Okay, let's start. Let's start and uh we are on the second session of these initiatives. uh fostering that annoying practice that uh uh has been held by uh as you heard from the north of uh the music at the beginning Uh this session is a Tylenol Session uh Talanoa and we'll discover after it's a methodology that has been born in the Fiji uh a word that in the dialogue in the Fiji director, it means uh we are on the same boat uh and uh uh on this mode, let's start the session. This is the second session of the day and uh uh it's related to NDC and Climate Finance before starting a brief introduction on uh uh the the context which is the issue is that uh this initiative is made by Forum inside the open dialogue of for climate change. Uh That's some kind of change it. Uh a set of uh events that have been coordinated by this group of uh uh youth activists um that are some come from from the international negotiation and uh uh they are also part of the uh Paris uh committee on capacity building and they hosted the organization of uh events where they called their uh decision makers society uh can match in order to discuss about the topics related to climate change Uh the space to allow an open discussion about this topics and properly on that, the climate forum uh that has been born to be a beautiful space where uh to foster a discussion has organized this uh this uh initiative Climate forum is a free inclusive and assembly uh um that uh as the goal to create a beautiful Agua Where activist citizens and experts can propose there properly as we are on the same boat.
Uh uh we want to foster also the Talanoa dialogue and today is a practical example of Talanoa is a traditional word that reflects an inclusive participatory and transparent dialogue process. I invite you to see also the video recording on our Facebook page of the previous session where we have the hall. We have uh uh a friend uh activist that explains how the Noah. uh is coming from the traditional culture of uh not only fish but all the Pacific Islands and probably stands in this dialogue foster decision into communities decision that can be based on three guiding question that we are going to use also on our Breakouts that are where we are. So, which is the current state of the state of art.
Where do you want to go which is our goal. so uh uh proposals and and commitments how do we get So, the meters and strategies to reach our goal uh mapping this methodology through the sociopathy uh uh culture uh principles and uh we can say that uh uh we can map few of them inside the process that has transparency equivalent, and deficiency So, as I said, premises uh uh as his first edition in uh uh December 2020 between uh fourteen and thirty on and twentieth of the uh December uh we made uh Six 7 days of uh uh of the events on twelve tracks that you can see listed here. Uh you can visit our web, our website where you can find also this video that uh for the time sakes, I will not show here but I will invite you to find on our YouTube page. Uh this is like a recipe of a video resume of our experience of 1 week of virtual events where at least seventy uh speakers as alternated on the floor of Climate Forum and the Volunteers association and so on has contributed together to make it happen.
Uh we um um perform at a participatory process also in the forum in order to set up common documents and in fact now we are on releasing the output documents of the forum and together with the proceedings of the addition of 2020, we are going to present these documents also on the pre op in Italy Um we are dedicated event on twenty-sixth of September. Just to go ahead. Uh you can join our community. You can find us on Facebook or on uh uh on other social media as we will see Uh we you can join the forum also. uh by um by our website. You can find it here and you can be volunteer. You can support as an organization. You can be a speaker in our session. We kindly invite people. uh also to propose themselves as a speaker. We want to give voice to uh what we call unconventional speakers. Not so not the one that can be maybe famous or something but someone that you meet uh has something to say that maybe is not the space to to to talk and you can be a sponsor if you want to support.
also uh with resources. These are our channels. You can find that on YouTube on Slack and so on and I will post into the chat also the possibility to join So, that's Uh uh. all on my side and I will stop sharing my screen and I will leave the floor to the moderator of this session That is uh Daniel Helmer uh and then Daniel will give the floor to the speakers of today.
So, Daniela, if you want to introduce yourself and then give the floor to the speakers, the floor is yours. Thank you. Domenico. Can you hear me? okay? Yes. Perfect. Okay, great. Um hi, everyone. I'm I'm Danielle Helmer. I'm um an orgasm. also working with Climate social forum and others. I'm in the United States. and and currently uh have the pleasure to be moderating this the session um and looking forward to hearing the voices uh uh that um we're going to hear from not only from speakers to start us off but also all of you um to uh hear, hear your voices and and be able to put into words what we so so rarely need. and so uh today, we are going to be um on the topic of NDCs and then as well as um as Climate Finance which are two very important topics with unemployment Finance.
It's it's a very important topic because uh as we're shifting um our our structures uh across the world, um we need Finance especially to be able to transition and so those can be very complicated and especially the solutions versus of those that aren't, those solutions that aren't so much what we need is it is very is very difficult to understand and uh in this uh small amount of time that we have left to really shift uh and shift the the climate um and in our economic structures uh we really need to make sure that we don't make a mistake because because there is so little time to do it and so I wanted to um introduce our speakers um so, uh uh Espinosa is from the Climate Reality Project. Um Mas is from and Stephanie Romano is from the Green Deal and NT CPR. Uh the was uh they can they they can do this. Yeah. Yeah. Okay. Great. Great. Um and so, would like to first introduce uh Francesca Espinosa uh from the Climate Reality Project and what I'm looking so so much to uh hearing hearing your introduction.
Uh so, welcome to Thanks. Uh thanks Danielle. Um hi, everyone. Uh very nice to meet you. Um as Daniel mentioned, um I am uh Frances Espinosa and I am a Climate uh uh leader at the Climate Reality uh European uh branch and I'm part of the Italian team. I'm currently uh based in Italy. Although I work remotely uh for uh the Green Climate fund which is in South Korea about 2 hours away from from Seoul. Um so, it's a pleasure for me to be to be here today. Um I wanted just to to give you a little bit more background with respect to who I am aside from um uh being a Climate leader at the Climate Reality Project and then if uh that's fine with you then uh I will just um share a message uh for um kicking. Um I started with the with the discussion Um I understand I have about four or 5 minutes, right? Oh, yes.
Okay, that's great. Um so, I joined uh the climate Reality project um about 1 year ago. Um I attended the second um uh uh training in August last year um and so far it's been a really exciting uh experience and that's the second time that I'm invited to join the Klamath Social Forum which I think it's a really amazing initiatives. So, thanks very much for organizing it. Um I'm So, uh supporting as a volunteer uh the European uh food uh projects and uh uh when I have time, I also um uh collaborate as a volunteer for uh WWF Italy um with respect to uh my educational background.
Um I have a background in economics and energy. Uh Uh studied in Italy and uh also in other places around the world including Moscow in Australia but I am currently working at the Green Climate Fund. So, I really work on Climate Finance every day. um and I'm I'm also a renewable energy professional. I have about 9 years of experience in assessing green investments and uh sustainability projects uh to help uh companies and organizations uh to select uh those that have a solid business case but also a positive uh long-term impact on the environment and on society. Uh at the Brink, I joined the Green Climate fund about uh 2 years and a half ago uh when uh when I moved to to Korea uh because uh uh what's really um amazed me of this um uh really uh the cooler uh financial mechanism of the UNF is it's Monday Wisher propose euh for the Green Climate fund. Uh both the mitigation projects and the adaptation projects but what III really uh dedicate myself to every day is to make sure that these projects actually have uh designed for impact results from day one of project development.
So, when we have a concept note when we have a project, we need to be sure at the design stage that we will be able to measure the results and the achievements of this uh climate change mitigation and adaptation projects. So, I think this is really something key uh because if you are not able to monitor and to measure the results of a project, then you won't have any lessons learned and you won't understand if those measures have been actually affecting towards achieving the targets of the Paris agreement and this is really challenging because you need data. you need people, you need the finance and you need capacity in countries and the GCF is working only with developing countries that you know, uh have a really limited capacity in this respect so that we are supporting uh countries to design for results and it's been really exciting and also uh a big effort so far. um II think that you know, if you want to understand the problems of climate change, you need to look into the numbers and to deep dive in of the models of the project to understand if they make sense and if they will be able to generate a long-term impact but to make a parallel with the topic of today and then, I think I'm out of time.
So, I will, I will just close with this comment but I believe that uh as for the projects, we also need policies and so NDCs that are really practical implement and that are ready to that will enable us to monitor the actions around and to see if we are achieving the programs and if the progress and and the results that we we we had in mind uh with the with the at the policy, the design stage. So, I think that this is the gap that we have at this point in time and um um we don't need to to it's it's nice to to think about dreams but we need to be practical and to have NDC that are implemented and that are backed by um by financial So, that's just my my message to you today and I'm really looking forward to fruitful discussions with all of you. Thanks very much. Back to you, Daniel. I can do it on my Thank you, friend Francis. uh and um that was a really really great introduction and just so people know um uh we'll be hearing more from Francesca and the other panelist uh in the questions around and and so we'll be going more on that um and so Oh, hold on.
Uh we're about 2.8 Miles out. One second. Hey, you. You're going to introduce yourself and uh from just in the Stefania Okay. So, um I guess it's my turn right? Yes. Go ahead. Uh I'll be really uh much uh brief than Francesca was occurring. Introduction was great but I'm not so good at introducing myself. Uh I'm actually I'm a student here in uh in Italy, Milan um at the university but it's been a few years that uh I'm also climate activist. I've participated in the last cup where I uh started uh collaborating with the young um I took part to two working groups and one of about adaptation and the other one about uh Finance uh which um and that's the theme uh about uh which we are talking today and uh um II think that uh even though I'm studying math and uh uh I've participated to the finals working group uh and I I'm That's a scientist.
So, I leave with numbers and the data and everything that has to do with numbers. So, it's really um it's really that are related The reality in the one of my everyday life uh but I still think that uh uh and I will uh deepen this topic during uh uh the while I'll be answering the questions but I think that the uh Climate finals and in general Finance has a meaning Uh if we also take our cultural um if we also um change it from a cultural perspective. So, it's not only about uh uh financing projects which is uh of the most important but it's not the only thing we have to do II already said this in previous uh um dialogues in previous interviews and II still think this because uh uh yes we now Finance.
We need to start implementing projects. Uh in particular um when we are talking about the developing countries because they are the ones that are suffering the most and they usually have the the least uh uh capabilities to to cope with climate change. So, uh in particular in their case, um international Climate Finance is a vital importance but I Äh and thank you. Uh I'm sorry that II. there's someone talking that II had to uh I couldn't introduce quite so well. um but um uh looking forward to hearing more and so next uh uh our final speaker uh Stefania Stefania. You can um introduce yourself uh new green deal and uh thank you so much.
Yeah, I have a very long story. In fact, in terms of uh um my my friend and my commitment to the environment Um I am I am I studied in the environmental field long time ago uh on behalf of the minister of the environment um and I traveled all around the house to say I've been lucky enough to be living in those times where the international operation was was really made The negotiation table with a high level ministers and you know, interesting discussion. So, uh I have to say though that that in spite of my devotion and commitment, I'm quite disappointed by the results that have been uh too low and to uh uh you know low in ambitions Uh I'd say um uh working for the environment have been responded to an international organizations abroad and in which the region Environmental Center and they have been located in Central Eastern Europe in Turkey in the region, the Arab region and uh and also um also uh in the bilateral cooperation with with with Brazil. um for a long while, I have been very much involved in the green New deal for you and I've been a director for me and now I'm in the European team uh but even more interesting, I I would say besides being a climax, we get up seen a very long time.
I've been trained long time 2000. 1330. And that happened to be one of uh uh uh and and I'm I'm very active in Italian uh team currently also. um besides the green, I also want to be highlighting that I'm I'm I'm currently working for international validation which is which puts together um some national government uh and just uh uh posters actions of local level and I'm I'm that because because of all all over my career, I have to, I witnessed a lot of loopholes in the implementations and I really do believe that local action is is paramount Um I started taking new is concerned II. What what I think it's interesting for the audience is is that is that is that um there are a lot of efforts at European and international level specifically. we know that we should have when she started her day, she promised to pick you know, we we won't quite in terms of time because you know, uh um the the kind of neutrality by by 2016 is too far away and it's that sense for millions around the world.
It's too small because the money is this is not. it is absolutely. it's just a fraction of the resources necessary to transitions, industry structures, and the culture and it's important to us and it's still affecting the economic model which provides competitiveness. Um against against solidarity because I think that after all the key points of the real transition and the real transformation stay in in in in keywords which is solidarity with local which is which is which is um uh uh I mean it's not really reinvent the wheel. You should just take whatever we have and to serve and our resources and to serve our human interactions and and uh and moving away from the you know competitive uh model which is It has really brought us to our place and what we've learned and I mean, it's definitely if you keep on with the space, there's no, there is no way.
There is no uh uh survival but not for our planet but for ourselves. So, I'm I'm very happy to be part of this discussion with Finance because because because Climate is key Um although I don't think that that that **** have been done, you know, have been that the efforts taken have been enough um to uh and I thought that that the situation is concerned and and that and that besides that the brainwashing which has been all around And for the bank that financing for rewards and and in spite of the bank to raise a lot of money to the in the change.
I don't think that that money is enough at all for the teams that really aim to have. So, this is a short introduction about myself and what I'm doing and happy to move forward with yourself in the discussion. Thank you. Thank you. And then we also have our um other speaker who has arrived. um and just to um to introduce uh Jenny Salazar, Zapata. Uh she's from University to the Roma Roma and and uh we're about 2021 um and uh Jenny, we're we're just uh doing introductions right now and so you feel free, you can introduce yourself and say a little bit about um what you are doing in a little on what you would like uh to to talk about but we're then going to go after this into um two questions uh and so we'll We'll be going around with three different questions for for you and the other panelists to answer.
Uh so, welcome Jenny. Uh uh would you like to introduce yourself? Jenny, if you can hear us, you can introduce yourself. We are going out the round of introduction of the speakers So, You can't take the chance to to lose yourself. Okay. maybe in the meanwhile that Jenny is uh we can uh go to the first question, Daniel and then we can uh uh give the chance to to introduce yourself and she when she going to respond So, let's proceed to the first question.
Daniel Um and Jenny, uh if if you get your own uh let us know and we can uh uh do your inspection then. Uh so, we'll proceed down to the the round of questions um and so the the first question that we are going to ask um and we'll go um Francesca first in the order that we we started and then um maybe we'll switch it up a little bit just uh just for fun and so the first question is um our panelists.
Um how can Climate Finance, the implementation of the Paris agreement Uh I know some of you have talked a little bit about about that but looking forward to the the answer Um uh and so Francesca, um if you would like to start off, how can Climate Finance support the implementation of the Paris agreement Thanks. Uh thanks for this very key question and I'm honored to get the chance to to to start on this because you know, you can talk I can hear Francesca. Yes, it's looks like. yeah. she's okay. Yeah. Let's see if for a second. uh and but but if if she's going to freeze in a in a second, what you So I would you would you like to uh If um and then we'll come back to Francesca. Uh I'll actually be uh brief on this Uh so as soon as Francesca comes back, I can leave with the floor. So, uh II think that uh um Climate Finance Uh I've also done a few brief videos that maybe uh Dominic uh has the links I don't know and uh I'm where I've been talking about a six which is the most related one to Climate finals in the Paris agreement and uh the main points are just about a multilateral and collaboration.
So, Climate finals can uh push a different countries or different even uh stakeholders, businesses, private sector, and and on to um uh to to it can actually uh give funds to different projects and therefore, um give the ability to mitigate uh the emissions or uh uh to to adapt to climate change or even the uh both of these things. So, uh and a Climate Finance is uh uh a key issue because uh as you know, I think. yeah. I mean, everyone knows that uh uh in order to create projects, you actually need usually money to to make them.
So, um and the point about international Climate Finance is that it it creates collaboration between different countries between different stakeholders. So for example, uh later I'll be talking about the Ukraine and DC um because I'm actually Ukrainian even though I live in Italy since I was child. uh and uh II take the opportunity to talk about uh it's NDC and uh uh in in the case of these countries which I consider Ukraine uh uh developing country and uh uh most of the developing countries they actually need funds and um interventional Climate Finance if we have in particular, if we have um uh if we have uh like uh some a baseline. For example, article six which is uh well structured. Uh it's um it's an important uh and fundamental uh start in order to to finance projects in uh in these countries.
They are convenient to the developed countries because uh usually uh it takes less money for example to mitigate uh in uh uh in a developing countries because the the situation is kind of worse uh just about the energetic perspective. I mean, uh in Ukraine. uh there is still cold use there and uh yeah, there is a lot of neurological problems and therefore, it's easier to invest and obtain a bigger results in those countries than for example, uh in many developed countries where you're ready for example have a lot of solar panels and so on. It's not always the case. It's not to Francesca is back. So, uh uh I think I can uh give her the flow Yes. Uh thanks. Thank you for letting me Um uh so uh there's there's really a great way um and um I'm looking forward to also hearing uh I'm on the NDCs uh in next questions um and Francesca uh uh just um just um well we had some had connection issues uh talk a little bit on on the the first question um and um and so uh if if you if you'd like, you can go go next door also, um Uh would you, would you like to pick up where you left off? Yes.
Uh yes, please. And apologies for that. Uh I don't know something on technical happen with my my my connection but you can hear me well, right? Yes. Perfect. Okay, that's great. So, sorry, I would like to to um uh to continue what they were saying before. Um I was quoting actually uh Cristina Figueroa, right? Because I think that uh you know, wherever I go, uh this is where the the GHG emissions go or don't go right. So, this is precisely the reason why Finance is key for a successful implementation of the Paris agreement. So, uh it's important to understand where we are today with respect to to the figures that the current baseline So, uh as of 2019, the total uh Climate Finance uh was allocated for about 600 600 uh thirty uh 1 billion dollars but um you might think that this is you know uh a big number but it's clearly uh far away from what we need to reach the Paris goal of 1.5.
So under um um um an optimist kind scenario. Um we will need uh about uh 1.6000000000000. Uh uh dollars uh invested here on Climate Finance versus uh the 600 billion that we have today. So, this is really about just um a 40% of what is actually needed in the best case scenario uh but according to to to to other analysis uh actually 1.6000000000000 here won't be enough. You will need up until 4 Trillion. 4 trillion dollars per year and if this is the case, we are even um you know, in a much worse condition that we are at the baseline. We have only about 15% of what is actually needed to mobilize on a normal basis. so II just wanted you know uh to to clarify this aspect because I always think that numbers are critical to understand the issues that we have in front of us. So mechanisms to catalyze a private Finance. by using this car's uh public resources to be able to the risk uh private green investment opportunities Uh so, um this is really a key to mobilize uh private capital using the so called blended Finance solution.
So, co financing projects with both private and public uh funds uh mechanisms, um Um as you know, we are in a capitalism based economy. So, private sector is key in our society. We are a market based economy. So, we're the private sector makes, you know, most of the decision of of our economy every day. So, these decisions made in the in the private sector will determine if we will be able to reach the goals, right? So, private sector is key because it brings capital So, we really need private uh Climate Finance. The issue that we have there is that, you know, um green investments are long term oriented, right? While the financial markets are short sighted. So, um and we have definitely seen this in the financial crisis of 2008.
Uh so, uh how can we breed uh the the long term um orientation of the green investments and the short term um orientation of the financial markets. That's the first issue that we need to fix. The second issue is that so far a private sector, the private markets have been very slow to respond. I mean, they are still investing massively in fossil fuel development and also in intensive agriculture systems. So, this means that the full import of of the the grain transition has not been yet fully reflected in the in the process of fuels. So, this means that the private sectors so far has not yet fully appreciated. the value of the transition that we are going through at this moment. So, how can we fix these two issues? There are many ways uh and uh many challenges in front of us but first and for most, we need to ensure that we integrate uh the financial analysis also with uh you know, economic analysis that need to factor in the costs not only of uh carbon uh of GHG emissions but also the costs of waste production of pollution of uh hair.
The cost of recycling. all these items will need to be included into the models that investors apply when they need to decide where they need to allocate their capital. So, I think this is You hear me? I'm sorry. Yeah. Yeah. Yeah. We can hear you. Go ahead. Okay. Can I, can I go ahead? Okay, I'm I'm very sorry. So, I was just saying that um we need to integrate uh the financial analysis uh with with this uh key variables but also we need a strong regulation. uh to move the economy because as I said, it's shortsighted and we need governors also um to to to have a more long term uh orientation of their policies and also We need financial incentives but also financial penalties to ensure that companies will make that integration into their investment decisions that I mentioned before.
So, and clearly, we can't just rely on carbon prices. It's it's not enough. We need stronger financial incentives and and punishments as I as I said and we need uh changes in in legal frameworks. So, we need uh make risk disclosure. mandatory across the world. As of today, I think that only a very few number of countries including New Zealand and have made mandatory the disclosure of Climate unless we make uh Climate risk disclosure. Um something that's um needs to to to be um countries that are obliged to do then uh compulsory then we we we can't make the targets and then we also need change the corporate governance of companies which is still focused on the short term but needs to be incentivized to be uh looking for the long term of investments and and green uh recovery.
So, uh I think that uh I've talked enough so far and sorry for my internet connections. Uh I'll give you the floor back to Daniel. Thanks. Thank you for Jessica and so um that was a really great explanation. um and and so the next uh next next um Hello. Hello. Let's move on to. Oh, hi, Danielle.
Uh do you hear me? I'm Jenny. Jenny. I was just about to say uh Jenny, if we can, we can hear you and if you'd like to do a quick introduction, um I'm very sorry for the the poor connection that I tried from different devices. So, if you hear me, I can keep this solution Um otherwise, I'll have to write in the chat. So, just let me know if you hear me.
Can you hear me? Okay. Okay. Uh so, uh a quick introduction. Uh my name is Jenny Salazar. Uh I am I am a consultant in sustainability issues in a boutique here in Milan um and uh my main uh uh let's say uh day by day um you know, workflow is based on exactly how to lead a company. uh in the different um and the different stages of the sustainability. So, uh there are many um SM Es in in like our economy in Italy is basically based on uh these uh small and medium enterprises um and most of the uh counterparts are unaware or have haven't um dealt with sustainability in general. So, in some cases, this is a new term, a new, a new terminology in in the companies. So, there is a work in terms of education. um and from education, there is uh like AA, whole activity of uh creating uh and material information that can be disclosed in order to um show the market how that company is being sustainable from an economic but also a social and environmental perspective. Um so, this is for what accounts my activity.
Um while uh of course I think uh do Vio who invited me to this session and I thank you for the for having me here. Um we we also work with uh a network of young associations um where the idea is to um uh align uh the objectives of our generation with what are the um economic and political uh pathways that our country wants to uh embark in post. Call with the um new uh new age. let's say while uh concerning the question of how can Climate Finance support the implementation of Paris agreements. Um so, Finance uh as I had the previous speaker said is uh a great uh driver for for change because um like each project and especially uh in an environment in environmental um projects um a lot of um of of resources, financial resources, So, um there is um this uh uh let's say stream of Finance that is called the um Impact Finance where uh the project requires to intentionally create a positive environmental and social impact um and over the measurements of this uh impact is linked to the financial return.
So, uh this is AA Way to um uh to align uh the uh results, the financial results with the uh outcomes. So, the environmental and social outcomes of a project. Um this model is called the the pay by result uh model and um in Italy, uh we have um studied uh some cases for the uh partnerships between uh public administration and private sector uh as uh the public administration. So, the municipality let's say is uh um the promoter of the project um that is uh to the territory Um and from the other side, uh it is in charge of um um collecting the information that will then give a return to uh the the the investor, the private investor. So, basically, this type of scheme has uh three parties um and I find that this is a great contribution at a local level.
uh to It's uh the uh alignment of those requirements of Paris agreement but also um the general targets of the um sustainable development goals So, uh that's from my part. Um I just wanted to bring the the pay by result model and the public private partnerships as a contribution uh a concrete tangible contribution towards this path. Thank you. Thank you Jenny and and uh glad to have you here and and it was uh really great answer to the question especially when we're looking at you know, right now, we need uh we need direct solutions that can be implemented right now and that are being implemented and so that's a really great the the um illustrate how Finance can be implemented uh in support of Paris agreement uh and so next uh we'll go to um now Thank you.
Can you hear me? That's right. No, I just um a lot has been said already but just to be sure but focused on the potential solutions. I mean, we know that that that somehow Climate Finance is in the negotiations and that been going on for a long long time. Uh the best conference of the party states back 1995 and we are just uh looking forward for The next Glasgow uh conference of the virus but but but I have to say that I don't have very much hope all day as much as all the uh development uh experts and journalists and and finance person that I'm talking to on a daily basis. they have none either. So, uh we know that there are there are a lot of mechanism which are ongoing and Francesca and Vladimir and also the other people have some stated It's the on the the the article eleven. states that the operation of the mechanism is entrusted in uh in uh more uh international uh and there is um uh there is an ongoing uh uh mechanisms such as the the the green Climate uh fund and the global environmental facility the job and this is a special climate change farm.
So, and and and somehow at least on paper there is still a Which has been focused on on on uh on uh other patient and mitigation. although uh and again II have a lot of friends of mine with my talk very frankly. for example, the United Nations, uh all the agencies which are working in environmental field not only you but also the one which is focused on on on you know trades. They don't really focus on on uh on uh uh mitigation and Just adaptation. This is a very sad news. I would say there is also one more point that I have two more points in fact that I would like to bring them up. The first one is that I was reading uh a very interesting report that I really encourage you to be really into which is that it's been issued a few months ago by the port portfolio.
Her and that's that's been very clear figures. Francesca before was saying, let's go with numbers because numbers at the end of the day give you the the reality of where we are. It's it's it's it's a fact and it's been uh clearly stated in this report that in 2019 the world's largest banks have invested two 2.6 2.6000000000000 US dollars which is the entire uh GDP you on your sense of Canada in facts. which governments and scientists that we that are the primary So, the destruction that banks play a key role in the financial system that free rides the biodiversity and the regulations and rules with foreign banks currently protects them from many. Uh for many consequences. Um we know that that you are not. you are like that Our survival depends on the environment and that house of the GD is in that and the services that it provides uh you know, pollination water quality to the disease control and and and then and then somehow uh that that that most of the founding assess are related to activities that directly caused biodiversity loss which is fifteen which is mining and and that's some many others which even indirectly drive biodiversity laws uh why uh very much uh into that we do for your campaign.
The one which is promoted by the MC five because it said it's just it's it doesn't go to you know, I can't with a brain washing but it's very bluntly that that that we uh um revolution has to be done first of all by taking what you want all the money which is which is like exterminating in the banks and it's not used. it could be reinvested in the circle and creating jobs for example and we we have been experiencing one of the of the greatest crisis health crisis uh which is a climate crisis. In fact, like the pandemic, we have the all victims with it and I really hope and I really wish that the very beginning when we were, I was, I was thinking, oh, this is the way, I mean, finally, we had a crisis like this because now we stay at home locked.
I mean, stuck and we come to the certain uh awareness that a real change to be done in terms of mindset in terms of of thoughts, in terms of behavior, in terms in terms of patterns, in terms of model but what I've seen is that all the governments also have been keeping on uh concerning the social system and the economic system and the financial system which is which is which is in place and and that and and and I don't think that the the the next stop is going to bring the change that we all wish for Uh I don't want to be pessimistic but IIIII, do believe there are a lot has been done but not as much as it should be done and this is from my side. Thank you. Thank you, Stephanie. Uh and Stefania or that's the friend with me. kind of in in Latin America. in Brazil. No, I don't like it. My name to be change according to the person who pronounces it. great. Um so, um I think it's really important especially especially recognizing I mean um that adaptation right now uh with because for instance, in December, in Latin America, and in Central America, we've had three hurricanes that that ripped through Honduras and and and others and then, you know, where right now, um Climate Finance for for for adaptation right now is is really key and and needed um and it's real.
Um so the next um so we're going to go through a second round of questions and then we'll have one public question and Thank you. and I'm sorry. Right now, I'm actually on a on a march from uh to in in the US right now. So, there's some background noise um but so the the uh so if I just uh I want to say let's uh um for a matter of time. let's make uh two questions together and the the the speakers will respond um to the booth of questions so you can and then we will um we will switch this out. um and so the the question is in the chat um and The You can read that uh because it's a little noisy here. I can have to, you know, reading and the questionnaire are these two. Uh the first one is imagine that uh you uh participated to uh the update of your country and disease and how do you make the next one of the more ambitious and the other question is, do you feel that the NDC of your country currently are fair enough So, the flow of Francesca first.
Okay. Uh thanks very much for these two key questions actually. Um I would try to be brief and to to cover both at the same time because they are really interrelated. Um so, first of all, uh as you know, I mean um I'm uh my my country is Italy. So, uh and Italy is part of the European Union. So, the Italian NDC of course is part of the European Union uh NDCs and and the European Union targets Uh so uh as you know uh in December uh last year uh and uh the presidency of Ursula We were the European green New Deal was announced and they raised the ambition uh with respect to GHG emissions, uh reductions uh uh by 2013 uh of um 55 55% compared to the levels of 1990 and uh we also have um uh a target for uh renewable energy uh consumption uh in order to to to achieve this GHG emissions reduction of two 2% which by the way was set in 2018.
So, uh 2 years uh before the European Green New Deal uh was announced. So, uh the reason why I'm I'm talking about renewable energies is because first of all, I have a good understanding of the technologies and of the market of renewable energy not only in Europe but also across the world. So, um if I would I have the chance to uh contribute to the NDC of my specific country. So, the needs of Italy, I would definitely start from the renewable energy market because um we really have big issues with respect to being able to reach the 32% Target by 2030.
So, to give you an idea and I don't want to load you with the numbers but um so um as now. uh the target for 2013. um uh requires uh that uh we we we need to install a total of seventy watts uh uh um uh total including a solar and wind and uh according to the the projects uh and the the the current growth rate of these two markets, we will be able to meet only 60% of the 2013 target with the current growth rate in the market and the current incentives scheme uh in place. So, there is a thirty watts. Uh get there. uh between now and the next uh 10 years and uh for those of you who are familiar with the energy sector, thirty Ggas. it's it's it's really big.
It's not something that you can just do it in 1 year. So, uh it's a really critical gap that we have there and I believe that the first thing that I will do in order to speed up the installation of these two key renewable energy sources that we have uh in Italy is first of all uh to speed up the authorization processes of the solar and wind power plants. You will be amazed uh to to to go through some some ratings, uh detailing uh you know, for one plan for getting the authorization you need uh at least 2 years and many times you go even farther than that. um and because there is so much bureaucracy there and uh and then you also have cultural issues there. It's it's really really challenging but if we want to 30%. 32%. Uh Target by 2030. We really need to work on on this specific aspect. We can't afford to have 2 years to get one plant approved. This is really nonsense and um second of all, uh we really need to invest and speed up.
Also the revamping and empowering of the of those plants that are already there. So, as you know, we had uh about 10 years ago, the first rounds of incentives for solar plants and power plants and many investors just rushed to take this uh really generous amount of incentives that we had but now, these investors, I mean, they took the money and the plants are just uh you know, I just not they're working at their um their potential, their maximum potential, right? Why? Because they don't they don't they're not interested to invest to maintaining and announcing uh this um this um this plans. So, uh we need incentives also to make the most of these plants that are already there that have been installed 10 years ago when the technology was much less powerful than what we have today. So, really, we also need to work on Greenfield prints but the first priority we'll need to um incentivize revamping and rebounding of both um solar panels, uh solar power plants, and wind power plants uh and then uh I would like also to mention that this is uh of course uh uh related to the supply side, right? So, it's about uh providing incentive for for the producers of renewable energy but I would also like to um to link with some of the comments raised by the other um participants today.
So, it's not only an issue of the supply, it's an issue of the demand we need to make um consumers aware of their choices. So, when you are using electricity in your home, uh where is the electricity from? How can I understand um how can I become more aware of the region of my energy. So, if you you have uh you know, a nice uh villa and you will also have the the funds for um installing your own solar panels then this will be great but what about all these people don't have the possibility to install their solar panels, right? So, we also need and uh just an interest of time. Um we want to make sure that uh um okay, sorry. I'm I'm sorry. Yeah, I just wanted to say that we also need to empower the demand and to invest in education so that people understand what is the consequence of their selections of different kind of services. So, if I choose one energy suppliers rather than another one, I need to understand which kind of energy is this um vendor and electricity vendors me.
We need to empower people and we need to make them aware of the choices that they make. So, it's not only an issue of the supply side but also of the demand side and I apologies. Uh I will just um uh give the floor to the next speaker. Thanks. and uh this is one, this is two questions in one but also it's a very big question. So, there's so much there and uh so much that I know that uh we can talk with that we have to talk about um uh and uh next we'll get to the question of the yeah. Hi. So, um I am I live in Italy too but uh as I previously said, III will be talking about the Ukrainian NDC because all the other speakers II guess we'll be talking about the Italian one.
Uh so just talk about different things. Uh so, uh the Ukrainian NDCs and this is the answer to the answer to the third question. uh fair enough and it's not me saying that. um but it's the climate action tracker, the Ukraine has uh uh abided uh on wars because it hasn't still submitted the the the the actual text of the of the document but uh the president said, what are the Ukrainians intentions uh at the end of the last year and uh uh actually the Ukrainian NDC uh Came eh Uh uh it was uh told and uh written or at least uh it's not still written but uh uh in the future uh I think by by Glasgow, it will be um the point is that uh it was simply a bunch of ministers and the workers of the ministry that uh put down this text and these intentions and that's all because someone from the UFC has asked them uh there there wasn't any kind of uh um uh collaboration with the civil society with the different uh different stickers.
It was Those are the intentions of the of the ministry of action of the government and uh that's nothing more Uh me as a member of of course uh uh we encourage a lot of the collaboration and the um the collaboration with the all the kinds for all the kinds of stakeholders in particular. uh the the civil society Uh so for example, the If the the government um did actually uh try to uh at least to get interested about what were the points of the for example of the youth uh maybe it could be a bit better and uh uh the same uh if it considered many other stakeholders and there is also uh uh I'm trying to be as brief as I can.
Um there is also it's not easy. Yeah Also, one other critical point, I think that for example, in Ukraine and many other countries, uh they are looking at the NDCs only by the point of view of uh um uh energy supply and reducing uh Ggs uh by switching from uh new renewables to renewables. Uh so first of all, Ukraine is reducing uh uh uh since the nineteen levels um is the point they are taking as uh uh in consideration. uh because simply the economy became worse after the uh after the Soviet Union. uh Dere it. So, uh they they actually didn't do anything to to make the economy better and greener Uh the the economy is simply became worse That that's all they also don't consider the missions from the occupied territories. So the fact that it's a country in war, it's also a problem because those emissions are aren't considered because Ukraine is the government is saying can do anything there. It's not under our control. so we won't count those emissions but there there are emissions and someone has to count them. Hasn't counting Ukraine isn't counting but they are still there.
Uh so, the reduction that uh uh Ukraine achieved since the 90s isn't actually a reduction. Uh there there's nothing better in the economy and the only thing they are looking at is the switching of the uh the energy supply. There is nothing about adaptation Ukraine is a huge country from the agricultural perspective and uh it's soil. it's uh territories. The the woods are getting worse and worse. There are plenty of studies which uh I'm not going to to to dive into uh which simply demonstrate that uh um the the situation is uh becoming critically um uh critically bad and uh there is nothing about this intended is probably for example asking to the farmers uh what could do to help you or the loggers. Uh we could, for example, help you restore woods and so it it would be uh something good that um um okay So uh and I'm going to close.
So yeah, I think that uh taking more in general for even for other countries uh the uh there there should be more um uh dialogue with the different stakeholders and uh shouldn't focus solely on technical aspects and on the energy sector because that's not all the results adaptation and many other aspects. So, uh that's all time to The Good job. I've had and and uh especially pulling in the Ukrainian perspective Um that uh it's really really important um and um and so next, next um so I guess uh Stefania or or Jenny since I know he's mixed up the order a little bit.
Um what do you think you like to go next? II can go on if it's okay? Yes. Okay. Um no uh very interesting in in interventions in fact that uh I really think that that one of the things that we have learned from from the coronavirus crisis is that disasters our best to be avoided and and 2020 as well as being the year of COVID-19 is crucial for really making ambition much more real in order to be preventing the climate change. It's about, it's about anticipation. It's about coordination. All the actors um and I think that that that also actions themselves have to become more more, more effective we might be um identifying three key elements that can somehow encourage that process uh in a more effective way and the first, the first one is transparency. Now, in fact, if you just think about that, if we want to be assessing and comparing country's progress towards achieving the the national, the national assessments, I mean, they're really very hard to do it because they're very dissimilar for the qualitative and conditionally and and So that that the United Nations, the convention to the mechanism like the the team to ensure that that the national uh contracts are are are are implemented.
So, uh that very often that the the NBC's lack specificity which which I would say it's it's a major it's a major issue. The lack of of coherence. I mean coherence between climate action and and measures. um and also the lack of ability. I mean, it's like in fact, you can really say, okay, it's tasteful or not when you need it and then this and this is a perfect paper but they just cannot be implemented and then there's nothing to prevent dangerous climate change.
Um so, I think that we should be much more Uh I personally think after having been in this negotiations and and Climate processes for so long, I think that we should just simplify processes that and to be really rethinking that that relationship uh land, labor to our collective imaginary uh to be rethinking that that the current deal which is wrong because it's based on on colonialism and patriotism and capitalism and having a reflective conversation learning from the strength of our different uh uh approaches and imagining things that we have that have not been done before. and and maybe II would just like to uh to end with a with a sentence of Jane Go which I really it's very close to my heart and and she said, how is it possible that it is the most intellectual creature on earth that is destroying its own home.
Thank you. Thank you very much and uh and our last speaker and and then uh are we going to do one public question or you're switching into the Talanoa? Um right after this. Um okay, it's Jenny is next. Yes. Thank you Daniel. So, uh I'll be very short with my response. Uh many aspects have been touched by previous speakers uh and there is something recent news about the European Climate law that I wanted to bring to the table uh which was approved by um 200 244 Favorable uh votes and uh this law is basically uh making the claims of the European Union into uh legislation.
So, I think it's it's it's a step uh forward In in in the in this path, we have to um commit in the following decade Um however, uh one of the main um results from these laws that the members of the European Union commit in um reducing the greenhouse gas emissions uh uh lowering them uh for at 55. 55%. uh by 2030. uh compared to the levels of nineteen uh 1990 Um so, uh this was voted like the parties that voted against uh this uh threshold where uh some of the greens which might be a paradox but uh the the the the main reason um is at fifty uh uh a reduction of at least 55% is not even enough. So, um the they were pushing for a higher threshold to sixty to from sixty to 68 68% but besides these percentages um a key takeaway is that um claims are not enough and there is always the space for making even more ambitious.
Um finding more ambitious targets. um and this is a this is something that we as uh young generation are very much pushing towards. So, there were some uh I don't know if you if you heard about uh this news of uh in Germany, she is a representative of uh the the Fridays for future movement. Um uh basically, uh she um she uh went to the um court, the Supreme court and uh made a legal movement towards the uh German government. uh and from that uh um the the government from Germany uh had increased their percentage of commitment from Fifty-five to Sixty-five. Um of reduction of a greenhouse gas emissions. by 45. And there it was a similar case in Portugal. where a group of uh eight youngsters like from 8 years old to uh Twenty-five.
Uh they uh sued the uh Portuguese uh government because of a uh big um uh there was AAA big disaster in their in their territory um and from that they could like have just this for what had happened. Um so, uh it's very important that um like the message of of these two examples but there are many more like for example also in in uh uh the Netherlands um 900 citizens uh sued the um uh like in the same way um different members of the European Union um The same reasons concerning Climate. Uh so the the thing is that we can still push towards improvement. Uh if we are united and together in um trying to make more ambitious um targets and organizing ourselves II just didn't want to repeat what other speakers said but of course this needs to this It's a plan strategy.
data, and um a method that has to be applied to different sectors and the there is no one size fits all solution. Uh so, what happens in Western Europe cannot be the same in Eastern Europe. um because there are differences uh like uh I will not go into detail but uh I really appreciate at the uh the comment of the previous speaker uh uh about concerning um Ukraine. Um so yeah, that's for my part and I think Thank you. and thank you to all the speakers. Uh now, we have time for one question that I saw coming from the floor and then we will run into the Breakouts uh of uh no uh so the the question I will state that and uh uh maybe uh one of you can take it Uh how much will divest from water favor, Climate Finance can specific Email or you to sensitivity. So, yes, Elsa, if you want to state that briefly, yeah II will just take a minute and I will leave the floor for someone else. Uh I think that the point is that in our society, there is uh uh it's not simply about um the the problem of war economy but uh of uh uh like a conflict economy.
We we are always um like Um usually in the society uh we should uh um going in conflict with someone else like uh for better. we can uh can get more money and and so on. So and so the world economy is simply a consequence of this kind of society. Uh so we have to change this Collaboration should be much more important that conflict between people. Uh it's not about who does better but it's about uh us doing good and leading uh a better Like that's all. So, probably changing this perspective will lead to changing the even the the existence of our economies and uh on this, I have to leave you because uh I really have to go. It was really interesting and thank you all for this possibility. Bye. Thank you. Bye. Uh there's someone that want to add something to the Vlad response regarding this questions.
Can I add something? Okay. uh that it's wonderful question because I think that it really touched upon the some of the the issues Absolutely. A lot of money is still uh invested in wars a lot of money and and in fact, the military is not good at all. It's very polluting. I mean, the way how it's set up and I like the fact that that uh whomever has been raising the question puts their focus on sensitivity. you can and female uh sense of evidence. So I think that's really that that that the key elements that might be taking us towards a different, a different route and I would be very shortly saying that that someone months ago, I participated in our workshop which is run by Nora and she's a filmmaker but her father was a very famous anthropologist and sociologist and she developed the uh the concept and the theory of the world data and this is and then II connect to the to the to the to the question 1 day.
She just comes up with workshops where people make like they do research uh in interacting with each other and and and to just uh uh starts from the that we shouldn't really talk about economy So, we have a solution that we should be talking to. The the fact that we are interconnected and that and that we really have to be uh aware about the interconnectedness of the whole planet with us and the and the natural resources and we we have to switch in mind which is about which also includes uh youth and and female sensitivity. As you know, the question was pointing out then there will be a real transformation a place where we were really staring commonly.
Thank you so much. Thank you very much, Stefania and now, let's run to the breakout. uh uh for the time for this as you can uh understand that we will make just one round and we're planning to be three rounds. So, one for each question but uh unfortunately there is no time but let's uh make one round more long. We can take 20 minutes uh in are asking to respond to the question. The Breakouts will be regional. So, now, you will uh you will see on your screen the possibility to trust your region and on that, I will help you and guide you to take the three question uh in the time slot but the whole process of will last uh uh a little bit uh last 20 minutes then the decide uh where before the Breakouts are ending the side Um to like sit down at the at the end.
Uh your results. So, I will now open the breakout sessions. You have uh uh roll it um 20 minutes to respond to where we are. We're in the state of art where we want to go in perspective. How do we get there? Make a strategy Hi, Danielle. So, I know. So, um But right now, do we have, I know there's there's at least a few people in Europe that you can join there. You can join there. Who's moderating for that? Um I will.
You can motivate that. You can go there. We can uh we can come here. or because if if were you going to moderate that or um yes, I can. okay Or you can go because uh because of the the other ones are full with Asia is okay. North uh North America. He has no one Uh so you can go there into Europe. I will send you the document. Okay. well II could Um I could if you're going to moderate Europe, then uh that would be the best because I have to maybe do, Okay, I might. Yeah. Uh okay. Yeah. That way if if we need another moderator then I can I can moderate but. Okay. Okay. Got it. Or did you want to I'll come back. Welcome back. So, did you enjoy Yeah. it's really, it's it's really a lively discussion in a minute. very, very rich Okay, we are all back. So, here we are back and let's go directly to uh like um explain what you have done into the Breakouts. Let's start with the Asia. Okay? If you want to sit out and ready, okay? So, I think I'm the spokesperson of Asia.
Uh I just uh you can share the screen also if you want. Okay. Um Actually, we weren't able to discuss a lot and that intercession previous sessions and I'll just briefly introduce what we have discussed. So, um or in the case of South Korea, uh the NDC of South Korea is to reduce twenty 24% up to um Uh 24% based on 27. GHG emissions. So, uh according to the climate action tracker, highly insufficient and South Korea is having an update for NDC by the end of this year. So, we all hope that we increase the amount of plan GH production also do here to shared his thoughts on what is the front line of front line of the Climate uh mitigation. So, Yeah. So, uh he shared that thought about sorry. I'm doing it. Yeah. Yeah.
So, he shared that the front line sector that is sensitive to climate change is small farmers. So, a adaptation fund or another fund necessary for support farmers to face climate change is needed highly needed. So, yeah. And uh a try. Uh shared her thoughts about The NDCs. So, regarding the Kenya NDCs, not much was not achieved. uh but however, the government highlighted that they will reduce their emission by Thirty-two 32% and it was 30% previously and they have uh increased their goal. Uh they're updated their goal to 32% to A said it doesn't make uh change by just increasing their percentage to uh percentages. So, I think it's Okay, we all need more um more actions, right? Uh if you want uh as a uh that uh we have for this um for this round uh a few time uh we will take and take open this document till tomorrow. Tomorrow, there is the last session so you can exchange contact us also in the meanwhile that uh the other team is presenting and you can work on the documents. So, save your chat with the the link and you can work to that.
Also, the next session, I will give the floor now to Europe. Okay. Uh there's if if you want, I can briefly go ahead. I will try to share my screen Um There you go. Okay. Okay. Um just a second. Uh okay. very briefly. Um in terms of where we are the baseline uh as we discussed even before the Breakouts, uh we we know that we are not even halfway. We are not doing enough and uh with respect to mobilizing Finance, we we will need to increase the current level of uh funds by at least three to six times and with respect Uh NDCs. Uh those are still too vague. Uh not uh clear and they lack um you know, coherent and implement abilities. So, uh we don't need to talk about dreams. We need to talk about how in practice we can uh reach the targets with specific policies.
We also touched upon the issue of um you know uh the the it's it's really critical that we design the policies in uh in a in a good because otherwise, uh some um uh criminal uh organization might be interested to um to take advantage of the generosity of some of the incentives that are there and this apt uh particularly in Italy with respect to the general tariffs for solar and um and um uh wind power.
So we talked about this uh this big issue and how we will we will need to to tackle also this uh this uh this Um where do we want to go? It's clear to everyone. We we know that the solutions and the technologies are there. We don't need to invest into rocket science. It's not rocket science. The the the the solutions are there but we want to reach the the target. We want an economy and we also want at the same time vulnerable countries and communities to be made uh resilient to increase their adoptive capacity to climate change effects and extreme events also in Europe because this is relevant also to developed countries not only to the most vulnerable developing countries and in Europe at this moment, unfortunately, not enough is being done.
How do we want to get there? We touched upon the fact that um uh the the carbon tax uh and the emission trading system are are not to be um to distinct measure. They can be integrated so they are not alternative. So we need both of them to reach the net zero economy target and We need also to integrate into the investment decision. You know, the the cost of carbon, the cost of pollution, the cost of recycling, and and all these other elements that are impacting people and the environment and last but definitely not least, we need to empower people. The citizens, uh consumers, uh you know, the messages uh vote with your wallet, vote with your fork are really key because people need to understand that with their everyday actions, they can the progress against the targets of the Paris goals.
It's not just something that it's under the government responsibility. It's something that also the demand the citizen will need you to achieve on their own. So, that's all with the with Europe. Thanks. Hey, thank you. Thank you to all the teams. uh and also for the uh if you want uh you can uh uh like uh take the documents tomorrow and uh we'll let us save some time and then to to present uh se respective euh If not, uh we are closing this table and uh uh we're going to invite you to the last table of tomorrow. This will be about climate change and human rights. It will be at uh uh a 7 PM Central Time Uh that means uh like uh 5:30 PM in a Etc. Uh you can follow us also on uh Facebook. I shared the link in the chat regarding the uh how to join the forum and so on and uh keep updated for the next event. Thank you very much for your wonderful session that the speakers for uh have joined and all of. Thank you. and all of you for having us.
So, thank you very much. Bye. Thank you. Thanks. Thanks, Danielle. Thanks everyone. Thank you. Buh bye. Buh bye. Thank you. Bye.