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To what we know, even if we do everything right – and we can hold warming to where we are now, meet the nationally determined contributions that each country actually implement those national action plans that people have put out there – communities are still going to be suffering from extreme flooding, from extreme drought. And we have a responsibility particularly as historic emitters – as one of the world’s largest emitters – to support communities who’ve had almost nothing to do, I mean, an infinitesimal contribution to emissions even today, and so that historic responsibility is something that weighs on us, but also motivates us.

Over the past year, the ten companies that responded to our PREPARE Call to Action have made really important progress on their commitments. Microsoft, for example, opened its AI for Good Lab in Kenya, where they are training African climate scientists. MasterCard has built a digital platform connecting millions of smallholder farmers to advisory services and credit to help them build more resilient farms. All told, the ten initial companies are mobilizing more than $610 million and supporting more than 9 million people to adapt to the impacts of climate change. 

Well, as you know, Egypt has built a kind of humanitarian hub over the last month to ensure that the maximum amount of humanitarian supplies get into Gaza. Most of the population in Gaza is entirely dependent, right now, on humanitarian aid.

Today, I am thrilled to announce that early next year, the Green Guarantee Company – the first privately guaranteed company devoted to green bonds and loans in developing countries – will officially launch. Because providing investment grade guarantees vastly increases the number of investors that can support these projects, the U.S. government’s $10 million in seed funding is expected to help the Green Guarantee Company catalyze $1 billion in new investment to least developed countries for climate adaptation and mitigation.