 Hello everybody and welcome, thank you for joining us at this event on delivering the climate transition implications of COP26 for finance. My name is Claire Shine. I'm the director and CEO of the Cambridge Institute for Sustainability Leadership or CISL. Today is a very public test for global leadership solidarity and long term vision. We cannot talk meaningfully about the sustainable economy unless it works for people, for nature and for climate. We have to talk straight about the scale of impacts that is dawning and the imperative for faster, fairer transition to ensure global resilience. And we also have to hear and listen to the voices of the most impacted and vulnerable, not only during the global spotlight of a COP. We have an extraordinary series of speakers today who will give their perspectives on COP26 and what needs to happen next. On science and policy, you will hear Emily Schupra, the director of Cambridge Zero, and Gavin Starks, the CEO of Icebreaker One. On the business perspective, you will hear Elliot Wichington from CISL and also our corporate leaders group member from Iberdrola, Gonzales, Seyens, De Nierra, the director of climate change. On the business and policy responses for finance, we'll hear three perspectives from member companies working with our Centre for Sustainable Finance. From Munich Ray, you will hear Ernst Rauch, the chief climate and geoscientist. From Oliver Wyman, you'll hear Rob Bailey, the partner for climate and sustainability. And from Zurich Insurance, you'll hear Johanna Kerb, the head of responsible investment. And last but certainly not least, we'll come back to leadership. And Julian Secret of CISL will summarise this big conversation and share her insights on the leadership skills that are essential to deliver on commitments and to keep up momentum day after day as we look forward to COP27 and beyond. So briefly from my side, this has been an intense fortnight. Two weeks ago, I called for us to use COP26 to push for bolder, faster action in everywhere we can. A huge amount of action and ambition has already happened in this area, but we have to go further and faster. The why of climate change action is understood, but this is about how and now. Over the last two weeks, I and others have moderated many leaders' dialogues. Some clear themes and concerns have emerged. One is to get serious and acknowledge the anger. Somebody talked about the three P's of procrastination, polarisation and politicisation. This has consequences. A second was about the need to walk the talk. Is this about Pledge Fest or will the ever-louder demands for credibility and delivery be met? And in that sense, we can talk of the three A's, accountability, action and acceleration, to which perhaps we should add access, the importance of having an inclusive lens on this global transition. And third and very important for this audience, the need and the opportunity to build a virtual circle right across the system. Business, as we know, cannot leave it to governments. When businesses act collectively and boldly, that gives government confidence in its turn to act more boldly. And having radical collaboration at a whole sector level, as we're beginning to see, can indeed accelerate momentum and also allow for governments in turn to act collaboratively. But governments in their turn must rise to the challenge and create what Rachel Kite called a bold policy undercarriage. Policy is needed to set a level playing field to incentivise businesses and investors to be first movers. And in that sense, governments was not dodged the issues for fear of short-term unpopularity. We do need to shift the narrative beyond winners and losers, but that requires clarity, confidence, courage and obviously vision. So I want to share with you Vanessa Nakate's quote at the end of yesterday's high-level event. And this young woman said, today I told leaders at COP26 that we don't believe their pledges and promises, but I beg them to prove us wrong. So let's look at the headlines as of this morning. On the positive side, we are seeing a target for doubling of adaptation finance coming in at 2025. We've seen the deforestation announcement gathering strength coming with some finance, but as with all commitments, the devil is in the detail around the timeline and implementation. The China-U.S. announcement is very important geopolitically, as well as for coal phase-out, methane and illegal deforestation. And we've seen progress on stopping the finance of fossil fuels more internationally than often on the domestic front. For example, the Asian Development Bank's announcement is an important step in driving change by financing the decommissioning of coal power plants abroad. However, we saw today in the final draft communique softening of language, the restatement of the 2030 NDCs going from urge to request. The moving from accelerating phase-out of coal and fossil fuel subsidies to unavated coal and inefficient subsidies. It is imperative that fossil fuel language stays and stays strongly in that final communique. In the run-up to COP26, CISL called on the financial sector to play a more assertive role in supporting, enabling and accelerating the climate transition. We asked you and your colleagues to use your voice to influence policymakers, clients and customers, and also to take a holistic approach to support nature-positive and socially-inclusive sets of changes. In terms of key initiatives, it's very heartening to see a plan for convergence in standards and frameworks starting to emerge. For example, GFANS now has over 450 financial firms across 45 countries responsible for assets of $130 trillion. That is a huge number, but it is hampered by potential double counting. It also rests on assumptions. For example, that all lending and investment of signatories is directed towards sustainability. And yet we know that only 35% is currently aligned with net zero targets. And that brings me to the final big point I want to raise, which is that business as usual, even with a delicate green tinge, won't be enough to deliver the scale and speed of change. We saw real concerns and indeed some outright fights on panels around the question of greenwash. It is absolutely essential to see the bold action and to see financial institutions go from seeing ESG or equivalent terms as a subset to having fully green portfolios. They need to innovate the products and offerings to support clients and therefore facilitate and incentivize faster climate action. We need to acknowledge that funding to support adaptation and mitigation in emerging markets remains a problem. The $100 billion pledge in Paris agreement has not been delivered and more is desperately needed to cover mitigation and adaptation. And therefore new forms of collaboration between governments and private finance are essential to accelerate the scale up the amount of finance and the types of financing of products that can be mobilized. We firmly believe that the finance sector is set and must rise to the challenge by developing new forms of leadership, embedding sustainability capability across whole organizations, and investing in educating staff through dot frameworks, for example, like CSL's Bank Climate Engagement Guide, where you can work with clients to deliver and build understanding of the kind of changes needed. So that's more than enough for me, but I really thank you for joining us today because there is no more and more important moment. I look forward to the insights from all our contributors who will now follow giving their own personal impressions and perspectives of progress and the urgent priorities ahead. I'm going to ask each of them to introduce themselves in turn and then to pass to the next speaker in turn. And it's both my honor and pleasure now to pass to my friends and colleague Emily Shubra from Cambridge Zero. Thank you. Thank you very much Claire. So yes, I'm Emily Shubra. I'm the director of Cambridge Zero, which is the University of Cambridge's climate initiative, and I'm a climate scientist by background. And I'm also actually a friend of COP26, which was a group of people from the climate world who were put together to help support the UK presidency. So it's been quite a busy couple of weeks for me. I just arrived back from Glasgow this morning and one summary of what it's been like is exhausting. So I'm just alive at this point. But just to give you my reflection on where things are at, because of course it's still not finished yet. There's still negotiations continuing certainly through today and we'll see when things wrap up. The overall, you know, if there was an overall ambition of COP26, it was this strapline that you'll have heard repeatedly to keep 1.5 alive. And I think the UN Secretary General this morning probably put it quite well. He said that it was 1.5 was on life support at this point. So I mean, progress has been made undoubtedly. The last week seems like a long time ago, but there were last week pledges, new pledges put forward. And perhaps one of the standout ones was India and its net zero by 2070 pledge. There were also really important announcements and Claire's mentioned some of those around methane. Methane is important because it's a more powerful greenhouse gas than carbon dioxide. And it's actually potentially there's a lot of action that you could do on methane at little or no cost. So it's in some sense is an easy win in terms of climate action. There are other announcements that were made around coal around deforestation. This week we had cars and all of that was very welcome. Probably the most, you know, the sort of one of the more depressing elements is despite all of that. We're still a very long way from the scale of pledges that are required in terms of emissions reductions to keep 1.5 alive. And although there was some early signs of enthusiasm with a rather optimistic view of where the pledges added up to from the IA last week. More careful and rigorous analysis makes it very clear that even with an optimistic interpretation of the pledges, there's still a long way to go. And in crucially a long way to go in the next few years, because unless we do reduce our emissions, essentially half our emissions this decade, then we simply 1.5 will be at reach. So that's the that side of things. The current negotiations are all focused as you'll probably be aware around the presidency cover text. And and also seeing whether or not article six can be got over the line, which is something that's been part of the discussions since since Paris and I hope to have been closed off before now. So there's a lot of hope that it can finally be taken over the line because it's important in terms of the governance behind all of this. The Friends of COP 26 group put out a statement last week with our thoughts and reflections on where things are at and our encouragement for last bold push in terms of those. What's in the text and if you're interested, then look on Twitter and you can find you can find that statement. I mean, some of the key things that we had in that highlighted in that actually have already been taken into account in the second iteration of that of that draft text. And so we were very pleased to see a strengthening of statements around 1.5. There was some concern among scientists that the original language was allowing overshoot with 1.5, but it's quite clear in the new revised text that that's not the case. My understanding is actually that in weird UN worlds, the word request is actually a stronger statement than urge. So I think that my understanding is that that actually that's not a weakening of the statement around that, which is which which I think people will be relieved by. Other areas that we were highlighting is being important where I think there's been less advance so far. We still hope the final draft would be stronger on this is on an area that Claire also mentioned, which is nature. Nature really featured very, very prominently in the discussions over the course of the last two weeks. And I think there's a general feeling that it's not currently featuring as prominently as it ought to in the text. And so, you know, we would be hoping to see increased prominence of nature in the text. I think there has been movement on finance be interesting to hear people's views around around that. And another area where it's clearly critically important, especially actually an article six is that there's a recognition of the range of voices that are important in this in this debate and who's, you know, we've had so much over the last few years in terms of voices around the world with Fridays the future with Greta people on the streets and making sure that those voices are formally recognized within the process. Indigenous voices that are really, really formally insured that they're part of a part of the process and recognized going forwards. Final thing that I will say is simply that, you know, where are we then in the landscape of all of this. So if there was an overall narrative, it's that we had ambition in Paris that has to an extent over the course of the last two weeks started to move towards action. And we've seen these sectoral based developments, which has been very, very much I think initial stages of really trying to implement on the ground in the real economy, what's being agreed at a global level. The key thing now is then to turn that into acceleration because, you know, unless we get the scale of reductions that are necessary to keep 1.5 alive, then we will simply not have the worst impacts of climate change. So it's a sort of cautious optimism, I think from me in terms of the state of where we are. Thank you. Thank you, Emily. My name is Gavin Starks. I'm the chief executive and the founder of icebreaker one and we're a nonprofit set up to help make data work harder to deliver net zero. Why am I talking about data in this? I think the broad theme here for me is the time for theory is over. We need to start moving from what to how. Companies here are driven by incentives and targets. We've seen lots of announcements around big numbers and has felt I think there's been a lot of chasing of bigger numbers, which I want to reflect on. But before I begin, I think when we think about the world that we're trying to model here, the world we're trying to change today is the simplest it's going to be. And there's a complexity question in this, which is extremely hard to communicate. Typically business leaders, political leaders, decision makers, we like to see things simplified so we can make choices that are kind of relatively straightforward as the A or B. Is this going to make us more money? Is this going to increase our efficiency? Is this going to help us hit 1.5? But actually the reality of our climate agenda here is necessarily interwoven and we're trying to bring systems thinking into industries that haven't had to rethink like that before. Even thinking beyond financial metrics is a massive challenge. So let's start just with the today is the simplest it's going to be. In parallel to this, we are digitizing the world. There are millions, billions of sensors around the world and everything will have a sensor on it that can be measured, whether that's a smart meter and a domestic property, or whether it's data coming from an energy asset or from a battery in a vehicle. And so one of the themes here is we need to ensure interoperability between all of these devices and systems. We need that not just because we're digitizing our systems and we need to build flexibility markets and can deal with the huge transition in our energy supply and demand. But so that those same data can be used by the financial community to create incentives and to measure their impact. So when I heard the announcement last week of the 130 trillion of global assets, now 40% of global assets have to be aligned with the Paris Agreement. I had two questions. One is what does alignment mean in that context? And two is how are you going to prove it? And one of the features here is that there's a kind of coming together or potential coming together of engineering data, financial data and environmental data that will help us actually create different kinds of incentives and hold people to account in a different way. Creating those incentives that can enable companies to set targets, to set their investment strategies, to understand what financial instruments need to exist in order to fund them and to be held accountable to them. So when we look at the transitions out, one of the things I was most encouraged by in the last week was the creation of the ISSB, the International Standards Sustainability Board. The work we've been doing in the UK with the Financial Conduct Authority, Pensions Regulator in the Bank of England, there's a group called the Climate Financial Risk Forum, where we've been looking at how can we bring together this new kind of explosion of access to data in the creation of financial instruments themselves. At the same time, we've got digital twins, modelling our environment in a different way, and there's a climate risk demonstrator, which was part of the Digital Built Britain programme launched last week, where they're bringing together data at scale to do this systems modelling to look at flood risk in different ways and look at this systemically. In the programmes we've run over the last 18 months with the insurance sector, we've seen Aeon, Willis Towers Watson, British Insurance, Arup come together to look at risk in a different way and how would we even begin to define what is a climate ready financial product. And through that work, I'd say that it really has highlighted the scale of the challenge and the distance between the rhetoric and the ambition and the reality of trying to run a business and work out what products and services can we take to market that are going to make a difference. However, lots of people are moving in this direction, and so we've seen the creation of new standards or the emergence of new potential standards. Part of my background is I co-chair the development of the open banking standards, which has enabled data flow between financial institutions that didn't really exist before, and it's a regulated instrument. So it's the FCA mandates that all of the banks must have full data interoperability and cohesion across the market. What we've been doing over the last year is building that out for energy in the UK. So can we provide access and enable access across the 9,000 organisations that exist in the energy system in the UK? That gives me hope because once we can get into not just the top level metrics but have those metrics informed by facts from the systems themselves, we can start to create different types of financial incentive, but we can also really look at the actual impact of the things that we're deploying. So when we're trying to de-risk low carbon technologies, when we're trying to help the investment community really understand where we're going in this landscape, and quickly, as Emily said, we need to do 50% of our target in the next, by 2030. In business terms, that's about 20 minutes away. So how are we going to accelerate through this? And so we're working on things like open energy. We're just beginning work now on open transport to enable access to all of the data from the systems themselves and join that up with the financial systems. Access to information here is going to help us decide whether or not we're succeeding. And the number of organisations that need this kind of access is just growing exponentially and it has multiple drivers. And this is where the engineering component is going to collide with and hopefully coalesce with some of the financial incentives here. When you look at things like scope three reporting, everybody needs access to information in their supply chain, but typically CSR people have been trying to get hold of for decades. And as soon as you hit the supply chain managers, there's a lockdown because it's proprietary, confidential and contains competitive information. It contains intellectual property information and so on. We can now navigate through those blockers. And in some cases, we've got industry pushing forward as an initiative this week launched in the automotive sector where they were creating that interoperability just for the scope three emissions reporting. But there are thousands of other uses of that information. And there are dozens, if not hundreds of reporting standards. And there are dozens, I think, over 40 taxonomies around the world. So I think really my learning from this, having worked on the web for 30 years, is we need to start adopting the principles and the culture of web development in the way that we develop our businesses going forward and we develop our financial systems going forward to create this acceleration. If we're really going to accelerate into hitting 50% of our target in the next eight years, then we have to move very quickly. We have to change the culture of sharing information, knowledge, what works and what doesn't to de-risk action and create the right incentives. So my call to action here is really around open innovation. Thank you very much. And I'll pass to Elliot. Thank you, Gavin. So as introduced, my name is Elliot. I am part of the CISL team, but I'm responsible for its corporate leaders group. So I work with businesses in the UK, in Europe and elsewhere who have that commitment to climate action, to a sustainable economy, including our hosts here in Scottish Power, to help them work with policymakers to kind of accelerate and build this kind of process of change. And so I'm also going to build on previous remarks that we've had and particularly Claire's 3A is the action accountability and acceleration, because I think that's a very helpful frame. And I think it's worth noting the level of activity that has taken place here in Glasgow, the level of different commitments, the level of conversations and discussions and energy that has been in and around events. We're very focused and it's right to be focused at the complex process of government negotiation at the heart of it. That is the core that we're all building on. And that's the negotiation between 197 countries. It is going to be cumbersome. It is going to be awkward. It is going to be slow, but it is essential because it's a global problem and we need more collective action. We need more consensus. We need more standardisation, more rules to kind of provide the framework for action. We need a more level playing field to support that level, that framework for action. So that's why we have that. And I think what's happening is we've got a draft text that is looking increasingly positive. And I'll go into some of the reasons why. But there has been this wave of commitments around it. And I think Emily in particular talked through a number of those in quite a lot of detail. For me, just if I start on the action piece, this is where this whole process and the conversation around climate change is and needs to grow up. We have built a global consensus effectively about the long-term goal. We have, you know, the climate action is not questioned. And in fact, the destination is no longer questioned. Substantively, all the kind of major economies are brought into a net zero destination. And we will need to take that further. But as, you know, we as Vanessa Nakate and other activists and actually many businesses and other kind of leaders have increasingly noted. We do need to meet our promises with delivery. And I think the next decade will be the proof in the pudding. There will need to be that kind of granular rollout of action. And that means, of course, that the climate change agenda will be moving into a whole set of other agendas we're going to hear. We've already heard, I think a lot here about the interaction between climate change and nature, climate change society in terms of the just transition, climate change and financing, all of these kind of other areas. In fact, it will increasingly grow up to be what it really should be, which is a mainstream, utterly mainstream, utterly kind of strategic factor shaping the decision making of future economic, societal and business activities going forward. So that's, I think, what we're on the cusp of. And that's why, you know, the action agenda going forward will be, will be need to be so important. But of course there's this kind of question about accountability. There's been this kind of list of targets and setting from governments, target setting from business and from finance. But each, you know, there is a lot of questioning around that. You know, the piece about, well, we've got the 1.3 trillion or 130 trillion of finance committed, but is it really committed to how much actually is it going to move? We've got net zero targets from all sorts of countries, but I mean, have you seen the breakdown of Australia's and Saudi Arabia's and what is that actually going to mean? We are clearly in a space where there is that nervous around greenwash and there are some really good reasons for being nervous. And we have, you know, we've just heard about the ISSB. We've got new standardization being introduced. We've got negotiations going on about Article 6, which should create the rules for the road for global carbon markets. And currently I think the latest proposal is that there will be a kind of two track process that will have, should we say, you might kind of determine them as one set of credits, which we very kind of compliance environmentally and have environmental integrity and another set which will be much more kind of Wild West. So there's an interesting thing there. I think the question will be with all of these kind of new approaches, do they help provide the credibility that we'll need in this agenda because people will be looking and will be questioning and they rightly should. So there's a lot to work on this. We need to deliver the action. We need to make sure that it's accountable. But we also, we need the acceleration. Now I'm going to say something here. I think, you know, the Paris Agreement was set out to do a job and it has succeeded. It has created a one-way ratchet. We have, through six years, which have been incredibly politically volatile, which have seen a global pandemic which was unprecedented, which has seen the biggest economy in the world and, you know, the current global supermarket was the US, but not the biggest economy in China, but the richest per capita world. You've got the US who pulled back from it and then still Paris has succeeded, has retained and it's still there as a framework. And it was, you know, the point of the Paris Agreement was that countries were supposed to come back with ambitions, with targets and each time that happened, it was going to supposed to be more. Well, we've got that. We've got, people have come to Glasgow with increased ambition. We have got targets for 2030 that were more than we might have hoped five years ago. But it has also failed because it has gone too slowly. We are not going to deliver on the overall goal. We're not going to the moment. You know, there may be, you know, 1.5 degrees as our life support. You can conceive of a pathway to go there, but that pathway will very, very quickly disappear if we don't see that. If we don't see increased action in the next couple of years, we have a decade to not to solve this problem, but to keep moving in a way that keeps some of that overall ambition alive. And so the fact that in the text there is explicit call outs to allow countries to come back with increased ambition is going to be essential. The fact that business investors and others are kind of moving forward and actually kind of going to be innovating is going to be essential because otherwise we're not going to, we're not going to be able to keep that overall goal alive. And that will have real impacts. And of course, every time we let this problem worsen, we increase the political talk on the system. We increase the sense of climate impacts that will run away. We increase the cost of those other things and we increase the cost of action, which means that we will increasingly have a more disruptive change. So I think that there is this kind of overall pressure, which I think is being visible in the way that a growing number of apps are responding. The way that we keep this stable, the way that we actually keep costs down, keep make the most cost effective pro business pro economy way forward is lack from this problem as quickly as possible. So I think the final thing I'd like to say is that, you know, we have had a moment which has triggered so much progress, more than may have been predicted a few years ago. But it's not enough and that's got to be where we got to go away. We've all got to go away and take that and work out how we work out how to go further. I'd now like to hand over to one of the other members of the group and in fact, you know, the group parent for Scottish power. So Gonzalo, director of climate change at Iberdrola. Okay. Thank you very much. Good afternoon from Madrid. So after this, I mean, these two weeks in Glasgow have been really intense. We have seen like hundreds of people with different profiles and different interests, but all working with a common objective. That is the acceleration of climate action to fulfill the objectives of the of the Paris agreement. So with the COP26 almost finished, we are seeing different analysis of the COP and some see the glass pool empty or half empty, half full. And this depends in my view basically on the initial expectations they have. So my opinion is that we have seen very good progress, not only during the COP, but from the last COP in Madrid. Because I think it's important to understand that the COP is not the only activity we have on climate during the year. So, for instance, before the COP, the Glasgow COP, we saw the technological revolution, we saw a growing pressure of investors on fossil fuels. We saw the commitments to net zero emissions by the mid-century of nine of the 10 biggest economy in the world. And during the COP, we have also seen a very good progress. So the common declaration US-China, of course, we have seen the commitment by China, of India, sorry, especially for 2030 this 500 gigawatts are amazing. We have seen the youth growing support to climate action that I think is extremely important. However, the most important is that this new objective and commitments are far from being implemented and lead us to a safe track. So all these good intentions need to be translated in policies, in regulations and in facts. In fact, that they reduce the greenhouse emissions so we can reach 2050 with net zero emissions. But the reality is that after the reduction of emissions during the pandemic, we think we respect that the emissions in 2021 will reach again the same levels to the emissions of compared with emissions on 2019. And that is clearly insufficient. So all the analysis show that with the current trend, we won't reach the objectives of the Paris Agreement. And that to fulfill the objectives of the Paris Agreement, we need to reduce emissions from now. So to reach 2030 with a reduction of at least a minus 15% compared with the current emissions, with the current levels. And this is really important to avoid the most catastrophic scenarios on climate change. And this is my message that the COP26 is almost over tomorrow, but on Monday, we will start a new COP that is the El Guido COP. So governments, regions, cities, NGOs, citizens, and of course businesses, we need to get into work, to get down to work, to maintain working with responsibility and with hope to move, to continue moving. So it was a more sustainable scenario for our children and grandchildren. Thank you. Thank you very much, Gonzalo. My name is Nina Singer. I'm a research director for sustainable finance at CISL. And it is my pleasure to introduce the finance segment of this conversation. I think COP26, we've spoken a lot about fossil fuels and about effectively financing of fossil fuel abroad and how there is an alliance that looks about cancelling that and about ending coal financing. But for me, the two things that are almost unique about this COP is the fact that the mainstream finance has shown up and the emphasis on nature that we've seen through this COP. So in terms of, I'll start with the easier nature point. We've seen a lot of conversation around nature-based solutions, as well as this pledge to help and reverse deforestation by 2030, which at the last count, 137 countries have signed up, which cover 90% of the worldwide forests. I mean, we've obviously have made those pledges before, so we need to start on the implementation. And we need to think about actually coming back to what Gavin was saying about supply chain traceability, about what kind of data we use to ensure that this works, about what kind of partnerships do we put on the ground to make sure that those pledges become reality. But also, if we think about mainstream finance, we've spoken about the G-fans and the pledges that the G-fans has done, and we've also spoken about the setup of the ISSB, which will help this global alignment around standards and frameworks within the world. We've also had a really fantastic announcement, I thought, for the UK of introduction of mandatory transition plans, which would move us away from having initial first leaders moving to bringing this deeply into the mainstream finance. And those need to be independently verified, and we need to have accountability for that. I really enjoyed Elliot's comparison of the two classes of carbon markets of carbon credits as kind of the admissible stuff on the Wild West. So in my financial language, I call them slightly differently. So I think of one as the ones that countries can use to address NDCs, but the other ones which are traded carbon credits, which we desperately need a viable carbon market, because two-thirds of countries are reliant or saying that they will rely on carbon credits to reach their NDC commitments. And actually for that, we need the language of the Article 6 agreement to be really toothy. We need a clean understanding of how we're going to deal with previous credits. We need to understand how we're going to avoid double counting, and we need to think through whether there will be levies on those transactions and whether that will go into the adaptation fund or not. But in the meantime, we've also seen the market step up. This year alone, there's been 298 million metric tons of carbon credits already traded to a total of about one billion US dollars. So we do have a very viable carbon market emerging. It started with 80 cents a ton in January and has come up to $8.35. So we will see progress within the voluntary market happening. And I guess I'll finish a little bit with a reflection. Having spent two weeks in the blue zone, I think the mood outside of the negotiation rooms have shifted from excited to slightly expectant today. So I think we're looking forward to seeing those final texts and seeing those key things that many of the speakers, including Emily and Claire and Elliot, have spoken that need to stay in that draft text. But otherwise, it's my absolute pleasure to introduce Rob Bailey, partner for climate and sustainability at Oliver Wyman to continue our conversation. Thank you. And I'm just going to make five quick points. So the first one is that the financial sector has mobilized at scale. So we've heard about the Glasgow Financial Alliance for Net Zero, which Oliver Wyman has been very proud to support over the last few months. But we've essentially gone from zero to 40% of the financial system aligned to Net Zero in a matter of months, which is quite remarkable. Now, of course, that still leaves 60%, but what it does mean now is that the remaining 40% really needs to start acting. And I think the second point I'd make is that this is starting to happen. So we, Oliver Wyman, are seeing growing numbers of financial institutions now starting to develop strategies to steer their portfolios, putting in place the frameworks and the metrics that they need to do that. We're seeing a number of financial institutions now already publishing their 2030 targets for some of the high carbon sectors and making sure that those are aligned with a 1.5 pathway. Now, all of this is going to drive closer engagement between financial institutions and their corporate clients. This is going to drive financial innovation as financial institutions seek to develop new products and services that can help their clients decarbonize and meet their own portfolio objectives. There are problems that we're going to have to overcome on this journey. We need to overcome some of the financing challenges for capital intensive breakthrough technologies for things like zero carbon steel or sustainable aviation fuels. We need to solve some of the underwriting problems for low carbon technologies like offshore winds, which faces a very conservative underwriting environment at the moment or zero carbon building materials. But all of this puts in place the incentives for financial institutions to work with clients to overcome these challenges. The third point I'd make is that the financial plumbing is now being reworked at pace. The TCFD has seen remarkable progress in the last few months as it's becoming increasingly adopted as a de facto standard by regulators and governments all around the world. We've heard a lot about the International Sustainability Standards Board that is being put in place. And I've seen an interesting convergence over the last couple of weeks around transparency in standards for net zero transition planning. This is something that G-Fans called for. It's something that the UK Chancellor of the Exchequer talked about in expecting firms to publish their transition plans. And it's also something that Secretary General mentioned in his speech about setting up a task force to actually set standards for how companies should be disclosing on these sorts of things. Point number four, climate risk capital charges may be on the horizon for financial institutions. Supervisors all around the world are looking at how to integrate climate change into regulatory capital frameworks. This has been going on for some time now. It's not an easy thing to do. But I was struck by a speech from the Governor of the Bank of England where he acknowledged that capital may have a bigger role to play in providing resilience against climate change. Fifth and final point, nature is next. Now in a way, the fact that nature is next means that we're already too late because we're on the cusp now of the sixth great extinction. Nevertheless, momentum is clearly building. There were the COP26 announcements on forests, deforestation, commodity financing and so on. We have Kongmin Part 2 coming up and of course the launch of the task force on nature-related financial disclosures this year. And we're already seeing a lot of banks and insurers now starting to mobilize on this agenda. So it's looking like a pretty busy 2022. I'll stop there and pass on to Ernst from Munich. Thank you, Bob. And thank you for having me on this panel today. Well, let me provide you with some insights from Munich Rees perspective. We actually have been in Glasgow last week with the CEO of Munich Rees together with other colleagues and myself has been there. So the impressions I'm going to discuss with you and share with you are more based on the last week and on our overall view as Munich Rees on where the climate processes stand with the COP conferences as we actually have been participating in all of the 26 conferences over the last week. 26 conferences over the last 27 years. So what actually was new and what was not new last week, my impression was that it was a COP conference which felt as much at the same as it felt in the past. A lot of talk, a lot of talk, not necessarily, especially not inside the blue zone in the first week, a lot of walk. However, having said this, my perception was that outside the official negotiations, especially with the private sector, not limited to the insurance industry, way beyond also to manufacturing industries, the power sector and others, the momentum generated and the commitments made was really new to be relative to previous activities. So we gave a press conference there, we were engaged in a panel with the Sustainable Market Initiative of His Royal Highness together with other CEOs and others. And again here, the private sector not only send out clear signals that we are committed to support the Paris Agreement, but we want to take actions. Let me go a little bit more into detail. We had two key messages, one on adaptation and the other one on mitigation at the COP. The first one is on mitigation and in one sentence, from an investor's point of view and a private sector point of view, we do need clear roadmaps, not just ambitions, clear roadmaps and investment pipelines so that we can spend our money and shift our money from brown to green. The second one is on adaptation, regardless what our individual position is on where the COP process stands and the 1.5 degree target. It is already clear today that we feel in different parts of the world already the impacts of climate change with respect to increasing frequency and severity of weather related events. And there's a knock on consequence also losses. So we need to adapt and here it's very much about developing and emerging countries. So our first call was on adaptation, more engagement in public private partnerships, especially with governments in highly vulnerable countries. So that's developing emerging countries which do not necessarily have the resources. And what we miss as an insurance company being engaged in a number of these organizations like Insurance Development Forum, the SMI I just mentioned and others is to have someone to talk to at this government. So the private sector is would be the chief risk officer function in the public sector. It's much more challenging. And this is always sort of the first step to make in order to come to a solution is to talk to governmental officials in order to really have tailor made solutions for the governments in need. On mitigation. So the reduction of emissions. This is where the momentum is in our perception are absolutely outstanding. It's very clear that the private sector wants to play a key role and actually has to play a key role. Our assumptions with respect to investment needed is based on the current investments of around 300 billion US dollars in renewable energy related technologies annually. That's already happening. And if you total this up to with other technologies like CCS carbon capture storage, if you look at the beginning of more investments in hydrogen. We currently see around 500 billion dollars annually in investments. However, this is by far not enough. If the world wants to transform to to net zero by by 2050, which is absolutely essential. And here we are fully aligned with with all others who are active in this field. However, these more than a thousand billion US dollars of investments annually, they won't happen just so. And here I'm getting back to what I mentioned earlier is we do need plans. We currently have a strong appetite and willingness to invest much more into green technologies. And then probably, Johanna, so the next week after we will echo this. So the willingness, the interest is there off of the private sector. We want to shift from brown to green. And actually us like me agree and others and I guess Zurich has as well have committed to the net zero asset owner alliance. So that's not just a clear signal that I think underlines what we what we want to do. However, if the market are not there to provide these investments, it's just extremely challenging. And by the end of the day, probably not really possible to to invest what needs to be invested. One vehicle, one element, one key element we believe is necessary to to become part of this roadmap is a clear carbon. Price signal and not just where we are today. We are today, depending on which carbon instrument we're looking at the European admission trading or the carbon text, which we, for instance, have in Germany. It's still way too low to really have a meaningful impact on on this energy transition and the transition in other sectors as well. So the call is for a clear and higher carbon price, at least somewhere in the order of 100 US dollars per ton within the next couple of years. So it delayed us by by 2030. And then last but not least, we all as civil society, governments, public and private sector, we have to be honest and clear that if we want to have these investments happening. We also need to find the right framework on how to pay for it, not just to finance it, how to pay for it. And that's about the social question in domestic situations. So within countries like in Germany, how to how to achieve this justice element there and how to consider the social impact and consequences. And the same applies even more when we look at developing emerging countries and the need to finance projects there and invest in projects there as well. Let me let me come to the end of my my intervention by just outlining briefly what we do with with respect to our clients, how we engage with our clients. We are not only a member of the net zero asset owner alliance, we're also a member as Munich agree of the net zero insurance alliance. So meaning that we also transform our insurance business or core business to net zero within the next decades by by 2050. And that means engaging with our clients to share at an early point in time that we don't leave them alone. We're not just saying well, next year we are out of coal next year we are out of oil and gas or so. We are engaging with them and trying to support him or support them on a transformation pathway towards net zero so that it's not just not just the talk the talk the talk the blah blah blah as we heard from from others. Last week at the COP, we need to deliver. Many of us in the private sector are absolutely serious about serious about supporting the Paris targets, but we do need the right framework. And I think it was Gonzalo, who talked about also policy and regulation which is necessary to unlock private sector capital. We are ready to support, but yes, we do need policy and regulation which allows us to invest. Thank you very much. And with that over to you, Johanna. Thank you very much. Well, it's going to be hard to truly add to what has already been said by Robin Ernst, but I will try. So good afternoon everyone. My name is Johanna Köpen. I'm the head of responsible investment from Zurich Insurance. Honestly, I've been watching the COP over the past two weeks in the news on Twitter, and it's truly been a roller coaster, but also very exciting one for a large asset owner on the way to net zero ourselves as many other speakers today as insurance company. We have pledged to net zero in our operations in investment management and also in underwriting. And we do know that COP, fundamentally, is a political negotiation. It's a political framework, and that's why all eyes are on. And I would agree with previous speakers who said you can't see it as glass half full or half empty. Some things have accelerated more surprisingly than we had thought. And a very big highlight is truly the announcement that the US and China are committing to work much more together to actually solve that problem. It was a surprise for many of us. Other things were much slower than we thought and negotiations are still ongoing. But I would also like to echo colleagues in saying that although the spotlight lies in politics, this COP has been amazing in galvanizing private sector action for climate change. I was already amazed at this last year that the pandemic that we're all dealing with could have derailed our focus on climate change, but it didn't. It actually accelerated it. And maybe having to move COP and having two years to work towards it actually helped. Answers are already spoken about the net zero asset owner alliance. And it was only two years ago truly in September of 2019 where I had the pleasure with the first 12 founding members of the net zero asset on alliance to be in New York at the UN. The UN climate summit will be committed 12 asset owners worth 4 trillion assets and the management onto a net zero 2050 journey. And back then many still called us crazy. Well, over the next two years, there was the foundation of the net zero asset manager initiative, the net zero banking alliance, the net zero insurance alliance and ready for COP with G fans. We do have now 130 trillion assets and the management from various financial institutions committed to net zero journeys. That's huge. We said it's only 40% of assets and the management and of course some of them will be double counted between asset owner and asset managers, but it's an immense financial power. And I think it truly shows that the sector is there to show up. Now speaking with our head as an asset owner that is trying to navigate a huge portfolio to net zero and has just started setting into him targets and working on it. We can really view what's going on in the big space out there from various levels. We started setting targets on corporate emissions in our listed equity and credit portfolio because that's where a lot of the finance emissions come from. And as asset owners, we take responsibility for those emissions, but it's truly important to always remember the actual emissions could want to come from the real economy. And then of course, governments as well and the land use. And then of course it's the finance emissions that sit in some investors portfolio and given that some asset owners, delegated asset managers, those finance emissions might even show up in two portfolios at the end of the day. So we need to be cognizant of that. And as speakers have already said, our support to drive down those emissions is really to focus on engaging with corporate. So it's truly important that corporates move and reduce their emissions that can happen through a lot of different incentives. So that's what we're really calling out for all governments to ratchet their NDCs and we know we're not at 1.5 degrees yet, but there really has been big progress. That is very much to be applauded. Now, those plans of course need to be broken down into pathways and incentives for corporate. So the corporate start moving and then the investors stay ready to engage with them to ask them to do it to ask governments to give them that visibility and then to do it together and start acting and then to finance that transition and really stay on their side in order to help them get there. So definitely progress on that side and also running up to COP 26. It's over 2000 companies now that have committed to science based targets under the science based targets initiative more than ever before. And we hope that will keep growing. Speaking about financing the transition that's truly also really important part. How do we allocate capital to making things better and there are a variety of instruments out there. It's staying with companies through listed equity and credit that are transitioning. It could be through nature based finance and they are also echo that it's wonderful to see the recommitment of countries to really protect the existing forests and stop deforestation and we hope they will act on it. And then make sure that we allocate capital. One of the biggest hurdles is that a lot of this needs to happen in emerging markets where typically large institutional investors might not be able to allocate most of the money. So we need intermediaries in between and we need new systems and vehicles of doing so. And to me personally I was actually most delighted to see some of those vehicles come into play. First and foremost I guess you all heard that for the first time ever there was a very explicit deal between five donor countries. The US, the UK, Germany, France and the EU through their official development aid that they made a commitment to help South Africa with a direct 8.5 billion payment over the next three to five years to help shift the most carbon intensive country in Africa. Invest into renewable energy and shut down their coal fleet. So this is really, really interesting. Another mechanism that we've been talking about in the market for a while that hadn't come to life yet now appeared. It's called an ETM, an energy transition mechanism and it was the Asian Development Bank that announced they will set up the first one with a pilot fund worth about 2.5 to 3.5 billion dollars working with the Philippines, Indonesia and Vietnam. And with ADB funding will actually go into those countries by coal power plants and then start actually shutting them off earlier than planned and replacing them with renewable energy. Now I go into the area of speculation here and want to disclaim that but as an investor who's been very active in impact investing for a while and especially in the green bond space. Those are the mechanisms that might be quite interesting for us either in a blended finance version or maybe you know some of those. I mean ADB of course is a very large amount of green bonds might an ETM fund end up in the use of proxy category making helping those transitions fundable for large institutional investors. And also many of the countries that are helping South Africa have a green bomb program. So maybe they might end up refinancing some of the commitments they make through a mechanism that we already know. Now there are no commitments out there. This is brainstorming, but maybe we're starting to unlock certain pathways where we can all work together and help. I guess those were the most interesting things that I wanted to share. There is hope. I think the financial sector is here. Much needs to be done, but we do know that helping the transition will be so much cheaper than needing to pay for cleaning up all the damage that will happen. We keep asking for a ratchet up of NDCs to truly meet 1.5 degrees. We keep asking for a carbon price and the phase out of fossil fuel subsidies. And of course all the promises that have made that they truly turn into action. But there was progress and we will work with that and hope that the momentum doesn't stop there, but that we can truly keep it up. Thank you. Good afternoon. My name is Julian Secret and I head up the leadership portfolio at the University of Cambridge Institute of Sustainability Leadership. And I work to develop leaders to put sustainability at the core of their leadership and in their organizations. So my role here is to summarize where we've got to with our commentary today. Thank you to all of our concrete leaders. In summary, COP has been an amazing magnet and focus for thinking and collaborating and bringing together ideas, ambitions, science-based targets and pledges. And Glasgow has hosted people from across the world coming together with the mandate, energy and desire for change. And just thinking about our contributors, as Claire started out, you know, we need to think about action, accountability and acceleration, going further and going faster. Emily told us that she felt progress had been made, but she was cautiously optimistic because more needs to be done. And there needs to be further recognition of nature and the voices that are needing to be heard, particularly in Article 6. Gavin tells us about the importance of open innovation, the sharing of data and how that's going to help us to accelerate moving forward. And Elliot, the importance of the granular rollout now and the action that needs to be taken, that we're on the cusp of this being the strategic factor for business and organizations moving forward to shape all the decisions that are made as we move ahead. That Paris has succeeded in growing our targets but failed in not going fast enough. Gonzalo needs us to get down to work. He shares his thoughts around us having this real energy around the common objective, but we need that policy and regulatory framework to support. He explains that for some it's a glass half full, for others a glass half empty. And Nina, she talks about making the pledges a reality and the importance of the viable cover market and moving from excited to expecting. Rob tells us about the importance of the financial planning frameworks and the importance of those being developed at pace. And the consistency and importance of moving to more transparent standards in some transition plans and the important role that capital will play. Ernst tells us of the importance of a clear carbon roadmap and price, finding the right frameworks of how to pay for this during transition and engaging with clients to support them in their transformation to move from the blah blah blah to delivery. And finally, Johanna talks about the political framework and its importance and that cop has been really magnificent in galvanizing the private sector to action for climate change. So that just gives us a summary of our comments today. But as Claire said, we need to go farther and we need to go faster. Business as usual is no longer an option, and we need to consider the true cost of inaction and make that shift to a new paradigm. The finance sector is well positioned to value the risk of inaction, but also well positioned to fund the opportunities that lie ahead for those that innovate and act wisely and plan to create value for the long term. Business has a critical role to play in taking the initiative and thereby influencing governments. Influencing governments to legislate for a fair transition and incentivizing positive change rather than putting those organizations who choose to do the right thing at a short term disadvantage. So the why is behind us. And this is now about the how and the now. Planning and talking are critical. But now is the time for action. Now is the time for leaders to build that trust and to make it happen. But as all to step forward with the courage, the commitment and the compassion to shape a world fit for future generations. This is our responsibility and we are accountable. Now is the time for leaders to galvanize and motivate the people in their organizations to align behind a sustainable purpose. One that delivers on climate, people and nature and ultimately long term well being for all of society. And with that purpose comes clarity and meaning and authenticity that provides the North Star for decision making to move this agenda forward. So what kind of leadership do we need? We need leadership that can navigate this complexity and uncertainty to transition and transform business, finance and government at this critical moment in our world. How can leaders transition their people and organizations from an organization fortified for profit maximization business as usual to one focused on a sustainable purpose. A meaningful reason to exist that delivers value to its stakeholders and makes a strategic contribution to long time well being for all people and planets. Whilst COP26 has focused on leading climate change to affect the scale of transformation required, we need to focus on people, nature and climate. Leaders who understand that a just transition to zero carbon requires us to consider the long term well being of society, as well as the custodianship of the world's natural resources will contribute towards positive systemic change. A systemic crisis requires a systemic response and we encourage leaders to work collaboratively to bring about transformational change. This requires leaders to work across three horizons, first to meet the stakeholder expectations in short term with as much resource efficiency as possible whilst envisaging and communicating the desired future state for the business. At the same time, leaders need to transition their teams away from business as usual aligning behind a sustainable purpose. And in addition, leaders need to enable and empower their teams to transform strategy and innovate business models in order to deliver organizations purpose through solutions that meet stakeholder expectations and ensure the health of the social and environmental systems in the long term. At CSL, we help leaders to understand the context and the pace and scale of change required and we help them to see the systemic nature of the risk and the tremendous opportunity that it presents for business. We encourage them to innovate and collaborate to change the way they do things, systems and business models to deliver value through sustainable solutions, bringing stakeholders together across the system and the sectors to work out how to initiate and sustain the delivery of values in ways that have a positive impact on the long term. How can they initiate and sustain the delivery of value to have that positive impact? We also encourage them to think of new ways to deliver value to all stakeholders and ultimately long term well being for all. And of course the UN SDGs are the most globally agreed strategy to achieve this. As leaders in the current context, we all have great accountability to maintain the momentum now from this COP and to drive to deliver through on these targets and pledges and more. And this requires a special type of leader, a leader who embodies the empathy and resilience to see things through, to make tough decisions, but most of all to create the right space and empower others to act so that we can go faster. Leaders are here to serve, not just shareholders and stakeholders, but to consider all of society and future generations, treating and considering others as they would like to be treated themselves. We encourage leaders to collaborate and to empower those around them both internally and externally to take action and to have the courage to pioneer new ways of creating value. We encourage leaders to shift their mindset, to get comfortable with not knowing all the answers, to get started with the work to be done, to learn fast, to progress, to test, to sometimes fail, to succeed and to move things forward to deliver their net zero targets and beyond. We often find that leaders are hesitant to make radical change because they don't have the total solution, but innovation and technology will help us with this along the way. When working with leaders and organisations, we guide them to engage their people to define and establish an ultimate purpose, a purpose that serves society rather than just focusing on shareholder value. And then we help them to develop a strategy to deliver that purpose, which has sustainability at its core. Leaders can engage their people to define that sustainable purpose for their organisation, and through this they will give clarity, authenticity and meaning to the work that they do. This in turn encourages talent and young talent. It drives their performance, it delivers value, it builds health and resilience across the multiple stakeholders and ultimately everybody's motivated by the concept of doing this in service of long term wellbeing for all people and planet. One of the key challenges we find with leaders is that they need to ensure that their main board and governance are aligned with the executive in their ambitions that they can drive the sustainability across all dimensions of sustainability. And they need to share a shared view of what good looks like because this helps to ensure that they give time and attention to plan for major long term opportunities and risks. We encourage leaders to ensure that they have a strategy that aligns value creation models with the delivery of purpose in a commercially viable way, innovating to create new models and transitioning existing models. We also ask leaders to reflect on their own role as a leader at this important time. What is their personal purpose and commitment? What is their inner compass telling them? What do they want their legacy to be, legacy to be, and what do they want to be known for? Doing this helps give leaders the courage. It helps them to see what this means to them. It gives them the courage and the clarity that they need to do their work and the resilience to make difficult decisions and influence others when the going gets tough. We also guide leaders to consider the importance of culture and the value of a shared organizational purpose in bringing clarity to the work and culture and the decision making to deliver value through sustainable solutions. We help them to think about aligning organizational hardware, the metrics, the decision tools, the systems, structures and processes, as well as the software, the culture, the narrative and the way things get done around the place. We encourage leaders to influence a culture that nurtures trust, open and honest dialogue that enables support and challenge to accelerate performance. However difficult this is, we can't walk away. As leaders, we all have a responsibility to do the right thing, rather than living to regret the decisions and actions taken on our watch. Those who have chosen to lead and take responsibility and accountability are bound to use influence wisely and create the right conditions and space to empower and enable others to move this agenda forward and at pace. We advise leaders to put their ego behind them and push forward with what they know to be right. To get on board with the skills, the knowledge and the behaviors to take this agenda forward and to reward results that generate value in a way that protects our future and treats individuals with respect. In the short term, we need to use all the quick wins we can to make business efficient and sustainable and profitable, whilst taking steps to innovate, collaborate and transition to transform our organizations to what they need to be for the long term. In summary, the leadership we need is purposeful and visionary, setting direction for the short and the long term, motivating and sense making, creating value and meaning in the light of organization, individual and the wider societal purpose of long term wellbeing for all. It needs to be innovative and pioneering, able to create value for society in a commercially viable way, pushing boundaries, pivoting to seize opportunities and being creative and willing to disrupt when needed. It needs to be human centered, wise, compassionate, values based, empathetic and authentic, and leaders need to be present and have the ability to deeply listen, coach and support and challenge to get good results and outcomes. Leaders need to be agile and adaptive to lead change. They need to have an open mind, be curious and engaged with critical thinking, with the ability to embrace multiple perspectives and clarity and decision making, being open to learn and unlearn. And also, they need to be systemic and strategic. We've talked a lot about the importance of understanding the systemic nature of this challenge, and leaders really need to see how their work fits within the system and the cause and impact that they can create. They need to bring about systems change at multiple levels and they need to understand the macro and the market trends and have the ability to assess those opportunities and risks at a systems level to inform decision making with the ability to create value and impact through sustainable solutions. The leadership we need moving forward also needs to be inclusive. It needs to value diversity of individuals, whatever their role, race, gender or background, and be conscious of bias. They need to nurture trust and create psychological safety and promote ethical behavior to create a culture and space where people can grow and thrive. They need to have the ability to engage in radical collaboration, and we've seen this in spades over the last two weeks. The ability to communicate and influence change by aligning behind a shared purpose and ambition to create win-win outcomes for people, nature and climate, and being able to work with difference in a distributed leadership way to create partnerships in order to move faster. Finally, leaders need to have resilience and courage to pioneer new ways forward to build organizational and personal robustness and well-being so they have the energy to operate and make decisions amidst uncertainty, ambiguity and complexity. So how can we help at CISL? At CISL we work with business, finance and policymakers guiding leaders and organizations to help them to build a roadmap for their transformation in order to achieve zero and deliver solutions that support people, nature and climate. And we do this through education, research, convening and acceleration. Part of this works brings organizations and leaders together so that they can share both leading practice and their challenges. This ensures that our research addresses real knowledge gaps that firms are facing and provides solutions that are both ambitious and practitioner useful. One such example is our achieving zero campaign, and this shows how it all fits together. It brings together work from across the organization, including drawing lessons from the global insurance system and highlighting opportunities to build systemic resilience as outlined in our recent risk sharing report. We work with individuals and organizations to help them to build alignment around their organizational purpose, their strategy and their business models to set goals and evidence based targets, measures and reports. To embed net zero practices in operations and value chains and to engage, collaborate and advocate for change across the regions, sectors and markets. And finally, we all have a duty of hope within our gift for future generations. Let us take joy in our contribution. Let us be prepared to shift our mindsets to do things differently and make possible a positive future for young people and their children. Thank you. So I'd like to just finally, as we draw to a close, thank all of you for joining us today. As we move to the crucial steps forward in this journey as we move to the end of COP26. I'd like to say a particular thanks to Phil Duffield of Scottish Power and the technical support from Frank Ford. But I'd also like to say a special thanks to our speakers. Claire Shine of CISL. Emily Schuckbra of Cambridge Zero. Gavin Starks of Icebreaker One. Elliot Whittington of CISL. Gonzalo Sayens-Demiera of Ibedrola. Nina Seger of CISL. Rob Bailey of Oliver Wyman. Ernst Roach of Munich-Rey. Joanna Cobb of Zurich. And Bronwyn Clare and the team at CISL for all the organizing and planning. And thank you finally to all of you for joining us today. And I hope that you found it to a helpful summary of all the work that's gone on over the last two weeks and beyond here at COP. And as we move forward together to make change happen. Remember this is happening on our watch. We are accountable and we all need to take action now. Thank you.