 Hello everyone. Good morning, good afternoon, good evening, wherever you are in the world. It is a pleasure to kick off this session today, the Industry Day of the Race to Zero Dialogues. My name is Anthony Hobley and I am the Director of the Mission Possible Platform, a collaboration of the World Economic Forum and the Energy Transitions Commission. It is a pleasure for the forum to co-host today's session with the International Prade Union's Confederation and with the COP Champions team. The session is part of the forum's Climate Action Drum Beat in the lead-up to COP26. Today we've just about 12 months to go to Glasgow. We must all step up our commitments and make sure that we turn commitments into action and collaboration. That's what we call at the forum the three A's, strategy, ambition, action and alignment to deliver a net zero climate aligned global economy. The Industry Day of the Race to Zero is just about that. It's about bringing together heavy industry, consumer industry, government, civil society to mobilise concrete action and to accelerate the net zero industry transition. We must all do our part to support the healthy, resilient, zero carbon economies that create decent jobs, unlock inclusive and sustainable growth. That transformation is well underway but we all know it needs to go faster. So we must convert ambition to scaled action. This is what we're going to focus on in our sessions today that kick off a total of 10 sessions ranging right across industry throughout the day, which we're running on behalf of the High Level Champions team in partnership, as we said with the International Trade Union's Congress. Please go to the forums or the Electrical C's website to contribute, debate and have your say on how we shape today. And also during the session you can contribute through Slido. You'll have seen the slide before with the link. I hope many of you used your phones to connect but if not, please go to Slido and you can put your questions to the panel. I would like to introduce our two High Level Champions, Gonzalo Minos, the Chilean COP Champion from Chile and Nigel Topping, the UK's High Level Climate Action Champion, representing the UK's COP26 team. Gonzalo, over to you. Thank you very much, Anthony. And definitely welcome everyone to the second day of the Rated Seer Dialogues as Anthony will explain. We will focus today on the net seer transition in industry. First, on behalf of both Nigeria and me, we want to say a big thank you to the World Economic Forum, the mission, possible platform, the International Trade Union Confederation and all our incredible partners for bringing together leaders from industry, government and civil society to mobilize action and accelerate the net zero industry transition. We know that we need to scale up commitments and keep up the momentum to maximize progress and tangible outcomes at COP26. What that means varies widely across the different stakeholders within what we call industry, goes from steel, aluminium and mining to apparel and fast-moving consumer goods and across their scopes and different value chains. They all have unique challenges and opportunities on the path to net zero emissions. Thanks, Gonzalo. I must first thank you for getting up at silly o'clock. I don't know what time it is in Chile, but I feel like I have to get up early, but it's like four o'clock in the morning. So great to see you and thanks, Anthony. I hope no one from any of the other dialogue days is listening in, because I have to admit this is my favorite day having spent the first half of my career in industry. So as Gonzalo says, there's a real broad scope today. But as well as those individual challenges of each sexual transformation, there are some really important points of interconnection where gains in one sector can have powerful ripple effects throughout all industries to accelerate our progress towards decalibration. In fact, I think we can see that some of these ripple effects are now becoming surges. I think of some of the technologies like storage or hydrogen which cut across so many sectors. I know we'll be hearing about those. The purpose of our morning briefings is to frame the vision of the theme for the day, in this case industry. Drawing on the work that you Anthony and your team and everyone else in the Marrakech partnership community has been putting together on the climate action pathways to set out the blueprint for the vision with a particular emphasis you say on the first steps, but also a clear sense of where we're going. I like to think of these visions as an exercise in rigorous imagination. I think that we often forget that imagination is the key tool in the engineers toolkit. If we can't imagine something, then we can't build it. So let's look back from 2050. In 2050, industries look very different to how they look now. They've gone beyond net zero emissions to become regenerative. They're delivering tangible social and economic and environmental benefits to the world at large, such as dignified employment, social inclusion, regeneration of nature to name but a few. And no single factor can explain that radical transformation. This is systems transformation. It's the outcome of the accelerating feedback between multiple drivers of change, new technologies of course, novel business models, progressive public policies, enlightened customer choices, forward-thinking investment decisions to name a few. Sure. And I'm getting there and connecting to also what has been moving me during the last years industrial production will follow a circular logic. Then series resources will be used again and again and necessary waste will quickly become a thing of the past. As we say in Tricyclist, waste is an era of design that can and must be corrected. We'll talk about that during the day. The volume of natural resources used by industry will be well within planet capacity to replace. We will also see the rise of positive feedback loops, regulations, financial markets and cost consumer behaviors will be structured in such a way as to reward those businesses that act responsibly. Carbon action will definitely become a source of competitive advantage and data driven transfer system would allow misaligned companies to be quickly identified. High carbon legacy firms will swiftly definitely disappear. Yeah. And I mean, I just saw in the news today, I think a $600 million investment in the coal fired power plant being written off as a good example of high carbon legacy firms being valued correctly. And this is all part of placing our industrial system on a more socially responsible and environmentally sustainable footing. You could say this is part of the revolution of purpose, which young engineers going to the workplace are demanding now. And it's already seeing its huge benefit for business competitiveness. And we know that in 2050, net zero companies will be the ones that have been resilient to the effects of climate change and natural disasters. And those companies have gained considerable efficiency savings, lower costs, greater employee engagement, stronger brand loyalty, early access to new markets. In fact, that's a list that echoes what a group of CEOs were telling the UK Secretary of State, Alok Sharma, when they were talking to him on a round table a couple of weeks ago about the benefits they're already seeing. And it's 30 years to go to 2050. So these changes are definitely already happening. As they've done in every industrial disruption in the past, the pace of change we know is always painfully slow at first, but then goes exponential. And this is the decade of exponential change where volumes go up, costs go down, actually in quite a predictable learning way, and transformations follow the S curve through to full market adoption faster than any incumbents ever predicted. And we'll be seeing sector after sector where the pace of change now is way faster than anyone predicted three years ago. And that's why we're so excited to be opening day two of the dialogues to hear under the expert curation of the Mission Possible Platform, ETC, WEF and ITUC, hear about these new systems transformation from different perspectives so that we can learn what to expect in our collective race to the zero carbon economy of the 2040s. Great, Nigel, and Gonzalo has an excellent segue into the amazing panel we have for you here. And I think you pretty much described the sort of virtuous flywheel that we would like to talk about. So that flywheel is really starting to go. I'm going to dive in the interest of time. I'm going to dive straight in and introduce our panellists as I come to each of them. To be honest, we have such a great panel from across government, civil society and industry, they probably need very little introduction. First, we have Sharon Burrow, General Secretary of the International Trade Union Confederation, our partners for the industry day today. Sharon, heavy industry supports millions of jobs and workers in these sectors we're talking about and they've historically won after a hard fight, good conditions via collective action. And that could potentially be a barrier to the change we're talking about today. So how do we ensure that this is seen as a jobs focused, just transition with policies designed to trigger the shift to green industries whilst at the same time ensuring decent work within them. So good morning, Anthony. And indeed, thank you, Nigel and Gonzalo for all the work you're doing to manage these discussions. But Mission 2020, of course, we are very grateful for the partnership because workers matter. Workers are at the centre of delivering the product that we're talking about. And indeed, these industries hold very good jobs. They're very well unionised, they've often set the pace for the standards of livelihoods, of safety, of the kind of decent work that we talk about for every sector. If you look at this industry, though, many of these plants are actually also at the heart of communities. So they generate many other jobs. So they're vital to both the workers and their families, to communities and, of course, to the nations that they serve either directly or indirectly through trade. But we take the view that every sector, every sector has to transition to give us a fighting chance to meet the net zero targets. But it must be a just transition. There's no doubt that if it's not based on social dialogue and agreement with workers, if it's not ambitious, and that means we're necessarily backed by government, then this will actually risk jobs. Whereas if we make the transition, it will protect and potentially grow jobs into a net zero economy. But we cannot stand back and allow these sectors not to transition because what that'll mean, Anthony, is a steady decline. I must say that the prevailing view in this industry, when I sat on the new climate economy, everybody knew you had to get to it. But there was a kind of prevailing view it was in that other, too hard to address camp. Well, mission possible changed that. And it gave people like me and I know Nigel and you and others real heart that we could make this happen. So steel, aluminium, cement, think about those sectors. They're vital for construction, for transport, for manufacturing, and so much more. And now those industries themselves are actually demanding cleaner production. So it's not just the jobs in heavy manufacturing. It's the jobs in transport, in construction, in cities and mass transit, in all of those areas, including services. And don't discount consumer choice. If the construction sector says we want to build six, seven star buildings, then what is going to be the demand back into those heavy industries? If mass transit in cities says we want lighter and greener construction for electric vehicles, what is the prevailing view going to be taken by those industries? So it will also take procurement rules, government, industry to actually push the sectors to make it possible. I would simply say one thing, there is a big danger. As we crack the kind of, if you like the holy grail of why you need intensive heat for production in these sectors, then just be aware, we cannot repeat the mistakes of the past. So an expansion of gas is short term because it will require the same transition. Dirty hydrogen is not the answer. So we have to get it right. And the only way we're going to get it right is everybody's at the table. It does please me to see some industry sector consumer bodies are actually, sorry, employer bodies are actually there, but many aren't. And so we need to make sure that where that's the case, where you have leaders, those industries are protected as well. And it may require border adjustment strategies, but all of this will take dialogue and agreement. The message is we can and we must do this. Sharon, thank you so much. I mean, there's a lot we can do in industry to show that this works and to do systems demonstration and to push early innovation. But the role of governments in our virtuous flywheel is absolutely critical. Next, we have Isabella Lovin, the Deputy Prime Minister of Sweden and Minister for Environment and Climate. Isabella, how can governments work in collaboration with industry to enable systems level transformation? What is your experience? Sweden's a leader in this transition in many, many ways. So what's your experience on the sort of the role of public-private cooperation? Perhaps if we take the pioneering hybrid green steel project as one example. And the other your leadership alongside India in the group in the industry group for transition lead it. Well, thank you. Thank you, Anthony. Thank you to the World Economic Forum and Mission Possible for arranging these very important dialogues. And before I answer your question about green steel and hybrid and the creation of real sustainable jobs in Sweden due to the green transition, I'd like to answer the question about how we can facilitate and make it possible with the green transition and create new jobs and make it a just transition. And I think the pathway forward is in three steps. First of all, you need clear policy. You need predictability. And in Sweden, we adopted a climate law in 2018. We had a broad majority in the Swedish parliament behind a climate framework with real accountability for each and every government up until 2045, where the Swedish parliament set a goal that Sweden should reach net zero emissions by 2045. Now, the next step is of course resources and financing. And the Swedish government has allocated a lot of funding for the industry to make real technological leaps. We are a very, very export dependent country and we have very many heavy industries, one being the steel industry. So by a financial co financing mechanism called the industrial leap, we also provide support to these industries so they can really contribute to our goal of getting to net zero emissions by 2045. And I get back to that. The third pillar in this work is the public private corporation. And we created a platform called fossil free Sweden where sector by sector, the Swedish private sectors and also together with municipalities and the academic world can work, work out road maps, how to get to net zero emissions by 2045. Now, as a result of this work and supported by these measures, one practical example is the hybrid project, which is I think world leading on producing fossil free steel by clean hydrogen, not the fossil one that Sharon mentioned, but really produced out of renewable energy. And this is really a paradigm shift for the steel industry in Sweden. It accounts for 10% of our emissions. And now we already have a pilot plant that is built and already producing a clean steel up in the north of Sweden. And when I visited the north of Sweden, Luleå and met with the workers there, they are so proud and they're so enthusiastic because they know that this is really securing their jobs for the future. And we're seeing a technological shift in steel manufacturing. That is the first one I would say in a thousand years when you go from coal in the steel production to clean hydrogen. So we need to really share these principles and share these experiences internationally. So Sweden together with India is working with the platform called lead it that the web launched last year. And it convinced business leaders and countries and ministers to enable and transition of heavy industries to net zero emissions. The first of December, the group will have its second ministerial meeting where it will discuss meanings topics such as the sustainable and inclusive recovery after the COVID-19 crisis. Demand creation for fossil free industry. And Sharon mentioned public procurement. And I think this is a really important part of the green transition and lost but not least how to implement the industry transition through technology, finance and NDCs. So what we want to see for the world is the next hybrid. It could be the cement industry, aluminium, many others that can be climate front runners. So the time for action is now. Three things are needed. We need policy frameworks. We need supporting financing mechanisms. And we need also platforms for sharing experiences and learning by doing and learning from each other with that. I think we really can make this transition much faster than expected. Thank you. Thank you, Deputy Prime Minister. Now we're going to hear from industry. We have Alan Knight, who is Director for Corporate Responsibility and Sustainability at Arsenal and Middle in the UK. Alan, at Arsenal and Middle you placed hydrogen at the core of your CO technology strategy in developing green steel solutions. And we've just heard about the importance of hydrogen. Can you tell us a bit more about the energy and technology pathways to get us to net zero in the field sector? And what is needed in terms of policy and finance solutions to support that transition to drive green steel demand in Europe and beyond? Okay, thank you. So firstly, yes, we see hydrogen as an important part of the solution for steelmaking. Both you can apply both to the blast furnace technology and the electric art furnace technology using different types of ore. But we also have other pathways as well. We're putting a lot of focus on carbon capture and storage. We're putting a lot of focus on carbon capture and utilisation. In a world which doesn't use fossil fuels, there are materials such as ethanol, which also still need to be made and can be useful. You can actually convert waste greenhouse gusses into those fuels using technology platforms we're building in Belgium. And sort of linking into the fossil fuel or fossil free technology platforms. We're also looking at using waste wood and waste plastics to display some of our coal. So yes, we do believe the long term solution includes hydrogen and hydrogen will be big player. Of course, that has to be green hydrogen. That's already been said. We don't gain anything if we stick with grey hydrogen or natural gas. And we see that as very possible. But we also see these other technologies as as important sort of the circular carbon principle. And you know, there is a theoretical possibility that if we use biomass, if we can get that in the night like quantities from sustainable sources, and we use storage, we can replicate the BEX model for energy where we can actually even become carbon negative. So yes, hydrogen is one pathway that there are many others. But yes, we rely on access to new materials such as biomass. We rely on hydrogen. That hydrogen has to be green and competitive and other forms of renewable energy. But for us, what we've got very confident in saying we have high degrees of confidence that you can make steel without carbon emissions. It's how do you make that steel competitive in a world where we're competing with steel made made in say, let's say the old fashioned way. So those issues such as policy and finance, which others already mentioned are very front of mind with us. Thank you, Alan. And actually maybe just to stick with you, because one of the questions I'm coming on Slido is to that very point. People don't want to pay more. So how do we ensure that companies shift to sustainable products while keeping the prices low? So the first thing we need is we need carbon border adjustment, which is already being mentioned. We've got to find ways of making steel made the old fashioned way unavailable. You know, the moment all the pressure on all the price on carbon is applied to steel made in Europe. It's not applied to still used in Europe. So even the carbon price is creating greater competitive opportunities for still made abroad to be imported into Europe. So for us, the carbon border adjustment really matters. Obviously access to low cost finance will help. But when it comes to actually green steel, I think there's a very important conversation still to be had about what is green steel? Is it still made with zero carbon? Is it still based on some of these technologies? Are some of these technologies more green than other? So what is a green standard and how do you place it? So I think that's a very interesting debate. We're working with Responsible Steel, which is working on it, but other people need to work on it as well. Thank you, Alan. Well, that's a fantastic segue into our final, but suddenly, at least, analyst, Maria Mendelucci, the Chief Executive Officer of the We Mean Business Coalition. And Maria, I'm going to blend the question we gave you from a very similar question that's come in on Slido. So how can we ensure accountability and transparency necessary to ensure the commitments translated to real action? And what role do developments such as the task force of climate-related financial disclosure, which, in trust with the UK, is just that they're going to make mandatory, I mean, we see a snowball in that regard. And common metrics around ESG for consistent reporting of sustainable value creation. And the question that came in, which is very, if I can now find it on there, there's some great questions coming in. So please keep them coming. It's along the lines of how do we hold companies to account? How do we ensure that they are really accountable to the emissions reductions in the transition, and we're tracking their emissions? Maria. Thank you. Thank you, Anthony. And thank you to the previous speakers with whom we're working really closely. So it was quite refreshing to hear from Alan the progress that it's been made. And what we want to see is that we track progress on what the company is doing. And this will provide confidence, recognition and rewards by the financial markets. But let's step back a little bit and summarize the issue at stake. We are currently on a race to zero as Nigel Arontalo has rightly put it forward. Within the Women Business Coalition, there are 1,400 companies that have committed to the take action platform. 1,000 companies have committed to science-based targets. And 1,200 companies are asking governments for the green recovery. In the meantime, countries like Europe, China, Japan, South Korea and in the US have net zero targets. So what is the role of, you know, we have all these companies and countries setting up very ambitious targets, but then how do we track progress? Well, I think it all starts and the TCFD is an excellent framework for companies to follow. It's been already supported by 1,500 companies and 42% of those are implementing it. And the first start starts with understanding risk and opportunities and develop targets. And that's where the science-based targets initiative provides an excellent tool for companies to project what they're going to do. Following that, they need to transform their strategies. We have heard about procurement practices, we have heard about investment in hydrogen, innovation, skills that will be required to develop these new strategies. The company needs to put that in place and then report progress and disclosure. So TCFD is an excellent mechanism. We're really glad to see the UK making it mandatory. We are asking governments from the women's business coalition that this should be mandatory and so that we can create a level playing field because investors need to have visibility on company actions on the risk and opportunities and track how they are advancing. And we think that it's very important to establish a dialogue between industry and investors. The World Business Council for Sustainable Development is in depth in different sectors and this allows both groups to create a common language, as you said before, because we are talking about complex issues that some of the investors do not have the technical knowledge etc. So therefore it's really important to provide the tools and the frameworks for them to have this dialogue. Excellent progress being made increasingly by companies from all the sectors, from the power sector with Iberdrola, La Farsalsim, Nest Levels, Vagen Shell or BASF. So I think TCFD is here to stay, but we need to work much more to build scenarios, create the common metrics and integrate climate change into risk management. So definitely coming to your question, this is the way to ensure that there is transparency and accountability. Thank you, Anthony. Maria, thank you so much. Deputy Prime Minister, I saw your tweet and like many in the world, you were welcome in the President-elect Biden. We have a question that has come in. How will the election of President-elect Biden change the progress towards the Paris Agreement? Thank you. No, I think it will have really a huge impact on the climate work and our cooperation ahead. I think with two perspectives, one the international one. The President-elect Joe Biden, he said that within the first 100 days of his presidency, he would sum up for a summit for the countries that are responsible for the biggest emissions in the world. So that's a really powerful sign that the US wants to be a leader again on the fight against climate change. He personally is also very, very much engaged. And there was, I think, one of the first senators to put forward a climate law in the US Congress. And the second, of course, very important arena for the new administration to work is nationally in the USA. And he has quite some ambitious targets to de-fossilize the electric sector by 2035 to put very stringent restrictions on the emissions allowed by cars. So to allow for electrification of the car sector very swiftly. Also, he's been very outspoken about wanting to abolish subsidies to go into fossil fuels and also protecting the Arctic and really the public ground that would not be any more open to more exploitation when it comes to fossil fuels. So it's really, I think, the message going to the private sector and to the financing sector will be very, very clear that there will be a boom in renewable energy and going over to new technologies and the US market is very big. And also that there will be huge support for the international work, both when looking at ODA, looking at how to support the developing countries to go to renewable energy and do a green recovery after the COVID-19 pandemic. And also the carbon adjustment mechanism that was mentioned earlier on. I think Joe Biden also has talked about that and how to use trade measures to accelerate the transition. Thank you. I'm going to take it now to Sharon on a sense building on that question and also another question is coming about China. But the appeal of certain more populist politicians and leaders has been perhaps coming from sectors of society who fear for their future and jobs and well-being and they perhaps looked to more populist leaders and whichever way we look at it, President Trump still garnered a lot of votes in the presidential election. How can this transition really reassure those sectors of society who feel excluded, feel threatened? And can we build a narrative of hope around the future and around jobs and around their well-being and security of their families? So, Antony, that's the core of it. We have to build not just a narrative, but we have to include people everywhere in their future. That's what just transitions about. If you ask a worker what they want today, what they want is a job, a good job where they can look after themselves and their families and have some hope for the future. And when you see transitions of the past and communities decimated by previous industrial transitions that were anything but just, then you understand the anger. When nobody talks to people who are in vulnerable sectors that must transition, then of course you're going to get anger. So, that's why we say dialogue. Just transition measures are very simple. They're about secure pensions, secure bridges to pensions for older workers who make that choice. You know, a guarantee of jobs where we can and skills and redeployment with income support where we can't. And of course, underpinning that has to be the secure universal social protection that is so vital. So, it's all about security. And I wanted to come back to a point that Deputy Prime Minister Loven made about, in fact, pride, where workers see their jobs as secure, where they are working with the companies to make the transition. And remember, their knowledge is extraordinary. They can tell you often more about the production base than most of the executives. So, where they have that pride because they're involved, it's an amazing thing to watch. And tomorrow afternoon, I think there's a union panel where the steel transition in Sweden with our deputy president and indeed the CEO of the steel company will be featured. But the other thing that we heard was about circular production. This generates more jobs and that will give workers more security. You know, I'm constantly impressed by cement companies. Again, everybody said that cement's just dirty. You can't have clean cement. That's an oxymoron. Well, not true. If you go to Damir in India and look at there, not just cleaning up the cement process, but actually looking at circular CCU, which we support, absolutely. Carbon capture and usage for other areas of production like organic fertilizer, carbon rods, which have the strength to steal all of those possible technologies. We can do this, but we must have governments on side. And that's why the US election has a lot of hope. Now, the new president will have to be courageous, but the unions will work alongside of him. They'll have worker support where you can see the trust in the future, and that means jobs and security. Thank you. Thank you, Sharon. In a moment, I'm going to come to Maria and talk about the road to COP and the possibility of delivering sectoral agreements across industry. But first, I want to bring in both Alan and Deputy Prime Minister Loving. There's a lot of questions, and I apologize to those who put them in on finance, but I'm going to try and sort of synthesize the various questions on finance. So clearly a lot of interest in how we finance the transition from early stage technologies through that sort of classical value of death where you've got a technology, but it's still perhaps not able to provide the returns to the private sector needed to when that comes out the other end, and you can scale technologies. We've seen much of this with clean energy wind and solar and now batteries and electric vehicles. So how do you both see that transition? And I think particularly, I think what's really come out of a lot of the workshops we've been running under Mission Possible as part of our transition finance initiative, we've been bringing the financial institutions together with the industries to talk about this and map out where you need the financing, what the risk profiles are, how you develop the sort of right financing products to do that is that the policy framework is really important and there's a critical role for public finance and private finance and the blending of the two. So perhaps maybe start with Alan. What are the challenges you've faced as a company in financing these new technologies from pilot plants through to scale up? And then perhaps Deputy Prime Minister Loving, we can talk about how do governments support that, but not in the right policy frameworks that give finance confidence, but also before technologies are able to produce the sort of the sort of returns that are looked for maybe Alan. Yeah, so when I talk to our finance people, you know, they would say, you know, we have lots of choices on how we can raise finance for our business, but what we need first is the business case to actually make those sorts of investment. And so we very quickly look back into the policy challenges about are we making still, which will compete in a marketplace, we're still still being made in the old fashion way, is there a return on this investment? So the obvious answer is still true, it depends on the business case and the policy. But yes, of course, access to finance at a lower cost, or designed to help us, so transition bonds, green bonds, grants, free money, you know, they all help. And we're seeing them emerge, you know, there's the innovation fund in the EU, which we've applied for some of our projects for, you know, for low cost money or free money to do it. But ultimately, it goes back to what you've heard already in this event, many people already know, is the policy, it's the market confidence that still made with new technology with more expensive operating costs can compete in a world where still is being made the old fashion way. So the business case for those investments is paramount, lower cost investments of funding, of course, is fantastic. But we need the business case fundamentally. Alan, thank you. And, you know, Prime Minister, I mean, Alan, maybe pungent cheek talks about free money, but it's not free money, is it? I mean, it's it's it's public money. But as we as we have seen, as we have seen deployed effectively, it can make a huge difference. We can produce, we've seen this with wind and solar now that you know, so you don't need that support forever. You just need that support to scale the technologies to the point where their cost competitive is not cheaper and better than the incumbent technology. So what lessons do you think we've learned from deploying those policies in relation to renewable energy and now batteries and electric vehicles that we can apply in the industry transition? Well, I think we can learn a lot from that. I think the EU has a lot of policies that relates to the emission trading scheme where the best available technology sets the benchmark and then you have to pay if you pay for your emissions, if you you don't apply the best available technique. And I think that could be a very, very interesting mechanism. For instance, if we're looking at green steel production, if that sets the benchmark in the future reform of the ETS, from the Swedish government side, we a few years ago, as I said, we launched this co-financing scheme called the industrial leap, where we're targeting the industry sectors that really need to have a technology technological transition. They just can't kind of go the energy efficiency way, but have to find new processes in order to produce for instance cement and steel. And we're co-financing these very heavy investments that needs to be done. And I think for most industries, it's not possible to do that in the initial stage. And this has really started a lot of activity in Sweden. And now we added to that possibility of co-financing also green credit guarantees from the state. So the next three years, some five equivalent to five billion euros in green credit guarantees from the state, we issue that so that the all the sectors that need to make this transition also can have credits in favourable terms where the state takes the risk. And I think that is a very small risk because we all know that the climate risks are much, much bigger as has been pointed out. So this is rather an opportunity, but also the financial institutions needs to weigh in the climate risk. But for the in this transitional time, the state wants to take and lift off that risk. Thank you. Thank you both. I mean, the way you both described and articulated the way industry and government can work together, fills me with hope. Maria, there's other ways in which business and government and civil society can work together over the next 12 months. And that's to deliver sexual agreements. You know, again, rather tongue in cheek, we say that industry is not the business world is not a side event. It's obviously the real economy is not a side event. It's critical that real economy is engaged in the climate discussions and negotiations because it's the real economy will have to deliver the emissions reductions. One of the objectives of working with we mean business and working with our partners, the Energy Transitions Commission and RMI and WBCSD and many of the other organizations in this space that we have is alongside the high level champions to see if we can deliver sexual agreements to bring some of the most fastest moving governments with the fastest moving companies in each sector to set the bar high on industry transition. Perhaps you could talk a little bit about that process and what might be possible in Glasgow 12 months from now. Thank you. So I think we're very excited to work with you, Anthony, on the Mission Possible platform. We were developing road maps for seven, eight critical sectors that need radical collaboration to advance under the communication plans. I think what we can deliver in Glasgow, it's a very solid proposal from these industry groups that are led by the CEOs of these companies about what the industry can do to accelerate the demand for clean products in those sectors. The sector can work with the investors and the finance sector to unlock some of the barriers. And very importantly, the dialogue with policymakers on creating these enabling frameworks that are tailored to the sectors is extremely important. We have heard about government pricing for the tax adjustments. I think some of the technologies that are needed in these sectors require some of the risk and that's really interesting what Sweden is doing there. And we need to just scale this across the globe. Mandatory reporting will be very important and having a sectoral approach that is global will help enormously companies in these sectors because we need to have a common rules. We need to have a long-term vision that common rules across the globe so that companies can scale the solutions and don't have to tailor the solutions to different country regulations. So that requires incredible innovation in terms of collaboration. And I'm very much needed because we need to accelerate the deployment of certain technologies that do not belong to a particular sector as well. Like hydrogen, for example. And I think it's going to be super exciting to work on the Mission Possible platform. I think, yeah, watch the space. We're going to deliver great things from COP. Thank you. Yes, and we have some exciting news to come hopefully in the next few days in that regard. Well, like always when you're having fun, time flies and we're a little bit over time. So I'm going to encourage closing remarks from our panelists in one sentence with one sort of key word perhaps that is really resonating with you right now after this discussion. Sharon, you can set the bar high here. Okay, so sector agreements, big tick and they're urgent, but don't leave workers out. You won't build the trust if the unions are not at the table with industry, with government. We want to make this possible. It's Mission Possible, but it's Mission Urgent. And I assure you we do all of our own stunts, no stunt menus here. Social media is going wild right now, so please continue to do that with the hashtag race to zero. Deputy Prime Minister, loving. Thank you for that challenge. I think Sharon expressed it very well. And I think besides the cooperation aspect of this, we also need leadership. So I think we want to invite more stakeholders to join the Leaded Initiative, the Mission Possible, and show the way. And I'd also like to mention that in 2022, Sweden is going to host a UN conference on the environment, which is the fifth anniversary of the first ever conference on the environment held in Stockholm in 1972. And I think we can show more leadership there. Thank you. Thank you. That's very exciting. Alan, what's your final word to our audience? I would say zero low carbon steel making is technically possible. And it can happen, but it needs good policy and effective green standards to make competitive. Wonderful. Thank you, Alan. Maria, particularly in light of the movements we are seeing with China, with Japan, with South Korea, following on the heels of countries like the UK and Ireland and others making net zero commitments. And many of the corporate net zero commitments that we are now seeing under the race to zero umbrella as part of the World Economic Forum's net zero challenge. How do we capture all that ambition and really deliver something pretty spectacular next year in Glasgow? Well, I think the key word for me is hope. So if we spoke to many of the people in this panel 10 days ago, I mean, the outlook was quite negative with coronavirus hitting really hard with the US election showing a lot of doubt and uncertainty. And this week every day we have had a positive news that gives us hope that we can mobilize to solve the biggest challenge that we face, which is the pandemic and the climate change. Obviously, we want to solve this because this is good for the planet, but it's very good for the people. And so I couldn't agree more with the previous speakers that the people need to be at the center and the people are going to be the ones that are going to help us drive this forward. There is an incredible momentum that is built now where you have the private sector and the key in countries that are pushing in that direction. And that requires a lot of dialogue, a dialogue so that we create the rules and the frameworks that will allow us to capitalize on this momentum. So I think the work that Anthony, that you're doing, and Nigel and Althalra are doing with the race to see the dialogues, it's a very important moment. I think we want to have more policymakers. We want to have Sweden always present, but more countries in these dialogues because we need to talk much more to each other to accelerate and to deliver results in this decisive decade. Thank you. Maria, thank you very much. If you've enjoyed this conversation and this debate and discussion, there's plenty more where this came from today with our 10 sessions. So you can find out more about all of those sessions on the UNEPCC website and also on the World Economic Forum's website. If you want to see more or find out more about the work that the Mission Possible platform is doing, again, please go to the Mission Possible platform website where you'll be able to find details of our initiatives across the seven sectors. So aluminium, heavy chemicals, cement, steel, aviation, shipping, trucking, and also some of the cross-cutting work we're now doing in finance, in policy, on hydrogen, on circular cars. It's incredibly important work and it's absolutely critical where we're really bringing some of the leading companies, the fast movers, that those who really get it and know that they need to be part of the transition with governments and with civil society to make this transition happen. And I would like to thank all of our panelists who've been great supporters of the work that we're doing, along with our partners at the Energy Transitions Commission, and we're really looking forward to working much more closely with Weeming Business as well under the leadership of Maria, which we're very, very excited about. So thank you, Sharon, and to the International Trade Union's Confederation for supporting and being our partner today with the industry Race to Zero Dialogues. Thank you so much, Isabel Loving, Deputy Prime Minister of Sweden, and for all your support, both with Mission Possible and the Lead It Group. Thank you, Alan, Knight, and to your company, Arsenal Battelle, for the great work and being leaders in this transition. And Maria, thank you as well. And obviously our high level champions, Gonzalo and Nigel, have gone on to other events, but we would like to thank them for inviting us, both ITUC and the World Economic Forum to put on this day. There's also the Transport Day tomorrow and the Oceans Day after the day after, which we are also leading on, which I hope many of you will find interesting. But I would like to close today's session. Thank you, our panelists, and thank all of you who have taken part, all of you who have been sharing on social media, and also for submitting your questions through Slido. That's really contributed, I think, to the richness of the conversation and the debate today. Thank you.