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What's at Stake: The Arctic | DAVOS 2020

Sanna Marin
Prime Minister of Finland at Office of the Prime Minister of Finland
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World Economic Forum 2020
January 22, 2020, Davos, Switzerland
World Economic Forum 2020
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What's at Stake: The Arctic | DAVOS 2020
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About speakers

Sanna Marin
Prime Minister of Finland at Office of the Prime Minister of Finland
Scott Minerd
Managing Partner, Chairman of Guggenheim Investments and Global Chief Investment Officer at Guggenheim Partners
Gabriel O'Donnell
Principal Research Programmer at Carnegie Mellon University at Carnegie Mellon University
Gail Whiteman
Director at Pentland Centre for Sustainability in Business, Lancaster University Management School (LUMS)
Elena Cherney
Editor at News Features and Special Projects, The Wall Street Journal
Al Gore
Chairman and Co-Founder at Generation Investment Management LLP

Youngest Prime Minister of Finland. Former Minister of Transport and Communications. Deputy Party Leader of Finland’s Social Democratic Party. Held first political post at the age of 27. Former Head of the City Council in Tampere, Finland.

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Founder, Arctic Basecamp at Davos (2017-2020); Rubin Chair in Sustainability and Director, Pentland Centre for Sustainability in Business, Lancaster University. Research uses organization theory on knowledge to analyse how a range of actors (companies, civil society, and local communities) make sense of ecological change and global risk, and how these actors transform and build resilience across scales given environmental pressures and social inequities. Professor-in-Residence, World Business Council for Sustainable Development. Research has been published in the Academy of Management Journal, Journal of Management Studies, Organization Studies, Ecology & Society, and Nature, etc. Co-Author of two Nature articles on the need to bend the global emissions curve (2017 and 2018). Contributor to the Club of Rome's Planetary Emergency Declaration and Action Plan (2019). Research aims to help organizations deal more effectively with sustainability challenges. Has led or is leading a number of large research grants related to sustainability and climate change, including the ICE-ARC research grant coordinated by the British Antarctic Survey. Also active in innovative business sustainability training and education and was the organizer of the Engaged Business Leaders’ Forum 2011.

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Studies in English and history, Yale University. Formerly: reported for papers including the Peterborough Examiner and The Gazette in Montreal; 2000-07, with the Wall Street Journal as Canada Correspondent; Managing Editor and Editor, Report on Business, The Globe and Mail. Currently, Canada Bureau Chief and Global Resources Editor, Wall Street Journal.

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1976, 1978, 1980 and 1982, elected to the US House of Representatives; 1984 and 1990, elected to the US Senate. 20 January 1993, inaugurated as the 45th Vice-President of the United States, and served eight years. Co-Founder and Chairman, Generation Investment Management. Senior Partner, Kleiner Perkins Caufield & Byers. Member of the Board of Directors, Apple. Spends majority of time as Chairman, Climate Reality Project, a non-profit devoted to solving the climate crisis. Member of the Board of Trustees, World Economic Forum. Author of "Earth in the Balance", "An Inconvenient Truth", "The Assault on Reason", "Our Choice: A Plan To Solve the Climate Crisis", "The Future: Six Drivers of Global Change" and "An Inconvenient Sequel: Truth to Power”. Subject of an Oscar-winning documentary, “An Inconvenient Truth”, and a new film which premiered in July 2017, “An Inconvenient Sequel: Truth to Power”. Co-Recipient, with the Intergovernmental Panel on Climate Change, of the 2007 Nobel Peace Prize, for "informing the world of the dangers posed by climate change".

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About the talk

Ice is melting at a record rate in the Arctic, losing 20,000 square kilometres of cover per day. As emissions continue to drive the climate crisis and we begin deregulating protected areas, the Arctic region is at higher risk than ever before. What would it take to restore our planet's climate regulator?

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Again, I'm not advocating. The climate change is a great thing. I think it's a massive problem what I'm really trying to say. I think there's a certain cognitive dissonance. When you receive the message that you don't want to hear. The response is to attack the messenger and I'm not attacking you. I am a Republican. Actually, we're all related to the Arctic in more ways than one tells us that the Arctic is an incredibly important system in the global climate system. So just

like the Amazon are the lungs of the world. The Artic is like our circulation system and feeds in to Global Climate Change everywhere that the Arctic crisis we know based on observational data. We have lost 50% of Arctic Ice. In about fifty years who just went to World economic Forum with starting the Arctic was very white and over that time. It is increasingly blue know, why would we care we care because of the Albedo effect and that is a thing in climate science

where if something is white, it bounces off sunlight back out into the atmosphere and it doesn't absorb as the Arctic Ocean and in the glaciers of melted we see that dark blue is absorbing more and more heat which is feeding through the rest of the system. We also know that the Earth is at the Arctic Ice is fracturing is Getting Thinner. I said we've lost 50% of it. But in terms of old ice we've lost close to 95% the vast majority of it that is a huge concern for Arctic science in terms of sea ice volume. The picture is even worse since the

1970s. We have lost 75% of the volume of Arctic summer sea ice if you think of that is the insurance policy for the rest of the world to prevent catastrophic runaway climate change. We are in trouble. And we can see hear the loss to today. Now we got Google Earth date other we're showing for the first time today, which is observational data of various places in the Artic which uses satellite data for 30 years and shows where we were in 1984 and where we are in 2009. This isn't Alaska. This is another one

in Alaska and we can see that we are massiv massively changing the Topography of the Arctic. It is no longer white is increasingly green and is absorbing heat and CO2 emissions of course are rising clovelly. So this is a game in Alaska in the USA. And as we approach 2019 the picture is dark. If we locate green lands, which is a huge Glacier, of course in the Arctic Glacier Ice Sheet we can see a game in 1984 three white. We can see as we progress through the 1990s and approach the 2000s and approach the current decade

we can see it's not so I anymore and that's a physical change that observational data. That is very Stark in concerning Glacier melt. We can see that it is it is tremendous. The art of the glaciers speak in Greenland has lost 4 trillion metric tons in 2002 in one day alone in night in 2019, August 1st. We lost enough melt in the glacier to to fill 4.4 million olympic size swimming pools tremendous change happening in Greenland. We also see though that the Arctic is white. It's Greening and then we can see that the

permafrost is Dick is is is dying the permafrost of course releases methane which of the concentrated CO2 gas and it all the permafrost in the Arctic is released that is like adding and the CO2 emissions of all EU countries. It's a sobering sobering thought. Again, how we can see here is that is that the Arctic is warming the anomalies of the temperature are severe and we can see how it's happening. So it's CO2 emissions are rising around the world. We can see the. Coming back. If you are too can we can see how that is affecting us.

Now we're all affected by images of polar bears. We can see the polar bear looking for ice looking for a place to rest and Adidas the Arctic changes. The situation is dire for many arctic speed an Arctic today's communities, of course, but Earth system science tells us that actually we are the polar bear to why is that that's because the Arctic is feeding into the global climate system. Is protecting through the Albedo effect and that is decreasing rapidly. We also see how the Arctic is building extreme weather events globally.

So if the Arctic sea ice goes data in research suggests that we will actually accelerate global warming by 25 to 40% on top of that if we take a look at extreme weather we can see that the Arctic play the key point. They certainly the Arctic have its own fires. We saw that in Siberia, we see that in various parts, but on top of that because of the way the Arctic affects the jet stream it affects crazy weather all three of the mid-latitudes. So if you remember the Sonoma fires of last year that is related to the Arctic change because of how it affects the

jet stream if we take a look at Australia does not have a direct correlation with those fires but indirectly because we are driving global climate change because of the loss of the Albedo effect. That will affect things like severe weather and fires everywhere. It's not just fires. It's also the Hurricanes. It's the polar vortex coming down for Europe in North America. On top of that though, we can see that with the Greenland ice sheet. We are accelerating sea level rise and this is game is data looking at what are the projections

if we get to a 2 degree warmer world we can see from some of the major cities around the world including Tokyo in New York that they will indeed be flooded. If we stay at the 1.5 Paris aspirational Target, we will save the Arctic summer sea ice and prevent images like this happening when we get to 2 degrees 2 degree 1.5 definitely is Doberman scientific perspective from my perspective. The Arctic is a barometer of global risk. What happens in the Arctic does not stay there. And what state

is not a geopolitical a question alone or the short-term economic benefit from shipping or extraction? What's at stake in? The Arctic is actually the future of humanity itself. Thank you. Thank you very much for such a reason. So let's dive into some of the factors that you have mentioned the dramatic melting that we watched here that you showed us his also serving as a precondition for the emergence of the Arctic region of the planet that has long been largely ignored as a focus of interest and activity in recent

years. We're seeing fossil-fuel development a sharp increase in shipping that's projected to soar. He's among the development set of transforming of reaching for their they're also turning it into an arena of intensifying geopolitical tensions as you alluded to all of these changes could further aggravate the environmental degradation which plays into the global climate system that you mentioned. So to start us off here. I wonder mr. Minard if you would help us to understand the economic forces the commercial forces now at play when we talked before this panel.

You told me that you believe that the forces driving development in the Arctic are now Unstoppable tell us why that is and what's bringing money to the Arctic important fact one of courses commercial. There are a lot of opportunities for commercial development in the Arctic and not along the lines of people traditionally think I mean, yes, there are rare Earths there is oil and gas and fossil fuels but there's also a lot of other interesting things going on in the Arctic including aquaculture the development of human capital and then of course the rise of artists shipping,

Of course the other piece that's making this. So I think that you're retrievable is the fact that it is so important strategically for military reasons. The the Russia has committed to the 15 billion dollars over the next 10 years for Arctic Court development anarchic infrastructure development. And in the United States as China and Russia become much more active in the Arctic the the need to prepare to defend our northern border going to put more and more pressure on politicians to to take

up defense in the Arctic. You're one of the good pieces of news is we have an opportunity to do it, right. That is that said in the United States after the second world war President Eisenhower implemented the National Defense Highway Act which allowed for the building of essentially autobahns were the interstate highway system in the United States where military money was used also catalyzed economic development. Of course, when you use government money, you get to establish rules. And so they're there could be an opportunity here through the military

development to responsibly apply rules to what is going to commercial forces with your going to have another lie come I want to come back to you are rules and how possible governance cooking implemented that I'd like to hear what this mean for Nordic countries. What are the opportunities that the special? What are the risks of some of the development that mister minor just talking about 4:15 then done for other countries. First of all agree with the point in taking in the presentation bus. The arctic's

issue is so much more than geopolitical assure issue of geopolitical contest or competition or or tension. It's about climates. It's about our future and juice and that's why we need to tackle climate change. If we want to save the Arctic and also tackled the risk concerned about the geopolitical issues, of course from Finland perspective and point of view. It's very important that we keep the Arctic Zone ice a little tension as possible and it's very important that we have also the

tools to do this we have to order the council and it's very important. Increase the role of the Arts Council and the all the countries that are involved in the council's work. So we have it to where we can have ownership in the office that climate issue all their environmental issues and also issues concerning about the jello pickle contest cancel adequate. Are you concerned for example about the build-up by Russia and is the Arctic Council adequate for dealing with that buildup? Of course, there are a lot of things that we

need to work on but it's the best we have and I think strengthening Arctic council is a thing that we all shoots concentrated on. Mr. Gore vice president. Let's bring us back to the environment all of these developments that but Mister minor things are inevitable. Do you have political and Commercial and otherwise, what's the impact that you see? What is your concern and help us to understand why this matters very exciting a news that she is the new prime minister of Finland for one reason. I look at this new generation of very young Prime Ministers and heads of state around the world. I just

think it's great and almost all of them have the the values that I admire so much but thank you for the wonderful the presentation. It won't surprise you perhaps to hear that in my view by far the most important. Aspects of the Arctic are the environmental aspects and in the presentation we heard about the change in Albedo the reflectivity of the surface. When are the Arctic Ocean is covered by ice and snow more than 90% of the incoming sunlight bounces directly off the surface and back into space

when the ice melts the dark Ocean and the dark land surrounding the ocean absorb about 90% a soul. It's a magnifier and the temperatures in the Arctic car are Rising 3 times faster than in the rest of the world. And that is so also you hinted perhaps a bit elliptically at the connection to some other consequences around the world. But you know, the Earth is climate is a giant engine for redistributing heat from the tropics to the poles and the ratio of temperature at the equator to temperature at the North Pole. South Pole is very different South Pole is land surrounded by ocean. The North

Pole is ocean surrounded by land. But but when that ratio of temperature at the equator and temperature at the North Pole changes does significantly as it has a 1 degree increase at the equator is at 3 degree increase at the North Pole, then all of that the pattern of wind and ocean currents that transfer that heat energy are forced to change the Gulf Stream is slowing down we've seen the Northern Hemisphere jet stream of become much luthier and the scientists who have studied is Irwin. the argument in my view that this is directly connected to 2

a lot of a lot of phenomena particularly in the northern hemisphere so last June There was an important scientific paper published a peer-reviewed showing that nitrous oxide emissions from the Artic are 12 times larger than had been previously thought and nitrous oxide is says it's her to Fourth most potent greenhouse gas, depending on how you count black carbon and that's that. That's a big amount. It's roughly. I don't know 3 4 5 days worth of global warming

and only but the the major question is if those emissions are increasing 12 times greater, what does that imply about the emissions of methane and CO2 the area covered is so large that scientist have not really been able to monitor it but we have these methane bubbles in Siberia thousands of them some of them blow out and leave these exit craters quite dramatic images and it come Either as methane or carbon dioxide depending upon the presence or absence of moisture as the permafrost

warms up and the real danger is that if we could cross what the scientist have called one of the Tipping Point Beyond which this could book become a self-reinforcing process and we have to avoid the Challenger it seems to me is that while this is a crisis and the people sitting on the stage understand that and see that and understand the science to some players. This is an opportunity there already is shipping routes mapped out as for a while and gas production account me of skeptical. Because the the harshness of

the environment is is still there and we have a subprime carbon bubble. We have 22 trillion dollars of carbon asset already discovered already marked to Market on the books of multinationals and sovereigns that can never be burned about the questions that you ask. I think it's so short term melting of the Arctic us an opportunity short-term situation. We should fight climate change. We should do more we should do it faster actually finland's is committed to be climate neutral by 2035 and we are committed our government Taco climate change. Now, we receive the climate

change is the backrest the biggest risk Humanity faces bus actually fighting climate change. For our technology out of business is to creating a job creating new while being so it's solo short-term to look Arctic and the melting of Arctic. I supposed to be for businesses. We should look at 12 and I would agree with prime minister doron on that point. I mean, I think that the only way to save the Arctic sea ice especially is to unite behind a science and have every single political business decision globally trying to bend emissions

curve dramatically and we launched that are Too Faced cat pajamas on Monday are unite behind a sign of Christiana figueres Greta to Burke's involved and Global scientists because we need the evidence we need the business decisions to do so because if we simply do shipping in the Arctic as an opportunity and we use heavy fuel oil and don't do that sustainably that's just an increase the black carbon increase the feedbacks. First is based upon the pace which we are addressing the sdgs. We will get there and hit the target sometime

near the end of the century. I believe we will be well past the Tipping Point. So when we look at this and say what can we do inside have to suggest based at State one that's on the date of the day. I'm sorry. I don't have all the information. But anyway until the stakeholders who are involved here have real incentives to do what is in their economic best interest all the discussion and forgive my expression here. All the discussion of the do-gooders in the world is not going to change the behavior of commercial Enterprise.

Audi that you're trying to highlight is that it does seem I mean there is a pipeline now from Siberia to Shanghai and whether that Long-term that will be more such fossil-fuel development on that scale. Who knows but it is happening. So it's a reality it's about business. It's about the old fossil fuels in the world. How do you create incentives? So that this development is happening in a way that will not leave to the kinds of scenarios that were talking about. What what does that look like ice wings of the businesses

understand. It's not a good business in the future to invest in fossil fuels because we cannot use it and all the countries in the world. I think almost all the countries in the world or understand the times we need to implement also political policies that we need to stop using for soap for Your Love in the future. So I think the business is understand that it's not very long term. Solution so I don't want to come off as being anti addressing these issues. But I invest money for the the job and I have to look at the real world every day of what is

what is happening in the markets in around the world. And the reality is that why don't businesses make green walk and talk about all the wonderful things that they're doing. These are there has to be a stronger sense of setting up incentives to get this a drive-by today at Davos. There's been a session with the oil and gas in the banking and investment Community attacked the banking and investment Community really did a call out that they literally said continued investment in fossil fuel. We will starve that out because we're not going to invest so I think that

discussion is changing dramatically and I think we seen a sea change in terms of incentives from the banking and finance community. So I would say that used to be true and I'm not so sure it will continue to be treated for chlamydia. I think this is the way to go. It's the future and I think the business is I need to look at this because it's brisk for the investments in and the investors how many hundreds of billions do you handle? billions irrelevant question. What's your vice? President suggests

the phrase the real world one of the worst performing at the classes in the last 10 years than fossil fuels people are losing money black rock made its announcement last week by one measure. They've lost 90 billion dollars for their clients just because of their over-investment and fossil fuels devern just announced that it it was writing down the value of its of its assets Repsol a mid-market major in Spain just announced that it was marking down its assets BP just announced a

month ago that it was going to add that a good bit of its assets in the ground will never see the light of day the cost of production curve for solar electricity and wind electricity is taken. The way a good portion of the liquid fuels the markets for the petroleum industry are also seeing with the rise of electric vehicles within two years to drive train is going to be significantly lower and cost and internal combustion engines. Every automobile Factory manufacturer in

the world is Shifting away from internal combustion engines to Ward electric vehicle. And there is a growing recognition that off the 28th Roy that's according to the iea of the 28th trillion dollars of carbon-based assets mark-to-market on the books of multinational since Auburn's 22 trillion is unlikely to ever be put to its intended use. So the idea people are cancelling out of tar Sands Investments and leave the marginal investment in the most marginal oil and gas Investments are the ones proposed for the Arctic Ocean

and the ones that have Started up there, they turn around and come back and you know, I could be wrong though. All these animals could be wrong, but the overwhelming evidence from The Real World indicates that is not going to have to go back if I could you come. What's an understanding of the real world? I mean to come back to remember that that while it might be economically inconvenient to get away from fossil fuel the real world that science gives evidence of say how fast we have to do this. I think if I

understand correctly. Mr. Minard what you might be trying to point out in part is that those things may be at our Facts not everyone is going to act accordingly. And I think this is what policy comes in. So in the absence of for example of carbon price, should we be talkin here a little bit about you know companies are changing their behavior banks are are taking steps. What kind of policy actions on a sovereign level but also internationally would help to protect the Arctic and to deal with some of the issues that that are that are contributing

here. It would be very effective and you all agreed. Do you all actually agree on this way? Of course, we have a market for 4 Carbon and also in the face the face level California has very ambitious market for carbon. This is something that we need to have wider area. And also we need to work together. Yes, so a price on carbon if we accept. Contentiously at some level of development is Unstoppable in the Arctic whether or not it's a very good idea and perhaps you noticed how is investing with the Russians and hasn't it seems to be going forward with a with an

Arctic project. There are some companies going forward if we accept that that is happening. What kind of government needs to be put in place in the Arctic Council. Mr. Vice president. You might have a few honest. Is it easy Arctic Council adequate in terms of governmental body that promotes exchanges of views comparison of the policies that might be effective. It doesn't have, you know of much Cloud to accept the force of persuasion and I think it's been extremely useful now the current US Administration has turned its back on me Arctic Council and don't get

me started on on that. That would be Cul-de-sac we don't want to go into but presumably will get back to a version of Sanity in a we will have a Nordic Council that once again the plays a very constructive role. Before you took over was at the head of the Arctic Council if it's adequate to governance in Hadley need issues in the region if the president of the council at before my time, and we'd be traced many important issues to table for a sample of black ice and no black carbon. I thought we might bother you because it's so

important. We know that the emissions are more important so many points that we need to talk o for a sample because it increases the melting of the ice and it's also actually a health health issue because if you create a carbon is also infect how people help it. Yeah, it's at the airport air pollution associated with it kills about 9 million people a year around the world and also fertilizes a form of algae in the in the ice. The nitrogen content does which is responsible for almost half of the darkening of the surface of Greenland.

But a couple of things here because we keep talking about what can be done. And for instance if we are going to have Arctic shipping and we already do have our kitchen right then shouldn't there be standard set for instance? Should we have zero emission shipping through the Arctic because dumping all that black car when I accelerate over the right idea, right? I mean the thing I feel here is that again? I'm not advocating. The climate change is a great thing. I think it's a math problem what I'm really trying to say. I think there's a certain cognitive dissonance

which is when you receive the message that you don't want to hear the response is to attack the messenger and I'm not attacking you. I'm I am a Republican Industry merch for example is made a commitment to zero carbon shipping already at 2:30, I think and they admit we don't know how to do it, but we're going to do it. That's that's great. It might be great. If the shipping industry could get agreement that one of the pilot for the zero-emission would be on these new Arctic route so that I think that's a terrific idea. But on your

cognitive dissonance, we don't really know each other or not. You know, I respect you. I don't want to but but on your What got me earlier worse when you said that, you know, we're going to cross Tipping Point is that nothing can stop it? I don't I don't know if we go for another son. Don't give up. It's another form of denial. We have limitations as human beings. We we have weaknesses for sure. But in times past when when the chips have been down and we have had to transcend those limitations and rise above them we have done. So

this is a moment when we must do that there is still hope that we can do this free dornbush of famous economist at MIT author of what's known as Dorn Bush's law famously said things take longer to happen than you think they will but then they happen much faster than you thought they could we're seeing that with renewable energy. We're seeing that with the graph of the young people who are leading the new political movement here. unfortunately also seeing it with the rate of harm and damage, but I'm convinced that there is a realistic basis for hoping

that we're going to that we're going to succeed we would we should take some questions from the audience at this point if if we can Yes, please in the second row over here. And then the gentleman in the front. Thank you for that. Very interesting discussion. I actually work in the climate change technology Development Area and one thing which I'm really so there's a lot of conversation around we need to do this and the climate change to me but a lot of investment is being talked about banks are saying that they're going to invest in this

but most of the investment is going into stuff which is already proven and established and yes wind and solar plans at all when we bought a solution but there's a lot of early-stage investment required to relate to love these Technologies which are out there and their TRL 12303 state which need to come out and that's going to be part of the solution which actually can stop and get to your solution of not going to the hundred-year line and hitting the wall and actually solving these problems and dad in Seattle 3 to piano line even break through an investment Spectrum energy Investments.

Would you see I don't mean us that nothing is getting interested Willow TRL 7. That's where we need funny. That's where we need a message. Driving to come together. What are you thinking about? Well, it's essentially the same question. Nobody's mentioned for such as I let me out a little thicker between 1942 and 1945 the United States spend 4.2 trillion dollars in today's dollars to defeat Germany and Japan. When are we going to recognize the climate change is a much more serious had it made than either of those

two countries. You either questions. We have a few minutes left. I think it would be interesting if it's when we started talking about this town on the professor Whiteman, one of the things you point it out to me a couple of times with that. It's really impossible to talk about the Arctic talking about the rest of the world and that if you're going to talk about ways to develop the Arctic sustainably and to ensure that the worst-case scenarios in the Arctic don't come too

high. You have to talk about steps in the rest of the world and steps globally to contain climate change. Can we use the time remaining to come up with some solutions? Because that's one of these really different and special things about the world economic forum is it is solution-focused what are some of the solutions that could be developed globally to tackle this problem when I find doctor use Initiative for green deal. It's a big thing. I think it's very big step forward and I salute.

And if that's been given out synonyms for supports this and I don't think that's a whole two countries have to do their part. It's not that still runs itself can change the path for climate change. We need all the countries in the world to get their fighting this you can leave the and we have been doing so but we also need the United States win its Russian Winnie China win all the key players to finding Solutions. And I think even though Arctic council is in a body of

its efficient in every way. It's the Forum where we can talk about the issues concerning Arctic climate issues other environmental issues and other issues that we have so we need We need two solutions that we can find together and also and four rooms where we can build trust and also we have to take the people in the country is a part of this because we cannot do the change. If we don't have to accept accept them are from the individuals and the human beings that and

when we are talking about that, we won't be climbing Jeter 2035. It's very important to us that we do this in a way that it's socially just and fair an acceptable. So we need to make sure that our people are benefiting from tackling climate change and we are trying to find out about this way and I think it's very important for all the countries trying to find socially acceptable ways to create a new job to creating new opportunities to creating new possibilities for people and and taking them apart

a part of this fix it from a scientific perspective because the Arctic is so important everywhere else. What concerns me about the Arctic council is that it has largely been Arctic country focused with some observers coming in and the data. I mean some could call climate-science His prophets of Doom. I don't agree with that. I think we just simply give the evidence but what we need is governance mechanisms where the rest of the world is actually paying attention to what's going on in the Arctic cuz it will affect where you live

everybody in this room. There's no question of that and right now there's not a place in the Arctic Council for that boys those voices to come in and that concerns me mean I think that the cop in Glasgow cop 26 has to become the ice cough as opposed to the blue cop that was in in Madrid perhaps in earlier. This really will be about what's going on in the Arctic and how we are going to respond to that really barometer Global risk, and I'm not quite sure how and where the Arctic Council right now

Let me know I think I'm the other free markets guy and I think people are in scented to do this. I mentioned before what's in their economic destiny. We all know that it is cheaper to produce a kilowatt of electricity cheap using an alternative than to burn fossil fuels but the industry is Laden down with Legacy assets and they they can't just throw them away though. I think it's in their best interest to throw them away and get rid of them and two to accelerate the change that's necessary. And so, you know what

your you you mentioned the the write-down of all the reserves around the world the peculiar truth here is once they expect they extract any of those reserves and use them their profit margins going to be higher in the future because they have no Book value and they don't have to they don't have to amortize that book value away. So it's going to inflate their earnings which is going to make people think that it's Good opportunity so somehow and that's why I favor a carbon X

have to do is push the economic burden off onto these people who essentially are creating a future liability for which they're not going to be held accountable to pack when New York City is underwater. Which oil company. Are we going to get them to pay for all this? Right? So the reality is they need to be they have to pay the bill. And we need to put that kind of incentive in place. So it's going to make the real progress. We need later. This year is number 26 in Glasgow. It

is very important because it's the beginning of the First Five-Year review. The Paris agreement includes a very crucial provision that every 5 years all the signatory nations are required to reassess whether or not they can increase their ambition and have much steeper emissions reduction. And by the way, the u.s. Is not out of the Paris agreement. Most of you may know that regardless of what the President Trump says under the law of the first day of the US could withdraw from the Paris agreement

is the the the the day after the next presidential election in in November end and if there's a new present, excuse me for a moment n a I need Frozen could give 30 days notice in the US would be right back in but this review. Is it is crucially important. So what changes would I need to stop subsidizing fossil fuels are subsidized by governments around the world at a rate 36 times greater than the meager subsidies given to speed up the development and deployment of renewable. That's insane China

Japan and Korea are directly subsidizing the construction of brand new dirty coal plants in Southeast Asia in in parts of Africa Indonesia. It's utterly insane and completely irresponsible. And then some way we have to get a direct or indirect recognition of the Harm's done by carbon emissions in the accounting system of the global economy attacks is very difficult. Predictions have Donette politically toxic in the US. I know January of 1993 the clinton-gore administration's first budget one of my great victories in the first quarter of the administration was to get a carbon tax

in our initial budget and it passed the House of Representatives. But then fail by one vote in the Senate we're all good ideas go to die. And then it happened again in the first 6 months of President Obama's administration, but there are as you said it as you said prime minister a lot of state governments that have already done a lot of City garments and they're there now is the beginning of a sentiment within the Republican Party in the US to support this a lot of their senior Statesman are now pushing it. I don't know I hope so, but the one way or another that that's

really what we have to get done. Thank you, Klaus Schwab and Marc benioff and others have launched that initiative here, which I think it's great. We got to have regenerative agriculture to also sequester more in soils and much more besides and President Trump has agreed to be part of them the truth initiative in trouble. So let's stop investing in fossil fuel development. I will I will wrap up. I will wrap up. I will thank you Mom. We've come at this from very different perspectives, but I think found some common shared potential policies and definitely some shared goals. And I

think that that's because we all live in the real world. It's just a different. Thank you so much.

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