1 00:00:00,200 --> 00:00:03,280 Speaker 1: I'm Dana Perkins and you're listening to Switched on the 2 00:00:03,320 --> 00:00:06,320 Speaker 1: b n F podcast. So each year BNF hosts a 3 00:00:06,360 --> 00:00:10,240 Speaker 1: series of summits. We had to turn our summits virtual, 4 00:00:10,400 --> 00:00:13,560 Speaker 1: but they continued to tell important stories for each region. 5 00:00:13,800 --> 00:00:18,680 Speaker 1: In Shanghai, the topics revolved around energy, industry and transport, 6 00:00:18,760 --> 00:00:21,480 Speaker 1: and in today's episode we feature an interview from our 7 00:00:21,480 --> 00:00:25,360 Speaker 1: Shanghai summit, which took place back in December. We had 8 00:00:25,360 --> 00:00:29,200 Speaker 1: the pleasure of hosting John Murton, COP twenty six envoy 9 00:00:29,440 --> 00:00:32,680 Speaker 1: for the UK government and he spoke about carbon neutrality 10 00:00:32,720 --> 00:00:35,120 Speaker 1: and the race to net zero. Before we head into 11 00:00:35,200 --> 00:00:38,680 Speaker 1: today's recording, a quick reminder that BIENNF does not provide 12 00:00:38,680 --> 00:00:42,040 Speaker 1: investment or strategy advice, and we have a complete disclaimer 13 00:00:42,080 --> 00:00:44,240 Speaker 1: at the end of the show. Also, to see other 14 00:00:44,320 --> 00:00:47,680 Speaker 1: interviews from this summit and other b n F summits, 15 00:00:47,680 --> 00:00:52,920 Speaker 1: head to about dot BIENF dot com Forward Slash Summit. 16 00:00:53,240 --> 00:00:57,480 Speaker 1: John Murton was interviewed by Veronica Henza, who leads communications 17 00:00:57,600 --> 00:01:07,959 Speaker 1: at bien EF. Let's hear Veronica with John Mercy. John, 18 00:01:08,280 --> 00:01:11,319 Speaker 1: welcome and thank you so much for joining our BENF 19 00:01:11,440 --> 00:01:15,280 Speaker 1: summit in Shanghai. It's a pleasure to host you. Thank 20 00:01:15,319 --> 00:01:18,280 Speaker 1: you great to be there. John. We've seen a number 21 00:01:18,319 --> 00:01:22,400 Speaker 1: of countries make net zero commitments recently. Can you share 22 00:01:22,440 --> 00:01:26,000 Speaker 1: a few thoughts on how the economics of a low 23 00:01:26,080 --> 00:01:30,240 Speaker 1: carbon transition are changing. Well, as we look towards organizing 24 00:01:30,280 --> 00:01:33,000 Speaker 1: COP twenty six, we have a tail wind behind us 25 00:01:33,040 --> 00:01:36,240 Speaker 1: that perhaps people organizing Company one in Paris didn't have. 26 00:01:36,480 --> 00:01:40,080 Speaker 1: And that's to say that in the past, in order 27 00:01:40,080 --> 00:01:43,400 Speaker 1: to encourage countries to reduce their emissions, we were having 28 00:01:43,400 --> 00:01:45,039 Speaker 1: to persuade them to give up a little bit of 29 00:01:45,040 --> 00:01:48,640 Speaker 1: the economic growth. But now, because of the changing economics 30 00:01:48,640 --> 00:01:53,320 Speaker 1: of renewables and zero emission vehicles and other low carbon technology, 31 00:01:54,000 --> 00:01:56,760 Speaker 1: we were able to say not only that that trade 32 00:01:56,800 --> 00:01:59,720 Speaker 1: off doesn't apply, and you can see that by looking 33 00:01:59,800 --> 00:02:02,360 Speaker 1: at the G seven growth figures over the last thirty years, 34 00:02:02,360 --> 00:02:05,120 Speaker 1: where the UK has been the fastest growing economy and 35 00:02:05,160 --> 00:02:07,840 Speaker 1: also the economy that has cut it submissions the past. 36 00:02:07,880 --> 00:02:10,240 Speaker 1: Is not only does the old trade off no longer apply, 37 00:02:10,400 --> 00:02:13,320 Speaker 1: but actually the reverses is true, and that in order 38 00:02:13,360 --> 00:02:16,359 Speaker 1: to grow your economy you need to agree in your economy. 39 00:02:16,600 --> 00:02:19,240 Speaker 1: Green economy is the fastest growing sector of the world economy, 40 00:02:19,639 --> 00:02:22,000 Speaker 1: much fast in the brown economy, and so if you 41 00:02:22,040 --> 00:02:24,280 Speaker 1: want to grow your economy, you have to increasingly direct 42 00:02:24,320 --> 00:02:27,600 Speaker 1: it in that green direction, and markets points in that direction. 43 00:02:27,680 --> 00:02:30,440 Speaker 1: That's why Tesla is worth more than Toyota and next 44 00:02:30,520 --> 00:02:33,800 Speaker 1: day energy is worth more than ex China has obviously 45 00:02:33,840 --> 00:02:37,400 Speaker 1: been one of those countries making a commitment recently. What 46 00:02:37,480 --> 00:02:42,280 Speaker 1: do you expect the impact of China's twenties sixty commitment 47 00:02:42,320 --> 00:02:45,880 Speaker 1: to be on the energy transition overall? The Chinese commitment 48 00:02:45,919 --> 00:02:49,480 Speaker 1: is obviously very very welcome, and it's having a number 49 00:02:49,560 --> 00:02:53,160 Speaker 1: of impacts. It's having a diplomatic impact. We saw that, 50 00:02:53,240 --> 00:02:56,160 Speaker 1: you know, just in the six weeks after the Chinese announcement, 51 00:02:56,240 --> 00:02:59,840 Speaker 1: we saw Japan, the world's third largest economy, make commitment 52 00:02:59,880 --> 00:03:02,400 Speaker 1: to net zero in twenty fifty, and then weeks after 53 00:03:02,440 --> 00:03:05,240 Speaker 1: that we saw the Korean economy make a commitment to 54 00:03:05,240 --> 00:03:08,640 Speaker 1: to net zero by so it's having a diplomatic impact 55 00:03:08,680 --> 00:03:10,919 Speaker 1: that we hope we can leverage through the world as 56 00:03:10,919 --> 00:03:13,480 Speaker 1: we go forward next year. But this also will have 57 00:03:13,680 --> 00:03:17,160 Speaker 1: a market impact and economic impact. As you described, so, 58 00:03:17,440 --> 00:03:19,720 Speaker 1: one would imagine if you were an investor in coal 59 00:03:19,760 --> 00:03:22,799 Speaker 1: mining right now, you might be feeling that your investment 60 00:03:22,840 --> 00:03:26,359 Speaker 1: was much less certain than it was before these announcements 61 00:03:26,440 --> 00:03:28,520 Speaker 1: were made, and you might be considering that now would 62 00:03:28,520 --> 00:03:31,240 Speaker 1: be the time to move your investment out of coal mining, 63 00:03:31,280 --> 00:03:33,640 Speaker 1: for example, and into some of the sectors that are 64 00:03:33,680 --> 00:03:36,560 Speaker 1: likely to profit from the shift to the low carbon economy. 65 00:03:36,800 --> 00:03:41,400 Speaker 1: And John, obviously, besides making this public statement, what would 66 00:03:41,480 --> 00:03:45,960 Speaker 1: you expect, or at least wish for the steps for 67 00:03:46,080 --> 00:03:49,920 Speaker 1: China to take to actually meet its Paris goals. Setting 68 00:03:50,120 --> 00:03:53,080 Speaker 1: a net zero target has been really welcome, and that's 69 00:03:53,080 --> 00:03:55,520 Speaker 1: written into the Paris Agreement. All the countries that signed 70 00:03:55,560 --> 00:03:58,080 Speaker 1: up to Paris signed up to the language and the 71 00:03:58,080 --> 00:04:01,840 Speaker 1: Paris Agreement that that talked about a balance between anthropogenic 72 00:04:01,880 --> 00:04:04,520 Speaker 1: emissions on the one hand and natural stynth on the 73 00:04:04,560 --> 00:04:06,960 Speaker 1: other in the second half of the twenty one century. 74 00:04:07,040 --> 00:04:10,040 Speaker 1: So it's right that everyone is gradually signing up to 75 00:04:10,120 --> 00:04:12,920 Speaker 1: these net zero goals more formally and putting a date 76 00:04:12,960 --> 00:04:15,680 Speaker 1: on them through next year will be encouraging all countries 77 00:04:15,720 --> 00:04:19,040 Speaker 1: to come forward with net zero goals, and including particularly 78 00:04:19,040 --> 00:04:22,240 Speaker 1: those industrialized economies that have yet to do so. But 79 00:04:22,360 --> 00:04:24,680 Speaker 1: sending a long term goal is one thing, but it's 80 00:04:24,680 --> 00:04:27,880 Speaker 1: also really important to start working it back and working 81 00:04:27,880 --> 00:04:29,679 Speaker 1: out what that means you need to do in policy 82 00:04:29,800 --> 00:04:33,279 Speaker 1: terms today, next week, next year, in the next five 83 00:04:33,360 --> 00:04:36,240 Speaker 1: years and so on. We set a legally binding net 84 00:04:36,360 --> 00:04:39,799 Speaker 1: zero goal in the UK back in in the summer 85 00:04:39,839 --> 00:04:43,440 Speaker 1: of and over the last eighty months we've been working 86 00:04:43,480 --> 00:04:46,000 Speaker 1: through very carefully what does that mean. What do we 87 00:04:46,040 --> 00:04:48,360 Speaker 1: have to do to achieve net zero? No one's ever 88 00:04:48,400 --> 00:04:51,400 Speaker 1: done it before, and you know, there are certain complex 89 00:04:51,440 --> 00:04:52,960 Speaker 1: things that you have to work out that you're going 90 00:04:53,000 --> 00:04:56,680 Speaker 1: to do, whether that's in terms of housing standards, because 91 00:04:56,720 --> 00:04:59,240 Speaker 1: any house you build today is likely to still be 92 00:04:59,320 --> 00:05:03,440 Speaker 1: around in twenty fifty or twenty sixty, or in vehicle standards, 93 00:05:03,480 --> 00:05:07,039 Speaker 1: because any vehicle that's sold in could still be on 94 00:05:07,080 --> 00:05:09,440 Speaker 1: the road by twenty fifty, or in other areas of 95 00:05:09,520 --> 00:05:12,560 Speaker 1: your economy. So we're looking forward to working with all 96 00:05:12,560 --> 00:05:15,440 Speaker 1: the countries that are setting net zero targets to discuss 97 00:05:15,480 --> 00:05:18,560 Speaker 1: our experiences and to work out how we get to 98 00:05:18,720 --> 00:05:20,960 Speaker 1: those those those targets in the longer term and what 99 00:05:21,000 --> 00:05:23,039 Speaker 1: we need to do in the shorter term in order 100 00:05:23,080 --> 00:05:25,160 Speaker 1: to put us on the right path. And John, you're 101 00:05:25,480 --> 00:05:29,359 Speaker 1: engaged and climbed diplomacy, and by all Marines, I'm curious 102 00:05:29,400 --> 00:05:34,560 Speaker 1: to hear your quick take on what exactly that entails. 103 00:05:34,560 --> 00:05:40,440 Speaker 1: But what are your team's goals ahead of cop next 104 00:05:40,520 --> 00:05:43,479 Speaker 1: year and what are you working towards and trying to achieve. 105 00:05:43,880 --> 00:05:45,760 Speaker 1: Twenty six will be the largest summit the UK has 106 00:05:45,760 --> 00:05:49,159 Speaker 1: ever hosted, and it's a really important summit in the 107 00:05:49,279 --> 00:05:53,599 Speaker 1: unf tripal seat process. In Copenhagen in Denmark in twenty 108 00:05:54,440 --> 00:05:58,800 Speaker 1: ten and then again in Paris in tift, these major conferences, 109 00:05:59,200 --> 00:06:01,320 Speaker 1: the world was trying to find an agreement on climate 110 00:06:01,400 --> 00:06:03,480 Speaker 1: change that all countries could sign up to. There was 111 00:06:03,520 --> 00:06:07,159 Speaker 1: famuluere in Copenhagen and there was success in Paris. So 112 00:06:07,400 --> 00:06:10,159 Speaker 1: our job in Glasgow is not to have negotiated a 113 00:06:10,160 --> 00:06:13,880 Speaker 1: new treaty. The treaty was negotiated in in Paris. That 114 00:06:13,920 --> 00:06:16,960 Speaker 1: the agreement was negotiated in Paris, and that had enormous 115 00:06:16,960 --> 00:06:20,200 Speaker 1: strength because a d n countries signed up to to 116 00:06:20,279 --> 00:06:22,919 Speaker 1: adhere to it. Our goal therever is not just to 117 00:06:23,080 --> 00:06:25,279 Speaker 1: negotiate a new treaty, but to show that the existing 118 00:06:25,279 --> 00:06:29,680 Speaker 1: treaty can work. Paris's strength is its universality. But it's 119 00:06:29,680 --> 00:06:33,480 Speaker 1: still unproven that the concept of voluntary action and voluntary targets, 120 00:06:33,480 --> 00:06:37,640 Speaker 1: which is what NDCs, Nationally determined contributions are can work 121 00:06:37,680 --> 00:06:40,279 Speaker 1: and deliver what we need to achieve in terms of 122 00:06:40,320 --> 00:06:42,520 Speaker 1: limiting temperature rise, so that we can achieve o our 123 00:06:42,560 --> 00:06:45,600 Speaker 1: climate goals. So in Glasgow we have to demonstrate to 124 00:06:45,640 --> 00:06:48,000 Speaker 1: the world that the Paris Agreement can work, and that 125 00:06:48,080 --> 00:06:51,760 Speaker 1: this principle of voluntary action and ever increasing ambition can work, 126 00:06:52,120 --> 00:06:54,440 Speaker 1: and that we can use it to deliver the goals 127 00:06:54,440 --> 00:06:56,520 Speaker 1: of the Paris Agreement, which is to limit the temperature 128 00:06:56,600 --> 00:06:58,960 Speaker 1: rise around the world, to know more than two degrees 129 00:06:59,279 --> 00:07:01,680 Speaker 1: and as close to one point five DeGreasy as possible. 130 00:07:02,320 --> 00:07:05,039 Speaker 1: So to do that, we're encouraging all countries to set 131 00:07:05,080 --> 00:07:07,400 Speaker 1: long term strategies of the sort of China and Japan 132 00:07:07,400 --> 00:07:10,680 Speaker 1: and Career are now setting. We're in encouraging all countries 133 00:07:10,720 --> 00:07:15,240 Speaker 1: to come forward with revised and more ambitious nationally determined contributions, 134 00:07:15,280 --> 00:07:18,200 Speaker 1: that's to say, their their plans for reducing emissions over 135 00:07:18,240 --> 00:07:21,480 Speaker 1: the next ten years to so that we're sending strong 136 00:07:21,560 --> 00:07:25,640 Speaker 1: signals to investors about the direction of our economies. And 137 00:07:25,680 --> 00:07:29,520 Speaker 1: we're trying to support that by five campaigns that will 138 00:07:29,560 --> 00:07:33,680 Speaker 1: bring together actors, not just national level governments, but actors 139 00:07:33,680 --> 00:07:36,560 Speaker 1: in the corporate world, and in civil society and and 140 00:07:36,880 --> 00:07:39,680 Speaker 1: the local government level to bring them together to show 141 00:07:39,680 --> 00:07:43,120 Speaker 1: that actually ambitious climate action is really possible, and it's 142 00:07:43,160 --> 00:07:45,800 Speaker 1: not just something we're doing for the sake of the planet, 143 00:07:45,800 --> 00:07:47,400 Speaker 1: but there's something we're doing for the sake of our 144 00:07:47,440 --> 00:07:51,680 Speaker 1: economies and our lineblihoods. And those campaigns are around adaptation 145 00:07:51,720 --> 00:07:55,360 Speaker 1: and resilience because climate change is already happening now and 146 00:07:55,440 --> 00:07:57,920 Speaker 1: we need to make sure that we're able to help 147 00:07:57,920 --> 00:08:00,240 Speaker 1: those people who are the most vulnerable to climate change 148 00:08:00,280 --> 00:08:03,000 Speaker 1: and experience in the West effects too, to adapt and 149 00:08:03,040 --> 00:08:05,160 Speaker 1: become more resilient in the face of it. And we're working, 150 00:08:05,160 --> 00:08:08,240 Speaker 1: for example, with the insurance sector in that regard as well. 151 00:08:08,280 --> 00:08:11,960 Speaker 1: There financial elements to that. We're working on nature based 152 00:08:11,960 --> 00:08:15,400 Speaker 1: solutions to show that conserving your peat lands or your 153 00:08:15,400 --> 00:08:18,240 Speaker 1: forests or your swamps it's really important in terms of 154 00:08:18,280 --> 00:08:21,880 Speaker 1: tackling climate change and also provides other additional services to 155 00:08:21,920 --> 00:08:25,600 Speaker 1: your economy flood prevention and so on. We're working to 156 00:08:25,840 --> 00:08:29,920 Speaker 1: speed the transition to renewable energy around the world. We 157 00:08:30,040 --> 00:08:32,599 Speaker 1: know that the economic case for renewable energy is is 158 00:08:32,720 --> 00:08:35,600 Speaker 1: very strong. That's why two thirds of the installed capacity 159 00:08:35,600 --> 00:08:37,760 Speaker 1: in the world last year was solar and wind because 160 00:08:37,760 --> 00:08:40,479 Speaker 1: of the new installed capacity, but we want to accelerate 161 00:08:40,559 --> 00:08:44,280 Speaker 1: that transition. And the fourth campaign is about zero mission vehicles. 162 00:08:44,280 --> 00:08:47,160 Speaker 1: Again we want to accelerate the transition the uptake of 163 00:08:47,280 --> 00:08:51,520 Speaker 1: zero mission vehicle technology. And underpinning all those by four 164 00:08:51,760 --> 00:08:54,760 Speaker 1: other campaigns as a campaign around finance, both to make 165 00:08:54,760 --> 00:08:57,880 Speaker 1: available the finance to developing countries that was promised at 166 00:08:57,920 --> 00:09:00,720 Speaker 1: Paris and again at Copenhagen, the hundred billion and dollars 167 00:09:00,720 --> 00:09:03,559 Speaker 1: a year that developing countries promised, but also to make 168 00:09:03,559 --> 00:09:07,240 Speaker 1: sure that the impact of climate change is really considered 169 00:09:07,240 --> 00:09:09,800 Speaker 1: in financial decision making, so that whether you're a finance 170 00:09:09,840 --> 00:09:13,440 Speaker 1: minister or a finance executive on the board of your company, 171 00:09:13,760 --> 00:09:16,880 Speaker 1: you understand the impact of climate change upon your activities, 172 00:09:17,160 --> 00:09:20,880 Speaker 1: and you understand the impact of your activities upon climate change. 173 00:09:21,160 --> 00:09:24,520 Speaker 1: And hopefully those five campaigns will enable countries to be 174 00:09:24,600 --> 00:09:27,440 Speaker 1: more ambitious and also, in the case of finance in 175 00:09:27,440 --> 00:09:30,400 Speaker 1: the hundred billion a year, create the political conditions so 176 00:09:30,440 --> 00:09:34,440 Speaker 1: that we can conclude successfully the negotiations on the remaining 177 00:09:34,440 --> 00:09:37,520 Speaker 1: outstanding elements of the Paris rule Book. That's a very 178 00:09:37,520 --> 00:09:42,479 Speaker 1: clearly fully packed agenda and the five different streams you've outlined. 179 00:09:42,880 --> 00:09:46,520 Speaker 1: Does that mean that the outcomes we can expect to 180 00:09:46,559 --> 00:09:51,560 Speaker 1: see in November next year, will they be more ambitious 181 00:09:51,600 --> 00:09:55,280 Speaker 1: since basically we skipped a year of having come together, 182 00:09:56,200 --> 00:10:00,000 Speaker 1: or will they still be kind of matching the expectations 183 00:10:00,080 --> 00:10:04,520 Speaker 1: that we would have had for I'm confident and optimistic 184 00:10:04,559 --> 00:10:10,280 Speaker 1: that we can deliver more ambitious outcomes in November one 185 00:10:10,280 --> 00:10:12,880 Speaker 1: that we would otherwise have been able to do. COVID 186 00:10:12,960 --> 00:10:16,240 Speaker 1: nineteen has obviously been a terrible thing and impacted hugely 187 00:10:16,280 --> 00:10:19,120 Speaker 1: upon society's and economies around the world, and it's been 188 00:10:19,200 --> 00:10:21,840 Speaker 1: right that are our political leaders have been focused on 189 00:10:21,840 --> 00:10:25,800 Speaker 1: that in twenty and it was right to delay six. 190 00:10:26,040 --> 00:10:28,240 Speaker 1: But there is a silver sort of lining to all 191 00:10:28,280 --> 00:10:29,800 Speaker 1: of that, in the sense of there's a lot of 192 00:10:29,800 --> 00:10:33,040 Speaker 1: money being spent now on recovery around the world, and 193 00:10:33,080 --> 00:10:35,520 Speaker 1: we need to make sure that that money has spent 194 00:10:35,640 --> 00:10:39,040 Speaker 1: not on propping up old brown industries that commit that 195 00:10:39,280 --> 00:10:41,440 Speaker 1: the sort of contribute to the pollution and the climate 196 00:10:41,480 --> 00:10:44,480 Speaker 1: change problem that we're experiencing around the world, but that 197 00:10:44,480 --> 00:10:46,920 Speaker 1: that new investment to get our economies going in after 198 00:10:46,960 --> 00:10:51,400 Speaker 1: COVID nineteen focuses on stimulating the green economy and accelerating 199 00:10:51,400 --> 00:10:54,480 Speaker 1: our transition to a green economy. So I'm confident that 200 00:10:54,559 --> 00:10:57,360 Speaker 1: we can do that around the world. We've seen the 201 00:10:57,360 --> 00:11:01,320 Speaker 1: commitments from China and Japan and here in recent months. 202 00:11:02,280 --> 00:11:04,280 Speaker 1: The delay of COP twenty six means that now we 203 00:11:04,280 --> 00:11:07,520 Speaker 1: will be hosting COP twenty six after the inauguration of 204 00:11:07,520 --> 00:11:10,120 Speaker 1: President Biden, who has committed to making a net zero 205 00:11:10,160 --> 00:11:13,360 Speaker 1: target for the United States of America, which means that 206 00:11:13,400 --> 00:11:16,199 Speaker 1: also will be hosting COP twenty six in the year 207 00:11:16,200 --> 00:11:19,280 Speaker 1: when the UK holds the G seven presidency, and we 208 00:11:19,320 --> 00:11:21,680 Speaker 1: can hope that the G seven summit in the summer 209 00:11:21,720 --> 00:11:23,560 Speaker 1: will be the first G seven summit where all the 210 00:11:23,600 --> 00:11:26,320 Speaker 1: participating countries have got net zero goals of their own, 211 00:11:27,080 --> 00:11:29,600 Speaker 1: and in a year when our Italian partners are Italian 212 00:11:29,679 --> 00:11:32,400 Speaker 1: co hosts are hosting the G twenty presidency this year, 213 00:11:32,440 --> 00:11:34,760 Speaker 1: so we can see the G twenty in a similar 214 00:11:34,760 --> 00:11:37,360 Speaker 1: direction to supporting our cock p Relea six goals. So 215 00:11:37,400 --> 00:11:39,520 Speaker 1: I'm confident that by the time we get to the 216 00:11:39,640 --> 00:11:42,000 Speaker 1: end of COPT six, we'll be able to show the 217 00:11:42,040 --> 00:11:45,200 Speaker 1: world that we're on an irreversible and accelerating transition to 218 00:11:45,200 --> 00:11:47,840 Speaker 1: a low carbon economy. Now for a very short break 219 00:11:47,920 --> 00:11:52,200 Speaker 1: stay with us and John to what extent is your 220 00:11:52,240 --> 00:11:55,760 Speaker 1: team directly involved in getting those companies to commit to 221 00:11:56,000 --> 00:11:59,360 Speaker 1: net zero targets. So we work both directly with companies 222 00:11:59,520 --> 00:12:03,079 Speaker 1: and also through the UN's High Level Climate Action Champion, 223 00:12:03,160 --> 00:12:05,800 Speaker 1: Nigel Topping, and we were very closely with companies to 224 00:12:05,800 --> 00:12:09,720 Speaker 1: try and encourage them to take on ambitious new commitments 225 00:12:09,760 --> 00:12:14,680 Speaker 1: because companies are delivering climate emissions reductions in the real world, 226 00:12:14,920 --> 00:12:17,320 Speaker 1: but also they give confidence to governments that they can 227 00:12:17,320 --> 00:12:19,920 Speaker 1: be more ambitious. If you just look at the recent 228 00:12:19,960 --> 00:12:23,360 Speaker 1: commitment made by the UK government to bring forward phase 229 00:12:23,360 --> 00:12:26,080 Speaker 1: out for the sale of sort of internal combustion engines 230 00:12:26,280 --> 00:12:30,520 Speaker 1: from a lot of that was drawn upon sort of 231 00:12:30,640 --> 00:12:34,040 Speaker 1: enthusiasm in the industry to make the transition quickly so 232 00:12:34,440 --> 00:12:37,520 Speaker 1: industry can help government along. And I think we've passed 233 00:12:37,559 --> 00:12:40,880 Speaker 1: the days when government was dragging industry along and saying, 234 00:12:40,880 --> 00:12:42,199 Speaker 1: come on, you have to do this for the sake 235 00:12:42,240 --> 00:12:45,960 Speaker 1: of planet. And now often in many areas, in many sectors, 236 00:12:45,960 --> 00:12:49,440 Speaker 1: but not all sectors, it's industry dragging government along saying 237 00:12:49,440 --> 00:12:51,040 Speaker 1: come on, we need to go faster. We need you 238 00:12:51,080 --> 00:12:53,720 Speaker 1: to help us set the regulatory framework that will enable 239 00:12:53,760 --> 00:12:56,520 Speaker 1: the uptake of this new technologies. It's a bit similar 240 00:12:56,559 --> 00:12:58,920 Speaker 1: to what you said in terms of industry actually being 241 00:12:58,960 --> 00:13:02,080 Speaker 1: ahead of government what we've seen around climate disclosures right, 242 00:13:02,200 --> 00:13:04,720 Speaker 1: just for instance, the TCFD that task for some climate 243 00:13:04,720 --> 00:13:08,400 Speaker 1: related financial disclosures with an industry leed initiative, and now 244 00:13:08,440 --> 00:13:12,319 Speaker 1: we're seeing a lot of governments making those recommendations mandatory. 245 00:13:12,360 --> 00:13:14,840 Speaker 1: I think that's a good example that kind of fits 246 00:13:14,880 --> 00:13:17,600 Speaker 1: into into that. It's a great example, and you saw 247 00:13:17,920 --> 00:13:20,760 Speaker 1: our Finance Minister just a couple of weeks ago made 248 00:13:20,760 --> 00:13:24,040 Speaker 1: it clear that by twenty three disclosure along TCFD lines 249 00:13:24,080 --> 00:13:26,960 Speaker 1: will be mandatory for all the UK listed firms, and 250 00:13:27,000 --> 00:13:29,960 Speaker 1: that means if you're a pension fund manager or an 251 00:13:30,000 --> 00:13:33,080 Speaker 1: investment manager, you can actually have information that enables you 252 00:13:33,120 --> 00:13:36,920 Speaker 1: to make informed decisions about climate risk within your portfolio. 253 00:13:37,400 --> 00:13:41,280 Speaker 1: John you just mentioned as well, um Burst Johnson's ten 254 00:13:41,360 --> 00:13:45,160 Speaker 1: point plan for a Green Industrial Revolution. In terms of 255 00:13:45,320 --> 00:13:48,839 Speaker 1: the UK putting such a plan out there and hosting 256 00:13:49,120 --> 00:13:54,240 Speaker 1: COUP next year as a host country for CUP, what 257 00:13:54,360 --> 00:13:57,840 Speaker 1: are the expectations are there further expectations for the UK 258 00:13:57,960 --> 00:14:01,920 Speaker 1: to step up on climate action and can we potentially 259 00:14:02,360 --> 00:14:05,840 Speaker 1: expect other major announcements coming out from the UK in 260 00:14:05,880 --> 00:14:09,080 Speaker 1: that sense, I think there are I think I mentioned 261 00:14:09,080 --> 00:14:12,880 Speaker 1: earlier on how the nature of COPS is changing. So 262 00:14:12,960 --> 00:14:15,319 Speaker 1: there will still be negotiations in Glasgow and we will 263 00:14:15,360 --> 00:14:18,320 Speaker 1: share those as Presidency, but the focus will not just 264 00:14:18,400 --> 00:14:21,280 Speaker 1: be on negotiations, but will also be on how we're 265 00:14:21,360 --> 00:14:24,120 Speaker 1: encouraging countries to come forward a new and ambitious plans. 266 00:14:24,560 --> 00:14:27,080 Speaker 1: So the role of the Presidency, whilst it used to 267 00:14:27,080 --> 00:14:29,200 Speaker 1: be only a chair of the negotiations and if you like, 268 00:14:29,360 --> 00:14:31,840 Speaker 1: was an impartial referee, now we also have to be 269 00:14:31,880 --> 00:14:35,800 Speaker 1: a cheerleader for ambition and we can only really realistically 270 00:14:35,880 --> 00:14:38,760 Speaker 1: encourage other countries to take ambitious steps to tackle climate 271 00:14:38,840 --> 00:14:41,760 Speaker 1: change if we're doing that ourselves at home. And so 272 00:14:41,960 --> 00:14:44,880 Speaker 1: it's really important that as hosts, we are delivering ambitious 273 00:14:44,920 --> 00:14:47,960 Speaker 1: plans for our own climate action. And you saw that 274 00:14:48,000 --> 00:14:50,120 Speaker 1: with our Prime Minister's ten point plans Beach just a 275 00:14:50,160 --> 00:14:53,360 Speaker 1: couple of weeks ago, where he committed us to forty 276 00:14:53,360 --> 00:14:57,120 Speaker 1: gigas of off your wind by up from ten. Now 277 00:14:57,240 --> 00:14:59,040 Speaker 1: that's that will be enough to power every home in 278 00:14:59,080 --> 00:15:02,360 Speaker 1: the UK with offshore wind energy, and he framed it 279 00:15:02,480 --> 00:15:04,920 Speaker 1: very much in the language of jobs and in the 280 00:15:05,000 --> 00:15:07,760 Speaker 1: language of a green industrial revolution, because he sees that 281 00:15:07,800 --> 00:15:10,040 Speaker 1: actually this won't just be good for the climate, but 282 00:15:10,160 --> 00:15:11,960 Speaker 1: it will be good for our economy, and not just 283 00:15:12,000 --> 00:15:15,120 Speaker 1: the economy generally, but also the prime ministers and leveling 284 00:15:15,200 --> 00:15:17,760 Speaker 1: up agenda. So it's it's sort of win win win 285 00:15:18,360 --> 00:15:21,680 Speaker 1: in so many ways. He committed to ensuring that there 286 00:15:21,680 --> 00:15:24,840 Speaker 1: would be five gigawatts a year of low carbon hydrogen 287 00:15:24,880 --> 00:15:27,200 Speaker 1: production in twenty thirty and the sort of the whole 288 00:15:27,280 --> 00:15:32,000 Speaker 1: hydrogen economy is a green industrial revolution and waiting to happen. 289 00:15:32,520 --> 00:15:34,840 Speaker 1: And he made numerous other commitments that effect sectors like 290 00:15:34,920 --> 00:15:38,760 Speaker 1: house building, bringing forward the standards for new greener houses 291 00:15:38,760 --> 00:15:41,480 Speaker 1: in the UK, and also, most notably in which was 292 00:15:41,520 --> 00:15:43,960 Speaker 1: really picked up on in the press, the phase out 293 00:15:43,960 --> 00:15:46,680 Speaker 1: of the sale of petrol and diesel engines by twenty thirty, 294 00:15:46,680 --> 00:15:49,640 Speaker 1: a whole decade earlier than we had originally planned. And 295 00:15:50,360 --> 00:15:52,840 Speaker 1: increasingly the view is that actually this is not a 296 00:15:52,920 --> 00:15:56,440 Speaker 1: cost to be feared, but an opportunity to be embraced. 297 00:15:56,440 --> 00:15:59,840 Speaker 1: And the analogy I use is is mobile phones. And 298 00:16:00,040 --> 00:16:03,280 Speaker 1: I've spent half my working career in Africa and in Kenya, 299 00:16:03,320 --> 00:16:06,440 Speaker 1: for example, where I did my PhD if you'd have 300 00:16:06,440 --> 00:16:09,680 Speaker 1: said to people in in twenty years time, there'll be 301 00:16:09,720 --> 00:16:12,080 Speaker 1: more phones than people in Kenya, everyone would have laughed 302 00:16:12,120 --> 00:16:13,880 Speaker 1: and said, well, we can never afford that. That's never 303 00:16:13,880 --> 00:16:16,040 Speaker 1: going to happen. I have to wait seven years for 304 00:16:16,080 --> 00:16:18,240 Speaker 1: the state utility to bring a landline to my house 305 00:16:18,280 --> 00:16:20,760 Speaker 1: to connect me to the telephones, and lo and behold. 306 00:16:20,760 --> 00:16:22,320 Speaker 1: Now you know you have more phones than people in 307 00:16:22,400 --> 00:16:26,160 Speaker 1: Kenya because the technology made it in people's commercial interest 308 00:16:26,240 --> 00:16:28,520 Speaker 1: to do it. And we're seeing that very much with 309 00:16:28,560 --> 00:16:31,640 Speaker 1: the renewables and with zero mission vehicles and the International 310 00:16:31,720 --> 00:16:34,320 Speaker 1: Energy Agency just the other day he said solar power 311 00:16:34,360 --> 00:16:36,840 Speaker 1: is the cheapest electricity we've ever had. And I was 312 00:16:36,880 --> 00:16:40,320 Speaker 1: speaking to the Indian Energy Minister today and he told 313 00:16:40,320 --> 00:16:43,000 Speaker 1: me that in the latest deals they've had for renewable 314 00:16:43,120 --> 00:16:44,880 Speaker 1: energy in India, they brought down the cost to two 315 00:16:44,920 --> 00:16:48,520 Speaker 1: point seven US cents per killer what hour. So it 316 00:16:48,520 --> 00:16:50,160 Speaker 1: gives me a great challenge. I can go to other 317 00:16:50,200 --> 00:16:53,480 Speaker 1: economies and saying you're paying nine twelve cents the killer 318 00:16:53,520 --> 00:16:55,920 Speaker 1: what hour for your false and fuel power, how will 319 00:16:55,960 --> 00:16:58,480 Speaker 1: your energy intensive industries compete with those in India that 320 00:16:58,560 --> 00:17:00,920 Speaker 1: are getting power for two point seven sense? And that 321 00:17:00,960 --> 00:17:03,240 Speaker 1: really makes people sit up and listen and you know 322 00:17:03,680 --> 00:17:05,639 Speaker 1: that change will start to happen very quickly. On I 323 00:17:05,640 --> 00:17:08,399 Speaker 1: Suspect and John, I, I've actually meant to touch on 324 00:17:08,480 --> 00:17:12,560 Speaker 1: your experience working in Africa. You've been the British ambassador 325 00:17:12,720 --> 00:17:16,520 Speaker 1: to the Democratic Republic of the Congo, you had numerous 326 00:17:16,600 --> 00:17:20,960 Speaker 1: other roles in other African countries. Can you maybe share 327 00:17:21,000 --> 00:17:24,679 Speaker 1: a little bit about your experience and impressions, you know, 328 00:17:24,720 --> 00:17:27,040 Speaker 1: working in these countries but also with the lens in 329 00:17:27,160 --> 00:17:30,920 Speaker 1: terms of how are these developing nations approaching the energy 330 00:17:30,960 --> 00:17:35,679 Speaker 1: transitions and what economics are at play over there. So 331 00:17:35,800 --> 00:17:39,640 Speaker 1: I'm personally really excited about the opportunities for a low 332 00:17:39,680 --> 00:17:43,200 Speaker 1: carbon transition in a lot of African economies. They because 333 00:17:44,040 --> 00:17:45,919 Speaker 1: in some of the economies, and indeed some of the 334 00:17:45,920 --> 00:17:49,120 Speaker 1: ones with the infrastructure that is sort of least sort 335 00:17:49,119 --> 00:17:53,960 Speaker 1: of well suited currently, for example electrical transmission, the opportunities 336 00:17:53,960 --> 00:17:57,160 Speaker 1: offered by renewables are immense. So in my previous job, 337 00:17:57,200 --> 00:17:59,359 Speaker 1: I was working in the DRC. As you mentioned, now, 338 00:17:59,840 --> 00:18:03,119 Speaker 1: the electricity transmission grid around the DRC is essentially is 339 00:18:03,160 --> 00:18:05,320 Speaker 1: not in a good state of repair and there are 340 00:18:05,320 --> 00:18:08,280 Speaker 1: many outlying cities and towns that don't have access to 341 00:18:08,320 --> 00:18:11,520 Speaker 1: the grid. But the great thing about renewables is that 342 00:18:11,680 --> 00:18:14,960 Speaker 1: they're infinitely scalable. You can have one panel generating enough 343 00:18:15,000 --> 00:18:16,960 Speaker 1: power for a household, or you can have a whole 344 00:18:16,960 --> 00:18:21,400 Speaker 1: solar farm, and the economics are very scalable. And so 345 00:18:21,480 --> 00:18:23,520 Speaker 1: you can put now in place a minigrid in a 346 00:18:23,600 --> 00:18:27,160 Speaker 1: town in in northern DRC, for example, and you don't 347 00:18:27,160 --> 00:18:29,399 Speaker 1: have to build out a national grid to that town. 348 00:18:30,160 --> 00:18:32,479 Speaker 1: You can just install a grid in that town and 349 00:18:32,520 --> 00:18:36,560 Speaker 1: it generates. They're in place, and so that that is 350 00:18:36,600 --> 00:18:40,000 Speaker 1: sort of enhancing the economics of renewables, because if you 351 00:18:40,080 --> 00:18:43,000 Speaker 1: compared it to say, putting a massive qualified power station 352 00:18:43,040 --> 00:18:45,600 Speaker 1: in place centrally in Kishassa and then building out a 353 00:18:45,640 --> 00:18:48,680 Speaker 1: grid to connect towns to that, the economics of renewables 354 00:18:48,680 --> 00:18:51,680 Speaker 1: suddenly become very favorable. And that is even right down 355 00:18:51,720 --> 00:18:54,520 Speaker 1: to the rooftop level. And we've seen fantastic companies like 356 00:18:54,680 --> 00:18:58,000 Speaker 1: m Copper and be Box working in Eastern and Central 357 00:18:58,000 --> 00:19:01,880 Speaker 1: Africa delivering household a right to people's doors on their 358 00:19:01,960 --> 00:19:06,600 Speaker 1: roots and in combination with telephone technology so that you 359 00:19:06,680 --> 00:19:09,600 Speaker 1: pay a little some every day to buy the solar panels. 360 00:19:09,800 --> 00:19:11,879 Speaker 1: And if you don't pay the sum. The solar panels 361 00:19:11,960 --> 00:19:14,520 Speaker 1: sort of stopped working because they're controlled by a mobile phone. 362 00:19:14,560 --> 00:19:17,760 Speaker 1: So it's there's a really exciting technology out there, and 363 00:19:17,800 --> 00:19:21,119 Speaker 1: that's important for the politics of the negotiations as well, 364 00:19:21,440 --> 00:19:25,560 Speaker 1: because sometimes when a technology develops, it's actually more accessible 365 00:19:25,600 --> 00:19:29,679 Speaker 1: in advanced industrialized economies. But all of the technology that 366 00:19:29,680 --> 00:19:32,240 Speaker 1: I'm seeing in terms of renewable Angie actually is is 367 00:19:32,359 --> 00:19:35,800 Speaker 1: very deployable in emerging markets, and hopefully we can use it. 368 00:19:35,880 --> 00:19:38,800 Speaker 1: Just as we saw the mobile phone give millions and 369 00:19:38,840 --> 00:19:42,640 Speaker 1: millions of African consumers access to telephony for the first time, 370 00:19:43,119 --> 00:19:46,720 Speaker 1: Hopefully the deployment of renewable technology can give millions and 371 00:19:46,720 --> 00:19:49,400 Speaker 1: millions of African consumers access to electricity for the first 372 00:19:49,400 --> 00:19:51,920 Speaker 1: time as well, and that will be a really significant win, 373 00:19:52,000 --> 00:19:55,000 Speaker 1: not just for climate action, but also for people's welfare 374 00:19:55,040 --> 00:19:57,919 Speaker 1: and lifelihoods in those countries. Yeah, it's really this idea 375 00:19:58,000 --> 00:20:01,480 Speaker 1: of them being able to leave prog and jump ahead 376 00:20:01,600 --> 00:20:06,480 Speaker 1: using cleaner technologies basically, and John, how can the people 377 00:20:06,560 --> 00:20:10,880 Speaker 1: listening in take concrete steps and drive climate action if 378 00:20:10,920 --> 00:20:13,800 Speaker 1: you're operating in a country where the government hasn't yet 379 00:20:13,840 --> 00:20:17,199 Speaker 1: set a long term target. Encourage your host government to 380 00:20:17,240 --> 00:20:19,840 Speaker 1: set a long term emissions reduction target. We found that 381 00:20:19,840 --> 00:20:22,480 Speaker 1: that has been really helpful in the UK because it 382 00:20:22,600 --> 00:20:25,760 Speaker 1: creates a field which lowers the cost of capital for investors. 383 00:20:26,080 --> 00:20:27,760 Speaker 1: If you know that there's going to be a market 384 00:20:27,800 --> 00:20:30,480 Speaker 1: for lower carbon economy products in your country because they're 385 00:20:30,480 --> 00:20:32,879 Speaker 1: set in an zero target, it reduces your cost of 386 00:20:32,960 --> 00:20:35,439 Speaker 1: capital and it makes your business more successful in the 387 00:20:35,480 --> 00:20:38,520 Speaker 1: low carbon sector. So encourage your governments to set ambitious 388 00:20:38,520 --> 00:20:41,879 Speaker 1: targets because it will actually help drive your business. But 389 00:20:42,000 --> 00:20:45,760 Speaker 1: also take on a target internally very interesting. Once a 390 00:20:45,960 --> 00:20:49,080 Speaker 1: company takes on a target, it starts sort of mainstreaming 391 00:20:49,160 --> 00:20:51,960 Speaker 1: the idea of climate action through the group, and that 392 00:20:52,000 --> 00:20:54,760 Speaker 1: has really interesting effects. And if I've spoken to the 393 00:20:54,760 --> 00:20:58,320 Speaker 1: the sustainability CEOs of a number of major companies in 394 00:20:58,359 --> 00:21:01,639 Speaker 1: the Asian region, and I sup to one who remained nameless, 395 00:21:01,640 --> 00:21:04,000 Speaker 1: but he said he had a twenty four percent return 396 00:21:04,000 --> 00:21:07,720 Speaker 1: on capital employed in his sustainability division within the company, 397 00:21:07,960 --> 00:21:11,919 Speaker 1: installing essentially energy efficiency innovations within the rest of the company, 398 00:21:11,920 --> 00:21:13,960 Speaker 1: and that was the highest return on capital employed in 399 00:21:13,960 --> 00:21:16,600 Speaker 1: the group. It's not sexy, but it has a real 400 00:21:16,640 --> 00:21:18,760 Speaker 1: impact on the bottom line. As well as a really 401 00:21:18,760 --> 00:21:24,040 Speaker 1: positive climate impact. That's great John looking ahead at longer 402 00:21:24,119 --> 00:21:28,520 Speaker 1: term trends and themes that might become really important in 403 00:21:28,520 --> 00:21:31,199 Speaker 1: the future. What are you looking at? Is it something 404 00:21:31,240 --> 00:21:34,440 Speaker 1: around you know, gender equality and how that links back 405 00:21:34,480 --> 00:21:38,800 Speaker 1: to the climate transition. Is it something around biodiversity or 406 00:21:39,440 --> 00:21:44,000 Speaker 1: social welfare or I'm curious to hear your you're the 407 00:21:44,040 --> 00:21:47,560 Speaker 1: bigger trends you're watching. So as we were sort of 408 00:21:47,720 --> 00:21:51,680 Speaker 1: highlighted earlier on, I'm an African development economist by by training, 409 00:21:51,920 --> 00:21:54,720 Speaker 1: and so I look at it sometimes from from that lens, 410 00:21:55,119 --> 00:21:58,160 Speaker 1: and I can see very much in particularly in emerging 411 00:21:58,200 --> 00:22:00,280 Speaker 1: markets and some of the poorest markets are lot of 412 00:22:00,280 --> 00:22:04,560 Speaker 1: the technology we've been discussing has some really positive gender impacts. 413 00:22:05,040 --> 00:22:08,639 Speaker 1: So for example, if you can install electric cookstoves in 414 00:22:08,760 --> 00:22:11,120 Speaker 1: people's houses, people don't have to go and fetch firewood, 415 00:22:11,560 --> 00:22:13,719 Speaker 1: and in many societies around the world it's women who 416 00:22:13,800 --> 00:22:16,439 Speaker 1: go and fetch the firewood or the biomass for fuel. 417 00:22:17,000 --> 00:22:19,840 Speaker 1: And similarly, if you have electric lighting as a result 418 00:22:19,840 --> 00:22:22,399 Speaker 1: of a rooftop solar panel in a poor village in 419 00:22:22,520 --> 00:22:26,560 Speaker 1: Kenya or DRC or wherever, that enables more children to 420 00:22:26,560 --> 00:22:29,760 Speaker 1: study after school, after school after it's got dark, and 421 00:22:29,800 --> 00:22:33,600 Speaker 1: that can really enable young girls to continue with their schooling, 422 00:22:33,640 --> 00:22:36,840 Speaker 1: and that itself is sort is massive for for female 423 00:22:36,840 --> 00:22:40,320 Speaker 1: empowerment in those markets. So I think, to me, there's 424 00:22:40,320 --> 00:22:43,000 Speaker 1: no tension. There were just sort of reinforcements between the 425 00:22:43,760 --> 00:22:47,440 Speaker 1: climate environment agenda on the one hand and also the 426 00:22:47,560 --> 00:22:49,760 Speaker 1: sort of a lot of the gender issues that you're 427 00:22:49,760 --> 00:22:52,439 Speaker 1: touching on on the other. My very last question for you, 428 00:22:52,480 --> 00:22:55,560 Speaker 1: and we're very grateful for your time today, is it's 429 00:22:55,600 --> 00:22:59,040 Speaker 1: been a very turbulent year, to say the least, and 430 00:22:59,560 --> 00:23:03,960 Speaker 1: in time of crises. What are the leadership lessons you've 431 00:23:04,040 --> 00:23:07,280 Speaker 1: learned and that you would like to share with our audience. Well, 432 00:23:07,359 --> 00:23:11,320 Speaker 1: for me, this year has obviously been a very unusual one, 433 00:23:11,320 --> 00:23:14,440 Speaker 1: as I'm sure it has been for everyone experiencing COVID. 434 00:23:15,280 --> 00:23:17,320 Speaker 1: But for me, what it's shown actually is that we 435 00:23:17,359 --> 00:23:20,520 Speaker 1: can think, we can afford to think big. The fact 436 00:23:20,560 --> 00:23:24,120 Speaker 1: that we're doing this interview by zoom now is perfectly 437 00:23:24,160 --> 00:23:27,080 Speaker 1: normal and has been for the last few months. But 438 00:23:27,160 --> 00:23:30,239 Speaker 1: a year ago we might have found that surprising. Uh, 439 00:23:30,400 --> 00:23:32,480 Speaker 1: And I'd have been thinking I would do this interview 440 00:23:32,480 --> 00:23:35,439 Speaker 1: on a trip to Shanghai for the conference. UM and 441 00:23:35,520 --> 00:23:38,000 Speaker 1: so we can. We can see that governments around the 442 00:23:38,040 --> 00:23:41,679 Speaker 1: world have really worked together to tackle the COVID nineteen 443 00:23:41,760 --> 00:23:44,199 Speaker 1: virus and there's been you see all the vaccines that 444 00:23:44,200 --> 00:23:47,080 Speaker 1: are coming forward now the result of international collaborations. So 445 00:23:47,600 --> 00:23:49,560 Speaker 1: if the governments of the world can work together to 446 00:23:49,560 --> 00:23:52,600 Speaker 1: tackle COVID nineteen so successfully, it gives me a lot 447 00:23:52,600 --> 00:23:54,960 Speaker 1: of confidence. And if we can change all our behaviors 448 00:23:55,040 --> 00:23:58,200 Speaker 1: so rapidly as we have with COVID nineteen and working 449 00:23:58,240 --> 00:24:00,480 Speaker 1: from Homer zone is now normal, that gives me a 450 00:24:00,520 --> 00:24:02,560 Speaker 1: lot of confidence that we can make the behavior little 451 00:24:02,680 --> 00:24:05,840 Speaker 1: changes and have the international cooperation that's required to tackle 452 00:24:05,880 --> 00:24:09,199 Speaker 1: the climate prices successfully. And John, there's a lot on 453 00:24:09,240 --> 00:24:12,200 Speaker 1: your plate for next year running up up to CUP, 454 00:24:12,880 --> 00:24:16,399 Speaker 1: and keep those net zero commitments coming in all the 455 00:24:16,440 --> 00:24:19,439 Speaker 1: best of luck and we'll be looking forward to hearing 456 00:24:19,560 --> 00:24:22,119 Speaker 1: the outcomes of CUP next year and top at all 457 00:24:22,240 --> 00:24:32,600 Speaker 1: as well. Thank you. Today's episode of Switched On was 458 00:24:32,680 --> 00:24:36,000 Speaker 1: edited by Rex Warner of Grace Stoke Media Bloomberginnia as 459 00:24:36,040 --> 00:24:38,720 Speaker 1: a service provided by Bloomberg Finance LP and its civilians. 460 00:24:38,880 --> 00:24:41,119 Speaker 1: This recording does not constitute, nor it should it be 461 00:24:41,160 --> 00:24:44,959 Speaker 1: construed as investment advice and investment recommendation or a recommendation 462 00:24:45,080 --> 00:24:48,159 Speaker 1: as to an investment or other Shad Bloomberginnia should not 463 00:24:48,200 --> 00:24:50,879 Speaker 1: be considered as information sufficient on which to base an 464 00:24:50,920 --> 00:24:54,439 Speaker 1: investment decision. 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