We see rising inflation.
We see energy being used as a weapon.
We see threats of trade wars
and the return of confrontational geopolitics.
Tragedies are outpacing life.
Tyranny is outpacing democracy.
Every democratic nation
should rethink its dependencies
on authoritarian regimes.
Our world has never, ever witnessed
an energy crisis of this depth
and of this complexity.
Inflation, by all accounts,
however you look at it,
is way too high.
This year is going to be a tough year.
We will see the effects
of monetary policy tightening.
And this is generating a cost of living crisis.
And it's not a short term cost of living crisis,
it's a long term inequality crisis.
We shouldn't be running our economies
on poverty wages.
214 million workers around the globe
work 40 hours a week,
yet they are not able to even pay their bills.
We understand the power and the change
that can come from this room.
We can move with agility and speed,
and your speed is needed. Now.
We need to build resilience and diversify.
This is another way you can grow trade
and grow the world.
The commitment to limit global temperature rise
to 1.5 degrees
is nearly going up in smoke.
We are headed to a 2.8 degree increase
and for many,
it will mean a death sentence.
It is now crystal clear that the future
belongs solely to renewables.
When you look at the distribution
of the green skills around the world,
so much needs to happen in the Global South.
We're not investing nearly enough,
and it's no good for us to say
we don't have any money
because we are the only people
who do have any.
We need to mobilize more capital
going to developing countries.
And to do that,
we need to de-risk those investments.
No government has enough money
to effect this transition
as fast as we need it.
In the end,
it's going to be
private sector investment.
There is capital,
but the pace needs to increase dramatically.
We have to educate our shareholders
to understand that
we will be rewarding our leaders for behaviors
that are not just about the bottom line.
It's essential that non-financial targets
and ambitions and goals
actually get audited,
because trust is what is most needed
at this point.
We have a responsibility,
but also, think about it, the privilege
to be part of shaping a better world.
We have a long way to go
when it comes to meaningful participation
in decision making.
Through collective responsibility,
we have the capacity
to turn the challenges
into opportunities.
Bringing the virtual
and the physical worlds together,
we will be able to solve more challenges.
A world that is more integrated
is a world where we are connected
on the basis of our humanity
and we recognize how much
we depend on each other.
It's easy, at times, to be discouraged
when you see some of the setbacks,
but the big wheel is turning in the right direction.
I want to see real commitments.
I want to see global leaders
actually taking action.
We don't have the time to postpone this.