 Hello. I'd like to welcome you to these edited highlights of the recent launch of our How-To Guide on Linking Sovereign Debt to Climate and Nature Outcomes. We've developed it for debt managers and environment policy makers across the developing world. We're going to hear an introduction to the guide from two of its authors, from IID and the Potomac Group, and then inputs from experts from the World Bank, developing country governments and the UN system on the timeliness and usefulness of this guide. We hope you find it useful and we hope you take a look at the guide as well. Thank you. So the first step here is creating the task force and defining the objectives. The task force we consider would be involving the Ministry of Finance, possibly the Ministry of Planning, if that exists in the respective country, crucially the Ministry of Environment as well, and possibly some other key ministries, perhaps the Ministry of Agriculture or the Ministry of Energy, and they would need to appoint focal points who would lead the process. They would review the country's profile and circumstances, the debt status, the policy objectives, and then set objectives for the transaction that are specific, credible, and ambitious. Once you have that kind of working group, expert working group in government, it's really time then to kind of turn to external partners and access the capacity building services as well as advice that's available. But if we use this KPI approach both for the bonds, it's possible also to see a potential that KPI linked swaps. So again, both would be upscaled through the use of KPIs and shift to a general purpose modality. So in terms of engaging others in this selection and prioritization of the KPIs, having other government departments, having civil society, local government, parliamentarians, but also and perhaps most importantly affected communities on the front line of both climate change and nature loss, because too often we don't listen to the people who are most affected, so they need to be engaged in the process. Step five is really the design of the transactions financing aspects. And so as Paul said, we've kind of chosen the instrument or chosen the kind of general transaction. And it can be, as he mentioned, kind of a combination almost that's also possible. Then you start to design your KPIs and then you really have to look at the financing aspects. Step six is again engaging with those market participants. As we mentioned earlier, at this stage of the transaction, once you could have have settled in on really what you're hoping to do, you want to really start getting that feedback from market participants. The last step finally is the execution of the deal. And the implementation of any transaction is really going to differ on the nature of the actual transaction itself. So again, whether it's going to be a debt for nature conversion swap program, or if it's a new money instrument, the execution will have its own very specific steps. We need to get together the instruments that the investors need and the incentives that the issuers need to really address these systemic issues. And that's why I think the work that Paul and Jill and we're doing at the bank and the UNDP are doing around these climate debt instruments, I think, is actually could be really catalytic and very important. We as the financial markets need to reward the countries that are making ambitious targets and are actually then rewarding them with capital and support and with financing. And we've been looking at these sustainable linked bonds as one way of doing that. They are growing. As you know, many of you in the corporate markets, these things are exploding. How do we take them to a sovereign market? We have ambition. We have ambition. And also we have the idea for what and when and also for where we want to go. So that's mean with this policy, with this idea and to show Cape Verde as account with a lot of ambition, we take, let me say, green economy and also blue economy has set us to be to be invested in Cape Verde. But unfortunately, as I mentioned, COVID changed this way. And also COVID made the government without space. Let me say not COVID but Cape Verde without space because we don't have fiscal space to invest. The debt swap can be a solution for that. I have the good fortune of sitting at the G20 finance track for the UN. So I've seen how the DSSI has evolved. I've seen how the common framework has evolved. And we know there's baby steps in between that the implementation side is what matters the most. And that's where all of us can make a difference, I think, on the implementation. So I'm excited about this agenda. I think that there's a lot that we can do together. From my perspective, the KPI angle is really to sort of mainstream climate resilience indicators also at the national level. I mean, if a few of you are already familiar with the way that, for example, the IMF and the World Bank works with countries in relation to budget support, the IMF usually identifies performance indicators that are obviously more fiscal related. But they have, depending on the country that they're working, they have a degree of confidence in those indicators. But what I would see is really interesting about the idea of KPIs is that you have an understanding at the country level of how to measure your progress towards this indicator. So definitely the timing is appropriate to launch the guide. And most of the work that ESCO has been doing on this, the guide already, particularly taking into account the longer term frame and connecting it to the outcomes. So the KPI definitely provides a unique opportunity, a unique mechanism to address that. And that's where I think the guide makes a unique effort to connect to both the new debt as well as the debt. I hope you've enjoyed the discussion today. If you'd like to learn more about the work, do download the guide. The link's available here. Thank you and goodbye.