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[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.46,0:00:03.48,Default,,0000,0000,0000,,Whitney Pennington Rodgers:\NMarcelo Mena is an environmentalist
Dialogue: 0,0:00:03.50,0:00:04.65,Default,,0000,0000,0000,,and a scholar,
Dialogue: 0,0:00:04.68,0:00:07.48,Default,,0000,0000,0000,,and he is the former\NMinister of Environment for Chile.
Dialogue: 0,0:00:07.51,0:00:08.74,Default,,0000,0000,0000,,Welcome, Marcelo.
Dialogue: 0,0:00:09.59,0:00:12.81,Default,,0000,0000,0000,,Marcelo Mena: How are you doing, Whitney?\NThanks for the invitation.
Dialogue: 0,0:00:12.84,0:00:13.99,Default,,0000,0000,0000,,WPR: Perfect. Great.
Dialogue: 0,0:00:14.01,0:00:16.77,Default,,0000,0000,0000,,Of course, thank you so much\Nfor being with us here today.
Dialogue: 0,0:00:16.79,0:00:20.05,Default,,0000,0000,0000,,And you know, before we dive\Ninto the future of climate action
Dialogue: 0,0:00:20.07,0:00:21.72,Default,,0000,0000,0000,,in Chile and beyond,
Dialogue: 0,0:00:21.74,0:00:24.57,Default,,0000,0000,0000,,I think it would be great for us\Nto talk about the present
Dialogue: 0,0:00:24.60,0:00:29.94,Default,,0000,0000,0000,,and why Chile really represents\Na country that is worth thinking about
Dialogue: 0,0:00:29.97,0:00:31.98,Default,,0000,0000,0000,,when we talk about climate.
Dialogue: 0,0:00:32.01,0:00:35.62,Default,,0000,0000,0000,,You know, recently there have been\Nlots of commendable actions
Dialogue: 0,0:00:35.64,0:00:40.37,Default,,0000,0000,0000,,taken by your country\Nwhen we think about climate.
Dialogue: 0,0:00:40.39,0:00:44.93,Default,,0000,0000,0000,,Chile recently committed\Nto net-zero emissions by 2050,
Dialogue: 0,0:00:44.96,0:00:47.01,Default,,0000,0000,0000,,the first in the Americas to do this,
Dialogue: 0,0:00:47.04,0:00:49.93,Default,,0000,0000,0000,,and that's especially notable\Nwhen you think about
Dialogue: 0,0:00:49.95,0:00:54.12,Default,,0000,0000,0000,,how much of Chile's economy\Nreally depends on carbon emissions:
Dialogue: 0,0:00:54.14,0:00:56.85,Default,,0000,0000,0000,,mining and agriculture\Nand spaces like that.
Dialogue: 0,0:00:56.87,0:00:59.37,Default,,0000,0000,0000,,So could you start a little bit\Nby just talking about
Dialogue: 0,0:00:59.40,0:01:03.30,Default,,0000,0000,0000,,how would this even be possible\Nto get to net-zero emissions in 30 years,
Dialogue: 0,0:01:03.32,0:01:05.95,Default,,0000,0000,0000,,and what would that mean for Chile?
Dialogue: 0,0:01:07.14,0:01:09.93,Default,,0000,0000,0000,,MM: Mm-hmm. It was a very surreal image
Dialogue: 0,0:01:09.95,0:01:14.56,Default,,0000,0000,0000,,when we saw Minister Schmidt,\Nthe COP25 president,
Dialogue: 0,0:01:14.58,0:01:17.24,Default,,0000,0000,0000,,Patricia Espinosa,\Nthe UN head on climate change,
Dialogue: 0,0:01:17.27,0:01:21.38,Default,,0000,0000,0000,,with masks, delivering this new NDC.
Dialogue: 0,0:01:21.41,0:01:26.09,Default,,0000,0000,0000,,The important thing here is, things\Nthat are hard to build require consensus,
Dialogue: 0,0:01:26.12,0:01:30.70,Default,,0000,0000,0000,,but therefore to get rid\Nof that commitment,
Dialogue: 0,0:01:30.73,0:01:32.46,Default,,0000,0000,0000,,you need to have another consensus.
Dialogue: 0,0:01:32.48,0:01:33.64,Default,,0000,0000,0000,,This hasn't happened,
Dialogue: 0,0:01:33.67,0:01:39.10,Default,,0000,0000,0000,,so the thing is, the reason why Chile\Nhas a sort of vision towards mitigation
Dialogue: 0,0:01:39.12,0:01:40.43,Default,,0000,0000,0000,,that's ambitious
Dialogue: 0,0:01:40.46,0:01:43.04,Default,,0000,0000,0000,,is that we see that there's\Na big economic benefit.
Dialogue: 0,0:01:43.07,0:01:44.82,Default,,0000,0000,0000,,We have seen, we've witnessed,
Dialogue: 0,0:01:44.85,0:01:48.13,Default,,0000,0000,0000,,what the renewable energy sector\Nhas been able to do for investment,
Dialogue: 0,0:01:48.16,0:01:50.33,Default,,0000,0000,0000,,for lowering energy costs.
Dialogue: 0,0:01:50.35,0:01:52.80,Default,,0000,0000,0000,,And so therefore to reach this goal,
Dialogue: 0,0:01:52.83,0:01:56.54,Default,,0000,0000,0000,,we will inevitably expand\Nto 100 percent renewable,
Dialogue: 0,0:01:56.56,0:02:00.20,Default,,0000,0000,0000,,but we'll also transform our industry,\Nwhich is heavy on fossil fuels,
Dialogue: 0,0:02:00.22,0:02:01.57,Default,,0000,0000,0000,,towards low emissions,
Dialogue: 0,0:02:01.59,0:02:03.52,Default,,0000,0000,0000,,with the hydrogen economy kicking in,
Dialogue: 0,0:02:03.54,0:02:06.12,Default,,0000,0000,0000,,with a recently launched\Ncommittee that I formed,
Dialogue: 0,0:02:06.14,0:02:09.45,Default,,0000,0000,0000,,that Minister Jobet,\Nthe Minister of Energy, set up.
Dialogue: 0,0:02:09.48,0:02:13.75,Default,,0000,0000,0000,,And also energy efficiency\Nand a lot of capture, carbon capture.
Dialogue: 0,0:02:13.78,0:02:17.02,Default,,0000,0000,0000,,We are endowed with\Na lot of natural capital.
Dialogue: 0,0:02:17.04,0:02:20.02,Default,,0000,0000,0000,,Taking care of that natural capital\Nand expanding plantations
Dialogue: 0,0:02:20.04,0:02:22.79,Default,,0000,0000,0000,,will allow us to reach net-zero by 2050.
Dialogue: 0,0:02:24.36,0:02:25.54,Default,,0000,0000,0000,,WPR: That's great.
Dialogue: 0,0:02:25.56,0:02:28.57,Default,,0000,0000,0000,,And now it seems like Chile\Nhas such a huge focus, then,
Dialogue: 0,0:02:28.60,0:02:32.02,Default,,0000,0000,0000,,in thinking about renewable energy\Nand thinking about climate.
Dialogue: 0,0:02:32.05,0:02:33.64,Default,,0000,0000,0000,,But this wasn't always the case.
Dialogue: 0,0:02:33.66,0:02:35.45,Default,,0000,0000,0000,,Could you talk a little bit, I guess,
Dialogue: 0,0:02:35.47,0:02:38.36,Default,,0000,0000,0000,,about the history of how Chile\Narrived at this moment?
Dialogue: 0,0:02:39.71,0:02:43.04,Default,,0000,0000,0000,,MM: Yeah, so in 2011, 2010,
Dialogue: 0,0:02:43.07,0:02:45.70,Default,,0000,0000,0000,,we had an energy discussion
Dialogue: 0,0:02:45.72,0:02:49.13,Default,,0000,0000,0000,,with incumbents saying the only way\Nwe could solve our energy problems
Dialogue: 0,0:02:49.15,0:02:52.41,Default,,0000,0000,0000,,will be through large coal\Nand large hydro in the Patagonia.
Dialogue: 0,0:02:52.44,0:02:54.64,Default,,0000,0000,0000,,And that really polarized the discussion.
Dialogue: 0,0:02:54.67,0:02:58.72,Default,,0000,0000,0000,,We got together as a community\Nafter large protests
Dialogue: 0,0:02:58.74,0:03:00.78,Default,,0000,0000,0000,,that triggered a lot of social movements,
Dialogue: 0,0:03:00.81,0:03:02.22,Default,,0000,0000,0000,,and we started discussing
Dialogue: 0,0:03:02.24,0:03:05.99,Default,,0000,0000,0000,,how we should be able\Nto do our energy going forward.
Dialogue: 0,0:03:06.02,0:03:10.76,Default,,0000,0000,0000,,The population, public unrest,\Nset up almost 6,000 megawatts
Dialogue: 0,0:03:10.78,0:03:13.34,Default,,0000,0000,0000,,of coal-fired power plants\Nto never be built.
Dialogue: 0,0:03:13.37,0:03:17.02,Default,,0000,0000,0000,,And when the government,\NMichelle Bachelet's government came in,
Dialogue: 0,0:03:17.04,0:03:19.22,Default,,0000,0000,0000,,we pulled the plug\Non the HidroAysén project,
Dialogue: 0,0:03:19.24,0:03:22.16,Default,,0000,0000,0000,,which is a big hydro project\Nin the Patagonia.
Dialogue: 0,0:03:22.18,0:03:25.84,Default,,0000,0000,0000,,And both of these conditions\Nenabled an opportunity
Dialogue: 0,0:03:25.86,0:03:27.72,Default,,0000,0000,0000,,for renewable energy to set in.
Dialogue: 0,0:03:27.75,0:03:29.30,Default,,0000,0000,0000,,We put in carbon taxes,
Dialogue: 0,0:03:29.32,0:03:31.82,Default,,0000,0000,0000,,we put in environmental regulations,
Dialogue: 0,0:03:31.85,0:03:36.98,Default,,0000,0000,0000,,and we set up an energy strategy\Nthat we did, building on discussing
Dialogue: 0,0:03:37.00,0:03:38.38,Default,,0000,0000,0000,,and looking at the data,
Dialogue: 0,0:03:38.40,0:03:42.77,Default,,0000,0000,0000,,in which we thought that\Nthe 70 percent renewable energy by 2050
Dialogue: 0,0:03:42.79,0:03:45.04,Default,,0000,0000,0000,,was going to be a target\Nthat we could agree on.
Dialogue: 0,0:03:45.07,0:03:47.61,Default,,0000,0000,0000,,This target has been long surpassed.
Dialogue: 0,0:03:47.64,0:03:50.100,Default,,0000,0000,0000,,Now we're thinking of reaching\Nthat same goal by 2030.
Dialogue: 0,0:03:53.35,0:03:57.54,Default,,0000,0000,0000,,WPR: And what you were saying\Nabout social protests,
Dialogue: 0,0:03:57.57,0:04:00.55,Default,,0000,0000,0000,,that's something that a lot of people\Nmaybe have been following
Dialogue: 0,0:04:00.57,0:04:03.97,Default,,0000,0000,0000,,news of what's going in Chile\Nare familiar with recent social protests,
Dialogue: 0,0:04:03.99,0:04:07.39,Default,,0000,0000,0000,,and I think I'm curious about\Nhow you see that factoring in
Dialogue: 0,0:04:07.41,0:04:09.09,Default,,0000,0000,0000,,to climate action moving forward.
Dialogue: 0,0:04:09.11,0:04:11.54,Default,,0000,0000,0000,,How might these social protests
Dialogue: 0,0:04:11.56,0:04:13.94,Default,,0000,0000,0000,,play a role in what\Nclimate action you see?
Dialogue: 0,0:04:13.96,0:04:18.72,Default,,0000,0000,0000,,And, really, how is it possible for Chile\Nto be a leader in climate action
Dialogue: 0,0:04:18.74,0:04:22.55,Default,,0000,0000,0000,,while also struggling\Nwith some of these social issues?
Dialogue: 0,0:04:23.84,0:04:25.28,Default,,0000,0000,0000,,MM: Well, the social issues,
Dialogue: 0,0:04:25.31,0:04:28.41,Default,,0000,0000,0000,,which are very profound\Nand important to address,
Dialogue: 0,0:04:28.43,0:04:31.99,Default,,0000,0000,0000,,caused, for example, COP25\Nto not be able to be held in Santiago
Dialogue: 0,0:04:32.01,0:04:33.79,Default,,0000,0000,0000,,and to go to Madrid.
Dialogue: 0,0:04:33.81,0:04:37.25,Default,,0000,0000,0000,,And this also shifted a whole bunch\Nof the discussions and announcements
Dialogue: 0,0:04:37.27,0:04:38.43,Default,,0000,0000,0000,,that weren't done
Dialogue: 0,0:04:38.45,0:04:39.93,Default,,0000,0000,0000,,and we were expecting to have.
Dialogue: 0,0:04:39.96,0:04:41.35,Default,,0000,0000,0000,,But regardless of this,
Dialogue: 0,0:04:41.37,0:04:45.46,Default,,0000,0000,0000,,the fact that we have this commitment\Nfrom the government today
Dialogue: 0,0:04:45.48,0:04:48.14,Default,,0000,0000,0000,,shows that there's a resolution\Nto continue forward.
Dialogue: 0,0:04:48.16,0:04:54.37,Default,,0000,0000,0000,,But really, the economic model of Chile\Nwas brought into question,
Dialogue: 0,0:04:54.40,0:04:59.20,Default,,0000,0000,0000,,because the environmental issues,\Nfor example, are quite widespread,
Dialogue: 0,0:04:59.22,0:05:02.93,Default,,0000,0000,0000,,and many times you have\Nlarge coal-fired power plants
Dialogue: 0,0:05:02.96,0:05:05.67,Default,,0000,0000,0000,,being situated where people live
Dialogue: 0,0:05:05.69,0:05:07.58,Default,,0000,0000,0000,,and with higher mortality rates.
Dialogue: 0,0:05:07.60,0:05:10.67,Default,,0000,0000,0000,,Somebody who lives\Nwhere a power plant is installed
Dialogue: 0,0:05:10.69,0:05:13.87,Default,,0000,0000,0000,,has twice the rate of death
Dialogue: 0,0:05:13.90,0:05:16.05,Default,,0000,0000,0000,,in comparison to other people in Chile.
Dialogue: 0,0:05:16.07,0:05:21.64,Default,,0000,0000,0000,,So the model of having many people\Nbe impacted for the benefit of few
Dialogue: 0,0:05:21.66,0:05:25.22,Default,,0000,0000,0000,,is something that caused\Nand triggered the social unrest.
Dialogue: 0,0:05:25.24,0:05:27.69,Default,,0000,0000,0000,,And it goes into the economic model itself
Dialogue: 0,0:05:27.71,0:05:31.25,Default,,0000,0000,0000,,of extracting, polluting,\Nimpacting communities
Dialogue: 0,0:05:31.27,0:05:34.27,Default,,0000,0000,0000,,that may not see the benefits\Nof these economic activities.
Dialogue: 0,0:05:34.29,0:05:35.67,Default,,0000,0000,0000,,So while we've done a lot --
Dialogue: 0,0:05:35.69,0:05:41.28,Default,,0000,0000,0000,,we've come a long way, for example,\Nin securing a very emblematic agreement
Dialogue: 0,0:05:41.30,0:05:43.78,Default,,0000,0000,0000,,to phase out coal-fired power plants --
Dialogue: 0,0:05:43.80,0:05:46.18,Default,,0000,0000,0000,,many people feel that this\Nwasn't done fast enough
Dialogue: 0,0:05:46.21,0:05:48.72,Default,,0000,0000,0000,,and want this action to be brought faster.
Dialogue: 0,0:05:49.95,0:05:54.92,Default,,0000,0000,0000,,WPR: And it sounds like having people\Nbe the voice and the engine
Dialogue: 0,0:05:54.95,0:05:56.27,Default,,0000,0000,0000,,behind making that happen
Dialogue: 0,0:05:56.30,0:05:59.44,Default,,0000,0000,0000,,has really been part\Nof this historical thread
Dialogue: 0,0:05:59.47,0:06:01.78,Default,,0000,0000,0000,,with climate action in Chile
Dialogue: 0,0:06:01.81,0:06:05.51,Default,,0000,0000,0000,,and seems like it would really\Nlead things moving into the future.
Dialogue: 0,0:06:07.28,0:06:11.36,Default,,0000,0000,0000,,MM: No, definitely, and we will continue.\NYes, go ahead. Sorry.
Dialogue: 0,0:06:11.38,0:06:15.01,Default,,0000,0000,0000,,WPR: Go ahead. Please go ahead.\NWe have a little bit of a delay.
Dialogue: 0,0:06:15.03,0:06:20.10,Default,,0000,0000,0000,,MM: Going forward, we're going to be ...\NStarting out, we are doing well,
Dialogue: 0,0:06:20.12,0:06:22.72,Default,,0000,0000,0000,,but I think we need\Nto double down on our commitments.
Dialogue: 0,0:06:22.74,0:06:24.78,Default,,0000,0000,0000,,So even though\Nwe have ministries involved,
Dialogue: 0,0:06:24.80,0:06:27.12,Default,,0000,0000,0000,,we have civil society involved,
Dialogue: 0,0:06:27.14,0:06:30.20,Default,,0000,0000,0000,,we need to bring in\Nthe mainstream industry.
Dialogue: 0,0:06:30.22,0:06:33.59,Default,,0000,0000,0000,,I think, for example, the mining sector\Nhas a great opportunity
Dialogue: 0,0:06:33.62,0:06:36.37,Default,,0000,0000,0000,,to be the solution\Nfor the environmental issues,
Dialogue: 0,0:06:36.40,0:06:39.69,Default,,0000,0000,0000,,because we provide the copper,\Nthe cobalt, the lithium
Dialogue: 0,0:06:39.72,0:06:43.56,Default,,0000,0000,0000,,that are required for solar PV panels,\Nfor battery storage.
Dialogue: 0,0:06:43.58,0:06:45.56,Default,,0000,0000,0000,,But we need to do this in a clean manner.
Dialogue: 0,0:06:45.58,0:06:48.30,Default,,0000,0000,0000,,I think that's the biggest challenge\Nwe're going to have
Dialogue: 0,0:06:48.32,0:06:49.81,Default,,0000,0000,0000,,in the next 20 years ahead.
Dialogue: 0,0:06:51.21,0:06:53.47,Default,,0000,0000,0000,,WPR: And sort of pivoting to the pandemic
Dialogue: 0,0:06:53.49,0:06:55.82,Default,,0000,0000,0000,,and to thinking about\Nwhat's going on right now,
Dialogue: 0,0:06:55.84,0:06:59.17,Default,,0000,0000,0000,,the entire world has obviously\Nbeen devastated by this crisis.
Dialogue: 0,0:06:59.20,0:07:03.69,Default,,0000,0000,0000,,What have been some of the unique\Nchallenges that Chile has faced
Dialogue: 0,0:07:03.72,0:07:05.12,Default,,0000,0000,0000,,during this pandemic?
Dialogue: 0,0:07:06.30,0:07:08.00,Default,,0000,0000,0000,,MM: Well, definitely, as anybody,
Dialogue: 0,0:07:08.03,0:07:10.89,Default,,0000,0000,0000,,we are always struggling within
Dialogue: 0,0:07:10.91,0:07:15.27,Default,,0000,0000,0000,,taking actions today to prevent\Na deeper impact in the future.
Dialogue: 0,0:07:15.29,0:07:17.87,Default,,0000,0000,0000,,And we started off pretty well.
Dialogue: 0,0:07:17.90,0:07:19.42,Default,,0000,0000,0000,,We shut off schools.
Dialogue: 0,0:07:19.44,0:07:23.69,Default,,0000,0000,0000,,We shut off different cities\Nand had a quarantine.
Dialogue: 0,0:07:23.71,0:07:27.56,Default,,0000,0000,0000,,But we gave the wrong signals to people
Dialogue: 0,0:07:27.58,0:07:29.55,Default,,0000,0000,0000,,and we didn't have a consistent effort,
Dialogue: 0,0:07:29.58,0:07:32.91,Default,,0000,0000,0000,,and this has brought us to have\Nthe highest infection rates per capita
Dialogue: 0,0:07:32.93,0:07:34.50,Default,,0000,0000,0000,,in the world these days.
Dialogue: 0,0:07:34.52,0:07:38.01,Default,,0000,0000,0000,,So this goes to show that --\Nthe same parallels with climate change.
Dialogue: 0,0:07:38.03,0:07:41.26,Default,,0000,0000,0000,,We need to take action now\Nto prevent deeper impact later.
Dialogue: 0,0:07:41.28,0:07:43.93,Default,,0000,0000,0000,,And I think we need\Nto take the lesson of this
Dialogue: 0,0:07:43.95,0:07:46.71,Default,,0000,0000,0000,,to continue with an effort,
Dialogue: 0,0:07:46.74,0:07:50.23,Default,,0000,0000,0000,,because one thing is to announce\Nan ambitious NDC.
Dialogue: 0,0:07:50.25,0:07:53.75,Default,,0000,0000,0000,,Another thing is to invest and do\Nthe regulations that you require
Dialogue: 0,0:07:53.78,0:07:55.12,Default,,0000,0000,0000,,to turn this into reality.
Dialogue: 0,0:07:55.15,0:07:57.36,Default,,0000,0000,0000,,But there are some things\Nthat are interesting.
Dialogue: 0,0:07:57.39,0:07:58.65,Default,,0000,0000,0000,,The pollution in Santiago,
Dialogue: 0,0:07:58.67,0:08:02.14,Default,,0000,0000,0000,,which is one of the most polluted capitals\Nhistorically in Latin America,
Dialogue: 0,0:08:02.16,0:08:03.42,Default,,0000,0000,0000,,has dropped substantially.
Dialogue: 0,0:08:03.45,0:08:06.35,Default,,0000,0000,0000,,The car-related emissions\Nare down almost 80 to 90 percent,
Dialogue: 0,0:08:06.37,0:08:08.20,Default,,0000,0000,0000,,which is pretty substantive.
Dialogue: 0,0:08:08.22,0:08:11.82,Default,,0000,0000,0000,,And we look at the example\Nof what's going on.
Dialogue: 0,0:08:11.85,0:08:13.79,Default,,0000,0000,0000,,Harvard University showed a study
Dialogue: 0,0:08:13.81,0:08:17.29,Default,,0000,0000,0000,,in which they showed higher\Nmortality rates for more polluted cities.
Dialogue: 0,0:08:17.31,0:08:19.00,Default,,0000,0000,0000,,And this is also the case in Chile.
Dialogue: 0,0:08:19.03,0:08:23.90,Default,,0000,0000,0000,,For every microgram of pollution, PM2.5,\Nthere is an increase of the fatality rate
Dialogue: 0,0:08:23.92,0:08:25.08,Default,,0000,0000,0000,,of nine percent.
Dialogue: 0,0:08:25.10,0:08:28.65,Default,,0000,0000,0000,,But the thing is, we could also look back\Nat what we've achieved up to now.
Dialogue: 0,0:08:28.68,0:08:30.72,Default,,0000,0000,0000,,Had we not taken\Nmeasures to clean the air,
Dialogue: 0,0:08:30.75,0:08:34.05,Default,,0000,0000,0000,,as we've done in Chile\Nthese last 20 years,
Dialogue: 0,0:08:34.07,0:08:37.77,Default,,0000,0000,0000,,we would be talking about five times\Nmore people would have died from COVID.
Dialogue: 0,0:08:37.79,0:08:42.17,Default,,0000,0000,0000,,We have around 800 people\Nthat have died due to COVID directly,
Dialogue: 0,0:08:42.20,0:08:46.50,Default,,0000,0000,0000,,but this would have been much higher\Nhad we not taken action.
Dialogue: 0,0:08:46.52,0:08:48.86,Default,,0000,0000,0000,,And in fact, due to the lower pollution,
Dialogue: 0,0:08:48.88,0:08:52.98,Default,,0000,0000,0000,,if we estimate and predict this\Nto the rest of the year,
Dialogue: 0,0:08:53.00,0:08:56.22,Default,,0000,0000,0000,,we will have saved as many lives\Nreducing the pollution
Dialogue: 0,0:08:56.25,0:08:57.95,Default,,0000,0000,0000,,as we have lost in COVID,
Dialogue: 0,0:08:57.97,0:09:00.87,Default,,0000,0000,0000,,showing that there's a pandemic\Nthat we also need to address,
Dialogue: 0,0:09:00.90,0:09:05.30,Default,,0000,0000,0000,,which is the crisis on air pollution\Nthat suffocates many cities in the world.
Dialogue: 0,0:09:06.85,0:09:10.03,Default,,0000,0000,0000,,WPR: And it seems like that's probably\Nsomething that we're seeing
Dialogue: 0,0:09:10.06,0:09:11.60,Default,,0000,0000,0000,,in other areas around the world.
Dialogue: 0,0:09:11.62,0:09:15.32,Default,,0000,0000,0000,,As you're suggesting,\Nair pollution is a problem everywhere.
Dialogue: 0,0:09:15.35,0:09:17.65,Default,,0000,0000,0000,,And I'm curious also
Dialogue: 0,0:09:17.68,0:09:22.44,Default,,0000,0000,0000,,how these challenges\Nthat you've mentioned, and maybe others,
Dialogue: 0,0:09:22.47,0:09:24.93,Default,,0000,0000,0000,,might hinder or help
Dialogue: 0,0:09:24.95,0:09:27.32,Default,,0000,0000,0000,,some of this progress\Nthat you're hoping to make
Dialogue: 0,0:09:27.35,0:09:28.93,Default,,0000,0000,0000,,towards climate action.
Dialogue: 0,0:09:28.95,0:09:31.65,Default,,0000,0000,0000,,How do you see this factoring in\Nto some of the decisions
Dialogue: 0,0:09:31.67,0:09:34.68,Default,,0000,0000,0000,,that might be made going forward\Nin Chile and beyond?
Dialogue: 0,0:09:35.97,0:09:39.21,Default,,0000,0000,0000,,MM: OK, so we have a higher fatality rate\Nand more polluted cities,
Dialogue: 0,0:09:39.24,0:09:41.72,Default,,0000,0000,0000,,and we have a climate action to carry out.
Dialogue: 0,0:09:41.74,0:09:43.75,Default,,0000,0000,0000,,This is going to be a decisive decade,
Dialogue: 0,0:09:43.77,0:09:48.47,Default,,0000,0000,0000,,in which we need to lay the groundwork\Nfor our lower-emissions strategies.
Dialogue: 0,0:09:48.49,0:09:53.30,Default,,0000,0000,0000,,So whatever we do today cannot lock us in\Nto an incompatible climate future.
Dialogue: 0,0:09:53.33,0:09:57.25,Default,,0000,0000,0000,,We need to lay the groundwork\Nfor this low-emissions transition.
Dialogue: 0,0:09:57.27,0:10:00.40,Default,,0000,0000,0000,,So therefore, our green\Nrecovery efforts need to be done,
Dialogue: 0,0:10:00.43,0:10:03.01,Default,,0000,0000,0000,,as Kristalina [Georgieva] spoke last week,
Dialogue: 0,0:10:03.03,0:10:07.20,Default,,0000,0000,0000,,has to be related to a green recovery\Nthat creates jobs immediately,
Dialogue: 0,0:10:07.23,0:10:11.02,Default,,0000,0000,0000,,that addresses the poverty issues\Nthat we have on energy
Dialogue: 0,0:10:11.05,0:10:12.36,Default,,0000,0000,0000,,today in southern Chile,
Dialogue: 0,0:10:12.38,0:10:15.30,Default,,0000,0000,0000,,and we need to use this\Nfor expanding renewable energy
Dialogue: 0,0:10:15.32,0:10:18.83,Default,,0000,0000,0000,,and expanding the successful efforts\Nthat we've done on electromobility.
Dialogue: 0,0:10:18.85,0:10:23.77,Default,,0000,0000,0000,,Today, we have the largest fleet\Nof electric buses outside of China,
Dialogue: 0,0:10:23.80,0:10:26.76,Default,,0000,0000,0000,,but we could actually\Nmake this go even bigger,
Dialogue: 0,0:10:26.79,0:10:31.67,Default,,0000,0000,0000,,because we've seen that the reductions\Nin cost have been almost 70 percent
Dialogue: 0,0:10:31.69,0:10:33.44,Default,,0000,0000,0000,,in comparison to diesel buses.
Dialogue: 0,0:10:33.46,0:10:35.97,Default,,0000,0000,0000,,So we should use\Nthis opportunity to expand.
Dialogue: 0,0:10:35.100,0:10:38.62,Default,,0000,0000,0000,,And multiple stakeholders are working.
Dialogue: 0,0:10:38.65,0:10:41.57,Default,,0000,0000,0000,,We're working together\Nto call on the government
Dialogue: 0,0:10:41.59,0:10:43.05,Default,,0000,0000,0000,,to do a green recovery,
Dialogue: 0,0:10:43.08,0:10:45.64,Default,,0000,0000,0000,,to use the green bonds\Nthat we've already issued
Dialogue: 0,0:10:45.66,0:10:50.47,Default,,0000,0000,0000,,and under which we've gotten\Nreally low rates for interest rates,
Dialogue: 0,0:10:50.49,0:10:53.74,Default,,0000,0000,0000,,to do and fund cleaning the air,
Dialogue: 0,0:10:53.76,0:10:55.12,Default,,0000,0000,0000,,cleaning the transportation
Dialogue: 0,0:10:55.14,0:10:58.98,Default,,0000,0000,0000,,and laying the groundwork for\Na cleaner tomorrow in the mining sector,
Dialogue: 0,0:10:58.100,0:11:01.88,Default,,0000,0000,0000,,which is our biggest\Nchallenge going forward.
Dialogue: 0,0:11:02.67,0:11:06.38,Default,,0000,0000,0000,,WPR: And then as far as the way\Nthat you think about
Dialogue: 0,0:11:06.40,0:11:08.92,Default,,0000,0000,0000,,and conceptualize climate action,
Dialogue: 0,0:11:08.95,0:11:12.35,Default,,0000,0000,0000,,have you personally\Nhad any changes to your thinking,
Dialogue: 0,0:11:12.38,0:11:15.99,Default,,0000,0000,0000,,just as a result of what\Nyou're seeing through this pandemic?
Dialogue: 0,0:11:17.35,0:11:19.73,Default,,0000,0000,0000,,MM: Yeah, I think we start looking around,
Dialogue: 0,0:11:19.76,0:11:25.17,Default,,0000,0000,0000,,everybody had to struggle and find\Nthat we could do much more with less,
Dialogue: 0,0:11:25.19,0:11:27.89,Default,,0000,0000,0000,,and keeping a full economy
Dialogue: 0,0:11:27.92,0:11:31.10,Default,,0000,0000,0000,,that requires you to buy\Nan extra t-shirt that you don't need,
Dialogue: 0,0:11:31.12,0:11:35.16,Default,,0000,0000,0000,,the fact that we're using\Nthree times more clothes
Dialogue: 0,0:11:35.19,0:11:36.96,Default,,0000,0000,0000,,than we were maybe 20 years ago
Dialogue: 0,0:11:36.98,0:11:40.60,Default,,0000,0000,0000,,shows that we are blowing up\Nan economy that requires us
Dialogue: 0,0:11:40.62,0:11:42.81,Default,,0000,0000,0000,,to destroy the environment, in a way,
Dialogue: 0,0:11:42.84,0:11:45.61,Default,,0000,0000,0000,,to continue forward.
Dialogue: 0,0:11:45.63,0:11:48.79,Default,,0000,0000,0000,,And the food system is going to be\Nprobably our biggest challenge,
Dialogue: 0,0:11:48.82,0:11:53.50,Default,,0000,0000,0000,,and even though I've been working\Nwith electric buses and electromobility
Dialogue: 0,0:11:53.52,0:11:57.23,Default,,0000,0000,0000,,and just the more conventional mitigation,
Dialogue: 0,0:11:57.25,0:11:59.20,Default,,0000,0000,0000,,I think our biggest cultural challenge
Dialogue: 0,0:11:59.22,0:12:02.65,Default,,0000,0000,0000,,will be to talk about\Nhow our food decisions
Dialogue: 0,0:12:02.67,0:12:08.14,Default,,0000,0000,0000,,impact the way that we will have a future.
Dialogue: 0,0:12:08.16,0:12:10.46,Default,,0000,0000,0000,,"Nature" just put out a report
Dialogue: 0,0:12:10.48,0:12:14.24,Default,,0000,0000,0000,,that showed something that when we were\Nin the government, we had talked about.
Dialogue: 0,0:12:14.26,0:12:16.02,Default,,0000,0000,0000,,When Chile was good in soccer,
Dialogue: 0,0:12:16.04,0:12:22.15,Default,,0000,0000,0000,,we started going deeper\Ninto the wintertime contests,
Dialogue: 0,0:12:22.17,0:12:23.60,Default,,0000,0000,0000,,and we started winning games.
Dialogue: 0,0:12:23.62,0:12:26.71,Default,,0000,0000,0000,,But to win those games,\Nwe started doing a lot of barbecues,
Dialogue: 0,0:12:26.74,0:12:29.10,Default,,0000,0000,0000,,and the paper that came out\Nshowed something that,
Dialogue: 0,0:12:29.12,0:12:30.70,Default,,0000,0000,0000,,when we explained this to people,
Dialogue: 0,0:12:30.73,0:12:33.89,Default,,0000,0000,0000,,that you guys are messing up\Nthe air with barbecues,
Dialogue: 0,0:12:33.92,0:12:35.32,Default,,0000,0000,0000,,people thought we were crazy.
Dialogue: 0,0:12:35.35,0:12:40.68,Default,,0000,0000,0000,,Well, the "Nature" report now shows\Nthat we actually fouled the air
Dialogue: 0,0:12:40.71,0:12:42.92,Default,,0000,0000,0000,,and destroyed the air,\Nannihilated the air,
Dialogue: 0,0:12:42.94,0:12:45.13,Default,,0000,0000,0000,,because we wanted\Nto celebrate the soccer.
Dialogue: 0,0:12:45.16,0:12:48.58,Default,,0000,0000,0000,,And we set this up to people,\Nand people thought we were crazy.
Dialogue: 0,0:12:48.61,0:12:52.28,Default,,0000,0000,0000,,Now people acknowledge the fact\Nthat the basic things that you could do,
Dialogue: 0,0:12:52.31,0:12:54.47,Default,,0000,0000,0000,,such as the way that\Nyou choose how to cook,
Dialogue: 0,0:12:54.49,0:12:56.28,Default,,0000,0000,0000,,could actually impact your air.
Dialogue: 0,0:12:56.31,0:13:00.85,Default,,0000,0000,0000,,So I think going forward these\Ncultural challenges that we need to do,
Dialogue: 0,0:13:00.87,0:13:02.37,Default,,0000,0000,0000,,we need to tackle them head-on.
Dialogue: 0,0:13:02.39,0:13:04.15,Default,,0000,0000,0000,,We should need to show the evidence.
Dialogue: 0,0:13:04.18,0:13:06.67,Default,,0000,0000,0000,,Otherwise, we're just going\Nto be ignoring problems
Dialogue: 0,0:13:06.69,0:13:08.75,Default,,0000,0000,0000,,and letting them\Nperpetuate for the future.
Dialogue: 0,0:13:10.97,0:13:14.38,Default,,0000,0000,0000,,WPR: And, you know, for nations\Nwho have not really prioritized climate
Dialogue: 0,0:13:14.41,0:13:16.59,Default,,0000,0000,0000,,in the same way that Chile has,
Dialogue: 0,0:13:16.61,0:13:19.51,Default,,0000,0000,0000,,are there lessons that\Nyou think can be learned
Dialogue: 0,0:13:19.53,0:13:22.43,Default,,0000,0000,0000,,from some of the choices\Nthat Chile has made in recent years
Dialogue: 0,0:13:22.46,0:13:24.12,Default,,0000,0000,0000,,that other nations can apply,
Dialogue: 0,0:13:24.15,0:13:28.24,Default,,0000,0000,0000,,and how could folks in other countries\Nimplement some of these strategies
Dialogue: 0,0:13:28.26,0:13:30.26,Default,,0000,0000,0000,,that you implemented in Chile?
Dialogue: 0,0:13:31.52,0:13:33.98,Default,,0000,0000,0000,,MM: So, many people in the US\Nand across the world
Dialogue: 0,0:13:33.100,0:13:35.53,Default,,0000,0000,0000,,know about the Chilean sea bass.
Dialogue: 0,0:13:35.56,0:13:39.77,Default,,0000,0000,0000,,The Chilean sea bass was overfished\Nand almost collapsed.
Dialogue: 0,0:13:39.80,0:13:43.48,Default,,0000,0000,0000,,One of the things that we did under\Nthe support from "National Geographic"
Dialogue: 0,0:13:43.50,0:13:45.60,Default,,0000,0000,0000,,and with the leadership\Nof President Bachelet
Dialogue: 0,0:13:45.62,0:13:47.34,Default,,0000,0000,0000,,was to expand marine protection,
Dialogue: 0,0:13:47.36,0:13:50.63,Default,,0000,0000,0000,,from four percent of our oceans\Nto 43 percent within one government,
Dialogue: 0,0:13:50.66,0:13:52.42,Default,,0000,0000,0000,,which is the largest leap.
Dialogue: 0,0:13:52.44,0:13:56.92,Default,,0000,0000,0000,,There's only comparison to the US\Nduring Obama in terms of protection.
Dialogue: 0,0:13:56.95,0:14:01.41,Default,,0000,0000,0000,,And this is because we want\Nthis population also to recover.
Dialogue: 0,0:14:01.44,0:14:06.94,Default,,0000,0000,0000,,You know, when you\Nlet the park stop fishing,
Dialogue: 0,0:14:06.96,0:14:09.23,Default,,0000,0000,0000,,the overflow from the fishing
Dialogue: 0,0:14:09.25,0:14:12.06,Default,,0000,0000,0000,,will actually increase\Nthe biomass sixfold.
Dialogue: 0,0:14:12.08,0:14:15.15,Default,,0000,0000,0000,,So I think one of the efforts\Nthat we need to do
Dialogue: 0,0:14:15.18,0:14:17.71,Default,,0000,0000,0000,,as we talk about\Nthe biodiversity convention
Dialogue: 0,0:14:17.73,0:14:19.53,Default,,0000,0000,0000,,that's going to happen this next year
Dialogue: 0,0:14:19.55,0:14:22.61,Default,,0000,0000,0000,,is that we need to change\Nour relationship to the environment.
Dialogue: 0,0:14:22.63,0:14:25.60,Default,,0000,0000,0000,,We need to protect\Nand conserve our ecosystems,
Dialogue: 0,0:14:25.62,0:14:28.92,Default,,0000,0000,0000,,so they provide the services\Nthat they do today.
Dialogue: 0,0:14:28.94,0:14:32.68,Default,,0000,0000,0000,,Today, 96 percent of all mammals,\Nland mammals,
Dialogue: 0,0:14:32.70,0:14:35.02,Default,,0000,0000,0000,,are humans or stuff humans eat.
Dialogue: 0,0:14:35.04,0:14:38.32,Default,,0000,0000,0000,,Only four percent\Nof land mammals are wild.
Dialogue: 0,0:14:38.35,0:14:40.77,Default,,0000,0000,0000,,When I heard that data,\Nfrom "National Geographic,"
Dialogue: 0,0:14:40.80,0:14:41.96,Default,,0000,0000,0000,,for the first time,
Dialogue: 0,0:14:41.98,0:14:43.14,Default,,0000,0000,0000,,I couldn't believe it.
Dialogue: 0,0:14:43.16,0:14:45.56,Default,,0000,0000,0000,,We've changed our relationship\Nwith the planet,
Dialogue: 0,0:14:45.58,0:14:48.67,Default,,0000,0000,0000,,and we're suffering these decisions
Dialogue: 0,0:14:48.70,0:14:51.80,Default,,0000,0000,0000,,because we see zoonotic diseases --\Nnot just coronavirus --
Dialogue: 0,0:14:51.83,0:14:53.94,Default,,0000,0000,0000,,spread time after time.
Dialogue: 0,0:14:56.40,0:15:00.18,Default,,0000,0000,0000,,WPR: And we have Bruno here -- hi, Bruno\N-- with a question from the community.
Dialogue: 0,0:15:00.20,0:15:02.47,Default,,0000,0000,0000,,Bruno Giussani: Hi.\NAbsolutely. Hello, Marcelo.
Dialogue: 0,0:15:02.49,0:15:05.02,Default,,0000,0000,0000,,This is a question from Melissa Mahoney.
Dialogue: 0,0:15:05.04,0:15:09.09,Default,,0000,0000,0000,,She asks if you can expand on\Nwhat economic benefits
Dialogue: 0,0:15:09.12,0:15:11.100,Default,,0000,0000,0000,,of net-zero emissions are.
Dialogue: 0,0:15:12.02,0:15:15.62,Default,,0000,0000,0000,,And especially, could those benefits\Nbe the same for Chile
Dialogue: 0,0:15:15.64,0:15:17.39,Default,,0000,0000,0000,,and for other countries?
Dialogue: 0,0:15:19.36,0:15:20.51,Default,,0000,0000,0000,,MM: Good.
Dialogue: 0,0:15:20.54,0:15:22.68,Default,,0000,0000,0000,,For example, when I worked\Nin the World Bank,
Dialogue: 0,0:15:22.70,0:15:25.37,Default,,0000,0000,0000,,we supported Chile to look into\Nthe macroeconomic impacts
Dialogue: 0,0:15:25.39,0:15:27.01,Default,,0000,0000,0000,,of the net-zero target.
Dialogue: 0,0:15:27.03,0:15:31.68,Default,,0000,0000,0000,,And it was shown that Chile\Nwill grow 4.4 percent more.
Dialogue: 0,0:15:31.70,0:15:34.57,Default,,0000,0000,0000,,So we turned the risk of climate change,
Dialogue: 0,0:15:34.60,0:15:37.47,Default,,0000,0000,0000,,and we turned it into an opportunity\Nof expanded growth.
Dialogue: 0,0:15:37.49,0:15:40.67,Default,,0000,0000,0000,,This manifests in lower\Ntransportation costs,
Dialogue: 0,0:15:40.69,0:15:42.55,Default,,0000,0000,0000,,lower energy costs,
Dialogue: 0,0:15:42.58,0:15:45.30,Default,,0000,0000,0000,,and this makes the economy\Nmore competitive.
Dialogue: 0,0:15:45.32,0:15:48.92,Default,,0000,0000,0000,,The costs of reaching the net-zero target
Dialogue: 0,0:15:48.94,0:15:54.87,Default,,0000,0000,0000,,are much lower than the benefits\Nthat we will have to reap.
Dialogue: 0,0:15:54.89,0:15:57.47,Default,,0000,0000,0000,,And we're not even talking\Nabout cleaner air benefits,
Dialogue: 0,0:15:57.50,0:15:59.58,Default,,0000,0000,0000,,we're talking about\Ndirect economic benefits
Dialogue: 0,0:15:59.60,0:16:01.15,Default,,0000,0000,0000,,of having increased investments,
Dialogue: 0,0:16:01.17,0:16:04.40,Default,,0000,0000,0000,,which is something that every country\Nwill require in these years
Dialogue: 0,0:16:04.43,0:16:06.28,Default,,0000,0000,0000,,to recover from the COVID crisis,
Dialogue: 0,0:16:06.30,0:16:07.51,Default,,0000,0000,0000,,and lower energy costs.
Dialogue: 0,0:16:07.53,0:16:08.83,Default,,0000,0000,0000,,So that's how it manifests,
Dialogue: 0,0:16:08.86,0:16:10.89,Default,,0000,0000,0000,,and this is a consensus today
Dialogue: 0,0:16:10.91,0:16:13.01,Default,,0000,0000,0000,,that we need to have more renewable energy
Dialogue: 0,0:16:13.03,0:16:16.78,Default,,0000,0000,0000,,because this is the way that we've had\Ncleaner air and lower energy costs.
Dialogue: 0,0:16:18.49,0:16:25.52,Default,,0000,0000,0000,,BG: There is another question\Nfrom someone in the audience, asking,
Dialogue: 0,0:16:25.55,0:16:30.09,Default,,0000,0000,0000,,"Countries across Latin America\Nhave very different attitudes on climate.
Dialogue: 0,0:16:30.12,0:16:31.46,Default,,0000,0000,0000,,Can you comment on that?"
Dialogue: 0,0:16:32.67,0:16:36.10,Default,,0000,0000,0000,,MM: So Pew Research Center\Nhas been putting out reports
Dialogue: 0,0:16:36.13,0:16:40.46,Default,,0000,0000,0000,,regarding what is the main\Nexternal threat that you have.
Dialogue: 0,0:16:40.49,0:16:42.68,Default,,0000,0000,0000,,And in Europe, in the US,
Dialogue: 0,0:16:42.71,0:16:45.48,Default,,0000,0000,0000,,the biggest threat\Nwas either China or ISIS
Dialogue: 0,0:16:45.51,0:16:47.73,Default,,0000,0000,0000,,or some external bellicose threat.
Dialogue: 0,0:16:47.75,0:16:51.26,Default,,0000,0000,0000,,In Latin America and Africa,\Nit's climate change, number one,
Dialogue: 0,0:16:51.28,0:16:54.54,Default,,0000,0000,0000,,and Chile is one of the highest,\Nwith 86 percent of Chileans
Dialogue: 0,0:16:54.57,0:16:58.17,Default,,0000,0000,0000,,saying that climate change\Nis the greatest external threat.
Dialogue: 0,0:16:58.20,0:17:02.45,Default,,0000,0000,0000,,And this is also very high\Nacross the region.
Dialogue: 0,0:17:02.48,0:17:06.82,Default,,0000,0000,0000,,We could have populist governments\Ncoming in, changing their priorities,
Dialogue: 0,0:17:06.85,0:17:08.88,Default,,0000,0000,0000,,but the reality is, people are concerned,
Dialogue: 0,0:17:08.91,0:17:11.61,Default,,0000,0000,0000,,because they see the threat\Nof climate change every day,
Dialogue: 0,0:17:11.63,0:17:14.73,Default,,0000,0000,0000,,and regardless of whether\Nthe national government believes in it,
Dialogue: 0,0:17:14.76,0:17:15.92,Default,,0000,0000,0000,,climate change is real
Dialogue: 0,0:17:15.94,0:17:18.84,Default,,0000,0000,0000,,and is causing impacts\Nand causing poverty in the region.
Dialogue: 0,0:17:20.12,0:17:22.23,Default,,0000,0000,0000,,BG: Thank you, Marcelo.\NBack to you, Whitney.
Dialogue: 0,0:17:22.67,0:17:24.29,Default,,0000,0000,0000,,WPR: Thank you. Thank you, Bruno.
Dialogue: 0,0:17:24.31,0:17:28.08,Default,,0000,0000,0000,,And Marcelo, just one last question\Nbefore we actually say goodbye,
Dialogue: 0,0:17:28.10,0:17:31.73,Default,,0000,0000,0000,,which is just, knowing that you\Nwere involved in the negotiations
Dialogue: 0,0:17:31.76,0:17:32.98,Default,,0000,0000,0000,,for the Paris Agreement,
Dialogue: 0,0:17:33.00,0:17:35.70,Default,,0000,0000,0000,,are there things that you take\Nfrom that experience
Dialogue: 0,0:17:35.72,0:17:37.53,Default,,0000,0000,0000,,that you can apply to this moment
Dialogue: 0,0:17:37.55,0:17:40.89,Default,,0000,0000,0000,,as we think about emerging\Nfrom this crisis
Dialogue: 0,0:17:40.92,0:17:43.34,Default,,0000,0000,0000,,and coming out of the COVID-19 pandemic?
Dialogue: 0,0:17:44.73,0:17:45.90,Default,,0000,0000,0000,,MM: Yes,
Dialogue: 0,0:17:45.93,0:17:49.52,Default,,0000,0000,0000,,that there will always be a populist\Nthat will be opposing climate action,
Dialogue: 0,0:17:49.54,0:17:52.90,Default,,0000,0000,0000,,and the way to get at this\Nis to make the economic case,
Dialogue: 0,0:17:52.92,0:17:54.54,Default,,0000,0000,0000,,so regardless of what happens,
Dialogue: 0,0:17:54.57,0:17:58.10,Default,,0000,0000,0000,,there will be an economic case\Nfor spending on renewable energy.
Dialogue: 0,0:17:58.13,0:18:02.04,Default,,0000,0000,0000,,The US grew its renewable energy\Ninvestments around 40 percent last year.
Dialogue: 0,0:18:02.06,0:18:04.06,Default,,0000,0000,0000,,In Brazil, it grew almost 10 percent.
Dialogue: 0,0:18:04.08,0:18:07.00,Default,,0000,0000,0000,,And so therefore, if we are able\Nto align the economic goals
Dialogue: 0,0:18:07.03,0:18:08.21,Default,,0000,0000,0000,,with climate goals,
Dialogue: 0,0:18:08.24,0:18:10.75,Default,,0000,0000,0000,,you will be able to make this go forward.
Dialogue: 0,0:18:10.77,0:18:14.88,Default,,0000,0000,0000,,There's the Network for Greening\Nthe Financial System
Dialogue: 0,0:18:14.91,0:18:16.91,Default,,0000,0000,0000,,that puts together central bankers.
Dialogue: 0,0:18:16.93,0:18:20.81,Default,,0000,0000,0000,,The World Bank launched a coalition\Nof finance ministers for climate action.
Dialogue: 0,0:18:20.84,0:18:22.93,Default,,0000,0000,0000,,These are great efforts
Dialogue: 0,0:18:22.96,0:18:27.40,Default,,0000,0000,0000,,that will allow us to have the financial\Nsystem support climate action
Dialogue: 0,0:18:27.43,0:18:29.51,Default,,0000,0000,0000,,because there's an economic benefit,
Dialogue: 0,0:18:29.53,0:18:33.12,Default,,0000,0000,0000,,because it's important for you,\Nfor your fiduciary responsibilities,
Dialogue: 0,0:18:33.14,0:18:35.27,Default,,0000,0000,0000,,to disclose the risks you have,
Dialogue: 0,0:18:35.29,0:18:37.44,Default,,0000,0000,0000,,both transitionally and physically.
Dialogue: 0,0:18:37.47,0:18:38.93,Default,,0000,0000,0000,,And if we are able to do this,
Dialogue: 0,0:18:38.95,0:18:41.19,Default,,0000,0000,0000,,regardless of what negotiations happen,
Dialogue: 0,0:18:41.21,0:18:45.94,Default,,0000,0000,0000,,because there will always be\Nproblems with the consensus,
Dialogue: 0,0:18:45.97,0:18:48.64,Default,,0000,0000,0000,,you will continue to have\Na resilient approach
Dialogue: 0,0:18:48.66,0:18:50.50,Default,,0000,0000,0000,,because climate action will continue
Dialogue: 0,0:18:50.52,0:18:53.46,Default,,0000,0000,0000,,because you can have\Nthe economic system support this.
Dialogue: 0,0:18:54.70,0:18:55.94,Default,,0000,0000,0000,,WPR: That's really great.
Dialogue: 0,0:18:55.97,0:18:58.12,Default,,0000,0000,0000,,Thank you so much, Marcelo,\Nfor being with us
Dialogue: 0,0:18:58.15,0:19:00.21,Default,,0000,0000,0000,,to share your perspective\Nand your insight.
Dialogue: 0,0:19:00.23,0:19:03.91,Default,,0000,0000,0000,,It's really great to sort of zoom in\Non some of the things happening in Chile
Dialogue: 0,0:19:03.94,0:19:06.77,Default,,0000,0000,0000,,and how that might apply\Nto all of us all over the world.
Dialogue: 0,0:19:06.79,0:19:08.81,Default,,0000,0000,0000,,Thank you for joining us today.
Dialogue: 0,0:19:08.83,0:19:09.26,Default,,0000,0000,0000,,MM: Thanks.