 Greetings from Costa Rica. I'm Carlos Manuel Rodriguez, CEO of the Global Environmental Facility, and I'm thrilled to welcome you to this session on Building Net Zero-Nature Positive Economic, which is part of the 2021 Davos agenda we organized by the World Economic Forum. This morning, as I was preparing myself as your moderator, I come to realize that the last time I traveled outside my country, Costa Rica, was January 2020 to Davos. It's been a year. I took a plane. I traveled outside my country. And probably the same situation with everybody who's joining us today. It has been an incredibly complicated year. And I look forward for 2021 to be the year that we can bring our economies, our societies much better. And we can be all together, be able to work on the Green, Blue, Clean, Resilient effort so we can be doing much better in the incoming decades. The event for today will have a 30-minute session that will be packed with insights from a panel in which I'm honored to be joined by the EU Commissioner for Environment, Mr. Sinkabishus. Also Juan Hiramatai, the Vice President and Regional Director for Africa, the World Resources Institute, by Marco Bissari, the CEO from Gucci. And Roberto de Oliveira Marquez, the CEO and Executive Chairman of the Board of Natura. We also have the honor to have Mr. Albor, the former Minister of the United States and Chairman and Founder of Generation Investment Management, will be sharing with us his closing remarks. Together, we will discuss the element needed to spur our economy towards a decade of action that is sustainable and equitable for all. You can ask any questions to our panelists to share them with us in the chat box. We'll do our best to try to cover them in time. And we will have, for your information, a second segment for discussion in today's session. So let's now move out to the heart of our subject. And let me bring a couple of things that I tend to believe that are extremely important because the triple crisis that we've been confronted today, the pandemic, nature, and climate are totally interconnected. Looking back on 2020, it has been a very complex and difficult year to all of us. But we've been able to really have a clear understanding that nature and climate solution requires a lot of policy coherence, but as well coherent action within all countries. This last year has not only seen devastating rise on global pandemic, but it also has been a non-precedented year for climate in nature. The US and the Caribbean with its record breaking hurricane system counting over $16 million weather events in 2020 is just one example. But Central America went last November, particularly the two big hurricanes in less than two weeks really had a strong impact on Nicaragua and Honduras. And it is very, very concerned and worried. So the longer we wait, the worse and costier this event will become. It is no surprise that in 2020, the World Economic Forum, Global Risk Report has found for the first time in 15 years that the top five global risks facing humanity come from a single category, the environment. The 2021 report released just last week shows that global businesses and economic leaders still see top risk as being environmental. But this year, they have also added the elements on the pandemic to that top list. And we know that in many ways, our link to the destruction of natural capital are linking this dysfunctional relationship within humans and nature. Yet there is an opportunity to use this year as a turning point and a big call to bring nature and climate agendas and all together is a major responsibility for all of us. The World Economic Forum has just released a white paper which has confirmed that even when taking economic and biophysical constraints into account, nature-based projects can deliver as much as a third of reductions needed to be on track with the 1.5 climate target. I need to highlight as well the opportunity for stakeholders to help us really to leverage as we come in now the 2021, the super year for environmental decisions as the three real conventions, the Climate Change Convention, the Certification of Biodiversity Convention will have the meetings of the parties and will set the environmental, the political framework for action in the next decade. So I will turn over to our panelists and I will make each one a very specific question. I will ask our panelists that we are able to do their best to respond in three minutes. So I will begin with our commissioner from the EU. Commissioner, the EU Green Deal has set four ambitious targets. It really requires a systematic change to meet our climate and biodiversity goal. What can the private sector do to support your policy in terms of ambitions and what are you doing to mainstream and enable this agenda across all sectors? Commissioner, the floor is yours. Carlos, thank you very much for your question. And of course, it's a great privilege to be on such panel. So good afternoon to everyone. Answering your question, first of all, I would say that the natural resources and ecosystems that power businesses and underpin economies and communities are under a huge strain. And to continue to create value for our economies and ensure a decent life for citizens around the globe, we must take care of this natural capital and keep the value chain of nature healthy. So businesses must take their responsibilities and be part of the solution. For this, it is essential for the corporate decision makers to value nature and help regenerate. So today's management information systems in companies focus on financial performance. They are not adequately accounting for the relation with nature. The information on the business dependencies on nature is not reaching the words, nor it is shared with customers and investors. And yet by now, there is growing consensus that natural capital is the bedrock of our economy and society. It provides the land and resources essential for our economy. Economic studies show that green investments are generating profits in short and in long run. And they are powerful engines of job creations. So this is why the EU recovery plan is geared to investing in green recovery. Our EU biodiversity strategy stresses that biodiversity considerations need to be better integrated into business decision making. In particular, measuring the environmental footprint of products and organizations on the environment is a necessary shift expected from business decision makers. And we need more aligned approaches and generally accepted principles to account for natural capital and biodiversity. So the green deal and biodiversity strategy will facilitate, I would name four points. First of all, we are revising the sustainable finance strategy and the non-financial reporting directive with a view to improving the quality and scope of non-financial disclosures, including on environmental aspects. Secondly, we are working on an initiative on green claims enabling better informed choices by customers based on robust assessment methodologies. Thirdly, the EU business and biodiversity platform is looking at biodiversity measurement approaches with a special focus on the needs of SMEs. And fourth, through our projects transparent and aligned, we are engaging with front running companies to harmonize natural capital and biodiversity approaches based on already their experience on the ground. So I'm truly happy to see many front running corporate boards realizing the importance of assessing, valuing, and of course accounting for companies' impact and dependencies on natural capital and ecosystem services and how this translates into financial risk. And it is no longer niche markets. Market leaders actually demonstrate the need to integrate biodiversity to their strategy and they actually begin it in practice. Business coalitions like Business for Nature, One Planet Business for Biodiversity, or the Value Balancing Alliance pilot, ways to integrate nature into business decision making. The Business for Nature coalition points to over 500 front running businesses that have already made commitments to help reverse nature loss. More than 1,200 companies are acting for nature by reducing their negative impact, investing in protecting and restoring nature. Forward thinking businesses understand that healthy societies, resilient economies, and businesses, they all rely on nature. But we need a broader business movement to rally behind. So to realize that nature is everyone's business and we are all dependent on it. Thank you for that, Commissioner. Let me add another question here, that the EU Green Deal was a great political achievement. It will be great that the EU can support all the regions of the planet in generating the same level of political agreements and vision. But my third, second question is the following. The EU has a, it's a huge market, one of the biggest market in the planet. That means it has a big global environmental footprint. Is the EU Green Deal aiming for sustainability efforts within the supply chains? Absolutely. The Green Deal cannot be reached if it's not implemented across the whole value chain. And either we look at the deforestation problem or we look at trade in general, the Green Deal has to be a core part of it. And I'm truly proud and happy to say that when one year ago we rolled out a Green Deal initiative and we said that it's going to work only if it's implemented horizontally across all the sectors, we received quite a lot of critique and from different communities, business, of course, among them. Now, only a year into this journey, we find ourselves as having a first mover's advantage. But most importantly, our company is joined by even more ambitious ones. Other countries, recent changes in US and it seems like we draw a very clear roadmap to our businesses, not only predicting 10 years ahead or the 20, but up to 2050, basically, what we're going to do and which path we're going to take. And of course, in order for that change to happen, to reach the main goal of the carbon neutral economy that has to be implemented across all the sectors. And to finalize, we speak quite a lot about the climate change and I feel that great job has been done to put climate message across the decision makers in general, across the public. But we need to do much more on biodiversity. And I'm happy that today we're addressing it so much, we're speaking it about how it can become part of the language of words across the biggest companies. And then I think the change is going to happen. Thank you. Thank you for that, Commissioner. So let me now move over with Hira Matai. Hello. You've been a prominent voice for environmental change in Africa for the last many decades. So from your perspective, how has COVID-19 impact the achievement of net zero natural positive development in Africa and what actions are needed to ensure that the incoming decade of action is sustainable and equitable to all. Hira, the floor is yours. Thank you, Carlos. Thank you everybody, delighted to be here. Listen, COVID-19 has impacted everyone. I think there is not a situation that we all remember in recent memory where economies have been brought simply to their knees. There is no telling what the impact will be because we have to remember we are still in the COVID crisis. But I have to say that for the African continent, it is frightening to think about the disruptions in key sectors that continues to happen. And we know now from the data that are coming out from the Economic Commission and everywhere else that extreme poverty, which has been on the decline for so many years, 22 years. This will be the first time in 22 years that we see an increase in extreme poverty. So this is extremely devastating for African countries and African economies. This at the time when Africa is urbanizing faster than any sector in any continent in the world and also the youngest continent in the world, average age 19. And I always want to remember that all of that can be either a great advantage for Africa or a potent recipe for disaster. And I think COVID has just made a lot of things worse. But I'm also inspired by the fact that we know the good news is that restoring landscapes and what COVID has taught us is that we have got to take care of our natural ecosystems. And we've got to revitalize grasslands and a host of other nature-based solutions that we now know will cushion us. Very new, but now we are certain. The data also says $7 to $30 in benefits for every dollar invested. So what else are we waiting for? I think the good news here is that as we start this critical decade of action, there are clear indications that nature-based solutions are finally getting the prominence and visibility they deserve. Just this year alone, here we are, the World Economic Forum, prioritizing this agenda. COP26 at the center of this agenda. The COP15, Kunmin Biodiversity COP will focus on this. The G20s, countries have put this on and on. The Climate Adaptation Summit just ended, the One Planet Summit. I belabor the point. This is the first time that it is on the top of everybody's agenda. So in my mind, we have to do four things. Four things have to happen and they have to happen together. We've got to produce our food more efficiently. We've got to produce in a more regenerative way because 30% of our food is actually going to waste and our populations are on the rise. For Africa, an important thing to remember is the gendered nature of production of food in particular. We have 80% of food consumed in less industrialized countries is actually produced by small-scale farmers, 70% of whom are women. So we've got to look at this very carefully. And so simply put, women are the backbone of our rural agricultural economy, which holds everything together. They're the guardians of our food security. The second thing we have to do is to protect. We have to protect standing forests. Almost every week, there's new evidence coming out that standing forests are incredibly important, that we cannot compromise the fact that those are the key lungs of this planet. We have 40% of climate change mitigation coming from these existing ecosystems. We've got to protect them like our lives actually depend on them. And so that is one of the key pieces of our protection agenda. The other thing we must do is reduce. This is the big word of our year is ambition. We've got to cut down on the emissions we put into the atmosphere, especially for the big emitters, the major economies. We are so delighted the US is back because we need that solidarity and their leadership because this critical decade does not have much time to waste. But I also want to mention the importance of the circular economy, reducing waste, reducing and being more efficient in how we produce and use. I was struck by a statistic recently that 90 tons of material is used to meet the functions of human beings every single in a year. And yet only nine tons of that, a tenth is actually cycled back into the economy. Really scary. What happens to the 90% of waste out there? We've got to reduce a lot more strictly. Now, the fourth and final thing we've got to restore. This is one of the areas of work that I have committed my life to so for so long that we have got to plant the right trees in the right places. That is a top priority for many nations. We've got to restore using all manner of other interventions. The great green wall received a lot of attention recently. We've got to make sure that we restore degraded landscapes. Carlos, we want things to look like that image behind you because we know that natural forest restoration is still the best thing if we do it right. We've got to make sure that we involve local communities so that it is part of a locally led initiative. Right locations and we actually plant the right vegetation. Thank you, Carlos. Thank you, Juan, and let me come up with the 30 second follow up question. How do you think Africans can protect their forests while they're dealing with these human crisis when the market only sends wrong signs to major decision makers in terms of land use change and the benefit of land use change? What is the approach? What is the data? How do we deal with this situation? Because I fear that the human crisis will take us very soon to what we were before the pandemic. Well, Carlos, the good news is that even for African economies, we are finding out that it actually makes business sense. This is not just a good thing to do. The new climate economy analysis in Ethiopia, in Indonesia, in Brazil has made it very clear it is better for our economies when we have our forests intact and we can actually engage, use them, that the services that we have so undervalued over time that come out of these ecosystems, water, food, energy, the climate mitigation and adaptation properties of these forests far outweigh our using them and especially the critical areas that we have to be smarter. And so the analysis that are coming out, and if anyone is interested in the new climate economy, have made a very strong case and we are seeing African countries now say, absolutely. In fact, this is the only hope we have to cushion ourselves against future devastating impacts. Thank you. Thank you for that. I hate it. Now I move over to our next panelist, Marco Bisari. Marco, nice to see you. It's great to see how Gucci is leading the fashion industry. Nevertheless, there's a lot of room for improvement in terms of the impact of the industry on climate and nature. And you just released a very ambitious climate strategy with goals on regenerative urban culture and supply chains. Sustainable supply chains. Could you explain how can the fashion industry and companies as Gucci and others can be part of a need zero nature positive economy? Thank you. Good afternoon, everybody. Thanks a lot for allowing me to go through what we are trying to do at Gucci. I mean, as we all know, I mean, the fashion industry is representing more or less 10% of the global emission. So the second most polluting industry is industry of the entire world. And for this, of course, we are under scrutiny every single day. So if you look at it with a different angle, we can leverage that in order to make sure that the people understand what can be done. Because I mean, having all this reach that we have as a brand with the visibility that we have reaching so many consumers, what we do matters. So in the way which we do it to our social platform, digital platforms can really amplify the activity that we can do in terms of brand, in terms of corporate activities. So if you think about it, we are in touch with many, many different supply chain in industry because we are in touch with agriculture, with mining, with forestry, with food, because we get from that the cotton, we get the leather, we get the viscose, we get the precious stones. So in a way where we can really do something as a company that works in the fashion industry. The idea is very much to do it in the places where you can impact the most, but you can control what you do because our supply chain is something that we can really work on. So the idea is really much to try to find a way where biodiversity means business because business is the one that for us should drive the change going forward, not vice versa. So if we use this and knowing all the possibility that we have as a big company to foster this kind of attention in all the other actors of this situation and making sure that people understand that nature is not just a victim of the situation but can be a natural of the change and the shifting from a perspective standpoint, this kind of situation. I think the idea that we had in terms of moving forward for our strategy is the following. We decided to go entirely carbon neutral back in 2018. So following what just I mean, my other panel said that just now we try to avoid, we try to reduce, we try to restore. But at a certain point, Gucci this year is gonna accomplish the 100th anniversary. So the structure and the business model is something that has been built from a long time. So technology processes and all the rest cannot be solved completely the problem. So we are still a mission that needs to be offset because offset is the last thing that you can do. Keeping in mind that as the commissioner was saying before, you need to monitor, you need to calculate what is your impact. From 2015, Gucci started to do the environmental profit a lot that is published in our site where everybody can see where our impact, our footprint is gonna be impacted because that is absolutely key. That's why we talk about nothing, we talk about air. So all the KPIs as well that our direct reports and myself as well are monitored and rewarded at the end of the year are not just financial but also for sustainability at the same point. So the idea has been, okay, let's move from just to be carbon neutral. So in scope one, scope two, scope three of the greenhouse protocol. So meaning the entire supply chain that is the one that is giving more than 90% of the impact on the gas emission to regenerative agriculture. The idea is to move in three steps. So the first one is continue to protect environment. So protect forest because that is absolutely key otherwise as we were saying previously that is gonna be something that is gonna impact for us the most. Then beyond of setting and protecting the idea is to protect mangroves. Mangroves are retained more than 10 times more than the trees carbon emission. So that we are working different projects in Honduras, in Nicaragua, et cetera, et cetera in Patagonia in order to make sure that all these activities in terms of forest in terms of mangroves have an impact. And then we are setting up a project in the supply chain for regenerative agriculture. On one hand we start sourcing regenerative materials ourselves for our products because that is key for all the circularity that we can put in place as a company. And also we need to support this farming transitioning from chemical intensive farming to something that is regenerative farming because this can help as well to create a new business model, new revenue stream for these people. And of course at the end we always talk about business. So we are able to convince or to finance especially the beginning as we are doing with this offset that we are doing. Pre-buying carbon credits from these farmers they are able to invest or to reinvest with credits in their farms. You make sure that the top soil is gonna be more healthy in order to create something that we can use that is gonna be more healthy and also absorbing carbon emission and not just reducing the emission itself. So this is what we are doing. This is what we are doing and we're trying to go fast in this situation. Oh, congratulations for this market and this is very interesting. How much does the private sector needs for governments through public policy in terms of leveling the economic playing field as enabling conditions for upscaling and amplifying what you, your sector and the private sector is doing? Can you, I lost the, I don't know your question. Yeah. How much does the private sector depends on public policy for the effort of leveling the economic playing field? So all sectors will have the right policies so we can go from negative incentives that you know today we normally see into positive ones. Let's say, if you were asking me this question like one year ago, I would have told you that very likely the private sector could have done that by itself. But after the pandemic and the impact on the supply chain, I mean, there are so many companies that are in trouble, debt, et cetera. So going there now and to ask them to invest in regenerative agriculture is totally crazy. So we need to, as companies work together with the public and we try to do that in Italy is not easy, but to try to put together public and private because I just had a call before this call to make sure that we are able to recreate, to create a situation of financial viability of these small businesses because I mean, especially in Italy, I'm talking about Italy where we do 100% of our production in Italy. So is a hyper fragmented industry where all the companies are extremely weak financially after the pandemic, even more. So we cannot do just by ourselves. So it needs to be done together. Okay, okay. Well, that's my point. Great, Marco, thanks for that. Pleasure. So people over now with Roberto Oliveira, Marques, you know, Natura has great bold commitments towards science-based targets and the goal of net-zero nature-positive economy. But, you know, we tend to see or argue that Natura is really an exception in this space. What specific changes are requiring the policy and investor space for nature and about the perspective considerations to be mainstream? Roberto, over to you. Carlos, first, thank you very much for the invitation and for your kind and knowledge, many of our commitments. Today, I'm just representing our 40,000 associates at Natura and Co, which is a group founded by visionary individuals that from the beginning had this notion of business having a purpose, you know, that can and should be a force for good. So Natura in Brazil is based in Australia, Avon in UK and the Body Shop, founded by Anita Rodek in the UK. We now operate over 100 countries and we have an opportunity to really reach out over, you know, 200 million customers, which we like also to call them citizens because they want to be engaged. They want to be part of the solution as well. So it is a journey for us. Since 2007, Natura has been carbon neutral. But late last year, we decided to actually unveil our 2030 ambitious that we call commitment to life, which has three very important pillars. The first one is really to reduce carbon emission and to become net zero emission by 2030, which is just as a reference, is 20 years ahead of the commitment from the UN, right? At the same time, we want to protect the Amazon. I think we heard it today, how important it is the preservation of our forests. And because Natura is based in Brazil, there is the whole Latin America, very strong relationship with the forest and with the Amazon. But we want to go even further. We want to talk about how we drive a business that are more inclusive, more diverse, and also trying to really reach full circularity of our packaging by 2030, with over 90% of our products and ingredients in renewable and biodegradable. There's a pretty ambitious goal. In related to the carbon emission that we want to get to net zero, it's also important to highlight that we are committing ourselves to do that, both in the scope one, which is our direct emissions, scope two, which is all the energy that we purchase and consume. But most challenging, we want to also get to net zero emission on the scope three, which is all the emission across our supply chain end to end. What I can tell you is that in order to get to that point, I think we really need a step change in the way we're thinking about this topic. We needed a much more cohesive public sector, private sector working together. It's almost like a call to action in our view. And I will detail three things that we believe are crucial for companies and for the governments to be able to really reach those very daunting goals of net zero. The first one, we needed to embrace science-based target. Very important that we put science first in terms of how we are looking at those topics. Two, I think we needed to create a clear framework with common metrics and indicators. It's all over the place, to be honest. People are not very clear about exactly how we are measuring while we are measuring. So if you can create some common ground in terms of metrics, indicators, I think will help everybody move forward. And third and probably most important, transparency. We need clear mechanism of incentives, resource allocation and accountability, both at the public sector and private sector. One of the things that we hope to achieve is for private companies and sector with the financial market to be able to report on a regular base, the progress in sustainability and carbon emission the same way the companies report their profitability or their market share, how it's creating value for the shareholders. We should be looking at all shareholders and stakeholders and thinking about how we create metrics and how we report on a regular base to customers, to citizens. So they can really help us making the right choices and really funnel the resources to companies and technologies that are really moving into that direction. So it is a call to action in our mind. It is a step change that we needed to do in order to achieve that. And I wanna finish with one example that I think is very dear to us in terms of nature-based solution, which is the work that Mathura has been doing the Amazon for 20 plus years, right? By embracing what I call the local traditional on it, by working directly with the local communities. Right now we work with over 30 communities and our goal by 2030 is to reach over 40 communities. So far, we have been able to preserve 1.8 million acres. We know that that's not much. It's half of the size of Holland. Our goal is to get to 3 million acres by 2030. But now imagine this is just one company in one sector, cosmetic. Imagine if other companies, other sectors join this approach of really working with the communities, respecting the local knowledge, paying for the ingredients and paying for their intellectual property for their local knowledge, establishing those relationships. I think you can really create this step change. So it is about working together with the communities, respecting the communities, respecting the forest, but really applying science-based technology to make sure that for the communities, the forest standing is worse more than the devastation and the florestation. Thank you. Thank you so much, Roberto, for that. Very good. Great. So let me please allow me to go over with Mr. Vice President. Mr. Gore, it's a great pleasure. You've been in the forefront of nature positive agenda right from the beginning. I remember your visits to Costa Rica when we were pushing for Red Plus, which is the early version of what we call now nature-based solution and your leadership back then and today continues to be extremely important and critical. But even though we have made a lot of progress on all fronts within the climate agenda, narrowing down the climate and the nature agenda COVID-19 requires us to recognize the urgency for action. So what levers need to be unlocked today, Mr. Gore? So we can help the private sector in countries to decarbonize and invest in nature-based solutions. Florey, it's yours, Mr. Gore. Well, thank you very much, Carlos. And to all the distinguished guests, Your Majesty King-Felipe, thank you for joining us. Hilda Schwab, thank you for that amazing concert you hosted Sunday night at the beginning of the annual meeting. That was the best ever. Thank you so much. I can't acknowledge all of the distinguished guests. My screen is not big enough to show all of the people who are here, but it's an honor to be among the presenters. All of, I have learned a lot from what has been said. And Juan Jira, thank you for saying you're glad that the U.S. is back. I can confirm the U.S. is back. As of this hour, it is just only seven days since Joe Biden has been president, and there has been an amazing amount of activity. In fact, not since Franklin Roosevelt became president in 1933. Has there been a faster, more competent start to a new administration? It's just fantastic. And today, President Biden is launching a whole series of new initiatives on climate and the environment. And as for the levers you ask about Carlos, of course, natural climate solutions like sustainable forestry and regenerative agriculture and protecting the web of life, as is being addressed in COP 15. We're focused on COP 26 this fall, but we cannot forget about the UN Biodiversity Conference and the ongoing efforts. And of course, these natural climate solutions offer a fantastic way to reduce emissions if we go about it in a sensible and deliberate way. And of course, trees represent such an important opportunity. Also, regenerative agriculture, because there is more than three times as much carbon in the topsoils of the world as in all the trees and vegetation put together, twice as much as in the atmosphere. But of course, while we can see trees with satellites from space, we can't see the carbon underneath the ground. So we have to continue developing scientific ways to accurately measure and verify the buildup of soil carbon as we shift away from so much plowing and artificial chemical use. And Sven Dory, a whole setter is one of those in this group that has pioneered these solutions. I know there are others. By the way, I can't respond to all of the messages in the chat thing because I've been following and making notes, but thank you all. I wanna also call our attention to the fact that we are highly vulnerable if we do not give nature the attention and protection it deserves. And I would like to briefly call folks attention to a peer reviewed paper published this morning, actually yesterday it's in the news this morning in the peer reviewed journal, Nature Sustainability. And I wanna read you one quote from one of the authors of this paper. He looks today, look at the integrated assessment models that have been used to integrate nature with economic activity. And he says the standard approach that I'm quoting looks at how climate change is damaging the fruit of the tree, namely market goods. We are looking at how climate change is damaging the tree itself. And we cannot overestimate the risk we are running if we allow this process of destruction to continue. Indeed, as most know, COVID-19 is a zoonotic disease. We're getting five new infectious diseases every year as we encroach on previously wild areas of the world. Three quarters of them are zoonotic from animals to humans. And yet we have the opportunity in protecting nature to sequester carbon. Ratan Lal who won the World Food Prize last year has estimated that the combination of regenerative agriculture and sequestering carbon soils and planting trees. And congratulations to the forum for the one trillion tree initiative could technically pull down 150 parts per million. Now that's not a realistic actual practical estimate but it can be perhaps the largest opportunity to sequester carbon. So for all of these reasons, we have to put the focus where it belongs on natural climate solutions. Again, there's much more I can say but I know we're pressed for time. And I just want to congratulate you, Carlos, for your leadership and the forum for presenting this session. Well, thank you. Thank you so much, Mr. Vice President. And I want to thank all panelists. We had a fabulous lineup today. So they've been all able to contribute with the second part of our activity for today. So once more, I want to thank all of the panelists for the interventions.