 A year that has been incredibly important for the United Nations. It marked the 75th anniversary and the start of the decade of action to reach the sustainable development goals. The COVID-19 pandemic has exposed rising inequalities and continued fractures in global cooperation. As you, Secretary General, stated in September, COVID-19 is not only a wake-up call, it is a dress rehearsal for the world of challenges to come. As the world recovers, we have an opportunity to take decisive and ambitious collective steps to rebuild the future that is more sustainable, equitable and just. Dear Borgo Brando, ladies and gentlemen, dear friends, I thank you very much for this opportunity to address the Davos agenda. Humanity has just endured a year of tragedy and crises that we never want to repeat. If there is one word that characterizes today's world, it is fragility. We see it in the impacts of the COVID-19 emergency. More than two million people have died and we are in the worst economic crisis for nearly a century. We see it in the inequalities among people. We see it in the inequalities among people and countries that have been starkly highlighted by the pandemic. Women in particular have been badly affected by job losses and extra burdens of care. We also see fragility in the climate and biodiversity crisis. Those are existential threats and those are getting worse. We are waging war on nature and destroying our life, support system and nature is striking back. And we see fragility in global geopolitical divides. We continue to fear the possibility of a great fracture to see the world splitting in two with the two largest economies on Earth, leading two areas with different dominant currencies, trade and financial rules, each with its own internet and its own zero-sum geopolitical and military strategies. We must do everything possible to avert such a division. We need one global economy with universal respect for international law, a multipolar world with strong multilateral institutions. We also see fragility in cyberspace with no consensus on how to take full profit of the digital world that we are increasingly depend on while avoiding the risks. We are still far from putting in place the multi-stakeholder mechanisms that would ensure safe and equitable governance of cyberspace. We also see fragility in the disarmament regime and in the growing risks of nuclear and chemical proliferation. We have reached a moment of truth. In 2021, we must address these fragilities and put the world on track. It is time to change course and take the sustainable path. And this year, we have a unique opportunity to do so. We can use our recovery from the COVID-19 pandemic to move from fragilities to resilience. But all these threats, all these obstacles to progress, demand dialogue and collaboration. Governments, international organizations, the private sector, the civil society, cities need to work together. And that is why I've been calling repeatedly for a re-invigorated, inclusive and networked multilateralism that goes beyond intergovernmental organizations. Our common direction has been clearly defined by the sustainable development goals. But for the decade of action to be a reality, we need to be calling for a new social contract and a new global deal to create equal opportunities for all and respect the rights and freedoms of all. A new social contract within societies is needed to enable people to live in dignity. A new social contract within governments, peoples, civil society, businesses and more, integrating employment, sustainable development, social protection and based on equal rights and opportunities for all. It can enable young people to live in dignity and ensure women to have the same prospects and opportunities as men and protect the sick, the vulnerable and minorities of all kinds. Quality education and digital technology must be the two great enablers and equalizers of the contract. A new global deal, a new model for global governance, should ensure that power, wealth and opportunities are shared more broadly and fairly at the international level. It must be based on full, inclusive and equal participation for developing countries in global institutions. Ladies and gentlemen, dear friends, looking at the present moment and in the context of the pandemic recovery, I see two immediate priorities. First, we need an inclusive and equitable global recovery to achieve the sustainable development goals. And second, we need a green recover that will tackle climate change and biodiversity loss. Let me take them each in turn. Inclusive and sustainable recovery around the globe will depend on the availability and effectiveness of vaccines for all, immediate fiscal and monetary supports in both developed and developing countries and transformative longer-term stimulus measures. In record time, scientists have produced rapid tests, treatments and vaccines against COVID-19. Our challenge now is to undertake the largest and most rapid deployment of vaccines the world has ever seen, reaching everybody, everywhere. And this is in every country's self-interest. It is the fastest way to reopen the global economy. But supplies of the vaccines are still scarce and distribution is uneven. Vaccines are quickly reaching high-income countries, while the world's poorest have none at all. If developed countries think they will be safe if they vaccinate their own people while neglecting the developing world, they are wrong. There is now a clear real danger of mutations making the virus more transmissible, more lethal, and more resistant to existing vaccines. And we must act fast. Vaccine production capacity around the world needs to be massively scaled up, licenses made available, and affordability must be ensured. Vaccines must be seen as global public goods, people's vaccines. And that requires full funding for the access to COVID-19 tools accelerator and its COVAX facility led by the World Health Organization. But vaccination is not a panacea. We must also find ways to deal more equitably with the dramatic socioeconomic impacts of the pandemic. And that means addressing the structural inequalities that make so many societies vulnerable. Not only has the COVID-19 pandemic revealed our inequalities in stark detail, it has helped widen them from labor markets to education to health. And while developed countries have put in place unprecedented stimulus packages, worse double digit trillions, only 1% of these resources have made their way to developing countries. Many middle income and least developed countries need liquidity to avoid depth defaults. The high level events that I convened last year with the prime ministers of Canada and Jamaica on financing for development in the era of COVID-19 and beyond, highlighted the massive and urgent need for solidarity and financial support from all relevant stakeholders, including the private creditors. These, of course, must include depth relief for all countries that need it so that no one is forced to choose between providing basic services for their people or servicing their debts. And it must include a new location of special drawing rights to the benefit of developing countries and a voluntary allocation of unused special drawing rights. And we also need to bring more fairness into the world of work. That means that we reduce the very high increased disparities we have in incomes today in the labor markets. And it means closing the gender pay gap, ensuring women's full and productive employment and increasing women's participation in decision making at all levels. Dear friends, let me turn now to my second priority. Alongside an inclusive recovery, we need a sustainable recovery that helps to end our war against nature, avert climate catastrophe and restore our planet. The trillions of dollars needed for COVID-19 recovery are borrowed from future generations, who on top of that will also have to bear the worst impacts of climate disruption. Yet, last year, the G20 members spent 50% more in their rescue packages on sectors linked to fossil fuel production and consumption than on low-carbon energy. Our central objective for 2021 is to build a truly global coalition for carbon neutrality. Every country, city, financial, institutional and company need to adopt credible plans backed by intermediate goals for transition to net zero emissions by 2050 and to take the size of action now to put themselves on the right path. Every sector must do its part from aviation and agriculture to transport, shipping and industry. To achieve net zero by 2050, countries must review their national determined contributions before COP26 in Glasgow to rapidly and drastically cut greenhouse gas emissions by 45% by 2030 compared with 2010 levels as the international scientific community is telling us is necessary. COP26 is also the occasion to show much stronger ambition, adaptation and finance. Ud's gap to remain on financing for adaptation in developing countries, which are already suffering the dramatic impacts of climate change. That is why I have called for 50% of the total share of climate finance provided by all donors and multilateral development banks to be allocated to adaptation and resilience. Adaptation cannot be the neglected half of the climate equation. And to build confidence, developed countries must meet the commitments made in the Paris Agreement to mobilize 100 billion US dollars a year for mitigation and adaptation in developing countries. For all this to be possible, we need drastic changes in policies. We must tend to prefer subsidies for fossil fuels based on taxpayers money. We must put the price on carbon. We must shift taxation from income to carbon from taxpayers to polluters. And we must commit to no new coal-fired power plants and massively invest in renewable energy, especially for the hundreds of millions of people who still live without electricity. We need to flick the green switch. A sustainable economy driven by renewable energy will create new jobs, resilient infrastructure and a healthier future. And it is within our reach. Global investment in renewable energy capacity reached 35 billion US dollars in the first half of 2020, rising 319% and surpassing investments for all of 2019, opening opportunities that cannot be missed. Countries are committing to ever more ambitious national climate plans and long-term strategies with the private sector as a core part of their approaches. And the growing global coalition for carbon neutrality by mid-century has been graining ground. Some of the world's largest emitters have made encouraging announcements. The European Union, the United Kingdom, Japan, South Korea, China. The new administration in the United States has also committed to net zero emissions no later than 2050. So today, countries representing 65% of global CO2 emissions and 70% of the world's economy have committed to carbon neutrality. Net zero commitments by the business sector have also doubled in the last two of months. Companies with a combined revenue equal to the economy of the United States are now committed to reducing greenhouse gas emissions in line with the Paris Agreement. Decarbonization is inevitable and gathering place and it offers gigantic commercial opportunities. Technology is on our side. Renewable energy is getting cheaper all the time and better storage capacity is expanding. Now, all financial decisions need to take into account the risks of climate change and the opportunities inherent in addressing it. Mandatory reporting in line with the task force on climate-related financial disclosures can support this. And I strongly encourage all financial institutions to align their portfolios with the Paris Agreement and all asset managers to decarbonize their portfolios and accelerate a low-carbon transition of economic sectors. I welcome the work of the Net Zero Asset Owners Alliance and I challenge it to broaden its membership to Asian and American asset owners. The world's pension funds manage 32 trillion U.S. dollars in assets, putting them in a unique position to move the needle and lead the way. I also encourage all businesses to align with United Nations' global compact and its ten principles for sustainable business. Dear friends, the opportunity to win the spiral of destruction is in our hands. It is an epic policy test where the private sector has a key role to play. Governments will not be able to lift societies out of the COVID and climate crisis alone. We need a size of private sector action to get us on track to achieve the SDGs by 2030 and implement the Paris Agreement. We count on businesses to play an important role by themselves and to put pressure on governments to do the right thing. Every action, big or small, counts, but those with greater capabilities and resources should lead the way. To those that have not yet set a science-based target, I urge you to prepare your business for the future now and join the race to zero. To those that have set a target to align their operations with the Paris Agreement and the Net Zero objective, I call on you to engage your supply chain to commit to the same in time of the United Nations Climate Change Conference, the COP26 in Glasgow. We need you more than ever to help us change course and fragility, avert climate catastrophe and build the equitable and sustainable future we want and we need. Thank you. And as you alluded to, governments have no brought in 12 trillion U.S. dollars in stimulus, so the fiscal muscle is more limited, so in the years to come, we have to mobilize the private sector. We saw how the private sector also really took leadership in the development of vaccines. Usually it takes eight to 10 years to develop these kind of vaccines, and now we have the vaccines here. But as you have said before, Secretary General, COVID anywhere is COVID everywhere. And who are we going to make sure that the vaccines will be accessible for all the people on our planet? There are some positive signals. We see several countries commit to the WHO-led COVAX facility. We still need to be able to fully fund it, and that will be a crucial component of making vaccines available in this case for 20 percent of the population of the developing countries. But there are more things that need to be done. Most developed countries have bought more vaccines than what they will need. And I understand that they did it. I think that it will be important to put all those that will not be necessary to the disposal of developing countries. And then we must make sure that we scale up production of vaccines. Licency should be made available to the huge production capacity that exists, namely in several developing countries, countries like India, countries like Brazil, a huge capacity of production of genetics, and we'll have a huge capacity of production of vaccines if license are made available to them. And these will create, of course, the capacity to provide vaccines in large quantity also to developed countries and to the poorest areas of this world. And as I said, if we do not act like this, if we believe it's possible to vaccinate the global north and forget about the global south, if you let the virus spread like wildfire in the global south, it will mutate. And when it mutates, it will come back in a way that vaccines will no longer be relevant. That risk is there. See what happens with the flu. Every year, we have to have a new vaccine on the flu, because in between the virus has mutated. Do we want to have the COVID in the same situation, having to have vaccinations every year and the COVID forever with us? Now, we must stop the COVID. And to stop the COVID, we must now have a massive vaccination north and south, covering the whole population as quickly as possible. Well, thank you. In many ways, you also illustrate the importance of multilateralism. We are all in the same boat. So neither COVID or CO2 do know any kind of border. So there's only one way of dealing with it. It is at the global level, also through the UN. You mentioned, Secretary General, the enormous stimulus that is out there. 12 trillion US dollars. Only 1% of this you said in your speech is allocated to the poor countries. And here, you also mentioned that we will have to see the private sector stepping up in investing and also supporting. Who do you see the private sector's role? What do you expect from the COs and the chairs that are listening to your speech today? Well, first of all, I expect governments to support the private sector to move in the right direction. Obviously, I've been advocating strongly for debt relief for countries that are in need of debt relief for liquidity to be provided, namely through bilateral and multilateral international, institutional financial institutions. I think it's very important that multilateral development banks and national development banks are able to guarantee private finance and private investments to partner with private and private finance in blended forms of finance, allowing for an easy mobilization of the private sector. And then I believe that the private sector should be actively engaged in seizing opportunities and governments in the developing world should be doing everything that is needed to improve governance, to make the rule of law prevail and to be able to better attract private investment. If you are able to combine these efforts, efforts of government and international financial institutions in the global north, with efforts of governments in the global south, improving their governments and with a strong commitment by the private sector, I think we'll be able not only to respond to the needs of the recovery from the COVID, but also to address in a much more effective way the challenge of climate change. When the World Economic Forum launched the global risk report two weeks ago, we underlined that one of the big risks before COVID was the growing inequalities inside countries and between countries. The legitimacy of our system today, kind of social market economy, is also based on wealth trickling down. And now we have seen that inequalities in many countries and between countries have even increased after COVID-19. Do you see a way of breaking this impulse moving forward? Well, first of all, I think we need to be fully convinced of how important it is to reduce inequality. Inequality became a factor of insecurity, of instability, of undermining the social cohesion of societies, even a factor of conflict in different parts of the world. And it undermines economic development, not only the sustainable development goals in particular, not only social justice, but economic development in itself. There was for many decades the idea, the prevailing idea that inequality was good for the concentration of capital and the concentration of capital, an absolute must for economic development. But as inequality has grown, we came to a situation in which inequality became an obstacle to economic development in itself. And so it's absolutely essential to look into inequality as one of the key fragilities of today's world and something we need to fight against. And there are many ways to do it. First about income inequality. It has to do with taxation systems. It has to do with fighting money laundering, corruption, fighting illicit financial flows. It has to do with the capacity to shift, put the price on carbon, shift taxation from income specially payroll income to carbon. I mean, there are many measures that can be taken in order to reduce income inequality. And of course, the priority in education, the priority in bridging the digital divide is also essential. To generalize primary education and pre-school education is a main equalizer. To make sure that we have internet available for all. For the moment, it's only for 50% of the world population. It's for us a key objective. To bring, as the GIGA project led by UNICEF, to bring high-speed internet to all schools to allow for everybody in the world in this present circumstances of COVID to have education by distance. I mean, there are many aspects that can be done in this regard. And then you have the forms of inequality related to gender and gender equality is an absolute must. If you want to have equilibrium in development, if you want to have also better security, if you want to have better decisions at all levels, we have inequality of race, of ethnicity that is a factor that is undermining the cohesion of our societies. We have inequality in relation to the problems of people with disabilities that have not been sufficiently supported. We have inequality in relation to minorities that are discriminated. So, I mean, equality and dignity are two main objectives that we need in a very pragmatic way. Mobilizing all the capacities and resources possible, mobilizing all the key actors. We need to make sure that we have more cohesive societies because only with more cohesive societies we can have better development, a development that we want inclusive and sustainable. Well, thank you so much. And as you know, Secretary General, we put a lot of focus on the stakeholder capitalism. Our chairman, Professor Klaus Raub, even comes up with a book on this defining that we all have a broader responsibility also business than just our shareholders. So, this is very much aligned with what we're also focusing on during this week. Last question is related to make or break. You coined Secretary General this year to be a make or break when it comes to climate change. We know that COP26 is coming up. We know that there is a lack of financing for mitigation as you also strongly underlined adaptation and also for the overall financing and developing countries. And you also mentioned that we have to stop to use tax payers money on subsidizing then fossil fuel. We have to stop building new coal power fired plants. Do you see a real change now coming? Are we really seeing that we are making a huge change this year also with the stimulus where we see more and more going into the green sector? I see it an enormous opportunity. First of all, if you are spending trillions of money, we can spend it well. This money we are borrowing from the future generations. So, we owe to the future generations that we use this money to have a sustainable future, not that they will inedit the debt and inedit the destruction of the planet caused by a bad application of the money we are investing. So, if we are investing so massively, let's make sure you do it well. But I see a growing conscience. I see a huge mobilization of the use of the civil society, of the business community. I see governments more and more understanding that this is an area where they must deliver if not they will be kicked out by their electorates. We see the green agenda becoming more and more relevant in elections everywhere. And indeed, 2021 is the make it or break it year. We cannot fail the Glasgow COP. We must make sure that we create during 2021 a global coalition for net zero that covers at least 90% of the population. And we are already almost there. We need to make sure that the other G20 countries that are not yet committed to net zero become committed to net zero. And it's possible. And we need to make sure that countries present their national determined contributions in 2021 with a dramatic reduction of emissions up to 2030 to allow for the net zero to be possible in 2050. And I see movement in that direction. I see countries gaining conscience that they need to do so. And I'm also enthusiastic with what I see the dynamism of the private sector and particularly the finance sector. I see more and more banks consider that they need to align their portfolios with the Paris agreement. I see more and more asset managers and asset owners that want to decarbonize their portfolios. And that can see I see more and more central banks asking for financial disclosure of climate risks. I see a bigger and bigger conscience that here we are leaving the moment in which we can reverse course. We can really put the world on track. Because if we don't in 2021, let's not forget that we our objective is to keep temperatures below 1.5 degrees or at 1.5 degrees maximum. We are already at 1.2. If we miss the opportunity of 2021, we will soon be above 1.5 degrees. And the concentrations of greenhouse gases in the atmosphere will not be reduced, will not disappear. So if we don't change the course now, we might be condemned to have a gross of temperature in the end of the century of 3 to 5 degrees. And this would be a catastrophic situation. And it will be a catastrophic situation that will be bigger and bigger as the decades will flow. It's not that we will wait to the end of the century to see the results. The results are being seen now and it will get worse and worse and worse. And as I said, when we make war to nature, waitress trackings back and with the vengeance. And we are doomed if you are not able to reconcile with nature. Thank you so much, Mr. Secretary General Antonio Gutierrez. A big virtual applause for you. I promise you next year you will have a real applause at our annual meeting and also possibly in the spring. So thank you so much from all of us and see you soon. Thank you.