ンモl liberties and welcome everybody. Stephen has about me asking me to set the scene here and just give context as to what we've asked. To give a bit of background on COP21, some of you may be included in the information updates we were giving you around COP21 and what we found happened and the outputs from there. I have a few slides you can follow. But what I wanted to do is really break down COP21. Rheid�이 gan ei wneud o'r bif Hispanican yn yma, ond ond mae'r Gwysigol yn ffodol ar gyfer hyn bys. Mae'n gweithio'r Gwysigol yn ein hynod. Mae'n maen i'r gyw fy modd a llwylock Trust Plyniadol. Felly, mae'n ddigonais yn ddigonau, wrth gwrs, yn dweud ar siaradol, yn ddegonais ar draws cyfrindigol a'rмыll ar gyfer y Maen. Mae'n ddigonais ar gyfer y Maen. Mae'n mynd i'n meddwl i gyfl، am yllai cyfrindigol yma i'r gweithi. ..a bod gen i saith, ond o gweithio cymdeithas.. ..yna gweithio a'r awdurdod yn deall. Ar hyn y gallu cymdeithas y bydd y bydd yn newydd. Mae hynny'n ei wneud. Mae'n bwysig beth sy'n ei fforddau a'u fforddau. Mae'n fforddau a'u fforddau a'u fforddau.. ..a'i bwysig o'r awdurdod yr oeddaeth.. ..a bwysig o'r fforddau fel y Llyfrgell Llef yn ddigon.. ..o'r fforddau a'u bwysig o'r fforddau.. ac yn oed i'r cyffredinol am y bwysig a'r cyfeilio cyffredinol. Ynylwch yn ddarparu o'r bwysig, oedd y cyfrifol yna yn oed oddi, yn ddigonion i'r gyfrifol a'r cyfrifol ar y cyfrifol yw y 2050 a 20100. Roedd y fydd ei wneud yn ymdangos y dyfodol a'r cyfrifol yw'r cyfrifol. Mae'r cyfrifol yw'r cyfrifol a'r cyfrifol. Mae'r cyfrifol sy'n cyfrifol o'r gwasanaeth gyda'r cyfrifol. Mae'r cyfrifol yw'r cyfrifol. yn y chincol ar y context cyŵir. That's all about what's going on in China. That they agree that they need to be growing and continue to grow. And why should they be penalised in the same level that we've grown on a fossil fuel trajectory? They want that exposure as well. So that's to peak as soon as possible but by 2030 at the latest. But what do we see coming out of COP 21 and what can we expect. It's what the box at the bottom there is really talking about. I'm only going to focus on a couple of those areas. The first one about regulation. Rwy'n ei ddweud y gwaith. Rhaid i ni ddatblygu hynny sydd yn fawr o'r cyfnodol, ac rhaid i ni i ddim yn fawr. Rhyw i ni ddim yn bwysig o gwaith y broses, o'r llwysgrifatau ar y dyfodol. Fy gydigon ni'n gweld Mark Carney gyda'r Bank of England, efallai ei ddysgu'r lleol a'r cyfnodd. Rhaid i ni'n dod o'r cyfnodd o'r cyfnodd, o'r cyfnodd o'r cyfnodd o'r Cymru, ond o'r sylwg gyda'n cyfansiol gyda'r cymwyngau a gynnais y llwyddoedd arweinyddol oedd yn cyfansiol yn cyfansiol ar brosfodol o'r cyfansiol, o'r cyfansiol yn cyfansiol ar gyfer cyfansiol dylau cyfansiol ar gyfer cyfansiol. Yn gymgymherd ag y dyfansiol, mae'n fydd yn ei fod yn ei wneud o'r agenda. Yn ei fod yn y cwestiynau cyfeiri, mae'n bod yn ychydig i'n cyd-dweud o'r agenda, mae'n ddim yn y cwestiynau ar gyfer gynnwys. Mae'r unig o'r byw sydd y gallu gweithio, ac yn dweud yn gweithio'r llai fel ymgyrch, mae'n brifysig o'r byd yn gweithio. Yn gweithio yma yng Nghymru, yllai'r cyffredig yn ymddangos. Mae'n ymddangos â'r trachion. Mae'r dynnu'r llai. Mae'r dynnu'r dynnu'r dynnu'r dynnu'r dynnu'r dynnu'r dynnu, Mae'r ddechrau yn gallu celfoedd ac yn gwybod i gaelio'r gweithio yn fan iawn. Mae'n gwybod i'n ddefnyddio'r gweithio'r ffordd. Mae angen i'n gwybod i chi ar y gweithio, amser mae'r gweithio'r gweithio yn gweithio'r gymuned, mae'n gweithio'r gweithio'r gweithio'r gweithio. Mae'n dweud o'r cwpwrth wath am ychydig y gweithio cyffredinol. Gweithio'r gweithio'r gweithio, a'r gweithio'r gweithio'r gweithio'r gweithio. That's just a high level on COP 21. I think the first point there, that there has been a global agreement, That's the most foundation point that we actually got, consensus that climate change is happening and that the world needs to move forward with that acknowledgement. On this page I think it's really important rather than just talking about a high level are, actually to see what does that actually mean? What does that actually mean that we've got to focus on? A dyna gweld i amser hynny oedd yn y 4 enyw ymdweithgau cyfnodd. Y cyfnodd sydd gennym. Y cyfnodd, ac mae'r cyfnodd yw'r cyfnodd, i'r cyfnodd cyfnodd, ac mae'r hynny i chi ddim yn bwyfodd o'r cyfnodd ymddangos a'r cyfnodd. Yn y cyfnodd, mae'r cyfnodd, ymgylchedd cyfnodd yma, y gallai gydag yma yma, ychydig y gwybod yw'r cyflwyno gwylltau, y cyflwyd a'r cyflwyno arall, Gydag yma i ddim yn dda, yn ymdweud? Felly mae'n gweithio yma. Mae'n gweithio'n gweithio'n gweithio? Mae'n galwch i gael y system bydd ymddangos a'r hyn o'r ysgrifennu. Mae'n gweithio'n gweithio'r gweithio i ddweud yw'r unig yw'r ei gael? Mae'n gweld o unrhyw ddod i fynd ymddangos o'r holl. Mae'n gweithio'r unig o'r holl, o'r holl o'r holl, o'r holl o'r holl sy'n gynyddu cyfnod yn gwahodol yn gwahanol. That's a phenomenal amount of money. This is on the back of an agreement that we will live in a carbon neutral world. When we join the two together there's quite a compelling story. You start talking there about some of the solutions, you start talking about storage, you start talking about awkward solutions. That side of things, that's where it gets really interesting. I'd like to talk for hours about that, but we haven't got time today. I've been told by Stephen. Mobilising finance, that's really the area that we're interested with Sean today. What mechanisms are there? fe hop delightful to help us to mobilize finance and to work in this area I think importantly, at the back of COP21 The confidence of investors has improved enormously Government se setting a vision Investors are driving that with them So what we are seeing there is a lot of movement around responsible investment around reputation attached to this sort of investment and various bits of traction there We are seeing divestment from fossil fuels because that's still only a drop in the ocean, but it's getting a lot of publicity and it's something that people are finding interesting. I think it's important also and we'll come on to that shortly, but to think not just about private finance, when we talk about finance, but to think of the public money that's also available. So a large part of COP21 and what came out of that was actually the public finance that's needed to support developing countries in moving in a low carbon trajectory. So that we must consider that element as well and how that can be used to support ..to support and harness more finance for other areas... ..from the private sector. I'll skip through this one, really. How do we train people up to understand what we're talking about? How do we make sure that those in poor countries, small companies... ..whatever it might be, how do they understand this agenda? And how can they leapfrog from an existing position... ..via the fossil fuel world and straight into a low carbon pathway? That's an interesting discussion and certainly capacity building something that Ireland would be good at and have contacts with and have the knowledge base here to be able to share that globally. And finally the accounting and reporting. So the accountability side is who's responsible for these emissions and who's responsible for this journey that we're taking. How do we report on that and then I know Sean will talk a little bit about verifying that and making sure that this is being reported and recorded correctly. Countries at a country level from COP 21 will need to report back on their progress against targets on a five year basis. So they as a country themselves aren't going to achieve that. It's going to be the responsibility of business to help them meet those targets. And it's pulling those elements together and making sure that it's very clearly reported. So what we've done there is kind of set the scene on COP 21. What did that achieve? Then we go down and we talk about OK well so what does that actually mean for business. And there's the finance element comes in there. What I wanted to talk about here really are the contents of the finance elements. So what you'll see here is I tend to break it down into project, market and public funding. Those are the ones that spring to mind for me that are most relevant after COP 21. When I talk about project I mean asset based finance and investment. So this is where your investors come in. This is where they're getting interested and included in the new technology market. That's what we're talking about here. Green bonds is becoming an increasingly important element of that market. It's becoming a finance mechanism for supporting growth in new technology. But alongside that unless a mechanism but actually more a sentiment or a policy is around the ESG market. And how institutional and responsible investors are expecting corporates or businesses to portray that they're doing this in a more holistic way and more considering non financial elements in the way they do business. The market based area I'm just going to talk very briefly about emissions trading scheme. That's something that's becoming more and more interesting for both countries and corporates. So how are you going to start trading credits on carbon internally within countries or externally within different markets. But also an interesting element is what companies are doing with an internal market for trading in terms of carbon credits internally. You'd normally seen that in large mining companies or within large institutions that are operating globally with various kind of decentralised business units. And finally the public funding element there is what I talked about briefly there around the public money and how that can be used to support private projects in risky areas. So the green climate fund was set up a number of years ago. The idea, the concept for the green climate fund was set up a number of years ago and that has been reinforced at COP21 this year. There will be a pool of money $100 billion per year from 2020 provided from developed countries to developing countries to help them progress and develop in a low carbon way. So that's another interesting point. But what I really want to do is set the scene for Sean to come and give you all his knowledge and to give you a bit of background and some of the really easy high level points on green bonds and you can ask Sean all the awkward questions. What is a green bond? A green bond is the same as any other bond. It operates in the same way but it's for raising capital, for environmental, for projects with environmental and social benefits. That's the only fundamental difference attached to that. All various benefits and drawbacks that are attached to that and you can see those towards the bottom of the page. Commonly and traditionally but we might see this evolve and Sean can talk about that is that the projects are normally around large scale renewable energy efficiency forestry or transport projects that you see out there but perhaps we can talk about grouping some of the more innovative solutions together into a package and providing bonds in that sense. But it's become increasingly popular around institutional investors. Also corporates to a lower extent but I think the movement really is institutional investors at this point. Should we label a bond green? That's a question we often get. Why would we choose to label it green? And some of the benefits there are investors are interested in it. It's something that reputationally differentiates it from other forms of bond and it's a subject that's become more and more important, especially post cop 21. They're often oversubscribed. Sean will be able to talk about that and the volume that there's been more recently. It's good for your reputation for corporate reputation or investor reputation. It takes a few of those boxes but drawbacks may be around the reporting. It does require a little more scrutiny around where the money is going and alignment to certain criteria that you must meet which make it slightly different for yourselves compared to a traditional bond. And then how do you define it? Sean will again be able to talk about this because its principles and standards are being developed in the marketplace that allow you to follow those and to label it as a green bond. We then at KPMG can come and do external independent verification of those bonds and in speaking to Sean earlier he said actually we often don't look twice if a company has issued a green bond and it hasn't been externally verified by an independent party. So that's something you can ask Sean about or ourselves about in the future but really just to open the floor to Sean after a really brief jump through those hoops. But thank you very much.