 This discussion beyond COP 27 leaders on the road ahead. My name is Antonia Gavel, head of climate change with the World Economic Forum. I will start, of course, by noting that COP 27 is not over yet. Negotiators are still gathered in Egypt working to push forward strong outcomes. As a brief recap for our viewers, COP 27 was dubbed by the Egypt presidency as the COP of implementation. The major objective, of course, was to see progress on implementing the many commitments made in Glasgow last year at COP 26. But this is also the Africa COP, providing an important opportunity to table issues critical to the continent and many developing nations. A few priorities on the agenda going into Egypt included one, mitigation and adaptation finance. Pacific countries have still not delivered on the hundred billion US dollars committed in Paris to help developing countries decarbonize and adapt. The second is loss and damage. Now climate change is here and now with devastating impacts being felt around the world, particularly in the most vulnerable nations who don't have the resources to respond. And of course food, energy and water security. The world is currently in the midst of an energy, food and water crisis all compounded by climate change. It's hard to currently express optimism about where we currently stand. Many, including myself, are leaving Egypt with continued frustration at the slow pace of progress. There were murmurs in the halls that political leaders were on the edge of giving up on the 1.5 degree target rather than driving negotiations towards it. So on one hand this lack of political progress in Egypt can leave us feeling defeated. We did however see some positive movements alongside. And I would say a reinforced conviction that in all of society response will be critical to unlocking progress. Let me share seven quick examples of where we saw some positive momentum. Stay with me. These are all really important. So first the scientist Johann Rockstrom put it so clearly 1.5 degrees is not a political goal. It's not a compromise. It is a physically based boundary. This position was shared and communicated by thousands of leaders over the weekend urging parties to double down on efforts. Second coming out of the G20 a new just energy transition partnership was launched in Indonesia to help finance the energy transition. There was also word of positive dialogue bringing together back the China and US conversation on tackling climate change. Third African nations announced a carbon market partnership and are not waiting to embrace the opportunity of a clean economic transformation. Again, Sharma shake adaptation dialogues were announced seeking to enhance resilience for four billion people living in the most climate vulnerable communities by 2030. Another example our own first movers coalition in partnership with Secretary Kerry of the US State Department announced his expansion to 65 companies now sending a 12 billion dollar market signal to pull forward critical low carbon technologies of the future. And a further market signal 26 countries have now also signed a global MOU committing that 100% of new truck and bus sales will be zero missions by 2040. And last but not least major agricultural trading and processing companies launched the agriculture sector roadmap. This will move the industry towards science based transparent and traceable actions to avert and reverse deforestation. These are just a few examples there are many more and it's by no means sufficient. So what we now need to focus on is how we continue to drive collective action to close that gap between ambition and action. The upside of this economic and social transformation is such an important opportunity for innovation, entrepreneurship and collaboration if we fully embrace it. So in this discussion today I am joined by a brilliant cast of leaders who are on the ground in Egypt are following discussions closely. Let me briefly introduce them. We have Janet Ranganathan, a managing director and senior vice president with the World Resources Institute, Jesper Broden, CEO of INCA Group and co-chair of our CEO Climate Leaders Alliance, James Mupé, the economic advisor to the president of Namibia, Anisha, managing director and CEO of Mahindra Group and of course we also have Pato Kelesitze, a global shaper from our Gabaron hub who also has launched important initiatives to drive climate action. So we'll discuss their perspectives, experiences and importantly I think vision for the way forward. So let me start with you, Janet. It would be great to kind of hear your perspectives. WRI has been closely tracking the negotiations for many years now both looking at what needs to happen, driving policy change. Would love to kind of hear your experience and take on where you see things standing now. So Janet, over to you. Yeah, great. And thanks for having me on here. And yes, I'm going to focus on the nuts and bolts of the negotiations, not maybe as exciting as some of the other things you're going to hear from the panelists, but bear with me. And I actually wrote out some careful notes last night about what I was going to say. I woke up early this morning and there had been a flurry of activity. So I've got, I've got red pen all over my notes, but anyway, bear with me. So I'm going to frame my comments around what WRI, the World Resources Institute, saw as the five critical tasks that negotiators needed to complete in SHARM. So bear in mind that all of this is still in flux, there's another 30 hours of crunch time in SHARM, but this is where we are right now. So the first one you already alluded to, that's about creating a financing mechanism for loss and damage. So loss and damage refers to when impacts of climate change are so severe that actually adaptation is just not feasible. So it was probably the issue of the genre for the whole conference. It was rightfully seen as an issue that had to be resolved for climate justice, solidarity, and just simply building trust. So there has been progress on that. I mean, the first thing I should say is that the G77 in China, they're united around this. And I think thanks to that, it actually got for the first time on the official agenda. We've never seen that before. So that in itself was progress. Of course, there's still major fault lines and what that's going to look like, who's going to provide the money, who's going to be eligible to receive it. But we saw some concrete options put into the cover decision, which is the overall draft note that will summarize the conference. So it's still draft. There's going to be another version. But three concrete options appeared. First one is that they actually agree to create a facility here in China. The second option was we actually agree to push it down the road to the next COP in UAE and create a facility there. And then there was a third option around, well, we just agree on the financing mechanism. This third option was a little bit more nebulous, but also reflects the fracture that some countries really want to see a dedicated single facility that replaced other mechanisms. Well, other countries would like to see a sort of what we call a mosaic of approaches that combine sources of funding from different places and makes use of some of the existing mechanisms. So still it's good progress. Let's see what happens in the final cover decision. The second must have task was to scale up support for adaptation. So a little bit if beyond this one. In Glasgow, what had happened there was that the developed countries had committed to double their adaptation finance from 2019 levels by 2024. In other words, double it from 20 to 40 billion. And I should say that that's still a drop in the bucket for what's actually really needed. Unfortunately, there was no progress on creating transparency and more detail around that doubling committee. Despite the best efforts of the group of African negotiators to get it on the official agenda, it was dumb. So there was no further discussions on that. There was some rays of hope, though. About 170 million was put forward to go into the adaptation fund. So that was good news. And there was some progress around this sort of long discussed adaptation goal and how that might be framed. So we're going to definitely see next year a push for more transparency and accountability on that. The third critical task, which is always every climate cock was to strengthen national emission reduction targets. So again, going back to Glasgow, there was a request for all countries to revisit their targets in the light of the 1.5 degrees target and strive to create more ambition. So we saw several major emitting countries step forward. We revised these nationally determined contributions to so-called NDCs. That included Australia, Mexico, Indonesia, and India. So that was good news. But there's still a big gap between promises and what's actually needed. There was also work on this so-called mitigation work program. So we're going to wait to see what's going to come out of that. Is it going to be sort of this is basically informing ambition for the next decade and how concrete is that going to be? So that was the third one. The fourth one was not surprising here about delivering the 100 billion and underscore the and moving forward on discussions around how to create a new finance and committing commitment that goes beyond that 100 billion. So I think it's quite fortunate that just before the COP, Germany, the UK and Canada prepared and released a report on the status of the 100 billion and actually transparently put the action notes in there. So that kind of diffused that issue because it already been dealt with. So then the focus was on creating this new collective quantitative goal. And I think, again, there has been some progress there. We've still got to wait to see. And then finally, we wanted to see some progress on the treasure trove of commitments, voluntary commitments that we'd seen at Glasgow. And I think organizations like the Forum and the World Resources Institute, we certainly convened a lot of those groups together to see where there was progress. Even these concludes things like the global methane pledge, which by the way now has 150 signed up things, but also net zero emissions vehicles. The forest deforestation commitment. So on the financing, let me just one quote that I thought kind of captured. It was from the African Development Bank Chief. He said, you know, there's being like mega watts, mega watts of talk about financing and sort of near net zero mobilization of funds. So I think we've got to watch that space definitely as we go into the next COP. Thank you very much. Great. Thank you, Janet, for that. I think I kind of captured loss and damage, adaptation, mitigation, finance and actual commitment implementation to sort of synthesize your five. We'll come back to you also on how you see us sort of moving forward in those areas of action as well. Now, Jesper, if I can turn to you, of course, you were very actively on the ground in Egypt during the first week. And I think in particular around this challenge of keeping 1.5, the focus of commitments in the negotiations, as well as working with business leaders to really drive their own actions in addition to supporting a message that actually governments should be confident to set strong policy as part of our climate leaders. Maybe can you just talk to us about your experience, what you saw, what you drove and some of your thinking on how we move forward from here? Well, thank you. Thank you for the opportunity and collaboration, Antonio. And big thanks to the forum also for bringing us together. And I have to say a big thanks to Janet and WRI, this amazing organization who's so deep into expertise and at the same time on the ground, helping to both count, change and scale things. So big thanks for the job that you're doing. And I would say from my perspective, building on what you started with, Antonio, it's a strange sense of the glass being both very, very half empty and very, very half full. So we are not on track. The world is not on track. And there is a lot of, I think, fear, rising fear, rising concerns. And even as you said, we hear low voices, even speaking of giving up on the commitments that now Johan has helped us understand this is not a political target, but an absolute limit for the planet. On the other hand, I've never seen so much activity and I'm filled with optimism actually when I when I witnessed there, the collaboration between, in particular, I would say NGOs, companies, corporate leaders and the youth movement has been very active at the ground. And what I think is worth sharing with everybody out there, these discussions have not been about whether there is an issue with climate change or what we think about it. But they've been centered around solutions and actions in each and every conversation that I've been part of. There's been an immense amount of great examples, things that have been done, things that are in the making and things, of course, that we haven't yet cracked, but together we'll do. And I want to call out also the youth leaders who started on the streets with angry, rightfully so voices on actually participating with their competence in an incredibly constructive way in helping us moving the agenda. Now, I think also maybe especially to call out to all the companies here are not waiting for a legislation or waiting for the pledges, but actually have started by their own ethical and moral motivation and by the motivation and understanding that sustainability and climate is not about making sacrifices. It might be about making upfront investments and taking some leaps of faith, but it's really about being a winner in the economy where it's simply the only way to be cost smart is to be resource smart and climate smart. And I think the list of corporate leaders and companies who understand both the moral and the economic aspect of this is getting longer and longer and asses the list of actions. Now, a big applaud, I would say, to hard to debate sectors. I think I represent the IKEA and the retail sector. And we have a huge scope three change that we are going through with our companies. We see cement. We see car industry. We see a lot of brave leaders taking great steps of transformation. And we see some sectors that still is being called out that can do much more like representatives of fossil fuel industries. To that note, I was glad to hear that now it's not only coal, but it's also fossil fuel from G20 that is called out where we need, of course, a deep transformation for all of us to actually reach the one point five level. The letter you referred to, Antonio, just to say that I think it's quite unique because during COP, not after, but during COP, we rallied hundreds of organizations and leaders. And I think it's the first time I know about the letter signed by youth leaders, NGOs and company leaders to say it's one point five. It's hard. It's difficult. We don't have all the answers. But it's one point five and we need to double our efforts to get that point. And then to finalize, also to say, I think one of the things that sticks with me is that this will require, continue to require radical collaboration and unity, unity, both for reasons of solidarity, but also unity, because it's the only way we're going to crack this together. And as such, I would like to just continue to engage, to encourage the negotiators to be bold and brave. And do the job now, the last remaining days to take important decisions for the world. And I would like to reach out to all fellow company leaders also to continue the pursuit to take actions in advance of some of the decisions that needs to happen. And I'm sure that together we will be able to make and reach the goal that we need. Thank you. Thank you, Jesper. I think your optimism and your inspiration and commitment certainly fills us with kind of the continued energy that we need to drive this transition forward. Now, James, I've had great discussions with you about some of the exciting activities that you've been driving out of Namibia as the special advisor to the president. Now, this is, of course, an African cop, as I said at the beginning. There is a central focus, as was mentioned, on on issues of adaptation, finance, loss and damage, as well as I would say what you look at as the positive transformation opportunity. So what's your sort of sentiments coming out of the discussions today, but also how are you looking forward into the future? Yeah, I mean, Namibia has been really, really interested in a couple of issues at COP. Look, I think we came fairly well prepared. So we ended up mobilizing about sixty three million dollars in grant funding to get some various projects underway in Namibia, that in one way or another would would help us with mobilizing concessionary financing. And then we also mobilized about five hundred million euros, sort of a framework loan, and that would be available to us in very concessionary terms as well. So all in all, if we look at the 12 months, we've mobilized about six percent of GDP in concessionary climate financing to help Namibia become, yes, a potential exporter of molecules, but also to become energy secure as well. And then, of course, contribute to regional energy security. Now, one of the things that we've really tried to focus on from a financing perspective as an emerging market nation was to be fairly coordinated in a what we were asking for, but also in creating tools that would make it very easy to collect concessionary financing and climate financing from around the world. So we sort of saw eight and a half billion that was pledged to South Africa a year or so ago. You know, it was fairly sort of scattered around and it was very hard to access. So we came and announced a blended financing infrastructure fund that we were going to be structuring as a government in partnership with climate fund managers from the Netherlands. And we gave quite a bit of details of the three different funds within the overarching fund. So there would be a development fund, a construction fund and an operation fund. And then very strategically with the Dutch government, we seeded the development fund in that particular fund that we're calling SDG Namibia One. So Sustainable Development Goals Namibia One. We seeded that with 40 million dollars grant. Now, what that does is it really, really sort of gives you a very robust platform to go fundraising with. And from there, we've started approaching multilateral development by international finance institutions and other countries as well. And so it's a story we would love to share with other emerging market nations and other African nations to say, look, COP 27, of course, the negotiations are super important. And so our team are involved in that. But it's also a platform sometimes to showcase innovative ways you can access the money and then to use that as a as a platform to then launch your fundraising campaign. I think one particular item. I mean, everything that Janet said was absolutely true. I've been getting a lot of feedback from our negotiators, but one that we are particularly interested in, for example, is actually Article Six. And so that's where we're really going to be looking to see whether we can't trade our carbon credits with other nations that are not necessarily meeting their NDCs. And in particular, two items that love to shed some light on or is Article Six point two. And that essentially sets out the guidelines for trading of internationally transferred mitigation outcomes, essentially between two countries, right? And the negotiating countries are still working on that text and trying to get an authorization and authorization and design of their view process. And then six point four was important for us as well, because that establishes a framework for a multilateral carbon credit market that would be overseen by a supervisory body. Now, those two are particularly important for Namibia, because if indeed we do manage to get these massive green hydrogen projects going and we can start producing a lot of green electricity, it's very possible that we start going beyond our own nationally determined contributions in terms of our ability to to a baked carbon, right, to a into a beta emissions. And so it would be a fantastic financing opportunity for us if you can actually trade those carbon credits with, say, a Switzerland and raise that additional money to to bolster your adaptation and mitigation efforts as well. And so for me, that was one in particular that I really wanted to highlight for countries with a very small emissions profile, but a really, really large renewable energy opportunity. The molecules and the electrons are not just your only potential sources of financing. I think those carbon credits are an interesting one. And we're keeping a keen eye on article six and how it develops as well. Great. Thanks, James. And I mentioned at the beginning the launch of the carbon markets partnership in Africa, I suppose sort of that's part of the the movement that you're describing. You know, anything that you want to connect to that in the context of how you see that type of collaboration bringing forward some of the ideas that you mentioned. Yeah, absolutely. And you know, the Africans coming together to try and really articulate for the establishment of a carbon credit market is is a fantastic example of that in my sort of deliberations. I've been talking a lot about even this African green hydrogen alliance, right? A whole bunch of countries coming together and beginning to collaborate on, for example, standards and certifications of the products that they will produce. And I was saying that Namibia, of course, is collaborating a lot with the EU. We signed an MOU with the EU on critical raw materials and hydrogen. But around the EU, they're collaborating on, say, for example, the Delegated Act, right? And they're agreeing amongst themselves what will be the various parameters that, you know, specific molecules would need to meet in order to meet the specific definition of a product. Whereas us producers, we're not engaged in as much organized an effort to say what characteristics of our products would need to be considered by buyers as well. And so, you know, I think those are two very good examples of South collaboration that needs to happen in order for all of us to be more effective in decarbonizing the planet. So specifically, we've started talking to Mauritania in a lot more detail. Of course, we're going to be going to the South African green hydrogen summit at the end of November. And we're going to be championing quite an interesting concept between Namibia and South Africa of how we'd love to be building common user infrastructure pipelines, transmission lines that would go from Namibia into South Africa so that Namibia could start almost acting as the Dutch proxy to the Germans, right? So we would love to act as the Namibian proxy to South Africa and for us to be strategically placed as a key element of the decarbonization journey for South Africa as well. And then we'd love to package that and take that to the African leadership summit in Washington December the 13th to the 15th. As an example, again, of South collaboration, but again, the common goal here is look, let's make sure our planet is hospitable and we have a real chance to really attack this 1.5 target. Thank you, James. And for your leadership, I think in driving those innovative financing mechanisms, it's really promising. Now, Anish, you're of course calling in from Indian have been very much driving an industrial transformation across your business and part of the CO climate leaders group. You've heard the various leaders so far on the line. Yes, we're kind of talking about the commitment and drive from the private sector. But also one thing that we saw emerge really in surface at the core of conversations in Egypt was adaptation. And in particular, the business's role in adaptation, we launched a report on this as a framework for how businesses should think about this, because I would argue it hasn't really been at the center of thinking. But I think given the impacts we see today, it has to be now. So just welcome your sort of thoughts, what you're seeing and where your thoughts are now as we as we look forward as well. It's only the imperative to address climate change is very clear. It is driven by a high level of awareness. And at this stage, I feel that most are aware of the implications of climate related disasters. But for the business case to be equally clear, we need to make it personal. What is the impact on the society that I live in? What is the impact on my company on me as an individual? And not just in terms of threats, but also in terms of opportunities. We've seen many commitments, but we need to see a lot more in terms of tangible outcomes. And therefore, as we think about it, we've developed a framework for this business case. And let me share that. There are three areas. Each of them have an economic rationale and a social rationale. And most companies may actually start with the economic rationale first, but I do hope that many graduate to the social rationale as well. The first is around greening ourselves. Various products to reduce coupon and two emissions. And here I would say that the work done by the World Economic Forum and by your leadership, the dialogue that has been generated in many sessions that I've seen over multiple years has really helped create a greater level of a call to action for companies to drive these projects. There has been a sharing of ideas and that has helped us get to the next level. This includes various projects in terms of renewable energy, energy productivity, water positive, etc. And there are clear returns from these projects. The next step that we've seen again over many of these dialogues has been around decarbonizing industries. And there are costs and opportunities associated with them. An automobile, for example, electric vehicles is a classic example, but not just four wheelers. In India, three wheelers is a big part of the industry here. And our business, which is reasonably large and three wheelers has moved from 100% ice to 70% EV just in the last three years. We've set up auto recycling and are taking the iceberg and ideas around circularity and trying to see if we can create something around that in the auto industry. Still early for us, but that's again where sharing best practices helps. We've also seen that consumer preferences are changing. A real estate business launched India's first net zero residential community. And we sold out in a matter of days, which was something we had not expected. And today we are actively considering, should we transition our business to be one that will launch only net zero communities? We're not quite there as yet, but hopefully we will get there soon. But investments in technology are required to make a big difference here, because many of these are small steps, but we need to take much larger steps. Here again, the first moors coalition and forums like that help us come together to help others in terms of making small commitments that together become a big commitment. But the tougher part here is the third aspect, which is nurturing a planet. We've done a fair amount of work on regenerative agriculture, a forest station, water positive, zero waste to landfill, etc. But this is one where it requires everyone to come together. And while the first two points can be driven by economics and incentives, nurturing a planet is a step we have to take together by placing purpose before profits. But even in this case, while we talk about purpose, there is a benefit for businesses. We know that climate change impacts geographies and communities unequally. And extreme weather events will impact the poorest and the most vulnerable. And therefore, we must strive towards achieving a just transition, one that leads to a more sustainable environment for business by mitigating systemic risks related to climate change, inequality, and things that may lead to adverse political, economic and social restructuring. So even in purpose, there is a benefit. I'd like to conclude with a call for action. For us to continue working together to drive tangible outcomes by placing purpose before profits, sharing best practices and, as Janet said, delivering progress on the treasure trove of commitments. Thank you. Super. Thank you, Anish. I certainly support your vision of only constructing net zero communities. So I think we'll kind of make note of that publicly here. I think that's a great aspiration to move towards. Now, Pato, you've been incredibly patient, I think, listening to many of the discussions here, and I know, though, that you are not patient to see progress on climate action. You're joining us from Egypt. You're very closely tracking discussions on loss and damage and other issues. You're there as part of a wider youth movement. Now, what is your sentiment and your message that you would like to share as well as your vision for the future as well? Hi, Antonia. Hi, everyone. Okay, great. Pleasure to be a part of the conversation. And yes, we have been tracking, I think most closely, I've been tracking the Santiago network and loss and damage when, at first, they spoke about how last night what we thought was, and then this morning had to change comments because, as we know, it's something that's still in discussion. It's something that we hope to see. And I'm going to speak more to, I mean, so far we've spoken about policy. We've spoken about business. I'm going to speak more to the role of youth and what we can do at a time when we sometimes feel a little bit powerless, a little bit overwhelmed. But even as I speak about what we can do, this is on the foundation and acknowledging that the biggest actors who can move as quick as possible to ensure that we maintain 1.5, our big businesses and our governments. So with that being said, we have to acknowledge the power that we have. As young people, we have a lot of power. And as long as we're not using it, it won't count for nothing. So we have it and we need to flex it. And how we've seen that come to a reality in this COP is, for the first time, we've got a children and youth pavilion at COP. Just yesterday in the evening, the Africa Youth Action Plan was launched. We're seeing more young people in negotiation, rooms, someone shared that with me earlier, that they haven't seen as many young people in negotiation rooms. Today at the closing session, Ghana's closing statement was submitted by a 10-year-old. We've seen an increase of just the word youth in the cover text that was seen today. So it shows progress. Whatever efforts we've been making, wherever we've been making them, have clearly created progress towards creating climate justice and creating climate action. So when it comes to accountability, I'm going to speak to accountability for governments and accountability for businesses. First with governments, Prime Minister Mutli of Barbados spoke about how we as people need to tell them to act in our names. When governments come here, when they get into negotiating rooms, they're coming to act here for us. We need to ensure that when they get in there, they're saying what we want them to say. And when they don't, governments only speak votes. Governments only speak who's leading the country. So we need to reward and punish with our votes the way that we would want people to act. So if your government is not doing what you wanted to, try another one. If your government is doing what it wants to, then give it a chance. That way, government knows that when we say we want climate action, we are demanding it. And if we don't get it, we will try someone else who can deliver it to us. And then on business, Anish actually said something that is going to speak to what I wanted to say now. On languages, business speaks profits. That's it. Yes, right now, they're speaking to ESG. They're speaking about being more purpose-driven. But we know that businesses speak profits. Shareholders speak profits. So when we use our money as young people, we need to know that whatever we're giving it to is what we are voting for. Whatever we're giving our money to is what we're demanding. It's what we're encouraging, or whatever we take it away from is what we're telling you, we don't want that. So when we come to COP 27, businesses, when they come here, need to know that if you're not going to get us closer to 1.5, you are not going to be getting our money. And then another example that Anish gave was on the net zero village that they built. And because the money was so good, they might be continuing to do it. So your money speaks. As young people, your money speaks. Let's make sure that your money is saying what you wanted to, and it's giving power to what you wanted to. And then I think as I draw to a close, in COP so far we've gotten, back to loss and damage, so far we've gotten the Santiago network. It's a win. But it's not what we came here for. We came here, the main thing as we came here was loss and damage. When we talk about the success of COP 27, we're talking loss and damage. Santiago network is a small win. Loss and damage is what we're really here for. So as young people, let's keep the pressure up. On social media I've been seeing young people have been protesting, you walk in, all the protests have young people. Whenever there's a conversation around loss and damage, there are young people, even those who aren't here, who are talking about it. The conversation on loss and damage is not closed yet, as you heard. We still have a chance to continue to put pressure on. When negotiators go into the negotiating room, they need to know that when they come out, they're gonna have to answer to you, whoever's negotiating for you. They know that whatever decision I make in here, as someone in power, as someone with influence, when I get out there, I need to answer to the young people who allowed me to be in here and who allowed me to speak to them. So let's keep the pressure on. Great, thank you, Pato. I think for that message, as you said, there is still time to push, push, push for a solid outcome on this agenda as well. I mean, I think clearly there's so many dimensions to this discussion. We've heard everything from kind of youth to opportunities to the new molecules of the future, to the markets, to financing mechanisms. And of course, there's never enough time to delve into all of these things. I do, though, wanna take an opportunity to come back to each of you, just to really close this conversation, which was a brief one on where do we go from here? I think we heard some positive messages. Of course, we know there's still challenges. I will also make a brief note that what we didn't hear discussed in this particular group is also the importance of nature in driving climate change mitigation and also societal benefits. We are also moving into CBD in Montreal, the Convention on Biological Diversity Conversations in just a few weeks. So we're going from really this conversation in Egypt to then also looking at how nature can serve as a force for positive outcomes when it comes to climate, but much more broadly as well. So let me, again, turn back to each of you, Janet. I'm actually gonna close with you because I think it'd be good to hear sort of from your perspective in terms of kind of the negotiations moving forward, how should we galvanize our efforts and start with you, Jesper, just for your reflections on where we go next. Well, thank you. First of all, not as an argument, but maybe a word of hope. I think not every company is driven by profit as a purpose. In our case, and in so many more companies case, profit is just a means to reach a much more important purpose. In our case, the profit, the dividends we send goes to IKEA Foundation, who is deeply engaged in, for instance, in Africa, into, together with other foundations, doing amazing things. And I also strongly believe that companies that are only driven by profit as it was spoken to, will have a problem with their customer base unless they are doing this right. When it comes to going forward, I'm curious like everybody else, where are we gonna land? Let's all of us continue to encourage the negotiators to represent the will of the people and the will of all of us who have raised our voices and shared where we stand. And when it comes to myself and to IKEA and to INCA group, we will continue to deliver to our scope three plan to both the things that are easy, but also the things that are really hard to crack. And we will continue to engage with others in the cases where we see that we can have an impact that is wider than ourselves. So looking forward to the coming period as well. Thank you so much, Antonia. Super, thank you. Yes, for James, over to you. Just a brief reflection. Yeah, I think from my side, Antonia super, super focused on transforming policy into bankable financial closable assets and into starting construction and getting going as soon as possible while mobilizing a significant amount of concessionary capital behind that. So, you know, it's very, very important to make sure that we're fighting for strong policy, ETC, but I've come to realize that sometimes our passion can only take us so far. And so I'm really encouraging, you know, folks in our government and our neighbors across the continent to really look at the hard things that are needed to actually get this project over the line. And sometimes it's just, for example, I'm in negotiations right now, things like change of law or, you know, sovereign immunity, these are not things you will find being discussed at a climate conference. But if you want to get out two gigawatts, three gigawatts of solar in order to really move your adaptation goal, these are the things that you just have to get done as well. So that's one of the things we're pushing hardest on is really getting projects to feasibility. I mean, the Hydrogen Council came out and said 10% of the projects that are being announced, at least from, you know, synthetic fuels projects, those are reaching FID, right? And so we want to do that in the media, but also learning and teach others as well across the region. And then of course, we really can't wait for the negotiators like Janet to bring home some of the really good news at the end of the day, just so that we can get those two or three or four cents extra over the line that are either grants or super, super concessionary financing. Because at the end of the day, that obviously impacts the levelized cost to be a product, whether that's levelized cost of electricity, ammonia or hydrogen, ETC. And that's what we need in order to make it palatable for the industries to be consuming a different source of energy, right? So that's what we'll be focusing on and we're really hoping to be coming back next year with projects under construction and others coming on stream as well. Thank you, James. Anish, last reflections. Antonio, I share Jesper's thoughts on hope and do personally believe that purpose does come before profits. And as we go forward, I feel that businesses have to work closely with governments. We cannot stand on the sidelines. This is a major challenge and it is only in working collaboratively that we will get to where we need to. Thank you, Anish. Pato, you've shared a compelling message of engagement. Anything else you want to close on? So mine is to keep the hope alive that we can change, flex that power, let's continue to demand, let's continue to where possible. It's expensive to come to COP 27, but if you can, try to get into the negotiation rooms so that you're also, as people are talking about your future, you are also talking about your future. Let's continue to speak, let's continue to advocate not only for climate action but for climate justice because if you're on this platform, you've got a level of privilege. Let's continue to use that privilege to ensure that the climate action that is achieved serves indigenous people, serves the environment, serves those who don't have the same access that we do, serves everybody because, again, borrowing from the United Nations, we need to leave no one behind, we don't only need climate action, we need climate justice and let's go make it happen. Great, thank you, Pato. So Janet, we started with you and I'm coming back to you to help us kind of see a path forward through these discussions. So I want to mention three kind of key things and first one is what James touched on. All the discussion right now is on these sort of pots of money, the financing mitigation, financing adaptation and loss and damage. In neither of those three pots have we got anywhere like the needed money. So we need to move beyond that, you know, not instead of, but in addition to actually focusing on transforming the entire financial system. And actually there is an objective in the Paris Agreement 2.1C that talks about transforming the whole system. So we need a lot more attention on that. The second thing is the nationally determined commitments. We spend enormous amounts of time looking at whether they've been strengthened and what they are, but they actually, they don't matter squat unless they're actually turned into action and impact in countries. And so we need the youth, we need citizens to be holding countries accountable, to see the policies being put in place and the money mobilized. Otherwise it's all for nothing. And then the third point I just want to make is that there's two systems that we have to fix to solve the climate change problem. The first one we're well on the way to fixing. It just really now creates political will to take that one over the edge. That's the energy system. The other energy system that we have to fix is the one that propels humans. That's the food and agricultural system. And there's just not enough discussion about that. We'll never get to 1.5 unless we address that system. Much of what is talked about there is around the adaptation angle, but food, the agricultural system is both a victim and a villain. So we need much more attention to that. So, and yes, we need to move from sort of profit and plunder to profit and prosperity for the planet. So really great to hear our business folks on the panel today. Great, thank you, Janet. And thank you all for joining. What I would say has left me feeling more uplifted than when I started and came out of Egypt. I think the optimism in this conversation is real and I think the sense of possibility is also clear. Let us, though, keep our eye on the prize, which is the 1.5 degrees reduction target that we're after, which does require stronger commitments and outcomes from policymakers. So I think Patu, your message was very correct and clear. It is up to us in our own capabilities in the positions that we sit in, but also as citizens to bring in others to really help vote for that transformation as well. So with that, I think thank you all incredibly for joining us and also those who are watching for joining into this discussion. Do keep track of what's coming out of the negotiations. We certainly will be, and I can say that we will commit, obviously, as the World Economic Forum to drive progress in this agenda, of course, also through to our annual meeting coming up in January. With that, I will also just welcome you to stay on and watch a video which shares the voices of many other leaders who are very much committed to seeing this agenda move forward as well. Thank you for joining. So many people have been speaking about the climate crisis. So many things have been put on paper, but the real question is, why is it that we're still not acting at the scale and speed that is necessary? What we want to see at COP 27 is moving pledges into implementation. Every stakeholder needs to step up and push forward. The extreme weather events that the scientists have long connected to the climate crisis are becoming far more frequent and far more destructive. The climate crisis is a threat multiplier, which means it exacerbates existing inequities in our society. The impacts are felt most deeply by black, indigenous, and communities of color. We're living through an explosion of inequality. We need to remember we're on the same planet, and this is the planet that we need to make sustainable for the whole of humanity. Climate change is impacting food security as well as political stability in many nations around the world. Five years ago, there were 80 million people marching towards starvation. That number jumped to 135 million. What caused the jump? It was man-made conflict like in Ukraine, compounded with climate shocks. No one is as vulnerable to climate change as farmers are. If you talk transformation, the first thing they want to know is what must I do on my farm? This is the moment to set up monitoring and accountability mechanisms and put money on the table to help developing countries to accelerate towards decarbonizing. We know that this transition will require a fast adoption of a lot of new technologies. And the question today is how to find the appropriate way to find this technology. To put a number around it, it's an extra two and a half to three trillion dollars a year of additional finance that we have to find in order to get those emissions down. Financial institutions have a lot of roles to play to bring the advice and provide the financing to make these transitions happen. Younger generations are demanding a sense of purpose. They want to look at companies and say, I am investing with you all for this reason. With two cops taking place in Africa and the Middle East, we have this tremendous opportunity to put emerging markets at the forefront of our collective response to climate change. International trade has to be part of the solution. How do we all get together to talk about a global carbon price that can guide us and help us to decarbonize the world? The solutions are there. What we need is governments to regulate, to invest, and we need business to act with values. History will look at us, people, politicians, corporate leaders. These times require not only solutions but speed. There is nowhere else to look than the mirror. We are the ones that need to do this.