 Good afternoon. Good morning, depending on where you're joining us. My name is Bonnie Tuña, and I'll be leading this session where we'll wrap our minds around a very important question. The synthet that you've just watched, painted a very clear picture of where we are as a people, as a planet, as a community. And what we try to do this morning in the next few hours is try to reimagine our future. Now, there's been people who've had an excellent job of trying to paint this picture for us in the name of the SDGs. We all know about them. We all are working hard to achieve them. However, there still remains a lot of hindrances in getting there. I'll paint for you a picture of one big hindrance. It's in the name, in the shape of a number, that is 3.7 trillion. That is a financing gap that currently exists in achieving sustainable development goals by the year 2030. Now, this is not to say that work is not happening. There's a lot of work that is happening. However, what we'll try to do for the next hour or so is to come together with brilliant minds and trying to figure how do we then go around ensuring that we get to this goal a lot faster than we hope to do that. And we'll be trying to do that by questioning a few of the innovative approaches that have already been put in place, but also trying to imagine what could be the future by tapping into what already has worked and will be referring to very useful papers that have already been put out there to try and mitigate it. So that is where we are going. Without much ado, I'd like just to get you to who will be speaking with me in this session. But before that, for all the people who are joining on this call, remember, you can be part of this by asking questions, sending your comments, your concerns, your views, and your thoughts. And here's how you do this. You go to your screen and you click on the top open and you will find the slide link there. And that is how you'll be able to communicate with me. I'll try to get in as many as your comments as possible throughout the session. Great. So let's get this show on the road. Like I said, there's already a lot of work that is being done to try and meet these. There's a lot of work trying being done to try to make this all the better place to live in. However, challenges do exist and that's what's trying to mitigate it. First off, let me introduce my panel. I'd like to introduce to you Ms. Claire Kousta, who's a global head of ESG for fixed income and currency at the Deutsche Bank. Welcome, Claire. Also, I'd like to introduce, forgive me for this, my French is terrible, but Amwaz Fiyol, who is the vice president for the European Investment Bank. I hope I got your name right. And last. Fantastic. There's hope yet. I'd like to also introduce Ms. Priti Sinha, who is executive director of the United Nations Capital Development Plan, the UNCF. Welcome, ladies and gentlemen. So obviously, there is a lot of sense that already has been set and all of you represent a lot of work that has already been put in place to ensure that we get to this. But let's start off with a 3.7 trillion elephant in the room. And I'd just like to off as the opening remarks, I'll start with Claire. Where do we go from here now that the picture has already been painted in terms of the need? And it's a huge one. Where do we go from here? Sure. Thank you. I mean, when you say in that scale of numbers, it obviously seems huge, but I think it's important to step back and see where we've gone in terms of the markets. And you talk about 3.7 trillion of needs. I'd like to frame that in the context of the overall global sustainable markets. If we look at where they've gone over the last 10 years from zero to at the end of the second quarter, almost two trillion devoted to global sustainable development, yet emerging markets still is a tiny fraction of that, around 235 billion. Right. So I think what's been interesting to see, especially over the last 18 months or two years, is the massive influx of funds that have gone towards sustainable causes in the capital markets as well as the financial markets. And increasingly, we're seeing that flow coming into the emerging markets as well. And what I mean by that is really investor interest, both in terms of realigning their existing funds towards sustainable purposes, as well as new funds being raised to greener sustainable purposes for emerging markets growing. Now, where do we go from here? And I think that's the key to the discussion, right, is twofold really. One, I think we still see a lack of kind of viable projects being put forth by the emerging markets. And when I say this, it's both, for me, the sovereign markets, which have always played a critical role in being the first mover in their countries to raising green and social funding for four projects. So it's really getting those sovereigns to establish the right projects, putting those projects in a way that banks and capital markets investors can analyze them, but also setting up the right framework within their countries to mobilize private sector. So that means the right legal framework, the right regulatory framework. And then lastly, for me, having spent most of my last 18, 20 years working in the emerging markets before I stepped into a specific role on the ESG side, is really working more closely in partnerships with the development banks to leverage the capital that's coming in from banks and capital markets investors. And that can be done in various different ways, which I think is not fully utilized now. So really an encouragement of developing markets to leverage the private sector more to galvanize more funds towards emerging markets. And I think that's a good first step in bridging the gap. Fantastic. And thanks for your submissions, Claire. And let me just bring in for you all into this conversation. And off the back of the question that I asked, Claire, where do we go from here? I'd like to just give you some bit of context. Let's add in COVID into this perspective. The pandemic has had perhaps the biggest impact on all faces of life, as we know it the past two years. I think the world and the human community has faced unprecedented challenges from where you see it, of course, looking at the impact of the pandemic. How does that complicate efforts? And how then and what then would you recommend as mitigation measures? Well, thanks a lot for the question. And I must say that I, actually, I very much agree with what Claire said. But it is true that we start from the point where the COVID crisis is not over. And actually, it is not over for also one reason, which is that vaccination is making great progress in the North and not in the South. And it's not only a question of solidarity. It's a question of level of ambition for development, for the SDGs to be achieved, to make sure that vaccines are also getting to the South. And that's one good example that I would like to mention. We have been very active in an initiative that is called COVAX, that is done with GAVI, the Global Alliance for Vaccines. And with COVAX, what we are going to do is to do a big loan to EID to GAVI for GAVI to provide an equivalent of one billion euro of doses in sub-Saharan Africa and the neighborhood of Europe. And that is actually quite important also for very reasons. It is important that people get vaccinated all over the world. It is also important that we find innovative ways to finance that. And this is very innovative because what we are doing basically is monetizing commitments of countries who are going to give money for providing vaccines, but they need a lot of polarization from the parliament, etc. And what we are doing with our friends from the European Commission is to pre-finance that and to take the risk that it is not going to happen on time or in full. And that is a very important initiative, also provides solidarity with our friends in Africa and Europe's neighborhood. And that is the basis for making sure that the next step comes, which is recovery and getting closer to the SDGs. And what I would say also is in this, there is also something very big that has changed. Well, actually on COVAX, one last word, it actually touched upon five of the SDGs also. And so it is not completely unrelated to SDGs. What I would like just to end with is never forget that the recovery and getting closer to SDGs will not happen if we don't provide a green recovery. And developing green projects, green investments, making sure that we can have financial institutions in emerging countries, also developing green bonds as it is the case in advanced economies. This is the kind of projects that are going to make us closer to the SDGs. Fantastic. And we'll revisit some of those interventions that you've mentioned here briefly. Let me just bring it into this conversation. We've seen, like I said, COVID has had unprecedented impact on efforts. But from where you see the development was, could you paint a picture of how many steps this has taken you back? And what kind of interventions do you propose? Thank you, Mane. So let me add to my fellow panelists by saying, yes, the COVID does make the fact that this could be a lost decade for development. So we have to fight harder. We have to do more even to make sure that the destinies remain in the hands of the countries. So in that context, let me just say that the UN Capital Development Fund, we look at the 46 of the least developed countries. So within the emerging markets, where my colleagues on the panel are working, we specialize in the 46 of the least developed. And there we continue to work harder to make sure that we can overcome these impacts of COVID. And the way we work is we are a hybrid development agency and a hybrid development finance agency. And this is needed in these markets. So what we are doing is we provide an investment continuum. And we developed the pipeline of deals that Claire talked about. So I would say at the moment, we would have about a billion dollars in deals to offer in these countries. And we work for the UN, we are really working with our member states, with the countries to provide those deals. And when I mean the investment continuum, we start with grants and technical assistance in sectors like digital and local infrastructure, municipal infrastructure, to make sure that there are deals and pipelines being developed. And we help seed those projects and those companies, those entrepreneurs. And then we go on to giving them loans and guarantees from our own balance sheet so that then they can enter the credit markets, the domestic and international credit markets. And finally, we have partnered with funds such as bamboo impact fund for an SME fund, blended fund that we've created in Luxembourg that will invest in the LDCs, the least developed countries, and with other partners like Meridium out of Paris, where we will invest in municipal projects into these countries. During the time of COVID, we accelerated our work. So we've created in technology systems that can issue sort of challenge grants. And that will bring more entrepreneurs into our system. And we made sure that we continue to provide funding and assistance to the entrepreneurs during the time of COVID, sometimes helping them look at their business models, sometimes helping them with special needs, such as making sure that the women entrepreneurs have access to funding from us and from others. So very much, it's a very key time to look at these markets, make sure that that equality is established with Ambrose mentioned, because we won't get over COVID unless there's equality and development across the world. Right. Thanks, thanks pretty for that. I mean, and from just listening to you, obviously, there's a whole lot of work that is still ongoing. But also what comes to my mind is that on because of the onset of the pandemic, it means that we have to recalibrate. We need to relook at some of the goals we had and some of the ambitions that we had and try to reposition them, obviously in the wake of the fact that we are hoping for a post pandemic world. Let me bring back Claire by asking this question then. Claire, what are some of the changes you want to see? Or we could call it leak calibration or refocusing our ambition in terms of the quest to achieve the SDGs on account of all that has happened. What is this change that you're seeing? Yeah, sure. I mean, I talked a little bit about that and I think pretty goes to the heart of it, right? There needs to be sort of a front end work done with the governments, with the infrastructure of the country to put in the right framework to mobilize, especially private sector capital. That's something that usually takes a long leak time. And really, we usually look very much to the development institution to get that work done. And I think that scale and mobilize. I think there's still a bit of a gap in terms of many emerging markets understanding about how to access capital in the new environment where there's so much focus on raising capital in green or social use of proceeds format and setting up your framework to access that capital. We've seen through the net zero banking alliance and other commitments that the banks have made the insurance and pension agencies a very strong desire and the mobilization of capital towards that, but not the follow on of the frameworks that are in place to actually allow the private markets to deploy capital to these purposes. I think that really needs to happen. I think in addition to that, what Preeti touched on and Amboise touched on as well is the innovation and the tools with the development agencies to help the private sector mobilize capital. So things like guarantees, whether they're full guarantees, partial guarantees, things like joint blended financing where you might see the commercial sector taking the short end of the curve because that's more suited towards their regulatory capital requirements, their credit score cards and development banks lending at the back end, first loss guarantees, etc. I mean these are tools where you enable the private sector to come in and that is extremely important because once the private sector comes in, once the private sector does analysis on the sovereign, they look at it from a market position, they establish credit limits even if it's partial guarantee or fully guaranteed structure. The limits and the understanding is now at that institution and then the first steps are there to catalyze a more aggressive risk taking in the future. So that's what I'd really like to see. Right and I've had a lot of talk about partnership in what you were saying and let me just step on that a little bit and perhaps I'll bring in Preeti and then I'll have Amboise respond to this as well. Yes, there's a big push for PPPs on the developing world as a solution to some of the problems that we're currently facing. However, we constantly and we need to agree that government needs to take the leading role in this. Preeti, from where you see what are some of the challenges that are standing in the way of government leading or convening some of its efforts? Wani, first let me kick off by saying that the World Economic Forum calls it the great reset. So the COVID might actually make us think about our capital markets just coming in to the previous comments and really talk about how that 400 trillion of the private capital can come into the development markets into the emerging markets to partner with the 150 billion of ODA. So in terms of the countries, this is really opportune. I'd like to invite everybody to join us on 23rd where we are hosting UNCDFA sovereign boroughs conference which is exactly about getting rating agencies, banks, experts into the room to say how can countries do reform so that they can get ratings, improve their ratings and be part of the capital markets. So hopefully that will address being ready fit for purpose for those flows of private capital that Claire mentioned. So in that sense, the role of government is to think about reform, to think about rating, to start building capacity so that they can be part of the global capital markets. And we try to work with them to help them do that, at least bring experts together, make sure that they have some access to that. The countries also would like more of that. The least developed countries we work with would like more advice on how to be part of the regulatory aspects for global capital markets. So we really work with the sovereign level and then we do another thing is to go down to the local government level. We feel the SDGs won't be achieved unless we look at municipal financing as well, because there you are closer to the problem. You know, your closest problem, the solution, size of the projects. And so municipal financing is another big area that we are focused on and subnational financing, but they have the same roadmap as the sovereigns that they need to reform, have the regulations so that they can play a role in the global capital markets. Right. And let me just bring you back on this. So obviously, we're seeing like it's a three thronged approach that needs to happen here with this government, this private sector, and this participation from the developing world. We've talked quite a bit about the government and the fact that they need to take the driver's seat. But let's talk about the private sector, because that's where the money really is. How do we catalyze this? How do we motivate them? How do we incentivize them to be part of it? Well, actually, as Preeti and Claire said, there is a lot of money that's divided. But it is a question of risk-taking capacity often with financial institutions. It is a question of also project development, as Preeti said at the beginning. And you need to put everything together if you want to be successful. And what we do at the Bank of the European Union actually last week, we have launched the creation of an entity that will be much more specific branch of the bank in developing development and in developing countries, because we think it is absolutely essential if you want to be successful, is a combination of things where you can bring the private sector. And let me just give you three examples. One, we do as Preeti and Claire made examples on this. But we at TAB, we have the partnership and the catalytic hole in our DNA. We never finance more than 50% of the project. So you need to find other 50%. And these can be public institutions like our development partners, but it also is a very open private sector. And what we have done, for example, in a project called CULIMA, CULIMA means Promoting Farming in Malawi, is to make a combination of along the supply chain of agriculture, of financing farmers, financing technical assistance to make sure that they can benefit from the best practices that can be found in the agriculture, and also providing risk sharing capacities to financial institutions, African financial institutions, so that they can develop also much more risk in this activity. Another example that I have in mind is an innovative facility that we have found with IFC, with Amundi, a European asset manager, to develop what? To develop green bond issuance by African and actually elsewhere in emerging markets financial institutions. So these financing institutions could facilitate the financing and issuance of green bonds because you have green projects there and they could be financed by green bonds and that can also enlarge the market for green bonds. So it's a lot of things that you can do to try to provide more capabilities for the private sector, and it's financing to make sure that they can increase the supply of money for financing projects. Right. Thank you very much, of course. And we just have a minute to go, so I'll afford each of you 20 seconds. And back to the question that I started at the beginning when I said, where do we go from here? And I said, I want you to answer, but perhaps in three words or anything that you could repeat in 20 seconds. Let's start with Claire, where do we go from here? I don't think I'd say in 20 seconds. I'm actually going to say one more thing before we close off is because I think we haven't touched on that, is the role of the regional banks and insurance companies in getting us to the next step as well. So I think we've seen entities like Africa Trade Insurance, like ISIC, which is part of the Islamic Development Bank, also supporting the catalytic movement towards sustainable funding. And I think, support whether it be through grant financings from the likes of EIB and other public institutions and the partnership with the private sector has also been key in sort of mobilizing capital towards the emerging markets. So I'd like, again, see more than I think where we're going from here. It is hopefully greater partnerships between private and public sector to help mobilize capital to EM. Fantastic. Ambrose, in three words? In three words, one word, partnership. More partnerships. Fantastic. Pretty. Human development and planetary welfare in the capital markets. We need to see capital markets of value and shape and the prices into the markets. Great. Fantastic. And we will be getting back to those thoughts, discussing them at a deeper level. I thank you very much, my family, for being so candid and sharing your thoughts with us. Before I let you go and just to invite everybody else on the call, this is a chance to go on Slido once again. And the question I have for you, because I want to get a poll on this, is right on the screen. Will the world achieve the SDGs by 2030? That is a question. And I believe we already do have some sort of answer. Let me just run through that very quickly. Maybe if we scale up our efforts, that's 71% of you. There's optimistic 14% that says yes, but only in a few regions. There's 25% to say no. The challenges are too overwhelming. And nobody actually says just yes. So we still have quite a pessimistic lot. But thank you very much for participating on that and continue sharing your thoughts with us, continue sharing your feedback on the chat box. Thank you very much for everybody who's written in. We do see the responses and the team here will ensure that we respond to all of them.