tv Prince Charles Hosts G20 Event on The Private Sector and Climate Change CSPAN October 31, 2021 5:39pm-5:53pm EDT
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and announcer: during the g20 summit, prince charles of england talked about the need to address climate change through public-private partnerships. >> the fight against climate change is the defining challenge of our time. either we fight now and succeed in moving our economy to a more sustainable path, or we delay acting and pay a much higher price later and risk failing. the latest united nations intergovernmental panel on climate change report shows that
we must carry out immediate, rapid and sizable cuts to emissions to avoid disastrous consequences. some of us are asking why we move our goalpost from two degrees to 1.5 degrees? why? because science says so. we must listen to the warnings coming from the global scientific community, tackle the climate crisis and honor the paris agreement and the 2030 sustainable development agenda. this shift to clean energy is key to achieving the necessary reductions in greenhouse gas emissions. we can no longer postpone it. this transition requires significant effort and
governments must be ready to support their citizens and businesses through it. it also offers opportunities to boost growth, create jobs and reduce inequality. both the public and the private sector must do their share. governments can set short and long-term goals and short political financial and regulatory stability. but they can't do everything. prior companies accelerate the uptake of clean technology foster innovation and provoke production. public financing has attract green finance and reduce risk for -- public-private partnerships bring the two together. we must support private led initiatives that insert social and environmental priorities
into their production models such as his royal highness prince charles initiative unsustainable markets. italy's g20 presence wants to boost economic growth and make it more sustainable. we of it to our citizens, our planet and to future generations. it is now my pleasure to leave the floor to his royal highness the prince of wales after him, i will give the floor to brian moynahan. >> i am most grateful to you for inviting me to address this immensely important meeting. i know you have many pressing issues of the day, but none is more present than the future health of our planet and of the people who inhabit it. the planet health today will dictate the economic prosperity of generations to come.
hence, overwhelming responsibility to generations yet unborn. after nearly 50 years of trying to raise awareness of the growing climate and environmental crisis, i am sensing a change in attitude and the buildup of positive momentum. as you know, listening is often more important than speaking. i have listened closely to leaders of many countries, particularly commonwealth nations whose communities are some of the most climate vulnerable on this earth. it is also impossible not to hear the despairing voices of younger people who see you gentlemen as the stewards of the planet, holding the viability of their future in your hands. i have listened to those leaders
of the private sector for now more anxious to invest in the projects and new technologies that could establish a more rapid transition to sustainability. some 300 of the world's top ceos from every sector of the economy including financial services and representing well over $60 trillion in asset management join my sustainable markets initiative and demonstrate how acutely sensitive they are to the way both consumers who control more than 60% of global gdp and shareholders who are now demanding changes in the way businesses behave. which is why they wanted to make a big difference with the kind of investment only they can provide. following the recent biodiversity meeting in china, and with this weekend's -- this
week's conference in the united kingdom, it is too clear we will need trillions of dollars of investment every year to create the necessary new infrastructure and meet the vital 1.5 degrees climate target that will save our forests and farms, oceans and wildlife. no government has those sums, which is why i have spent so much time over the past 19 months trying to form a global alliance amongst the private sector, as i have long believed it holds the ultimate key to the solutions we seek. that is why i am so grateful to you for recognizing this central truth and for bringing them in and giving them a seat at this most important table so that climate change can be tackled in partnership.
it is why i also wish president -- every success when you pass the baton to him. this exhaustive but valuable discussion about what is needed to overcome barriers and unlock trillions of dollars, they have indicated three essential points. first, the need for clear market signals from governments so they can plan for the long-term. this would boost confidence in existing projects and attract the necessary -- for new ones. they tell me there are too few investable projects in the pipeline because there is too little confidence in the system. to do this, there is a need to align country and investment roadmaps. here, multilateral development banks have a critical role to play in creating the enabling environment that supports a
sustainable future. secondly, correcting misalignments across legal frameworks. realigning incentives, putting up proper -- putting a proper value on carbon, finding innovative ways to address the growing debt burden as well as implementing platforms seem absolutely critical if we are to support the poorest and most vulnerable countries as the transition occurs. solutions at scale seem possible only if there is a much closer partnership between government and multilateral banks, the private sector and investors. beyond mdb's committee urgent need to explore how the g20 can develop a mechanism to provide sovereign risk guarantees that would help release the vast sums of money required to make this
public-private partnership a reality. thus in turn is our only hope to clear -- keep global warming to 1.5 degrees. cop 26 begins in glasgow tomorrow. literally the last chance saloon. we must now translate fine words into finer actions. the enormity of the climate challenge dominates people's conversations from newsrooms to living rooms. as the future of humanity and nature itself are at stake, it is surely time to set aside our differences and grasp this unique opportunity to launch a substantial green recovery by putting the global economy on a confident, sustainable trajectory and thus save our planet. from what they tell me, the
private sector is already there eager to work with you and ready to play a significant, game changing role. this is why i am grateful to have this chance to talk to you today and to shine a light not just on how far we have come, but on how far we still need to go. thank you. >> thank you. announcer: c-span is your unfiltered view of government. we are funded by these television companies and more, including sparklight. >> the greatest town on earth is to place you call home. at sparklight, it is our home too. sparklight is working around the clock to keep you connected. we are doing our part so it is a little easier to do yours. >> sparklight supports c-span as a public service along with these other television providers giving you a front row seat to democracy.
the house returns monday at noon eastern for speeches with legislative work at 2:00. members will consider several bills concerning native american issues. any votes will take place at 638 p.m. eastern -- 6:30 p.m. eastern. across the capital, the senate resumes nominations at 3:00. currently, jonathan davidson to be deputy under secretary for the treasury. watch the house live on c-span and the senate on c-span two online at c-span.org or follow congress with our new video app. ♪ announcer: on q&a, howard hughes six senior fellow discusses the poor side of town, his critical
look at the effort by the federal government and private developers to create low-cost housing in the united states. >> what happened was once your home was torn down, you were directed to the projects which seemed nice, but you can only rent in the projects. you can never own anything in public and subsidized housing. to this day, this remains a problem. 47% of the residents of public housing to this day are african-american. those are all people who are not owning anything, not accumulating wealth. we shouldn't be surprised that after having steered african-americans to public housing that there is a gap in wealth. announcer: tonight at 8:00 eastern on q&a. you can listen to all of our podcasts on our new app.