Hello, everyone. Thanks for inviting me to close out what
I'm sure has been a very productive discussion. We know
what we have to do. Right now, every year, the world emits
roughly 51 billion tonnes of greenhouse gases. We need to get
that to zero in the next few decades. That'll take many new
technologies, new policies and new markets. for low carbon
solutions. None of it will be easy. Greenhouse gases are a
byproduct of many parts of the modern economy. The electricity
that powers our lives, the transportation that gets us from
place to place, the food we eat, the buildings we live in, work
in, and the objects we use every day, there are emmissions in
almost every physical process, and we'll have to tackle them
all to get to zero. There is good news that many people
around the world see the urgency of the crisis and understand the
need to act quickly. It's been especially great to see this
momentum in the financial services sector over the last
five years. As more and more companies think about climate
impacts, and work to decarbonize their business models we will
push closer and closer to that zero emmission goals. Companies,
investors and shareholders can play a pivotal role in this
transition by mobilising capital toward the technologies and
businesses we need to build the net zero future. A key is
whether clean finance is actually at a lower rate than
normal finance and making sure that we're only assigning credit
when it's done in a special way, taking unique risk, including
backing innovations. We need to finance the transition but
bringing down the cost of that is where we should assign
credit. We also need to invent and deploy new technologies that
will transform the way we make key elements, for example,
making fuels without carbon for heavy transport, making steel
without carbon, making cement without carbon, and finally
carbon removal technology so that we can offset any of the
emissions, that innovation doesn't get rid of. This all
will be very difficult. If we look back at the journey of
successful climate technologies like wind power, solar electric,
we see that it took decades to get to the point where the costs
were the same as the previous approach. And so you had to get
scale that was subsidised to get that learning curve going. Now,
we can't wait decades for all of these inventions, we need to
accelerate the innovation cycle. So we need to invest now, even
in technologies that still have a premium price, and get volume
so that, with scale, that premium price comes down. We
need a creative approach to this including new metrics, and new
public private partnerships, to catalyse these volumes that will
get us the same reduction in cost that we've seen with other
technologies. Investors who are willing to spend capital for
their offset money to drive this scale, that's what is super
important. We need leading companies to make procurement
commitments that provide sources of revenue for these low carbon
products, even when they come at an extra cost, which we call the
green premium. So it means taking on risk. It means funding
procurement, even at the early stage of technologies. Those who
take these steps now will not only help the world avoid
climate disaster, they'll position themselves for success
in this new world. They'll be the best equipped to finance,
produce and buy the clean solutions that will underpin our
future economy. Obviously, that's a lot to do across many
different sectors. That's one reason why I'm putting even more
of my time into supporting these innovation bootstraps to make
the climate transition. I launched Breakthrough Energy in
2015 to help encourage the private sector to be more
ambitious about tackling climate change. One effort was the
creation of a venture capital group called Breakthrough Energy
Ventures that did a first billion dollar fund and is now
doing a second fund and it's building a network of investment
vehicles and advocacy approaches to smooth the path to get to
that net zero by 2050. We have a long road ahead of us, but I'm
confident if we work together to support innovation, we will get
this done. So let's go to work. Thank you.