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<v ->Marc-André, welcome.</v>

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We know that governments

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and businesses need to work
together in the transition

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to a low-carbon economy, but
what does that look like?

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<v ->Well, it takes many forms</v>

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because the,

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the challenges we're facing in
climate, when you think about

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that, government acting alone cannot do it.

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And actually, investors
acting alone cannot do it.

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Or the civil society at large
acting alone cannot do it.

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So you need to bring every
stakeholder together,

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and this is why this COP is so important.

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And I like the motto of
this COP that is "unite, act,

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and deliver" because it's exactly
what we need to be doing.

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But that means we need to build trust

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between all of those parts,

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and it's not easy at a
time when there's populism

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and all of that. What it
looks like for investors,

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it takes the form of blended finance

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and it takes the form of recognizing

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that not all capital has
the same risk tolerance.

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And, whether you're philanthropy

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or you're an institutional
investor or your family office

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or you're a VC, private
equity...everybody has different

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risk tolerance.

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But we all have a role
to play in the transition,

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and that's how we need to come together.

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And, I think
blended finance is the solution

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to everything we need to be doing.

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<v ->Specifically, the role of institutional</v>

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investors...talk to me about that.

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<v ->Well, institutional
investors are a big player.</v>

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I mean, we control
altogether more than half

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of the investible capital in
the world, so we obviously need

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to be part of the solution.

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And institutional investors, like CDPQ,

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which is a largely a pension
fund from Canada, Quebec...

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how we do that
is we've set ourselves,

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you know, very high targets for reduction

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of our carbon footprint,
increasing our green assets.

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But where we make the most difference,

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the biggest difference, is
actually on how we invest.

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Making sure that each

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and every investment,

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we do an ESG analysis, we
look at what's the impact

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on climate and also how we engage

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with our portfolio companies.

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That will make a huge
difference going forward.

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You know, are we engaging in depth

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with our portfolio company
to actually make sure

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that they're as aligned
as possible with climate?

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And that's a question
of value creation for us.

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<v ->ESG has had a rough
time of it of late, I think</v>

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that's probably fair to say.

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Where does the future lie for ESG

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and institutional investors,
do you think?

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<v ->Well, I think it's a question of vocabulary</v>

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because I
think it's like,

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I know in some parts of the
world, ESG is not so popular,

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but at the end, for us, ESG is
not only looking at the risk,

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but it's looking at value creation.

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You take two companies, exactly
the same balance sheet,

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exactly the same financial numbers,

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but one has leadership
that is more diverse,

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the same one uses less water,

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has a smaller carbon footprint, has less

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of a footprint on real estate.

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And you can go on and on and on.

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Which company is valued most?

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The market has already said
it.

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It's that company that actually is aligned

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with sustainable development

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has more value than the
other.

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<v ->So it doesn't</v>

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matter what we call it.
It's the principles that count.

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<v ->Exactly. And for us,
we look at it in a way</v>

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that, it's value creation,

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it's making sure that our assets,

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we are a long-term
asset owner, making sure

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that our assets are not stranded.

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Just think about real estate,

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and the impact of the rise
of sea levels on real estate.

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We need to think about it as an investor

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who owns real estate

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and will own the same piece of real estate

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for the next 20, 25 years.

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<v ->Marc-André, thank you so much.</v>

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<v ->Thank you.</v>