Hello, my name is Denis Childs. I'm head of the Positive Impact Finance and Environmental and Social Advisory, within Societe Generale investment banking in Paris. My team acts as advisor, product structurer, and financier to clients, issuers, and investors, on environmental and social matters. Today, I will introduce the positive impact finance. Let's start with the definition. Positive impact finance should be understood as that which serves to deliver a positive impact on one and more of the three pillars of sustainable development, economic, social, and environmental. Once any potential negative impacts to any of the pillars have been dually identified and mitigated. Positive Impact Finance launched together with United Nations Environmental Program Financial Initiative, through the positive impact manifesto, is now supported by 26 private and public financing institutions around the world, public entities regions, public companies, service companies, auditor, extra financial rating agencies and has published its principle for positive impacts, which focuses on impacts and transparency. Positive Impact Finance aims at, one, increasing the volume and impact efficiency of the green social market and two, closing the UN sustainable development goals financing gap. How positive impact finance was created? In September 2015, the United Nations General Assembly, formally established 15 Sustainable Development Goals, SDGs, to be addressed by 2030. The SDGs are nothing else but an inspiration to meet the needs of a growing population within the natural boundaries of the planet. An estimated 5 to $7 trillion per year until 2030, is needed to achieve the SDGs, and today's financing gap is estimated to be around 2.5 trillion per year out of which 1.3 in Africa. Speaking of the financing gap, according to recent research, where does the gap lie in terms of region and geographies, mainly in emerging and developing countries. Given approximately 90 percent of the SDGs investment needs are achieved in developed countries. These figures drops to 56 percent in emerging and developing countries and to 10 percent in Africa, which means that Africa represents over 50 percent of the gap. In terms of sector, SDGs are not sector driven. Nevertheless, most important needs identified so far, point out infrastructure as a sector where most financing efforts will be needed. Impacts: Metrics and measurements are needed, actually since the target are impacts, it should be the main metrics. In terms of source of finance, since the public sector is reaching its limits, the main question therefore, is to bring more private finance in. Two type of actions are needed to address the financing gap. First action, to boost existing green social financing solution, the idea to do more and better, and to bring clarity on impacts targeted, by developing sustainable specialized finance such as infrastructure, renewable energy, energy efficiency, export finance, by enhancing blending solutions, which combine public and private finance, by scaling up other initiatives such as microcredit, green or social bonds, impact investing, social finance. Nevertheless, existing sustainable solution range in billions, whereas the magnitude of the needs and the gap, is in trillions of dollars. This object is now named from billions to trillions. So, the second action, is to develop impact based solution to address the billions to trillions. This means addressing the huge multi-trillion financial no-man's land, faced by individuals, cooperatives, companies, projects and programs that are currently not bankable, mainly for risk and/ or scale reasons. Such approach, will not only build up on technological progress, but also a new consumer attitude, which focuses mainly on service obtained, the impacts, other than on the possession of goods. Key features of impact based business models that should enable to cut cost and address risk issues are; scale, conserving the world as a market. Integration of active digital solutions (Internet of Things, big data, blockchain, machine learning), with passive solutions (building, transportation, healthcare, education). This leads to impact value chain such as energy efficiency, mobility, smart cities, food security, new healthcare, that are the result of a cross-sector approach. It should be also impact driven, that is focusing on bringing down costs to impacts. This new approach, will rely mainly on the ability of the private sector, corporates, to move to an impact based economy while the public sector to focus on impacts other than preempt investments solution, on the financial institutions, mainly private but also public to develop impact based finance. Let's use the case of public lightning. So, public lighting, a new financial approach. Traditional public approach, is to realize energy efficiency by replacing bulbs by LEDs with public money. The picture is, no income, but savings in energy, longtime return on investment, and to rely on credit worthiness of a public entity. What is the alternative private impact based approach? It is to define all the potential impacts associated with investment, data collection, Wi-Fi relay, security improvement, communication, etc. Then, to on-board private actors that could directly or indirectly benefit from the investment, and create private incomes that can be monetized. As a result, maximize the impacts, versus the investment, and decrease the level of public money to be invested potentially to zero. As a conclusion, the achievement of the SDGs will mainly rely on the disruptive impact based approach. Banks have an important role to play. As a strategic advisor to clients, public and private, that intend to develop impact driven business models. As developers of positive impact finance products, debt and equity, as financiers of the impact based economy, so specialized banking. Thank you for your attention.