1
00:00:00,200 --> 00:00:03,800
Speaker 1: Hey, everyone, So think back your first semester of college.

2
00:00:04,040 --> 00:00:05,840
Speaker 1: You walk into the room for economics one oh one

3
00:00:06,000 --> 00:00:10,080
Speaker 1: or microbiology or art history, whatever it is. You take

4
00:00:10,080 --> 00:00:13,120
Speaker 1: your seat, the professor walks in, and the teaching assistant

5
00:00:13,119 --> 00:00:15,720
Speaker 1: passes out the syllabus. It outlines the material covered and

6
00:00:15,760 --> 00:00:18,360
Speaker 1: the exam dates. Great, you know what to do. You're

7
00:00:18,360 --> 00:00:21,160
Speaker 1: a good student, you'll be fine. But you quickly realize

8
00:00:21,200 --> 00:00:23,680
Speaker 1: this isn't high school, and your parents are two thousand

9
00:00:23,680 --> 00:00:26,640
Speaker 1: miles away. You end up studying a lot, but it's

10
00:00:26,640 --> 00:00:28,640
Speaker 1: all kind of trial and error, and you crammed night

11
00:00:28,640 --> 00:00:30,760
Speaker 1: before the exam. Anyway, what you need is a study

12
00:00:30,760 --> 00:00:32,880
Speaker 1: guide to help you know what and how to study,

13
00:00:33,000 --> 00:00:35,519
Speaker 1: what works, what's not worth spending time on. And you

14
00:00:35,560 --> 00:00:38,320
Speaker 1: need to study group to share notes. Well, forgive the analogy,

15
00:00:38,320 --> 00:00:39,960
Speaker 1: but it's kind of the same thing. For climate change.

16
00:00:40,159 --> 00:00:42,120
Speaker 1: We know the exam is coming up, and unlike any

17
00:00:42,159 --> 00:00:44,520
Speaker 1: of my college exams I thought were just so important,

18
00:00:44,600 --> 00:00:47,280
Speaker 1: this one actually is. To be specific, without real action,

19
00:00:47,440 --> 00:00:49,440
Speaker 1: the world is likely to hit one point five degrees

20
00:00:49,600 --> 00:00:55,080
Speaker 1: celsius about pre industrial levels between and so sooner than

21
00:00:55,080 --> 00:00:58,440
Speaker 1: I expected. That means this decade is critical to get

22
00:00:58,440 --> 00:01:01,800
Speaker 1: things going okay. So countries and companies have begun to

23
00:01:01,920 --> 00:01:05,040
Speaker 1: level up their decarbonization ambitions, many aiming to go net

24
00:01:05,120 --> 00:01:08,000
Speaker 1: zero by but for the most part of not laid

25
00:01:08,000 --> 00:01:11,120
Speaker 1: out clear pathways to getting there. They're putting themselves in

26
00:01:11,120 --> 00:01:13,600
Speaker 1: the position of having to cram the night or decade

27
00:01:13,720 --> 00:01:16,320
Speaker 1: before the exam and at that point it's too late.

28
00:01:16,400 --> 00:01:19,080
Speaker 1: As I said, this decade is critical to get things going,

29
00:01:19,360 --> 00:01:21,400
Speaker 1: but they need a study guide so they can implement

30
00:01:21,400 --> 00:01:25,240
Speaker 1: the clear strategy and aced the exam. Well, Bloomberg has

31
00:01:25,280 --> 00:01:28,440
Speaker 1: that study guide. Today. We've got BEENEF head of Energy

32
00:01:28,440 --> 00:01:32,399
Speaker 1: Transitions Louisa tomorrow to talk about the net zero Pathfinders initiative,

33
00:01:32,680 --> 00:01:34,920
Speaker 1: just launched on the eighteenth of October. The idea is

34
00:01:34,959 --> 00:01:38,120
Speaker 1: to provide a resource of actionable policy ideas and case

35
00:01:38,120 --> 00:01:40,720
Speaker 1: studies of what's worked around the world to help policymakers

36
00:01:40,720 --> 00:01:44,560
Speaker 1: and other stakeholders design and implement decarbonization strategies today. So

37
00:01:44,959 --> 00:01:48,000
Speaker 1: a study guide to help jurisdictions plan their climate strategies

38
00:01:48,040 --> 00:01:50,360
Speaker 1: and figure out their study groups. And Louisa will mention

39
00:01:50,440 --> 00:01:52,640
Speaker 1: this again in the interview, but go check it out

40
00:01:52,680 --> 00:01:56,280
Speaker 1: at Bloomberg dot com. Forward slash net zero Pathfinders or

41
00:01:56,480 --> 00:01:58,960
Speaker 1: sending examples of what's worked for you and your stakeholders

42
00:01:59,000 --> 00:02:02,200
Speaker 1: at pathfinders at Bloomberg dot net as a reminder being

43
00:02:02,200 --> 00:02:04,480
Speaker 1: if does not provide investment or strategy advice, and you

44
00:02:04,480 --> 00:02:06,280
Speaker 1: can hear the full disclaimer at the end of the show.

45
00:02:06,400 --> 00:02:08,560
Speaker 1: I'm Mark Taylor and you're listening to switch on to

46
00:02:08,639 --> 00:02:20,480
Speaker 1: be net podcast. Louisa, thanks for joining, Thank you for

47
00:02:20,520 --> 00:02:22,920
Speaker 1: having me here, Mark, and welcome to London. You just

48
00:02:22,960 --> 00:02:25,639
Speaker 1: moved over from from Apollo, Is that right, Yes, that's right,

49
00:02:25,760 --> 00:02:29,040
Speaker 1: moved exactly a month ago, sweet right on, just in

50
00:02:29,080 --> 00:02:31,200
Speaker 1: time for it to get dark here all the time.

51
00:02:32,280 --> 00:02:34,480
Speaker 1: I'm sorry we're pulling you away from the summer over there,

52
00:02:34,560 --> 00:02:36,160
Speaker 1: but we're really glad to have you, and we're really

53
00:02:36,200 --> 00:02:37,560
Speaker 1: glad to have you on the show today to talk

54
00:02:37,600 --> 00:02:41,000
Speaker 1: about what countries and companies by extension can do to

55
00:02:41,320 --> 00:02:44,400
Speaker 1: reach net zero targets. Now, let's start off just by

56
00:02:44,400 --> 00:02:46,520
Speaker 1: digging into that a bit. We're going to start this

57
00:02:46,600 --> 00:02:49,680
Speaker 1: show with the assumption that climate change is a thing,

58
00:02:49,919 --> 00:02:52,600
Speaker 1: that it's real, that it has dire consequences if we

59
00:02:52,639 --> 00:02:54,800
Speaker 1: don't get it solved. All that, and one way to

60
00:02:54,880 --> 00:03:00,200
Speaker 1: do that is by setting what are called net zero targets? Now,

61
00:03:00,240 --> 00:03:02,160
Speaker 1: can you just start us off by explaining what a

62
00:03:02,240 --> 00:03:06,239
Speaker 1: net zero target is. I'm not your target is simply

63
00:03:06,680 --> 00:03:11,880
Speaker 1: aiming or pablishing the goal data, country or a company,

64
00:03:12,320 --> 00:03:16,280
Speaker 1: we will produce less greenhouse gas emissions. Then it takes

65
00:03:16,800 --> 00:03:20,760
Speaker 1: from the atmosphere, so not to start getting to zero,

66
00:03:20,880 --> 00:03:24,639
Speaker 1: but getting to zero net emissions, which is, by the way,

67
00:03:24,639 --> 00:03:28,480
Speaker 1: it really hard considering how we produce everything today. And

68
00:03:28,520 --> 00:03:31,040
Speaker 1: when I say we, am referring to us as a

69
00:03:31,080 --> 00:03:35,560
Speaker 1: society as a participants of the economy. Yes, there you go,

70
00:03:36,000 --> 00:03:38,920
Speaker 1: and everybody, just so you know, I called called that out.

71
00:03:38,960 --> 00:03:41,240
Speaker 1: I asked Lisa to clarify that because I'm just really

72
00:03:41,280 --> 00:03:44,640
Speaker 1: conscious that been for Bloomberg. We're analysts, not advocates, and

73
00:03:45,000 --> 00:03:46,760
Speaker 1: we're going to say we a lot in this in

74
00:03:46,760 --> 00:03:49,960
Speaker 1: this episode here today, and it's just going to refer

75
00:03:50,040 --> 00:03:53,680
Speaker 1: to all of us collectively as the human race or humans.

76
00:03:53,800 --> 00:03:57,520
Speaker 1: The reason why I say ways, because we, or the

77
00:03:57,560 --> 00:04:01,320
Speaker 1: word we, will not get to zero if every single

78
00:04:01,400 --> 00:04:05,720
Speaker 1: person and company and sector and government player isn't involved

79
00:04:05,760 --> 00:04:07,560
Speaker 1: in this race. So, now that we know what net

80
00:04:07,640 --> 00:04:11,720
Speaker 1: zero is and what it's designed to do, can you

81
00:04:11,760 --> 00:04:14,840
Speaker 1: describe for us. The commitments that countries have made around

82
00:04:14,880 --> 00:04:17,159
Speaker 1: that six years ago, in two thousands fift change pair

83
00:04:17,320 --> 00:04:21,839
Speaker 1: is the government's most governments around the world have agreed

84
00:04:22,680 --> 00:04:27,760
Speaker 1: to keep the increase in global warming below two degrees

85
00:04:27,800 --> 00:04:31,640
Speaker 1: and to make efforts to limit it to one point

86
00:04:31,720 --> 00:04:34,359
Speaker 1: five degrees. Why is that important? To degrees in one point?

87
00:04:34,440 --> 00:04:38,080
Speaker 1: This is what i PCC or the inter Governmental Panel

88
00:04:38,080 --> 00:04:40,800
Speaker 1: on Climate Change estimate. This is the maximum that we

89
00:04:40,839 --> 00:04:47,480
Speaker 1: can increase global warming to limit catastrophic climate change effects.

90
00:04:47,880 --> 00:04:50,400
Speaker 1: So that's why it's important. And I think the basic

91
00:04:50,440 --> 00:04:53,120
Speaker 1: thing that's important to understanding is we're not talking about

92
00:04:53,160 --> 00:04:57,400
Speaker 1: reducing the global warming. We're talking about limiting the increase

93
00:04:57,480 --> 00:05:01,520
Speaker 1: of global warming. So government's got together six years ago

94
00:05:02,000 --> 00:05:06,480
Speaker 1: and they had agreed to make efforts to limit this

95
00:05:06,560 --> 00:05:11,120
Speaker 1: global warming, and they do this by committing to take

96
00:05:11,160 --> 00:05:17,520
Speaker 1: action and committed to limit the two emissions. However, since then,

97
00:05:17,880 --> 00:05:22,440
Speaker 1: we have not really gotten any better. To be more specific,

98
00:05:22,520 --> 00:05:26,160
Speaker 1: the i p c C estimates that emissions need to

99
00:05:26,240 --> 00:05:30,240
Speaker 1: fall about forty five belows two thousand ten levels by

100
00:05:30,279 --> 00:05:33,880
Speaker 1: two thousand thirty to reach net zero on to town fifty.

101
00:05:33,920 --> 00:05:38,760
Speaker 1: So twenty years later, however, we have actually increase emissions

102
00:05:38,880 --> 00:05:43,720
Speaker 1: by around one five per year between ninety nine and

103
00:05:43,760 --> 00:05:47,880
Speaker 1: two thousand nineteen. The good news is that over the

104
00:05:47,920 --> 00:05:51,239
Speaker 1: past years, especially over the one year and a half,

105
00:05:51,960 --> 00:05:56,880
Speaker 1: governments have started to take more action towards establishing NAT

106
00:05:57,000 --> 00:06:01,880
Speaker 1: zero commitments, and today about seventy countries that represented around

107
00:06:02,040 --> 00:06:05,560
Speaker 1: forty nine percent of global emissions have established and that's

108
00:06:05,600 --> 00:06:09,159
Speaker 1: your target. The challenges they don't actually know how to

109
00:06:09,200 --> 00:06:13,160
Speaker 1: get there. Okay, that seems to be the kicker there.

110
00:06:13,600 --> 00:06:18,960
Speaker 1: So if we can back up or recap, all these

111
00:06:18,960 --> 00:06:20,760
Speaker 1: countries got together and said, hey, we want to reduce

112
00:06:20,760 --> 00:06:24,479
Speaker 1: submissions to reach a certain target. And then you're saying,

113
00:06:24,520 --> 00:06:27,280
Speaker 1: kind of nothing, nothing has happened. There's some stuff for

114
00:06:27,400 --> 00:06:29,440
Speaker 1: some efforts have been made. I guess we can get

115
00:06:29,440 --> 00:06:32,120
Speaker 1: to that. But more recently they're saying, okay, actually we

116
00:06:32,160 --> 00:06:34,599
Speaker 1: want to make a net zero target, but we don't

117
00:06:34,600 --> 00:06:36,839
Speaker 1: know how to quite get there. Is that right Most

118
00:06:36,839 --> 00:06:38,440
Speaker 1: are not saying we don't know how to get there,

119
00:06:38,560 --> 00:06:42,000
Speaker 1: but through this they don't. It's a very hard job.

120
00:06:42,200 --> 00:06:44,760
Speaker 1: There's a few reasons why it's very hard. Firstance, we

121
00:06:44,760 --> 00:06:48,279
Speaker 1: need to start acting right now because a lot of

122
00:06:48,839 --> 00:06:51,160
Speaker 1: governments and the takeholders in general are talking a lot

123
00:06:51,160 --> 00:06:54,720
Speaker 1: about thousand fifty THOUSTA doesn't sixty. But we need to

124
00:06:55,120 --> 00:06:58,040
Speaker 1: act now, and we need both action if we really

125
00:06:58,040 --> 00:07:01,440
Speaker 1: want to change this emissions run. So if you leave

126
00:07:01,480 --> 00:07:03,880
Speaker 1: it till to get started, you're never going to meet

127
00:07:03,920 --> 00:07:07,159
Speaker 1: a target. Then we're done. Another reason why it's very

128
00:07:07,240 --> 00:07:12,320
Speaker 1: hard is because it touches on every aspect, every sector

129
00:07:12,360 --> 00:07:16,240
Speaker 1: of the economy. It touches on everyone's lives, which means

130
00:07:16,280 --> 00:07:20,920
Speaker 1: that collaboration is key there. And to be honest, policymakers

131
00:07:21,120 --> 00:07:23,960
Speaker 1: and many of the key stakeholders are not really good

132
00:07:23,960 --> 00:07:27,840
Speaker 1: at collaborating. Right. Everybody's playing their own game. But it

133
00:07:27,920 --> 00:07:30,840
Speaker 1: has to change if we're serious about getting there. When

134
00:07:30,840 --> 00:07:33,080
Speaker 1: you and I were talking about this before the show,

135
00:07:33,840 --> 00:07:37,560
Speaker 1: you mentioned what countries have been trying has mostly been

136
00:07:37,640 --> 00:07:39,360
Speaker 1: kind of trial and error up to this point. So

137
00:07:39,360 --> 00:07:43,160
Speaker 1: they made their commitments, they made their net zero targets,

138
00:07:43,480 --> 00:07:46,040
Speaker 1: they're trying to collaborate, it seems, but the things that

139
00:07:46,080 --> 00:07:49,920
Speaker 1: they're actually doing our guests in check or trial and errors.

140
00:07:49,920 --> 00:07:53,400
Speaker 1: That right, nobody has a real clear strategy as far

141
00:07:53,440 --> 00:07:55,560
Speaker 1: as I can tell. We're all figuring that out together

142
00:07:55,640 --> 00:07:58,480
Speaker 1: right now. Right, And when I say collaborations key is

143
00:07:58,480 --> 00:08:01,840
Speaker 1: not just about one country collaborating with another, which is

144
00:08:01,880 --> 00:08:06,960
Speaker 1: important because the word has to learn from the other's

145
00:08:07,040 --> 00:08:09,920
Speaker 1: mistakes about what works and what doesn't work. Otherwise we're

146
00:08:09,920 --> 00:08:12,080
Speaker 1: going to take way longer together and we don't have

147
00:08:12,160 --> 00:08:16,400
Speaker 1: this time we as the word as a society. Also,

148
00:08:16,560 --> 00:08:22,680
Speaker 1: it also means collaborating across all policy layers in one country,

149
00:08:22,840 --> 00:08:28,040
Speaker 1: which means city level policymakers collaborating with national level policy makers,

150
00:08:28,080 --> 00:08:31,640
Speaker 1: which is sometimes it's very hard. And it also means

151
00:08:31,640 --> 00:08:36,440
Speaker 1: the stakeholders, finance sector, civil society collaborating with government and

152
00:08:36,480 --> 00:08:41,840
Speaker 1: collaborating among themselves. So collaborations really a fundamental aspect to

153
00:08:41,960 --> 00:08:44,160
Speaker 1: get there. But we also understand that there there are

154
00:08:44,280 --> 00:08:46,360
Speaker 1: challenges with this collaboration. Can you tell us a bit

155
00:08:46,400 --> 00:08:50,480
Speaker 1: more about those challenges? First, the challenges when we're talking

156
00:08:50,520 --> 00:08:53,520
Speaker 1: about a transition to a new economy, we're talking about

157
00:08:53,559 --> 00:08:56,840
Speaker 1: something that we will touch on every single aspect of

158
00:08:56,880 --> 00:09:01,160
Speaker 1: the economy, and that we'll touch on every by these lives,

159
00:09:01,240 --> 00:09:06,280
Speaker 1: every industry, which means that it's not a job that

160
00:09:06,320 --> 00:09:09,480
Speaker 1: can be done in isolation. In practice, we will need

161
00:09:09,559 --> 00:09:13,319
Speaker 1: to see policy makers interacting with each other. We need

162
00:09:13,360 --> 00:09:17,080
Speaker 1: to see city level policymakers working together with national level,

163
00:09:17,120 --> 00:09:20,000
Speaker 1: international level to make things happen. And we will also

164
00:09:20,040 --> 00:09:23,880
Speaker 1: need to see the finance sector to civil society engaging

165
00:09:24,000 --> 00:09:29,079
Speaker 1: with governments and other players. And to be honest, most

166
00:09:29,120 --> 00:09:32,880
Speaker 1: of those takeholders are not very good at collaborating. And

167
00:09:33,200 --> 00:09:35,680
Speaker 1: the second challenge is that this is not something that

168
00:09:35,760 --> 00:09:40,120
Speaker 1: we can plan a lot or only plan, because we

169
00:09:40,160 --> 00:09:44,080
Speaker 1: need to start acting right now. So this engagement has

170
00:09:44,120 --> 00:09:49,120
Speaker 1: to happen right now because policy makers and other players

171
00:09:49,160 --> 00:09:52,360
Speaker 1: are talking a lot about action for two fifty but

172
00:09:52,440 --> 00:09:54,680
Speaker 1: we don't have this time to wait, so we need

173
00:09:54,720 --> 00:09:58,560
Speaker 1: to get started really soon. Okay, so how do we

174
00:09:58,559 --> 00:10:01,840
Speaker 1: get there? How do we get started? This week we

175
00:10:01,960 --> 00:10:07,120
Speaker 1: have launched a new Bloomberg initiative that aims to help

176
00:10:07,200 --> 00:10:10,880
Speaker 1: policemakers and all your stakeholder solve those these questions. The

177
00:10:10,960 --> 00:10:14,680
Speaker 1: name of the initiative is Nazio Pathfinders. This is a new,

178
00:10:15,160 --> 00:10:19,600
Speaker 1: completely public initiative that aims to help policemakers and under

179
00:10:19,600 --> 00:10:25,000
Speaker 1: stakeholders design and implement the carganization strategies today, not in

180
00:10:25,080 --> 00:10:27,760
Speaker 1: ten years, but today. And we also aim to help

181
00:10:27,800 --> 00:10:31,880
Speaker 1: those players simplify their search for a climate solution, and

182
00:10:31,960 --> 00:10:37,079
Speaker 1: we do this by leveraging content capabilities of many Bloomberg

183
00:10:37,600 --> 00:10:42,120
Speaker 1: organizations and also many of our partners. That's cool. How

184
00:10:42,120 --> 00:10:43,920
Speaker 1: does it work? Walking through it a little bit? So,

185
00:10:44,360 --> 00:10:46,560
Speaker 1: if I'm a policymaker and I want to make use

186
00:10:46,640 --> 00:10:49,840
Speaker 1: of the new net zero Path Finders initiative, what do

187
00:10:49,880 --> 00:10:52,240
Speaker 1: I do? Is it like a reference library of like

188
00:10:52,640 --> 00:10:56,240
Speaker 1: projects that have worked, or is it a consulting service.

189
00:10:56,559 --> 00:11:01,160
Speaker 1: We have just launched a public website where we highlight

190
00:11:01,280 --> 00:11:03,439
Speaker 1: the key challenges and the key solutions in the Race

191
00:11:03,920 --> 00:11:09,120
Speaker 1: to zero, and we also have a interactive library where

192
00:11:09,160 --> 00:11:13,800
Speaker 1: policy makers and other stakeholders can future by sector, policy

193
00:11:13,880 --> 00:11:18,040
Speaker 1: layer and key peelers which I would touch on in

194
00:11:18,400 --> 00:11:24,280
Speaker 1: a minute of Nazio strategies and find examples of what

195
00:11:24,880 --> 00:11:29,840
Speaker 1: is working for others, what other policymakers have implemented that

196
00:11:30,240 --> 00:11:35,080
Speaker 1: has actually proven to have effect and impact in the

197
00:11:35,160 --> 00:11:39,319
Speaker 1: carbonizing some sectors of their economy, or on leveraging financing

198
00:11:39,360 --> 00:11:42,480
Speaker 1: for example, or engaging the view society to get to

199
00:11:42,800 --> 00:11:47,079
Speaker 1: some successful the carbonization measure. That's cool. So it's like

200
00:11:47,160 --> 00:11:50,640
Speaker 1: a menu of things I can choose from that have

201
00:11:50,960 --> 00:11:54,599
Speaker 1: proven to be successful in other jurisdictions. If I'm a

202
00:11:54,640 --> 00:11:58,760
Speaker 1: policymaker exactly. And the way we do that is we

203
00:11:59,040 --> 00:12:06,000
Speaker 1: have organize those best practices around four key pillers. Yeah,

204
00:12:06,080 --> 00:12:09,280
Speaker 1: let's get into those. So in the Pathfinders initiative, I

205
00:12:09,320 --> 00:12:11,120
Speaker 1: guess what I'm getting at is that that maybe this

206
00:12:11,240 --> 00:12:14,120
Speaker 1: could be a start to the end of trial and error.

207
00:12:14,320 --> 00:12:17,280
Speaker 1: That there are I think you've got identified, as you said,

208
00:12:17,320 --> 00:12:20,240
Speaker 1: four key pillars of things that work. Can you describe

209
00:12:20,280 --> 00:12:23,439
Speaker 1: those four key pillars? And before I do, we consider

210
00:12:23,559 --> 00:12:27,120
Speaker 1: those four key pillars from Memento because they are relevant

211
00:12:27,200 --> 00:12:29,839
Speaker 1: to all keys takeholders of the economy and all we

212
00:12:29,920 --> 00:12:35,120
Speaker 1: meeting sectors. The first pillar is accelerating deployment of mature

213
00:12:35,160 --> 00:12:38,880
Speaker 1: climate solutions. The second pillar is supporting the development of

214
00:12:38,960 --> 00:12:42,559
Speaker 1: new climate solutions, third pillar is managing the transition and

215
00:12:42,679 --> 00:12:45,679
Speaker 1: phasing out carbon intensive activities, and the last one is

216
00:12:45,720 --> 00:12:50,000
Speaker 1: creating appropriate climate transition government structures. So those are what

217
00:12:50,400 --> 00:12:55,760
Speaker 1: we believe to be the fundamental aspects of any net

218
00:12:55,880 --> 00:12:59,880
Speaker 1: zero strategy that a policymaker or even other privates that

219
00:13:00,000 --> 00:13:02,800
Speaker 1: holder can put together when thinking about their race to zero.

220
00:13:02,920 --> 00:13:04,600
Speaker 1: We're gonna take a quick break when we come back,

221
00:13:04,640 --> 00:13:05,960
Speaker 1: We're going to make our way through each of these

222
00:13:06,000 --> 00:13:08,160
Speaker 1: pillars and describe how they can be used to achieve

223
00:13:08,200 --> 00:13:15,240
Speaker 1: net zero targets. Stay with us, okay, welcome back. Let's

224
00:13:15,280 --> 00:13:17,960
Speaker 1: just start going through them. So number one, accelerating deployment

225
00:13:17,960 --> 00:13:20,680
Speaker 1: of mature climate solutions. When I hear that, I think

226
00:13:20,840 --> 00:13:24,160
Speaker 1: that just means helping build wind, solar, and batteries. Is

227
00:13:24,240 --> 00:13:27,319
Speaker 1: that right? It is right, It's not limited to it.

228
00:13:27,679 --> 00:13:30,600
Speaker 1: But this isn't a big part of this. In this piller,

229
00:13:30,679 --> 00:13:35,640
Speaker 1: we're talking about deploying right now the solutions that are

230
00:13:36,440 --> 00:13:40,320
Speaker 1: low cost and widely available. It includes, for example, Winen

231
00:13:40,360 --> 00:13:44,840
Speaker 1: solar technologies, but it also includes storage technologies, deploying evs

232
00:13:45,040 --> 00:13:50,200
Speaker 1: and evy chargingfrastructure, but also solutions simple solutions such as

233
00:13:50,320 --> 00:13:56,640
Speaker 1: boost walking and public transportation micromobility in general, also encouraging

234
00:13:56,800 --> 00:14:00,559
Speaker 1: sustainable food consumption, which is a key part of ancient zero.

235
00:14:00,800 --> 00:14:02,520
Speaker 1: To give you an example of like why we need

236
00:14:02,559 --> 00:14:07,439
Speaker 1: to act really fast under the ban off new energy

237
00:14:07,520 --> 00:14:13,120
Speaker 1: outlook under the last reports green scenario we be enough

238
00:14:13,160 --> 00:14:15,839
Speaker 1: to say is that getting to the your emissions requires

239
00:14:15,960 --> 00:14:20,840
Speaker 1: one point for tear warts of renewables added every year

240
00:14:21,160 --> 00:14:24,200
Speaker 1: over the next three decades, and at the moment we

241
00:14:24,440 --> 00:14:29,240
Speaker 1: have less than one point seven gig wats everybody for scale,

242
00:14:29,600 --> 00:14:32,560
Speaker 1: that's just a whole ton of renewables that we are

243
00:14:32,680 --> 00:14:35,200
Speaker 1: not adding that we in the world that needs to

244
00:14:35,240 --> 00:14:36,720
Speaker 1: be added to meet these targets. So there's just a

245
00:14:36,800 --> 00:14:38,760
Speaker 1: lot of that needs to be done there. And to

246
00:14:38,920 --> 00:14:42,120
Speaker 1: highlight how important it is to acts fast and deploy

247
00:14:42,200 --> 00:14:45,360
Speaker 1: fast solutions that are widely available right now, be enough

248
00:14:45,560 --> 00:14:48,960
Speaker 1: estimates under news green scenario, the new Energy Outlook Ring

249
00:14:49,040 --> 00:14:53,360
Speaker 1: scenario that to get to zero, we actually need over

250
00:14:53,360 --> 00:14:57,080
Speaker 1: the next three decades to deploy per year more renewable

251
00:14:57,160 --> 00:15:01,640
Speaker 1: energy technologies that we have installed at the moment in

252
00:15:01,720 --> 00:15:05,240
Speaker 1: the world. I mean, I just read yesterday about what

253
00:15:05,320 --> 00:15:07,760
Speaker 1: if they're doing trying to do a solar plant in China.

254
00:15:08,360 --> 00:15:10,520
Speaker 1: Now that's a hundred giga watts or something like that.

255
00:15:10,960 --> 00:15:13,040
Speaker 1: It's gigantic. But what you're saying is that, you know,

256
00:15:13,200 --> 00:15:15,040
Speaker 1: things like this need to become more than norm than

257
00:15:15,080 --> 00:15:17,400
Speaker 1: the exception. Number two, what do we got? Number two

258
00:15:17,480 --> 00:15:20,440
Speaker 1: is about supporting the development of new climate solutions. And

259
00:15:20,640 --> 00:15:24,560
Speaker 1: here we're talking about developing that technologies that are not

260
00:15:24,760 --> 00:15:28,400
Speaker 1: widely available or low cost right now, but that will

261
00:15:28,440 --> 00:15:31,360
Speaker 1: be key in the second phase after racial zero, and

262
00:15:31,400 --> 00:15:34,880
Speaker 1: I'm talking here about post a thousand, like what you

263
00:15:34,960 --> 00:15:39,360
Speaker 1: were talking about low carbon hydrogen, we're talking about carbon capturing, storage,

264
00:15:39,760 --> 00:15:43,240
Speaker 1: about direct air capture, I guess as well also, but

265
00:15:43,400 --> 00:15:49,880
Speaker 1: also like deploying, developing electrification of planes, of shapes, of

266
00:15:50,040 --> 00:15:52,800
Speaker 1: other transports. And it's important to mention that if we

267
00:15:52,880 --> 00:15:55,400
Speaker 1: really want to get to zero, we need to tackle

268
00:15:55,600 --> 00:15:58,200
Speaker 1: every sector of the economy, not only the easy ones.

269
00:15:58,680 --> 00:16:01,600
Speaker 1: So we need to start develop the technologies to abate

270
00:16:01,880 --> 00:16:05,080
Speaker 1: the heart sectors right now, otherwise those won't be ready

271
00:16:05,120 --> 00:16:07,160
Speaker 1: in ten years. So these are kind of like where

272
00:16:07,320 --> 00:16:10,760
Speaker 1: wind and solar and others were, you know, ten plus

273
00:16:10,880 --> 00:16:14,160
Speaker 1: years ago, right, so they're expensive and YadA YadA, but

274
00:16:14,280 --> 00:16:17,200
Speaker 1: now they're they're cheap and where they available, as you said,

275
00:16:18,280 --> 00:16:20,560
Speaker 1: So just starting down that that cost curve for those

276
00:16:20,600 --> 00:16:24,280
Speaker 1: other technologies basically, and it needs time, right, so we

277
00:16:24,360 --> 00:16:27,200
Speaker 1: cannot wait to get this done. Number three. Number three

278
00:16:27,280 --> 00:16:32,119
Speaker 1: is about managing the transition and phasing out carbon intensive activities,

279
00:16:32,400 --> 00:16:35,560
Speaker 1: and it's about really about your things. First is it's

280
00:16:36,040 --> 00:16:40,600
Speaker 1: the transition won't be just about adding NW clean technologies.

281
00:16:40,680 --> 00:16:43,560
Speaker 1: We also need to retire and phase out the high

282
00:16:43,600 --> 00:16:49,600
Speaker 1: emitting technologies that are in our operating today. This includes

283
00:16:49,760 --> 00:16:54,680
Speaker 1: coal plants, internal combution engine vehicles for example, and even

284
00:16:54,760 --> 00:16:57,840
Speaker 1: high emitting heating sources. So we need to get rid

285
00:16:57,880 --> 00:17:01,000
Speaker 1: of those as fast as we can, and especially start

286
00:17:01,120 --> 00:17:05,159
Speaker 1: financing new ones. But also it's about the fact that

287
00:17:05,760 --> 00:17:11,119
Speaker 1: retiring or phasing out those technologies also means that a

288
00:17:11,200 --> 00:17:13,080
Speaker 1: lot of people will be impacked. So we need to

289
00:17:13,160 --> 00:17:15,639
Speaker 1: make sure that the transition is fast, but also the

290
00:17:15,680 --> 00:17:19,200
Speaker 1: transition is just and fair to those business and to

291
00:17:19,359 --> 00:17:22,639
Speaker 1: those workers that have for a long time relied on

292
00:17:22,800 --> 00:17:27,880
Speaker 1: those technologies. Absolutely. I saw on TV last night during

293
00:17:27,920 --> 00:17:31,840
Speaker 1: the Great British bayoff an advert for the what is it,

294
00:17:31,920 --> 00:17:34,760
Speaker 1: the new ultra low emission zone for London, any anything

295
00:17:34,880 --> 00:17:37,320
Speaker 1: inside the M twenty. And that's a change that's going

296
00:17:37,400 --> 00:17:40,280
Speaker 1: to affect a lot of people. And so I think

297
00:17:40,280 --> 00:17:43,040
Speaker 1: that's what you're saying. So it's managing this transition. I

298
00:17:43,080 --> 00:17:45,560
Speaker 1: remember last year hearing about it, and then they've just

299
00:17:45,680 --> 00:17:48,159
Speaker 1: been saying this is coming, and then now they're saying, hey,

300
00:17:48,200 --> 00:17:51,240
Speaker 1: this is coming next week. Managing the transition. Glad I

301
00:17:51,280 --> 00:17:55,200
Speaker 1: don't drive here, Yeah, hey, there you go, But a

302
00:17:55,280 --> 00:17:57,480
Speaker 1: lot of people do, right, and it will affect tons

303
00:17:57,560 --> 00:17:59,920
Speaker 1: and tons of people, So yeah, this is super super important.

304
00:18:00,040 --> 00:18:04,240
Speaker 1: And honestly, transition is not always comfortable, no jeez, it's

305
00:18:04,440 --> 00:18:06,720
Speaker 1: it's for sure more comfortable than the impact of not

306
00:18:06,840 --> 00:18:13,080
Speaker 1: doing it. Finally, number four, creating appropriate climate transition governance structures.

307
00:18:13,160 --> 00:18:15,879
Speaker 1: Now this sounds like when I read this earlier, I

308
00:18:16,000 --> 00:18:18,440
Speaker 1: was like, oh, that sounds boring, but then you think

309
00:18:18,440 --> 00:18:21,960
Speaker 1: about it, like it's probably the most important one exactly.

310
00:18:22,119 --> 00:18:24,800
Speaker 1: That's what I said, Like, those people don't engage much,

311
00:18:25,040 --> 00:18:28,440
Speaker 1: and that's really key, and that's really key for many things. First,

312
00:18:28,520 --> 00:18:34,840
Speaker 1: like governments change in like really short period, so those

313
00:18:34,880 --> 00:18:38,440
Speaker 1: players need to make sure that the climate plans and

314
00:18:38,560 --> 00:18:42,680
Speaker 1: climate projects will remain despite of who is leading a

315
00:18:42,760 --> 00:18:45,000
Speaker 1: country or a city. This is part of it, but

316
00:18:45,119 --> 00:18:49,240
Speaker 1: also part of it is creating mechanisms to make sure

317
00:18:49,320 --> 00:18:52,680
Speaker 1: that different players and gay across the government and across

318
00:18:53,000 --> 00:18:58,800
Speaker 1: different stakeholder groups, and also creating mechanisms dream courage and

319
00:18:58,920 --> 00:19:03,560
Speaker 1: to enforce commitments from others such as from corporation. And finally,

320
00:19:04,000 --> 00:19:05,879
Speaker 1: there is a big role for the finance actor to

321
00:19:05,960 --> 00:19:08,560
Speaker 1: play there as well, and also for the civil society

322
00:19:08,880 --> 00:19:11,399
Speaker 1: in the finance sector, for example, it's really key to

323
00:19:11,680 --> 00:19:17,159
Speaker 1: encourage climate related financial disclosures such as GCFT and for

324
00:19:17,400 --> 00:19:20,560
Speaker 1: civil society doors organization have a really big role to

325
00:19:20,640 --> 00:19:24,240
Speaker 1: play in driving social development and equality across the value chain.

326
00:19:24,440 --> 00:19:28,320
Speaker 1: And this is very important because a very fast transition

327
00:19:28,800 --> 00:19:34,040
Speaker 1: can have a good impact in many countries, especially countries

328
00:19:34,160 --> 00:19:36,840
Speaker 1: that export, for example, of raw materials. But this impact

329
00:19:36,960 --> 00:19:39,359
Speaker 1: might be good or it might be bad, and it

330
00:19:39,480 --> 00:19:43,080
Speaker 1: really depends on how much attention we pay on it.

331
00:19:43,520 --> 00:19:47,000
Speaker 1: So we've gone throughout the four pillars of the Pathfinder project,

332
00:19:47,160 --> 00:19:49,639
Speaker 1: and if I'm a policymaker, I will be able to

333
00:19:49,720 --> 00:19:52,760
Speaker 1: find examples of cases where these things have worked for

334
00:19:52,800 --> 00:19:55,680
Speaker 1: other dissections. But we're can I find out more? What

335
00:19:55,840 --> 00:19:58,879
Speaker 1: can I do to get started engaging with the net

336
00:19:58,960 --> 00:20:03,960
Speaker 1: zero platform organization? First, the natural Pathfinders platform is publicly

337
00:20:04,000 --> 00:20:08,920
Speaker 1: available at Bloomberg dot com slash Nazero. Pathfinders website includes

338
00:20:09,080 --> 00:20:12,760
Speaker 1: description of all those solutions, the best practice library, as

339
00:20:12,800 --> 00:20:15,919
Speaker 1: well as a brand new report that we have launched

340
00:20:16,240 --> 00:20:20,359
Speaker 1: detailing those pillars and discussing what others have done that

341
00:20:20,560 --> 00:20:23,800
Speaker 1: has proven to work. And the very important thing to

342
00:20:23,880 --> 00:20:27,639
Speaker 1: mention before we're done here is we recognize that there

343
00:20:27,720 --> 00:20:30,840
Speaker 1: is no single path through Zero. We're not trying to

344
00:20:31,000 --> 00:20:34,000
Speaker 1: give a final answer of what works and or what

345
00:20:34,840 --> 00:20:38,119
Speaker 1: doesn't work. And as I mentioned, engagement is key. So

346
00:20:38,280 --> 00:20:42,480
Speaker 1: this is supposed to be an evolving initiative that welcomes

347
00:20:42,560 --> 00:20:46,440
Speaker 1: contributions from other players. So if you're a policemaker or

348
00:20:46,480 --> 00:20:50,560
Speaker 1: stakeholder that has implemented something that works, reach out to

349
00:20:50,720 --> 00:20:55,080
Speaker 1: us and going to be really happy to receive your contribution,

350
00:20:55,440 --> 00:20:58,280
Speaker 1: to publish it on our website and to discuss how

351
00:20:58,320 --> 00:21:00,879
Speaker 1: we can continue engaging with you as well, and you

352
00:21:00,960 --> 00:21:05,280
Speaker 1: can contact us at Pathfinders at Bloomberg dot net. I mean,

353
00:21:05,320 --> 00:21:07,119
Speaker 1: congrats on the release of the website or launch of

354
00:21:07,160 --> 00:21:10,160
Speaker 1: the website. And again, everybody that's pathfinders at Bloomberg dot net,

355
00:21:11,080 --> 00:21:14,040
Speaker 1: is there any next step that you're looking forward to

356
00:21:14,400 --> 00:21:17,080
Speaker 1: with regard to the Pathfinders initiative. The next step is

357
00:21:17,119 --> 00:21:20,680
Speaker 1: really an engagement. So we have launched the website, we

358
00:21:20,800 --> 00:21:23,520
Speaker 1: have made the report publicly available, and now what we're

359
00:21:23,600 --> 00:21:27,720
Speaker 1: really looking forward to engage with new organizations, with other

360
00:21:27,800 --> 00:21:30,399
Speaker 1: policy makers to make sure that we are really a

361
00:21:30,480 --> 00:21:33,720
Speaker 1: hope to highlight what works, what can be done, and

362
00:21:33,840 --> 00:21:36,400
Speaker 1: how others can get there. That's fantastic This seems super

363
00:21:36,440 --> 00:21:38,439
Speaker 1: needed and I look forward to hearing a lot more

364
00:21:38,440 --> 00:21:41,000
Speaker 1: about it in the future. Again, Bloomberg dot Com, Forward,

365
00:21:41,040 --> 00:21:44,560
Speaker 1: slash net zero, Pathfinders, Luisa, thanks for joining us. Thank you,

366
00:21:44,680 --> 00:21:55,320
Speaker 1: Mark with a pleasure. Today's episode of Switched On was

367
00:21:55,440 --> 00:21:58,440
Speaker 1: edited by Rex Warner with Great Stoke Media. Bloomberg Any

368
00:21:58,480 --> 00:22:00,800
Speaker 1: add is a service provided by Bloomberg Finance LP and

369
00:22:00,840 --> 00:22:03,760
Speaker 1: its affiliates. This recording does not constitute, nor should it

370
00:22:03,800 --> 00:22:07,720
Speaker 1: be construed, as investment advice, investment recommendations, or a recommendation

371
00:22:07,840 --> 00:22:10,840
Speaker 1: as to an investment or other strategy. Bloomberginny F should

372
00:22:10,880 --> 00:22:13,480
Speaker 1: not be considered as information sufficient upon which to base

373
00:22:13,520 --> 00:22:17,000
Speaker 1: an investment decision. Neither Bloomberg Finance LP nor any of

374
00:22:17,080 --> 00:22:20,000
Speaker 1: its affiliates makes any representation or warranty as to the

375
00:22:20,080 --> 00:22:23,320
Speaker 1: accuracy or completeness of the information contained in this recording,

376
00:22:23,400 --> 00:22:25,720
Speaker 1: and any liability as a result of this recording is

377
00:22:25,760 --> 00:22:26,640
Speaker 1: expressly disclained