 I'm going to give an overview of the status and a little bit of the prospects of clean and renewable energy overall and then a little bit in terms of what are the implications for development pathways and development economics, but let that really come out in the case studies that come out following my talk. So a little bit more practical on where the technologies are and also what's happening on the finance side and the policy side. I'll start with just a brief piece that you may not know what the National Renewable Energy Laboratory is. It's a 40-plus year old institution in the United States with actually about 1,800 employees and we actually do hardcore laboratory research in solar materials, basic materials, batteries, advanced vehicles, and other things like that. And then we apply it very much around the world and we really look for strong partnerships in developing countries because it's really about applying the technologies in the market places and really adopting best practices. I think we're all fairly familiar with megatrends that are really happening right now. This is not the paradigm of economic development that was discussed yesterday in terms of working through from the Washington consensus, et cetera. This is really thinking about, I call it the practical aspects of what's happening in technology and certainly the things that we're all concerned about in terms of how to achieve the SDGs in light of the fact that there are all of these changes happening in technology, in consumer expectations, certainly in food development and diet development, which I think are really important. And electrification. We had a small lunch discussion asking about the electrification of scooters in the different countries or vehicles in the different countries or mobility systems more broadly. This is something we have to pay extreme attention to because of importance for supply chain, importance for the implications for climate, because if the electricity supply for those does not evolve to be clean, then the climate goals will not be met as well. So it's a bit more complex in terms of thinking about the energy pathways and development pathways. I think these are important elements to think about. So going forward, clearly, the next phase of growth is dominated by the OECD. So this is just statistics from the World Energy Outlook going forward. The big growth is coming from non-OECD countries, of course. This is from maturity, but also from population as well as GDP growth that's coming. And that's pretty well known. Oh, sorry. The other piece is that electricity generation will actually dominate that growth. Less so in fossil fuels, particularly for transportation, particularly because of electrification of mobility. And you can see here that it's fairly well dominated. So the growth is the red aspects. And you can actually see significant growth as anticipated in China, in India, also Southeast Asia, Middle East, and Africa. And some continued growth in the United States and the European Union, most of that because of electrification of transportation, which is interesting. And you can see the breakdown on the right-hand side. I'm going to go along relatively quickly. Where is that generation going to come from? It will mostly come from renewables, but not solely from renewables. There is still a pipeline in the world for building some coal, some natural gas, and even some nuclear. The dominant generation technologies will be renewable and clean. And this is really a fundamental paradigm shift. If we had put this graph up or a similar graph from similar analyses 10 years ago, it would not have shown this. And 20 years ago, it would be completely the opposite. So there is a fundamental paradigm shift, what's happening in the energy system broadly. And I think it's really important to consider this within the aspects of development economics and development pathways, not just about rural development stories, as our chairman shared at the beginning, but really about fundamental change for a whole economy. And I think this is really important elements. I think what I want to tell you in the next few slides very, very quickly, I'm just going to show you a bunch of statistics, is the growth of what's happened in renewable energy and clean energy in the last, let's say, 10 years. Here you just see continued growth. This is now two terawatts of installed capacity. So people may not know what a terawatt is. It's 1,000 gigawatts or 1,000 megawatts. The world has an installed capacity of about 17 or 18. So that's just on the power side. So it's not a huge percent, but it's significantly more than it was. More importantly, if you see where it is happening, this is the other fundamental paradigm, which again, it's not an economic paradigm, but it's actually about a power system paradigm or an energy system paradigm, which is there are countries today, Denmark, Uruguay, Germany, Ireland, Portugal, all deriving well more than 20%, if not maybe 50% of their total annual electricity from these clean energy sources. Again, 10 years ago, no one would have believed this. And 20 years ago, it would not even be considered, because these were at that point in time considered alternate energy sources, not mainstream energy sources. And now they are mainstream and they are, in fact, the bulk of all annual capacity additions globally. And here's that statistic, I think that this is important again. It's not huge from the global trade flow, global investment flow, but significant in terms of where does money come and go into, in terms of energy and power. So $300 billion a year is pretty significant. It's not trillions, but it is more than 50% of all new power generation globally is in clean energy sources and has been for almost a decade. So it's no longer alternative. It's no longer the other energy. It's really mainstream and people know how to operate it and use it. And it actually is, in fact, and I'm going to show you here, one of the most cost competitive options. So this is a historical slide over about 10 years of photovoltaic power purchase agreement prices in US dollars per megawatt hour. So that is equivalent to, if you put two decimal points on there, cents per kilowatt hour. And you can see today that photovoltaics and including some photovoltaics with battery systems are being bid into power purchase agreements, which is the mechanism for supporting those, at less than five cents a kilowatt hour and sometimes less than three cents a kilowatt hour. That in fact turns out to be the least expensive power option. Because in these open bids, that's open for every technology. Could be coal, could be natural gas, could be wind, could be others. So a significant actually paradigm shift in the economics as well, which again, has a very different implication for resource economics, for development pathways, etc. That we need to think through. You paying attention to the time for me? Someone is? I have it, I think, yeah, okay, I have eight minutes. So the piece I want to share with you in the next three slides is the importance as I'll say as non-technical observers and academics to understand what's happening in the technology development pathways. And I think that's really important. So here, I want to show you just a story about wind and why this is really important. So in the upper graph you see the levelized cost of energy of wind and that yellow curve coming down. This is quite significant, photovoltaics have done the same thing. And on the right hand axis, you see the size of the wind turbines growing over time. Now this is back over 30 years. This is actually quite significant in terms of technological advancements. Now today, we can actually combine high performance computing analysis, like you see in the left, with advanced manufacturing and thinking about turbine size to understand what the potential is for wind today going forward 10 years rather than thinking that we have to employ the wind of last year or two years ago or when we go and visit wind plants in the United States which many of them are actually quite old or in India that have been built over the last 10 years. That technology frankly is now ready to be renewed and why? It's because turbine heights have gone up and the technologies for control have continued to advance and being part of an integrated system. And let me tell you why from an economic standpoint this is really important to know. So I'm gonna use a US wind map as an example. This is the US wind potential visually. I'm gonna try to help build your intuition here. Of darker blue area is the high wind potential. So think of the economic development area that could be developed. In 2008 technology for a wind turbine that was 80 meters high, okay? So if I were to think geopolitically or politically economy wise, I'd have a really difficult conversation with the folks in Florida or other parts of the East Coast and maybe even a little bit on the Western side. So most of the people interested in economic development for wind would be in the middle of the country. And now if I flip forward and I use 2014 technology, so now this is four years old already. And all I've done is move the hub height to 110 meters. So the physics here is that the wind actually blows stronger the further you are away from the interface of the earth, the earth layer, right? So at that technology, we've actually doubled the amount of economic potential of wind. So we now have a completely different supply curve and economics that say wind is much more technically and economically attractive in many, many more places so that geopolitics have also changed considerably. Now if we go forward just one more and we go to near term technology at 140 meters, we have in fact doubled the technical and economic potential yet again. And so for me, what that says is for all of us that want to understand the energy economics of these alternative energies and how they play into development pathways, I have to be thinking and working with the best knowledge available in terms of resource knowledge, in terms of technology availability. Because if I'm trying to project out the next 10 or 20 years, I should not be doing it on old technology basis without really understanding that because it will give a false indicator for the economic development opportunity. Really important lesson here and it's just on wind because all the other technologies continue also to advance. The other piece which is going to be a little bit nerdy is the advancement in understanding how power systems work. So again, did not a power systems audience but I want to be a little bit practical with everyone because these technologies have advanced so far and in fact many utilities as I showed you from Denmark to Uruguay to Germany actually know how to operate modern power systems with lots of fluctuations in them. So we don't normally think about this as consumers or economists or analysts. We just turn on the light or we plug in our computer and we say thank you for doing your job, it all works. But we complain if it doesn't work, right? But that's their job to understand how the system needs to operate. So much like in economics, there's a whole suite of tools and capabilities that allow engineers to understand and manage and plan an energy system. This is an electricity system or broadly there's an energy system that you can do that with as well and you can layer this into CGE models to do the economy wide modeling and all of that works again with the best in class data which is really important. So doing this is really important and what you can do in fact is I'm going to show you a movie of what this looks like is you can actually model power systems for a country or for a region in what I would call painfully excruciating detail for those of us in this room. But the power engineers really like it because they want to have confidence that the power will operate reliably and securely and affordably before they agree that a policy goal of X% of renewables or Y% of solar is an acceptable goal and this is an important element which is to think through who are the other stakeholders and what do they need to bring to the table besides an economic paradigm or an economic argument that says this is least cost and affordable actually that it operates and works. So let's see if we can get a movie to work. So what I'm going to show you if it actually goes. Yeah, there it goes is an analysis of the eastern region of the whole United States again just to show you another country example as well. This is actually modeling the whole power system which is more than 6000 generators and 50,000 nodes which is just enormous on a supercomputer which took about 20 days. It's every five minutes and what you're going to see in here is a shadow will appear and that's the sun actually going down. And so you see the yellow dots disappear because that's solar generation and you'll see the sun come up again and that's yellow dots will appear again. So that's solar generation coming online and you see the little arrows and the arrows are power flow from a generating region to a to a demand region. And what's interesting here is that this visualization is all underpinned by power engineering, actually theory and equations, but also economics. So we actually know which generators are operating economically, what the total costs are of operating the system, who's paying to whom and how the system fails or doesn't fail and where some errors are. And so you see the need and the import and export from the different regions. You could think about this for a region of countries, for example. And then you get into a very interesting dialogue about trade flow and about inter-regional connectivity and about development pathways, etc. And so this is just an example on that front, but I wanted to show you that. And I also want to show you then one more because it's really important that you don't think that this is only available in places like the United States. So we had the real pleasure of working with a lot of counterparts in India to do the exact same thing for the Indian renewable energy goals of 2022, which are 160, 175 gigawatts of renewable clean energy. And this is, again, not showing you every generating system, but it actually shows you where the generation is in which state. And there's another layer of this which shows the interstate transmission flows because that's a deep concern because of the states want to understand what they're buying from another state or what their interstate economic commerce looks like. And what you see down in the lower right is what types of generators are operating at any given time in the day. Here you see the sun come up and the solar coming up. That's that big yellow bubble in the middle, wind and then coal and gas. The other interesting part here was this analysis allowed us to show to the ministry that in fact they could retire 20% of the coal fleet in India by 2022 and that another 50% of the coal fleet could actually operate much more flexibly if they put the right policy and mechanisms in place in order to remunerate that flexibility. So there's some policy insights from doing this technical analysis, but the important, and I think the message here is you can do it, work with others who can do it, do it where you can create data or work with the right partners to create the data. And then it can actually inform the policy and regulatory environment as well as the interregional trade and broader economic development. I think that's a really important element. So let me try to wrap up. I think the story that the chairman started with this morning was very critical in terms of thinking about distributed generation and how it's evolving and changing power and energy system because the energy system is evolving with the power system. Here you just see a diagram of what used to be one-way flow and now we've got a very heterogeneous system. I think this is something that we need to think much more clearly about because again it stresses that the economic paradigm that power and a grid line is a prerequisite to development and that's no longer the case. I think we really need to fundamentally rethink what does modern clean energy enable us to do in terms of economic pathways and you'll hear more about that in the country's stories. So I end with a shameless plug for a book that Channing I and colleagues edited on the political economy of clean energy transitions. Excellent. Thank you for picking one up. It's also free for download if you would like to keep it on your computer. And I think it's really important to try to get a common understanding of where these technologies are and where they're going and how to incorporate that or work with others to help you incorporate that into the economic development analysis and thinking and policy dialogues that we're all engaged in because it's a really important element and that goes along with business models and regulation in given sectors but the sectors are transforming in many, many different countries. There's lots of lessons to share and it's a very nice landscape I think for advancing and really accelerating change going forward. So I look forward to the reflections and comments and certainly hearing from our country colleagues. So thank you.