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[Music] so [Music] so [Music] [Music] so [Music] [Music] we've reached a human crisis unlike any that we've experienced in the last 75 years meaning one side has too much the other side real opposite we've done a lot of things to create the imbalances that we have today covert 19 has laid bare the systemic social inequities addressing these larger problems must become our priority we have to make sure that the economy actually works for the people it's not just about growth the growth's sake but how we share that prosperity it is not sustainability or profit it is profit through sustainability we have to reskill our people to be successful and if they're more prosperous the companies are going to be more prosperous the most important tools are education and technology technology creates opportunities so that people are able to move to greener industries it's not about not knowing that we are in a climate emergency it's about choosing to take action for that you need to act decisively in the supports of renewable energy the science is very clear today that the sustainable path is more attractive we can focus on the short-term benefit or we can look further to solve bigger issues we need unprecedented collaboration to create systemic change it means redesigning the instruments we currently have on a completely different trajectory and that doesn't leave anybody behind we are one community and we have to remember that welcome to the session carbon markets a conversation with bill gates mark carney annette nazareth and bill winters my name is nicole schwab i'm the co-director of the platform to accelerate nature-based solutions at the world economic forum and i will be your moderator for this session we are delighted to have you here with us for the launch of the final recommendations of the task force for scaling voluntary carbon markets this task force was launched in the fall of 2020 to answer the following critical question how can we build well-functioning voluntary carbon markets that can support net zero and carbon negative climate goals the group consists of 50 of the key industry experts as well as another 150 experts in a consultation group who serve to challenge the recommendations throughout the process with us today to talk about voluntary carbon markets and the task force we have a fantastic lineup we have mark carney un special envoy for climate action and finance and the initiator of the task force work bill winters group chief executive of standard charter bank and task force chair annette nazareth senior council at davis polk and former u.s securities and exchange commissioner and the operating lead of the task force and bill gates founder of microsoft and co-chair of the bill and melinda gates foundation we will spend the next 30 minutes to dive into the recommendations of the task force with our panel and if time allows we will try to take a few questions from the audience so please use the chat function to send us your questions and comments and if you are watching this session on social media or the website you can also share your reflections with the hashtag wef21 or hashtag dabus agenda so with that let's go straight to the heart of the matter and let me turn to you mark what is the role of offsets in the context of a 1.5 degree climate ambition well thank you nicole and let me compliment the the leaders of this uh task force it's a remarkable achievement uh first thing to say is that this carbon budget is very precious uh on business as usual so pre uh pandemic emissions uh we have less than a decade uh of a carbon budget um to state would remain within one and a half degree temperature increases so it is a limited carbon budget and in that context really a voluntary carbon offset market does four things uh the first it's complementary i underscore that complementary to companies efforts to reduce absolute emissions companies responsibility first and foremost is to reduce their absolute emissions and as the report says they need to first reduce then report including net zero plans i'm sure we'll get into the specifics of that and then only then uh look to offset um the second thing that this does is it is catalytic it's catalytic not for uh renewable projects in many advanced economies where the economics are absolutely clear um they're they are profitable and they will be driven but they're catalytic for projects that many of which are emerging in developing economies where the economics are not yet quite there and this can help tip the balance for those projects to come in they also this these offsets can also be catalytic as part of helping the economics of absolutely essential breakthrough technologies that need to happen for us to ultimately get to net zero and i'm sure that will come up more clearly because bill gates has led uh on those technologies the third thing is uh this market is cross-border um this market is being driven it's a voluntary market but it's being driven by companies making these net zero commitments most of those companies the vast majority of those companies are in the g7 advanced economy so called advanced economies they will be looking for a high quality high integrity offsets and most of those offsets will come from uh emerging and developing economies so this is a potentially huge cross-border flow and then the last thing i'll hand back to you nicole is that this market has the potential prop again properly structured to have enormous co-benefits code benefits for biodiversity co benefits for other sdgs although rooted in a high integrity highly credible open transparent uh carbon offset market thank you mark let me turn to you annette so we understand the importance of getting to net zero but the voluntary carbon uh markets are not new however until now they haven't achieved scale can you tell us what is different about this initiative and how it is going to help us achieve the paris vision sure thanks nicole well you're correct that there is a voluntary market that is already operational uh and it has made strides in terms of credit integrity and transparency and efficiency since its earliest days that said from experience we know that there are structural challenges that need to be addressed in our blueprint we set out six topics for action with 20 underlying recommendations that we believe will materially enhance the market to make it more robust and transparent and further increase the quality and environmental integrity of carbon credits and their use each of these topics for action and recommendations are important levers but to me the three most important elements that will really help us achieve our goals are quality government governance and legitimacy quality comes through the development of a set of core carbon principles which we refer to as the ccps and additional attributes these principles set out threshold quality criteria to which a carbon credit and the supporting standards and methodologies should adhere this is a foundational step to ensure quality and also for forming the basis for reference contracts reference contracts will in turn drive liquidity and price transparency and allow more high quality projects to be financed the second element governance is critical we have to get a governance body in place to oversee the ccps this should include embedding transparency standard setting and oversight of verification of emissions reductions from projects it will also include ensuring projects boost biodiversity and carbon capture while respecting community and land rights and beyond overseeing credit level integrity a governance body should oversee participant level and process level integrity as well and finally legitimacy we focused on developing a strong and legitimate demand signal nothing will happen unless demand is in place but having said that organizations need guidance and clear standards on when offsetting is legitimate we need to see transparent climate commitments from firms that include how much offsetting they plan to do in the coming years companies should publicly disclose commitments detailed transition plans and annual progress against these plans to decarbonize operations and value chains industry consortia similar to corsia for other heavy industry sectors can also move the needle significantly and clear an aligned narrative on offsets and what claims corporates can make will also help drive demand so again quality governance and legitimacy are crucial drivers and i think that those will animate our work in the coming days thank you annette so quality governance legitimacy let me turn to you bill winters why aren't we doing this already what problems stand in the way and how does the report address these no i i've been uh i've been around the voluntary carbon markets for probably 30 years and at various points got very excited about the prospect of this market really taking off but as as mark and an edible said uh it didn't it's there uh but it's nowhere near as robust as it needs to be uh to get us to uh to net zero by 2050 which which is something that already 1500 corporations have committed to i guess the the the majority of businesses in the world will commit to that we've seen countries uh committing to net zero but we know that the real carbon mitigation and the carbon reduction is coming from businesses uh overwhelmingly from businesses of course individuals and consumers can contribute as well what do we need to do to get this market properly scaled up but i think that the first thing that's changed fundamentally is that we've made these commitments the fact that net zero is even a term uh not just a term but used by 1500 corporations already and i guess after this week it will be many more uh if we refer back to uh letters that are coming from the owners of many of these businesses i'm thinking specifically about the letter from uh from blackrock uh just this week it makes clear that the debris corporation in their portfolio will need to have a very clear plan to get to net zero uh and in those plans they'll be very clear that you must start with reductions and this is really mark's very first point uh every business has to start and the bulk of the of the migration to net zero is going to have to be improving our own carbon intensity reducing our own emissions that's recommendation number one in our task force and not something that we spend a lot of time on because we're focused on the voluntary market but clearly reduction has to be first and foremost uh but we also know that it'd be very difficult for many businesses to get all the way to net zero much less uh carbon negative as as microsoft has committed uh without tapping into the offset market now why why offset so it's offsets are the most convenient and efficient way to migrate the tens of billions of dollars that need to move from the hands of people like my bank center charter bank into the hands of the people that can actually remove carbon from the environment or structurally reduce carbon in the environment in the most efficient way uh in addition have the tremendous benefit of creating uh price transparency which has all sorts of other benefits not least in terms of making clear to those of us that are polluting in any way what the cost of that pollution is so what's different this time number one we've got these these net zero commitments that have been made number two the the stakeholders that are urging us to make these commitments our owners our employees our clients are intending to hold us strictly to account so this idea that you could buy an offset that was uh occasionally referred to as a green washing contract it's simply not going to work as annette went through we we've got and we spent the last six months developing the standards uh and the standard setting bodies the governance oversight to make sure that we are using the latest and best technology instruments and with the right level of transparency to be absolutely certain that these carbon offsets or carbon credits that are being created are legitimate that they're permanent so they it's not here today and gone tomorrow when when the forest burns or the tree is cut down tracking leakage so leakage outside of the project in terms of gradual diminution of the attachments and making sure that these projects are additional additional meaning these are projects that wouldn't have happened but for the fact that there was a carbon benefit to the uh to the climate so these are the the steps that we've taken as annette said you know 20 recommendations lumped under six key themes uh with 200 participants very actively involved what we're coming out with today and i hope everybody gets a chance to read it is 17 page executive summary easy read uh you can definitely get through that 139 page report you've got to put a bit of time into uh but the the the opportunity for all of us is to take this framework that we put out today and convert that into an implemental act implementable action plan this year so that we can start to see the real benefits of scaling up this market immediately because without that we will not get to net neutral carbon net zero in 2050. thank you bill let me now turn to you bill gates and and you are also the founder of breakthrough energy and bill winters just mentioned technology and we know that nature-based solutions are going to be a critical part of the solution to achieving that zero but what else is need bit i'd say the the good news is that a lot of companies uh are taking carbon into account as they make decisions they have you know some per ton hurdle price uh and they you know are going to stay away from investments that uh you know are generating carbon uh because of that price signal the big step the next step there is getting people to monetize those things uh and put that money into things that are provably have an impact uh and a number of companies now uh are uh willing to do that now some of these offsets are very complicated uh you know trees for example uh uh have a 40-year lifetime on average so to match the carbon residency time you'd have to replant 250 times and trees generally grow where there's good soil and good water and so the number of places where you can do those 250 plantings is very very small uh so you know over time the understanding and the quality of these efforts will go up uh you know as i went to do offsets for myself personally uh you know long-term uh offsets uh the prices were about 400 a ton you know that's very very high and everything we think of here it's 51 billion tons of emissions and so everything has to be considered as a percentage of that for a company that's a a electric utility a steel company a cement company any sort of industrial thing uh you know you you see the increase in price uh that they'd have to have is still significant so innovation is going to be key to this as we do the carbon markets in parallel with funding the the innovation activities thank you let me turn back to you mark um some say that offset markets are just greenwashing and that it lets companies off the hook allowing them to buy their way out of doing anything what would you say to that uh well i categorically reject it um and i think part of this is putting companies on the hook this process that bill winters referenced uh you know you have 1500 of the world's largest companies are now in a position where they're making these commitments all of a sudden once you're in making those commitments and participating in the type of offset market that this report recommends it's not just a commitment it's a commitment which is has a net zero plan which is rooted in science-based targets if those are available for your sector and as as those watching will know that is spreading across the sector so not just a plan not something you've written on the back of a napkin one rooted in science-based target annual reporting requirements that's one of the recommendations in terms of uh your absolute reductions and then alongside that if you are using offsets well offsets that come from a market that has the type of transparency and integrity that annette and bill have bill winters have uh outlined but let me just re-emphasize so there's those elements it's it's it brings companies into a it's part of what brings companies into a formal system and by the way all stakeholders around uh those companies will be scrutinizing and have the information they need to scrutinize in terms of absolute reductions and those offsets but just if i can make one last uh adjacent point if i will which i started with which is this is about preserving or conserving maximizing the use of a very limited carbon budget and what are we supposed to be doing during that time we need to do two big things one we need to turn over the capital stock for proven economic technologies like existing renewables that solar wind and others to get emissions absolute emissions down and secondly we need to put big money and a lot of focus a lot of smart people around the type of breakthrough technologies that we need ultimately to get to absolute zero uh whether around hydrogen direct air capture or sustainable jet fuels and so we need we need all of that which is why i started with this is complementary it's one piece of the puzzle but we do need this market thank you mark annette i know that uh you went through a public consultation so what what did the public tell you in the consultation and what were some of the other concerns that came up and how did those inform what you will do next thanks for that question you know we've been very fortunate to have a very broad engagement for the task force's efforts of course we benefited from the work of a very engaged task force itself with the members representing a broad cross section of the value chain but we also had a very valuable input from our consultation group which i believe we mentioned before which is subject to composed of subject matter experts from over 120 institutions so we took all that input and then we put out a draft report during our consultation process and we were very uh pleased to receive over 160 responses during that consultation period uh the reception to the uh report has overall been really quite positive with 73 endorsing the blueprint and 88 agreeing with the need to implement the six topics for action so you know the full debrief of the feedback can be found in the report itself um but some key takeaways for me were on credit quality and governance and reference contracts um on credit quality we received feedback from across the value chain that solving the issue on quality including permanence leakage and additionality which bill winters mentioned before has been highlighted as a top reason for getting mass adoption on governance we had 77 agreement for stronger governance for all identified governance needs and for reference contracts respondents were in favor of the development of standardized reference contracts including over 60 percent of the buyers uh who responded who would commit to purchasing through such contracts in the future so concretely uh this input led us to the conclusion that we need to address a few additional steps first to drive up quality we need to get one level deeper on the ccps which includes designing specific guard rails per project for example renewables only in least developed countries and to review historic credits to ensure that they would meet the high quality criteria of the ccps on the governance process we have to get more specific on the roles and responsibilities and help propose a way forward for its establishment and on reference contracts the task force can help develop the contract templates that will be used by market participants to trade so again overall i think we had a very productive and informative consultation process and it's certainly going to inform our work going forward thank you annette bill gates i have a second question for you um how do you see the role of private sector climate commitments to drive the scaling up of voluntary carbon markets and what is the risk of getting this wrong well i think the way forward here is to connect the uh this private sector these private sector payments to innovation if you just have you know some wealthy companies that aren't in the industrial sectors where the green extra green cost would make their products non-competitive if they're just dealing with their portion it's a very small percentage on the other hand if you're taking this offset money and you're bootstrapping the markets for the difficult products like green cement green steel green aviation fuel then you can start the learning curve and as you get that volume and learning curve then these premiums can come down because after all you know to be at zero by 2050 all the products that middle income countries buy for shelter and lighting and transport you know are going to have to come at such a small premium that they're willing to shift all their purchasing and so taking uh the lesson from solar energy where country policies drove up those volumes and the prices came down and now shifting that to the hard areas including industrial and things like green hydrogen if we can take this money and start those learning curves uh and so we're driving up the volume and causing success and more innovation to get those premiums down then i see these voluntary carbon markets and the acceleration of innovation uh through the marketplace as really come coming together uh and getting us that chance of getting to zero thank you last question to you bill winters before we turn to questions from the audience what are the next steps and how will the task force strive for fairer representation uh good question we spend a lot of time thinking about representation and that mentioned that the 50 member core uh task force was another 120 people in a consultation group and and many others that were providing advice or perspectives including 160 uh responses we got to the consultation paper but there's a there's an overweight in the task force in the consultation group in the developed markets so we have a good representation from indonesia from uh from china from uh from latin america uh but not enough and when we look at the the the carbon equation in the world uh something like 90 percent of the of the practical uh nature-based solutions that the target areas are sitting in developing markets uh whereas on the flip side something like 90 percent of the the natural offset buyers at least so far are coming in developed markets uh so we wanted to make sure that we that we balance that out so we really have the both sides of the market uh represented in the efforts as we get into uh to finalizing the uh the implementation plans to take this framework and put it into reality uh some have said that this uh that this will the the carbon offset market will relate it will result in a meaningful transfer of wealth from uh from the developed to the developing economies there's clearly some truth to that do we know that the developed uh economies are ahead certainly in europe uh they're well ahead in terms of establishing infrastructure and also mindset uh and we know that the developing markets number one are most exposed to the effects of climate change uh but also uh can have the most important marginal impact from here in terms of of improving their uh their emission efficiency so uh clearly that the key for us is to is to have uh this market be as inclusive as we possibly can and we want to make sure that we bend that down during the implementation phase so next steps um we obviously are beginning today with with the the next round of stakeholder engagement we had really good strong robust feedback uh after the consultation document uh these issues are not without controversy i mean there are people that have focused on this market for years and and nicole your very first question was you know why why now and why hasn't it happened before the reason is it's tough uh and we've had to change some things and and the world has had to move on uh now we need to bed that down and uh and and take the the controversy and resolve it i think we have a reasonable shot at getting something close to consensus uh but there may be some uh some naysayers and we'll want to make sure that we understand those concerns and factor those into our plans uh second is to get the the governance frameworks in place so we made recommendations for what the governance should cover now we need to actually create the governance body uh that can in many ways be the self-regulating uh organization for this market and can can address the legitimacy and quality issues that you talked about uh we need to get uh the standards agreed both for the core carbon contract or the core carbon principles as i mentioned uh but also for the uh the the nature of transactions that are happening off uh outside of uh the core standards so uh and we'll continue to work on on addressing the there are many issues around the integrity of the carbon market the legitimacy of the market uh making sure that we've got the latest and best technologies and and capabilities to uh to track the quality of these instruments uh that that work as has already begun of course but we'll begin now in earth for the broader population now that our report is out and we urge the most inclusive possible uh set of interactions with uh with everyone in this in this community that uh that all has the same shared interest to get to net zero by 2050. you bill uh so you mentioned a number of controversies and i would like to now turn to the questions from the audience and i would like to start with a question from peter backer from wbcsd and his question is in parts of the ngo community there is a fierce rather ideological debate underway about refusing the use of offsets to get to net zero how does the report and the work of the task force help us to break through towards a more pragmatic approach who would they like to take this question mark would you like to take this one yeah well why don't i start and um colleagues can jump in um i think the the first thing is um something we were talking about earlier which is um i mean obviously having a legitimate market a high integrity market where the offset is the offset and things such as uh the point bill gates made about the role of reforestation uh over the life cycle of reforestation and be absolutely clear about the the transitory nature of uh that form of offsets you know subsequent that's essential and that gets clear first point second point um differentiation when it's necessary uh in types of credits so either on exchange trade or otc credits so it's clear what's being used and the clarity that comes from being in company accounts because remember ultimately these offsets and this is one of the core recommendations not just of this task force but of the overall cop finance process is we want climate disclosure in companies main accounts um so it has that level of integrity uh and you know cf ceos and cfos don't sign off company accounts unless they know that it's real um either on the profit side or on the offset side but then the the process point this would be my last one but it's a critical one and part of this will be finally nailed down with the governance body and the and the final terms of the market but there's some leading sense here in terms of the principles in the report which is if you're going to be participating in this market as a buyer you can't just show up and buy a few offsets and and and put them in your put your in your window uh and feel good about yourself no you actually have to have a comprehensive net zero plan um and by the way there are 1500 companies with net zero plans not all of those plans are comprehensive net zero plans which would meet the standards of those markets today this will help ensure uh that those are the case and then that number increases um and then also what other requirements would be will there be for those companies um that uh would include the annual uh uh reporting on the plan the market to market the the relative uh contribution so all of that is a way to enhance the legitimacy of this activity my last point though was my first point uh which and bill winters said this which is we're all looking for the same objective we're all trying to get to net zero um we need to maximize our possibility of getting to net zero our probability of getting to net zero and this is part of the answer only part of the answer and it maximizes the ability to turn over the capital stock as quickly as possible and to make the kind of innovations that bill gates was talking about a moment ago thank you would anybody like to add something yes bill very great i mean mark i think something perfectly but i i think clearly at the heart of this of this question is a concern that the the offsets that are created in the first place we're never going to deliver the benefits that were hoped for or that they're slippage uh after the after the original agreement and uh when you read through our task force recommendations you'll see that we try to address those questions very directly both both at the outset and then over the life of the of the project but the maybe the the thing i take most comfort in is and this is getting back to you know what's different this time around think about the number of people that are watching this time uh who weren't watching before our owners are watching uh our regulators if you're in regulated industries are watching uh as mark says to the extent that some of these commitments make it into financial reporting you've got auditors who are watching uh and you got ngos who are watching and if you have a if you have a an orchestrated market these credits eventually are being delivered into an exchange uh and somebody's on the other side of every one of those trades and they're watching very very carefully and like every other market that we've seen that's that's managed to get to critical mass the best way to make sure that people don't cheat is to have lots of eyes uh on the process from end to end with with complete transparency so at the very heart of our recommendations is finding ways to make that transparency very evident at every stage of the process i think if we get that the the confidence that these credits are legitimate not just now but through the life of the projects will soar thank you bill i'd like to bring in a couple of other questions um so this one on a slightly different angle is a question from jules quartenhorst rmi and his question is the focus of the report is the market for offsets but as bill gates highlighted we need to actually establish the pricing of the carbon attribute in the real economy to drive innovation and create the solutions for hard to evade sectors do you see the possibility to expand the voluntary carbon carbon market scale up move in that direction would anybody like yes bill gates please i think some of the best money ever spent on climate uh was what germany and japan did uh buying solar panels when they were still uh being sold at a high premium cost which i call the green premium and so companies willingness uh to fund activity we need to connect that to the innovation cycle because after all when if a green product is very high priced uh there's no market for it but if you drive that volume up then that price delta can come down and so i do think that uh really proving to people that the quality of these offsets is strong that's over the next few years we'll do better and better than that but the other is the idea of this catalytic impact and getting some of this money to go into uh taking the tough the the hard parts the high green premium parts and getting those on the learning curve and getting companies that do that uh that you know buy all their buildings with green cement green steel and bootstrap like solar panels we want to give credit to those companies because that learning curve is the only way that you get the entire market for those products to shift to green thank you [Music] just to chime in uh it's clear in our in our report uh that bill's enthusiasm for this angle is infectious uh and we all agree that it's critical that we find ways for the the the voluntary carbon market to help support these these frontier technologies right so that's that that's that that's a it's a central tenant now do we have all the details of that worked out uh no we don't uh and that i think will be one of the really important and challenging and interesting issues during the the next phase of implementation is finding a way to get comfortable but we can have the same sort of confidence in these frontier technologies that we have in some of the more established technologies where they have their own questions uh but we're all committed to finding a way to do that thank you very much um which sometimes uh those at the frontier is hard for them to to realize how far others are behind them um so jules uh i know jules well who asked the question he's at the frontier he understands these issues intimately on the financial sector issues intimately and some of the technologies bill gates obviously at the at the frontier some of these technologies but one of the things that this architecture this overall architecture does companies having net zero plans clarity on what is and isn't an offset linkage of those offsets to break through our catalytic technologies is it shines a huge light on what needs to be done not over the next few years in terms of currently economic technologies get put in place but what issues need to be cracked and bill gates referenced some of them you know hydrogen aviation fuel as well and that will mean brain power money activity innovation flows into that so we get those technologies in we maximize our probabilities a better way to put it that we're going to get those when we really need them and that's why we need this as part of the overall architecture last point just to re-emphasize if i'm a company and i'm offsetting i get to make a decision how many of my offsets do i just want to buy the cheapest high integrity offsets or do i want to buy offsets that also have co-benefits biodiversity and or co-benefits which are buying down the green premium in some of these key technologies um and i will know which type i bought and i can disclose it and people can rely on that that's what this market can help create i think that's a great point because mark because we uh you know what we focused on as well with the additional attributes and being able to determine you know in the capital markets that that's where your investment is going to go to that kind of activity is going to be within the uh you know within the remit here and so i think it's going to uh you know as as bill gates that really catalyze uh this these processes as companies decide to employ their resources for the purposes thank you and i have a last question from em sanjayan from conservation international and that question is one area of offsets natural climate solutions have huge potential as offsets yet only attract three percent or so of the financing available what is the panel's take on the role of nature-based solutions or natural climate solutions and its potential for cross-border funds for many countries in the global south who would like to start that's also my day job uh in addition to what i'm doing on the on the task force uh the uh we can look at this as the problem which it is 10 trillion dollars uh something like three trillion per year that's needed in the developing economies to uh get them on track to meet the the commitments that we all need to make to get to know zero only about ten percent of that is making its way into the right hands at this point and we understand the reasons why and that was pretty that was pretty pandemic uh these there's a country risk premium there's questions about the efficacy of the the implementation of some of the projects and there's a history of of projects that have been botched uh in one stage or other of their execution the the the absolute is absolutely critical uh that we deliver that uh that financing into those hands with well-structured projects now the other side of the equation is if we're going to hit the sustainable development goals in the world we need something like 50 trillion dollars of capital to be deployed over the next 10 years right and that's 50 trillion and how much of that is available today well most of it will become available actually through a combination of normal risk return activities and markets uh together with with government actions uh so think about blended finance uh where governments are helping to catalyze this flow of money from the developed markets typically into the developing markets where the the bulk of the uh the nature-based solutions are to be are to be found uh there's a role for banks to play in this there's a role for capital markets there's a role for governments there's a role for multilateral institutions uh but we can't wait too much longer uh because as we understand the candle is burning at both ends right now thank you bill uh we could go on and there's a lot of topics a fascinating conversation i would like to thank you all for for your engagement and for this great panel um for those who are following on top link we will post the links if you want to read the full report of the task force or the summary and i also want to highlight that um as a follow-up to the task force report um the world economic forum has issued a report looking at the critical role of nature to deliver on net zero and that we will be working to ensure high integrity high quality and nature-based solutions which is a critical part of what we talked about today so thank you all um you can find the recording of the session on the world economic forum website and um um i look forward to uh you know this task force really gaining momentum and traction and with all the wonderful recommendations that you laid out thank you thank you thank you very much you