 of the climate action. And that's now almost two years. We signed up with a brilliant enthusiasm, a Paris Agreement. And Paris was really about a massive, really significant convergence of many, many different stakeholders. And at that time, and that's why I'm so happy to be here in this particular setting, with this view of, we have to really look at, witness, and develop this low carbon emission solution. At that time, and for our, Paris, we also started this project with SDSN and others to say, we need to know where we are going. What is our horizon of the digitalization? Because if we don't have, like, JSAC says many times, if you don't have a plan, maybe some plan doesn't make it all. Or if you don't have a plan, you don't know, it's a recipe for failure. So in Paris, at least we have the elements of framework of a plan. And since then, I can say it's a sort of good news and bad news that we are there. And I would like to, in a way, describe with you my own judgment of where we stand. Let's take the example of my country, of France. We have seen, after the elections, and it was good that, in the end of the election, even if climate was not on the forefront of the campaign, that the full decision of the new president and the new government was to have a climate plan, a very ambitious climate plan, already in the first months of this program. And when I look at what Michelangelo is probably saying, upstairs, we decided that we have an integral mission target by 2050, that we will have four billion of investment in the next four years on energy efficiencies and by 2040, no new combustion engine would be used in France and in the market. And that by 2040, we will just stop every promotion of the 42-base energy bill performed in the States. So this is clearly a direction of action. And it's not France only, even with all this difficulty and so Germany decided finally to phase out the coal after having to phase out nuclear with now a clear base. We saw the UK, even with the general government and having a more conservative government now, finally developing renewable energy at speed and showing that finally some days coal is going down and renewable energy is going up in the UK. And I think also this, it's not only European countries, it's many others where we have this shift in the way government considers the future and sees that it is a different future now. And when you look at the global scale, you see that renewable energy is no more the niche market for a particular set of production that will never be the mass market of electricity. The buildings in many countries, and it's not only Chile, it can give you South Africa or India, are now competitive with forces from very electricity. We see every day building price at a very low angle and we know that you will continue over time. We see that in many countries again this target to have an electrification of mobility is there and it's not that far in time and who could have said even when we were signing Paris that this electrification of mobility could take place at such speed and I'm not really a fan of cars but you see the recent gathering where the new models are presented, now you have the big challenges and beyond that we see that we are beginning to touch new areas for having a low emission solution like agriculture which will always ignore factor and you know and we are now thinking, seeing more and more policies that just point to how to have a sustainable low-energy agriculture. So this is really encouraging. We see as we just said, business is more engaged than ever. We see local communities and local government having a more natural ambition than other governments so that are more serious than before and really planning and trying to understand and show what their pathway is for low emission targets and that was a change. Before Paris was more symbolic targets anyway 2020 targets most of the time most of the time numbers that didn't have a real significance on the change to happen in the local city or regional level now is totally different. The vision is not only 2020 but 2015 they are beginning to have plans to get there and there is a concrete discussion, a collective discussion among these networks. So that's in a way a good news. There are some good news on finance. There are of course a movement to have an element of regulation that shows that we came with a clear carbon footprint that could be a strong signal for markets to be invested in high social activities highly exposed to the carbon risk. There was even in the difficult setting of 2020 a conversation on how governments in the future could regulate the financial markets or has to make companies and investors transparent about this carbon risk. And so this is totally new. This week was just coming before Paris which is now deployed. Now there are clear recommendations from the task force that are not coming. The governors of the Bank of England just started just immediately after Paris. So with all this at the same time in reality reality is lagging behind in many places in finance and disinvestment movement is still very low still very low. And we have a mixed feature because of course one there is of course a resistance of incumbents the company doesn't want to make a change. The government who are really, really very reluctant in having good targets and raising their ambition and it's now a political battle everywhere. You could look after the Chinese discussion between the central government say for the enterprise and we could look at South Africa and the people really investing highly in coal and fighting the change in the policy and you could seize up in many, many places as well. So I think this mixed feature called for action now and acceleration of action and in a way this conference this type of forum seems to me very important because pre-Paris the logic was that everyone was preparing of course it was valuable but that everyone was doing it from housekeeping to job business where took into business to see what would be the target that was the same on the local government side and the government preparing very significant commitments. We need to go beyond that we need to have a real structure conversation not about we are moving in the same direction but how we mutually organize pressure that we not only have the peer pressure but we have the cost pressure between governments and business and local governments and Microsoft. We need that. If not, my concern is you can lose a political momentum that was created by Paris was in a way, when we invite Trump decision to withdraw from the Paris Agreement because then creating a positive reaction but this will not be enough so we need really now to engage in very precise conversation business to really demonstrate that they can go not for incremental change but destructive changes it's not easy industry is just asking itself what is beyond power, captures and storage what we can do that is radical addition of the business we do already and that's the same for all the sectors in particular for the land use but as well for the building sector we have now many solutions but the disruption in the business actually is not happening now enough so I'm going for this intensive dialogue I think the COP 23 will be an important moment because of this to show, demonstrate that organization when you have the summit in 2018 in California but I think we have to change the way we are looking at the future that's a moment I think and California will be the right moment to do so that businesses, local governments and governors, the one who wants to go further and faster just display what they want to do on the long term that's coming as you go this very second and so I hope that it will be a moment where this vision of the 2050 the way to get to the zero emission like the second part of the century is presented not globally but by each actor in the way they see the situation that's a massive exercise I think this conference will be totally building block of this process that really we have to challenge ourselves that what we do for the moment absolutely, absolutely will be the challenge thank you