Good afternoon to everyone for the second part of our inaugural conference. My name is Ulrich Hege, I'm a professor of finance here, and I'm also associated with the Center for Sustainable Finance, the finance center that we are inaugurating. And it's a huge honor to chair this panel in view of the distinguished panelists. Our panel, before I introduce them, what is the panel about? It's a panel on green investments. How can investors and capital flows directed towards socially responsible investments, energy efficiency and alternative energies? The challenge is faced by asset managers and regulators in the coming age of energy transition. So it's a heavy focus on energy transition, this is also, and everybody's mind, this is just the days of the COP 25, four years after Paris Accord, the COP 21. And it's a topic that of course is increasingly taking its right place in the public context. So we are talking about this topic from the point of view of the financial sector of capital markets and the role that private capital and capital markets play in this transition. Our distinguished panelists, let me introduce them, and this is a panel of the future, not only because the topic that we are discussing is the topic that decides on the future we will live in, but also because this is a panel of a very low carbon footprint because of an exogenous shock that we are doing today. And we also see that sort of like technology as this morning in the keynote lecture by Marie-Anne Bertrand is helping to overcome and to actually see how the future will be in a low carbon environment. So our panelists, to start with Diana Phillip, who is to my right, who is from Bailey Gifford Investment Manager based in Edinburgh, Scotland, is a partner and a valued partner of the Sustainable Finance Centre. I don't get a large asset manager, but Diana, I'm sure you will say more about what you're doing and especially what you're doing in the arena of sustainable finance because that's precisely also what's brought you in contact with TSE that you saw that here there is interesting work being done on that topic. Then we have Laurent Claire joining us with video conference and a special thanks to Laurent and also third person, Frédéric Chamama. Laurent actually made it to the airport yesterday in Orly only to learn there that he couldn't fly to Toulouse, so he's back in his office at the Bank de France. Laurent Claire is the Director for Research and Risk Analysis at the APCR, they are the French Prudential Supervision and Resolution Authority which is affiliated to the Bank de France. Before that he was the Director for Financial Stability at the Bank de France, also had stints at a number of other central banks, the ECB, the Bank of England. So Laurent will be there to talk to us also about the role of the regulators on the central banks which is much in discussion these days. And then we have Frédéric Chamama from Amundi. Frédéric is the Global Deputy Head of Institutional and Savarin Clients with Amundi. He is basically with first Credit Acricoll and then Amundi, but as you know Credit Acricoll is one of the founders, the two founders of Amundi for 20 years if I can say that. And Frédéric is also a thinker on the topic of green investments. He has published work with Patrick Bolton, with Joseph Stiglitz in this area on questions like how can you construct portfolios that reflect green investments, that de-emphasize energy intensive investments, what's the performance there, how can you minimize tracking, but I think Frédéric you will talk to us about this. So this is a very exciting panel. So we're down to three persons, but this is given the disturbance today is a very good achievement and we'll see how it goes. So definitely for any intervention from the floor, we need to have the micros so that Laurent Clair and Frédéric Chamama can understand what you're asking. And there's also the channels that we don't see everyone, each other. So we don't see Laurent and Frédéric. So given all that, so we would just then go to the first round of introductory statements. So it's about, of course, the role of private capital in energy transition, but let me say we are not wanting to limit it. There are many challenges, biodiversity, pollution of oceans and many others that are certainly as severe as climate change. It's just that climate change is right now in front of the agenda and that many actors in capital markets, private and public actors in capital markets take up the challenge of thinking about what to do, that what makes this a very interesting panel discussion today. And it's in the background that there has been going on a lot of private investment already, right? Sort of like many countries have increased the part of renewable energies in electricity production, like some of our neighboring countries from less to 10 to 30, 40% in the space of 15 years. France has a very, like a sustainable energy mix. But if you look at this in the global level, it's just all counting to very little, right? If you look at the World Energy Outlook of the International Energy Agency that came out a month before, that is just a very depressing reading because it says carbon emissions will on current trends only peak in 2040. And that includes that is the stated policy scenario, why they don't only take into account current trends, but sort of like the stated policy commitments of governments including those of the Paris Accords, still it would only peak in 2040. So we are not bound on a trajectory to 1.5, a climate change goal, but we are in a trajectory that would lead much higher than that. So that is the background of the urgency of the topic. And let me then just begin with Diana and Phillip. And so I think you're in a firm that is very much in this area and you're working with clients that are very much, you know, into these topics. The first question is, you know, what about when you suggest green investments and what type of green investments to them? Is there a concern, a legitimate concern that you have to sacrifice some performance there? And are they willing to accept that? How is generally the issues that Ashton manages face when trying to invest into the energy transition? Great. Thank you very much, Uli. And first of all, may I just say that it is a real pleasure to be here today. I was last in Toulouse as a young teenager on an exchange program and I had the most wonderful two weeks, but I haven't been back since and I am really thrilled to be here in this beautiful town. I'd also like to say that we're incredibly honored to be part of this really exciting and important program. At Bailey Gifford, we really prioritise finding really strong relationships with academia. We think that we'll be better investors and we'll learn a lot more about enforcing partnerships with the likes of the Toulouse School of Economics than we will be from listening to the short-term noise of investment bank research. There's a few issues that I hope we'll be able to touch on today and a few messages that I hope I'll be able to convey this afternoon. The first is very much about the nature of fiduciary duty and how the task of investment is defined. We think this needs to change. The second is a little bit about how we invest at Bailey Gifford and the need for people to be actual informed investors in growth businesses with uncertain outcomes rather than just traders of bits of paper. And finally, a lot of this is new, but we are very much committed and we feel we must be committed as a large investor to being part of the discussion and learning from people who are experts. So in terms of these issues, we see this predominantly through the lens of being a large equity investor and we think that there's several issues to bear in mind when thinking about the transition to green energy. The first is very much that it is our task to generate good investment returns for our clients. There's increasingly a big and open question about whether or not mandates extend to thinking about societal outcomes in a broader way. But at the core of our task at Bailey Gifford, as it's defined today, is very much our need to generate financial returns for our clients and their beneficiaries. So being able to pay their pensions, etc. So the first issue that I'd cite with this is at least in the way that we tend to invest is that companies that are part of this energy transition really need to be able to earn attractive returns on capital. They need to have the potential to be good businesses. But then underlying that, there's a real debate that's needed and it's occurring about exactly what that fiduciary responsibility should actually mean. This then leads me on to my second point, which is about the regulatory regime. And this is the regulatory regime around the new energies. We think that this needs to be relatively stable and predictable. That's of course particularly true if you're thinking about fixed income and infrastructure investments. But it's much less true for us when we're investing in growth companies. There's also a flip side about a stable regulatory regime. And that's that we need to find a way of making traditional energy companies and their customers recognise the full cost of their products. That's not easy. And you'll feel this very acutely, particularly in France as you've seen with the protests of the likes of the Gilles Lejeune amongst others. But until we're properly recognising the cost of a hydrocarbon-based economy through carbon prices and any other measures, the playing field just isn't level. And then my fourth and final point on this is much more specific to how we invest at Bailey Gifford and the types of companies that we choose to invest in for our clients. We think that one of the tragedies of modern finance is that so-called investors now overwhelmingly see their task simply as buying and selling bits of paper on stock exchanges, rather than really investing in productive enterprises which may have uncertain outcomes. We think that the investment industry as a whole really needs to return to our roots. And we think that the energy transition is the foremost field for us to be able to do so. This means being courageous. It means being willing to invest in companies where the chances of success may be low, but the returns to that success, if it comes, could be very high. It means therefore backing management teams who will take risks and for us as investors to really support them along that trajectory. It also means really encouraging those companies to ignore the short-term noise of the market. And that's something that we feel as Bailey Gifford as a long-term investor, we can really offer as supportive long-term shareholders. Okay, thank you very much Diana for this introduction. And let me then pass on to Frederic Samama who is online and hope is listening. I can understand us. So the question is, look, there has been a change. Clearly there has been a change that investors are paying much more attention to whether their money is invested in the green assets or brown assets or something between olive assets as they've been called sometimes. So how would you explain that the recent investor mobilization on climate change and what kind of innovation in the financial sectors have helped to bring about a change and are shifting the market? And where are we going in this change in investor engagement with the energy transition? Thank you and I apologize not to be with you. Just by looking through the window, I can tell you that the weather is terrible in Paris and so I can tell you that it would have been much more enjoyable to be introduced with you. That said, we can say clearly that we observe around the planet a major shift among the asset owners and that's a kind of revolution. And that's a very recent one because if we take one step back, we can say that climate change has been on the radar screen of governments and NGOs since the beginning. It means four decades. But investors were not part of that picture. And over the past three to five years, so a very short period of time compared to the fact that the topic has been on the table for decades. So very simply, asset owners have decided to jump in. And if we take a step back and we ask ourselves why, we can see many different reasons. The first one is that over the past three to five years, the deniers have disappeared. They were still around five years ago, now they are not. Another point that has changed the entire landscape is the COP 21. We have to remind ourselves that the hope of a success at the COP 21 or at any COP was very low. France was the only country to raise its hand to ask for the COP 21. And until the very last minute, there was a big risk of failure. The third reason is that we thought three to five years ago that China would ever block. Now China is leading. Three to five years ago, there was almost no regulation on climate change. Now it's booming everywhere. We have now a cap and trade mechanism in China. Now the ETS program in Europe is working. It was lagging at three to five euros, and now it has been fixed. And it's about 25 euros per town, and the European Commission wants to bring it to the next level, to 45, 55. Three to five years ago, the cost of human energy was very high. Now it's becoming much more competitive, especially compared to coal in many countries. Three to five years ago, it was a topic only for some economists. Now you can see the level of involvement of populations all over the planet, especially with millennials who are not going to school due to climate change. Three to five years ago, only a few investors were paying attention to it. And now, to illustrate my point, we have 330 investors representing 33 trillion dollars, 33 trillion dollars, having decided to engage with the 100 most polluting companies. So what I'm trying to say here is that suddenly the investors are part of that total shift of situation where none of these single forces will be enough to get a change, but when they are all aligned, then you have a tipping point, and that's really what we observe. Without mentioning the roles of central banks, but I'm sure that Laurent will speak about that, but that the final touch that we have observed around the past six months. So really investors are part of that shift, and the amounts of money at work are massive. My second point is to say that some new technologies are being developed. I could refer to two of them, a nice deal, and I will start and stop there, maybe with the low-carbon indexes. Here you have an example of an innovation, a financial innovation that has helped investors align their portfolios with the low-carbon economy. Back in 2011, one of them, AP4, challenged Amundi to find a scalable, low-cost, easy to implement solution. And we really looked around and we didn't find anything that was working. The green ETFs, they had underperformed massively. The private equity funds, they were not specially cheap, not scalable as well. So we brainstormed and we said, okay, we have to develop a new technology. And then when we looked at what the investor had in his portfolios, we understood that AP4 had a lot of passive products, like all of its peers around the planet. And then we came to the conclusion that what we could do is to analyze the constituents of the index. We could say, let's say MSCI, we could analyze each of the single constituents in terms of carbon footprint and exposure to strongly assets. And what we could do is that sector per sector, we could extract some of the most polluting companies and replace them with some of the peers that are better positioned. We take the auto car maker industry, we compare Renault, Peugeot, Toyota, Volkswagen, and so on. And we take out the most exposed companies and replace with the peers that are better positioned. But the key of the technology is that we could do that with a low trucking error. Meaning that we could reduce the risks without changing the market exposure. It's slightly like Diet Coke. You take the sugar out, you replace it with aspartime, and at the end, you have the same taste for Coke. And so mostly what you could have is that if you have the parent index, you can switch to the low carbon version. It's built in a way that it will track the parent index for years until polluting companies are getting penalized. And then eventually, if you have excluded some of them, you will outperform. Basically, it creates a free option on the mispriced asset. And also we were ready to lose some money because it was a prototype. But it was not supposed to work immediately. We were okay to try, test, and adapt. Very surprisingly, we observed that this technology on MSCI, which works everywhere, generated about 30 basis points of outperformance per year since 2010. To put this figure of 30 basis points in perspective, my passive team, when they generate two or three bips, they think that they're the world leaders. So here we talk about 30 basis points of two or three bips that usually a passive team can generate. That's massive. So we show here that the belief of being green is actually sacrificing returns is wrong. That the other way around. And the rationale behind is pretty clear. We had a risk that was not priced. You know, five years ago, you were an auto car maker, a utility company, or another company. The risk associated with your activities was just not priced by kept short-term oriented market. So at this risk, I know, spreading in terms of understanding, they change the asset valuations and we benefit from that. Just to conclude, from the policymaker's perspective, the beauty of this technology is that we don't extract the companies forever. We reassess the situation year after year. It means that if a company has been excluded because it was bad compared to its peers, but if they have made some efforts, change their policies, they can be back within the group of sedative stocks. So it means that we are creating a form of competition within each sector to accelerate the transition towards a low carbon economy. And really to conclude, this technology has now spread around the planet. As mentioned by the Harvard Business Review of May, June of this year, they refer to one of the papers that we published with Patrick Bolton and Matt Sanderson, the CEO of AP4. And they made the point that now this technology developed in Europe between Sweden and France is now being adopted by CalSTRS, New York Commodaltime and Funds, GPIF, New Zealand Superannuation Fund, and it's a 50 billion dollar technology. So Europe should be very proud of having put on the table a technology that first works and second is being adopted all around the planet. Okay, thank you, Frédéric. Thank you, since I didn't don't see you, I took the pause at the end. Anyway, there's time. Thank you for this, you know, also upbeat statement of what asset managers can do and how they can succeed. And we also have been managed from Diana before. This is where the point of views of two people involved in long time with private asset managers. And let's turn now to our third panelist, Laurent Claire, but we thought we would have introduced her Flores here as well, but she couldn't come in the end, so it would have been another asset managers. So let's then turn to Laurent Claire with Pond de France and the regulator. Laurent is also at the forefront of the thinking at the Pond de France and other central banks about what they should do. They've created a club and perhaps you're talking about the club, the NGFS, there have been quite a few developments in recent weeks that at least made it clear that central banks can no longer just sit aside and say this doesn't concern them, even if there are some dissenters like the Bundesbank who would say we're not convinced, but just a few headlines from recent weeks, the Bank of Sweden who has decided to disinvest. They decided they took a very cautious approach. They decided to disinvest bonds from Alberta, the Canadian province and from Western Australia, the Kohl province where those provinces identified a very dirty extraction of sand, oils and of coal to make a statement. So this might happen that central banks would actually disinvest very brown assets. We have the European investment banks that is just making noises and probably adopting it in natural gas networks or anything in natural gas giving this an energy based on hydrocarbons. And there's the EU commission and that's very close to home Laurent for you saying that they are thinking about differentiating capital standards basically in concluding some green supporting factor for green investments that would basically make financing easier for banks and some reactions from the banking industry which are very important. So just to set the stage Laurent I'm sure you have a lot to say about the question what's the role of governments of supervisors of financial regulators and central banks of course in that context should have public institutions the central banks with the huge asset base but also public investment banks like the Cassidipo and others or any other banks. Yes yes we hear you very well. Okay so thanks a lot for having me on your panel today even though I'm still in Paris so you refer to the NGFS which stands for network for bringing the financial system so it's a group of central bank and regulators that was launched a couple of years ago. This group was initiated by the Bank of France and NGFS like more than 50 central bank and regulators so the focus of this group is threefold there is a group working on regulatory issues another one on macro financial linkages and the last one on the central bank policy to refer to the beginning of the discussion I think that the starting point of this group was the fact that for us climate change risk was not adequately and pricing financial asset prices and for that reason there was a form of misallocation of capital and eventually when you refer to the point of whether investors were sacrificing performance it is fair that from the standpoint that the risk is mispriced then there is a misallocation of capital with risk respect so we are still thinking that this is still the case regarding the slow developments in the financial industry so I take Frederic and then that there have been an increasing focus on that I think there is a shift in demand I agree with Frederic especially from customers and investors which are looking for more sustainable and responsible investment and there is also a shift and more pressure from regulators and supervisors so far the issue is we are dealing with with respect to how to integrate this kind of risk so there are different avenues the first is to improve the governance of risk within financial institutions the idea is also to try to develop stress testing approaches to take into account financial risk another one is also to improve the governance of risk so we are working currently on these different issues and with respect to governance there is also this idea of incentives so Frederic you refer to this idea put forward by the industry and now taken on board by the European Commission to introduce a green supporting factor within the world of central bank and supervisors there is still a debate since some of us are convinced the others are not with respect to the role that it should play there is I think two concern the first is that green is not necessarily well defined at this stage so there have been a lot of efforts in particular in Europe who develop a green taxonomy so it remains to be put on action I would say and second there is still the case is not made that green assets are less risky than brown assets so this is something that we are investigating in the context of our work last point is referring to central bank policy so here again there is a lot of debates the NGFS published in October a report which is based on the portfolio management of central banks and it is referring to what you said about the Swedish central banks I think that central banks like the bank of France now are more concerned about their the investment of their own funds so they are also applying the principle for responsible investment and there are still a lot of debate as to whether monetary policy should take green assets into account the position of the French governor is to say that there is a scope in particular to factor in this consideration with respect to the collateral policy that is the kind of asset that you take on board when you are lending money to banks and these are the main avenues and I will stop there and I will continue to talk about this and I will continue to answer that Okay, thank you Laurent, thank you to everyone for this insightful opening statements and I mean there is many questions and I'm sure people from the floor want to react I see already hands that are going up so the middle over to the left and of course our panelists will probably also discuss again on issues that have been brought up or to new questions that we haven't brought up yet please. Okay, so I think everybody is pretty much aligned on what the goals are the United Nations has 17 sustainable development goals and everybody has agreed on that the question is how is this going to be financed there is a number yet on if you want to succeed it's going to cost this much investment every year for the next 10 years or something if anybody knows that number please let me know let's suppose it was a trillion a year how much can private investors take of that and how much should be in the remit of central banks the European Central Bank managed to produce 4.5 trillion in three years probably do the whole thing if it wanted to so I don't know does anybody have any numbers and what responsibility relative for private investment and public money the question is not directed to anyone specifically who wants to answer what to react so maybe I can this is Laurent there have been a lot of estimates about the need for transition my recollection there are different numbers but it's really in terms of thousands of billions of euros for ensuring the transition so about something like 100 billion euro per year to reach that and perhaps even more so quite a lot of money whether investment can make it yes sure so Frédéric alluded to new investment tools there have been also a huge increase in the issuance of green bonds so that is something that is ongoing public institutions like you mentioned I think the European Bank of investment are also providing a lot of financing with respect to that so I think we are on the way even if there is still a lot to do whether central bank can finance transition is also a matter of debate I think we are not yet there so perhaps it's too early to say that there will be a green QE but at least there is something going on with respect to financial markets and to follow up on what Laurent just said I would like to share with you an experiment that we did two years ago with IFC so the World Bank's subsidiary they were looking for a partner to tackle a very well known challenge the financing of green infrastructures in emerging markets we all know that we will win the battle of climate change if all countries are getting the right financing not only the developed countries we know as well that we are facing allocation of capital we have massive pools of assets in developed markets facing the low or even negative yield environment and we know that we have these needs of green infrastructures financing in emerging markets and we know that we don't have a bridge that is costly for both parties the developed markets don't have the returns associated with the developing markets and the developing markets don't have access to the pools of assets in developed markets so it's a lose-lose situation and so two years ago IFC decided to tackle this problem and so looked for a partner for that and after a search among 17 asset managers the leading European one was selected and it says about the leadership of green finance in Europe and now in order to tackle the problem actually we analyzed very precisely in a very pragmatic, low-key approach the obstacles that the investors were still facing why is that not working and there were two clear conclusions the first one is that even it sounds surprising but for many investors in developed markets they consider that to invest into developing markets is too risky you know the guidelines have been established years ago and it's too risky to invest in Mexico and so on and the second problem is the lack of knowledge on infrastructures truth is that almost all investors are investing into equities, fixed income and so on but almost none of them are investing into infrastructures because they don't know they don't know locally it doesn't make any sense to ask them to invest into Mexico, Turkey or Korea so based on these two problems we designed with IFC a new solution we said what we can do is to create a fund that actually will benefit from a risk sharing mechanism meaning it will be a tranched fund and the most part of the fund will go into the hands of IFC that will get remunerated for that but so we will lower the risk of investors or we will have a kind of treatment enhancement mechanism so problem one tackled then we still have a problem two the lack of knowledge on infrastructures and here and IFC deserve the credit for that they had a moment of genius they said what about having local banks in Mexico, Turkey, China and so on issue some green bonds we use the investors you know about banks you are comfortable with that and if banks are issuing green bonds they will take the commitments to channel the money towards some green infrastructure projects so we are decoupling the risks that the investors are taking from the channeling of the money towards the green infrastructure projects and suddenly with one deal we were able to transfer and to deploy two billion dollars from European pension funds towards green infrastructure projects in the emerging market and this deal is even we received a lot of recognition we have already received six awards for that and even President Macron referred to it in one of his speeches and with Xavier Musca so the former chief of staff of Nicolas Sarkozy and former head of the French Treasury we wrote a paper and a report presented to the G20 why? because this deal is even more than a deal it's a new business model developing banks for the kids developing banks were using their balance sheets to finance some projects and they were issuing some bonds to finance it and as they want to keep that triple A actually they were financing only very safe projects and we know that this business model is reaching its limits but here suddenly you have a developing bank that says no I will use my resources not to finance a project but I will use my resources to unlock the investors capabilities by assessing the missing of the gaps and filling the gaps and then suddenly the investors will do the jobs that otherwise I would have done so it's really a kind of revolution among the developing banks and we have announced recently that we have closed a very similar deal with AIB so we are financing some of the real green economy in Europe we are investing into green ABS, green loans and green ideal and very similarly as well we announced a 500 million deal with AIB the Asian Infrastructure Investment Bank that on a very similar business model wants that some investors are financing the green champions in Asia to conclude on my point it's another example of green financial innovation here it's about the financing of the green infrastructures and very similar to the point one is by analyzing the real obstacles and using different financial tools that we can develop a solution that suddenly reallocates the capital differently for the benefit of the investors and society Diana you want to I was just going to make a quick point on the SDG because our experience is more linked to how we use the SDGs to help so it's sustainable with the development goals of the UN in French so it's more linked to how we use them as a framework to help measure the impact of the investments that we're making for our clients and these very helpful because it's providing some sort of framework to measure this at Bailey Gifford we've been around for over 100 years we know how to measure financial returns but we and like many others are now learning how to measure the impact of our investments and the SDGs are very helpful in that regard one comment I would make about them is that when we're analyzing the SDGs we have to be very careful particularly about the disclosures that companies are making we have seen evidence of some companies for example a very well known tobacco company now measuring themselves to the SDGs in particularly the SDG about healthcare and quality of life simply because they are reducing the amount of tobacco sales that they have whilst increasing the number of vapes that they sell we're not quite sure that that really applies to that SDG so they are very helpful for us as a tool and a framework but I would say that we use them with a level of caution thank you I'm looking for more questions from the audience this is not the case let me then jump in with one reaction to what Fredrik was saying you're talking about developing countries and what is there but you're also referring to developing banks like public banks which play a large role there but I saw some numbers that about half of the energy transition these days are actually done by public banks of one way or another so does this say something about the role of the private partners is actually limited and that brings me back to what Laurent was saying the mobilisation of private capital that we have seen was always conditioned on public policies we had this huge investment in renewables because it was basically supported by feed-in tariffs for solar and wind power can this be done without that and what is the public policies that US asset managers for example would see are most important that you find the investment as capital so to what extent is the private sector here dependent on public policies, public guidance for example when we look at developing countries where much of the investment is really done with the help of public development banks like the IFC that you mentioned as a multinational but also local development banks is that the question for me also Diana and also Laurent I think there is before and after there are many ways to answer your question I think in general are the asset owners and asset managers asking for something or are they already taking action without a request in general and then you have a question about financing some infrastructures I think there are two different topics here let's say I can share with you an anecdote in 2014 Mr. Bankimoun was hosting a major conference in New York in order to prepare the COP 21 in order to help the French government and then there was a call for projects among the asset managers and and there were two competing deals offers one led by BlackRock and one led by us the one led by BlackRock was we the asset managers will move when there will be a price on carbon and they had many signatories so they were clearly on the camp in the camp of if governments are serious then we will take action and actually with before again and CDP and UNEPFI we were putting another project on the table where we were seeing some investors on the planet actually anticipating the fact that some regulation will come one way or the other one and by anticipating they are already okay to shift their portfolios and that coalition won the deal and we had to come to the COP 21 with commitments from investors for 100 billion dollars of shifts of portfolios that was huge and the project was then selected by Laurent Fabius on his team at the action at the action day during the COP 21 that was the window for the private sector and that day we announced that we didn't reach the goal of 100 billion we reached 600 billion dollars before the COP 21 so it was meaning that investors were actually anticipating values forms of regulations or pressure from consumers and so on and they were already taking action and and I think it was and Laurent Fabius was very happy to promote this project because it was a very important signal given to the tend to the negotiators he could say to the negotiators you know what the private sector in a certain sense is anticipating your success and then we have a virtuous circle because we send that signal very little but it helped and by being successful the COP 21 it validated the anticipation of success of the policy makers so what I'm saying here is that very often we think in terms of phase 1, phase 2, phase 3 but actually by anticipating that the job of investors we can have the process and then it's good for society for the infrastructure it's slightly different because here you need to have very clear rules of the games and very often the governments are changing the rules and so it creates some instability for the investments into infrastructures and doesn't help the overall market, that's one of the obstacles clearly did I answer your question? yeah, yeah, perfectly, thank you any reactions from the floor there's some Milo hi so a question based on this anecdote and also on the first example you have talked about which speaks to the role of a large asset manager into being leader both towards regulation and towards the industry and yet you have the sense of finding solutions which are scalable so maybe you and other have a sense of what happens if many people follow you on this route for example if the new index which you are developing is adopted by many other or if in general the financial innovation you are proposing are adopted by many other so which type of reaction should we expect both from the market viewpoint and from firms viewpoint I'm not sure I heard if it's a question for me it's a question for you and in general also for regulators and asset manager what can we expect if the innovation you propose are adopted in a large scale the new index that you are proposing for example if it becomes the new reference index can you expect changes in the financial market for example now you have a premium can this premium still be there or can you expect some reaction from the firm viewpoint if capital is targeted that way well I hear many questions if I'm correct the first one is here at Amundi on the passive side so the index is now 60% 60% for clients requests are integrating a new energy factor so that's really a revolution because you know index was index point and now we have a merge between the passive world and the energy world and as passive representing massive amounts of money that's clearly a pressure from on corporates the second part of the answer is a very interesting case with GPIF you know it's the largest investor on earth it's 1.6 trillion dollars Japanese pensions sorry Japanese pensions Japanese public pensions absolutely and the CIO Mr Hiro Mizuno is shifting the entire market there is a very interesting case study written by Rebecca Henderson at Harvard on his leadership and this gentleman has a very interesting point he says we are GPIF by only 1.6 trillion dollars we are a universal owner and we do that through passive products and he says point one point two my team has been working very hard for years to capture a fraction of preferences you know when I get two or three bips I'm very good blah blah blah there is a financial crisis and then it's two or three bips that I have accumulated year after year it's nothing compared to losing 30% so actually I'm very badly allocating my resources so what I should do for the benefit of my pensioners the Japanese citizens is to have capital markets being more resilient and so what he says now is that when he has he requests from a firm that makes a bid on his passive products to engage with corporates so he now says for 30% of the results on the tender offer it will be about engagement of firms offering passive products with a corporate so what's fascinating is that firms like or that I've always said we don't want to know what the firms are doing we are almost a middle of his firm our job is to plug a request to execution and now all of these firms are facing the challenge to answer the question on how they engage with the corporates so they are recruiting like crazy to assess or to make the dialogue with the corporates and so suddenly you have one asset owner that is shifting the entire industry of passive products with an enhanced dialogue with the corporates and making the capital markets more resilient so what I'm trying to say here is that we have both more and more ESG factors integrating into passive products and we have as well some asset owners changing the rules of the games for the passive industry so it's it's it's very serious Thank you I want to go back with one question also to Laurent and to Diana but I see more from I just managed to find the answer to my question because Morgan Stanley an analyst recently published a report saying it would cost 50 trillion dollars between now and 2050 to solve the problem when I said a trillion a year I wasn't that far off bit more say 1.5 trillion and so the question now if all the private investment companies were to remove everything from fossil fuels and all the rest of it and divert everything into to solving that problem would that be enough in other words how much is left over for central banks and other methods so it's 1.5 trillion a year is the number Thank you perhaps in relationship with this question it is rational for investors to well to minimize the overall risk and you all were talking about risk the green risk and the brown risk even mispriced so what I think is that it will be always rational to keep investments in brown risk because the overall portfolio will have lower risk so is there any solution any thoughts about how to overcome this dilemma That was the question that I wanted to ask to both Lerner and Laurent too what about these assets are you using risky because of the energy transition that we also refer to as stranded assets Laurent you were saying that one of the observations that you had as regulators that some climate risks are underestimated and they're linked to that so what is your experience with that what is the real role of asset managers in basically also disengaging or basically changing the policies of really energy intensive industries and also the question like if you have 1.5 trillion a year to invest if you can find that where can this money be put in can this be productively invested in the energy transition I think from Bailey Giffords perspective would probably agree with Bill Gates he talked about divestment actually not having any impact at all on reducing emissions when we invest however we're thinking about companies that can offer long term sustainable growth so for us we're very unlikely to invest in the types of brown or olive types of companies that you see today I think though that all investors whether or not you divest or you do invest everybody has a role to engage with companies engage with them on that transition engage with them to invest to become cleaner engage with them to take a long term and responsible approach to how they manage their business so that's very much how we see our role at Bailey Giffords we don't tend to divest but those sorts of companies on the browner end of the scale don't necessarily meet the growth levels that we need as growth investors thank you Laurent you want to react yes so with respect to some of the risk which are embedded in financial products or even in the portfolio of the financial institution part of our work is precisely to raise the awareness of the banks and insurance companies about the risk they are facing so you mentioned stranded assets so they are full of assets which are exposed to this kind of risk and that's part of the work that we have been doing with French banks and insurance bank I think it's very important because you realize when you do that that there is at this stage an imperfect measurement of climate change risk and therefore that's the reason for why we stress this risk you stress also the role of public institution and regulation I think that for instance in the case of France there was this low on energy transition and one article which is one article 173 which forced also financial institution to better disclose their exposure with climate change risk and this is also helping investors to make their choice about different funding alternatives thank you I'm looking at the audience so that there isn't Marie you have a question can you wait for the microphone a quick question for Laurent you were referring to the debates between central banks in the use of green collateral so could you elaborate a little bit on that and explain what are the main arguments who is foreign, who is against and what are the main arguments in this debate I think it's very interesting so I'm not going to name central banks but some central banks are willing really to take a step forward so I can name one because it's public for instance the people drunk of China is already using a form of green supporting factor if you wish in the form of lower for banks which are financing green projects so this is not directly collateral policy it's really a subsidy when you are providing refinancing to these banks the alternative would be to consider when you are providing liquidity to banks favoring those which have an apparel which is greener to some extent with respect to those who have some form of collateral which is brown to some extent because I say to some extent because at this stage we don't know precisely to define the color but these are the kind of issues that are discussed in the context of central banks thank you I'm looking but there is another contribution time is up so it would have to be really important so then I would like to conclude and thank everyone especially our three panelists for joining us thank you Frederic Samemar, thank you and thank you and Phillip for joining us for this panel on green investment shows that there is engagement both from the private asset managers and from the public regulators on this topic and a question to the organizers is there coffee waiting for us or is there coffee outside in the room where we had lunch so thank you everyone


13 and the NFL and the Falcons are in MetLife Stadium today taking on the New York Jets six games left in the season and each one matters the most as we move forward. So thank you guys for joining us for the Falcons pre-game show presented by Ticketmaster. I'm your host Elizabeth Moore, that's Derek Grackley. We've got a lot to talk about today. Only six more games in the season and both teams looking for a little bit of a playoff berth in the fourth. Yeah I mean it seems like it wasn't too long ago that we just got started with the pre-game show and now we're into December already. And it's just gone. Hey this is when you win football games in December for the right to play in January but you take it one week at a time. Exactly all the players in the facility have said that December, November games this is what you play for. This is why you're in the NFL. It's these very vital division games and non-division games. Every game for the rest of the season they matter the most and today we're taking on the Jets. It's the most important game with a season as Arthur Smith says every single week each game that you're taking on that week is the most important game of the season. Yeah you get limited opportunities in National Football League and every win is so so critical and even for the Atlanta Falcons where they're sitting right now at the top of the division but every single win is going to be so huge for them. Yeah so both Falcons and Jets looking to get in the playoffs this year obviously but during the summer I actually sat down with some of the guys from the 1998 team which was the first team in Falcons history to go 14 and 2 and still the only team in Falcons history to go 14 and 2 and they started a cultural phenomenon. It's called the dirty bird. I don't know if you've heard of it or seen it. I think Kyle Pitts has done it. Cleo Campbell has done it. We wanted to get down to the nitty gritty of who actually started the dirty bird. He's a two-stepper. Yeah I'm a two-stepper. People were really surprised but I think it was getting to the NFL and I think it's different than college man. There's just a celebration when you get in that end zone.  The one that everybody loves and knows is when we were playing the 49ers again and I scored and I saw the red light from the Fox camera and I was like I knew I knew I was going right home. I was like mm-hmm and I started rocking and then I just did it. I got riding home. My dad was like man everybody was talking about that dance and I was like I hope somebody recorded it. Alright so part one is already out on YouTube right now. Part two comes out. We're talking about the postseason and part two that comes out on Wednesday so go ahead and make sure to put your little bell on to the notification tab for the Falcons YouTube channel. It's gonna be a good time we talk about all things postseason but I made it clear like who actually started the dirty bird and they did give OJ the props of like he started the dirty bird. He came up with it but then of course Jamal made it what it is today. Well it's interesting because Taylor I am born and raised in Minnesota and I went to the University of Minnesota and I was I guess when you grow up in Minnesota you kind of become a Vikings fan by default right so everybody now kind of knows how that whole season ended up shaking out between the Atlanta Falcons and the Minnesota Vikings so I saw the dirty bird stuff get started from afar but then a year and a half later I didn't know that I was actually gonna end up signing with the Atlanta Falcons and when I come down to Atlanta my first year I played with all four guys that you got a chance to sit down with and guys that kind of helped mentor me in a sense and Ray Buchanan was such an awesome guy too. He has been around the league for a long time. Terence Mathis had done a lot of things in the National Football League. I came in as a reserve tight end in the same position meeting group room with OJ Santiago. Got a chance to run into him at one of the Falcons games a few weeks ago. A guy I hadn't seen in probably 20 years so it's kind of cool for me as a guy that played in the early 2000s to see you now sitting down with them talking about the dirty bird. It was 98. When were you born? I wasn't even alive. I'm a 2000. I'm a Y2K and you know we sat down and they were like so like where were you in 1998 and I was like I wasn't even a thought. I wasn't even alive. So it was fun to like learn and talk with those guys about that really historic season and obviously that comes out part two comes out on Wednesday. We're talking about all things of the postseason all of those games and all the things that happened in between them so go ahead and check that out. Check out part one before part two comes out. But let's go ahead and get into this Jets conversation because this is going to be a big game. You don't want to talk about how young you are anymore. No. Let's talk about this Jets conversation. Obviously they've lost last four games in a row and they've had this new matchup come up. It's called the six great games. They want to finish in a great fashion. Hopefully getting Aaron Rodgers back a little bit later in the season. Obviously he's not back on the active roster right now after that Achilles injury but when you look at this Jets team that got a new guy under center today and he started last week but who is Tim Boyle? What is he like? So Tim Boyle is a journeyman that came into the National Football League. He's spent some time with four, I believe, four NFL teams now. But here's kind of the timeline of how things have shaken out with the New York Jets. Maybe one of the biggest stories in the offseason as far as how they rebuilt their roster of course with Aaron Rodgers. He gets hurt in the very first game of the year. They turn things back over to Zach Wilson. Things don't go very well with Zach Wilson so then they decide to give Tim Boyle the start. A guy that has spent time with the Packers, the Lions, the Bears and now the Jets and they're giving him an opportunity to be the starting quarterback. He ends up facing probably the most explosive offense in the National Football League last week against the Miami Dolphins and I didn't get a chance to see the game but I'm curious to know why he ended up throwing the ball 38 times in that game because you get a guy that's been down on the depth chart. You have him throwing the football that many times and bad things are going to happen. Well what happens? He ends up throwing one touchdown, two interceptions, one of those getting taken back 99 yards for a touchdown. So you've got Tim Boyle, a guy that has an 0-4 record, has a starter. He's got four career touchdown passes against 11 interceptions. We're going to get into the nitty-gritty of this when we get down to my keys but that's a match up that you've got to be excited for if you're the Atlanta Falcons. We're the guy that's still trying to figure out his way as a starting quarterback. They did bring in some weapons for this entire team for Aaron Rodgers to start this season. So he does have some weapons but they've just been in a bad place lately. They haven't been able to score the football, they've lost four straight games, even the game they did win was against a Giants team that's not very good this year. So they're kind of one of these teams that's piecing things together with a backup, backup, backup quarterback right now. And it's interesting when you talk about Aaron Rodgers coming in and they're bringing all these pieces for Aaron Rodgers to use. Aaron Rodgers has the best touchdown interception ratio in NFL history. So over training camp they were learning this offensive scheme with someone that was like money every time making these great passes. And so now you have Zach Wilson in there, now you have Tim Boyle and it's a very different feel in the offensive front and the offensive scheme. And there's got to be a lot of patience but there's not many more games to have patience with. Well and it's not been so much about the weapons around them too. I mean you've got to look at the fact that this is an offensive line for the New York Jets that's been in transition the entire season. They have not had the ability to have a healthy offensive line basically the entire season. They're going to probably start their ninth different combination on the offensive line this year. They are getting some reinforcements back. A couple of guys are getting healthier and Dwayne Brown and Mackaybeck than even Wes Schweitzer, a guy who was with the Atlanta Falcons early on in his career back from 2016 to 2019. It's been since week five that the New York Jets had the same offensive line starting combination in back-to-back weeks since week five. So you can sit here as a quarterback, as a head coach, as an offensive player and you can say until you're blue in the face that I trust the guy that they're putting in the lineup. I trust the left tackle. I trust the right guard that's in the lineup. If they are not the starters that were planned to start the season and they're not guys that have got experience, that have been to Pro Bowls, that maybe have been an all pro player, you're not going to be the same type of offense. And I bet you if you got a candid conversation with Aaron Rodgers, he would tell you the exact same thing. He dealt with that same transition when he was in Green Bay. David Bakhtiari, his star left tackle, battled injuries his last couple of years and they weren't the same offense when they don't have a good offensive line in front of them. Transition that to Atlanta, they've actually had a lot of continuity on their offensive line, part of the reason why they've been able to move the football and they've been able to run it so well. If you don't have continuity on the offensive line, sometimes it doesn't even matter who your quarterback is. Aaron Rodgers, Tim Boyle, Patrick Mahomes, if you don't have anybody that can block pros coming across the other side on the defense, you're going to struggle on offense. Yeah, and I love that you mentioned how great this Falcons offensive line has been and how long they've been a part of this team. I mean you look at Chris Lindstrom, look at Jake Matthews, he's made the most starts in the NFL or Falcons franchise ever. Like 155 starts I think consecutively which is awesome. And then you have Caleb Magari as well, you have Rookie in there who's learning from these guys. But let's talk about Desmond who made his first start back as the starter last week against the Saints who's behind all of these guys on this offensive front. What did you see from Desmond? Obviously he had two interceptions last week but what were you seeing from him that he might have learned in his time on the bench? Yeah, I mean it looked like a guy that to me was not playing hesitant. He still was being aggressive, he was not afraid to take some chances down field and every once in a while when you do that you're going to throw things into harm's way especially when you're going up against a guy like Tyrone Matthews. He's a savvy veteran, this guy knows how to take the football away and ended up having a couple of interceptions. But I like the fact that he used his legs as an advantage. I mean Desmond Ritter had I believe it was seven carries for 30 yards in the game so using that when the defense gives it to you go ahead and tuck it down and use the athleticism that you had again. That's something that Atlanta hasn't had in a long time. Yes they had it a little bit last year with Marcus Mariota but when Matt Ryan was the quarterback here he was a pocket passer that was not trying to tuck the football down and pick up yards with his legs. When you've got that ability to do it as Desmond Ritter does use it to your advantage. If things are covered up down field you see a seam up the middle or if it's third down and four and you feel like you could pick up five go pick up five and keep this drive going but a couple of the plays that not only he made the throw to Bijan on the wheel route down the sideline going up against the linebacker was the next level throw but we just talked about the offensive line. There was a couple of plays in the game where the offensive line was awesome. One of the big runs that Bijan had the blocking on the right side of the offensive line was perfect. You had two great stretch blocks by your right guard and your right tackle. You get an awesome seal block from Bergeron on the backside that kept the defense out and he was able to see the seam and he just burst north and south. Those are the type of plays we just talked about offensive line that you have to have if you're going to score points specifically in the red zone. So did he make a couple of mistakes Desmond Ritter last week? Sure. He made a couple mistakes and throws that he probably wants back. A lot of times all that happens is you look at the quarterback when you see an interception but sometimes the tip at the line of scrimmage which means maybe somebody didn't execute on the offensive line. It was a wide receiver that didn't have a good enough clear out route. It was a wide receiver that got too close to another wide receiver that brought another defender into the area to end up picking off the parcel. What happens is the quarterback gets the finger pointed at him because he threw an interception when there was probably somebody else in the offense that could have helped that interception not happen. So yes, you don't want to see turnovers, but if you have a guy that's aggressive and he's playing with confidence and he's still taking chances down field, I'd probably rather have him than the guy that's playing hesitant and not wanting to take the chance for the big play. Yeah, it's funny that you see that hesitation. I spoke to Kaden Ellis which is a linebacker for the Falcons earlier in the week and I wanted to ask Kaden this because he studies the quarterback. He knows how to get to the quarterback. He kind of thinks and how they feel.  As Desmond Ritter, what kind of guy is he? What kind of quarterback is he for this team that he was able to do that? And he said, you know, when you look at Des, you see a young guy. But what I saw against the Saints is a guy who has confidence, who's got a cannon for an arm, who wasn't afraid to air the ball out. He was taking shots. And he said, obviously, yeah, you have two turnovers and those things happen in games. Obviously, you don't want that and you don't excuse it. But at the same time, what you're seeing are these turnovers that happen because he wasn't afraid to throw the ball, which is better than being afraid to throw the ball, throwing it and getting an interception because of a bad choice. He has always looked in charge of the offense. He doesn't look out of sorts. Play comes in from the sideline. He's got everything under control. He's got an offensive line set up. If he needs to make an adjustment to the play call, he does all that. When he does make a mistake, he doesn't look like he gets rattled. Those are the things that you can control as a quarterback. And I think all of those things are the reason why he continues to pass the test, if you will.  That's one thing I bet you this team has never had to question with Desmond Ritter.  That's what you want to see from your quarterback, but you want to see those little lessons, those little things that he learns by turning on the tape each week. Sometimes it happens to be after an interception. You want him to learn from it and maybe when he gets to the next game, he sees that same look and he's like, you know what, I remember that. The last time I did that, I threw an interception. I'm going to go to my number two in progression or I'm going to tuck it down and run with it. I'm having fun watching him kind of grow in the NFL, especially this season, but he's going to have a big challenge today in New Jersey, it's not New York, because it's raining there and it's cold. I looked at the Jets all of their editorial writing and they all said something about how the weather could affect this game. Obviously the Falcons play in Mercedes-Benz stadium, which is normally a closed roof, so it's an indoor field, technically. So when you've been in the league, you've played in a dome and then you've gone and played in the Northeast in December when it's cold and it's raining. How does that affect a quarterback, a tight end? How does that affect the game itself? Listen, it's one of those situations where you say as a football player, it doesn't affect you because you play in any condition. You do all this from growing up. You play high school football and you end up playing in rain, you end up playing in cold temperatures. It's just part of playing the game of football. You're going to play in inclement weather. But for somebody to say that it has zero impact on the game, they're lying to you, so much about playing the game of football as a mental game that you're not going to let the weather be a factor or an excuse on whether or not you're going to win or lose. Forecast for today's game looks like it's going to be wet, the entire game. So what happens? A lot of times that favors the team that's able to run the football. Okay, so let's look at this matchup. Atlanta Falcons, they can run the football. We know that. That's one of the strengths of this team. In the New York Jets, their defense is 31st in run defense right now, allowing 140.3 yards per game. What is that matchup favor? The Atlanta Falcons. So again, just because I talked about the stats doesn't mean that that's going to work. You still have to execute, but there's been holes in the run defense for the New York Jets and that's been a strength for the Atlanta Falcons. So you try to rely on what works well and you don't have any issues with ball security for the most part in wet conditions when you run the football. You just turn around, you hand it off to one of your running backs and let them in your offensive line do the work. So that matchup would seem to favor the Atlanta Falcons, but still you're going to have to put the football through the air. Here's the good thing. You've got ball boys on the sideline. Their job is to keep the ball dry. Usually the officials try to keep the ball dry. They'll put a towel over it right until they put the ball down on the ground. It's not going to be a torrential downpour. It's not that type of situation, but there's going to be moisture on the football. So you just got to deal with it. Because guess what? The New York Jets got to play with the same wet football as well. Exactly. Exactly. So who executes better? Yeah, it's going to be an interesting game. And be sure to look at their feet today. That sounds really weird. Make sure to look at their feet because today is my cause, my cleats throughout the NFL, and especially today with Falcons and Jets going against each other. It's a great cause that everyone in the NFL does. For the eighth straight consecutive season, the Falcons players and coaches will raise awareness and show support for nonprofit organizations and causes on the field during Sunday's my cause, my cleats game in New York. Beginning in 2016, the player led NFL campaign has provided players the opportunity to showcase and bring awareness to organizations and causes that mean the most to them. In total 43 Falcons players and coaches have selected causes to represent on their cleats and shoes for Sunday's game. To learn more about their participating players' causes, visit atlantafalcons.com backslash my cause, my cleats. These pictures are insane. They're done by our team photographer Shawna Lockwood and they're insane. They're great. The art is great. It's going to be really fun to watch all of their causes come to life today on the field. You have a cause. You have your cleats. I do. I don't have cleats. I have tennis shoes but it's an initiative that actually was expanded to broadcasters last year, I believe. I participated in it last year and was able to do it again this year. I thought about trying to hoist my foot up here, but I thought maybe I would end up pulling a hamstring, so I'm not going to do that right now. However, I am wearing a pair of, I believe they're Air Force ones. I'm not a sneaker head, okay? But it's for Garth Brooks, his teammates for Kids Foundation, which I was an ambassador for his teammates for Kids Foundation when I was playing in the NFL. Garth Brooks is one of the most generous people that I've ever met. We've joked about this before. I'm not a country music guy. However, I do know about Garth Brooks because he's kind of the goat when it comes the country music. It was actually really cool last year. I put pictures up of my shoes on Garth Brooks' teammates for Kids Foundation. He not only liked, but he commented on my Instagram post how cool he thought it was and just basically appreciated the fact that I was still thinking about Garth Brooks' teammates for Kids Foundation. This is not all about me. It's about the NFL and it's about the players and how they continue to give back. This is an initiative that I think is awesome because the NFL kind of gets this mantra sometimes as the no fun league, right? We were so regimented when it came to uniforms in colors and types of cleats and everything. But this is one where the NFL said do what you want. Put all the colors, put all the designs out that you want because of the cause is more important. So not only do the Atlanta Falcons participate this, but everybody around the National Football League. It's a cool weekend because all the television cameras get those candid shots of the players whether it's in between plays before the game, after the game and the causes that they're representing. Very cool weekend. It's a super cool weekend that we got last week and they started rolling in like two weeks ago maybe. Just some shoes here and there, but we got all of them in before the game today and they look insane. They look so good. So if you see a shoe that you like and you're like, oh, what's Michael Abernathy his shoes look cool, go on the Falcons website, read about his cause and what his cleats are for. Really cool moment and really cool week for this cause and throughout the NFL. But I'm glad that you didn't put your leg up because you could be inactive for the rest of the day. Cover for everything and you'd have to go through my keys and then it just might be a disaster. So I'll keep everybody safe and I'll keep my feet down while the table. But speaking of inactive, let's just go ahead and get into the inactive conversation today for the Falcons, Mack Hollins and my cues are the two names that you're going to see right off the bat. Mack Hollins is still inactive. He's been inactive since leaving the Vikings game before the buy. He's still dealing with an ankle injury and so miss on Mack Hollins today, but what are you seeing in this inactive? Yeah, Mike Hughes has been dealing with a hand injury as well. He's going to be inactive and this doesn't necessarily reflect that they're not healthy. That just means maybe they haven't factored into the game plan yet for the Atlanta Falcons and so they're going to be inactive and they're going to give them another week to potentially get a little bit more healthy and get them on the field so they can get closer to 100 percent. Couple other guys, Jake Matthews had a hip and Nate Lambin had a thigh. Those guys are both going to be active. I don't think they're going to have an injury designation at the actual injury report at the end of the week, but guys that have been dealing with some nagging injuries, you talked about it. We're in December. I mean, lots of players on the team are going to be dealing with some nagging injuries, but again, fortunately for the Atlanta Falcons, they've been a pretty healthy team so they get to go out there with some of their best players and that's not common with a lot of teams around the league right now. Yeah, we've been fortunate as a team to have a really healthy team for the most part this year.  It's more of the IR story that's been kind of going on all season long. Of course, you have Randall Cobb and Bryce Hall at the very forefront of that. So obviously, who do you see right here? Yeah, I mean, we talked a little bit about the offensive line. You got Austin Deculas, Billy Turner, the couple of tackles that are going to be an active in this game and of course Zach Wilson is the quarterback. He'll be an active. I believe Trevor Simian is going to be the backup for the New York Jets behind Tim Boyle in this injury as that third quarterback, but they they are banged up, but I feel like they're getting a little bit healthier.  So it looks like you're going to have two teams here that are going to be fairly healthy if for a December football game that's very important, especially for Atlanta having pretty much all of their playmakers on the field. Yeah, I'm Bruce Hall had the game designation of questionable. He will be playing today's on that and get into the keys to the game presented by Wells Fargo of how this Falcons team is going to come away with two back to back wins in week 12 and week 13. Well, I think they've got for they've got to play the game and not the opponent and what I mean by that is just worry about going out and executing the football game and don't think about who you're playing, what their record is, who the quarterback is because you start looking at all that stuff and you're going to see, oh, a Jets team that hasn't hasn't and if you just go back a few weeks, you're going to face some Minnesota Vikings team that ended up having a Josh Dobbs that just got there five days prior and Atlanta ended up losing the game. Will Levis starts for the Titans. We end up losing that game and his first start as a rookie go to Arizona. Kyler Murray, his first game back after dealing with an ACL injury, thinking maybe well, he's going to be rusty a little bit, right? They end up losing that game. So think about playing the game, executing each individual play, putting points on the board, keeping points on the board, don't even worry about who's on the field, don't even worry about what color they're wearing, don't worry about what the quarterback looks like or not. Yes, the Jets have struggled to score points lately, but the last time I checked this is National Football League. They got professionals as well.  So execute the game and not play against the opponent. That's what's fun about the NFL. Anyone can win any week, doesn't matter of a match up, honestly. So let's get to the second key to the game, the Jets, as I said, they have not scored a lot of points, 13 points, the most they've scored over the last five games in a game. They've been struggling to score in Atlanta, even though you go back last week against the Saints and yes, they gave up some big plays, they had some opportunities for New Orleans getting in the red zone, but they had that Ben Not Break defense. They did a great job once they got down into scoring territory, making them settle for field goals. 0 for 5 as far as red zone goes and they ended up having to kick field goals down into scoring territory. I'm not saying that give up those explosive plays, but if it does happen, just keep them out of the end zone. If you can keep the Jets from scoring touchdowns, force them to kick field goals and then Atlanta can stay on schedule with running the football and sprinkle in the passing game like they have to the Drake London's, to the Bijans coming out of the backfield. They'll be in good shape, but defend the zone, keep them from scoring touchdowns in this game. They did an excellent job of that last game. They did turn into turnovers both created by Jesse Bates, so we'll see what the Falcons defense is able to do today, but let's get to the last key of the game, how the Falcons are really going to make sure they get this win. Get explosive on offense, and what I mean by that is let's get some big plays happening, and I don't necessarily mean they have to be passing plays that are thrown 50 yards down field. This could be a quick slant route that's caught, that you get a broken tackle in a 7 yard game, turns into a offensive line, and Bijan Robinson takes what looks like a 4 yard game, and he turns it into a 44 yard game. Those are the ones where you start to get points on the board quicker, because you have faster drives, right? You go from your own 30 to the opponent's 20, put a couple plays together, and boom, you got a touchdown or a field goal, and all of a sudden things start to roll, so let's get some more explosive plays. Find a way to open up the offense a little bit, and then when they start respecting things down the field, that's when the run game starts, and as I mentioned, it doesn't have to be Arthur Smith calling shots down the field, it could just be a good block down field by a wide receiver, some broken tackles, you've got some big wide receivers here, get physical, break a couple of tackles and rip off some explosive plays. You're seeing those explosive plays kind of start coming together last week, so it's going to be fun to see what they're able to do. I want to mention this from last week, you said keys in the keys of the game, what was it? Five touches for Drake or five touches or more. So if y'all are listening on the Falcons team, if y'all are listening to this, get off the phone, go finish your warm-ups and beat the Jets. We're going to let you guys go though. What did he say, get explosive? We have some explosive plays, we're coming with you. We're going, we're going, we're going. So we'll let you guys get back to getting in that spirit, to watch the Falcons hopefully get a win against the Jets. Thank you guys so much for joining us for the Falcons Pre-Game Show. It's been fun. We'll be back with our annual Coach Knapp Stair Climb in support of the Coach Knapp Memorial Fund, which raises awareness around distracted driving. For 25 years, Coach Greg Knapp ran the stadium steps before every NFL football game. And today we're going to honor him and we're going to run the stadium steps here at Mercedes-Benz Stadium. And next up, we challenge the San Francisco 49ers. I would just like to personally thank the Atlanta Falcons, Coach Smith and Arthur Blank certainly for helping us raise awareness for continuing their support of the Coach Knapp Memorial as we climb to bring awareness to the epidemic of distracted driving. So thank you guys so much for improving. Thank you.


Let's head back to Thief River Falls. Fauston playing for a spot in the section 8A finals, and they get off to a good start. Hunter croning to the plate. He drives one over the center fielder's head. RBI double to get them on the board then later. Red Lake County loads the bases, but Jesse Sather works out of it. Gets the strikeout looking to end the threat. Then some more offense in the third. Dalton Agnes rips one of the grass and left. That's going to plate a run. How about Fauston? 5-4 winner. They're now one win away from the state tournament. If you've enjoyed this segment of Lakeland News, please consider making a tax deductible contribution to Lakeland Public Television.


think out of the box, because in fact what helped me to gamify these lessons is because it wasn't so in technology though I didn't feel the same conscience, but in fact the conscience are in our heads for sure So if you think out of the box, it can be easily done And the objective is only to empower students to give them to tell them a story help them to feel immersed in something So that's the first point for me What is the what kind of skills are of way of work that you want the students to develop? For instance, is it about collaboration if you want to develop collaboration certain types of games and of organization can help that of course and role-play would be one and that they want to have an interesting You know motivation which means that the project itself is self-driving by students and they love what they are doing because it's fun or Maybe the teacher must consider extrinsic motivation like Diplomers levels like in a video game you have to achieve goals and you have to fight a boss It's almost the same and then a story help them to feel immersed in something So that's the first point for me.  What do you love? Because we are all different types of players some some players love competitions and will play it since a type of games Other will love collaboration or whatever. So once you know yourself, maybe you can discover and guess and observe your students and See what other needs and so adapt the game of the gamification that will answer their own needs that will be a way and To be comfortable as a teacher using that kind of tool you have yourself to practice with other teachers You know if you have all the mathematics teachers, okay? We could try that game this game together and how could we adapt it? It's easier to adapt an existing game like a table game for instance for a start and to see how you can adapt it to your classroom that you know Be getting from scratch


و إذا كان شخص يجب أن يقول سلام لي ، فهل يجب أن أردت أن أردت سلامه؟ دعني أبدأ من المساعدة المساعدة المساعدة المساعدة المساعدة المساعدة و هذا هو القرآن الحديث مع حقاً للمساعدة المساعدة المساعدة المساعدة المساعدة قال الإمام الحسين بن علي عليهم السلام لسلام سبعون حسنة تسعون و ستون المبتدئ و واحدة للراد يقول سلام for the one who begins the salam he gains 69 حسنة so the one who starts initiates the salam will gain 69 حسنة تسعون و ستون و واحدة للراد and the one who says عليكم السلام he responds the salam he replies the salam he gains only one حسنة and we have two at least two verses from the Quran which mentions this phrase in the holy Quran Allah says و إذا جائك الذين يؤمنون بآياتنا فقوا السلام عليكم if those who believe in our revelation they come to you say to them also in the holy Quran another verse سلام عليكم بما صبرتم في نعم عقب الدار and other verses with the surgat with the phrase of سلام عليكم now islam emphasizes on saying سلام and of course saying سلام is مستحب for the one to commence or initiates the salam that's مستحب but if the one who is in the other side must reply to the salam it's a wajib to reply as you mentioned in the beginning and we have also mentioned in the recital of the sayyid حفظ الله that the emphasis for the rider let's say you're riding the car or even let's say a horse in the old days or the camel to say salam to the walker so you're on the bike for example to say salam when somebody is walking also the one who is standing to say salam to the sitting one and the younger to the elder and if the salam was mentioned and said to a group of people so let's say you're entering to the mosque of Hussein and the group sitting and let's say reading دعاء talking you say salam to them it is wajib to say as the sayyid says that he gets reply either by all or even by one that would be sufficient if one sits salam from the group that would be sufficient and this means that the importance of such greeting which is the hellu jinnah's greeting salam to you enter into the paradise yes with this greeting which means peace be upon you so it is important greeting we should insha'Allah preserve it and observe it and implement it in the society and in the hadith we have إفشاء السلام to spread salam everywhere this is one of the important exactly very important spreading salam exactly speaking to you your brotherhood and sisterhood in in Islam exactly so in the salah sheikhna if someone is to say to me السلام عليكم should I respond should I reply to it the sayyid says that it is mandatory for the one for the musalli who is praying to reply in salah to the one who says salam to him and to say the same words if he said السلام عليكم you say salam the same words so it is wajib for you to respond back in salah and it will not cause the salam to be invalid or void that is an exception and see how far Islam went to a stage that that this salam if said even inside the salah it will be wajib an obligatory for the musalli to reply back in salah and we mentioned that you mentioned that in salah we have dua and Qur'an and zikr and so forth you can't bring something extra but salam عليكم is part of the Qur'an as you've been saying salam عليكم is part of the part of the ayah for example so that's the exception where you can say it in salah so that's fine sheikhna what if I'm in salah someone said salam عليكم to me and I choose not to respond to the salam I say no I'm not going to give the job I'm going to carry on with my salah and focus Allah سبحانه وتعالى my salah is that still صحي or not if the praying person of the musalli does not reply to the one who said salam to him while he was praying in this case this person committed disobedience and sin can you see how far we've gone so it becomes a معصي and sin because you haven't responded to that person while you're in salah to say salam عليكم to reply back however the salah will be valid and not battle the salah will be valid and accepted it's just that you committed a sin and if you say استغفار ربي what it should be sufficient inshallah to erase this sin afterwards احسن شخص ما شاء الله شخص as you know we have a lot of mischievous brothers in our community and you know when you're praying salah sometimes they'll come in and try to speak to you and try to put you off and also jokingly they will say سلام عليكم to you in that situation do I have to respond to that salam in such cases I mean even outside the salah if they keep saying سلام سلام سلام jokingly it's not mandatory and you have to reply back however inside the salah while you're praying and let's say one of your friends or you know siblings you know they try to you know mock or have some joke with this regard and they start to say سلام many times it is the sage says it is not permissible to reply to him or to her if performing salah in other words you cannot you're not allowed to reply the salam you have to ignore exactly you have to ignore that person you can't reply because it's not a genius salam a greeting I said I said شرحنا we discussed in the previous episodes you know things that invalidate the salah are there any other things that invalidate the salah yes next one is to deliberately and intentionally laugh loudly and audibly this will cause the salah to be battle so laughing loudly is one of these مقطلات of Salah unless it was done unintentionally you know sometimes you're out of control and you start laughing in this case the Salah is valid but intentionally if you start laughing in this case the Salah will be battle and especially if if you lose the posture the state and the posture of the Salah in a way that they would say to you you're not praying you're just laughing having a fun time you know so in this case the Salah will be battle and you have to redo the Salah again also next one is to the opposite to cry deliberately again to cry because you lost your money you got somebody you loved one you've lost yeah they happen a lot you pray in Salah you pray and you cry in Salah for losing that loved one for example again the Salah will be battle unless you pray for the cause of Allah SWT you fear Allah the day of judgment resurrection day you know the Hellfire now I mean we've seen a lot of recordings of those who recite Quran you know and they start to cry while they're reading the Quran surely if you were to read such a surah you know in your Salah then it will be okay if you were crying out of the love or the compassion or the fear of Allah SWT the say it says and this is in fact amongst the best of deeds the say it mentions this clearly that crying in Salah is one of the best deeds in Salah that you cry you've reached the peak of a battle the peak of adoration the peak of devotion to Allah SWT so we try not to cry on world the things the near we things money house you know things we've lost no we cry only for Allah SWT in our Salah the next one is doing something that also modifies the state of in the posture of Salah let's say clapping too much you clap or jumping or jogging all these acts will make the Salah battle yes so as I've mentioned previously that one of the conditions of Salah is to be stationary and emotionless you have to stand still upright and perform the Salah without these invalidate of Salah in which you can fulfill the wajib to the end as best as you can Shaykhana you mentioned that you know laughing or making too much noise you know will make the Salah battle but what about you know the opposite what if you are too silent if someone remains silent for too long in Salah does that make the Salah battle again we go back to the the issue of posture of the Salah if you kept too silent and in a way that people will say to you well you're not praying the posture has changed the state of Salah has changed now you're just keeping quiet pondering you know reflecting they want to say that you're praying in this case if you were too long quiet and silent the Salah of course will be battle as well and void and you have to repeat it again Shaykhana what about eating and drinking in Salah I mean surely if I had some chewing gum am I allowed to pray with this chewing gum in my mouth again if they look at you and say that you're eating or drinking that of course render the Salah battle and void when allowed to eat and drink in Salah at all it is the time of عبادة the time of that we praise Allah ask Allah seek Allah's forgiveness and we can't really engage in other in no other acts of dunya however if somebody had a bit of food between his teeth for example or just a bit of food left over they can't swallow it that's fine just to swallow it but to actually eat let's say a morsel of let's say bread and cheese or to drink half cup of water or tea let's say or a coffee that will change the posture of Salah and the state and cause the Salah to be battle and void so شخنة what does one do if he has doubts in his prayer again the 11th in Valedetra of Salah is when you have the doubts not in every segment of Salah we have insha'Allah full details about the doubts the accepted doubts and the battle doubts now this is one of the battle doubts in which the Salah will be void and battle exactly and that is when you have the doubts between the first of Salah between the first and second are you in the first are you in the second exactly also to have doubts in Salah let's say between the raka'at not between the same raka'a yes did I forget or between the first and the second raka'a and the Maghrib which is three three raka'a again to have such doubts and shak between these raka'at will render the Salah void and battle so we have to be careful and repeat exactly and also say it here to add or deduct a raka'a or a fundamental or a key element aspect of the Salah be it deliberate or unintentional the raka'a is the key element if you forget the raka'a either you forget and you remember afterwards or you deliberately left the raka'a ignored it in both cases the raka'a the key element will make the Salah battle void important other than these other raka'a a rule is different if you forget them that's fine you can do them later let's say you forget the Tashahut you do it afterwards when you finish the Salah if you forget Al-Hamd and Surah that's fine if you're on a raka'a you just keep going and carry on the Salah you don't have to go back and do them and so forth but the raka'a the key elements are important that if we ignore them forget them deliberate intentional unintentional the Salah will be in both cases battle masha'Allah Shaykh Shaykh now what if what if I doubt that I've done something wrong or not I'm not sure that oh did I do it properly did I not do it properly do I have to repeat my Salah is that after Salah when you finished yes when you finish the Salah and you have doubt about any wrong parts you know perform the Salah or did I do this or not because you have finished the Salah there's a qa'ada and bases in fiqh which is called qa'ada al faraq the qa'ada the bases of after the ending of Salah or the act you have ended the act or now outside the act because you have just ended the act خلاص you just ignore your Shaykh and doubt and you continue with your or the next Salah or you just finish your Salah and that's it that's fine what a great religion we don't look back we keep going forward we keep going forward شغل thank you very much for today and thank you to all of you for joining us on Ahqam SOS Insha Allah we'll be seeing you next time here on Imam Hussein TV3 سلام عليكم رحمة الله بركاته


Well, I've been obsessed with the concept all my life. I've not only written about it extensively from every angle that I can come up with. As a science fiction author, I've written some of the major papers on SETI, the search for extraterrestrial intelligence, and what's called the Fermi Paradox. The question asked by physicist Enrico Fermi, so where are they? Why have we not seen any signs when we've been looking assiduously for 70 years with radio telescopes? And the more we learn about the universe, the more strange this what I've called the great silence seems to be. And everybody has their favorite explanations. It's difficult to make life. Or life is easy, but it's difficult to make intelligence. Or intelligent life kills itself off, which we almost did throughout the Cold War. And there's almost 100 potential explanations for the absence of visible signs that we are in contact with extraterrestrials. And a few of them are really, really nasty. Do I think they are likely? No, I don't think we're about to be invaded by slathering Kardashians, although we have been by Kardashians. I just think that it's prudent for us to talk it all over, explore all the concepts. It's an interesting thought to think about extraterrestrial life and what it is, and where will we find it? It has to exist somewhere. Does it exist in our solar system? Probably. If the right triggers were here on Earth to allow biological growth and those things to occur on Earth, likely we're going to find it somewhere else in the solar system. But I think we'll find it in water-rich areas. Could be one of the moons of the outer planets. Life is very pervasive and will exist in very harsh places. So I think we'll find it if we just look hard enough.