the agreement and those that won't Haven't thank you. I Would like in in Mahakesh to to conclude That we have as as you suggested some kind of clear demand on these financial institutions They say they want to do more. They want to decarbonize that portfolio. They want to leverage private funding So what is their plan? I think we need to do that for the moment the conversation is really going a little bit in circles Everyone waiting for the banks to do or the public funding to come or the Institutional investors to come in so we need to just to okay that the conversation is there But now what do we do and are you accountable or what you say you will be doing? So in I hope I can get that I'm not sure but I will work to really deeply to that in Marrakesh and On the on the other side, I'm very optimistic about the ratification I think Saudi Arabia is ratifying today or tomorrow We'll have probably 100 countries by Marrakesh already. Maybe I am a little optimistic but around that So again to my surprise because as I said yesterday in another conversation When we take out the end date of the ratification process for Paris We were saying maybe we could do that a little before 2020 and that will be give a little more dynamic again And finally it was done in one year in less than one year. So that's in a weather So my my in a way and probably my question Countries are Really committed to that. Do they realize totally? What does it take? Do they is this the knowledge really beginning to really penetrate all the sectors? Probably no but you have this feeling that we have to do it and I think we are there. I think many governments many leaders Say we have to do it. We don't know exactly how but we have to do it So that's why I'm very optimistic about ratification doesn't mean that the implementation will be simple at the contrary It is very difficult