 Welcome to this opening session of Climate Breakthroughs, The Road to COP26 and Beyond. My name is Antonia Gavel, head of Climate Action at the World Economic Forum, and it's my pleasure to host this discussion today. We have six months to go before COP26. It's a highly anticipated moment where leaders will gather to get the world on track to deliver the 2015 Paris Climate Agreement. Now our window for making the necessary commitments, investments and actions to deliver a global net zero economy before 2050 is rapidly closing, which is why the COP milestone this year is so critical. On a positive note, momentum has been building with more and more countries and companies setting Paris-aligned commitments, but collectively we're not there yet. So as a collaboration between the Forum, the UK COP26 presidency, the UNFCCC High Level Climate Champions and the Mission Possible Partnership, we're gathering here today to really focus on three things. So number one, what system transformations are needed to get us on track? Number two, where are we on that journey today? And finally, and I think most importantly, what specific actions can we drive over the next six months to land the desired outcome in Glasgow? So let me just emphasize the first point for a minute. So tackling climate change, as we know, is truly a whole system transformation. This discussion comes on the back of a two-day virtual ocean dialogue where we had over 200,000 people dialing in to highlight the importance of oceans for resilience, livelihoods, but also in tackling climate change. Today we'll also dive into a series of discussions on industry systems transformation, energy of course with FATI here this morning, but also shipping hydrogen steel as just a few of the critical hard to obey sectors. And equally we have to harness the power of nature in delivering a sustainable net zero future. This requires a shift in land use and drastic emission reductions from food and agricultural sectors. So of course I think we know that achieving this won't happen quickly if policymakers, business, investors, societal actors are waiting for others to lead. The time for that is gone. We need all actors to step up in parallel, recognizing the connected role that all our natural systems, our economic systems and our societal systems can play. We also come to these discussions amidst a particularly challenged context with an ongoing global pandemic. Lives are still being lost every day to the health crisis, but also to extreme poverty, which as we know has increased for the first time in 22 years. So we have an incredible opportunity, but also I think I would call it a global obligation to emerge from this pandemic with climate and people positive solutions. So I think we can look forward and get mobilized behind this positive momentum that's been building to move forward towards COP. So with that, let's get started. To get us going, we have a short video message from Alec Sharma, the president-designate for COP26. Good morning. It's a pleasure to join you today. Friends, we're all aware of the facts. The time we have left to keep the goals of the Paris Agreement within reach is diminishing fast. We're to keep the 1.5-degree limit alive. We must halve global emissions by 2030 and reach net zero emissions by the middle of the century. And this requires rapid action across the real economy. So it's really fantastic to see the momentum building throughout the whole of the corporate sector. Today we have well over 2,000 companies and 130 investors signed up to the Race to Zero campaign. This is the gold standard of climate action pioneered by my friends Nigel Topping and Gonzalo Monos that requires both a net zero commitment and short-term targets based on the science to get there. Companies can increasingly see the benefits of joining Race to Zero for the planet and their bottom line. And membership sends a clear message to investors and customers. And it can also boost innovation and save money as firms strive to reduce emissions. We're also seeing progress across the Race to Zero breakthroughs. To keep the 1.5-degree target alive, we need more than action from individual companies. We need rapid change, gathering force across entire sectors. And that requires a critical mass moving to clean ways of working in each sector. And key actors working together towards a shared goal so that the transition takes on a momentum of its own. This is what Race to Zero breakthroughs seeks to achieve. So it is very encouraging to see real progress in vital sectors such as steel, shipping and across nature. MESC, the world's largest shipping company has committed to the Race to Zero. As have major food industry players such as Walmart and Sainsbury's. With industry giants like these on board, we are much closer to reaching the critical mass we need to transform steel, shipping and food and agriculture industries. And I urge all companies that have not already done so to join the Race to Zero campaign and to commit your skills, your innovation and resources to help deliver the Race to Zero breakthroughs. To those of you that have already joined these initiatives, thank you. And now please encourage your peers to do exactly the same as you. Because with all of us on board, we can create the change we need across the global economy. So let's work together to make COP26 the moment we put the world on a path to a resilient, net-zero future and keep 1.5 degrees alive. Thank you. So thank you to Alec for that important message. And as we've heard, momentum is building in this Race to Zero. So let's dive straight in. We have a great panel with us today. And really, again, the focus is where are we and what needs to happen over the next six months. So let me welcome these leaders. We have Fatih Birol, Executive Director of the International Energy Agency joining us this morning. Sheila Patel is the Global Ambassador for the Race to Zero. We'll be joining us. She's just having a little bit of trouble dialing in, but we'll get there. Jesper Broden, CEO of Inca Group, Ikea, and finally, Fika Sebesma, Honorary Chairman of DSM. So Fatih, we're going to start with you. Of course, as a former IA colleague, I was particularly happy to see the report that was launched last week, which for the first time really sets out a true decarbonization pathway for the energy sector to hit net zero by 2050. Of course, lays out some pretty bold actions that are required. So just in a few minutes, I know the analysis runs deep. We'd love to just hear some of the highlights from you. But also, what do you see as kind of the gap between what you're saying and what needs to happen with a focus on how we can push that forward over the next six months? So Fatih, over to you. Thank you, Antonia. This is good to see former IA colleagues taking such nice good jobs around the world. So very good. And I believe you are one of our ambassadors now with the WEF, IA ambassador at WEF. Very nice to see you again. Now, you just mentioned several countries around the world come up with a net zero pledge. This is very good. But what we thought is that having this pledge 2050 is good. But it is important to translate those emission pledges to what needs to happen in the energy sector. There's a translation because the pledge alone wouldn't be convincing enough for the markets, for the investors and most importantly for the citizens. So when we look at the numbers, how the energy sector, global energy sector needs to transform itself to reach the target, we see a narrow, very narrow pathway, but still achievable. And to do that, one key issue is of course international collaboration here. You mentioned in the beginning, it's a race to zero. Race to zero, but it is important to understand that the race is not between the nations, but the race is against the time. And we should also acknowledge that some governments, some countries are starting this race in front of the others. And therefore it is very important that the, especially those richer countries should support the efforts of the developing nations to finish the race together. And looking at the global nature of our climate challenge, I believe unless everybody finishes the race, nobody wins that race. So it is very important that there's international collaboration here. Now, in our report, there are many things, but I wanted to highlight the task we have in front of us, three major tasks. Number one, especially in the next 10 years, make the most out of the existing clean energy options, which are in the market today. What are those? Solar, wind, energy efficiency, electric cars, a big, big, big expansion of those available technologies in hand or options. Second, simultaneously at the same time, we have to push the button for the technologies which are under development today, but not yet a part of the market, such as many hydrogen applications, advanced battery technologies, carbon capture and storage, many different technologies. So we will need them, especially for those areas where it is much more difficult than the power sector to decarbonize, such as iron steel, such as aviation, such as shipping and the other. So this is the second job. The first one is make the most out of the existing ones, clean energy options. Second, push the button for innovation to bring new technologies to the market. And the third and the last one, we have to reduce the use of fossil fuels in a dramatic way, coal, oil and gas. So these are the three major home works tasks we have in front of us. We also look at how will it happen, the key issue, magic word is investments. We have to see a huge jump in investments today, global energy investments today in the world, coal, oil efficiency, renewables, electricity, everything is today about two trillion. In order to make this jump, global energy investments need to go to five trillion in ten years of time. It's a big increase in the investments. But not only that, today's energy investments are dominated by fossil fuel investments. Out of these five trillion, it should be basically clean energy investments. We work with the IMF, a special project in this report. What is the implication for the economy? It's a good thing or a bad thing for the economy. What we found out working with our colleagues with the IMF is that this surge in investments leads to each year 0.4 percentage point additional growth in global economy. So this is definitely a good news. So I would like to finish by saying that in order to make sure that the governments have a roadmap, citizens industry, we came up with over 400 milestones between now and 2050. What needs to be done and when? What and when? A timeline just to give a couple of examples to a flavor of it. Let me just jump in briefly if I may, just to keep the cadence up here. Obviously 400 is a lot. It would be great. I would love to kind of hear what are your sort of top two most important actions really to get? I was about to say three of them. One is the 2035. 60% of the all car sales should be electric cars. Today 5%, it goes to 60%. Second, 2040, half of the aviation fuels should be synthetic fuels or biofuels. And number three, as a result of the declining demand of oil, as of this year, no more need for new oil and gas and coal investments. So these are three milestones we have presented in our report in addition to other 400 milestones. Thank you very much. Thank you. Thank you, Fatih. And I think the points that you raised in that report have certainly made waves in terms of in particular where we channel investments in clean technologies and moving out of some of those technologies that are presenting obvious challenges for climate abatement. I think just one quick follow up question for you that I wanted to jump in around is some of the uncertainties that you highlight. You highlight in the report three key uncertainties. One, CCS to bioenergy, and of course three, behavioral change. Now things like CCS have been highlighted as a critical part of achieving climate mitigation in scenarios for a long time. We haven't actually mobilized the investments that have been called for to date. And similarly, when it comes to bioenergy, we talked about that whole system approach to climate mitigation, which of course requires a balance in terms of nature, nature's contribution and land use. Can you just really briefly give us a sense of how we need to think about these uncertainties to make sure that things go in the right direction and really how we push over the next six months to drive investments in the right place in just kind of a quick closing reflection? CCS, in my view, CCS, we like it or not. It is a critical technology if we were to reach our climate targets. And it is still not there where it needs to be. But I am hopeful because there's a momentum coming now very strongly from the United States, Canada, UK, Norway, and the others with strong incentives. And I have high expectations from the new US administration in addition to 45Q, there will be other incentives coming. For bioenergy, in our report, we look at what is the sustainability limit of bioenergy to make the most out of it, but it shouldn't be, bioenergy option shouldn't be abused not to have impact on the rather fragile equilibrium of our planet. So we were very careful on that. But the finish closing remark for me, the biggest uncertainty is what will come out in COP26. And it is the reason we have prepared this roadmap to make the governments accountable to the pledges they made. And I think this is what we are going to do every year. We are going to look whether or not governments are on track or off track with everyday pledges. Thank you. Great. Thank you, Fatih, and thank you for that overview as well as the work that you've done at the IAEA. We look forward to kind of things to come in the lead up to COP as well. Let me now turn to Sheila Patel who is the Director for the Society for the Promotion of Area Resource Centers, but also the Global Ambassador for the Race to Resilience, which is a sister campaign to the Race to Zero. Firstly, we want to send our best wishes given the situation in India, recognize that it continues to be challenging and really appreciate you joining us here today. So I'd love to kind of turn to you and hear what needs to happen in this Race to Resilience as we also continue the Race to Zero in the lead up to COP over the next six months. So over to you, Sheila. Thank you, Angela. And yes, our situation is now worse at the fact that we are expecting the cyclone crisis to re-emerge in a design of the places. I always get inspired when I hear global sort of strategies and what you just said, sir, seems very inspiring. But a lot of it also depends upon so many choices and the culture of decision making that has to happen at local and national levels and with global private sector institutions because there are certain areas in which there are quick wins and there are certain areas where there aren't quick wins. So how do you deal with both these because they're not all going to go at the same pace? So my constituency really is the people who live informally across the world. It's about a couple of billion people who presently don't have access to water and sanitation, use wood and other biofuel materials that destroy their lungs and face evictions and in this COVID period are devastated with terrible light years. Government institutions don't have mechanisms to deal with them and global institutions including those like the World Economic Forum do not acknowledge this volume of unservice communities whose well-being is as much a part of the race to resilience, the climate justice elements of the Paris Agreement and our general commitment to produce democratized, equitable resources to everybody. So for me, the real challenge now is how do we create a culture of inclusion? So when you talk about energy, today there's a terrific potential because two-thirds of this billion and a half people have no energy or they are stealing energy and creating fires in their neighborhoods. How can the alternate energy system produce facilities and services for them at scale so that they don't end up just using more conventionally provided energy? Are we going to produce new forms of livelihoods that are carbon neutral for them? There are lots of these very, very local but when you aggregate them seriously global situations and when you talk about disasters, you find that you cannot future-proof them without providing them minimum amenities. So I feel that in this conversation we have to bring in this bottom 30% of urban and rural vulnerable communities who are being presently just rhetorically included in conversations but are not structurally part of any solution and there is an assumption that they are just beneficiaries. So I think we need to change this conversation whether it's in the World Economic Forum or it's in the Race to Resilience or it's in Climate Change or it's in SDGs. So I'd like all of you who are going to speak about this to give us ideas, inspirations, potentials for partnerships so that these communities, these women who are looking after their communities and dealing with leaky bucket investments start having new solutions that both the governments and private sector globally and nationally can provide to them. Thank you, Sheila. These are incredibly important words and maybe just to take it a little bit further, of course these are all of what we're talking about today is a huge and urgent challenge. If you think about the next six months to COP, how can you help us? You've been working for a long time with communities to bring this resilience and to work closely on the issues that you outlined. How do we bring this to the fore as you suggested? What would be maybe your one key action for us to be able to drive this over the next six months to COP26? There are no silver bullets in dealing with poverty, of course. Just like you have a plan to go from now to 2030 and 2050, we have to create solid milestones that go there. So the things we are doing right now is we are producing critical campaigns that matter to poor women. And we're saying how can we create new partnerships with city-level national and global institutions? COVID has destroyed the nutritional status of all young people below the age of 15 who in many of our cities have not eaten greens for six to eight months. We have homes in 50% or 80% of the places where the roofs fly off, they leak, they burn. We need new materials that are affordable to communities without subsidies for being resilient to the climate distortions that are happening. We're looking at international aid and assistance, we're looking at national budgets, and we are asking why that money is not being utilized. We know that billions of dollars are supposed to be allocated, but even the money that's there is not being utilized. Not even 35% of the green climate funds money till two years ago was actually dispersed. This is shocking. So my point is it's one thing to calculate the money that you need. The other thing is to create proper, very robust mechanisms so that they reach the places you want them to reach. They give resources to the people who need them. And you can measure the impact of that. So those are the kind of things that I am bringing into the adaptation issues of climate change, to the race to resilience, and to all the institutional arrangements that are working on issues of cities. Plus I'm trying to see whether networks of social movements, social movements come up when everybody ignores you, then you create large aggregations to knock on everybody's doors. So there are social movements right from indigenous people to the urban poor. And we're saying what role, voice, and agency can they bring to this conversation so that organized representatives of these underserved communities start working with leaders of industry and leaders of government and policy-making agencies to produce new ways of working. So I hope to call you guys. Thank you. Thank you, Sheila. Absolutely. And we certainly look forward to working closely with you on this journey as well. And the point that you make is also critical. It's one thing to make commitments and pledges. It's another to deliver on them and actually to kind of see implementation through. And that's where, let's say, the hard work really begins in a sense. And it is a journey. And it will take, obviously, a big collaboration to get there. And so with that, actually, let me turn over as well now to Jesper. Jesper Brodin, the CEO of Inca Group and Ikea on a little bit of a similar theme here. So Ikea has set a goal to become climate positive by 2030. You've also acted as co-chair of the CEO Climate Leaders hosted by the World Economic Forum, which is indeed about pushing companies to set bold Paris-aligned commitments. Now, I think on this theme of commitments versus, let's say, short-term reality, this is where we're at. It's one thing to set bold 2050 commitments. This is, let's say, a minimum expectation these days. It's another to translate that into a very specific short-term investment plan and business plan to really demonstrate that the move is happening in terms of achieving those commitments. Can you talk to us a little bit about that in the context of business? What's happening with the leaders in this space and what more do we need to push, again, to translate these commitments into that really near-term action and solution set? Thank you so much. And thank you, Antonia, for Anne Weft, for inviting us and being such an excellent host in a time when the world needs to come together more than ever before. I believe we're listening to you, all of you, previous speakers. I think we all can recognize that we have entered what is probably the most important decade in the history of humankind. We stand in an existentialistic crisis that will impact every person, every business, and acknowledging that, of course, leads to a lot of despair, a lot of fear. But what we are after is more what type of actions and leadership we need to put in front, because there is an opportunity for us to resolve the situation, and we will. Now, just to say, from a business perspective, and I think a lot of business leaders out there would agree with me, there are several reasons, each one of them strong enough for us to lean into this topic, to start with the knowledge that we have right now. Of course, we can't allow ourselves to pass on to future generations. So as much as the world needs a time horizon up to 2015 to deliver all the way, we need to break down our goals and make sure that they are in the 2025 and 2030 perspective. We also see, from a business perspective, a rapid development where consumers, customers, but also talents out there that we want to attract to our companies, they are demanding of us as brands and big companies to be a leader, and they start to make their choices more and more visible. Finally, which is one of the most important things, even if there are dilemmas to be cracked, even if there are timings, even if there are major investments and even a lack of innovation in certain areas, this is the new economy. This is not charity. This is not adverse to making business. On the contrary, we see evidence after evidence that being climate smart equals being resource smart and equals being cost smart. And here I need all of us to believe in that, that we need all of us to join that movement because making it adverse to business or jobs or economy will only slow down the process, and it's also definitely wrong, I believe. Now, turning to the Climate Alliance, it's an inspiring group. Of course, I say that. I'm co-chair of the group, but I must say it's a joy for me to be part of that movement. It is an active movement. We are leaning forward. The entry ticket to be part of it is in short to be committing to Paris to the 1.5 targets and such, and the commitment to be part of the disclosures going forward as well. But the point goes beyond that. We are right now active in sharing climate plans in between us. So the agenda is tilting towards action and what type of actions we can do as individual companies, but also as branches or parts of industries. And then even more so, building up to as we've been speaking to the excellent opportunity of COP26 and everything that happens before, an opportunity for us to mobilize around incredibly important topics when it comes to infrastructure changes of energy, mobility, consumption and more. And because in this case, actually almost any company, any government is too small in itself to resolve all of this. So collaboration and the helping each other leaning forward is what the WEF CEO Climate Alliance is all about. Thank you, Jesper. And as you mentioned, I mean, obviously a group of leaders pushing this agenda. And as Alok highlighted, there's sort of over 2,000 companies that have equally joined the race to zero. We need leaders, obviously, to kind of push the agenda. I think just a quick question on I think everybody's mind is how do we move the rest of the business community and draw more leadership on this agenda, which is really what we also need to shift the entire sector as a whole. Any kind of quick thoughts on what we can do, what you're doing, what others are doing over the next six months to kind of continue to push that more broadly? Well, I would say, first of all, my recommendation to everybody out there is with all the facts we have now, we need to take a bit of a leap of faith. I don't think any business that I know of size has all the answers. Several businesses do have a lot of answers already and proof points. But it requires a bit of leap of faith here for us to get moving. And sometimes leading businesses, we want to have all the details in the plan before we commit ourselves. And in this case, we need to probably take a slightly different approach, at least partly. And then I think it's time for the world, and I also see that happening to move from debating where the climate change is an issue. Those who want to have those debates, I think they can have that, but the rest of us need to focus our energy into the actions. Because in the end of the day, it's only the actions that will move us. And here I'm known to my colleagues to be a bit of an optimist, but I have a lot of proof points to also show that optimism is in its place here. If I take examples from IKEA only relating to previous speakers, we have shifted assets in the companies, and we've invested in more renewable energy than we consume totally in the company. And we have now gone from two and a half to actually adding 4 billion euro to that portfolio. We're part of a system with the foundation which has recently announced adding 1 billion in development plans for climate topics, which would be typically in developing markets as well. We are on the move to make sure that all of our home deliveries will be electric vehicles by 2025. And I can mention a lot of things because this is not about the silver bullet. It's a jigsaw puzzle to address your climate footprint in its totality. Now, we have a couple of headaches. We have a couple of unresolved matters and some worries, but the majority of things is proof points that we are growing as a company. We are profitable. We have been growing with more than 13% since we started this climate plan in 2016, and we have reduced the absolute climate footprint to CO2 footprint with 14%. So if anybody says it's not possible to be a good business and do a good business, I would argue it soon will probably be the opposite. Now my final, so to say, wish and advice is this can happen through friction, conflict, it can happen through tough legislative measures and the enforcements and all of that might also be part of what is needed going forward. But I think it's up to all of us leaders, business leaders and leaders and representatives like Alok and others to actually find new ways of respecting each other and creating dialogue around how we make incentivizing investments into the future that we want to see. And I'm optimistic that that can happen. Thank you. Thank you, Jesper. I think both for your leadership in this agenda, but also the pragmatism that you bring to it it is about kind of making that plan and moving it forward. You also kind of mentioned some of the broader areas here in terms of companies sort of moving this agenda or perhaps also being moved by this agenda. So let me turn to Fike. So Fike, you're of course former CEO of DSM. You now sit on the boards of Philips and Unilever. We're equally instrumental in setting up the CEO climate leaders group. The role of boards, shareholders of course in the context of driving climate is critical and is increasingly so as well. I just wanted to kind of hear from you. What do you see as the priorities over the next six months again kind of bringing us back to what we have six months to COP26. Where do we really need to be laser sharpener focused to move this agenda forward? Yeah, thank you and thanks for being in this distinguished panel. Very good. And what I think what we need to do in the next six months towards the COP is raise our voice as companies, raise our voice as governance towards a successful COP. And we as companies would like to raise our voice also to stimulate governance to take stronger actions to be honest. Because we are six years down the road from Paris and we are not on track. We are derailing already in the first six years. And this was a roadmap for 30 or 50 years. But already in six years we are derailing. We cannot be proud on that. So we need to raise the bar. We need to get back on track. What is that? We need to get back on track for companies to really commit to net zero in 2050. That's one. Secondly, not only 2050 because that's far away, but a clear roadmap of step-by-step production till that moment from now on. That means intermediate targets for 2025, for 2030, 2040, et cetera towards that end goal by 2050. There will be measures on the financial impact of climate related matters so that those investors in society can follow us. And of course embracing all kinds of carbon, low carbon policies like carbon pricing, putting in internal price of carbon, these engines raised its internal carbon price from 50 to 100 euros. But then it's amazing to see system, a car price increased in the last whatever period, first one was installed decade ago from 20 to five, then couple of years ago, start rising to 2025 and now already in the 50s. So it is an important tool. And I think it's not only important for companies, it is not only important for the government, but also you see what happened yesterday with with the case in the Netherlands around Shell. But you see it also in boards, this topic should be higher, higher on the agenda. I'm sorry. Thanks, Fike. I mean, maybe just just picking up on that that last point. Of course, you mentioned some of the recent activities that have happened. But also, let's take the case of Unilever, right? So that's a case where there was a sort of proactive move to bring to shareholders a climate plan, an ambitious plan, which was overwhelmingly supported. So there's a sort of proactive push out, as well as in some quarters, a reactive push in. Do you see this as something that's going to to expand over over the next year or so? And what kind of, you know, let's say support, can we can we put behind this as well? Well, I think that many, I was 13 years CEO, to be honest, when I spoke with investors, they all talked about the results and EBITDA and EBITDA next year, etc. And then at the end of my roadshow, maybe an intern asked a question about ESG, and the big bosses were listening to the internet. Good question. And let them answer that group. This whole ESG and the E of ESG, the environmental, but also the governance on it, will become more and more important. It is not on the site anymore for investors. And it's interesting to see Unilever at the cuts to put its own climate policy of Unilever, which is on mitigation on adaptation, quite a progressive policy for an advisory vote for its shareholders. Asking to shareholders, well, you know our company, you know what we do? What is your opinion on that? Do you fully support it? And we have a massive overwhelming support of the shareholders. 19 was over 95 and 99, I believe even, support of the shareholders. So really, really great. Meaning basically that the shareholders say, Well, we are invested in Unilever, but in Unilever does with climate approach, we totally support and agree. And that's an important signal, which we have not seen in the past that shareholders and investors are being so clear in what they want. Out of their moral responsibility, out of their societal to responsibility, but I believe also out of their financial responsibility, because they don't want to sit later on with pension money on stranded assets and they want companies to stimulate to remain active and to remain, let's say, future proof. And that is basically what companies do who address this issue. They are future proving themselves. And so I think that world is really, really changing. I mean, there was a good moment to change. And there is a second good moment to change. And we are now on the second best moment to change today. The best moment was yesterday. But the second best moment is today. Absolutely. Thank you, Fika. And I think indeed this sort of new generation of investors is certainly rising and playing that active role that you described. Let me just turn for a moment to a few questions actually that have come in through our through our chat here. One that actually comes back to you, Sheila, around some of the points that you made in terms of this, let's say, gap between commitments and distribution of funds. Which voices need to make that push basically over the next six months? Which voices need to kind of come to the table and be able to help translate those commitments into investments in reality? Well, thank you for this question. It's one of my most favorite ones to answer. You know, I think that this has to be across the board. Say if you are getting money from your municipality and that money is not utilized, although it is allocated to address the challenges of water and sanitation of informal settings. It's a national subsidy or a national allocation. If it is a bilateral or a multilateral institutions loan or grant the country and that's not used. I think that that has to be seen as a collective global responsibility, as well as a very, very important governance issue for local communities themselves. I have discovered that from actually analyzing budgets of local governments, of national government departments, of bilateral and multilateral agencies in terms of what was the allocation in the budget, what was the money that was given out and then what was actually utilized. And it is shocking. And the and you know, while if this was in any other sector, it would have been quickly picked up and dealt with and some course correction would have been done. But here it's a standard procedure in many government institutions to just roll it into the next year. So the allocations just get lesser and lesser. So I think that while on one hand, there has to be adequate allocation, execution, and impact assessment, you have to keep your finger on this thing. And a think tank called IID in the UK has done a whole research called Money Where It Matters. You can go on the net and look for it. And it's looked at global resources allocated for adaptation on climate change, right from the green climate fund to others and looking at what can be done. And based on that, a group of us from different local national to global institutions have produced new principles for financing adaptation. These are also available on the net. But the whole idea is that as citizens, you know, we are all now global citizens, the child who lives in an informal settlement in any of countries we work is today a global citizen. They check things that are happening around the world. So we all can actually keep an eye on that. And just as Panke said that shareholders are changing, you know, populations are also changing, they're changing. And we have to give them instruments by which they can gauge whether what needs to happen is happening and what to do. Because right now, somehow globally, the only way you can show your distrust or your anger is by destroying public assets, which means there's a serious lack of governance there. So we need to change these larger processes, bring more transparency, bring more problem solving, ongoing monitoring. To bring this change, it's not going to come just naturally because we want it. We have to work for it. Thank you, Sheila. Yeah, I mean, it comes, it does continue to come back to I think the points that you made upfront is is an entire citizen and community mobilization around the solutions, obviously, to tackling climate change. As much as, of course, in COP26, we bring the leaders together to talk and walk the halls of a negotiation. That is a critical moment. But it is really on the ground that these impacts, but also the solutions are both being felt and also will come. I think with, you know, just a few minutes left in this discussion, I mean, we've obviously covered quite a broad range of issues here. And I think it's just really a signal to the reality of tackling climate change. We need many solutions coming from many quarters to actually move action forward here, right? So starting with Fatih in terms of the energy transition, of course, cooperation, deployment of existing technologies, investment in new technologies, but also, let's say, stopping and halting investment in the solutions that are not part of our climate future. So there's some key 400 actions, as he highlighted, that need to move forward there. It's a pretty comprehensive approach on one hand. But also, as you noted, Sheila as well, really, this is a true mobilization effort. And we need to kind of do this jointly and in partnership, of course, around the world as well. Companies are leading, as Jesper said, and we do, of course, continue to push climate aligned targets, but also near term pathways, really now over the next six months to drive investments in the right place. But also, like as you said, there is a movement, there's a mobilization happening from shareholders from boards, kind of in one direction out, but also coming in, that that I don't think is going to slow, this is going to keep ramping up over the next, well, six months to year, and we'll see this kind of continue to drive. So in a sense, that's really just the tip of the iceberg in a way of some of the areas that we know we need to push forward over the next few months. And we, of course, have a series of conversations today to dive a little bit deeper into these issues, looking, as we mentioned, at some of these key sectors, hard to abate, which are critical, the role of nature, as I flagged at the beginning, is a core part of the solution as well. But equally, all of the other issues that we discussed here. I think just to kind of leave our viewers and our panelists to follow with kind of a vote of action or a word of confidence, what exactly, what is sort of the action, one or two things that you would point us towards over the next six months in the lead up to COP would love to just wrap this up with a closing reflection. Maybe if I can turn to you to start with love your thoughts on that. Appreciate it. Yeah. The first thing is, we didn't see COVID coming. We do see the climate crisis coming. So if at once, this has a bigger impact on Bangladesh, on Ethiopia, etc. We get refugees, we get people upset, annoyed, angry, in this area, or whatever, we cannot say, Oh, where's this coming from? We saw this already for years, and we were not on track. So the first thing is beyond track and pairs, responsibility for governments. In the next few years, step up companies reduce your emissions commit to 2020 to 2050, a roadmap to that embrace carbon pricing, but also investor sides to make a clear framework. IFRS, hopefully can the foundation can help there to navigate what is really green, what is that wards take it in, in their possession. I read it a couple of years ago, the survey on the big companies and said, for who climate change important? 100%. Who of you discuss this on a regular basis in your boards? 30%. Hey, you'll be brave and improve here. So those kinds of things governments, companies, investors can do in coming period. And I think it's important. And if we put those things at the table at the top, then hopefully we cannot walk away at the top anymore without clear agreement. Great, thank you. If I can, Sheila, if I can turn to you, your closing reflections. I'm so glad you brought in the the issues of COVID because this really tells us the kind of global unanticipated crisis that we have to build our collective ability to address. And what we have realized is that our politics, our global national local politics is not in place. Governments systems are not in place. Administrative procedures are not in place. And we were all caught very messed up. And most communities are feeling that they have been abandoned in this crisis. So I think that it's a very important point for us to use this situation and the frailities that it shows us to ramp up what we need to do and to do it in ways that's good for us and it's good for the climate. But just like you said, Frank, that you need to educate and help people understand. I think globally we need to understand. I have this imagery of saying we should we should have a thing called climate one on one. You have a discourse that is with scientists that local people don't understand. We have science taught in school and colleges that has nothing to do with climate science. So how do we create a climate lens that looks at everything we do through that lens so that we make choices that are important for five years and 10 years from now. So I think that for me is the urgent thing. And if we can begin that systematically, then the choices that people will make and the culture that people will have, which right now he's spending you seat in your board and in your shareholders becomes a general population response. So I look forward to that too. Great. Thank you, Sheila. Thank you, Faikeh, also Fatih and Jesper for kicking us off really in this discussion. I think one of hopefully many where we continue to kind of push this agenda over the next six months and beyond, of course. So with that we'll close this discussion. Also encourage our viewers to tune into the sessions to follow where again we go deeper into some of these solution areas and we hope and look forward to really working with many of you in this mobilization and push to COP26 because really we have a lot of work to get done. So thank you again.