 Climate change is not just something for environmentalists. It's also something for central banks and supervisors. And that is why, and that is because climate risk translates into financial risk. And increasingly, we have now come to understand the channels via which that is so. And normally we refer to those as the transition risk and the physical risk. So an example of a physical risk is that, you know, if there's more hail and you have a greenhouse and the greenhouse is destroyed by the hail and that happens increasingly because of weather events changing, of course, those that have exposures to the greenhouse farmers, so to speak, will incur losses. And this, you know, this can be explained in many ways in terms of droughts or rains or wildfires. So that is the physical channel. There's also a transitional channel because governments and states, they will not sit idly by. They will not just wait for the world to turn into a place that we can live in. So what they do, they sign up for it to the Paris Agreement. They will have, they will translate the Paris Agreement into national climate laws and they will set deadlines. There will be a day, there will be no more diesel cars in Frankfurt. There will be a day, there will be no more coal-fired plants in Belgium and the Netherlands. Or another example I always give in the Netherlands is there will be a day, there will be no more office buildings having a D-label or worse because there's now a very specific law that says as of the 1st of January, 2023, all office buildings used to have a C-label or better, or a label or better as of 2030, actually. So if that office building is not refurbished in time, you lose an awful lot of money as you are exposed to that building because you can no longer rent it out as of that date. So here we are. Climate change on the one hand, financial risk on the other hand and these two channels that explain why the one leads to the other.