►
Description
The conversation at the International Mayors Climate Summit shits to the Paris Agreement, when Mayor Walsh introduces a fireside chat with former Secretary of State John Kerry and Vice Chairman of Bank of America Anne Finucane, which was moderated by the mayor of Los Angeles, California, Eric Garcetti. The fireside chat was held at Boston University's Questrom School of Business.
B
Thank
you
today,
we've
heard
bold
way.
Cities
are
preparing
for
the
effects
of
climate
change.
It's
inspiring
to
see
creativity
and
teamwork.
Behind
some
of
these
incredible
ideas,
one
of
the
most
powerful
important
questions
we
face
in
our
cities
is:
how
are
we
gonna
pay
for
it?
Financing
climate
solutions
is
critical
and
I
know
that
we're
looking
forward
to
getting
insight
from
our
next
guests
first
is
Ian
Finnegan
vice
vice
chair
at
Bank
of
America.
She
leads
the
company's
efforts
on
environmental,
social
and
government
efforts.
Bank
of
America
is
a
leader
in
corporate
responsibility.
B
They've
committed
one
hundred
and
twenty
five
billion
dollars
in
financing
by
2025
towards
clean
energy
and
other
sustainable
projects.
Here
in
Boston,
they're
supporting
the
work
on
our
parks
in
the
environment
and
they're
members
of
our
Green
Ribbon
Commission,
we
need
to
make
sure
that
businesses
and
the
financial
communities
are
playing
a
big
role
in
climate
action
and
has
been
a
strong
leader
in
helping
to
make
that
happen
here
in
our
city
in
Boston
and
I.
B
Look
forward
to
hearing
from
her
today,
I'm
also
thrilled
to
hear
from
our
other
guest
former
lieutenant
governor
of
Massachusetts,
former
United
States
Senator
from
Massachusetts,
the
former
Secretary
of
State
John
Kerry
secretary
Kerry,
has
been
an
environmental
champion
throughout
his
incredible
career.
John
Kerry
once
said,
logic
seems
out
to
us
that
no
country
can
claim
to
be
a
global
leader
if
it
fails
to
lead
on
the
climate.
B
His
he's
worked
tirelessly
to
make
sure
that
we
seize
on
this
opportunity
in
becoming
strong
and
more
resilient,
both
at
home
in
our
cities
and
on
at
the
global
global
economy.
In
2016,
secretary
Kerry
asked
Boston
to
host
the
third
annual
climate
summit
between
US
and
China.
He
did
this
because,
with
the
most
energy-efficient
city
in
America
and
we've
proven
that
sustainability
and
a
booming
economy
can
exist.
At
the
same
time,
secretary
Kerry
thought
this
was
the
place
for
the
top
two
carbon
emitting
nations
to
work
together
towards
the
goal
of
the
Paris
agreement.
B
We
were
thrilled,
then
the
election
of
2016
happens.
The
administration,
the
new
administration,
was
not
supportive.
Our
plans.
In
fact,
they
tried
to
prevent
the
summit
from
happening
at
all.
One
thing
Boston
and
John
Kerry
have
in
common
is
that
we
don't
back
down
from
a
fight.
He
was
determined
to
move
forward
with
this
work,
no
matter
what-
and
here
we
are
today
in
and
secretary
Kerry.
Thank
you
for
joining
us.
I
know.
This
is
going
to
be
a
great
discussion.
C
C
Ok,
madam
vice
chairman
and
mr.
secretary.
Let
me
start
with
you,
mr.
secretary
there's
a
lot
of
talk
about
how
President
Trump
withdrew
from
the
Paris
climate
Accord.
This
was
something
that
you
helped
to
negotiate.
It
were
representing
our
country
at
a
very
exciting,
anxious,
but
exciting
time
are
we
out
of
that
treaty
right
now,.
D
No
simple
answer,
but
let
me
begin
if
I
can
I
want
to
thank
Marty
for
tremendous
leadership.
We
met
up
in
China
when
I
was
over
there
negotiating
with
the
Chinese
to
bring
them
into
the
Paris
process
and
Marty
was
already
meeting
then
and
I
appreciate
all
of
the
mayors
here
and
all
of
your
teams
that
are
here
with
you.
This
is
a
very
important
discussion
and
Eric.
Thank
you
for
your
leadership.
You've
been
terrific
on
this.
D
Great
team
member,
Gina
and
I
were
banging
heads
and
kigali
when
we
got
the
Kigali
agreement
which,
by
itself,
if
it
is
fully
implemented,
could
save
us
half
a
degree
centigrade.
So
that
was
a
huge
step
forward
and
we
also
got
the
airline
emissions
reduction
in
which,
if
you
took
the
airlines
by
themselves,
they'd
be
about
the
12th
largest
country
in
the
world
in
terms
of
emissions,
so
we
brought
them
in
so
we
had
a
trifecta
really
of
environmental
accomplishment
in
2016.
D
What
we
what
we
were
calculating-
and
this
is
really
the
underlining
of
the
tragedy
of
what's
happened
with
this
administration,
we
were
calculating
on
leadership
on
followership
and
on
technology
and
investment
to
solve
the
problem.
Ultimately,
no
nation,
individually
or
even
a
few
nations
collectively
can
solve
this
problem.
For
us,
the
this
has
to
happen.
D
Some
grassroots
up
and
it's
gonna
have
to
happen
massively
from
where
we
are
today
and
the
the
bet
we
made
Eric
was
that
by
sending
the
signal
that
a
hundred
ninety
six
nations
were
simultaneously
going
to
come
together
to
try
to
individually
do
the
best
they
can
in
order
to
reduce
emissions,
we
were
going
to
ignite
the
private
sector
because,
all
of
a
sudden
we
had
created
the
largest
market,
the
world
has
ever
seen
and
that's
what
we
have
today,
the
single
largest
marketplace.
The
world
has
ever
seen
their
4.5
to
5
billion
users.
D
Today
there
will
be
9
billion
users
if
things
go
the
way
we
think
they
are
in
the
next
20-30
years
and
it's
a
revenue
producing,
because
why
do
I
say
that?
Because
the
solution,
the
climate
change
is
energy
policy,
you
make
the
right
energy
choices,
we
can
solve
the
problem
of
climate
change.
The
problem
is
were
not
making
the
right
choices.
Last
year,
globally
emissions
went
up,
1.4
percent,
that's
the
equivalent
of
adding
170
million
cars
to
the
roads
of
our
countries
in
Europe,
which
prides
itself
on
being
a
leader
on
this.
D
D
D
Eric
was
it
was
a
debt.
We
bet
that
two
things
are
going
to
happen,
that
individual
leadership
on
a
local
level
and
on
a
state
level
was
going
to
step
up
because
people
realized.
This
is
good
for
business,
I
mean
people.
Forget
we
had
major
fortune
500
companies
in
Paris,
you
know
Exxon
Mobil,
Google,
Apple
I
mean
run
the
list.
Bank
of
America
Thank
You
America.
C
D
And-
and
you
know
after
the
thing
was
gabbled
into
into
passage-
we
that
lead
nations
got
a
few
minutes
to
speak
and
I
said
to
everybody.
There
I
said
folks
were
not
leaving
Paris,
with
a
guarantee
that
we're
holding
the
earth's
temperature
to
two
degrees,
senator
we're
leaving
Paris
with
a
guarantee
that
we
are
exciting,
that
marketplace
and
investment
and
guess
what
happened
year,
one
after
Paris,
three
hundred
and
fifty
eight
billion
dollars
was
invested
in
alternative
renewable,
sustainable
energy
for
the
first
time
in
history,
more
money
into
sustainable
energy
than
into
fossil
fuel.
D
It's
an
incredible
transition.
Last
year
in
America,
seventy-five
percent
of
the
new
electricity
that
came
online
came
online
from
solar
here
in
our
country,
and
it
deserves
applause.
But
here's
a
better
I'll
give
you
a
better
applause
life
which
certain
president
won't
like
it's
from.
No,
I
won't
mention
that,
but
coal
in
America
last
year
was
0.2
percent
of
all
of
the
provision
of
our
energy
increase
in
America.
So
you
know
coal
is
not
the
solution.
D
If,
if
we
are
going
to
meet
the
Paris
goal
of
two
degrees
and
and
aspirationally
1.5
degrees,
we
have
to
keep
85%
of
coal
reserves
in
the
ground,
we
have
to
keep
35%
of
oil
reserves
in
the
ground
and
we
have
to
keep
50%
of
gas
reserves
in
the
ground.
The
reason
this
meeting
is
frankly,
really
so
urgent
and
important.
Is
this
we're
currently
on
course,
given
the
increases
I
just
talked
about?
We
are
on
course,
to
hit
three
degrees
by
the
mid-century
and
four
degrees
by
the
end
of
the
century.
That's
where
we're
going.
D
C
C
This
was
something
everybody
was
doing
to
just
take
our
streetlights
and
to
make
them
all
LEDs
we
paid
for
that
quickly,
return
on
investment
fiscally,
but
we
also
then
were
able
to
see
the
impact
immediately
in
carbon
emission
reduction
as
I
shared
with
folks
here,
2016
Los
Angeles,
we
reduced
our
carbon
emissions
by
11
percent
in
a
single
year.
That's
the
last
year,
we've
measured,
but
what
role
do
banks
have?
Are
you
involved
in
environment?
E
One
came
after
the
other,
so
to
begin
with,
we
did
it
through
the
our
efforts
of
ESG
environmental,
social
and
governance,
and
it
was
really
in
response
to
our
own
people
wanting
to
do
the
right
thing.
We
even
work
in
the
communities
throughout
the
United,
States
and
also
globally,
and
you
want
to
be
proud
of
the
company
that
you
work
for,
and
you
want
to
do
the
right
thing.
E
So,
in
the
early
days,
our
environmental
efforts
were
philanthropic,
with
the
hope
that
they
could
become
business,
and
we
made
a
twenty
billion
dollar
commitment
in
2007
and
honestly
I
wasn't
sure
how
we
were
going
to
fulfill
it,
but
by
it
was
a
five-year
commitment
or
a
ten-year
commitment,
and
we
were
at
twenty
billion
dollars
in
five
years.
So
then,
immediately
you
could
see.
There
was
real
movement
by
2013.
We
had
made
a
much
larger
commitment
and
actually
in
advance
a
bit
in
advance
of
the
Paris
climate
agreement
in
Paris.
E
E
But
this
is
financing.
This
is
you
have
to
be
innovative
in
your
financing.
You
have
to
sometimes
have
patient
capital.
You
sometimes
have
to
have
partners.
You
have
to
work
within
municipalities
and
others
in
government
to
try
to
stand
something
up.
That
would
not
be
done
normally,
so
you
have
to
be
a
little
innovative,
but
what
was
a
slow
start
has
become
very
good
business
for
us.
Thank
you
for
your
partnership
with
the
city
of
Los
Angeles,
but
actually
the
first
green
bond
that
was
ever
issued
was
here
in
Massachusetts.
E
Well,
it
was
for
a
bunch
of
things,
actually,
not
one
thing,
and
it
was
2013
and
it
was
for
water
security.
It
was
for
land
conservation,
it
I
mean
there
were
four
or
five
projects
that
we
helped
underwrite.
It
was
a
three
and
a
half
three
and
a
half
billion
dollar
bond,
which
we
did
about
a
third
of
it
and
then
syndicated
it
to
everyone
else.
But
subsequent
to
that,
that's
become
a
real
business.
That's
something
that
ten
years
ago
was.
C
That
in
the
past
you
know,
I
think
companies
and
cities
started
an
environmental
work.
Federal
government
to
was
something
that
specialists
did.
You
know
EPA
would
do
it
Department
of
Energy
would
do
it.
We
would
have
our
environmental
departments
you'd.
Have
your
social
responsibility
groups,
how
much
of
the
Bank
of
America
and
how
much
in
the
private
sector
is
this
becoming
a
value
that
cuts
across
the
operations
for
everybody.
E
B
E
Can
in
aggregate
perhaps
accept
a
lower
return
and
we
can
de-risk
a
project,
but
ten
years
ago,
I.
Don't
even
think
I
could
have
put
all
those
words
together
on
a
solar.
You
know
for
solar
or
for
a
wind
farm
in
the
North
Sea,
and
now
we
can
do
it.
That's
that's
hugely
different
so
and
it
is
not
a
loan
for
Bank
of
America,
although
we
are
much
better
than
the
rest,
the
truth
is
is
that
our
competitors
are
doing
it
too,
and
they
have
thousands
of
people
and
they
are
finding
business
in
green
bonds.
E
Just
a
minute
on
green
bonds,
to
explain
that
it's,
like
a
municipal
bond,
the
the
caveat
with
that
and
what
makes
it
sometimes
unattractive
to
those
that
have
to
issue
it
is
that
you
have
to
then
be
able
to
at
the
end
of
the
the
road
you
have
to
demonstrate
what
benefit
it
was.
So
you
you
have
to.
You
have
to
have
a
lower
tax.
You
have
to
have
lower
energy
bills
for
the
LED
lighting
or
you
have
to
have
improve
the
water
or
you
have
to
have
truly
conserve
the
land
and
prove
it.
E
So
that
takes
people
in
man-hours
and
it
drags
on
the
margin
and
so
for
businesses
for
banks,
sometimes
they've
been
reluctant
to
do
it.
However,
if
you're
someone
like
us
who
have
done
municipal
bonds
for
years,
we
have
found
a
way
to
do
it
and
honestly,
the
payoff
is
so
fantastic
that
it's
worth
doing
secretary.
C
Do
you
believe
that
this
work
is
better
done
from
the
national
level
now
and
we
have
mayor's
here
from
and
representative
from
China
from
France
from
Canada
today
this
is
a
global
movement.
Many
of
us
are
active
in
c40
and
it's
not
leading
questions
a
real
one.
It
may
depend
on
the
system,
but
it's
top-down
mandates
from
federal
government
always
the
best
and
should
we,
you
know,
still
keep
looking
for
that
or
are
we
finding
the
marketplace,
not
local
government,
but
the
marketplace
itself
is
moving
this
much
more
aggressively
than
any
national
governments.
Well,.
D
I
ever
get
to
really
look.
I
I've
been
involved
in
this
since
1988,
when
Jim
Hanson
testified,
Congress
that
it
was
already
here
happening
and
I
was
in
Rio
in
92.
We
all
had
high
hopes.
Subsequently,
I
was
in
Kyoto
and
in
Kyoto
we
did
mandatory,
we
couldn't
pass,
it
couldn't
get
it
through
the
Congress.
The
idea
that
the
United
States,
which
is
one
of
the
top
20
emitters
in
the
world
we
were,
then
the
leading
emitter
was
going
to
have
to
reduce
while
China,
which
was
then
a
developing
country.
D
Still
and
most
people's
consideration
wasn't
going
to
have
to
be
mandated
was
unacceptable,
so
we
just
couldn't
carry
it.
So
mandatory
is
not
going
to
work
and
I.
Don't
see
this
dysfunctional
Congress
actually
succeeding
and
getting
anything
done
on
this
score.
So
the
answer
is
by
necessity
this
is
going
to
have
to
happen
at
a
grassroots
level,
which
is
what
you're
doing.
Let
me
finish.
A
D
29
states
in
our
country
and
many
of
you
are
operating
under
this-
have
past
renewable
portfolio
laws.
Eight
states
have
a
voluntary
portfolio
law,
so
in
total
we
have
38
states
of
the
Union
which
have
adopted
as
a
matter
of
law
and
voluntary
law
compliance
they're
going
to
reduce
emissions
and
move
into
a
sustainable
status,
so
that
represents
those
38
states
represent
80%
of
the
population
of
our
nation.
So
the
short
answer
is
we're
still
in
Paris,
because
most
local
communities,
most
businesses,
most
states,
38
of
them-
are
moving
in
that
direction.
D
D
D
We
were
not
able
to
get
mandatory,
but
instead
we
got
a
review
process
so
that
after
four
is
2020,
there
is
a
review
of
where
every
nation
is,
and
there
would
then
be
a
recalibration
with
peer
pressure,
pushing
people
in
into
compliance
where
the
president
completely
I'll,
use
the
word
mislead
instead
of
a
harsher
word.
The
American
people
and
mislead
the
world
is
that
there
is
no
burden
placed
on
us
by
any
other
nation
or
by
Paris
itself.
We
are
only
agreed
to
do
what
we
designed.
D
What
all
of
our
experts
said
we
could
accomplish
in
the
United
States
without
hurting
our
economy,
so
in
effect,
every
nation
in
the
world
has
adopted
its
own
plan
and
that's
the
only
way
you
could
get
so
this
agreed
upon
at
this
moment.
So
I
come
back
to
the
original
bet
and
answered
your
question.
No
nation.
No
government
that
I
know
of
right
now
is
capable
of
moving
fast
enough
to
solve
this
problem.
D
Someone's
going
to
come
up
with
a
way
to
you
know,
take
something
out
of
the
atmosphere
and
put
it
to
use
somebody,
but
if
you're
not
leading,
if
you're
not
pushing
folks
to
make
that
happen,
the
business
world
pulls
back
a
little
bit
and
loses
confidence
that
the
regulatory
process
and
other
pieces
are
gonna,
help
push
you
in
the
right
direction.
That's
the
danger
right
now
that
the
opportunity
loss
of
this
when
I
hear
people
say,
oh
my
god,
it's
so
expensive,
folks,
two
storms
last
year
hundred
and
fifty
billion
dollars.
D
The
mayor
of
Houston
is
here
right
here,
Houston
once
in
20,000
years,
storm
in
five
days
dumped
as
much
water
as
flows
over
Niagara
Falls
in
an
entire
year
in
that
community
and
we're
seeing
once
in
500
years,
once
in
a
thousand
years,
every
few
years
now
the
whole
set
of
rules
have
changed.
People
need
to
understand
the
stakes
here.
I
mean
the
mayor
of
Miami
is
elevating
roads
and
pumping
out
water.
We
have
water
that
comes
over
our
seawall
right,
Marty
on
a
sunny
day,
high
tide,
certain
time
of
year,
where
we
have
flooding.
D
This
is
already
happening
at
a
rate
that
is
terrifying
and
I
went
as
Secretary
I
went
down
to
Antarctica
I
went
to
the
Arctic
in
Antarctica
brought
this
I,
don't
usually
have
this,
but
I
found
it
today.
This
is
a
vial
from
the
South
Pole
of
air
that
was
given
to
me
when
I
was
down
in
Antarctica,
and
it
has
a
graph
on
it,
showing
the
rise
of
over
all
of
history,
the
rise
of
carbon
dioxide
and
greenhouse
gas-
and
this
was
given
to
me
and
and
I
think
the
11th
of
November
in
2016.
D
Right
after
the
election,
it
says
cleanest,
air
in
the
world.
It's
at
4'o
1.6
parts
per
million.
Now
scientists
have
told
us
that
originally
we
have
to
be
it
at
450
parts
per
million
in
order
does
not
have
a
tipping
point.
Now.
Scientists
have
revamped
that
prediction
and
said
you
got
to
be
at
350
parts
per
million,
so
cleanest
air
in
the
world,
antarctica
401
point
6
parts
per
million,
we're
already
in
trouble.
D
He
doesn't
talk
about
holy
people
had
no
idea
how
many
billions,
if
not
trillions
of
dollars,
are
gonna,
be
spent
in
order
to
respond
to
the
cause
and
effect
of
climate
change,
and
it
is
above
all
a
national
security
issue
because
we're
going
to
have
climate
refugees
Europe,
which
has
had
this
massive
impact
because
of
Syria,
could
have
a
massive
flow
of
people
struggling
to
survive
and
the
politics
of
everywhere
will
change.
If
that
happens.
Well,.
C
All
right,
mr.
secretary,
this
is
an
existential
crisis.
This
is
a
humanitarian
crisis
and
the
social
disruption
hasn't
even
begun
as
the
effects,
but
for
business
we
talked
about
business
coming
into
this
from
what
entrepreneurs
could
do
to
make
things
right.
Those
who
are
interested
in
green
work
won't
ask
the
flipside
for
business.
How
much
are
you
noticing,
madam
vice
chairman,
that
the
price
of
business
and
the
inaction
on
the
environment
and
on
climate
change
is
being
priced
into
the
cost
of
business?
For
your
clients?
C
Is
this
something
that
is
now
sweeping
across
your
average
large
business
that
you
work
with
and
what
kind
of
work
are
they
doing?
Are
they
leading
not
just
those
who
are
in
clean
energy,
not
those
that
are
just
in
the
green
sector,
but
your
normal
business
that
has
operations
in
low-lying
areas
that
has
to
think
about
these?
These
calamities?
What
are
you
seeing
out
there?
Well.
E
They
have
to
factor
it
into
their
risk
mitigation
and
that's
a
problem
I'm,
not
sure,
though,
that
they
are
really
fully
there.
So
our
business
is
thinking
about
environmental
moments.
They
do
think
they
don't
think
of
it.
That
way,
necessarily
they
do
think
about
extraordinary
events
happening
more
often
like
hurricanes,
but
I
would
tell
you
what
I
do
see
is
that
big
business-
and
this
is
usually
sort
of
a
dirty
word,
but
the
truth
is
big.
Business
has
been
mobilized
in
the
area
of
in
the
environment
because
we
tend
to
see
the
big
macro
movements.
E
We
see
both
opportunity
and
we
see
risk
and
it's
not
just
Bank
of
America
or
Exxon
or
Google
or,
and
you
name
it.
If
you
take
the
top
20
market
cap
companies
in
the
country,
I'd
say
that
most
of
them
are
focused
on
this,
because
we
see
huge
risk
and
we
see
big
opportunity
and
once
we
begin
to
use,
move
and
I'll
use
the
bank
as
an
example
in
the
banking
industry.
Once
we
begin
to
move
in
once,
we
start
to
apply
market
forces
to
what
we're
thinking.
So
we
stop.
E
We
end
the
flat
we'd
continue
to
do
a
little
bit
of
philanthropy,
but
we
start
making
commitments
of
a
hundred
and
twenty
five
billion,
and
then
you
start
looking
at
tax
and
you
look
at
syndication
and
the
kinds
of
products
and
services
we
would
have
applied
to
something
that
you
would
normally
apply
it
to
and
apply
it
to
environmental
movement's.
We
couldn't
turn
around
and
change
it
now,
anyway,
we
are
full-on
doing
this.
It's
a
business
for
us,
we've
put
thousands
of
people
we've.
E
We've
we've
seen
the
opportunity
here
in
the
United
States
and,
frankly
we're
the
number
one
underwriter
of
green
bonds
in
the
world.
We're
not
gonna,
stop
so
I
think
that
that's
what
you're
seeing
we're
sitting.
So
we
see
the
market
opportunity
we
do
look
at
as
an
employer
and
as
sort
of
in
the
in
terms
of
community.
We
do
see
the
risk
of
the
environment,
particularly
around
weather,
so
it's
a
very
practical
way
of
looking
at
it,
but
that's
how
I
think
businesses
are
looking
at
it
like
in
the
immediate
term,.
C
C
D
The
front
end
to
suggest
to
you
why
this
look
I'm
so
tired
and
sick
of
the
absence
of
real
leadership
to
say
here's
what
we
got
to
do.
President
Obama
provided
leadership
on
this.
We
got
this
done
because
we
went
to
China,
we
brought
China
at
the
table,
we
made
it
happen
and
nothing
is
happening
today.
The
g20
ought
to
be
locked
in
a
room
and
they
should
not
be
allowed
to
leave
the
room
until
they
have
put
a
hundred
billion
dollars
in
the
bank
that
meets
the
necessity
of
the
global
climate
fund.
D
We're
not
doing
anything,
that's
what
burns
me
up,
but
the
upside
of
this
is
it's
all
doable
folks
that
we're
not
sitting
here
waiting
for
the
discovery
of
the
solution.
We've
already
discovered
it.
We
have
alternative
sources
of
energy.
We
have
the
ability
to
implement
it
and
by
the
way
you
can
make
money
doing
it.
That's
the
brilliant
part
of
this
I
mean
we
have
huge
infrastructure
needs
in
the
United
States.
D
Everybody
understands
that
you
start
rebuilding
the
energy
grid
of
America
have
an
energy
grid
where
the
country
that
went
to
the
moon,
the
country
that
invented
the
internet-
and
we
don't
have
an
energy
grid
in
America,
great
big
hole
in
the
middle
of
our
country.
We
have
an
East
Coast
grid,
we
have
a
West
Coast
grid,
we
have
a
little
line
that
goes
from
Chicago
across
the
Dakotas
and
then,
of
course,
Texas
has
its
own
grid
right.
But
that's
it
you
can't.
You
can't
sell
energy
from
Minnesota
or
Massachusetts
from
the
wind
to
other
parts.
D
D
What
happens
is
wind
and
solar
provide
the
energy
electricity
is
going
to
be
critical
for
electric
automobiles,
that's
a
solution.
The
other
solution
is
buildings.
Where
we
have
better,
you
know,
codes
and
building
buildings
more
effectively.
The
other
is
transportation
where
we
could
be
far
more
effective
moving
to
an
electric,
and
you
know
if
you
look
at
water,
transportation
and
energy
they're,
all
revenue
producing
sectors.
So
there
isn't
one
of
these
areas
where
the
government
couldn't
step
up.
D
Do
something
at
the
Fed
discount
window,
create
a
greater
spread
on
the
deal
and
make
it
possible
for
community
after
community
to
attract
private
sector
capital,
and
we
have
thirteen
trillion
dollars
sitting
on
the
sidelines
uninvested.
Today,
it's
in
net
negative
interest
status
because
it's
scared
to
come
into
cert,
so
an
hit
the
nail
said:
D
risk
well
who's
going
to
de-risk.
We
that's
where
government
does
have
an
ability.
We
can
do
risk.
D
E
Just
wanted
to
add:
we've
issued
three
reports.
This
would
be
from
equity
research,
so
this
is
equity.
Research
analysts
looking
at
the
world
of
the
environment
and
can
you
make
money
is
is
is
this?
Is
this
a
going
enterprising?
Is
this
a
growing
enterprise,
and
then
they
looked
more
broadly
at
ESG?
Do
companies
that
apply
ESG
environmental,
social
and
governance
to
the
way
they
do
business,
not
just
as
fully
enough
philanthropic
lis,
but
the
way
they
do
business?
E
E
You
can
have
higher
satisfaction
among
your
customers,
but,
more
importantly,
you
can
see
value
to
the
bottom
line
very
quickly.
So
if
you're
in
real
estate
and
you're
thinking
environmentally,
you
can
reduce
your
energy
costs
both
in
the
building
and
the
running
of
the
building.
If
you're
a
packaged
goods
company,
you
can
reduce
the
use
of
paper
and
plastic
which
reduces
your
costs
and
I
could
go
on
with
each
of
the
industries
and
some
are
more
immediate
than
others.
E
Actually
Financial
Services
was
the
one
that
had
the
least
obvious
other
than
the
business
you
could
do
on
behalf
of
your
clients
and
these
kinds
of
reports,
along
with
the
kind
of
momentum
I'm
talking
about
along
with
frankly,
what
we
owe
you
here
in
this
room,
a
big
thanks,
because
it
is
the
mayor's
largely
the
mayor's
and
some
governor's
who
have
stepped
up
and
forward
and
really
forced
this.
The
underwriting
of
the
green
bonds,
rethinking
municipalities
and
municipal
bonds
to
green
bonds,
asking
for
help
and
partnerships
amongst
new
kind
of
financing.
E
Looking
for
tax
equity
and
tax
value,
we've
had
to
be
more
innovative,
but
we've
become
more
innovative
and
because
we
are,
our
competitors
are
so
I,
see,
I,
don't
see
all
blue
sky
and
I
think
that
there
aren't
big
issues.
But,
frankly,
right
now
in
the
United
States
coal
is
the
coal
companies
are
very
risky,
so
they're
less
attractive.
Don't.
C
You
know
two
interesting
one
of
the
stats
I
love
talking
about
it
in
my
town
is
we've
created
about
30,000
green
energy
jobs
in
the
last
five
years,
that's
more
than
the
number
of
coal
jobs
we
lost
in
America
and
about
sixty
percent
of
all
the
coal
jobs
that
remain
and
we're
one
percent
of
the
population
in
LA.
So.
E
C
While
we're
not
putting
that
each
one
of
those
regional
grids,
is
you
know
on
each
one
of
us,
you
could
put
that
in
Appalachia.
You
could
put
that
in
Midwest.
You
can
put
that
anywhere.
Luckily,
the
wind
blows
and-
and
here
in
Massachusetts
you've
been
leaders
on
that
too.
What's
your
political
compass
say
mr.
secretary,
is
this
a
blip
in
the
map?
Is
this
this
moment
with
the
lack
of
leadership
coming
from
the
White
House?
D
D
D
If
we're
not
leading
I,
just
don't
see
it
happen,
I
hate
to
say
that
I,
don't
say
that
with
any
measure
of
arrogance
or
chauvinism
whatsoever,
I
mean
obviously
I'm
proud
of
being
American,
but
and
I
think
we
do
remarkable
things,
but
I
don't
think
that
happens.
I,
don't
see
certain
countries
that
vie
for
prominence
in
the
world
ever
rushing
to
the
UN
Security
Council,
the
lead
of
values,
oriented
resolution-
I
just
don't
see
it.
D
So
as
I
look
at
the
world
right
now,
I
see
eight,
you
know:
I
see
1.8
billion
children,
15
years
old
or
younger,
400
million
of
whom
are
not
going
to
go
to
school
and
I.
Look
at
two
billion
people
between
the
ages
of
15
and
24,
who
sort
of
what
I
call
the
mischief,
age
and
and
extremists
vying
for
their
minds
and
and
for
the
future
in
those
countries.
D
The
list
far
far
fewer
people
are
dying
today,
funnily
enough
I
mean
in
terms
of
violence,
but
we're
seeing
it
in
in
a
completely
different
form.
Where
you
have.
You
have
a
change,
it's
it's.
It's
less
hierarchical
the
exercise
of
power
globally
and
far
more
networked
and
driven
by
non-state
actors.
That's
a
different
deal
and
it's
a
world
where
Industrial
Revolution
size
change
is
taking
place,
but
at
a
digital
pace
so
and
and
more
people
have
more
information
coming
at
them
than
they
can
possibly
process.
D
So
out
of
globalization,
which
has
not
been
kind
to
the
average
worker
and
our
politics
have
not
been
kind
to
the
average
worker
we
we
have,
we
have
lost
that
values.
Oriented
base
of
the
American
Dream
being
based
on
people
being
able
to
do
better.
So
as
long
as
we're
a
country
where
52
percent
of
all
of
America's
income
is
in
the
hands
of
one
percent
of
the
people,
we
are
living
in
unsustainable
politics.
And,
frankly,
what
happened?
Is
you
had
a
tea
party
that
came
along
as
the
result
of
the
Republican
Party?
D
Not
responding
and
Democrats
have
our
own
problems
too,
but
then
out
of
the
Tea
Party.
You
then
had
the
the
you
know
the
freedom
caucus
and
and
that
didn't
deliver.
And
then
you
had
the
next
iteration
then
you're
a
trump
which
is
sort
of
a
hostile
takeover.
What
was
there
and
that's
where
we
are
today,
but
it's
a
reflection
of
the
inadequate
response
of
all
politics
to
the
felt
needs
of
our
people
and
and
that's
a
serious
problem
that
you
know
when
that
and
that's
happening
happened
in
Italy.
With
the
last
vote.
D
It
happened
in
France
to
a
degree
where
you
have
the
first
president
elected,
not
a
member
of
the
major
party.
It
happened
in
Austria
to
a
certain
degree.
You've
certainly
seen
it
in
Eastern,
Europe
or
Poland
and
Hungary
in
other
countries,
moving
away
to
democracy,
more
authoritarian
and
you
see
Putin
and
others
playing
disrupter
in
this
process.
So
we
have
a
major
challenge.
Folks
here
in
our
country,
we've
got
to
be
able
to
make
our
own
democracy
work.
We've
got
to
establish
a
basis
of
facts
for
decision
making.
D
You
all
know
this:
how
do
you
make
a
decision
in
a
democracy?
If
you
can't
agree
on
what
the
facts
are?
It's
really
hard
folks,
it's
already
was
hard
before
that
happened,
which
is
why
Obama
had
to
go
on
the
view
to
talk
to
a
certain
group
of
people
and
then
go
on
a
late-night
show
to
talk
to
a
certain
group
of
people.
You
don't
find
people
conglomerate
eyes
like
they
used
to
be
so
we're
in
a
very
tricky
moment
and
I
think
that
that
that
I
believe
it
is
a
passing
moment.
C
E
Appreciate
your
partnership
and
would
like
to
continue
with
it,
we've
really
gotten
some
of
our
best
thinking
by
making
partnerships
with
the
mayors
of
this
country,
mayor
Walters,
obviously
a
close
ally
and
has
given
us
great
ideas.
Thank
you
to
mayor
Garcetti.
You
know
we
all
are
still
doing
fossil
fuels.
We
they
they.
They
are
still
a
major
component
in
America,
but
each
year
that's
changing
just
a
little
bit
and
I.
Think
the
your
leadership
helps
us
get
there
faster.
So
thank
you.
What.