[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.27,0:00:05.93,Default,,0000,0000,0000,,Will we do whatever it takes\Nto tackle climate change?
Dialogue: 0,0:00:07.39,0:00:10.37,Default,,0000,0000,0000,,I come at this question\Nnot as a green campaigner,
Dialogue: 0,0:00:10.39,0:00:12.98,Default,,0000,0000,0000,,in fact, I confess to be rather\Nhopeless at recycling.
Dialogue: 0,0:00:13.40,0:00:18.67,Default,,0000,0000,0000,,I come at it as a professional observer\Nof financial policy making
Dialogue: 0,0:00:18.69,0:00:23.45,Default,,0000,0000,0000,,and someone that wonders\Nhow history will judge us.
Dialogue: 0,0:00:24.35,0:00:25.61,Default,,0000,0000,0000,,One day,
Dialogue: 0,0:00:25.63,0:00:29.50,Default,,0000,0000,0000,,this ring that belonged to my grandfather
Dialogue: 0,0:00:29.52,0:00:31.53,Default,,0000,0000,0000,,will pass to my son, Charlie.
Dialogue: 0,0:00:32.02,0:00:34.83,Default,,0000,0000,0000,,And I wonder what his generation
Dialogue: 0,0:00:34.85,0:00:37.16,Default,,0000,0000,0000,,and perhaps the one that follows
Dialogue: 0,0:00:37.18,0:00:42.02,Default,,0000,0000,0000,,will make of the two lives\Nthis ring has worked.
Dialogue: 0,0:00:42.100,0:00:45.52,Default,,0000,0000,0000,,My grandfather was a coal miner.
Dialogue: 0,0:00:46.50,0:00:47.68,Default,,0000,0000,0000,,In his time,
Dialogue: 0,0:00:48.62,0:00:53.58,Default,,0000,0000,0000,,burning fossil fuels for energy\Nand for allowing economies to develop
Dialogue: 0,0:00:53.61,0:00:54.77,Default,,0000,0000,0000,,was accepted.
Dialogue: 0,0:00:55.20,0:00:58.58,Default,,0000,0000,0000,,We know now that that is not the case
Dialogue: 0,0:00:58.60,0:01:01.98,Default,,0000,0000,0000,,because of the greenhouse\Ngases that coal produces.
Dialogue: 0,0:01:03.32,0:01:04.53,Default,,0000,0000,0000,,But today,
Dialogue: 0,0:01:04.56,0:01:08.60,Default,,0000,0000,0000,,I fear it's the industry in which I work\Nthat will be judged more harshly
Dialogue: 0,0:01:08.63,0:01:10.66,Default,,0000,0000,0000,,because of its impact on the climate --
Dialogue: 0,0:01:11.50,0:01:13.84,Default,,0000,0000,0000,,more harshly than\Nmy grandfather's industry, even.
Dialogue: 0,0:01:14.20,0:01:16.89,Default,,0000,0000,0000,,I work, of course,\Nin the banking industry,
Dialogue: 0,0:01:16.91,0:01:20.70,Default,,0000,0000,0000,,which will be remembered\Nfor its crisis in 2008 --
Dialogue: 0,0:01:21.83,0:01:26.72,Default,,0000,0000,0000,,a crisis that diverted the attention\Nand finances of governments
Dialogue: 0,0:01:26.75,0:01:32.13,Default,,0000,0000,0000,,away from some really, really\Nimportant promises,
Dialogue: 0,0:01:32.15,0:01:37.29,Default,,0000,0000,0000,,like promises made at the Copenhagen\NClimate Summit in 2009
Dialogue: 0,0:01:37.32,0:01:40.15,Default,,0000,0000,0000,,to mobilize 100 billion dollars a year
Dialogue: 0,0:01:40.17,0:01:44.68,Default,,0000,0000,0000,,to help developing countries\Nmove away from burning fossil fuels
Dialogue: 0,0:01:44.71,0:01:47.69,Default,,0000,0000,0000,,and transition to using cleaner energy.
Dialogue: 0,0:01:48.40,0:01:51.39,Default,,0000,0000,0000,,That promise is already in jeopardy.
Dialogue: 0,0:01:51.90,0:01:53.77,Default,,0000,0000,0000,,And that's a real problem,
Dialogue: 0,0:01:53.79,0:01:56.53,Default,,0000,0000,0000,,because that transition\Nto cleaner energy needs to happen
Dialogue: 0,0:01:56.56,0:01:58.47,Default,,0000,0000,0000,,sooner rather than later.
Dialogue: 0,0:01:59.18,0:02:00.34,Default,,0000,0000,0000,,Firstly,
Dialogue: 0,0:02:00.36,0:02:02.34,Default,,0000,0000,0000,,because greenhouse gases, once released,
Dialogue: 0,0:02:02.37,0:02:05.06,Default,,0000,0000,0000,,stay in the atmosphere for decades.
Dialogue: 0,0:02:05.08,0:02:06.27,Default,,0000,0000,0000,,And secondly,
Dialogue: 0,0:02:06.30,0:02:12.12,Default,,0000,0000,0000,,if a developing economy builds\Nits power grid around fossil fuels today,
Dialogue: 0,0:02:12.15,0:02:15.30,Default,,0000,0000,0000,,it's going to be way more costly\Nto change later on.
Dialogue: 0,0:02:16.32,0:02:18.46,Default,,0000,0000,0000,,So for the climate,
Dialogue: 0,0:02:18.49,0:02:22.31,Default,,0000,0000,0000,,history may judge\Nthat the banking crisis happened
Dialogue: 0,0:02:22.34,0:02:24.32,Default,,0000,0000,0000,,at just the wrong time.
Dialogue: 0,0:02:24.92,0:02:28.61,Default,,0000,0000,0000,,The story need not be this gloomy, though.
Dialogue: 0,0:02:29.67,0:02:31.58,Default,,0000,0000,0000,,Three years ago,
Dialogue: 0,0:02:31.60,0:02:34.50,Default,,0000,0000,0000,,I argued that governments\Ncould use the tools
Dialogue: 0,0:02:34.52,0:02:37.21,Default,,0000,0000,0000,,deployed to save the financial system
Dialogue: 0,0:02:37.23,0:02:39.12,Default,,0000,0000,0000,,to meet other global challenges.
Dialogue: 0,0:02:39.92,0:02:45.04,Default,,0000,0000,0000,,And these arguments are getting\Nstronger, not weaker, with time.
Dialogue: 0,0:02:46.33,0:02:50.75,Default,,0000,0000,0000,,Let's take a brief reminder\Nof what those tools looked like.
Dialogue: 0,0:02:51.58,0:02:54.56,Default,,0000,0000,0000,,When the financial crisis hit in 2008,
Dialogue: 0,0:02:54.59,0:02:57.17,Default,,0000,0000,0000,,the central banks of the US and UK
Dialogue: 0,0:02:57.19,0:03:00.62,Default,,0000,0000,0000,,began buying bonds issued\Nby their own governments
Dialogue: 0,0:03:00.65,0:03:02.95,Default,,0000,0000,0000,,in a policy known\Nas "quantitative easing."
Dialogue: 0,0:03:03.38,0:03:07.10,Default,,0000,0000,0000,,Depending on what happens\Nto those bonds when they mature,
Dialogue: 0,0:03:07.12,0:03:09.53,Default,,0000,0000,0000,,this is money printing by another name.
Dialogue: 0,0:03:10.35,0:03:12.25,Default,,0000,0000,0000,,And boy, did they print.
Dialogue: 0,0:03:12.78,0:03:17.35,Default,,0000,0000,0000,,The US alone created four trillion\Ndollars' worth of its own currency.
Dialogue: 0,0:03:17.38,0:03:19.46,Default,,0000,0000,0000,,This was not done in isolation.
Dialogue: 0,0:03:19.49,0:03:22.16,Default,,0000,0000,0000,,In a remarkable act of cooperation,
Dialogue: 0,0:03:22.19,0:03:26.76,Default,,0000,0000,0000,,the 188 countries that make up\Nthe International Monetary Fund, the IMF,
Dialogue: 0,0:03:26.78,0:03:30.95,Default,,0000,0000,0000,,agreed to issue 250 billion\Ndollars' worth of their own currency --
Dialogue: 0,0:03:30.98,0:03:33.05,Default,,0000,0000,0000,,the Special Drawing Right --
Dialogue: 0,0:03:33.07,0:03:35.05,Default,,0000,0000,0000,,to boost reserves around the world.
Dialogue: 0,0:03:35.71,0:03:38.26,Default,,0000,0000,0000,,When the financial crisis moved to Europe,
Dialogue: 0,0:03:39.63,0:03:43.07,Default,,0000,0000,0000,,the European Central Bank\NPresident, Mario Draghi,
Dialogue: 0,0:03:43.09,0:03:45.86,Default,,0000,0000,0000,,promised "to do whatever it takes."
Dialogue: 0,0:03:47.52,0:03:48.77,Default,,0000,0000,0000,,And they did.
Dialogue: 0,0:03:49.70,0:03:54.05,Default,,0000,0000,0000,,The Bank of Japan repeated those words --\Nthat exact same commitment --
Dialogue: 0,0:03:54.07,0:03:58.18,Default,,0000,0000,0000,,to do "whatever it takes"\Nto reflate their economy.
Dialogue: 0,0:03:59.48,0:04:01.38,Default,,0000,0000,0000,,In both cases,
Dialogue: 0,0:04:01.40,0:04:05.64,Default,,0000,0000,0000,,"whatever it takes" meant\Ntrillions of dollars more
Dialogue: 0,0:04:05.66,0:04:08.89,Default,,0000,0000,0000,,in money-printing policies\Nthat continue today.
Dialogue: 0,0:04:09.33,0:04:11.12,Default,,0000,0000,0000,,What this shows
Dialogue: 0,0:04:11.15,0:04:14.91,Default,,0000,0000,0000,,is that when faced\Nwith some global challenges,
Dialogue: 0,0:04:16.06,0:04:20.71,Default,,0000,0000,0000,,policy makers are able to act\Ncollectively, with urgency,
Dialogue: 0,0:04:20.73,0:04:26.86,Default,,0000,0000,0000,,and run the risks of unconventional\Npolicies like money printing.
Dialogue: 0,0:04:27.51,0:04:31.56,Default,,0000,0000,0000,,So, let's go back\Nto that original question:
Dialogue: 0,0:04:33.51,0:04:36.36,Default,,0000,0000,0000,,Can we print money for climate finance?
Dialogue: 0,0:04:37.20,0:04:38.93,Default,,0000,0000,0000,,Three years ago,
Dialogue: 0,0:04:38.96,0:04:42.69,Default,,0000,0000,0000,,the idea of using money in this way\Nwas something of a taboo.
Dialogue: 0,0:04:42.71,0:04:45.89,Default,,0000,0000,0000,,Once you break down and dismantle the idea
Dialogue: 0,0:04:45.91,0:04:47.95,Default,,0000,0000,0000,,that money is a finite resource,
Dialogue: 0,0:04:48.58,0:04:53.06,Default,,0000,0000,0000,,governments can quickly get overwhelmed\Nby demands from their people
Dialogue: 0,0:04:53.09,0:04:56.31,Default,,0000,0000,0000,,to print more and more\Nmoney for other causes:
Dialogue: 0,0:04:56.34,0:04:58.34,Default,,0000,0000,0000,,education, health care, welfare --
Dialogue: 0,0:04:58.36,0:04:59.59,Default,,0000,0000,0000,,even defense.
Dialogue: 0,0:05:00.38,0:05:05.82,Default,,0000,0000,0000,,And there are some truly terrible\Nhistorical examples of money printing --
Dialogue: 0,0:05:05.85,0:05:08.17,Default,,0000,0000,0000,,uncontrolled money printing --
Dialogue: 0,0:05:08.19,0:05:09.94,Default,,0000,0000,0000,,leading to hyperinflation.
Dialogue: 0,0:05:10.76,0:05:14.35,Default,,0000,0000,0000,,Think: Weimar Republic in 1930;
Dialogue: 0,0:05:14.37,0:05:17.45,Default,,0000,0000,0000,,Zimbabwe more recently, in 2008,
Dialogue: 0,0:05:17.47,0:05:21.54,Default,,0000,0000,0000,,when the prices of basic goods\Nlike bread are doubling every day.
Dialogue: 0,0:05:22.89,0:05:27.90,Default,,0000,0000,0000,,But all of this is moving\Nthe public debate forward,
Dialogue: 0,0:05:27.92,0:05:33.25,Default,,0000,0000,0000,,so much so, that money printing\Nfor the people is now discussed openly
Dialogue: 0,0:05:33.27,0:05:37.49,Default,,0000,0000,0000,,in the financial media, and even\Nin some political manifestos.
Dialogue: 0,0:05:38.20,0:05:40.74,Default,,0000,0000,0000,,But it's important the debate\Ndoesn't stop here,
Dialogue: 0,0:05:40.77,0:05:42.95,Default,,0000,0000,0000,,with printing national currencies.
Dialogue: 0,0:05:45.91,0:05:49.85,Default,,0000,0000,0000,,Because climate change\Nis a shared global problem,
Dialogue: 0,0:05:49.88,0:05:52.94,Default,,0000,0000,0000,,there are some really compelling reasons
Dialogue: 0,0:05:52.97,0:05:56.40,Default,,0000,0000,0000,,why we should be printing\Nthat international currency
Dialogue: 0,0:05:56.42,0:05:58.28,Default,,0000,0000,0000,,that's issued by the IMF,
Dialogue: 0,0:05:58.30,0:05:59.54,Default,,0000,0000,0000,,to fund it.
Dialogue: 0,0:05:59.94,0:06:03.15,Default,,0000,0000,0000,,The Special Drawing Right, or SDR,
Dialogue: 0,0:06:03.17,0:06:06.53,Default,,0000,0000,0000,,is the IMF's electronic unit of account
Dialogue: 0,0:06:06.55,0:06:11.10,Default,,0000,0000,0000,,that governments use to transfer\Nfunds amongst each other.
Dialogue: 0,0:06:11.93,0:06:14.67,Default,,0000,0000,0000,,Think of it as a peer-to-peer\Npayment network,
Dialogue: 0,0:06:14.70,0:06:17.47,Default,,0000,0000,0000,,like Bitcoin, but for governments.
Dialogue: 0,0:06:18.57,0:06:20.22,Default,,0000,0000,0000,,And it's truly global.
Dialogue: 0,0:06:21.00,0:06:26.28,Default,,0000,0000,0000,,Each of the 188 members\Nof the IMF hold SDR quotas
Dialogue: 0,0:06:26.30,0:06:29.04,Default,,0000,0000,0000,,as part of their foreign\Nexchange reserves.
Dialogue: 0,0:06:29.94,0:06:32.22,Default,,0000,0000,0000,,These are national stores of wealth
Dialogue: 0,0:06:32.25,0:06:35.68,Default,,0000,0000,0000,,that countries keep to protect\Nthemselves against currency crises.
Dialogue: 0,0:06:36.76,0:06:39.06,Default,,0000,0000,0000,,And that global nature is why,
Dialogue: 0,0:06:39.08,0:06:42.01,Default,,0000,0000,0000,,at the height of the financial\Ncrisis in 2009,
Dialogue: 0,0:06:43.41,0:06:47.13,Default,,0000,0000,0000,,the IMF issued those extra\N250 billion dollars --
Dialogue: 0,0:06:47.15,0:06:50.72,Default,,0000,0000,0000,,because it served\Nas a collective global action
Dialogue: 0,0:06:50.75,0:06:55.55,Default,,0000,0000,0000,,that safeguarded countries\Nlarge and small in one fell swoop.
Dialogue: 0,0:06:57.04,0:06:58.34,Default,,0000,0000,0000,,But here --
Dialogue: 0,0:06:58.36,0:07:00.03,Default,,0000,0000,0000,,here's the intriguing part.
Dialogue: 0,0:07:01.08,0:07:06.28,Default,,0000,0000,0000,,More than half of those extra SDRs\Nthat were printed in 2009 --
Dialogue: 0,0:07:06.31,0:07:08.30,Default,,0000,0000,0000,,150 billion dollars' worth --
Dialogue: 0,0:07:08.32,0:07:12.63,Default,,0000,0000,0000,,went to developed market countries\Nwho, for the most part,
Dialogue: 0,0:07:12.66,0:07:15.50,Default,,0000,0000,0000,,have a modest need\Nfor these foreign exchange reserves,
Dialogue: 0,0:07:15.52,0:07:17.95,Default,,0000,0000,0000,,because they have flexible exchange rates.
Dialogue: 0,0:07:18.43,0:07:22.81,Default,,0000,0000,0000,,So those extra reserves\Nthat were printed in 2009,
Dialogue: 0,0:07:22.83,0:07:26.30,Default,,0000,0000,0000,,in the end, for developed\Nmarket countries at least,
Dialogue: 0,0:07:26.33,0:07:27.95,Default,,0000,0000,0000,,weren't really needed.
Dialogue: 0,0:07:28.51,0:07:30.78,Default,,0000,0000,0000,,And they remain unused today.
Dialogue: 0,0:07:31.64,0:07:33.00,Default,,0000,0000,0000,,So here's an idea.
Dialogue: 0,0:07:33.03,0:07:34.40,Default,,0000,0000,0000,,As a first step,
Dialogue: 0,0:07:35.05,0:07:38.11,Default,,0000,0000,0000,,why don't we start\Nspending those unused,
Dialogue: 0,0:07:38.14,0:07:41.60,Default,,0000,0000,0000,,those extra SDRs\Nthat were printed in 2009,
Dialogue: 0,0:07:41.63,0:07:43.17,Default,,0000,0000,0000,,to combat climate change?
Dialogue: 0,0:07:43.95,0:07:45.46,Default,,0000,0000,0000,,They could, for example,
Dialogue: 0,0:07:45.48,0:07:50.18,Default,,0000,0000,0000,,be used to buy bonds issued\Nby the UN's Green Climate Fund.
Dialogue: 0,0:07:50.90,0:07:53.80,Default,,0000,0000,0000,,This was a fund created in 2009,
Dialogue: 0,0:07:53.82,0:07:57.10,Default,,0000,0000,0000,,following that climate\Nagreement in Copenhagen.
Dialogue: 0,0:07:57.91,0:08:02.26,Default,,0000,0000,0000,,And it was designed to channel funds\Ntowards developing countries
Dialogue: 0,0:08:02.29,0:08:04.35,Default,,0000,0000,0000,,to meet their climate projects.
Dialogue: 0,0:08:04.38,0:08:07.24,Default,,0000,0000,0000,,It's been one of the most\Nsuccessful funds of its type,
Dialogue: 0,0:08:07.26,0:08:09.56,Default,,0000,0000,0000,,raising almost 10 billion dollars.
Dialogue: 0,0:08:09.59,0:08:13.03,Default,,0000,0000,0000,,But if we use those extra\NSDRs that were issued,
Dialogue: 0,0:08:13.05,0:08:16.36,Default,,0000,0000,0000,,it helps governments get back on track,
Dialogue: 0,0:08:16.39,0:08:19.21,Default,,0000,0000,0000,,to meet that promise\Nof 100 billion dollars a year
Dialogue: 0,0:08:19.23,0:08:21.82,Default,,0000,0000,0000,,that was derailed by the financial crisis.
Dialogue: 0,0:08:23.77,0:08:25.67,Default,,0000,0000,0000,,It could also --
Dialogue: 0,0:08:25.70,0:08:28.34,Default,,0000,0000,0000,,it could also serve as a test case.
Dialogue: 0,0:08:30.10,0:08:35.46,Default,,0000,0000,0000,,If the inflationary consequences\Nof using SDRs in this way are benign,
Dialogue: 0,0:08:36.47,0:08:38.43,Default,,0000,0000,0000,,it could be used to justify
Dialogue: 0,0:08:38.45,0:08:43.19,Default,,0000,0000,0000,,the additional, extra issuance\Nof SDRs, say, every five years,
Dialogue: 0,0:08:43.21,0:08:45.61,Default,,0000,0000,0000,,again, with the commitment
Dialogue: 0,0:08:45.63,0:08:50.06,Default,,0000,0000,0000,,that developed-market countries\Nwould direct their share
Dialogue: 0,0:08:50.08,0:08:51.54,Default,,0000,0000,0000,,of the new reserves
Dialogue: 0,0:08:51.57,0:08:53.36,Default,,0000,0000,0000,,to the Green Climate Fund.
Dialogue: 0,0:08:55.08,0:08:58.80,Default,,0000,0000,0000,,Printing international money\Nin this way has several advantages
Dialogue: 0,0:08:58.82,0:09:00.88,Default,,0000,0000,0000,,over printing national currencies.
Dialogue: 0,0:09:01.50,0:09:04.32,Default,,0000,0000,0000,,The first is it's really easy to argue
Dialogue: 0,0:09:04.34,0:09:08.76,Default,,0000,0000,0000,,that spending money to mitigate\Nclimate change benefits everyone.
Dialogue: 0,0:09:09.37,0:09:13.22,Default,,0000,0000,0000,,No one section of society benefits\Nfrom the printing press over another.
Dialogue: 0,0:09:13.25,0:09:17.03,Default,,0000,0000,0000,,That problem of competing\Nclaims is mitigated.
Dialogue: 0,0:09:17.46,0:09:18.80,Default,,0000,0000,0000,,It's also fair to say
Dialogue: 0,0:09:18.83,0:09:23.95,Default,,0000,0000,0000,,that because it takes so many countries\Nto agree to issue these extra SDRs,
Dialogue: 0,0:09:23.98,0:09:28.18,Default,,0000,0000,0000,,it's highly unlikely that money printing\Nwould get out of control.
Dialogue: 0,0:09:28.100,0:09:34.02,Default,,0000,0000,0000,,What you end up with\Nis a collective, global action
Dialogue: 0,0:09:34.88,0:09:38.21,Default,,0000,0000,0000,,aimed -- and it's controlled\Nglobal action --
Dialogue: 0,0:09:38.24,0:09:40.82,Default,,0000,0000,0000,,aimed at a global good.
Dialogue: 0,0:09:41.64,0:09:42.84,Default,,0000,0000,0000,,And,
Dialogue: 0,0:09:42.87,0:09:45.44,Default,,0000,0000,0000,,as we've learned\Nwith the money-printing schemes,
Dialogue: 0,0:09:45.46,0:09:48.29,Default,,0000,0000,0000,,whatever concerns we have\Ncan be allayed by rules.
Dialogue: 0,0:09:48.76,0:09:50.64,Default,,0000,0000,0000,,So, for example,
Dialogue: 0,0:09:50.66,0:09:55.64,Default,,0000,0000,0000,,the issuance of these extra SDRs\Nevery five years could be capped,
Dialogue: 0,0:09:55.66,0:10:01.26,Default,,0000,0000,0000,,such that this international currency\Nis never more than five percent
Dialogue: 0,0:10:01.28,0:10:03.24,Default,,0000,0000,0000,,of global foreign exchange reserves.
Dialogue: 0,0:10:03.78,0:10:05.81,Default,,0000,0000,0000,,That's important because it would allay
Dialogue: 0,0:10:05.83,0:10:09.73,Default,,0000,0000,0000,,well, let's say, the ridiculous\Nconcerns that the US might have
Dialogue: 0,0:10:09.75,0:10:14.27,Default,,0000,0000,0000,,that the SDR could ever challenge\Nthe dollar's dominant role
Dialogue: 0,0:10:14.30,0:10:15.89,Default,,0000,0000,0000,,in international finance.
Dialogue: 0,0:10:16.21,0:10:17.100,Default,,0000,0000,0000,,And in fact,
Dialogue: 0,0:10:18.02,0:10:21.42,Default,,0000,0000,0000,,I think the only thing that the SDR\Nwould likely steal from the dollar
Dialogue: 0,0:10:21.44,0:10:22.91,Default,,0000,0000,0000,,under this scheme
Dialogue: 0,0:10:22.93,0:10:26.40,Default,,0000,0000,0000,,is its nickname, the "greenback."
Dialogue: 0,0:10:26.43,0:10:30.34,Default,,0000,0000,0000,,Because even with that cap in place,
Dialogue: 0,0:10:30.37,0:10:33.83,Default,,0000,0000,0000,,the IMF could have\Nfollowed up its issuance --
Dialogue: 0,0:10:33.86,0:10:36.90,Default,,0000,0000,0000,,its massive issuance of SDRs in 2009 --
Dialogue: 0,0:10:36.93,0:10:41.92,Default,,0000,0000,0000,,with a further 200 billion\Ndollars of SDRs in 2014.
Dialogue: 0,0:10:42.72,0:10:45.05,Default,,0000,0000,0000,,So hypothetically,
Dialogue: 0,0:10:46.05,0:10:49.17,Default,,0000,0000,0000,,that would mean that developed countries\Ncould have contributed
Dialogue: 0,0:10:49.19,0:10:53.72,Default,,0000,0000,0000,,up to 300 billion dollars' worth of SDRs
Dialogue: 0,0:10:53.74,0:10:55.39,Default,,0000,0000,0000,,to the Green Climate Fund.
Dialogue: 0,0:10:56.19,0:10:59.65,Default,,0000,0000,0000,,That's 30 times what it has today.
Dialogue: 0,0:10:59.67,0:11:00.83,Default,,0000,0000,0000,,And you know,
Dialogue: 0,0:11:00.85,0:11:02.69,Default,,0000,0000,0000,,as spectacular as that sounds,
Dialogue: 0,0:11:03.58,0:11:07.77,Default,,0000,0000,0000,,it's only just beginning to look\Nlike "whatever it takes."
Dialogue: 0,0:11:09.13,0:11:12.45,Default,,0000,0000,0000,,And just to think what amazing things\Ncould be done with that money,
Dialogue: 0,0:11:12.47,0:11:13.68,Default,,0000,0000,0000,,consider this:
Dialogue: 0,0:11:14.62,0:11:16.25,Default,,0000,0000,0000,,in 2009,
Dialogue: 0,0:11:16.27,0:11:21.01,Default,,0000,0000,0000,,Norway promised one billion dollars\Nof its reserves to Brazil
Dialogue: 0,0:11:21.03,0:11:25.70,Default,,0000,0000,0000,,if they followed through\Non their goals on deforestation.
Dialogue: 0,0:11:26.59,0:11:32.89,Default,,0000,0000,0000,,That program has since delivered\Na 70 percent reduction in deforestation
Dialogue: 0,0:11:32.92,0:11:34.33,Default,,0000,0000,0000,,in the past decade.
Dialogue: 0,0:11:34.93,0:11:39.26,Default,,0000,0000,0000,,That's saving 3.2 billion tons\Nof carbon dioxide emissions,
Dialogue: 0,0:11:39.29,0:11:43.82,Default,,0000,0000,0000,,which is the equivalent of taking\Nall American cars off the roads
Dialogue: 0,0:11:43.84,0:11:46.13,Default,,0000,0000,0000,,for three whole years.
Dialogue: 0,0:11:47.70,0:11:49.01,Default,,0000,0000,0000,,So what could we do
Dialogue: 0,0:11:49.03,0:11:54.07,Default,,0000,0000,0000,,with 300 other pay-for-performance\Nclimate projects like that,
Dialogue: 0,0:11:54.10,0:11:56.98,Default,,0000,0000,0000,,organized on a global scale?
Dialogue: 0,0:11:57.94,0:12:00.80,Default,,0000,0000,0000,,We could take cars off the roads\Nfor a generation.
Dialogue: 0,0:12:01.38,0:12:02.53,Default,,0000,0000,0000,,So,
Dialogue: 0,0:12:03.00,0:12:08.28,Default,,0000,0000,0000,,let's not quibble about whether we can\Nafford to fund climate change.
Dialogue: 0,0:12:08.88,0:12:11.12,Default,,0000,0000,0000,,The real question is:
Dialogue: 0,0:12:11.15,0:12:14.55,Default,,0000,0000,0000,,Do we care enough about future generations
Dialogue: 0,0:12:14.57,0:12:19.61,Default,,0000,0000,0000,,to take the very same policy risks\Nwe took to save the financial system?
Dialogue: 0,0:12:20.22,0:12:21.42,Default,,0000,0000,0000,,After all,
Dialogue: 0,0:12:22.25,0:12:23.47,Default,,0000,0000,0000,,we could do it,
Dialogue: 0,0:12:24.28,0:12:25.44,Default,,0000,0000,0000,,we did do it
Dialogue: 0,0:12:25.46,0:12:27.19,Default,,0000,0000,0000,,and we are doing it today.
Dialogue: 0,0:12:27.81,0:12:32.13,Default,,0000,0000,0000,,We must, must, must do\N"whatever it takes."
Dialogue: 0,0:12:33.43,0:12:34.58,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:12:34.60,0:12:38.97,Default,,0000,0000,0000,,(Applause)