 Welcome to this Davos agenda session on accelerating clean energy transitions with the focus on emerging economies. My name is Nadita Prashad. I'm the Managing Director of the Sustainable Infrastructure Group at the European Bank for Reconstruction and Development, especially warm welcome today to our distinguished panelists. Minister Mustafa Mohamed, Minister in the Prime Minister's Department for Economic Affairs of Malaysia, Ms. Emma Fitzgerald, Chief Executive Officer of Puma Energy, Mr. Sin Bawan, the Executive Chairman of State Grid Corporation of China, and joining us from India today is Mr. Gurdeep Singh, Chairman and Managing Director of NTPC. We are at a critical moment in our efforts to address climate change. Transformation of the energy sector that contributes 75% of global emissions is crucial to these efforts, and finance is crucial to drive this. If we fail the finance challenge, we fail the energy transition challenge, and if we fail that, we fail the climate challenge with catastrophic consequences, especially in developing countries where the world's poorest live. The numbers are staggering, investments and trillions are needed to scale up clean power, and very importantly, transition away from fossil fuels, and the majority of this is needed in emerging markets. There is, however, good news. We know what to do. Clean energy is now the cheapest source of energy. It's free from pollution, doesn't need water, is quick to build and provides energy security and jobs. There is also no shortage of capital in the world. And now, particularly as we emerge from this pandemic, that capital is looking for investments that are sustainable and green. So what I hope we will discuss today is what emerging markets need to do to take advantage of this good news. What effective policy actions, frameworks and financial instruments can ensure this needed acceleration of the clean energy transition? So just before we start our discussion, let me just remind everyone that this portion of the session is live streamed to viewers from around the world. It will be followed by a discussion amongst registered forum participants. Also, very excitingly, we will be graphically recording this part of the session to view at the end. By the way, this is the first time I'm seeing this kind of a recording. I'd also just like to recommend that you all turn on the interpretation button, please. So now, let's start our discussion. Minister Mustafa Mohammed, let me start with you. Malaysia has set a target of 20% renewables in your energy mix by 2025. That's in less than five years, which requires attracting billions of investment in renewables. Malaysia is also soon to release a new national energy policy plan. So please, Mr. Minister, please tell us what key priorities is Malaysia setting in this upcoming national energy policy plan? And what policy measures are you recommending to unlock the massive needed investments in clean energy? Thank you. Thank you, Nandita. Thank you for this opportunity to join very distinguished panelists. Let me summarize in four or five points. Firstly, as typical in many countries, particularly emerging markets, we have guidelines and plans and framework. So we are working on a guideline framework for the next 20 years from this year until 2040. It's a 20-year pathway that we are pursuing. Number two, I want to share with you that there's a deep commitment on the part of the Malaysian government to move forward, which is a big help. And in our various engagements with many stakeholders in the last 10 months, we have found a lot of commitment to support the green agenda system of growth. So that's very heartening to note that there's good support. Number three, of course, we need a lot of buy-in. That's very important of whatever agenda that we want to put in place. There's need for public support. And in the last 10 months, I'm pleased to share with fellow panelists that in this country there's growing support and in that connection, the level of ambition, as a matter of fact, as we evolve over the last 10 months in the process of doing consultations, there's been a revision in the level of ambition between the same, which in the detail you mentioned, some are saying that that's not ambitious enough. So this is a good point I want to share with you. Next will be finally in terms of policies. Firstly, we recognize that the market plays a very important role, demand-driven, talk about finance. Of course, there's money out there, hopefully, from our bankers. The other is given the level of ambition that we have, we're moving towards a door-carbon pathway. And of course, eventually, you know, we're pursuing a green growth ambition, but we're at 2040, hopefully, we'll be going full steam to this. So in summary, it's very important to have a framework. Number two, there's a lot of commitment on the part of government and state holders. Number three, we realize that there's no two ways about it. It is inevitable, we've got to come on board and the public is beginning to realize the importance of Malaysia fully embracing the green agenda and making sure that this catastrophe does not hit us. So thank you, Anita. Thank you, Minister, for giving us a real insight on what governments need to do in setting frameworks with ambition, pathways, and mobilizing stakeholders' support. So now moving to a private sector perspective and from a company that's actually active on the ground in emerging markets. Emma, your company provides innovative energy solutions with a strong focus on emerging countries and economies. You are also leading your company's strategy to decarbonize your own operations and transition towards delivering more sustainable, affordable, and reliable energy solutions for communities. Please share with us your experience in making this transition a reality. What are the concrete business models you've seen that work to facilitate the financing of clean energy solutions? And what's needed to scale this up? Thank you very much, Nandita, and good morning and good afternoon, everybody. It's a genuine pleasure to have the opportunity to talk about this topic because it's something that's also incredibly close to my heart as well and one of the key reasons that I took the role of CEO of Puma Energy two years ago. Essentially, to answer your question, my experience is there is no template which we can just roll out across multiple markets because particularly in an emerging market context, every market is slightly different, both in terms of its structure and the needs of the customers and the communities. So essentially, it's really important that we have the right conversations with all of the different stakeholders, whether that's government, regulators, customers, incumbent power generators, etc., to identify, first of all, what the solutions are that we need to find. And then secondly, how we actually put those in place and attract the right finance at the right returns. And one of the key things that we have to be able to do in that context is to create markets which are clear-cut and transparent in terms of how they operate so that we can attract the right investment. So whether that's pay-as-you-go schemes, whether that's other mechanisms by which we can create an open business model, and also we have to think about removal of subsidies as well for fossil fuels to be able to incentivize the move to those models. Essentially, I see the role of Puma Energy and other companies like mine who are on the ground embedded in communities as being the glue that brings those different parties together. And I'm very passionate about the fact that we must listen to our customers and our communities about the solutions that they need because the difference in emerging markets is that you are talking about providing affordable solutions and affordable services to people who don't necessarily have access to the basic services that we would take for granted in developed markets. And not only do we need to provide solutions that work and are affordable, but we have to provide solutions that people will own and be able to sustain in the communities that they live. The way that Puma Energy has gone about this is first of all by creating a dedicated future energies business as part of our operating model changes last year, and we're focused on three types of projects. The first of those, as Nandita said, is that we are actually trying to learn as we go by applying solutions to our own assets. So we're using solarization of our midstream terminals and also our retail stations to actually understand the most affordable solutions and also to make sure that the returns that we can attract through our own self-sufficiency journey are transparent to potential investors. So we've started small and we're learning and adapting our approach by investing, self-investing in these types of projects. In addition to that, what we're doing is we're working closely with our commercial customers and also governments to actually define what the solutions are that they need to be able to support their own energy transition. And this is something that my organization is very focused on. Our purpose is to energize communities and we are exploring with our customers and our key governments what the needs of the future are and how we can best serve them and how we can put those solutions in place. And then we are also looking at standalone projects. So in some of the markets that we operate, we have large numbers of the population who do not have access to mains electricity. There is no national grid. So how can we actually define you through microgrids or other mechanisms, how we actually bring electricity to some of those more rural communities? And again, what's the right business model to actually allow us to do that? Now, as I said before, we are self-investing as it stands to actually learn as we go and make sure that we're putting the right capabilities in place and generating the right returns. But as we build our knowledge of that through the year, we will be going to market later in the year to create an investment platform to actually be able to support the pipeline of projects that we've already identified against those three areas. And that's where hopefully we really can scale and we can really start to get some momentum behind what we're doing. And we're absolutely committed to making that happen. So back to you, Nandita. Thank you very much, Emma. Thank you for some very, very clear insights and for reminding us that one size does not fit all. So now going from what's needed on the ground, small energy solutions for communities. Let's go to the perspective of a key infrastructure for this transformation, the grid, the lifeline needed for the energy transformation. So over now to Mr. Sin, Executive Chairman State Grid Corporation. Mr. Sin, in 2020, President Xi Jinping announced China's commitment to achieve carbon neutrality by 2060. And yesterday, we heard him at the forum talking about the ongoing work right now in preparing action plans needed to achieve this. So tell us, what does this mean for the transformation of China's power system? And in particular, where is State Grid, the largest utility in the world, going to focus and realign its grid investment strategy? Thank you. You're a moderator. I think the question you raised is very important. It touches on the global warming and sustainable development. State Grid, actually, we have been committed to the grain development. As you mentioned, President Xi Jinping recently and numerous occasions have mentioned carbon neutrality and carbon peak objectives. Actually, he pressed on the acceleration button for China's clean energy transition in order to help attend this objective. In the upcoming five years, State Grid will be investing on average more than $70 billion per year in order to promote a State Grid upgrade. And speed up the building of energy internet. And also help the development of clean energy and clean energy consumption. We think we can carry out our work in the following aspects in order to boost investments. First of all, we will create an education platform for a large scale development and utilization of clean energies. China has mentioned that by 2030, wind power and solar powers installed capacity will reach 1.2 billion kilowatt hours. As we know that wind power and solar powers are random and volatile. When they are fed into the power grid with high proportion and at large scale, they will bring a lot of headaches such as power imbalance, power consumption, safe and stable control of the power grid. So on the one hand, we will carry out State Grid connectivity in order to increase the coverage of new energy consumption. On the other side, we will work on the energy storage in order to increase the nimble adjustment of the whole power system in order to provide assistance for the development of clean energy. Currently, we have 41 energy storage stations, 51 energy storage stations. Furthermore, we have also created a cloud platform for the clean energy and we have connected more than 1.98 new energy stations and reached 450 million kilowatt hour kilowatt. Secondly, and we have been providing a lot of services for new energy facilities. With the clean energy and low carbon transition, we know that the consumption side have showcasing new tendencies featuring interaction, diversification and electrification. So building an energy internet will help to make the grid smarter, will help to coordinate interaction among power source, grid load and storage and effectively support the connections with all sorts of facilities and we will also support adjustable loading resources. For example, today we have built a freeway speed charging network covering 171 cities and also we have created the largest smart car network platform around the world and this actually has boosted the development of electric cars. Today, our smart car network platform has 1.03 many charging stations connected and this has a very important boosting effect for the development of electric cars. Thirdly, we will provide solutions to enhance the energy efficiency of the whole society. Today we have a lot of important data resources but by building the energy internet, we can do data mining and utilization so that on the one side we can increase the operational efficiency of power grid. On the other side, we can also provide all sorts of activities for our customers including households, companies and industrial zones. Services can include for example, diagnosis or energy management, etc. And through the services, we can also increase the energy efficiency of the whole society and reduce energy intensity. We can also provide or improve the percentage of green energy in the energy end use. I think that building the energy internet is a project fraught with challenges. It touches all sorts like all aspects like policy, technology innovation and standard settings. So we are happy to exchange whether it appears. Thank you. Thank you very much Mr. Singh. Sharing your views and how grids will need an enormous overhaul and investment to facilitate the transition and how China is really leading the way in showing all of us how to build this energy internet. So now travelling from China to India, Mr. Gurudeep Singh, NTPC is India's largest power utility that started life as a predominantly coal based company. Now NTPC has an ambitious target for non-fossil fuel based capacity to reach 30% of its total installed capacity by 2032. So please Mr. Singh, tell us, how do you see the Indian energy sector and your company undergoing this major transition towards clean energy sources? What do you think are the key enablers, policy signals and financial instruments needed to accelerate this transition? And what can be done to push this further? Thank you, Nandita. As you rightly pointed out that we are the largest power generating company and we started with coal based primarily our name itself NTPC is National Thermal Power Corporation. It used to be but it's no more because we are trying to become the integrated energy company rather than only remain as a coal based power generating company. But coming back, I think as far as India is concerned, we must give the credit to the government and the leadership which really identified at early stage and even set up the targets. From the policy side, I think then what India has done is a remarkable thing. And some of these policies I would just like to mention like setting the targets that by this time like 2022 we will have 175 gigawatt of renewables and then it starts backward and then putting that it's a must run. So whatever the energy is going to be that will be observed in the grid, even though we will have to even back down our coal based or the gas based power stations. Then there is a RPO, which is the renewable purchase obligations, which is the kind of affirmative action which has been taken by the government. So like this, there have been a number of decisions which were taken. Incidentally, we had also really thought of at the early stage that there will be a great requirement and in the case of the green corridors, we had invested heavily in the grid. So these policies have really enabled the lot of capacity which has started coming. And today I'm with a lot of satisfaction. We can say that we are almost 90 gigawatt plus in the case of the renewables. And we are just on track to complete our targets. And this is already again stated the objective that we will be reaching to 450 gigawatt as a country by 2030. So this will have enough scope. So this will be a kind of the expansion which no country would have really seen in the recent history. This will require all kind of inputs, all kind of the works which has to be done on the ground, on the policy front, and more so importantly what you pointed out that what can be the financial instruments which can come. We in the country, there is no restriction on the foreign companies they can have and they can have invest 100% as far as the power sector is concerned. The generation dynamic sector is concerned. So there is no restriction. So there are a lot many companies which have already come. But I think there is more and more focus would be in trying to come and try to invest. And we had taken another kind of payment security mechanism where in NTPC itself and Secchi, which is the solar energy corporation of India, we had signed the power purchase agreements with the developers who are coming from it. And then we took the risk of the payment so that they are insulated from this kind of things. And then we signed the power purchase agreements with the distribution companies which are really enabled a lot of comfort and the push in the sector. We all know that as far as renewable energy is concerned, there are two important factors as far as the capital is concerned. And that is what we just mentioned that every time the one is the capital cost and the other is the cost of capital. So the capital cost is being brought down by the technology and the scale and the cost of capital as you rightly pointed out in your introductory Chinese message that there is a lot of capital which is waiting to happen. So we just I can assure you that we are having all the ingredients, all the policy frameworks in place so that there is a long term visibility, there is a transparency and please work out all the financial institutions really start looking at what can be different instruments which can come so that we can help the renewable sector in a long way. Before I conclude, let me just add here that we as NDPC we are going to add at least 30 gigawatt and we don't look at only as a power because this cannot be only solar or the wind power generation. At the end it is the energy which is which has to be taken care and when we are talking about the energy whether it is going to be utilized in the transportation whether it is going to be utilized for the. We call it in the western part of the world heating requirement but in our part of the world there will be a lot of requirement for the cooling. So we will have to start looking at different innovations how we can really tap the renewable energy or the clean energy and try to make sure that we really meet the requirement of citizens for the energy and that is a clean energy. We had ambitious task which we took and we completed that about two years back to connect 26 million households. So when we have the connectivity with each and every household there is we have to provide this clean energy towards that and distributed energy I think the rooftop distributed energy the policies are going to go a long way. Another area which is quite evident in the kind of the access to the clean energy is going to be the cooking solutions rather the solar how we can really exploit the solar energy towards the cooking solutions. So the transportation, cooking, cooling, this hydrogen and ammonia I think this is the green ammonia and the green hydrogen are the next some of the areas where our team is now aggressively looking at. Thank you. Thank you very much, Mr Singh. I think you've really given us some hope for optimism here and I'm sure after listening to you, I'm hoping that the many financiers already sharpening their pencils on how to get into the Indian market. So we have now only five minutes left and so can I just go do one more round Robin of all of you who've given us such great insights already and ask you in just 45 seconds. Could you share one bold idea or one practical recommendation of what you believe could really unlock much higher level of investments and clean energy in emerging markets. What is the silver bullet that you think can flick the green switch that the UN Secretary General spoke about on Monday. So let's go back to Minister Mustafa, Mohammed, Minister Mustafa, your 32nd thing on the one thing that's going to move the dial. Thank you. I think commitment firm commitment with the government is happening in India and Malaysia and China and of course response from stakeholders in particular the private sector. A lot of funding is coming private sector and we hope this will make things happen. The support from the government and active involvement with the private sector. Thank you. Thank you. Thank you, Mr. Mr. Minister Emma. Sure. So I mean my 30 seconds would be I think we need to be open minded, curious and willing to work together to find the right solutions. Thank you, Emma. Mr. Sin. Thank you. Going forward, we will invest more in clean energy and state grid will continue to operate our infrastructure in order to integrate more clean energies. Thank you. Thank you, Mr. Sin and Gurdeep. I think I just mentioned my opinion, I think we should really start investing towards the green hydrogen and the green chemicals like to say to start with the green ammonia and start looking at the energy solutions rather than only looking at the grid. Thank you. Thank you very much. Thank you to all of you because I think you've just given us a wonderful set of bullets that we clearly all need to work on together ambition, open mindedness and stakeholder engagement. The grid and total and complete solutions. So now before we end this part of the session, let's have a look at this recorded scribing of our session here. Is it possible to pull that up for as a full screen. Okay, great. Can you all see this because this is the first time I'm seeing something like this but I think it's giving us some wonderful pictorial capturing of this session of all the things that we really need accelerating the transition. Open mindedness, policies, access. Gosh, I'm having trouble reading this business models. Gosh, I think this is when I need to start small. Yes, thank you. Thank you very much. And I will just like to sort of end the session thanking all of our panelists for sharing these incredible insights, showing us what we can do, and must do together working together as partners collaborators, bringing all the large the innovative and the low hanging fruit together to make this transition happen. Thank you very much.