Hi everybody and welcome to today's event. Thank you for joining. My name is Juliet Tunstow. I'm the external events officer here at the International Institute for Environment and Development. Really delighted to be here with you all today and really looking forward to today's discussion on COVID-19, debt relief and the climate and biodiversity crisis, which will start in a few moments. I can see a few of you are joining us now, the number is going up. So today's event is part of the IID debates webinar series, which aims to create a space for conversation and debate on key and current sustainable development issues. If you're interested in signing up for regular updates on the events, we have a newsletter and I will share the link towards the end of the session. I think that's it from me now. With that I'll hand over to Andrew Norton, IID director, who is going to be moderating our panel today, introducing the topic and the speakers. Thank you very much. Thank you very much indeed, Juliet. Many thanks for all your work setting this up. So today's event will explore how we can tackle the triple crises of debt, climate change and biodiversity loss using debt for climate and nature swaps. We're introducing a recently released IID report, tackling the triple crisis using debt swaps to address debt, climate and nature loss post COVID-19. Paul Steele, one of the authors of that report will present the work and I should also acknowledge Sejal Patel from IID, who's the co-author. So even before the pandemic hit, fears were growing over developing country debt which had surpassed eight trillion US dollars by the end of 2019 and the pandemic has made the situation worse in many ways. The economic impacts of the crisis are pushing millions more women, children and men in lower and middle income countries into poverty. They're also of course the health impacts are extremely difficult challenging for those countries to deal with. And the countries are also facing macro problems, hits to exports and tax revenues. All in all, we can expect to see debt in low income countries rise pretty rapidly and it's doing so from a basis that was already highly problematic and unsustainable and indeed impinging on the capacity of lower and middle income countries to deliver basic services to their populations. So as part of pandemic economic rescue packages, we're exploring the proposition that governments have an opportunity to address simultaneously the crises of debt, climate and biodiversity loss through the use of a new system of debt for climate and nature program swaps for the benefit of lender and debtor governments as well as private creditors. So the basic idea is that we can use these to support a recovery that builds forward to a more sustainable future with better outcomes in terms of both the climate crisis and the global crisis of biodiversity loss. So to discuss this today, I'm delighted to welcome our excellent panel of speakers. Paul Steele will present this work first and then we have two excellent discussants, Sonia Gibbs and Dr. Shamshad Akhtar. So Paul, I'll introduce the speakers now. Paul Steele is chief economist in IIED's shaping sustainable markets research group and an author of the report tacking the triple crisis. He specializes on the linkages between environment, climate and poverty reduction and Paul has more than 20 years experience with international organizations including UNDP, the European Union, the World Bank and IUCN as well as UK and Sri Lankan governments. Sonia Gibbs is the managing director and head of sustainable finance at the Institute of International Finance. Her work covers global debt and sovereign debt policy issues, financial stability risks, sustainable finance and capital markets, development in emerging and frontier markets. Sonia leads IIF's policy work on sustainable finance and infrastructure investments including liaison efforts vis-a-vis the G20, the multilaterals and the international regulatory community. And last but not least Dr. Shamshad Akhtar served as governor of the state bank of Pakistan and finance minister in the last caretaker government. She's worked for several multilateral institutions including the United Nations where she served as the under secretary general of the economic and social commission of the Asia and Pacific UNS cap and senior special advisor on economics and finance of the UN secretary general and can currently serve for five years as UNG20 Sherpa for development and finance tracks. So it's an excellent panel really looking forward to the discussion and I will start now by handing over to Paul for a short presentation on using debt swaps to address debt, climate and nature loss post COVID-19. Right well thanks very much Andy so I'm going to as Andy indicated present the report that I co-authored with my colleague Sergio Patel from my ID. So this is the title of the report which I think you've all received already the link from Juliette in the event bright instructions but this will be a short presentation to illustrate the report for those of you who've not had time to go through it. So it's as Andy indicated tackling the triple crisis and you have using debt swaps to address debt, climate and nature in a post COVID-19 world. So the three crises first of all there's a debt crisis as you see from the graph there's both rising public and private debt for the last few decades. The blue coloring indicates that private debt has been going up slightly more than the orange public debt but both have been rising quite rapidly. The second and third crisis are the climate crisis you see here a picture of a flooded house from my thinking Kenya and then in terms of the nature or biodiversity crisis there's an example of deforestation with a photo taken of logs being cut down in Mozambique. So that's the triple crisis. So what are these debt for climate and nature program swaps which we're proposing in this paper? Debt for climate and nature program swaps or where a creditor allows the debt to be reduced in one of three possible forms. First of all conversion to a local currency, secondly possibly paid back at a lower interest rate or thirdly some form of debt right off. So all of these approaches would in some way reduce the debt and then the answer is how can this money be used? The money can be saved in terms of poverty reducing and growth enhancing climate resilience for example planting climate resilient crops, climate emissions mitigation for example investing in renewable energy or biodiversity protection such as investing in reducing human wildlife conflict which plagues many protected areas. So these are the three ways that the debt reduction could be used in terms of the swap. So how do we get these debts large scale and this is what we set out is necessary in terms of the post-COVID challenge when the debt was already significant but has now really become very large. So far nature or climate swaps have been focused on smaller projects where the money is managed in trust funds by international non-governmental organizations. We propose instead that these swaps should shift from smaller projects to larger programs through the use of what we call budget support and this is where funds are paid into a debtor government's own budget. This has three main advantages. First of all budget support allows for larger amount of funds to be swapped and as I indicated that's vital given the circumstances of the post-COVID debt crisis. Secondly budget support increases debtor government ownership so that instead of the links of the swap being to an international NGO it's through a government's own budget and thirdly a budget support approach allows accountability to national citizens through the budget so instead of again being accountable to an international NGO the budget process allows the normal budgetary system to be linked to national citizens. This approach has already been used by small island developing states or SIDS and least developed countries to give two examples. In the Caribbean the small island development states have a climate and nature swap proposal which they tabled at the recent UN Secretary-General's climate summit and secondly the least developed country initiative for effective adaptation and resilience or life AR has a similar approach where local government systems are used. In the paper we set out what are the priority countries for climate and nature program swaps. These we identify by ranking countries according to four criteria as indicated in the slide first of all according to debt distress how much debt are they facing secondly according to climate vulnerability thirdly according to biodiversity richness how much valuable biodiversity do they have and how to what extent it's being lost and threatened and fourthly how credit worthy are they for how well will the money be used if they were given debt relief and you see from the table the different priority of countries so the highest priority for this kind of approach is a birthday in Vietnam second priority are the countries of Honduras, Kenya, Nicaragua and Papua New Guinea and the third priority are Cambodia, Kyrgyz Republic, Madagascar, Mozambique, Senegal, Sri Lanka, Uganda and Banuatu so all of these countries are high priority they all have debt distress they all have they're all climate vulnerable they all are rich in biodiversity and they all have quite strong credit worthiness what are the benefits of climate and nature program debt swaps and I've identified the benefits against various different stakeholders so first of all for ministries of finance and central banks and debtor governments and hopefully we'll hear more about this from Shamshad when she talks about the example of her country Pakistan there are hopefully these debt swaps will lead to increased growth by reinvesting in climate resilience which is needed to increase growth in many of these vulnerable countries there's also increased ownership of debt swaps as I've already indicated in terms of climate negotiators who attend the UN framework convention on climate change this approach will identify new sources of climate finance that will dwarf the green climate fund so while there's a lot of attention on the green climate fund the potential of a climate for nature global swap initiative would dwarf the money in the green climate fund thirdly in terms of China which is the largest holder of bilateral debt they are hosting next year the UN biodiversity convention and one of the aims of that convention is to finance biodiversity so by initiating or being involved in initiating such a debt for nature and climate scheme they could contribute to the aims of the biodiversity convention fourthly in terms of private creditors and here we'll hopefully be hearing more from Sonia from her organization with rep which represents many private creditors there are a number of advantages first of all increased debt sustainability so they won't have to hopefully provide more debt to countries in the future many of these large global asset managers have themselves climate commitments such as commitments to reduce emissions of greenhouse gases and also there's a possible scheme we propose in the paper that if the EU was involved in such an approach they could use existing emission credits from the EU credit scheme to pay off creditors in terms of the the next stakeholder the Paris club that's the OECD countries who are creditors they could have a new source of finance for climate which many of them have already committed to but is being challenged in the in the austerity that will be faced post COVID and finally I just wanted to identify the UK which is host of next year's UN climate change convention COP will also have a new source of climate finance which they could champion in terms of this approach so here we come to the final slide with a forward look we propose in the paper and a number of other groups are working alongside us the call for similar things for an international initiative on climate and debt program swaps so we call on the international community to work with debtor governments to establish a technical working group under the guidance of an international body such as the World Bank to develop a comprehensive and coordinated climate and nature program swap initiative over the next three years to address the triple crisis of debt climate and biodiversity loss and it's hopefully an opportunity it's an opportune time for this kind of process to take off with the World Bank and IMF and your meetings coming up next month so this kind of technical working group could get going there thank you very much. Thanks very much indeed Paul can I just ask you quickly before moving to the online poll then the next element you indicate that the majority of experience in terms of debt for nature and climate swaps has been project based rather than program based would that be true? Correct yeah yeah um just quickly what are the key advantages of the program approach? Well as I set out in the presentation it can allow the swaps to be larger scale it can be allowed them to have greater government ownership and greater accountability to national citizens. Great thanks very much Paul okay we've now got a quick online poll which the question in it Juliet will be putting this up is do you think debt for climate and nature program swaps are a useful approach and yes no possibly are the options for response. Right so yeah mixed responses very very few knows though so that's generally a very positive response 58% yes and 39% possibly so it's great to see that there's basically an appetite for exploring this approach among today's participants and now we're going to dig a little more into some of the opportunities that this approach debt for climate nature swaps presents as well as explore some of the challenges so now if I could go to our first discussant Shamshad Akhtar Shamshad general responses please to the concepts that Paul has outlined and the approach that he's outlined but it would also be great to hear from you what you think the government perspective on this in terms of the opportunities and challenges in indebted developing countries is likely to be Shamshad please go ahead thanks for presenting the findings of the report the beauty is in the simplicity that has been offered I think we have to recognize that we are in a heterogeneous world so no one solution will fit all is something that I do feel country ownership has to be a fundamental element but for debt swaps to work we have to go with a big bank we need a global deal we need common understanding of its objectives and we need a proper architecture for it we have to respect sovereignty of the details and value of creditors obligations we have to recognize that key priorities that countries face may be different from the others the others that are being floating lastly let me mention that right now since we haven't gotten out of covid it's still unfolding and there is a huge degree of uncertainty as to where we land up countries are still in a rescue mode and I can tell you from my country standpoint that the highest degree of attention is being paid to still firefight to ensure that the businesses are restarting effectively people are getting relief so any funding that is coming forward be it through the IMF the World Bank quick dispersing operations it is all being devoted essentially for the by and large non-development expenditure with social safety nets revival of businesses so as yet there hasn't been much thinking on the debt swap but I do think this are this is a very good instrument and it is very much wanted given that we have to go to the next stage of building back better and it has a potential to do so thank you very much indeed that was as for anyone who missed the introduction that was dr. shanshed actor formerly minister of finance and governor of the central bank in pakistan and many other things as well many thanks for those perspectives and particularly for reminding us that this remains a crisis situation that we're not in any sense coming out of the other end of this so this sense of what's the segue between when countries essentially need relief assistance and when that moves to a build building forward to a better reality if you like and the green recovery questions is a really key element so thank you very much indeed shanshed I'd now like to move to our next discussant sonia gibb from the IIF sonia it would be great to hear a bit from you about the opportunities of this approach from a private sector perspective and perhaps reflection on the challenges but also any just broad observations on the material that we're discussing today thank you very much thank you very much and our thanks to the IED for including us in this very timely event um just to to say a note about the Institute of international finance we represent a wide variety of creditors in international debt markets and that's something that paul highlighted that I think is very important the creditor base for these countries is so different now so not just on the commercial side not just banks but also institutional investors bond holders pension funds sovereign wealth funds so you have three distinct buckets of creditors commercial multilaterals and official bilateral and that's important to remember when you're thinking about the design of solutions like debt for nature swaps I wanted to add a little perspective here on our work in channeling private sector support for the G20 debt service suspension initiative and I suspect most listeners will be familiar with this but it calls for a short term suspension of of debt payments for the world's poorest and most vulnerable countries and both official and private creditors asked to participate on on comparable terms so the latest data from the G20 shows that 42 countries have applied for debt service relief allowing them to delay a total of about 5.3 billion in repayments due this year and that's about half of the total that's owed to official bilateral creditors. Countries have by and large not asked private creditors for relief and this is largely due to concerns about market access and I'll get to that in a minute. Many would argue many have that this is by no means enough so World Bank President David Malpass has noted that the risk of relapse to debt distress is very high and that a more systemic approach to debt relief could include reduction in the stock of debt and I think we're going to be hearing quite a lot about considerations like this reducing the actual stock of debt that's been built up which is where solutions like debt for for nature swaps can play an important role but the bottom line and something I want to emphasize is that the debt problems we're facing can't be dealt with by public or private sector alone so debt for nature swaps are a great example of the kind of collaboration on the toolkit for addressing these urgent problems. Just returning to this market access question and also to the kind of borrower perspectives that I think are often lost in some of these discussions unless we're taking the view that low income and developing countries should only have access to concessional finance private finance is absolutely needed to maintain liquidity and avoid future solvency problems so our discussions with borrowing countries suggest that many concur with this view believing that development finance can't be met fully just by official creditors and donors so whatever solutions we look toward they need to preserve countries ability to access market finance. You know we have a lot of discussions we have an investor group representing over a hundred of the largest global investors something like 45 trillion in assets under management and so our goal has been trying to build consensus around ways the private sector can help and I just wanted to share some of the the things we've been thinking about in our in our discussions and first of all the this COVID crisis is probably the first where sustainable finance and responsible investment tools and mechanisms can make a real difference and this is particularly true against the backdrop of rapidly growing investor demand for ESG assets and that's very well documented so it's kind of bringing these two things together in an interesting nexus debt and sustainability so we've been thinking about the use of innovative sustainable finance instruments to help in in a specific context of emerging market sovereign debt crises so to to to sum up I'll just share a few ideas from these discussions and these have included SDG bond funds guarantees and swaps so for example SDG aligned bond funds as Paul had mentioned earlier can be significantly scaled up building on the experience of the planet emerging green one fund developed with the IFC so another example of where you have multilateral and private sector collaboration this could really be expanded to funds investing in emerging market SDG linked debt so that's an area a niche of the asset class that has potential for tremendous expansion so as this is structured you could have for example of a first loss absorbing junior tranche of equity leveraging an IFI balance sheet giving credit uplift and that would attract not only existing investors in in this type of debt but new investors so tapping into to a new part of the creditor base and you know this this this first loss equity tranche could be substantially leveraged as much as sort of five to one on on some estimates another example is a partially guaranteed SDG bonds you could have new issuance that replaced existing emerging market sovereign issuance designed to avoid economic loss for investors holding the debt and they could have a strong SDG component so that could enable a partial G20 or official guarantee without principal or interest repayments for the first year and importantly you know and getting back to the question of liquidity right I mean when you have a relatively small market we calculate that the universe of SDG linked debt so that's green bonds green loans SDG linked bonds and so on is only about one and a half trillion in total which is a tiny fraction of the total level bond universe which is over 110 trillion so SDG part with bonds with partial guarantees could be eligible for for index inclusion and that's really important in attracting more investor demand and finally another thing that we've discussed in our investor groups is a debt for sustainability swaps and that's a kind of a you know debt for nature swaps are a subset of these clearly and these can help connect sovereign restructuring or even sort of debt suspension to commitments to invest in environmental goals and so the idea here is to scale up and broaden to to service the whole SDG range so when you enter a debt restructuring when a country goes into debt restructuring they can engage directly with their private creditors that want to support this transition and an increasing number of investors do see this as within their mandate so not just a question of sort of immediate quarterly short-term returns but having more of a mandate to focus on longer-term sustainability goals so just linking it to the G20 debt service suspension initiative this temporary moratorium in debt service payments could free up fiscal space which could then be committed to invest in a country's sustainable development goals so and I think there's we there were there was a an interesting paper out from the LSE that did some calculations in the case of Argentina if you took 200 billion in bonds with a seven and a half percent coupon and swapped that out for six percent you could free up you know an additional three billion a year an additional cash flow and that could be kind of set aside for SDG investments so just to to to to finish up here there are a few considerations when we think about these instruments to to make this concept work and scale it up across emerging and developing economies you need you've got to have good disclosure and reporting and accountability ownership and accountability as was just mentioned is it is critical from the emerging and developing economies themselves leadership from the IFIs and and above all you need to generate that demand from from private investors and commitments are are growing by the day so these debt for nature swaps have tremendous potential I'll stop there thanks it's really really helpful Sonia thanks on this question of market access is this predominantly around the ratings agencies moodies and so on is that what drives that concern that if debt so if debt is written off that it might somehow affect a country's rating and therefore that access to capital I think that's an important part of it because it's how private markets work in order to to scale you need standardization to have standardization you need consistent ratings ratings have a process ratings see in particularly in the case of moody's they've they've ascertained that debt service suspension is a potential economic loss and therefore it affects the the rating it's it's not an easy thing to get around because it's part and parcel of the functioning of markets thanks very much Paul do you have any anything any quick reactions to Sonia or Shector's comments anything that you want to pick up quickly before we go out to the the audience for Q&A well just from some shot I would agree with her that the focus now is on the immediate recovery so these things need to follow up on that well obviously countries are focusing on the short term now but but hopefully they're moving to the medium term at the same time and then on from what Sonia was saying she was talking very much about SDG approaches so SDGs obviously are broad and sustainability are a broad term I mean we were zeroing in on the nature and climate dimension of that so but I think much of what she says is relevant to the specific focus on nature and climate okay that was great I mean many thanks to all three of you those were really really excellent contributions so I'm now going to move to the Q&A and we've got a bracing system for our questions so I'm going to use that initially to prioritize so the first question is from Mark Burnett what is your sense of the appetite from countries that hold debt for the program swap concept I'd like to go to all three of you on that but Paul do you want to start yeah I mean it's a it's obviously a key question I mean you need to look at both the creditors and the debtors but but you don't want this to be a top down thing pushed by the creditors we need demand from the the debtor governments as well and as Shamshad said there are issues of sovereignty at stake I mean I think there are countries who would be keen on this approach we've had some interesting discussions with the UNDP who were going out to their member countries to see who who in who in the membership is interested in taking up such an approach as I mentioned I think some of the small island developments developing states have already had a proposal which was presented at the UN Secretary General's summit at the end of last year to do such an climate swaps so I think the appetite is there particularly as I say amongst the small island development states which have a lot of debt and are particularly climate vulnerable but as we've also identified in our priority list there are some countries which may not be immediately obvious such as Vietnam which which has quite a lot of debt particularly to China which may or Sri Lanka for that matter which also is quite indebted to China which might also want to experiment with such an approach thanks thanks Paul um Shamshad uh what would be your sense of the appetite from countries holding debt for the programs I think the appetite will be first a function right the appetite will be first a function of how the debt stock relief evolves of course we have G20's first reaction to it the debt stands service stands still that as we know is only until December it is the repayments after a few years and there is a grace period but that doesn't take care it doesn't create the needed fiscal space as yet to venture out to experimenting the difference so that's one element of the appetite but also as was pointed out there is a private and a public sector mix and with the private sector position being that we'd like to be in a voluntary mode I'm not sure countries are going to be having that great an appetite because they are looking for more certain solutions to the to the debt problem and the debt search is at different level depending on small island economies yes but the low income countries and middle income countries that have huge uh outstanding and unsustainable debt in different and are facing very difficult so that environment complexity has to be kept in mind it remains to be established what balance between debt relief and debt for climates so it will be appropriate in different heterogeneous situations obviously what would be helpful and there has been a lot of discussion and the UN financing for development platform is how do you really pan out an adequate debt relief for these different countries given the magnitude I personally think an outright cancellation combined with of course an IMF World Bank framework which has a policy component as well as a management component with very much defined elements for it would be very helpful now it is important to recognize that we really what we really need is sustainable emphasis on sustainable recovery and green recovery so as we design the swaps we have to recognize that we would have to put in elements I mean of course it's it's great to have biodiversity and different elements of climate but of immediate need is sustainable development sustained compliance with sustainable development course building back better so it's these elements which need to be packaged with a debt swap not just you know and of course it'll vary some countries will go for debt for nature swap others would go for more focused recovery and green recovery and sustainable recovery basis which is rich in job generation because that's what matters today is job generation so that the debt sustainability is also assured if you have assured sustainable growth you have jobs there then so my own feeling is that countries will stumble they will do specific preferred choice debt swaps but what would be preferable is if we came out with a proper framework which has a policy elements IMF conditionalities if one uses that word although I would hate to use that word because nobody wants to listen to a conditionality in such a crisis mode but what I really meant is that if you direct the countries in a right to the right direction for promoting for rejuvenating growth which will help bring down the debt GDP ratios thank you very much shamshad um sonja i think you spoke to that um quite a bit in your comments in fact to that area so i'm going to move to another question for you um do you think that giving ownership in national budgets for the swaps may put off creditors including obviously private sector creditors that you've spoken about a fair bit who may fear whether justifiably or not possible defaults or financial difficulties in the future for such governments um so hang on a minute i've just lost that as it moved this is one of the hazards of using this thing is that the questions move up and down but anyway i think you got the basic point there sonja so it's a difficult question i i think you know the the phrase accountability and and conditionality are are very important and shamshad mentioned the imf um framework in this context and and imf conditionality and this is clearly very important when considering particularly longer term arrangements of the type that we're talking about with with debt for for for nature swaps so i think there there there is certainly going to be an element of anytime you get something that's relatively novel or that hasn't been done at scale you're going to get concerns around the the terms and conditions on which it's executed that being said i mean one thing that this dssi experience has has clearly demonstrated is that private creditors believe that borrowers need to be engaged involved and you know accountable themselves right because we all know of the debt problems we all know of the ways in which they can be resolved and the need for resolution but how it's done is important and borrower voices shouldn't be lost in this in this equation thank you very much that question was from matt collis um shamshad do you have anything that um any thoughts on that whether difficulties could arise because um creditors may fear that money may be repurposed in later budgets away from the original purpose of the debt swap yeah well it's uh highly likely that it would be particularly in a program budgeting context having worked on these budgets in different countries i would much rather uh choose between uh project program approach versus um what i would call a more defined framework however retailer it and in that context i would much rather prefer that when we are talking about uh an institutional framework to coordinate uh given that it takes so long to do these things and given that you want to give the countries the choice to pick and choose that it would be better if the international community agreed on a climate or whatever um preference we have of the objective or the focus of this i mean uh we could have an climate investment trust fund placed at the world bank uh and it has predefined uh conditions uses um and then any country that wishes to tap goes with this debt settlement and draws on on that the other is to actually look at a recovery fund where you could have a resilience and recovery fund again you define it and you give option to the country to come and tap because you won't know uh time is too limited and you can't have you know it takes a long time it takes two three years to prepare a climate debt swap or a debt nature swap you look at the past historical experience that to prepare the projects it takes time to coordinate countries it takes time so give it to the countries you just set up the institute the funding mechanism institutional mechanism these are my own personal views i speak in my personal capacity so i personally think that if you give the choice you gave a window and you define so that as sonia was saying account monitoring accountability oversight by the umbrella of the of the credit creditors if if need be whatever we want to safeguard the interest of the creditors interest of different stakeholders define what it should be put to use but give them a choice to pick and choose the windows that they need to because i have to tell you money is fungible you allocate money being a budget fiscal person you turn around and the money will go somewhere else so it's better you have a defined thing and then you have a monitoring and accountability mechanism thank you very much i'm shud um paul there's a related question i'd like to put to you before going to the final one this is from stefanie griffith jones i'm sure many of you know um poor budget support mechanisms are great but will the creditors be willing to do this without requiring conditionality if you involve the world bank for example they will certainly expect to put some conditions so um what's your initial thought on that yeah it's a very good question um i mean um we explicitly refer in the paper to the experience of the world bank in terms of their developing development policy lending what is known as dpl's within the bank whereas where the bank um works out a set of criteria or results by which they provide lending to a country and in fact a lot of the environment programming of the bank has been using these environmental development policy lending where you agree environmental results and then lend money against that so i think uh by using such a results-based approach where you make payments after countries adhere to certain criteria you can hopefully reach a compromise between where sony is coming from on the creditors side and where shum shuds coming from on the uh on the government side in terms of uh everyone seeing some accountability and transparency thanks very much paul um i'm going to move to the final question now because we're running short on time this is from alfonso um and it's about the role of local communities is there any role for the grassroots to play um can they become policy actors within this process within programs um program approaches that are in theory set up to for citizen accountability um what is the space for bottom up accountability if you like um and is there any way in which this could be made material and tangible for people in terms of perceiving that there is any direct impact on their lives um i'll go around all three of you on that one i know it's not an easy question um but uh sunya would you like to have the first go at that so i think i'll address this from the point of view of the investor community and i will say without aging myself too much i've been around the block uh gosh must be 30 35 years now and i think this this moment in history is is is kind of unique in that regard if you look back for example to the business roundtable here in the us their statement last year about the need to shift from kind of shareholder capitalism to stakeholder capitalism that was truly remarkable and i think we're seeing the repercussions of that kind of thinking throughout the the investor community so if there were ever a time when sort of grassroots movements indigenous peoples you know the the needs of the broader stakeholder community are being taken into consideration as part of investment mandates you know now it now is that time thank you very much indeed sonia pulled you want to go next on that how uh local communities and bottom up action bit within program swaps for um that swaps for nature and climate yeah great question um and maybe something to be honest we could have addressed more in the paper but we can do that in the in future publications um i mean basically what the main way to do it is to make sure that the climate and biodiversity investments are pro-poor so that they actually benefit uh women children and men who are living in poverty uh so just to give some concrete examples in terms of climate change looking at making households more resistant to floods looking at saline crops looking at post disaster recovery after cyclones and floods and and and slow onset climate related disasters in terms of biodiversity looking at ways to make sure that forestry investments involve indigenous and local communities looking at ways that watershed management can involve uh local people so all those ways are ways that when you i put in place the kind of conditions that i alluded to the uh the criterion results you make sure that those are pro-poor and benefit local communities thank you very much paul shamshad are you any thoughts on grassroots involvement i think uh it is essential to have grassroots involvement uh local governments have to be involved um and people have to be involved but the reality is that the government's external debt is uh in a number of countries a responsibility of the federal government and servicing and settlement of the liabilities also is that of the of the federal governments now a lot of federal governments have allowed the flexibility to the state governments uh to go ahead and borrow but they need clearances for everything and there are terms and conditions for that now in this situation we are talking about uh using this uh space that is being created from the suspension uh or for that matter uh buyback or or cancellation to then result in local currency resource generation and in that context it would be helpful if there was a systematic process to actually engage in the areas of biodiversity nature and all that so that the local currency that is generated is deployed which is much more flexible there is more flexibility in that rather than the direct foreign exchange settlement issue so that's one point the second point is that you really need to develop the capabilities uh and develop the projects in a fast at a fast pace and i do think that the uh the concerned platforms should have project feasibility facilities to allow for quick development of um projects that could be just ready uh to because as i said it takes one or two years for all these things to be realized the last point is with what we are being hit just now the revenue um uh in our case rupee but local currency revenue generation from the tax resources is at its low end and you ultimately also need local currency for these kinds of transactions thank you thank you very much indeed um we'll go now um for a second poll um which juliet will put up and while we're getting the answers in on that i will ask each of our speakers for a final contribution so this poll is who what actors do you think should take the lead in coordinating a debt for climate and nature swap initiative um you can tag more than one you don't have to only choose one so while we're doing that let me go back to the panel for a final question um for our speakers in terms of the next steps and reflecting on what we have um you know heard from the audience and the questions that have come in what do you think should happen now to implement a debt for climate and nature swap initiative um what should be the next steps in this space basically um so if you could each try to answer that fairly quickly a minute each because we're not far away from the end that would be brilliant uh paul can i ask you to go first sure um so willy i mean i'm just going to essentially repeat what we've already put in the paper but uh but anyway for what it's worth uh given the fact that we uh we have the high mf and world bank annual meetings coming up we think it's opportune now to set up a technical working group possibly led by the world bank to take forward an initiative working with the creditors and the debtor governments to set in place a kind of overall initial umbrella initiative a bit like the hippock process that was was used in the the late 80s for um the debt relief um in low income countries and uh and that would work over the next three years or so as as we've heard each country is different so that would provide an umbrella under which individual countries would negotiate with their creditors to take forward this kind of climate for nature program swaps thank you very much paul uh sonja what would be your your quick take on what needs to happen now so i think paul's the the technical working group is a is a fantastic idea and absolutely needed for execution but what you also need i think is a steer from global governance bodies and here i'd point to the g20 in particular as as a body that has the power to get something like this moving you know it is it's a global problem it it's not going to be resolved at the national level their cross border issues so a body like the g20 needs to to address this fantastic thank you very much uh shamshad what would be your your thoughts on the immediate next steps i think uh what paul and sonja said is together right i think what we definitely need out here is strong leadership so when we talk about g20 we should also talk about other international platforms like g24 which has a different mindset on this so we should definitely look at these global platforms and engage almost have a have a summit of the leaders now you know we have had this ffd financing for development dialogue there a lot of experts sonja was there i was listening to it and contributing so there have been a lot of people involved in this uh there is there should be a summit on financing for development which has an element of debt swaps out there so now that an innovative instrument is going to be scaled we have had this instrument in the past but we have learned from experience that there are difficult implementation issues that we face so drawing from those lessons we should get the political leadership to first agree on this and i think it's must that we have the world bank imf in partnership but also technical bodies that understand climate issues biodiversity and some of the un bodies are are really great into this and ultimately it also involves the conventions and the likes of it because some of this is cross-border so it's not that simple but we should keep it simple but we should involve people who understand cross-border issues also here fantastic really great contributions many thanks so um juliet can i ask you to put up the results of the second poll um so yeah lots of um people who think everyone should lead i think but that's in this context actually okay um so yeah and the um the general sense is that here that um probably the bank would be the best coordinator within this but um it's by no means a clear result i would say there's also um 51 percent for environmental NGOs and 49 percent for OECD governments within that so huge thanks um to everyone to all the participants apologies to anyone whose question i wasn't able to get to um but above all thanks to our excellent panel of speakers uh to paul to shamshad and sonia they were really great contributions and it was nice to see the way that you built on what each other said and uh moved us forward through this which was um fantastic also huge thanks paul to sejal your co-author on the paper which is was great to have um and just a final note i think as paul mentioned uh the well bank and i am at annual meetings are happening in october so we will be looking for ways of feeding this discussion into those meetings but i just finally like to thank everyone participants and speakers for joining very much indeed we will share a link to the paper as well as the recorded session and the presentation slides um with those that registered for the event and all of that will also be available on our website and if you do have a minute please do share your feedback by clicking on the link in the chat box which will take you to a very simple survey and with that i would like to close the webinar and say huge thanks to everyone particularly shamshad sonia and paul thank you very much indeed thank you wish you best thank you


What's up everybody, Jason here for jazzybyscasebrakes.com. We're giving away 10 free spots in this pack, feel it here guys, for the six spots giveaway of NT football with this 2019 Prism Hobby Pack Break number 80. So again guys, before we start the break, we'll click the dice roll. We'll randomize the 22 names. Top 10 will get free extra spots to make it a total of 30, two. Then we'll randomize 32 names, teams, distribute the hits out of the pack, and then at the end we'll have the full list there to give away six spots in the NT R&Bs. And again, top three names get into the $200 R&B. Next three from four through six, get into the 134. So here we go guys, dice roll. Two and a three, five times, good luck. Here we go, one, two, three, four, and five. Five, five, top 10, there we go. So from Alan, Adam, Brian, Aaron, Sal, Sal, Jason K, Oliver, Sal, and Shawn Matic. Extra free spots to increase your chances of potentially winning some spots in the R&B. Now we're gonna copy and paste this list four later. Let me do the main giveaway. Now let's do the break five times. One, two, three, four, five. Five, five, Raymond, Dennis Sal. One, two, three, four, five. Raven's out of the lines. All right, now of course stick to what you got. Just cause of course, you know, just a quick filler pack. So quickly see that there. All right, let's do this really quick guys. 2019 prison football. It's one of my favorite years of prison actually. Love the way the cards look. There is Slayton, little Derek Barnett from my Eagles. What about that? To 149 T.J. Hawkinson, little Garner Mintcher rookie. Now let's switch scenes and let's do the giveaway. So again, top six, get spots in the R&Bs. Here we go. Dice roll it. Two and a four, six times, top six. Here we go. One, two, three, four, five, and six. Boom, six. Just missing out with Sal with your free spot buddy, but let's check it out. Top six is Shawn Matic. Shawn Matic, your free spot. Shawn Matic, full spot. Sal, your full spot. Sal, your full spot. And then Brian Kay, right there. So, Brian, Sal, Sal, you guys are gonna get into the $200 R&B, which I believe, let me double check, is this one here that has the line's chiefs bills. So, there's, oops, sorry, that's not what I needed. All right, nice. So it should be Priz, and this was what, like, Priz 80. Shawn, Shawn, and Shawn, actually, you sweep that one. You're gonna get into the $134 R&B. Now again, for you guys obviously, I know you guys obviously won spots into the R&B, but when it comes to the free full spot giveaway, you had to buy a full spot, so you guys won't be entered into that one, but again, still paid a fraction of the price to get in here. So, appreciate it, guys. Thank you guys so much. Now again, we're gonna start the R&Bs now, and then we'll start the NT break in the next video. Thank you.


What is up, everybody? Jason here for jazby's case breaks calm We just sold out a limited football pick your team number two random number block that features 16 teams guys Colts Texans Lions Chiefs Rams Fortners Falcons Dolphins Ravens Eagles Titans Jack Saints, but Jets Bucks and Commanders Again, you get a piece of these teams via the serial number and again guys Well randomized the names the teams distribute the hits out like I said With the serial number so if any of these teams hit in number two They'll be distributed by a serial number now, of course, there's gonna probably be some non numbered base cards We'll probably give those out in one lot But I think all the relics the autographs booklets anything that might pop out of here is gonna be numbered They get if it matches your serial number on the left side that goes to you remember all redemptions for any of these teams that get pulled go automatically to spot zero and Like I said, we're gonna get away to free spots So we're gonna use a dice roll to give away the two free spots We'll paste in the two names once we see who the winners are and then we're randomized the names and the numbers to see What you guys might jump with so let's roll it two and a four six times. Good luck one two three four five and six Boom Douglas at the top after six times two and a four two extra free spots for you, buddy. Congratulations Look at that Boom, so there you go free spots there six times down the list of names and numbers one two three four five six And Douglas down to Douglas and of course we have six times here now One two three four five six Five down a nine. All right, so Douglas you have spot five Tim with six Douglas with two Christopher was seven Douglas before Matthew with one Joe you have zero ending our redemptions plus three last ball motion and then Douglas with eight and nine So there you go guys, so these are the teams that are part of the R&B I'm gonna leave those here right now for the cuffs for the You know for the sorting team so they can know the 16 teams that are part of the break Like I said, you get a piece of all of those and good luck guys should be a fun R&B and a break. Thank you


Hey guys, it's Nate, A.K. The Foot Accountant. Welcome back to the channel. Happy Saturday, boys. Hope your week and league is starting off well. We are here to talk about whatever is going on with this market right now. Foot Champions Market Rise, where are you at? We're gonna look at a few things. The content drop's about to happen, and we're gonna talk about all that stuff today on a little midday upload, all right? Midday upload. So we have got Foot Champions that is in full swing, and we have content dropping in literally one minute, so I'm gonna cover that really fast, but I wanna cover this first. The market is really, it's actually down, but Footbin tells you that it is up, and this is the first thing I wanna tell you is that this index gold on Footbin, you can't always trust it, all right? You can't always trust it. This does not give you an accurate picture of what is happening across the entire market, because we look at players in here. A lot of the low tier Nicholas Pepe is up. You know, a lot of these players, the low tier guys that were really sold off yesterday after Rammel's Rewards and with the pack supply from the new promo, those are the cards that are rebounding, but a lot of our popular players like Marcial, Ben Yetter, Bale, Havertz, Pugba, Sane, a lot of these players are down in price. So I'm gonna talk about a few of those things today and why the market is really doing this, but it is 1 p.m. Let's take a look at the content for today on a Saturday, because this will also impact the market and whether we do see a rise later tonight. All right, Newcomers Challenge, that's not new. Odegaard Returns, that's an old one as well. Did we get any SBCs today? Maybe this one's new, Newcomers Challenge. Oseman's Transfer, Prime Electron Players Pack, wow. That is a tradable pack. Anything else? Nah, is this literally the content we got today, man? A Prime Electron Players Pack that is tradable. How hard is it to do this SBC? Serial Players 1, minimum rating 77, only one rare player, wow. That is going to make the market drop even further, man. That's definitely gonna make the market drop further. With a lot of these cards just getting packed from tradable pack supply, it's gonna dip once to watches. So if there's gonna be any market rise tonight, in my opinion, it's probably gonna be an out of packs informs. Is that really the only content we got today, man? Really? Did we get any objectives or anything? EA Sports's Twitter is telling me nothing, wow, man. That literally all the content we got. I guess we're just playing Weekend League, huh? I guess we're just playing Weekend League. That's our content this weekend. Silver Star's Vidre, that's nothing new, wow. Okay, looks like we are just continuing to rock on through the Weekend League with no new content today. Probably some pack supply though. There's probably some new pack supply SBCs. But wow, man, that's gonna definitely take a hit to the market today. We see people panicking like this all the time. There is gonna be a bit of a rise, I think, from tonight with this pack SBC. I think we would see a bit of a rise afterwards, but it's probably gonna make this index 100 go down a lot.  And that's just gonna be more pack supply for a lot of these players. So if you're gonna mess with anything right now, and I still think there's gonna be some stuff that will bounce up after this, really meta cards. We've been seeing it almost every day where they have a dip and then they kinda rise back just after the pack supply. I'll show you this graph right here. This is like the new way to trade. Last year and this year, you have these little dips, right? Usman went to 64, he went to 66, actually went up to 68 and even hit 70K this morning. So you have kind of like a 12 hour window where you can flip a lot of these cards. You know, we went to 68, then back up to 72 from Thursday into Friday as well. So watch some of your meta and popular players because the Weekend League is not over yet, man. We are in the first day of Weekend League. Most people are probably not getting all of their games done today. So I do feel like after this dip today in the market with this pack supply SPC, that we will see things bounce back up but then go down even further. And that's, a lot of people are saying right now, they think the market is overinflated and they think the market is just overpriced because of all the traders that have been on the game. You know, the casuals are still catching up in terms of coins and stuff. And I think there's a lot of validity to that. And I think that makes a difference. And I do think we are going to see a pretty hefty Weekend League sell-off. Now we've already seen a lot of a sell-off on some of these informs even. Lewandowski this morning, I'm looking at team of the week too is 300,000 coins. I bought over here on my transfer targets. I bid on a couple of Luzanos at 81 and 84,000 coins. This guy was literally 100,000 coins this morning. So if you're watching this video, you might see some of those cards rise back up but it almost just feels like that this market for some reason is just not safe right now. It's not like, I don't know man, it's just not trusty. I don't know how else to describe it. It's just not able to withhold the prices that are out there right now. And I don't see that lasting. I don't see the prices really doing that well. As we head out of this weekend because I think people are just selling on top of things that are either trying to trade with ones to watches, they're rocking cheap weekend league teams. So I'm looking at some out-of-packs informs right now for maybe like a one night rise. But other than that, man, it looks like a lot of this stuff is just getting panic sold. And I'd be very, very careful. If you have gold cards, I think I might try to get out tonight into tomorrow morning. When you do see some of these cards bounce back. Last night, I don't, I did not like recommend this to any of you guys, but I bought some Domins and Sanchez at 40,000 coins and I was able to sell all those Dominsons at 46 or 47K I think this morning. So I made a couple of good flips last night with a few of those. I bought this yesterday with the Friday panic selling during the wants to watch team two promo. This was at, I bought this at 317, sold at 347. Couple of wants to watch flips. This I bought at 199. And then these Valverde's, man, I bought these Valverde's here at 54,000. So I did not make any of those from Friday night into Saturday. These Dominsons were at 40 and these Cisocos were at 42 to 43 as well. So you can make coins right now. It's just tough. And I wanna, I just wanna, I think this stuff is going lower after the weekend league. I think tonight into tomorrow morning, Saturday night into Sunday morning is probably gonna be like the highest time.  But the biggest way that I can kind of talk to you guys right now and give you tips, I guess, in making coins in this market would be with these out-of-packs informs. You saw me just looking at Lozano. A lot of these guys are just down so much that I think since they're out-of-packs and they're still gonna have demand for weekend league that a few of these guys are gonna bounce back. But if you have meta cards, I mean, I would be very, very careful this weekend with how the weekend is trending downwards and how all this stuff is happening. I might consider taking some of the cash on this stuff because again, pack supply SBC today. Pack supply SBC really does a number on the market. Dominson was literally 45,000 coins right before the content drop. And right now, look at all these that are getting listed up. First owner tradable that people are packing on the market right now and listing up from this Prime Electron Pack SBC. So that's actually a really good pack supply SBC. So EA is really trying to juice this market and probably make it drop a little bit with that. Now, there's other things that are going crazy on the market and that is ones to watch cards. I'm gonna take a look at some of these OTWs. A lot of people make coins on these today. Suarez, Werner, Osam and scoring goals. There's probably more games going on as I'm recording this. And a lot of these cards are kind of moving up and down as well. Suarez, I sold at 160 after his first goal. He's down at 130. This is one way you can trade with these cards is buy after the game. And I'll make a separate video on this specifically. If they had a decent performance they'll probably still rise a little bit after that game. There's a lot of games coming up with Champions League for some of these teams. Werner, of course, they drew against Southampton but he had two goals and one assist. So his price has jumped up massively. He's probably gonna continue rising. He was up over 800,000 coins at a base. Probably gonna continue rising. Maybe drop down a little bit more tonight. And then I think rise back up into Wednesday as he could still be in team of the week with two goals, one assist, even though they drew. So yeah, once to watch team one, I like trading with those a little bit more. So definitely take a look at these cards after maybe they play their games. They don't have an informed, worthy performance and they drop off. You definitely could see some of these prices rising as we do head out of the weekend into the mid-week where we have some Champions League games. We'll talk a lot about Champions League in the next coming days. But once to watch cards are definitely kind of the steal in the show right now in terms of what is moving and what you can do on the foot market to make some coins. But again, this stuff is just kind of crazy right now. Honestly, I'm kind of surprised at the lack of demand that there is on this market for some of these cards and how some of the prices have really dropped off on Saturday. I do think you will see it rebound a little bit into Saturday night into Sunday morning but I think you wanna take the coins on a lot of stuff just because it's getting really supplied. A lot of this stuff, it seems like it should be going up but for some reason and with just I think all the inflation that probably has been happening on the market with the coin supply SBCs and people being timid for some reason to buy cards and to put stuff in their team. I guess that's just why we're seeing this market go down and there's going to be a buy point especially if you wanna get it on some of the current team of the week cards, some of the ones to watch cards. There is gonna be a buy point 100% for some of this stuff. Probably sometime tomorrow or maybe Monday morning with squad battle supply, the general sell off on the Sunday timeframe. So I would expect that with this market. We were all expecting this to rise for Weekend League man but EA kind of messed that up with the whole delay of the Weekend League and I just wanna touch on this as well really quickly. This is the division rival stuff that is going on. This is actually a major L from EA here and I think we kind of figured out what the problem was. Since they only let us play 30 matches of division rivals, I think they forgot to think about how that would affect footchamps because we used to get rivals points for footchamps games. So now they're saying that those footchamps games count as our rivals matches and they're gonna give us 400 weekly score which I'm a player in division three and I'm getting like, when I get a win it's like 600 score per game or something like that. So I'm getting cut short on the amount of score I'm getting for division rivals. So the division rivals and footchampions thing right here right now with this new info from EA is definitely a problem. It's definitely an issue. It needs to be fixed. We need to be getting the full division rivals points for footchampions or the footchampions games should not count as division rivals because we're gonna be getting worse division rivals rewards because we play 30 Weekend League games get less score than what you normally would if you're in a division four, division three or whatever and yeah, it's just a problem. So right now, if you really wanna get the best score in division rivals you have to play 30 games between rewards and when footchampions starts. So like they're trying to just crush all our games into a Thursday, Friday, Saturday, Sunday with Weekend League and division rivals all in that timeframe. That's not good. So either move rivals around change the reward schedule or do something but this is definitely a massive L and this is gonna affect the market too man because if people are getting worse rewards if they're not playing rivals because they just don't wanna grind it during the week and it doesn't affect them because they're playing footchampions there's gonna be less rewards and less untradable packs and stuff that people will be filling their club up with with the untradable packs or the coins or the tradable packs that you take every week from division rivals. So this could affect the market a little bit we'll see going forward. But yeah, that was a major, major L from EA sports today. So again, just to kind of cover what this market is right now I know a lot of you guys are probably losing coins. You know what? We bounce back, all right? There's gonna be a definite buy window with a lot of cards tomorrow after the week in league is finishing people are finishing their games on the weekend there's gonna be definitely a rise into next week with that because that's just how this game works. Everything is especially now with the changes to rivals and week in league everything is built around the weekend around that Thursday, Friday, Saturday, Sunday timeframe. So we'll definitely be looking at some cards late into Sunday night, Monday morning with the market rising throughout the week this week and if you wanna try to get, you know it's not ballsy but if you wanna get risky you wants to watch cards, a lot of games this week and again, these in forms you see me buy some lasano right now I still think this card can rise into the Saturday night and Sunday morning timeframe it's like 85K right now and he's a very popular player he was literally 100,000 coins this morning so I think this card could easily be back to like 95K that'd be a nice like what five, six K card if he does get back up there and I will give you guys one tip if you're watching all the way to the end of this video this is gonna be a really, really useful tip and it's something that is different from prior years bidding, bidding is actually very, very OP this year for whatever reason the Snipes are so hard to get there's a lot of bots and stuff that are going on now I didn't get any crazy, crazy deals on some of these in forms with bids but I got like a nice four or five K undercut here in this lasano, bidding is actually incredible like I've always been somebody who goes and Snipes cards and sits on filters and tries to buy players that way but it seems to be that bidding is OP this year for whatever reason so if you're trying to find some deals at a time like this where you think the market's gonna rise a little bit on a few cards, definitely, definitely get on the bids all right so that's one tip I wanted to give you guys as well, thanks for hanging around with the video today and hopefully we have a fun little Saturday good luck with your first ever week in league I'm gonna be competing as well with the extra time so I've got 30 foot champions matches ahead with a nice little Chinese league, Brazilian and league in all squad I'm a cheapskate when it comes to my team bro so I'm gonna rock this team a week in a week it's been fun so far, we'll see where it goes all right boys, thanks for watching the video today hopefully this market rises tonight allowing us to get our stuff out of our clubs make some coins, then maybe reset on tomorrow night or the next week if you enjoyed the video smash the thumbs up on it, comment down below if you have any questions and subscribe to the channel if you're new it's been Nate the Foot Accountant catch you guys later, peace out


if we say the three stages, why the three stages, क्या दो भी हो सकती है, एक भी हो सकती है, जज्यादा, actually these are the three natural stages of a production process. और वो three natural stages of production process को अगर हम देके हैं, so if we look at the three natural stages of production process, तो इसके बहीं शब़ी है हमारे पास जो अस्पक्स काम कर हैं, वो क्या है, को है, ला अप वेर्ढिबल प्रोपोष्यन, और लाअप द्मिंशिंग, मरजनल, प्रदुड़िवीती आप दा और अप इन्पोथ, so when we deal with these two and at the same time we have to utilize other fixed factors, आज और जोगतरा लगता, लोगतरग। नब जब दागताई बश्ँदा नेमा, उपना देरणाला हरदे अपना है। श्द 나क ज़ाई ज़ाई वग मान शोगता यों जो तरहाता दोffer मैं। तुमबहे आवार कि मर्हँत क्रोली, whom you use for a今 कयवार, than कई catalelo of one column again in the column तुमबहे आवार, that. after all the three havens我就 तुम उनने वरії वरियाके उरम मी पूते है that where in the one column like that, अंए तुमबहे आवार कि मुफर्ह clear of the one column, मैं ग़ी ड़ हैं, याしましたा, और मंिकाल omega 1 ठस्त्ते हैं याग possess और मुर向िठाा हे लत कान मुर degree say of the chaîne थि redef visions� और � plu Ин मिल यागर कान में, कि ओग इत मवाच णू, इस косम आँँई, और महो है रह सातनग ड़ी ड़ी मय थीा,लेप�� स्च्लाभ सिल्ठा, should not be changed. So, it does not mean that we have to use only one. We can put any figure here like 5 or the 6 or 10, but that figure that will be utilized in the first instance that will be remained kept constant throughout this production process. Now, when we come to the variable number of the inputs it means now the entrepreneur is going to decide that for this fixed proportion of the acre or there can be other plant of the machinery he is having here zero level of the input at second state he has added one input then again one more than one more so he is adding the variables and with the combination of this fixed and this one variable now there is total physical product so at the start it was zero and then four fourteen and like this when again now we are going to decide that what is the marginal physical productivity that will be decided with the change in this total product so for this change in the total product four for one marginal physical productivity is respective one and keeping in view now this marginal physical product unit what we are going to decide we see that marginal physical productivity it is going to increase and after this twenty it is going to decrease one another thing that we have to see here it does not mean that it is going to shift from twenty to sixteen in a jump there is a possibility that for this increase in the three to four of one unit of labor if we are going to divide in very small number because the labor it cannot be divided if it is a one person we divided it by hours mean for twenty four hours of labor for twelve hours of labor or for eight hours of labor there can be any number in between this that there can be nineteen one there there can be eighteen units or there can be seventeen units so it shouldn't be in your mind that it is just going to buy jump because it is a very continuous process but due to indivisibility of certain inputs we are not going to count for this if this labor is divided in the form of the hours it also will provide us an opportunity to have this type of the product here and after this now we see that the marginal physical productivity it is going to decline and decline and becoming equal to zero so these two these are called the point of inflections mean when there will be the change in the slope and the third stage when marginal physical productivity is negative so from this point of inflection if we say that marginal physical productivity is increasing it gives first phase second marginal physical productivity is decreasing and reaching to zero second phase and now when we contrast up to this point and come to total product we see that there is total product is going to increase and increase and increase when marginal productivity is zero the total productivity is up to maximum point for this change in input or marginal productivity total productivity it remains stagnant so due to this when from 74 to 74 we measured the change in y it was 74 minus 74 divide by change in labor so that was one unit it was zero so this was the another inflection point when the total product was maximum and after that marginal physical productivity is declining and this third stage of marginal physical productivity declining it gives this total product also a declining stage now when it is shown in the form of a graph when we plot again this this is the total response of the total product and this total product point this is the first point of inflection and if we correspond to this the previous table we will see that this was the point of this third and the fourth unit of the labor likewise this third and the fourth unit it shows that now this was the point of inflection when the production started to increase but at decreasing rate so here again total production was increasing here total production was increasing here increasing rate and here at decreasing rate and this increasing and decreasing rate can be defined by taking the further derivative of the marginal physical product or with the second derivative of the total production and this is the third phase when marginal physical productivity it became zero and still here the average productivity is not shown and if hypothetically I will draw it will like this so when marginal physical productivity now it is entering in the third phase of declining then this is the phase where now the entrepreneur has to decide that either it will go on producing and producing but at the decreasing rate and either this will be the feasible form to him or either there will be a plausible decision to stop production up to this point so these are those three stages that an entrepreneur has to face keeping in view the utilization of various inputs with him and he has to decide keeping in view all the information provided to him with the various units of inputs various units of output or the average product and likewise the various combination of the input and average productivity so when we explain these three phases one by one so in the first phase we can say total production is increasing marginal physical productive is increasing average product is also increasing when we come to the second stage total production is increasing but marginal physical product is decreasing and at the same time average physical product will also start certain way declining third stage when total production is declining and marginal physical product is not only declining it is decreasing in the negative phase means it is going below then the zero and these three stages then when we have explained first stage second stage and the third state so one by one when we explain we have various related parameters that gives possibility of various decisions to the entrepreneur so the phase two is actually the phase of diminishing returns and phase one is called the phase of increasing returns so after the second state when we have the third state this stage due to decline in the total product and as well as the negative marginal productivity this phase is called the third phase of the negative returns so any entrepreneur has to must we can say must decide that he will never enter in this phase or he must avoid this negative return state because it will add up only and only in the cost of that total production process and this is not an efficient rather a non-economic non-profit and inefficient phase of the production mostly any rational producer or i can say any rational entrepreneur who is having wise decision capacity and having wise knowledge of the various figures of input and output will be able to best decide that this phase will never has to be adopted


Hello, my name is Tech Sergeant Anthony Philip Maze from Tucson, Arizona. My most memorable memory from Pacific Partnership 2012 is working with the Navy, the Army, the NGOs, the host nations, the partner nations and going to all these different places and making a difference. Actually seeing the difference that we're making on people's faces from children to adults to grandparents going out there and having a good time with the partner nations and seeing the world. That's something I never thought I'd do plus I'm on a Navy ship so I'm having a great time.


Hi everyone, so I'm going to explain with my colleague UK and we are working in the same team of Liotative Projects. What is it that you contact us if you have a question? So I will just explain a very typical use case and the end-to-end solution about bi-curve and infrastructure. So I will explain what is the utility and how to prototype the infrastructure. And then we will explain more about the cities. So for the lighting room I will maybe show it later because it's a little messy and there are problems. So what I want is to solve the problem I have when I crash on my bike. I think that the city lights are very important. So I want to find a way to find out the defective city lights. We provide an healthy solution to do this and eventually get the right person to make the decision to get the city lights fixed. That's the problem I'm going to make from this. So I made a short video about the problem. We have a car under the city light and there is a sensor on it. We try to measure the illuminance and it's off and we have to send it right. So here is my rig and I'm showing that I have a different device that you can imagine in a car. So we have the GPS unit which is here Raspberry Pi Zero. And there is an IoT TV server on it which is sharing the position to whoever wants to listen to it. So I have a client on the phone which is displaying the position on the map. The phone is just to explain. So on the other side I have the box very near the illuminance sensor. Brightness sensor is running on Raspberry Pi 2 and on the AGL automotive spectrum. And I have also a relay to control the front light of the car. So when you put this together, you have what you need for this problem. So what I want to show is that this green is the city light. And if I hide my sensor with this piece of black, then the front lights are turning on. And in the end there is a notification to the cloud telling that there is something happening now. So the first row with the little spots we will see is illuminance in Le Mans. And then the position latitude and longitude. So we have three numbers. And I'm just telling you that I'm not collecting all the data every time I can. Just here the service is probably a problem. So then once the data is in this cloud, you can imagine a service to show this on the map. So if I show it again, yes. So this is an A2 sensor and I will explain later how to deal with this. So there is two actions. One is to turn around the car front light and send a notification to the city or wherever it can. And also all the resources can be controlled by a different device. So here I have a smartwatch for a new type of system. And if I want to turn on my light or whatever, I'm not telling this is something. This is a reward. It's a thing that technically you can do. So I will explain now in detail what, if you want to do it again, how can you do it? So first let me introduce what is an open connectivity foundation. So this is a group that aims to provide all the software, to provide connectivity between devices. And the first goal of this group is to provide a real specification. We're not reinventing the wheel. There is already an existing solution and we're just trying to put it together to get something useful and finish it and that was many use cases. We are relying on the co-op protocol. And we are also, the test civilization is done using the CBO format. And the other goal of this group is to provide and sponsor the implementation of the specification. So this is, there is a very close relationship between open connectivity foundation and high utility. Because in the standard, if it's in the standard, this means that they are doing it before. And in other ways, this is specification, open standard, open source implementation and the IPHE and tool and things. So if you want to create a product, I will recommend you to join the group and to get a certification on top of this. If you are making a product that's supposed to do something, probably you can interact with other people who are supposed to go through this. And I will explain it. So let's get on the protocol side. So it's a restful design. You have some initiation server side and client side.  This means that there is a server which is providing services and any client can discover the services and do some action about changing the state of the resource so it gets the value of it. So this is a back and forth integration. And some mechanism which is very interesting is the observation nature. This means that what if a resource is changing and your high-end resource playground will be aware of the logic. So you don't have to implement your own voting logic. It's a very good system. So particularly you can run on a modern system with a CPU. Also we are supporting low constraint devices. And there is another subproject for very low constraint devices. So you can have very wide range from microcontroller to computer or mobile phone. Today it's integrated in many systems. We have the Python, the Gemini, MGR and many other systems. And we are going to make some progress to try to make it easier for everyone. So the core part is a C library using a protocol. And the footprint is about 100K so you can fit into a microcontroller. When I say on top of it we have a C++ API which is providing more objective entities facilities. And as like this we have all those services. We speak about how can we provide more services than just a basic solution. So let's get back to writing. So I'm not a JavaScript developer but I wanted to explain it in JavaScript because it's quite a compact code and it gives you the idea of the logic. So if you are seeing half code developer you can do the same thing. So just using it in JavaScript. And because we have some bindings to Node.js. So this is a great contribution for them. Node.js is quite interesting because there is a huge community and you have a lot of pre-modules ready to be used. So you just need to install it using the package manager and it will assist them. It's based on the C version of IoT. So if I get back to my program. So first it's about the sensor. So there is no black magic here. So I'm just using an I2C sensor. And there is somebody made a package to support it. So you just need to initialize it on Raspberry Pi. It is an I2C bus and it's a bus. There is just one torsion. It's just right which is just about the value. Now we are talking about blindness. And we want to make something run since maybe instead of we are making the wheel of CF it's proposing a lot of model to define things. So maybe you can have a look at what's inside this repository and if the model you are talking about is not a really no matter. In the case of the Illuminance wheel somebody did this and we have a normalized Illuminance object called I2C resource sensor in Illuminance which is describing that the Illuminance is just on the wheel. So we are just reusing these names. If you want to create yours you can propose some Illuminance. So let's back to the connectivity. We have this Illuminance and we want to share it to whoever wants to be aware about this. We are creating an IoTT server and using Node.js we need to import the module. IoTT know the low level. We initialize it as a server and we had some configuration flag to say that this device is observable by the users. So each time it is changing we can just send a notification and everyone will be aware. So this is just a flag and a function. So if we are in JavaScript there is an update event on the sensor which is modifying the resource. So the listeners is clear inside. So first we have to discover the resource and once it's formed then we can handle it and try to work with it. So on my code once I found the resource if the resource is identified by this pass Illuminance resource we are like this is just a sample I can just start watching for it and on each update event I will process it. So that's not simple. So first you have to find it and then you have to listen to the update process. So the last part of this presentation is sending back the data to the cloud. So I will give a demonstration on the cloud which is a cloud designed for IoT solution by Samsung and to use it there is a different approach but I use Node.js 1 which is the base of this project and I have to install an HTTP REST client and then I can just send the message. So first I have to declare my device on this cloud backend and once I get some identification codes I can send the data back to it. So in my case the data is just Illuminance value. I kept reusing the OCF model name because you have to declare it different so you can do anything. So here is a preview about what we are doing here. So in the yellow box we have this Illuminance object which is identified by a URI. One of its properties is a value under the Illuminance property name for the position it's the same and for the anti-cloud we are sending an object which is a composition of the Illuminance and the initial position. So that's just here again. The basic rule is on the right. This means that if Illuminance is below some threshold this means it's too dark then we are just sending the message to the cloud. And we are doing this on each change of the Illuminations and so on. So I have a link which is doing this which thanks a lot. I think, yeah I show it now I think it's done for zero. Maybe I explain about anti-cloud but there is also another project in the AT&T called the AT&T Cloud. It's an action on the AT&T Cloud and the services. So one of the major developments last year having AT&T was the AT&T National Cloud. Motivation for this work basically we want to turn our local outcome connectivity to the internet to certain party service providers and to remove resource client. The other motivation is to support them much with their superior connection. So if you look at this architecture this is actually what we have at this moment the basic infrastructure for cloud. We have region cloud region cloud is our small cloud here which is scattering basically everywhere if we can do it around the world that would be the case. Then all the scattering region cloud will connect to our global cloud so the functionality in the region cloud basically the main thing is cloud interface server. What it does is basically it accepts the connections from all activity devices and then you know receive all the notifications afterwards they send all the restful messages to connect the pipelines. The main functionality that's actually the core part of this cloud interface is we actually based on AT&T framework and on the top we added cloud over TCP support. As Phil mentioned earlier basically you know activity is highly in the global cloud we have introduced a cloud server this is the other to achieve the other goal basically it's just the support of the user level authentication. So what happens is if as a user you use your smart device your rich device that we call rich device to go to your third party service provider like Google, Facebook, get your token and then you send your token to the account server through your cloud interface server to the account server. The account server gets this information and then you connect to your third party provider like Facebook and Google again get your user information. This user information will be stored in the account server so basically the account server has all your user has all your user identity and information afterwards so it will send the response back to your cloud to the device. With the account server in place basically we managed to be able provide the interface for the third party authentication provider like Google, Facebook to extend their user identity to the activity cloud. And for think cloud concept for think cloud is constrained devices with very limited resources and memories will rely on the resource directory to store in the middle to do their cloud actions. So what does is the think device basically publish their resource to resource directory and the resource directory after the resource directory after the resource directory got the results from the devices from then on it will act on behalf of the devices to answer to respond to any resource request.  So basically this is what we have now for cloud. With this cloud in place basically we really make the use cases scenarios for activity to the next level. This service is another side of the function from an activity. So the basic goal for this time is to make the application developers life easier. So we wrapped all the functional possible resource related functionalities hide all the lower level complexity the complexity part of the base code and then wrap them into C++ APIs. So what we have here resource container. This resource container basically provides a way for non-OCF devices to integrate into OCF ecosystem by providing a resource boundary. So you know you do within the boundary you do actually you do protocol mapping. So for example if I have a because in an activity we use a message queue over cloud so you can connect an activity device to an MQTT device you need to create a resource boundary within them you know based on resource container template to make some work. And notification basically is as the name said really we are caching and monitoring the status features of the resource and send the updates to observers. Resource calculation is abstract layer on top of the base layer. So it's really just a resource and any resource related under layer APIs we actually wrap them up as providing a C++ API. And scene manager. The concept of scene here is a collection. So when you think like in my house every room has a light. So all the light are put together as a thing called light thing. So if I bring it away for a business trip what I do is I send the notification to every light what I do is just send one notification to the scene manager who will do the rest for you. The last one is easy setup. So easy setup basically is you know like in LTE devices they could have multiple devices which support different connectivity that can close. So it's easy setup we actually provide two stage one is embodying others provision. So if I give you an example we have a new speaker out the box without UI and the new speaker connects to your home access point. So what you have here is using your mobile phone. The mobile phone is already in your home network. So what you have here is the mobile phone will you find the access information of the speaker either via Bluetooth or just scan the QR code and set up a temporary connection and then it will then send the access point information to the speaker where all your source will be viewed here. This is the embodying stage which means that you are home. The mobile phone will push the access point or the password access point address to the speaker. So basically Open Connectivity Foundation establishes standard specification to address the interoperability issues in IoT. OCF sponsors Open Source Project IoT to do the implementation of the specification. And then once the implementation is done OCF will step in again to certify all the devices which has those implementations. And Phil has also worked with you through the IoT team node it's really the bridge to bridging our IoT to native code to web services interface. And then you might also see the article cloud where I'm really good at it and then we work through the native cloud services. So yeah, I can show the demonstration again. So we take the demonstration. So the demonstration is about this high to C right sensor and if I change I cover this so the relay is turning off. So the message has been sent. So maybe I can, either we can answer questions or I can also show you some extra stuff related to the project. Yeah, let's do one or two questions. Any more? So this is what I've done before after previous presentation. Okay, yeah. Any questions? Okay, thanks a lot. Nice explanation.