There are issues about what we can do to help communities at high risk with relocation. What we can do to support communities that will be on the receiving end, they will need Financial Support as well. With that i will conclude those are some of the key ways in which i see the report we put out in september translating into the us context, thank you. I think youre absolutely right. Its very clear that awareness at the city, state and tribal level has been increasing. Mayors are on the front line of responding to all these extreme events and if you look at the burgeoning of resilience officers, the urban resilience network, there is a hunger for best practices, more data and to be able to share things with each other quickly. Our last speaker is Leonardo Martinez diaz and he directs the Sustainable Finance center at the resources institute. Previously we all worked at the department of treasury, Deputy Assistant secretary for energy and environment, he also worked on climate finance in that capacity but also international negotiations. He has held many other positions at the imf, at the world bank, at usaid and served on the board of the Green Climate fund. We know him as the author of the financing adaptation chapter. It is great to be here with so many colleagues and folks who have really spent a lot of time contributing to this issue. I want to focus on the private sector. My colleagues have been clear about showing you the challenges and opportunities for the Public Sector but now lets think about the part of the economy that is a huge amount of Small Enterprises as well as large corporations which was climate going to do to them and how can they prepare and take action . As it was clear from the comments you heard today companies will be affected by these impacts. Already it has become clear these impacts are affecting the bottom line, affecting business operations, affecting business facilities. Let me give you a couple examples, the food giant is very aware Climate Change is beginning to affect how and where consumers and key commodities going to its product we all know and love. They have to start thinking about where to begin to sort these things in the future as crop yields are affected. Think about bloomberg, the giant Global Financial data company that during Hurricane Sandy had servers in the basement and came within inches of getting hit by water wiping out the entire operation of its company. Think about our airlines which are increasingly concerned about the ability of their planes to take off in extremely hot weather which would mean delays and losses that way. Report operators and shipping lines are concerned what happens when port facilities and warehouses and railroads and so im get flooded and become inoperative. It is clear that business gets it at least large corporations are keenly aware of the impact. They dont call it climate risk, they call it Business Continuity risk, supply chain risk but in the end that is what it is and they are beginning many cases quietly but very carefully to plan. And it is crucial the government at the federal level and beyond begin to help facilitate and encourage the private sector to take action. Let me move to a very powerful tool that could help us do that and that is the Capital Market. The us built this incredible apparatus, Capital Market and stock market, the biggest in the world and importantly they are trusted by investors all around the world and that makes these markets so powerful and the reason they are trusted is they are transparent, thanks to reforms that go all the way back to the period after the great depression. The securities and Exchange Commission requires all private and listed companies to tell the investors anything that could be material, that is to say would impact the value of security in this case should that be known. And as a result the information investors can use about buying and selling security. So the question then, is Climate Change, climate impact, should Companies Report these 2 investors . Before that it wasnt clear that should be the case. I remember having a conversation with a Us Bank Regulator in the hallway of the treasury where we should start thinking about the reality of climate risk and she said look, if it was Material Companies would be reporting it and because they are not reporting it is not material. It is a circular argument that is going to get into real trouble because you could argue companies have been dealing with risk of different types all along. They had experienced hurricanes, floods but for the reasons my colleagues have laid out this type of risk is now significantly new kind of risk in the sense youre dealing with higher frequency and severity of events with cascading risks that cannot be as easily predicted. What has been the approach to try to encourage Capital Markets to get folks to think about climate risk. Some years ago there is a speech by the governor of the bank of england who said what we should do is get companies to disclose Climate Risks, get companies to explain to us, the investigators, regulators and consumers how they are taking these risks into account, how are they identifying the risks and what do they do with the risks when they find them and identify them and what exactly do they have planned in order to cope with this major challenge and as that becomes quantified and disclosed it becomes known to the consumers and investors and incorporated into the buying and selling of security and is priced, the risk becomes visible and then the prices begin to work their magic if you will, the companies that take climate risk seriously, putting in place credible strategies will be rewarded by the market with lower cost and those that are bearing their heads in the sand will find themselves punished by the market because the market will say you are taking risks that are reckless and we are not going to invest. That is the theory and the question is what happens now, how do we put that into play and let me tell the story of one Major Initiative proposed by the name the task force on climate related financial disclosure. Too many of us that is like the air we breathe but in the real world it is still a very obscure group. It is the privatesector led voluntary groups that had the lesson of regulators from the us and put together some recommendations that were pretty common sense, they tried to advise companies about how they should disclose this type of risk and how they should do it, what types of categories they should consider. Those recommendations went out in 2017 and were endorsed by hundreds of Companies IncludingMany Us Companies and the question became how do you actually do this . How do you make it granular and put it into your reports for the sec or other investors and the bottom line is it is not going well. Right now there was a status report in the summer basically of over 1000 companies that were studied, 25 are actually reporting aligned with 5 of the 11 recommended disclosures and only 4 of the thousand or so companies are disclosing aligned with at least 10 of the 11 disclosures. In other words it is going slowly, perhaps too slowly given we have a real time constraint. We should not cast too much blame in the sense this is not easy and is relatively short timing. It is hard to quantify these risks as christina said you have to model things, theres uncertainty involved, getting the right data, making it compelling, making sure youre getting things right is difficult and theres something called the first mover disadvantage as well. A lot of companies are concerned that if they go out there with their Climate Risks and are transparent about them but their competitors dont they will be at a disadvantage, they will proceed to be more risky than somebody else who stayed quiet about the risk. As one banker told me once if i were a company today i would be secretly preparing for climate risk while denying it in public. Not recommending you do that but that is the perception and thats going to be the problem with a voluntary system of disclosure, those that feel they are doing things right are more biased towards disclosing and those with more risk may not want to disclose anything so that is probably holding back this project. What can we do now. What can we do next to address these things . There are three things, the Climate Risk Disclosure act of 2019, by senator warren and counterpart in the house would direct the sec to issue rules that require every Public Company to disclose a series of things including Risk Management strategy related to physical risk by the Climate Crisis. The devil will be in the details and the sec will have to work through that with the privatesector and the community of investors but it is crucial that that type of Authority Come from the congress or it will be left to the financial regulators and still remain in a difficult environment of uneven disclosures. The sec did issue in 2010 some guidance on disclosing against climate risk but there was no introduction of these requirements so we are still in a world where this is encouraged but not required. Meanwhile in europe they are moving forward with the European UnionSustainable Finance taxonomy. It sounds incredibly boring but it is quite important. It is going to be a list of activities determined by experts and scientists to be aligned with the Paris Agreement in terms of mitigation and adaptation that could provide a sense of credibility around these types of activities. In other words if a bank or another Financial Institution puts out a green Financial Product or product meant to be good for adaptation how do you know if it is truly green or sustainable and truly Climate Friendly . This is one way to do it. If you apply the taxonomy it will be an approved, fully endorsed definition of good for meditation will be and this will be a european standard that would be universally applied at least in europe and would therefore help those in the market trying to make sense of these activities have that reference point. They are pretty far along, the taxonomy has been released and consulted extensively but it has yet to be approved by the council of ministers so that will be crucial if that happens, around 2023 this would start getting implemented and it would move very quickly in a major regional economy. Finally there is the Climate Resilience principles launched this year by the climate bond initiative, focused very much on the bond space. Youve heard of green bonds, they are everywhere. Washington dc should its own green bond for water and the problem is a lot of these bonds are focused mostly on the mitigation side. We havent done much for adaptational resilience and what these standards do is to help define exactly what our, quote, allowable highquality credible activities for adaptation and resilience so there is good material out there, Building Blocks out there but we have yet to take the big step of endorsing and turning these into law. What should congress do . The first thing i would say is to reflect on what we have learned for the last 5 years and begin to realize there are limitations to voluntary disclosure regime we are part of now and that means in my view theres an obvious need to move towards a mandatory disclosure regime, that is what the adaptation commissions recommendation also contains and i think importantly these have to be gradually introduced in order to make sure the market will be able to absorb them and work through them. These are complicated things that weve had some practice. Other initiatives have allowed the market to practice with a lot of these in a sandbox type of environment. It has to be gradually introduced but we need a set of common standards and metrics. If every company gets to choose how it reports on what metrics and what basis and what scenarios and what temperature targets it is going to be such a disorder of information the market will ignore it. It is crucial that this information be presented to the market and investors in a way that is comparable, consistent and common to all the companies. That is going to take centralized action and that is why it is important to have government involvement. It is important that we initially apply this to the Public Listed Companies in the first instance, folks often say small and Mediumsized Enterprises dont have the resources to do this, it would be an enormous burden on them and that is true. We are not suggesting this type of disclosure begin with those that are publicly listed. We have the mechanisms to do that. The process will take time, better to start soon especially now that the voluntary approach has run for five years in the us and europe dont end up with separate standards. This is happened before. The accounting standards, it is important to begin conversation, transatlantic conversation for larger Capital Markets to have a single standard and finally it is important to get china and japan to eventually join us so there is a level Playing Field in terms of disclosure. Transparency and disclosure are not going to solve everything. Market transparency will be a powerful tool to move the system across the board but it will not necessarily help the condition. We are still going to have to provide assistance and support to companies and communities for them to build that resilience. The market will simply be able to discriminate between those that are riskier and less risky and may move very swiftly to punish those that are not taking action but unless we also provide at the same time a letter of support and help to those who want to build resilience it is going to be difficult for them to move forward. Thank you for this opportunity. We look forward to considering this dialogue. Your point is well taken that the International Markets are moving very quickly and strongly towards Climate Risk Disclosure and the us should be part of the finding. When you started, you made me think again of that iconic picture during Hurricane Sandy of goldman sachs, the only lit building in midtown manhattan which brought me back to the opening point that it takes the system. Is not any good to have just one building lit if you cant get anybody to or from so the infrastructure, the transportation, the finance, the natural resources, necessary to build resilience system. Its your turn to ask questions. I cant believe we sat through all of that without plotting. They deserve a round of applause. All i could do not to burst into applause. Before we get into the queue and they a couple quick things. First i would like to give a special thanks to our friends at the today, sam medlock in the back, senior counsel, melvin felix, communications director. You would like to say a few words. Absolutely. Thank you. On behalf of chair cast or i thank everyone for being here today. I quickly want to mention the select committee on the Climate Crisis is developing a set of policy recommendations for Climate Action. For congress to take. Those will be made public in march of next year and we need your ideas and policy proposals as groups, as organizations and as individuals so i want to plug our information request which is climatecrisis. House. Gov request. It is a big document you can fill out any parts that you have ideas on whether it is resilience, adaptation, carbon pricing, all of that. Climate crisis. House. Gov inforequested you can follow our work on facebook, twitter and instagram. Thank you so much. You want to Say Something cute you we have sat down to normal height. Sam medlock i want to recognize some of our other fantastic staff that are here in the audience with rollie martin, e. G. I fellow helping to lead a lot of our thinking around science including metrics and data and how do we deliver a lot of the tools and decisions and actionable information that is needed and also our incredible clerk and a couple interns who are here, and after we adjourn. This is building twitter report to congress in march 2020. Your input is really valuable so thank you. And thanks to the science, space and technology for hosting us in their nice room. Today is november 1st. I have only been here a month and we have been very busy. In addition to working on our response to the rfi, there are many of us here who have been busy with briefings. We do a lot of briefings and they are all fantastic so if you are not a regular attendee version change and you should start attending, we have webcast options, three coming up that i need to plug, november 6th next week, Community Centered resilience lessons from louisiana, november 15th the growing role of Renewable Energy and november 22nd which is also the deadline for the rfi response, that is burned into my memory. The decarbonization of the us, these are just the ones in november. We will make announcements for december and january and if you cant be with us in person we have webcasts and