Hi, I'm Vince Molinari, and welcome to FinTech TV.
We're broadcasting from the iconic New York Stock Exchange and delighted to have my good friend Satya Tripathi back with us, who is the Secretary General of the Global Alliance for a Sustainable Planet, or GASP, good strategic partner of ours, so it's always fun and insightful to have you here with us, Satya.
Absolutely a pleasure to see you, Vince.
Well, so much going on.
Give me a little insight.
What's going on in the world of a state of climate right now?
A lot actually, you know, it's, it's, it's truly tragic, you know, when you come across everyday news on the electronic media, on the print media, and especially the tragic death of children in in the flash floods in Texas.
Now, yes, you know, you can't blame people for a flash flood, that's Mother Nature.
But it's all long term policy decisions that lead up to these kind of tragic consequences, you know.
It's not one person you can blame or one government you can blame.
It's systemic.
It's the aggregate, it's the aggregate of our behavior that reflects in these tragic consequences, but The good news is that the world is finally waking up.
I mean, of course there are political challenges different.
We all are.
I wouldn't say victim, but hostage to the political cycle globally.
Governments change every few years.
New governments come, new ideas, and rightly so, that's how democracy works.
But in the middle of all that, What is very gratifying is to see that.
People are really now what was a fringe conversation is now mainstream.
I just came from the London Climate Week.
I was speaking at a host of events.
The most important was at the London Stock Exchange, and, and I remember this because we're at the iconic New York Stock Exchange, and it was hosted by the London Stock Exchange on the state of global carbon markets, and I was doing the opening keynote and it was amazing, you know, not even a standing row.
And some very much different than just a couple of years ago, right?
2 years ago you'll have to be struggling to find a crowd to listen to anybody, you know, and more important, these are all people that matter.
Either in policy or in finance or in, you know, civil society movements, they're all in the room.
And The consensus that came through in that conversation was that the time for pledges is over.
You know, telling a story to people and then quietly walking off the back door.
Oh, I didn't see it.
I don't know it.
Now when you say something, people are holding you to account, and I think that's both exciting and gratifying at the same time that it is finally entering the mainstream of the business conversation, you know, everybody else makes a lot of noise and it's positive and it's important, but They're not significant in the bigger play of things.
That's the big corporations, the billion trillion dollar corporations, and the big governments.
When they change behavior, we change behavior.
Well, look at.
So spot on and I think indicative of where the conference was the London Stock Exchange.
Here we are at the New York Stock Exchange.
You know, we have Capital and Climate coming up shortly, but we do SACTV with the UN Sustainable Stock Exchange initiative.
So those are the signals to me as you talk about.
This business moving to action to solve through capital markets and some of the biggest challenges that we have facing humanity.
So I think it's dramatic shift and engagement than just a few years ago.
Absolutely without a doubt, even at the high level political forum, which is still underway, and I've spoken at a few of these gatherings, especially significant was one hosted by gender.
They are the world's leading tech company on Ventilation clean air.
They call themselves the Ferrari of ventilation, and, and, and I was telling the audience that As much as I admire what Jera does as the Ferrari of innovation in ventilation equipment and clean air.
But how do we get it to people that matter, the billions, not the millions, you know, how does technology make that transition from for a few then to the for the masses?
And so that's what would be a true Ferrari moment for gender, you know, I was telling the managing director, and they want to work with us and so we're looking forward to the collaboration.
And so, you know, so there are these people are not just willing to pay lip service, but they're really willing to step up.
And not just have a conversation but to engage in a meaningful way.
And that's really, really for someone like me who's been in the trenches for a long time, I finally see light at the end of the day.
We'll have to illuminate that a bit more and and speaking of that, coming off of your recent trip, starting to get some visibility into New York Climate Week coming up, you know, kind of in September time frame.
You know, what are you seeing as part of that agenda, and is it different this year potentially?
It is very different in the sense that There's a lot of polarization in terms of Different stakeholders within that continuum, you know, and I call it a continuum because There's always companies that want to do the right thing.
There are companies that want to wait till it is not possible for them not to do the right thing.
So there are, you know, so it's a continuum.
I don't get disheartened by a particular policy shift or a particular corporation not doing what they should be doing.
I mean, it would be great if everybody did the right thing.
Well, what is the right thing is always the jury is always out there, you know.
It's a question of is it the right science?
Is it the right policy?
Is it the right politics, you know, so.
Keeping that aside, I think what's important is that the Climate Week New York has been kind of a lighthouse for a long time.
London Climate Week this year got the momentum and they had 45,000 people coming in.
Attending hundreds of these gatherings, but New York Climate Week has been that for a long time, and it happens at the right time because it's next to the UN General Assembly.
And this year is particularly significant because the theme that all governments coming together, including President Trump and everybody else, is that cooperation is the theme this year about cooperatives, you know, of course if you go down to the basic definition, of course it's cooperatives and people coming together for a business or for a cause, but when it goes to the international stage at the evangel assembly, it brings front and center the power of partnerships.
When people collaborate.
Yes, we might have small setbacks here and there, but when we collaborate, we bring the best out in us, and then that's what the world desperately wants to see and to move forward.
Well, spot on in, you know, the core of SDG 17 in collaboration and partnership.
So when we look at that in action from from years or maybe roadmap of talking about it, I think it goes to your point this illumination of the New York Climate Week and Unga converging as it does one in front of behind the other, but these conversations being about that collaboration and partnership and I think engaging business and engaging business as part of the solution seems to be a different momentum that I wasn't there just a few years ago and it's good business.
It's great business, you know, I often talk about the carbon markets can actually save the world, and we're finally getting to that point.
A lot of people talk about voluntary carbon markets which just somewhere between a billion dollars to $2 billion but the compliance markets are now maturing with the Article 6.4 decision in the last COP in Baku leading up to the next COP in Belem, there's Some real strategic movement in the right direction because the compliance market, that's the big elephant in the room.
A lot of people do not know that the EU.
ETS, which is their internal carbon market, the regulated market, is more than €800 billion already.
And so we often talk about the VCM.
VCM is just a billion dollars.
And it's good.
It's great.
It helps people, but it's nowhere under 80, not €800 billion and that's just the EU.
If you look at the whole world as the compliance market matures, it will easily be a 7 to $8 trillion market.
And that's something that came out very well in the London Climate Week.
Speaker after speaker, you know, CEOs of some of the top banks in the world, everybody's talking about the world needs somewhere between 6.3 to $6.7 trillion a year to meet that climate gap, and you'll need just $2.3 trillion for that in the developing world, you know.
So there's a lot of money required, and that money is not available in any government's coffers to be handed out.
That's inefficient.
And meaningless because we know that and overseas aid has certainly helped, but there's a lot of wastage and bureaucratic corruption and all what you have.
The moment you're working with the carbon markets, yes, you'll get paid for the carbon benefits that your idea brings to the table, but it's a private initiative.
It's entrepreneurial.
It's people working.
To provide jobs, that's the biggest incentive.
So you can actually wipe out poverty, um, um, lack of employment, lack of nutrition, um, education, well-being, public health, all of that.
If you can bring The carbon market strengths to bear on.
The conversations at the grassroots where people can really do the right thing.
With support from their respective governments, but you're not handing out money.
You are rewarding entrepreneurship.
You are rewarding initiative, and you are rewarding people at the bottom of the pyramid.
Satya, I couldn't find a better way to close out our segment.
That is so powerful.
Thank you for sharing.
Thank you for all the work that you do and GASP and all of its members.
Come back, see us soon.
Always so.
Absolutely.
And thank you to FinTech TV for putting a spotlight on the right causes and the right ideas because we are nothing without sustainability.
Absolutely.
Thank you. pleasure.
Thank you.
