 I've been working or thinking about this subject of climate for about 33 years, at least in my professional life. And I think this is the best document I've ever seen to describe it. I think it's a masterpiece. And I say that basically, climate-wise I say it as I am. And if you work in the industry, it's a reminder. If you don't, it's a revelation. But to all of you, it will resonate. So thank you so much to all of you. Thank you very much to those who have contributed. So welcome. We are delighted to be able to host you here during this COP26. We need to build a much better understanding between public and private sector of where our objectives can be aligned, how we can share and collaborate on serving our own needs and working together to shape outcomes that work for all of us. You may know my responsibility as for overseeing the development of Glasgow's economy and actually in all seriousness, our insurance industry is one of our strongest sectors when it comes to where our real growth opportunities are. The location quotient that we have for insurance companies is the highest actually of any sector that we have. Thank you very much to Kevin and Susan for the very, very warm welcome here to this beautiful venue in this beautiful city. I'm very appreciative too of the particular grounding it has given us as we moved into the next stage into launching the report where we can talk and see where that sort of the rubber hits the road, that element of how do we then engage as a finance industry, as an insurance industry with policy makers and people who are looking at how can they change their cities to be more resilient, how can they move their industries to be aligned to net zero and asking how is it going to affect the daily lives of the people that they represent. Getting to this point today is the result of so many people, I could say around a hundred, collaborating with us very actively and significantly since September last year. Thank you to our very impressive global advisory board of regulators, policy makers and industry that contributed very generously with ideas and reviews. Thank you also to their teams and to other key contributors, not on the advisory board, but who also made a major impact. We have identified 20 actions across risk quantification priorities for the insurance sector and for the wider financial sector and also risk sharing priorities for resilience net zero and a just transition to resilience and to net zero for all. We propose two paradigm shifts. One, insurance risk quantification across the public and private financial systems. This report makes a convincing case that both the public and the private sector have a role to play to better identify, measure, manage and reduce financial risks stemming from climate change. In particular, the insurance industry, as a key part of the existing research and risk pooling mechanism, has developed procedures and techniques for risk quantification and governance that could be helpful more generally to shape the private and public response to challenges posed by climate developments. Once we know where the risk is and who it falls on, individuals, organisations, governments, we must share it at a scale. Ultimately, all the actors of the risk sharing domain, tax based and premium based, should work in a public, private and mutual risk sharing continuum operating within countries and among countries supporting each other, insurance and wider risk sharing targets should be a significant part of national adaptation plans. I fully support and celebrate the first recommendation for COP26 to reinforce financial inclusion and sustainable development priorities within insurance regulators mandates. Development mandates allow to explicitly include a duty to reach to the under insured or the not protected at all. The Cambridge Institute for Sustainability Leadership excels at creating partnerships between academia, industry and policymakers. So this report, this call to action, is one of those examples, not only through the advisory board of 20 different heads of prominent institutions that we have had contributing to it, but also our co-authors. So we have Nigel representing from Clyde and Co representing industry and Jeff Summerhaze representing regulation. Then climate disclosure, there's a lot in the report about this. So in the UK now and increasingly in other countries, insurers are going to be called upon to disclose their climate related physical transition and liability exposures. When rigorous methods, metrics and data are available and developed to quantify these risks, we recommend that current climate risks are incorporated into insurers' capital requirements. To sum up then, these and the other recommended actions in the report would allow insurers underwriting, their investment portfolios and their highly developed risk expertise to play a greatly expanded role in a just transition to a climate resilient net zero world. As a former regulator, I wish to highlight the following recommendations for global standard setting bodies, policy makers and regulators. Firstly, rethink regulatory time horizons to align with the transition pathway. Shift risk assessment from short term to intergenerational. Use insights from insurers and regulators to highlight the potential impact of physical transition and liability risks for the economy and society. Strengthen regulators climate related mandates to enable these shifts. Increase data sharing across insurance and financial services, especially with banking to improve decision making. Mandate TCFD disclosure. Require regulators to assess and serve the uninsured market so society is better informed about community exposure. Policy makers and regulators should remove impediments for infrastructure investments in a low carbon future. Regulators should require insurers to set carbon budgets at an underwriting level. And finally, upscale the investment of insurers in the green economy and the transition from brown to green. Time has run out for encouragement and support of words. Policy makers and regulators need to go further and act quickly to ensure financial stability. Today's report rightly emphasises the need for wider risk sharing which will mean our sector working with government and the wider economy. There are presidents for successful public private risk sharing arrangements. The UK's flood re-scheme, which I know there are representatives in the audience with us here today, was painstakingly negotiated between the ABI government and others over several years and was a genuine world first. Since its launch, it's helped 300,000 households at high risk of flooding secure affordable insurance. I think the thing that comes out really strongly in the report is this isn't a one sector, one product. And if you think of it like that, it's obviously helpful. Look at what your own business can do first. But actually each individual part needs to be pointing in the same direction here. And I think that comes out really strongly that if we look at our membership, we've got the long-term savings sector are the ones with the massive pools of capital that can invest in the transition. But that's not distinct from the risk. The earlier we invest in the transition, the more we reduce the risk, both in simple terms that will reduce the amount of extreme weather. But actually the quicker that colleagues from Glasgow Council are going to talk about all their opportunities, the quicker we get those built and get those to be scaled up so that they're affordable, the less financial risk is associated with these. So I think it's really important to have all of this pointing in the same direction rather than thinking my job is to settle claims when there's a disaster and it's someone else's job to worry about paying for it. I think this report does that really well. I just sign off by saying I wish everyone here a really successful COP26. As a number of us have said, we need to talk, collaborate, debate, disagree, agree and cooperate like never before.