Its just gotten under way. The issue of Climate Change has been with us for decades. Esi stated all the way back in 1988 that addressing Climate Change is imperative. And experts have been working on the issue and proposing solutions all the while. Instead of just more frequent storms, i hope what were seeing and feeling is momentum to act on these solutions. I think there is some evidence that this is the case. Last week i testified before the Senate Energy committee and the need to reduce Greenhouse Gas emissions was front and center. That probably would not have been the case a few years ago. Again, not something around a few years ago. At esi, we know and our panelists know that inaction on Climate Change is making the solutions we need to limit Global Warming harder and harder to achieve. We have to act now and we need to contribute to the momentum to act and reinforce it constantly reinforce it and this is where esi comes in, to inform policymakers and share Lessons Learned to help them understand the urgency and most importantly that we can make meaningful progress in the race to address Climate Change. All we need to do is start. This mornings panel is very special. We have many friends at the World Resources institute to thank and were joined by a true champion. She holds appointments at the school of health at the university of michigan. She ran the first Environment Division of the White House Office of science and technology policy. Shes lectured on every continent and more than 20 countries. Rosina is most importantly a member of esi distinguished board of directs and we could not do the good work without her. Ill turn it over to you and ill come back up when its q and a time. Good morning, everyone. Im happy to be on esis board. So let me set the stage. We call the Global Commission on adaptation report delay or play or plan and prosper, because coping with changes is already apparent. I would argue that we have already delayed and we are paying. Time is of the essence. Half of my life ago when i worked for the congress for the office of technology assessment, i led this first and only report that the congress ever asked for on adaptation, one on environment which included water, coasts and agriculture, thats what the front is there at the bottom. And the second one was on natural systems, wetlands, forests and parks. And it was requested by three committees, the house then science and technology, and commerce science and transportation. Interesting that 27 years ago, congress was already thinking adaptation might be important. The u. N. Commissioned a report in 2007 there on the left and the world bank commissioned a flagship World Development report focusing for the first time on Climate Change in 2010 and both concluded then that we knew enough to say as we did in 1992 and as esi did in 88 that past is not prologue. Climate change is altering the baselines, the planning and management that we have done for the past 50 to a hundred years will no longer work. That most of the impacts will be negative. That all systems, coastal, infrastructure, water, health, agriculture and ecosystems will be challenged in every region of the globe in developed and developing countries and that enhanced preparedness should be a global priority. We argued then and these reports argued that both mitigation and adaptation are needed because Climate Change is under way. Adaptation becomes less effective. The faster the pace of Climate Change. I think it was fitting that two of the three commissioners of the Global Commission on adaptation asked for that asked for these reports are now serving on the Global Commission on adaptation. The world bank, the u. N. Joined forces with bill gates this year. Depending on how you count this, it took 31 years to get a call for an action year on adaptation and as you all know, the Paris Agreements that were made to date by 195 countries, if they are fully implemented, would put us on that blue line well past the two degrees c level that is called for in the paris accord. Well above the preindustrial levels of 1. 5 to 2. We would be at least at 3. 3. Its going to be hard to cope with that. If you took all the science thats in the inner Governmental Panel on Climate Change reports and digested it into one graph, here it is. What you can see by the length of the orange bar is that already present and nearterm risk is not insignificant. But the two bottom lines, if we move to two degrees sea preindustrial things get much more risky. Proactive adaptation can lop off some of that risk and thats the gray part that just popped up. Especially in the 2 degree case. But adaptation, you see at the 4 degree, becomes less effective and becomes much more costly as you head towards faster and greater change. We cant adapt our way out of a fourdegree world. And i said at the temperatures weve already reached are not insignificant. Were seeing crops and forests and pests shifting north, more potent poison ivy, cranberries and maples moving into canada and floods and brought and fires, disrupting supply chains and energy services. And this was reiterated by the four National Climate assessments that congressman dated by the Global Change act of 1990 and i think were all pleased that legislation on resilience is now emerging in the congress. Globally, natural catastrophes have been increasing and this is data that is showing the number of weatherrelated disasters and how theyve increased, the storms are yellow, the floods are blue, and droughts, heat and fire and red. You can see at the beginning of the chart, in the mid 80s, it hovered around 200 events, but its now at 600. Last year alone the fires in california cost 24 billion and in 2017, all of the extreme events in the United States cost 312 billion. Thats real money. Real money that were losing today. Were also seeing more powerful tropical storms and these are just the record setters, so the record is largest and strongest, and you see irma, maria and harvey didnt even make it on this. But harveys rainfall was a record at 50 inches. Irma has set a record of the longest category 5 and dorian just added to this hall of pain and all of these have happened since 2012. I think one of the most important changes in our science base is this, you are all used to hearing scientists like me say, we cant tribute any single event to Climate Change. The science has advanced to the point that this is no longer true as an unequivocal blanket statement. The sentence in yellow there from our National Academy of sciences, the ability to attribute the role of Climate Change in extreme events is a big breakthrough in science. Just to give you one example, the two feet of rain we had in louisiana in 2016 and you see at the bottom there, Climate Change increased the odds of getting two feet of rain by 40 . Thats quite a powerful statement. So at the temperature increase of 1 degree c or two degrees farenheit already, we are seeing, increase, pain and suffering and cost. In analysis of extreme events of last year, 21 of the 27 were seen to have a clearly increased probability from Climate Change, in other words, Climate Change made those events more likely. As you know, every sector is being affected by these ongoing changes in temperature, presip and Sea Level Rise, just the energy sector, very much in our minds, lower water levels reduces hydro power, a wild fire affects electricity supply. Inland power plants in the midwest are sometimes flooded. Water limits are reducing oil and gas productivetivity. Theres reduced ability to transport coal down rivers and cooling water intake or discharge may be too hot, depending on the weather. These headlines all recent bring home the frequency and intensity of extreme events of heat waves, flooding, hurricanes, and remember, houston had three 500year events in five years. Were going to have to change the definition of a 500year event. Past is no prologue. We cant plan the way we did before. And fires, the area has doubled since 1984, an area of fires in the u. S. And the area of burn total, and, again, the combined fires in 2017 and 2018 were about 40 billion and from our own military, twothirds of military installations threatened by Climate Change in the next 20 years, not 2100. What else will the coming decades bring . We know theres a lot of infrastructure in the path of storm surges and rising sea level and this Risky Business report brought it home after Superstorm Sandys wakeup call, it will increase the annual cost of coastal storms along the u. S. Eastern seaboard and the gulf by 2 billion in the next skd. That number, just in those regions, could be as high as 507 billion. Investors are sounding the arm, increasingly calling for risk disclosure and this was amplified at the u. N. Climate summit last month. The World Economic forum asserted that Climate Change is the biggest risk to business in the world and weve seen of course pg and e declared as the first causality. The global in addition on adaptation and the year of action tracks are needed. We can delay and pay or plan and prosper. With that,less me introduce the first of our speakers. So first, i guess we will hear from the executive Vice President and the managing director of World Resources institute. Before that he was the director of the Nonprofit Bank information center. But he also served as a senior economist at the World Bank Working on watershed and Rural Development projects in asia and latin america. And hes the overall team lead on adaptation. Please come up. Good morning, everyone. Thank you. That was an ive been looking at this issue for the past couple of years very carefully and even still i have so much more to learn from rosina. Thank you for that lovely opening. I want to start with two things. One is, i suspect on the minds of most people hear the issue that were here for, Climate Adaptation and baseball. Washington nationals. I want to bring these two issues together for one moment. I dont know if any of you saw in the Washington Post just a couple days ago, a really interesting article about Climate Change and baseball stadiums and how we will need to reimagine how we build stadiums for sports in light of Climate Change. Just, again, something that i thought was particularly interesting in light of where we are today. I wanted to start with a short video that says a word or two about adaptation. Is there sound . You can quietly read along there. [ laughter ] i dont want to read it for you. The city for unprecedented challenge of Climate Change, Climate Change is a huge threat, 2,100 expect 50 of Lower Manhattan to be at risk of coastal storms. 2100 we expect 20 of the streets of Lower Manhattan to be subject to daily tidal inundation. Storm surge, extreme heat, intense precipitation, rebuilt the boardwalk. Adaptation. We spent a little bit of time preparing these videos from all around the world in the voices of those that are on the front lines actually talking about what it means to adapt. What im going to do today is take a few minutes to tell you a little bit about the Global Commission on adaptation and the main report findings we released a couple months ago and then my colleagues are going to go a lot deeper in terms of explaining what this may mean for the United States on a couple issues related to Climate Risk Disclosure. Let me start with the commission. You saw the cochairs, kind of two main objectives setting up this commission. One as was alluded to, adaptation is one of the things that people have been talking about for quite some time, but not nearly as much leadership attention has yet been put on this, even despite the fact that recently this was the top risk seen by major ceos in an annual survey the World Economic forum conducts each year. The second point was not just to elevate the political visibility. It was also to mobilize action. We wanted this tomorrow more than just a report. We wanted this to lead to real world change on the ground. We set up the commission of people from all around the world, sitting ministers, ceos, mayors, Civil Society leaders. We had the republican mayor of miami from the United States. And a wide range of about several hundred ngo partners that were part of this overall effort. The commission was launched about a year ago in the netherlands. As i mentioned, the last year was largely around trying to set the intellectual or analytical agenda for what we felt needed to happen on adaptation. This next year is about translating that report into a set of very very specific recommendations. And the point here was that we have seen a lot of reports that talk about what the cost of the impacts might be, what the problems of Climate Change may create. Theres not been as systemic approach to talking about how does the world respond and how does the world respond in term of building resilience. Thats what this report aimed to do. There were five messages that this report could fill in and im going to go through each of them quite quickly. The first is the human imperative. The second is to rethink how we look at the economics of investing in adaptation. The third is to say that even with economics, were not getting the attention that we want to see because a number of barriers get in the way. We need to see revolutions in understanding, in planning, and in finance in order to scale up, to create the level of passion we need to see on adaptation. The fourth is how we apply that to keep economic systems and what that means. And the fifth is how do we stimulate that, how do we provoke that in the coming year. How do we jumpstart this new bold agenda on resilience. The first port, adaptation is a human imperative. We know that the people, it communities, the countries that offer did the least to generate this problem will suffer the most. But we also know climate impacts will spare no one. Climate impacts are happening here and now. Just to give you a couple of numbers, we anticipate that over 100 Million People around the world will fall back into poverty by 2030 if no action on Climate Change is taken. We anticipate the yields from major crops could fall by up to 30 by the year 2050. Massive implications. We anticipate that over a trillion dollars per year of damages would take place in coastal cities around the world by 2050. But the real tragedy here is that those that have the least, that those that are poor, women, future generations, will suffer the most. So this is an issue we know that gets very much at exacerbating inequality in a much more devastating way. That said, the second message is actually quite a fresh message. We make the argument that adaptation, investing in building resilient makes good economic sense. We looked at a wide range of different types of actions. We looked at how the returns on developing Early Warning systems, in making new infrastructure resilience. In approving dry land agriculture Crop Production and protecting mangroves or other Nature Based Solutions. Making Water Resources more efficient. And what we found is that for every dollar that we invest in these types of adaptation interventions, could generate 4 to 5 in terms of net economic benefits in return. This is a really significant finding, right . It suggests that actually countries, communities, companies, makes good, good, economic sense to invest. This has been further substantiated by u. S. Studies that have found similar conclusions conclusions. Why is that . Im going to use another baseball example. This is less than a mile away, Washington Nationals park, which is the only major sports stadium in this country that is leaf certified. One of the things they did, is they put nature to work in the stadium. So im going to explain why the economics of this make senses. You have green rooves, trees in the stadium. That helps you avoid losses when you have a lot of rain, it absorbed stormwater run off. It helps you deal with extreme heat. Hot days in the summer watching baseball, this helps cool the temperature downism thats the avoided loss part of why this makes good sense. In addition to avoided losses, we see two other nature benefits making these types of investments. By having much a white roof, the kind of grass and shrubs on the roof, their electricity bills in the summer are actually less. They dont have to cool the building nearly as much as they would otherwise. Theres some good economic benefits. And then on top of that, you know, the aesthetic you know, looks nice. The recreational benefits. There are some benefits that might be difficult to monetize but that still matter. Those three dividends, avoided losses, economic benefits, social environment benefits are in part what creates these significant economic returns. The third finding is that despite these economic returns, we dont see the uptick of action that we expect. Why . Because theres a number of barriers still in the way. Oftentimes climate risk remains invisible. We find it very difficult to respond to climate risk because that requires collaborating between different departments within government, between Different Levels of government, local, state, federal government. It requires collaboration between the public and private sector. The silos get in the way of more effective efforts. We also see short term buyers, people dont appreciate the risk for tomorrow, they take decisions today. They also we also recognize the Financial System isnt wired to help support the up front cost thats associated with investing in resilience. Perhaps most importantly, theres a power issue here those that often feel the most impacts have the least political voice. This gets to the point at inequality that gets at why were not at the scale in the response wed like to see. In the report, in order to address these barriers, we make an argument we need to see three big revolutions in how we understand climate risk and respond to it. How we plan and integrate clime risk in Decision Making and how we integrate climate risk into the Financial Sector to help channel both public and private financial funds. When you take that and what we did in this report is going to apply that to the food sector. We looked at cities, we looked at infrastructure. We looked at health. Early warning systems. We looked at Nature Based Solutions, we looked at water. And we talked about if you take those revolutions and apply them to these sectors, where does one start . If youre sitting in the ag apartment, forest ministry, where do you start to build resilience . We laid out some of the key entry points for how to integrate climate risk into these different areas. I just have a few little examples from around the world of how others have done that with some sequuccess. This is an example in bangladesbanglades bangladeshi bangladesh. A country thats ravaged by cyclones. And cyclones of similar magnitude in 1990, in 2007, 2019 with a dramatic reduction in the cost of lives. Even in a country like bangladesh, real commitment to building Early Warning systems, shelter, transportation, Good Communications can result in a massive reduction in the loss of life. In infrastructure we see the need to not only how we update codes and standards to create roads that would be more resilient and more heat and more rainfall, but how we need to think about infrastructure as a system. Not to look just at the road itself, but to look at the road as a system of transportation to think about how you actually make the system more resilient. We looked at cities and we looked at all the efforts around the world in terms of building Nature Based Solutions as i mentioned just with the Washington Nationals park example, that really build resilience in cities. What this report does, it lays out what we see as the sum of areas that one needs to invest. It gives examples from around the world of where people have done this with incredible success. And that takes me to my fifth and final point i wanted to make. Is that this commission is not just about the report. It is about how you translate that into action. So here you see the launch in new york about a month ago where we had the commission actually not only launch a report, but launch action. And what we decided to do is to focus in these eight areas. And within the next year, think about the concrete steps that can be taken over the next 12 months to build resilience in these sectors. For example, in Food Security and rural livelihoods, we looked at how to actually increase or double investment in agricultural research. How we can expand access to services, expand access to finance, markets, technologies to enable farmers to be able to weather these types of shocks. Were doing this by bringing the world bank, the germans, the gate foundation, a wide range of players to move this type of agenda forward. Were doing this on finance and were doing this across all of those tracks that i mentioned. So its an incredibly exciting moment to be talking about this with all of you. Im going to now turn this back to roseina. Thank you. You brought up sports, so i remember more than a decade ago Sports Illustrated did an article by Climate Change is worrisome. We might use eight stadiums due to Sea Level Rise. But youll lose the everglades and youll have saltwater intrusion. Maybe sports is a key theme that we should pick up on. Thank you for your remarks, and were now going to turn it over to christina, the director for the Climate Resilience practice at world resource institute. She works to integrate climate considerations into all planning and programs, that is mainstreaming climate risk. She also was a branch chief at the u. S. State department in their Climate Change office. And before that, spent eight years helping Communities Reduce their disaster related risks. Christina . Thank you, so much, and good morning, everyone. What i wanted to do is following the review of the report, as a codirector of the Global Commission on adaptation having been deeply involved in this report, but also having formerly been with the u. S. Government, part of the federal government, i wanted to take the key messages that he laid out and bring it home to this means the United States. Oftentimes for those of you who have been working in this space, i think theres a tendency in the Global Dialogue that when we think about adaptation, we actually think about the bangladeshs of the world. We dont necessarily think about it in terms of countries like the United States or china or the United Kingdom or germany. The report tries to make this global call. Its not just about developing countries, needing to adapt the impacts of Climate Changes, but also richer nations. Nations like the United States are also going to be affected by the impacts of Climate Change. These revolutions that he was talking about, the revolutions in understanding in finance, how we need to apply that to our key systems in agriculture and cities, infrastructure are just as relevant in the United States as it is in bangladesh. So first i wanted to talk about why should we care . He talked about the human imperative, the economic imperative. I want to take a moment and talk about what these imperatives mean for the United States. I want to start, actually, flip it around and talk about the economic impairment. For me as an american taxpayer, i think its absolutely critical that our federal resources are invested wisely. The title of todays talk is plan and prosper or delay and pay. Thats key for the United States as well. We need to change the way in which we think about benefit cost ratios. Ive been in this space for about two decades and i think the trend is we think about adaptation, we think about the images. The images that she showed about devastation and what we need to do we talk about it in terms of the costs of the impacts. We also talk about iptern terms what it would take to actually adapt. What we dont do, what we dont make as visible is the benefits of adaptation. The benefits of up front spending, spending up front investments and making sure that we are resilient in our planning and design and our infrastructure and investing in Nature Based Solutions and also in Building Back after disaster strikes. Not Building Back to where we were in the standards where we were when a disaster hit, but Building Back stronger and more resilient. And these up front front End Investments will help us avoid or reduce the cost at the back end associated with responding to emergencies with Disaster Relief, disaster reconstruction in the United States as well as with lost economic the way we operate in a changing environment, for example, expectation is that well spend tens of billions of dollars each year by 2075 in federal government expenditure on Disaster Relief as a result of rising sea levels, as well as more intense hurricanes caused by Climate Change. Another example, as droughts become more intense and frequent, our farmers in the midwest will face increasing risks to production. That impacts their lives and livelihoods but it also impacts our federal budget in terms of the federal government does subsidize Crop Insurance premiums. Those premiums will go up as well as the payouts. The economics in the United States are very clear, he presented numbers earlier about one dollar investment in preparedness and resilience can save 4 to 10 in response. Thats the economic imperative of the United States. The second is the for me, which wasnt really covered in the report, but just as important in the u. S. Context, our federal government and our federal agencies provide really Critical Services to people to constituents, to citizens. Those agencies functions and services are going to be impacted by Climate Change. They need to remain functional in a changing climate. Climate change will impact the ability of the department of defense to do its job. In january of last year, the Department Released a study outlining how over 3,500 military installations face climate related risks from drought to strong winds and severe flooding. D. O. D. s Training Facilities will also be impacted. Ive heard stories from colleagues at d. O. D. Who talk about Training Facilities out in the west that are getting impacted by higher temperatures and quite frankly, they cant train anymore in those places. Its just too hot. The third reason i think we as americans need to care about adaptation and take more accelerated action on adaptation has to do with the human and moral imperative. Climate change will impact everyone, it will impact everyone in the United States, however some communities in the United States will be more vulnerable and have less capacity to adapt. Studies have looked at the correlation between urban poverty rates and climate vulnerability. Theres a pattern. The poorer the city, the higher its vulnerability to Climate Change and the lower its preparedness for the impacts. One of the key messages in the commissions report is that we should not accept a world where only some can adapt and others cannot. I was struck, actually, i participated in one of the there was a task force on state, local and tribal leaders that was a few years ago. They were formed to give advice and recommendations to the president on climate preparedness and resilience. I was struck by something the mayor of hoboken said following Hurricane Sandy about how we cant rebuild after sandy in a way that creates islands of protection. Where only certain people in a community or in hoboken are then Building Back in a more resilient way and others are not. So this issue of equity, moral imperative is important in the United States as well. What is happening in the United States . If you look at that report that the state local and tribal leaders submitted to the president a few years ago, there were numerous examples. For example, houston has created mobile Solar Powered Community support and Disaster Relief stations that can operate off grid and conserve communities with basic needs immediately after a disaster. Communities from vermont to illinois to colorado have rebuilt roads and other infrastructure in the aftermath of disasters in a way thats stronger and better than the state of those that infrastructure before the disasters hit. Counties in southeast florida have established a coordinated planning effort to Work Together to adapt to Sea Level Rise. Then we have examples like our neighbors, delaware and maryland, low lying states that are now requiring that state funded Construction Projects be designed to use standards that recognize the changing risks in climate. Lots and lots of bright spots happening in the United States. The federal government has an essential role to play in supporting these local efforts. It can do so by providing leadership, by providing guidance and information. It can encourage preparedness and incentivize, the revolutions we need in understanding, planning and finance. And congress can play a role in insuring and making sure that this happens at the federal level, given the Important Services agencies provide to state and local. Theres an opportunity to codify elements of an executive order. It was 13653 that was revoked on the 2017 on the grounds it made the u. S. Less competitive. It had several components. It called on federal agencies to modernize their programs that support state and local communities. It emphasized the role of federal agencies in providing information, data and tools, Decision Making tools to state and local to the state and local level for Climate Change preparedness and resilience. Third, it required all agencies to develop, implement plans into Agency Operations and Overall Mission objectives. There is an emphasis in this executive order to not silo adaptition into some side office. But really build it into the way agencies operate day to day. And it also required that all agencies report on that progress. Theres an accountability mec mechani mechanism. What did we achieve with this effort . Having been part of the federal government during this period, you could see over the course of several years, an increase in general awareness. There was a lot more fact finding, a lot more looking at a high level at least how Climate Change was going to impact federal Agency Operations and missions. That was great. It was much rarer to see agencies actually take on specific actions to go from Risk Assessment at a high level to actually taking action to address those risks. That said bright spots existed. Some of the examples that struck me at that time, one was h. U. D. What h. U. D. Did was develop tool kits and training materials for his grantees so they can incorporate Climate Resilience and preparedness in their Affordable Housing and Community Development plans. H. U. D. s grants have become a popular way to foster storm ravaged communities after disasters. H. U. D. And Rockefeller Foundation partnered to launch a 1 billion competition, awarding funding for resilient housing and infrastructure projects. Another example that i really appreciate is Veterans Affairs. When Veterans Affairs first started in the process, i remember hearing stories about officials showing up to these meetings and just kind of wondering why is Veterans Affairs here. What does Veterans Affairs have to do with Climate Change . What they discovered in going through the process is their facilities are at risk of Sea Level Rise and flooding. As a result of this process, Veterans Affairs created new standards so that when they were developing new or retrofitting facilities, it was a requirement they take the best available Climate Science into account. So there was progressive overall in terms of raising awareness and capacity. Its interesting that if you did all of agencies, they struggled with three things and those three things are similar to the revolutions we talk about in the report. They struggled with climate data. What data . How do you use that data . How do you apply it to their high level operations and strategies . There was a real challenge, a real desire from agencies to get support and figuring out where the data was and how to use the data. On planning, how to plan with uncertainty. I remember being in meetings where people would raise their hands and say tell me how much the sea level is going to rise and then ill take that into account. And then you have a scientist basically saying theres uncertainty and you need to plan with uncertainty. Youve got really good Civil Servants trying to figure out with no expertise in Climate Science trying to figure out what to do with that information. Planning with uncertainty was a major challenge. The third is finance. It takes money to do these Risk Assessments, to build the kp capacity of people to do them and to identify solutions. Agencies, i think, struggled with that. Some invested in hiring climate scientists, and others talked to each other. Theres a lot of collaboration in communication between agenci agencies to figure it out because the finances were there. This was something people had to do in their daytoday jobs. There was no additional funding. With a few minutes left, kind of looking at this experience with this particular eo, i would have a couple of recommendations in terms of what the house can do, what congress can do. The first is the process of climate preparedness and resilience is a longterm process. It needs to be invested in as a longterm process. Legislation is key to helping insure that we dont have these fits and stops. Federal agencies, what we learned over the last few years, we need to collaborate in order to provide the best data, the most usable and actionable data and decision tools to our states and communities. We need to continue to integrate climate preparedness into our daytoday business. We need to incentivize the up front investments and not keep thinking about how Climate Change is going to increase our Disaster Relief expenditures. Really identify ways in which and take action to reduce those costs up front. Even if that means spending up front. Another is changing the standards, so that after disasters, communities and states have an easier time rebuilding in a stronger, more resilient way. Finally, this issue of equity. How can we at both the federal, state and lower level insure that marginalized and underserved communities do not continue to be the most vulnerable and continue to not have the capacity to adapt. And there are issues about what we can do to help communities at high risk with relocation because communities will need to move. What we can do to support communities that will be on the receiving end, theyll need Financial Support as well. So with that, ill conclude, those are some of the key ways in which i see the report that we put out in september translating into the u. S. Context, thank you. Thank you, christina. Youre absolutely right. Its very clear that awareness at the city and state and tribal level has been increasing. Mayors are on the front line of responding to all these extreme events. I think, you know, if you look at the burgeanoningburgeoning, 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 World Resources institute. Previously, leo worked at the u. S. Department of treasury as an Deputy Assistant secretary for energy and environment. He worked on climate finance in that capacity, but also our international negotiations. Hes held men othany other posi at the world bank, at usaid and he served on the board of the Green Climate fund. Hes the author of the financing adaptation chapter. Leo . Thanks very much. Its great to be here with folk whose have spent a lot of time contributing to the issue. I want to focus now on the private sector. I think my colleagues have been very clear about showing you the challenges and the opportunities for the public sector. Lets think about the other part of the economy, which is a huge amount of small and medium sized enterpri enterprises, what is climate going to do to them and how can they prepare and take action . It should be clear from the comments youve heard today, companies will be affected by these impacts. Already, its become pretty clear that these impacts are affecting the bottom line. Theyre affecting business operations. They affect business facilities. Let me give you a couple of examples. Morris, the food giant, is very aware that Climate Change is beginning to affect how and where it consorts the key commodities that go into its products we all know and love. They have to start thinking about where are we going to begin to source some of these things in the future. Think about bloomberg, the giant Global Financial data company, that during Hurricane Sandy had its servers, the basement, it came within inches of getting hit by water, wiping out the entire operations of this economy. Think about our airlines which are concerned about the ability of their planes to take off in extremely hot weather, which would mean delays and losses that way. Think about our report operators and our shipping lines that are concerned about what happens when port facilities, warehouses and railroads and so on get flooded and become inoperable. Its clear that business gets it. At least large corporations are keenly aware of the impact. They call it Business Continuity risk. They call it supply chain risk. In the end, thats what it is. Theyre beginning in many cases quietly, but very very carefully to plan. Its crucial that 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 Markets. So the u. S. Has we built this incredible apparatus, the Capital Markets, the stock market, the bond markets, which are enormously liquid, very importantly, theyre trusted by investors all around the world. And thats what makes these Capital Markets so powerful. And the reason theyre trusted is because theyre transparent, thanks to reforms that go all the way back to the period after the great depression. It securities and Exchange Commission requires all publicly listed companies to tell us the investors about anything that could be material. That is to say it would impact the value of securities of stocks in this case, should that information be known. And as a result, that information is something that investors can use to make decisions about buying and selling securities. So the question then is is Climate Change, climate impact, are they material . Should Companies Report these to investors. Before that, it wasnt clear that should be the case. I remember having a conversation with a u. S. Bank regulator in the hallway of the treasury that maybe we should start thinking about it. She said if it was material, companies would be reporting it and because theyre not reporting it,i its not materia. Its a new risk, sure, companies have been dealing with risks of different types all they have experienced hurricanes, theyve experienced floods. But i think for the reasons my colleagues have laid out, this type of risk is now a significantly new qualitative type of risk in the sense youre dealing with a much higher frequency and severity of risks. It cannot be as easily predicted. Whats been the approach to try to use this to get folks to think about climate risk . Some years ago there was a famous speech by the governor of the bank of england. What we should do is to get companies to disclose Climate Risks. Lets get the companies to explain to us the veinvestors, regulators, consumers how are they identifying the risks, and then what do they do with the risks once they identify them . What exactly do they have planned in order to cope with the major challenge . As that becomes, then, quantified and disclosed, then that becomes known to the consumers, the investors, it gue gets incorporated into the buying and selling of securities andi and its priced. The risk becomes visible. And then the prices begin to work their magic, if you will. Theyre putting in place credible strategy, theyll be rewarded by the market with a lower cost of capital. And those that are burying their heads in the sand will find themselves being punished by the market because the market will say youre taking risks that are reckless and were not going to invest in it. Right . Thats the theory. The question is what happens now, how do we put that into play . Theres been let me tell you the story of one major initiative. It goes by a wonky name, the task force and climate related financial disclosures, to many of us thats become the air we breathe. In the real world, this is still a very obscure group. Its a private sector led voluntary group that had the blessing of regulators from the u. S. , and it put together recommendations that were pretty common sense. If you look at them, 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, they were endorsed by hundreds of companies, including many u. S. Companies. The question became well, how do you actually do this . How do you make it dprgranular . How do you put it in your records to the s. E. C. Or other investors . And i think the bottom line is its not going great. Right now, there was a status report in the summer, basically of over 1,000 companies that were studied, about 25 are actually reporting aligned with five of the 11 recommended disclosures, and only 4 of the thousand or so companies are disclosing aligned with at least ten of the 11 disclosures. In other words, its going slowly. Perhaps too slowly given that we have a real time constraint. Now, we should not cast too much blame in the sense its not easy andi and its been a relatively short time. Its hard to quantify these risks. You have to model things, theres certainty involved, getting the right data, making it compelling, making sure youre getting things right is difficult. There is something called the first mover disadvantage as well. Theres a lot of companies that are concerned that if they go out there with their Climate Risks and they are transparent about them, but the competitors dont do it, then they would be at a disadvantage. Theyll be perceived to be more risky than somebody who has stayed quiet about their risk. As one banker told me, if i were a company today, id be secretly preparing for climate risk while denying it in public. Thats the perception. Thats going to be the problem as long as we have a voluntary system of disclosure. Those that are feeling theyre doing things right may be more likely to disclose. Thats partly whats holding back the project. What can we do now . What can we do next to address these things . At least three things on the table right now. The Climate Risk Disclosure act of 2019, introduced into the senate by senator warren. It basically would direct the s. E. C. To issue rules within two years that require every Public Company to disclose a series of things, including its Risk Management strategies related to physical risks posed by the clime cris Climate Crisis. The s. E. C. Would have to work through that with the private sector and with the community of investors. Its crucial that type of Authority Comes from the congress, otherwise its going to be left to the financial regulators and well still remain in this very difficult longterm environment, a very uneven disclosure. The s. E. C. Did issue in 2010 some guidance on disclosing against climate risk. But there was no introduction of new requirements. So were still in a world where this is inkrbencouraged but not required. In europe, theyre moving forward with the European UnionSustainable Finance taxonomy. It sounds incredibly boring but i assure you its important. Its essentially going to be a list of activities that are determined by experts and scientists to be aligned with the Paris Agreement in terms of mitigation and in terms of adaptation that can help provide a sense of credibility around these types of activities. Nor if a bank or another Financial Institution puts out a green bond or a green financial product, or a product that is meant to be good for adaptation, how do you know if thats truly green . If thats truly sustainable and Climate Friendly . This is one way to do it. You apply the taxonomy. It would be an approved fully endorsed definition of what good for adaptation would be. This would 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. Its been consolidated, but its yet to be approved by the council of ministers. That will be crucial. If that happens, then around 2023 this would start getting implemented and it would move very quickly in a major economy, major regional economy. And finally, theres the Climate Resilience principles that were launched this year by the climate bonds initiative. This is focused very much on the bonds space. You might have heard about green bonds, theyre everywhere. Washington, d. C. Issued its own green bond for water. And these bonds are focused mostly in the mitigation side, we havent really done very much in green bond for adaptation or resilience. With these standards do, and it was part of the process, is to help define exactly what are quote unquote, allowable high quality credible activities for adaptation and resilience. Theres Building Blocks out there but weve yet to take the big step of actually indooendor and turning these into law. What should congress do . I think the first thing id say is to reflect on what we have learned over the last five years and realize there are limit limitations to the voluntary disclosure ruzeegime were a pa of now. Theres an obvious need to move to a mandatory disclosure reg e regime. And i think importantly, this has 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. But we have had some practice. The tcfd and other initiatives have already allowed the market to practice with a lot of these in a sandbox type of environment. So theyll have to be gradually introduced. Were going to need a set of common standards and metrics. If every company gets to choose how it reports under what metrics and what basis, its going to be such a disorder of information that the market will ignore it. Its crucial this information be presented to the market and the investors in a way thats comparab comparable, consistent and that is common to all of the companies. And thats going to take centralized action and thats why its important to have government involvement. Its important that we initially apply this to the public list of companies in the first instance. Folks often say well, small and Medium Sized Enterprises dont have the resources to do this. Thats true. Were not saying this type of disclosure begin with those, it should begin with those that are publicly listed. Thats why we have the mechanisms to do that. The process will take time. Its better to start soon, especially now that the voluntary approach has run for five years. Its important to insure that the u. S. And europe dont end up with separate standards. This has happened before, for example, the accounting standards. Are you familiar with that . Its important here that we begin conversation, transatlantic conversation so the two largest Capital Markets in the world will be able to have a single standard, not competing ones. Its important to get china and japan to eventually join this so there is a level Playing Field in terms of disclosure. Let me say at the end that transparency and disclosure are not going to solve everything. The market and market transparency will be a very powerful tool to move the system across the board. But it will not necessarily help the transition. Were still going to have to provide assistance and support to companies and to communities in order 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 swiftly to punish those that are not taking action. But unless we also provide at the same time a letter of support and a letter of help to those who want to build resilience, its going to be very difficult for them to move forward. Thank you very much for this opportunity. We very much look forward to continuing this dialogue. Thank you. I think your point is very well taken that the International Markets are moving quickly and strongly towards Climate Risk Disclosure and the u. S. Should be part of defining that. Also when you started, it 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 of, you know, what . It takes a system. Its not any good to have one building lit if you cant get anybody to or from. The infrastructure, the transportation, the finance, the Natural Resource systems, all very necessary to build a resilient system. So finally, its your turn to ask questions. I want to invite dan back up. I cant believe we sat through all of that without applauding. It was fantastic. I think they deserve a round of applause. All i can do not to burst into applause. Before we get into the q a, just a couple quick things. First, i would like to give a special thanks to our friends at the slug committee. Its made up of people who are committed to working on the problem. We have two of them today. We have sam medlock in the back, Senior Council, melvin felix. I think youd like to say just a couple words . Absolutely. Thank you. On behalf of the chair, id like to thank everyone for being here today. Really quickly i wanted to mention, so the select committee on the Climate Crisis is developing a set of policy recommendations for Climate Action, congress to take and those will be made public in march of next year. And we need your ideas and your policy proposals as groups, as organizations, and as individuals. So i want today plug our information requests, which is climatecrisis. House. Gov info request. Its a big document where you can fill out any parts that you have ideas on, whether its like, resilient, adaptation, carbon, pricing, all of that. So, again, thats climatecrisis. House. Gov info request. You can follow our work on facebook, twitter and instagram. Climate crisis. Sam, if you want to Say Something . So sam medlock, Senior Council for the house Led Committee on the Climate Crisis. I want to recognize some of our other fantastic staff that are here in the audience, and is helping to lead our thinking around scientist, including metrics and data and how do we deliver on a lot of the tools and Decision Support tools that and actionable information thats needed. And also our incredible clerk, dana and a couple of our nrintes that are here. Talk with those folks after we adjourn. This is building toward our report for the congress in march 2020. Your input is valuable. Thank you. Thanks also to the science space and Technology Committee for hosting us in their nice room. We so today is november 1st. Ive only been with the esi for a month. Weve been very very very busy. In addition to working on our response to the rfi, team esi who there are many of us here have been busy with briefings. We do a lot of briefings and theyre all fantastic. If youre not a regular attendee, that should change. November 6th, next week, Community Centered resilience, lessons from louisiana. November 15th. November 22nd, which is also the deadline for the rfi response, thats burned into my memory. Legal path to decarbonization in the u. S. These are just the ones in november. Well be making announcements for december and january. Like i said if you cant be with us in person woore have webcast. We also record everything and theyre on the website. If youre not already subscribing to our newsletters, we have a lot of information. Its all quite good. So if youre not currently using us as a resource, you should change that. Also, id like to thank our friends at cspan for bringing us to a wider audience today. Again, thank our friends at world resource Sas Institute fo all the great work. We have a roving microphone somewhere. There she is. It is held by savannah. I dont know yeah. But im going to get started. Im going to kick us off with a first question. The first question is when you look at what other developed countries are doing, are there to advance human adaptation practices and making investments what are the best practices and Lessons Learned that you think u. S. Policymakers should look at and emulate . Your microphones will turn on in the same way with the little talk button. Please feel free. Thanks, dan. This report actually has several examples from other developed countries, but ill name developed major economies, im going to expand it. Four examples of good practices. One is the nertherlands. The dutch have been living with water for quite some time. Theres an example of their effort, room for the river is what its called. Basically instead of building levies higher and higher as the Sea Level Rises, its actually making room for the river so that theres less flood and allowing the space for flooding and not having development on that space, which then, you know, increases losses and damages. Second would be an example on infrastructure in the uk. An iconic example in the adaptation community is the thames barrier built to protect 1. 3 Million People, more than 265 billion pounds of property and assets from storm surges and high tide. China. Often example used in china is sponge cities. Theyve got a goal in these sponge cities in china to abzsob reuse or capture run off. The fourth is our neighbors to the north in canada, investing and financing in Nature Based Solutions, particularly natural infrastructure. Restoring saltwater marshes in order to protect against coastal flooding. Any other comments from our panelists . Well go ahead and turn to the audience. We have a question up here in front. Thanks, im karen with climate central. Earlier this is a question i think primarily for leo. Earlier this week we published a study showing that coastal flooding risks are massively greater in most of the world other than the u. S. Than have previously been understood because we were able to develop improvement on the coastal elevation data set. Of course, Sea Level Rise isnt just how high is the water, its how high is the land. The data turns out to be wrong by an average error of six feet. Weve been able to use Machine Learning to adjust that down to three inches. There result being there are 300 Million People who are at risk of annual flooding three times more than previously understood. By 2050, 150 million at risk of daily flooding also known as high tide line. Those numbers double at the end of the century. How do we insure that companies are doing their analysis of Climate Risks, that theyre using new data, such as this, and not just this but other data as it becomes available. Much of which indicates that the risks are way worse than had been understood to date. A couple thoughts. Its going to be critical to have the type of disclosure i mentioned in my remarks, because that will then empower investors, including the Institutional Investors who hold large chunks of shares in these companies to engage with those companies and ask what are you doing oto deal with these risks. What precisely are you using in terms of your scenarios, your planning. What kinds of base line scenarios are you considering to be most probable and how are you deploying resources against that . What are the redundancies and other safeguards youre putting into place so if this were to happen you dont lose production, lose the supply. The other piece, of course, is the insurance companies. The insurers are going to be crucial because their conversations with companies will have to be taken seriously. Companies rely heavily, of course, on insurers to deal with the risk and even to deal with the super risks. And so the insurers are going to want to know that the companies are also taking into account the best data available. And the we need to make sure that there is a moral hazard. There isnt the perception that government will come in and bail you out. Because that is the perception, certainly, in the residential market. We all know about the Flood Insurance program and its challenges. The Global Commission adaptation mentioned this issue of moral hazard. How do we make sure that companies do not do nothing. If you ultimately if there is damage, that there is an implicit government guarantee. That will essentially put resources into those companies and communities. Of course, government has to be there to protect communities, to help them recover. But there has to be a division of labor, and division of financial labor between the public and private sector. That conversation we havent truly had yet. Were going to have to have it. Its going to require both and its going to require demaricating where the governments role begins and ends. And where companies are going to be expected to put skin in the game. Thanks for the question. We have a question over here, just nope. Please just to that, is one of the things that we also recognize in the report is that given the pace of urbanization taking place globally, the incredible lack of data that city officials have in many places around the world, one of the most Strategic Investments that can be made is basic topagraphic maps. [ inaudible ] and how we actually then translate or share that and use that for the uptake, weve given the recent advances to be able to do that. Its a huge, huge opportunity. Hi, yes. So one of the things that has been emphasized is a need for action on the federal level. And so my question is that we havent seen so much of that recently, and if we dont see that soon, lets say within the next four years, is there a plan b . Is there something that cities or private sectors step up more . Do we have a backup plan if federal support doesnt come quickly . Thanks for the question. While our panelists are thinking, ill say a couple things on that. One, i think the perception is pretty widespread. Im not sure its completely accurate. I think we talked about this last week in the Senate Energy committee. There are a lot of bills and theyre not just being introduced. Theyre being the committees are taking action. Many of them are finding their way to the senate floor or the calendar at least. I think the transportation bill, which has a lot of emphasis on infrastructure, including Nature Based Solutions and natural infrastructure is an example. Its sitting on the calendar. Its bipartisan. Who knows when it will come up but i think it has a lot of potential. Of course, on the house side, the select committee has been very busy, but so have the committees of jurisdiction, energy and commerce has been working through a lot of billsch many are limited in scope. Many theres an Energy Efficiency bill, workforce, bill, weatherization bill. When taken together, if they could be enacted, passed and enacted in the 116th congress, i think that would be great. The most Amazing Things we saw was the coalition thats called we are still in, and so youre seeing, you know, cities and states, the private sector, the philanthropic community, investment community, all saying, you know, we recognize this is a problem and we are still dedicated to confronting Climate Change both mitigating as much as the u. S. Had originally promised and coping with these problems are feeling on the frontline. I think that was an amazing amassment of groups, all around a common theme. And i think there is great strength in those numbers. We know filan tlopy cant solve it, the public monies cant. We need the private sector to be in there strongly, and they are now. Feel free to go right down the line. Sure. Just to add to that on the, we are still in, the u. S. Climate alliance, most of the focus has been on what theyre doing on mitt gates, but they have been doing quite a bit on add aptation. Theres a whole set of land use sclugsu solutions, that they are working with. We also need to remember that oftentimes some of the best solutions kind of sequester carbon and build resilience. Theres a lot that can be done. The other piece is to think a little bit about not only looking at standalone bills that look at add aptation but how you weve building resilience into your bills that are likely to go forward. There was a nice example, and i dont know the details, but i suspect you do, the transportation infrastructure act. Theres going to be a wide range of bills. One of the things we try to make clear in this report is that add aptation is, good add aptation is doing kind of growth or development different. And we need to kind of look at how to actually reframe sometimes the narrative from one that might be polarized around Climate Action to one that also can be about building resilience in what we do every day. Id like to hold on to the hope that we on add aptation and Climate Resilience, we can do both. I think frontline communities and cities, because theyre facing the impacts of Climate Change today, and regularly, will continue to take action to prepare. One of our commissioners is the mayor of miami, fran says suarez, and hes doing some great things in miami. One of the examples we highlight in the report is the miami forever bond where taxpayers in miami voted for their taxpayer money to go towards climate preparedness. I also think that there are frontrunner states and frontrunner cities and communities that will continue to take steps to adapt. I think we need at the federal level db i remember there was a mayor from louisiana, so im so glad youre doing a session on louisiana on november 6th, who was part of the state and local task force. No, it was alabama, not louisiana. It was a mayor from alabama who was talking about how she doesnt have the resources that a miami has. Its those places, thats where i think the federal government and the policies at the federal National Level are needed to support those communities. So i would remain hopeful that we can do both. And just one last federal asset that does still exist and is still being amplified on is noahs Climate Resilience tool kit which has examples from all different parts of the country, you can put in your city and it will give you future projections and you can work your way through what is most vulnerable and give you case studies of how other communities have responded. Great. One of the theechlz of our rfi response as were putting it together is kind of the point youre raising, in order to get this done it cant just be federal government, state governments, local governments. This requires a huge amount of coordination in order to get this done. We dont have time to waste resources. Its going to be difficult. I think we had another question up here in the front. So first off, thanks for such an amazing set of talks. My name is alex, and im working with senator schots. I have a question about Climate Change. For the private sector it seems Different Countries have different portfolios of risk, whether agricultural and Climate Change or for instance fossil companies where they have a large transition risk. Do the large Institutional Investors, are they worried about Climate Change or institutional or transition risk . And then further with the disclosure act, do you think theyll use the same framework for Climate Change risks and transition risks, or is there going to need to be a different framework . That sounded like it was aimed right at you. So yeah, climate risk is sort of the umbrella term. You have the transition risk, that is to say the danger that your Business Model will be upended by changes in policy or changes in technology, so that if your company is based on pumping oil and gas and selling it at a market place, if suddenly that becomes unfaezible because of changes in regulation, what happens to your companys value . Theres physical risk, the hurricanes, draughts, so on, affecting your company. I think initially companies were mostly focused on transition risk. Initially when the tcfd and ooze were launched, the focus was very much on the large meters, the cement companies, the energy companies, and how are they going to deal with this shift to essentially a higher carbon price . And i think since then, partly because of all of the disasters that have beset the world over the last four years, the private sector has now in the investors are now inkraedsingly concerned about physical risk. We at the finance center talk to a lot of investors, especially the Asset Managers and owners who are at the top of the financial food chain. They tell us they are most concerned about climate risk and they are increasingly devoting resources to understanding physical risk. The problem is they need lots of date awe from the companies in which they invest and oftentimes its not forthcoming or it is in ways that are hard to compare. Thats where the disclosure, mandatory disclosure regime could help. I think the private sector now really gets it and theyre really concerned about it. The two kinds of risk, the transition and the physical, are very different. Right . So one is about regulatory and tech nol logical change affecting a specific set of companies. The other is about a complex set of physical risks affecting supply chains and markets more broadly. So the frameworks will have to be different for both. And so in order to could this right youre going to need two sets of people who are quite different in their skills and their expertise to put together a framework that makes sense for each one of the risks. Just to add one small addition to that is that for many of these companies that have complex Global Supply chains, that these risks really need to be better appreciated, given that physical risks may manifest itself quite different in different parts of the value chain, but in particular the transition, Regulatory Risk given many other countries are taking action on this and at times considerably faster than in this country. In that vain, it reminds me with did a look at the last administration of add aptation, and it was shocking. This answers the preechbs question about how things were accelerating. Most of the s p 100 were most worried about contingency about keeping operations going, and only 18 were using longterm models. Now its almost 40 . Thats been just a few years. This idea, as manisha says, about supply chains and understanding the one part of the world and how its going to affect you, is taking off. I think thats really important. Thanks. I think we have time for one as long as its brief, up here in the front row. The front row is really showing up today with questions. Thank you. John, just id like to talk about the highway bills or transportation bills are going through. Where theyre located is often determines where private investment is going to go and where were going to develop. What should we look for or try to get into the transportation bills to keep transportation infrastructure from getting people to build in the wrong places . Ill just say thats a good question and ill leave that to our panelists. I think two things fic stick out in the bill. One is that its going to move. Its a viable legislative vehicle. There has to be a transportation reauthorization. So that means that well attract lots of attention and everyone will have lots of ideas for what the committees and members can do. There are also block grant programs. I think Community Development, cdbg, about others. Theres one called the surface transportation and one that is the promoting resilient operations for cost saving trans fortation which reduces to, protect. Those are great ways for the federal government to encourage the kinds of add aptation investments that the panelists have talked about. If you have questions about land use and transportation im happy to turn it over to the panel. Im not familiar with the bill. But just speaking generally in terms of transportation and what we can be doing, i was struck by the last point in your question about how do you prevent or disincentivize malad aptation, building transportation in areas that we know are going to be more at risk for example of floods. Where a 1 in 100 flood is now 1 in 25 years. That gets to dans point on land use. How can we be better about thinking about how to do we change and update or zoning regulationings to disincentivize building in areas that we know are at risk . Just to add to that, you need a couple of things. One is to make sure the planning, the design, the citing of the infrastructure is going to be based on the best available data and the most updated flood maps because youre talking about infrastructure that has a life of 50plus years. The other thing is whats known as no regret policies. You incorporate some flexible features. You may not know for sure what Sea Level Rise is going to look like in 30 years. But what you might do is make sure that that structure can be at low cost expanded, raised, retrofitted in some way in order to cope with a projection that exceeds your baseline. In california there is a bridge that has structures that are designed for a certain sea level height. But that can be elevated further, should the need arise. And it can be done cheaply. So you have to factor those flexicts in flexibilities for a rainy day if you want to do that. I look that way and saw doug mason sitting over there. Doug, i know, was part of an effort, Hoover Institute put out a paper this year, right, doug, onnive structure and prince paflz of it. I was just reading through it the other day. I cant remember what the six or so prison plz werrinciples were. There are experts out there who i think would be a wealth of expertise on advice to that particular bill. Thanks. I think were going to have to end it there. Were a couple minutes past 11 00. Speaking to the bill, we have a wonderful fact sheet online. Let me thank anna, and amber, and satisfy ana and george and amry and dan joe, for all the work. Thank you panelists, thank you, roseina, and i hope everybody has a really great rest of your friday. Thank you. [ cheers and applause ] new jobs numbers are out today. The Labor Department is reporting 128,000 jobs were added to the economy last month but the overall Unemployment Rate was up slightly to 3. 6 . Payrolls fell by 36,000 in manufacturing but that was mostly the gm strike. Wages have climbed in the past 12 months. Cspans Campaign Continues live today with president ial candidates in iowa and mississippi. Starting at 7 30 p. M. On cspan the democrats speak at the liberality and justice celebration. Michael bennet, joe biden, cory booker, steve bullock, pete buttigieg, julian castro, john delaney, amy klobuchar, beto orourke, bernie sanders, tom steyer, elizabeth warren, and andrew yang. Cspan 2, President Trump holds a rally in tupelo, mississippi. Watch live today at 7 30 eastern and at 8 00 p. M. Watch anytime on cspan. Org and listen on the go with a free radio app. 40 years ago iran students over ran the u. S. Embassy in tehran and held 52 americans hostage for 444 days watch two features on the hostage crisis. Our guests on washington journal, former carter, and former hostage. Theyll be taking phone calls and tweets. And then at 10 00 a. M. On real america, the film 44 days to freedom detailing the hostage crisis. With no help coming, the besieged staff retreated floor by floor. One american, john lib ert, who spoke far si went out to speak. He too was immediately blindfolded and bound and threatened with death. The americans surrendered. Explore our nations past on American History tv every weekend on cspan3. Up next, federal trade Commission Members rebecca slaughter and Rebecca Wilson talk about their privacy concerns they have with new technology. This is hosted by the brookings institution. Welcome everybody here. Welcome to our cspan audience. Im cameron carry, ann and andrew tisch distinguished senior for innovation. And im pleased to continue our discussions