Because of the announcement last week by richard haas, richard has been privileged to know that what a difference his leadership has made for 20 years. You came here with a mandate to modernize and while renewing the councils mission to bring the best minds together to make the world safer, you have placed the Climate Crisis at the center of your new initiatives. I think you and many people thank you for that. Among all of the center for gold forces of the past year, all vying to pull world apart in ways, the Climate Crisis still looms largest as the issue that will change life. That may sound grandiose, but it is no exaggeration. Existential means existential. It demands that we all Work Together because no country can resolve this crisis by itself. Resolve this crisis by itself. So its especially appropriate to be here, just 12 days before the gavel is going to come down at the cop 27 and with it, a major accountability moment on this urgent issue. Each of these 12 days before we gather together in egypt, our days to pull together the remaining friends of potential progress. It might surprise some people to hear that even in this year, political turmoil and testing, the Global Climate fight has pushed on stepbystep, mile by mile, not just in the weeks leading up to the cop. Even if the work was off the front pages my friends, the reasons why that work had to proceed full speed ahead was traumatically displayed in the daily lives of people all around the world, and unprecedented year. Here at home we have suffered 15 separate billion dollar extreme weather disasters in just the first three quarters of this year. We saw the western United States face the worst drought in 1200 years. The images of lake mead at its driest since its creation before world war ii, bringing home a very stark message that what was predicted is now happening at an accelerated pace. And thats just us, during the summer, the arctic was 70 degrees above normal, the antarctic was 100 degrees above normal. And while three continents experienced record he for the first time, all on the same day. Europe suffered recordbreaking heat waves, germanys river was inches deep in some parts, you can walk across, paralyzing commerce. In france, the most severe through drought on record warmed river water so much that it can be used to cool Nuclear Reactors that the cut country counts on for 70 of its energy. Devastating flooding in africa killed hundreds and displaced tens of thousands. No country was spared, no matter how large. No account of no economy, no matter how powerful, was immune to this hottest year on record. After a 2021 in which unstoppable rains flooded, and families drowned to death on the subway, this year china suffered skyrocketing temperatures that slowed the river to a muddy trickle. And for anyone tempted to take their eyes off the ball, remember this, based on what scientists are telling us, because of the damage already done to earth and baked into the atmosphere, until we know how to remove emissions from the atmosphere and do something with them, even this past perilous year, they will prove to be better than almost any year ahead of us unless we repair the planet at the pace that science demands and strengthen our adaptive capacity. Im absolutely convinced we are going to get to a low carbon, no carbon economy. That is now a decision that even the marketplace has made. What im not convinced of, nor should anybody be, is that we will reap the challenge of the scientists to get there in time to avoid the worst consequences of this call of this crisis. Anyone who caught the intense mobile focus and Climate Action would be, should be or could be deferred because of russias grotesque invasion of ukraine, they better think again. Climate crisis doesnt wait for anyone. Therefore i dont call in sick, neither can countries committed to action that hit a pause button. Now, did russias war of aggression in ukraine trigger some emergency shortterm increases in the use of gold . Citing everything from global inflation to postcovid recovery, did they seek to go for backwards on their powers and classical commitments, including at the g20 . Yes, sadly they did. Truth is the baseline for any choice that we face and you cant build progress on selfdelusion. Many of the country most dramatically affected by the Collateral Damage of russias invasion of ukraine have now courageously doubled down on remaking their economies and societies to address the climate. Not only is the Climate Crisis a threat, but only depend on some fossil fuels as giving dictators the ability to weaponize energy. That is a prime reason for us to take the bullets out of their guns. This year the International Agencies that the growth of low carbon Electricity Generation will lead to a decrease in Global Fossil fuel demand. It will power more than coal. The European Union is radically accelerating investment in clean energy to power vehicles, buildings and industry. And that is why there is actually reasons to be optimistic they took unprecedented steps in the cause of the climate battle. They pursue efforts to limit the warming to 1. 5 and agreed that that was going to require. The scientists, the facts, the evidence are telling us thats what we must do. No politics involved, no ideology, math, physics. We made significant progress. The International Energy agency said that if all the commitments made at cop 26 are implemented, the rise in temperature would be limited to 1. 8 degrees by 2050. When i heard that i said, we can do this. That was with only 65 of the Major Economies. That was a reprieve, not a resolution, and thats why we said that this year we are headed towards cop 27, this year has to be implementation plus. The test this year is will countries put commitment into action. And will outlier countries that havent strengthened their commitment, will they step up. It will deliver global process quickly enough, and amazing impact, the potential of hitting that 2020 target is a reality of every ship in the world, every car in the world, every truck in the world, every airplane in the world going to zero by 2030. That is a goal worth achieving. Seas were the key questions as we left glasgow before we even knew the twists in the turns thats 2022 was going to bring. In the eve of cop 27, lets take stock and start here in the United States where i am proud to say we are acting with a purpose. And most significantly Congress Passed climb the ira will create enough clean industry to power every home in america by 2030 they cut Carbon Pollution by one billion metric tons annually by the end of this decade. In the United States wasnt alone in doing the hard work. Chile rewrote its constitution for climate and economical with the newly elected government in australia changing the countrys trajectory from Global Climate hold out to responsible leader passing legislation to cut Carbon Emissions by 43 . They have heeded the call to align their nbc is, the National Determine Contributions with paris. Global aviation accounts for 2 of all emissions. The assembly, just last month, stepped up and adopted a target of net zero by 2050 for International Aviation and in and pushes update to the requirement that airlines offset emissions, if they didnt reach the reduction. And because you cant solve the Climate Crisis, folks, without saving the oceans, they are critically integrated and you can save the oceans without addressing the Climate Crisis. The ocean conference, which we cohosted, produced commitments where 16 billion in some 400 commitments, and now a total of about over 100 billion in seven years and about 1400 different commitments. But we also must remain sober minded and focused. We all know that the top 20 economies are responsible for 80 of all emissions. Consistent with the glasgow outcome, those not yet aligned with the paris temperature goal should be strengthened this year. Thats what people agreed to do. In most Major Economies have already signed up to the targets that do keep the promise of 1. 5 degrees alive. But not all, and it takes all to get the job done. India, the worlds Third Largest emitting nation has set an impressive target of building 500 gigawatts of nonfossil fuel Power Capacity by 2030 and we will work with india closely, if they will let us, to be able to make that happen. This target is critical to the world class 15 degree limit. And when india gets there, they will be in compliance with 1. 5. China emits 30 of global emissions. Nearly triple the omissions of the United States. I have been and i remain unapologetic and advocating for engaging china on climate, not as a matter of ideology, but as a simple question of the mathematics i referred to. We cant solve this problem unless all of the Major Economies aligned with paris. Particularly, the largest emitter. China is acting in an unbelievable pace, by the way, on the deployment of renewable energy. Rapidly deploying renewables and electric vehicles. Faster than anybody else in the world, mind you, but it is not acting quickly enough on co2 or on covering all Greenhouse Gases in its goal. Last year, china committed to stop financing new coalfired power plants in other countries, yet it continues to build more new coal power plants domestically. Last year in the u. S. China joint glasgow declaration china committed their release and ambitious plan for its methane pollution, and we had wanted to be working with them in the course of these last months. That opportunity we lost, for reasons everybody knows, but we look forward to an updated 2030 from china, which accelerates two reductions, and addresses all Greenhouse Gases within their target. Its not just individual countries that have to lead its in the aggregate of hundreds of different public and private commitments that we will make the most progress, and they are all on the table, front and center, as we head into this global gathering. It is in fact a great opportunity to measure implementation of the global methane pledge. And that the declarations in support, zero emission shipping and ending deforestation. A full story moment to celebrate the progress of the First Mover Coalition that President Biden launched one year ago in glasgow. One of the things that frankly excites me the most about this road we are on, is the promise of the private sector to accelerate and scale new, Clean Technologies. They are critical to a future that doesnt demand sacrifice, but instead promises prosperity. Already the world today is installing more solar capacity than any other form of energy. Ethic a lot of people arent even aware of that. Renewables represented 80 of Global Energy capacity additions last year. Wind and solar are fast expanding and getting better, technically, and cheaper. Electric vehicle sales are booming, but they are just top of the list of a low carbon toolkit that we need to forge and scale. I was in seattle last week where bill Gates Breakthrough Energy ventures hosted one of the Worlds Largest gatherings of cleantech innovators, and i left more convinced than ever that exponential progress is within our grasp. Not just within this generation, but within this decade. Think of synthetic Aviation Fuels made from hydrogen and Carbon Dioxide, literally turning pollution into power. New approaches to Clean Energy Resources like geothermal and nuclear could provide, a nextgeneration of nuclear could provide a foundation of zero Emissions Energy from economies around the world. And countless other technologies from carbon captures, longduration energy storage, diffusion and beyond, all of which can unlock even more pathways to clean energy. So it falls upon the most able countries in the world including the United States, to make the investments that will commercialize these technologies and lower their costs for the rest of the world. President bidens bipartisan infrastructure law, inflation reduction act, both will unleash at least half 1 trillion in support for Clean Energy Deployment and cost reduction. This means investing in lowering the cost of clean hydrogen, of carbon capture, of clean fuels, and of the many more Clean Technologies over the decade, by the time 2030 approaches, we will have a Clean Technologies much more accessible, much more affordable for the rest of the world. And this will be felt in the rest of the world. The key to winning this battle is securing the funding to be able to accelerate this transition. Public finance is an indispensable component, mostly to unlock private investment on a scale that is needed to finance the energy revolution, to derisk, to create blended finance. Multilateral Development Banks are absolutely essential to this effort. We need to reimagine the mbd system that we began building after world war ii, and now we need to deploy it in a different way in order to win a world war zero, which is the race to net zero. Earlier this year secretary yellen called for a new system, and she laid out a vision for that project before this months annual meetings that includes a modern framework for the world bank. Germany and other Key Stakeholders joined us in that effort and borrowing countries all around the world demanded change. It is time to act on redefining the multilateral of bank world. These essential institutions that rebuild the world after world war ii should not be trophies up on a shelf that we referred to, they have to be updated to address the crisis in this moment and provide answers for now, not for nostalgia. There are proposals on the table that could unlock several hundreds of billions of dollars in additional mdb lending capacity without requiring new shareholder capital, without threatening their financial stability, and without risking Credit Ratings downgrades. We have an obligation to consider each of these recommendations quickly, soon and find value added as rapidly as we can. Business as usual, theres too much of it, is simply not an option. So, yes, we are asking a lot of these institutions, but thats what they are therefore, and we have to ask even more, historically, from pandemics to famine, nbds have risen to the moment in times like this. That has to continue in a context of more frequent and severe climate related disasters which we will experience. We need them to scale up finance for adaptation and resilience, and we need them, including today in a place like pakistan to ensure that countries have ready and Affordable Access to resources after a disaster. We need a greater synergy between public and private finance thats been talked about for a long time, its gotta happen. In glasgow, we were encouraged that over 450 private sector Financial Firms responsible for 130 130 trillion in assets committed to net zero. One year later we see a few signs of a little ripple of discontent they are in, but, we cannot slow this down. For every one dollar invested in low Carbon Energy supply, a dollar 10 is invested in fossil fuels, go figure. The math in the science unequivocably makes fair we just cant hit our targets and we dramatically change that ratio. So we need private sector itions to recognize the Financial Risks associated with a disorderly, chaotic, but inevitable transition to net zero if we dont manage it more effectively. We need those institutions to systematically recognize the Financial Risks that the impacts of Climate Change pose to their own absence. You want a disrupter in the marketplace, continued on the road, if not adequately responding, i know that many of you will recognize that this sprint through an f zero resilient future actually represents the greatest Investment Opportunity of our lives, and maybe of all time, but we need the multiDevelopment Banks and others to share with the world more clearly how they will plan to galvanize and accelerate this transformation and we need the Financial Institutions of our country to be at the table and help do that, because no government has enough public money to make this happen. None of this absolving governments a responsibility. One of the most powerful members we have for redirecting finance is policy, to create better conditions to finance the flow of Climate Solutions and not the activities that are destroying our health, destroying our livelihoods, destroying homes because of the consequences of that choice. And thats exactly what we are working on with our g7 partners, and the governments of several emerging countries, incl