 Well, let's move to Richard Cooper Richard. Do you have some ideas about? But you have wisdom and we know so please show your wisdom on the gender issue I'll start out with that I have two teenagers of both are highly sensitive to the climate change issue and The Sun no less than the daughter So at this generation, there's and a small very small sample. I don't notice any difference between the two So as an American on the panel, I should say because Having set through the plenaries yesterday and today Non-Americans should not confuse the US government position Under mr. Trump with the American position It's very important to understand that people Implicitly more than explicitly assumed that Trump leads the United States and He does titularly But he does not on attitudes toward many issues and this is one of them It happens that two weeks after Trump announced the US potential future withdrawal from the Paris agreement the conference of mayors met Representing 1400 American cities And they voted overwhelmingly to repudiate Trump on this particular issue Republicans as well as Democrats across the country now it has to be said at once that not all cities have climate change policies The city that I come from does but not all cities do But and the polls continue to show climate change is Not the most salient issue, but one of them in the attitudes of Americans The employer I work for which is Harvard University as a very aggressive Green policy they call it. I don't like that term actually, but it has stuck and They're doing all kinds of things including something that hasn't been mentioned Geothermal we have a geothermal house I have not been given the Financial details on the building of the house, but they've drilled way under earth and use the Stabilization of temperature in the earth both for heating in the wintertime and cooling in the summer time and it's experimental and it's not designed to show students what can be done Will see whether it works Harvard has no lack of resources, so I'm not sure it would meet any investor standards on that So I'll in my remarks. I will follow the Outline that Fabius did this morning technology finance and policy and on technology what is amazing and Would surprise anyone who has not looked at what's happened in the last ten years how? Quickly the cost of solar both versions So solar photovoltaic and concentrated solar how quickly the cost has fallen compared with what it was a decade and certainly do decades ago and how fast the cost of land-based wind has fallen and Sea-based wind is falling, but it's still much above land-based wind And the problem with solar and wind of course is storage People talk about batteries. That's too narrow a way to think about it There are many forms of storage and batteries are only one of them I know down the river at MIT. They're working hard on Batteries for wind Windmills Which are not they're they're big at the base of the pylons They're not for cars But they're alleged to be much more efficient than lead acid batteries and much less Expensive than lithium batteries But that's being worked on but we should not forget Pumping of water as a storage thing that doesn't work very well if you live near the desert There's a lot of sun and a little water, but in some parts of the world it works very well Heat storage of course Concentrated solar uses heat storage metals which are heated up to five To 700 degrees centigrade and that retains the heat through clouds and nighttime and so forth There is hydrogen which you mentioned which is a way to store and particularly we if we're looking for motive fuels and thinking ahead Not to next year, but a decade or more. This is a very good use of To store way to store Energy and of course there are flywheels Which again come up from time to time and a physicist will remind you of them but somehow they've dropped out of the picture in Storage, but one can imagine flywheels when we have very efficient flywheels these days, so We should not just talk about batteries when it comes to storage, but look at the whole range of Potential storage Vessels or vehicles Finance And Various numbers have been floated about I have not tested any of them But I find the numbers much too large the ones that I see But that just may reflect my ignorance, but this is a really really good time to float securities Interest rates in Europe are basically negative outside of Italy and And in Japan they're negative For governments for high quality Private or international securities they're positive, but very very low and We should increase the capital of the international financial institutions the World Bank ADB Inter-american Development Bank and so forth the EIB in in Europe And have them flood that this is not a strain on budgets It does imply a guarantee but This is a very good time to float a lot of fixed interest securities and according to Economic analysis, there's a heavy demand around the world for High-quality fixed interest securities much of which goes into US Treasuries, but it could go into other Vehicles as well, so it's a very good time and we should gin up the international financial Institutions, I'm talking about the not about the IMF, but about the what we call banks, but they're not really banks To engage in this issue More than rhetorically, I know the World Bank as a big program in this To study the issues and make recommendations. They do not do much lending In it in this area as such so that could end several you've mentioned sovereign wealth funds Which is another source of funding and they're looking around for good yields on secure Securities, so I don't see at this moment in time a shortage of finance It's a question of mobilizing the finance and providing to take care of some of the RIF government guarantees through capital Promises of capital for these international institutions and Policy is the third category and I was interested to mention it to notice that Fabius Mentioned carbon tax. I favored a carbon tax for 25 years as this conference illustrates We the world have many Objectives besides dealing with climate change and one of them in my view is preserving the international trading system. I see a huge potential conflict between dealing with climate change on a national or in the case of the EU Union basis and The trading system because the first thing that firms private firms and countries will want is protection Against competition from countries that do not have a comparable whatever that means climate change policy and Once you can see those pressures in the United States one can see them Sometimes openly much more covertly within Europe. It's not well noticed that when the The ETS the European trading system issued permits they weigh Well, they issued them to nations and the nations in turn issued way over issued them to the steel industry In Italy to the ceramics and glass industry and so forth. These are indirect subsidies to these industries and The way to get around that is to have a internationally agreed carbon tax The number actual number would be a negotiated one I would start out at $40 and test the waters to see how it would be and And with the proceeds of the tax to be held by each Country levy in the tax so we don't get into the issue of international transfers Which raises a whole different can of worms and countries could do anything they want with the tax except undermine the purpose of it through subsidies and and so for example it could be Neutral revenue neutral they could give it back to the public in various ways they could Redistributed they could hive off a certain portion for R&D on climate change But that would be up to each country actually what they did with the proceeds in my view My own view is that cap and trade which is the favored Device by environmentalists who sec accept the principle of market in Permits Cannot be made to work worldwide Europe can make it work the US it were Willing could make it work Canada can make it work But it cannot be made to work worldwide For reasons we won't go into but it's an absolute invitation to corruption You're handing out permits which have real monetary value and that's a total invitation to corruption around the world and Any US ledger slates Slater who understood that could not vote for it and So I think and if you look the models of Pricing of carbon through cap and trade as in the ETS They all show that the big canes come from transfers between rich and poor countries basically efficient countries countries that use energy efficiently and that those that do not use it efficiently and So I strongly favor and I'm interested that lately and mentioned them and This morning on the panel. They were mentioned and cap and trade was not mentioned I don't know whether that was inadvertent or whether I'm slowly very slowly winning the argument And and the final thing I want to say as a matter of Agreed policy whether it's universally agreed is less important But we should be building no new coal-fired power plants anywhere in the world We have them we have a tremendous amount of inertia in the system We will be using coal for decades Because as was pointed out today earlier Coal-fired pair power plant of 40 years was mentioned but with some renovation 50 years or 60 years they can last and we have a lot of them around China Is backing out coal as rapidly as it can through many different channels nuclear LNG? solar and so forth and And But because of air pollution and harm to Chinese health They're building Coal-fired power plants as part of BRI in other countries that should be stopped And they should build I see in my own view is that in the end will do Solar basically the end means out several decades and I see natural gas as being the bridging fuel to solar and in particular natural gas is a great substitute for coal in Generating electricity as well as other uses but So I see natural gas is the natural or you can call it biogas any kind of methane basically as a natural bridging fuel between where we are now and Solar power where we need to get to eventually supplemented by some other things, but But that's decades away Thank you Thank you very much for this cap and trade thing is interesting point I talked to some Chinese people about that and China said I mean they are Planning to have Cap and trade in the six or seven provinces But now they are moving out of it Yeah dropping it Dropping it because because Solar is getting so cheap and cheaper than coal so no need to make any kind of incentives in China Layla do you have a comment on him about this tax or carbon price? I think we agree, right? I mean, I think we were agreeing all the way through so Here again. I mean Let's not make it complex and let's agree on Now I mean agree on a price is probably a big word But at least have have some indications and take the first steps Here again to get back to the level playing fields between the different technologies and as I mentioned, I mean in in in mobility that the The efforts to have all costing approaches are creating Perverse effects where you actually favored existing Technologies and systems. So at the end of the day if you want to cost Carbon in such a way Let's do it an integrated way and and I think but let's let's keep the scheme as simple as possible