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I'm excited to share some personal
reflections live from COP27,

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where BCG is the exclusive
consulting partner. First of all,

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this COP is really talking about solution.

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It's about implementation and the
motto "together for implementation"

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is something that I felt in all of
my more than 30 discussions I had.

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You feel it when you come together
with people across the value chain.

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Yesterday, for example,

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I was in a construction value chain
discussion where we really discussed what

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can the different actors do to make
sure that we decarbonize the whole

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value chain. The second one is:

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it's so good to be here in person.
To be honest, I sometimes reflected,

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is it really necessary to
travel to a climate event?

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But it's so good to hear the different
reflections. Yesterday was youth day.

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I just talked to the Ghanaian people here.

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I had a session with indigenous
people from the Amazonas and to really

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understand what sustainable
actions do to their communities.

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It's just uplifting. Now what's happening:

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the exciting part is we have
450 projects that we as BCG,

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together with the COP, have developed
and they are now on the table.

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What's done now is to discuss
the financing of it. So far,

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only 7% of the global capital
went in the Global South

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for financing of adaptation,
and we need to up that.

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Of the hundred billion that was
promised, only a fraction is flowing.

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We need to up that.

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And there's one reflection
how we can unlock

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this bottleneck of amazing

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CapEx that needs to flow.

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Because those 450 projects
require 600 billion of

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capital, and that is,

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it's not an option not to
invest because that's not

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zero cost. The cost of inaction is huge,

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and it's time to move now before the
cost of inaction becomes even bigger

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than the CapEx that is required for
the 450 projects. Let me just close

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with the latest information
that I read this morning,

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from the UN,

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projecting that we are likely
to be at plus 11% emissions

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by end of this decade,
although we should be,

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if you follow the 1.5
degrees, at minus 43%.

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This is a call for action.

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Let me share a metaphor that
I heard yesterday during
a dinner conversation with

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Akinwumi Adesina, the president of
the African Development Bank. He said,

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"we need to blow our vuvuzela,

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that we remember so well from the global
soccer tournament in South Africa.

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We need to blow it loud and clear,

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and it starts with action for
ourselves," and BCG is doing that.

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We are committed to net zero
in 2030 and reducing our

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carbon intensity by half in 2025.

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That's our own commitment;

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and we also know that our biggest
lever is supporting our clients

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on the journey to net zero to
be a leader in the industry.