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00:00Yeah. I'm sure as you've been busy just watching all the headlines and surely there's been a lot of ambitions. There's a lot of bold kind of targets have been set from much of South Asia Southeast Asia as well. What. Separate the fluff for us. And what is actually achievable. There's been a lot of sledging. And so they're setting goals and setting targets. And that's good. It makes a lot of noise that gets people into. It gives you an indication of where the policies are going in the future. But those policies have not been set yet. They've not been legislated. And that's where the real action is called for. We need to get the leaders back to their home countries and actually putting this through parliament putting the deadlines in place and making it a bit more mandatory than it is. A lot of the pledges that came out yesterday were not mandatory and gave a little bit of wriggle room to a lot of countries to exercise. So when when these leaders then go home and people talk about oh it's long time away but we need to act now too. So it's kind of both. What would need to be put in place in terms of legislation to is force the right verb to use to force companies and actors to get their act in play. Or how do you incentivize. I guess it's a bit of both. I wouldn't say it's forced now. I think a very good example is the European Union when they introduced their net zero targets by 2050. They made a lot of different proposals on which parts of legislation would change on energy taxation on infrastructure on renewables and so on. And most other countries when they've set their net zero targets have not actually told us how they're going to do that. So for a place like China we know they're going to wean themselves off of coal. The targets might be a bit later and that's great. But we need a bit of a time frame. We need a bit of a plan when that's going to happen which industries will be affected and what the alternatives tips are. And we'll need the government to bring out the money put in the investment and the capital expenditures to actually achieve that. I was going to India saying that there have been net zero by 2070 I believe. Does the math stack up to meet some of these pledges and net zero can be thought of as a spectrum. There's good net zero and there's bad net zero. To be honest with you Nancy you're basically means offsetting your sources of emissions with sinks of emissions. And that can be done in a big way or a small way. It can be done if I think India and other countries put their minds to it. So they need to be thinking about firstly how can we wean ourselves off coal. How can we build the infrastructure of the cleaner technologies to really pay for it. How much is it going to get. It's going to be a lot of money. I think they're asking for a lot of money. There are a lot of numbers throwing out their billions to trillions. Whatever the order of magnitude is it's law. They need to be mobilising the public capital that could come from developed countries. That would be fantastic as well as encouraging and making it easier for private capital to be a part of that. So they will need to have these risking incentives. They will need to sort of encourage people to invest in that sort of way by making it easier but it will cost a lot of money. But it is possible. I think that's the that's the emphasis. It is doable. Part of this fields like you know when you're out with your friends at night and you're looking up all up you know you're looking at the skies and the stars and you're all pointing to different things or do you see that star. And but you really don't have an idea all of you whether you're looking at the same thing. What I'm trying to get to as someone who had to do research do we have enough credible data and are we talking to the right people to figure out whether all these pledges and everything you know what everyone is trying to do are these are clearly we're in the right direction. But is are these the right sort of milestones that we should be hitting the. I wouldn't call them milestones. It's definitely the right direction. So different agencies the UN insist that we're going to hit two point seven degrees based on the officially submitted climate pledges. There's nationally determined contributions but we had 40 barrel of the IEA come out yesterday and said if all of the new pledges are fully implemented we might even reach one point eight degrees. And so there's a lot of wiggle room there. But I think the key is to keep on making those pledges and to improve on those pledges and actually implement on those pledges. So a lot more work needs to be done by everyone all parts of society the governments the businesses the investors civil society and us as individuals as well. So we're all looking at the same sky so to speak. But we all need to be making progress as to how we achieve the the ultimate test and how does a former portfolio for investors so to speak. If you look at ESG research whether the themes that we're seeing whether it's reducing methane ending deforestation renewable energy India that play as well. What is the sort of themes that you think investors can actually look on and actually invest in. It's about long term change. These themes are long term. You can't end deforestation tomorrow. You can't stop coal fired power plants tomorrow. So over the longer term it's about when do we think is it gonna be five years 10 years or 15 years. So structurally there will be a big change there. And investors need to be positioning their portfolios to to be ready for that. That will not just transition for that eventuality. So either investing in the companies that are saying we are shifting our business strategies we're changing our business models to be a better part and to be well positioned for that transition and moving away. The high carbon activities because carbon pricing will come in at some stage the price will rise. So it's a long term game. It's not something that you can do tomorrow but thinking about it. Doing the research now and putting in place all of the pieces for this structural change in the future and how their portfolios will be affected and the way that oil producers have now become energy producers because they've diversified of course what they do and I guess shifting away from fossil fuels. Again as a follow up to an honest question as a portfolio manager for example how do I approach polluting industries as the world financial services to be specific disengages from funding the dirty and polluting energy sources. In other words these big oil companies how do they fit into a global portfolio. At this point there's probably two approaches to that. I mean yes the funding is beginning to dry up but it's not as if their funding needs to be removed today. I mean we've still all driving cars. We're still flying and that's fine. So there is there is room for oil and gas in the near to medium term probably not over the longer term but in the near to medium term. So as an investor we should be looking at all of these different oil and gas firms and thinking about which ones have better transition strategies which ones seem more credible in their transition to lower carbon. Net zero renewable. All of the above. And then over time it's about positioning ourselves. So thinking about your exposure as well as engaging with these on the gas companies. Could you be doing more. How can we be improving your strategies. Can you bring forward your targets to a sooner date for example. And if the companies are listening that's great. We're all contributing. If the companies aren't listening we might have to rethink that strategy. But I think investors have a lot of potential to make some changes in that area.

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