 How do we transition from fossil fuels to a cleaner future, lower emission future, making sure everybody has access to this energy? Through the 50s, 60s, 70s and 80s, using the United States as an example, the markets for energy generation had been heavily geared towards coal. There was a transition that took place from coal to natural gas, and then recently there's been a lot more move towards energy that's created by solar and wind. You'll see that a transformation began in the energy industry in the United States for various reasons. There's policy reasons, there's also environmental reasons, and then over time there's pressure from the markets. There was a framework put in place in the United States to foment green energy. Each state was required to have its own implementation procedures. North Carolina put in place policy initiatives, which were providing incentives for solar energy. You can also see in Massachusetts and New Jersey similar policy initiatives. So policy matters. Look what happens from 2005 to 2017. If you look at the bubbles on this chart that are giving you a visualization of the retirement of power plants, you can see that this started accelerating. And at the bottom of this chart, we can show you what were some of the reasons for that. The pollution, the toxic metals, the mercury, carbon pricing policy initiatives, that was one of the drivers. But one of the other drivers was the market. You had shale gas and you had much more abundant gas. You started getting convergence in the price of LNG and natural gas to coal prices. So what we've done here is we've looked at different industries and we've projected forward what will be the potential financial impact of a carbon market, which is going to be getting more and more expensive under different scenarios. And here we're using a scenario of the two degree increase under the COP21 approach. There's many industries which are going to have a very high impact from the cost, which could go up to more than 150, 200%, even 300, 400% of their current EBIT. They would need to absorb that cost. They would need to increase their rates or they would need to find new technology. They need to adopt green energy solar. They're going to have to find renewables. What's interesting is that all of these sectors are so intrinsically linked to the energy ecosystem. If you look at these industries and overlay them with public policy and what states and countries are doing, you'll really see what the impact could be in the future. What are the impact on electric utilities specifically from a couple of different policy approaches? If you look inside the inner circle, this would be an approach, a loose policy approach, which means that the markets are generally driving the increase in cost of carbon. The outer circle which shows you what would be the potential cost and potential impact under much more stringent policy approaches. Where you have a global approach to carbon, you get a much more unified carbon market, as well as a stricter approach because of the environmental impact as we have under the COP 21. If you look into Europe, you can see that there's a very large impact because these are energy intensive economies. If you look at California, you can see in California there's a lot lower impact. Why is that? California is already a market which has a carbon pricing market. California already has a very high component of renewables. Not only do they have solar and wind, which they've employing aggressively, they also have hydroelectric. So you can see a difference between a market that is already much more advanced in how they're using energy and other markets. Look at the eastern seaboard of the United States, where coal is still the major source of electricity. You can see the different impact under different cost scenarios. We're expecting that the carbon price pressure, the COP 21 pressure, the policy pressure, as well as a lot of interest around the globe is going to begin to develop new technologies in top of that.