 This is an energy session. I have some short presentation of how I see the current energy security and climate mitigation or sustainability issue be combined together and some issues for security as well as policy of geopolitics. It covers very well what we are going to discuss. So just give me the presentation, focus the presentation over there. I used to work for the IAEA International Energy Agency. It always gives some interesting insight by the World Energy Outlook. This is the new one will come very soon, but last year it was the 2017 version. And they give us a very interesting four revolutions in the energy sector, in upheaval, so it may say. One is, the first one is the U.S. Shale Revolution. So it gives U.S. an undisputed global leader for oil and gas. This is a very strong word, undisputed. Because of gas is already, U.S. gas exporter will soon be the oil exporter. So energy independence, energy dominance is what the former President Obama as well as Mr. Trump really wish to say. So U.S. is a hegemon in the fossil film. Coal is also abundant in U.S. Another second revolution is solar photovoltaic revolution. And IAEA first admit that solar photovoltaic will be the cheapest source of energy, new energy, new electricity in many countries. This is the first time ever IAEA admitted. And this has a huge impact to the relative price of the mix. To gas, to coal, to renewables, excuse me, to the nuclear, this has huge implication. The third one is China. And China is moving toward the green revolution by using gas to replace coal and lots of renewables with state grids expanding the grid lines. So China's green revolution is the third revolution and the fourth one is electrification. So using the electric vehicles, digitalization, AI, so this is the future of the future energy. And those who don't understand, say, this will force countries to re-appraise the energy security and sustainability strategies. And those who don't understand will perish, that they say. The important thing is the latter three revolutions are happening in China. Bizarre BUS is leading the fossil fuel. So China's strategy is clear by connecting grid lines and using photovoltaic solar and wind for the electric vehicle. So US is the conventional leader of the energy by share revolution while China is trying to be the new generation revolution by the photovoltaic and electricity, EV, etc. So this dichotomy is happening in China, in the world, energy market. Which side are you taking or which policy you are taking between these two major players is the issue. This is a chart of energy independence on oil and gas importation. The vertical axis gas import ratio while horizontal one is the oil import ratio. So you can see that in the right hand upper side is both importer of oil and gas. The left is both exporter of oil and gas and green are blue to red from current situation to 2040 change. So China is now importing 60% of oil and about 30% of gas will soon be the 80% importer of oil and 40% of gas importer. So India getting worse, Japan, Korea stuck in the 100% right hand top corner because we continue to import 100% of oil and gas. We stuck there. The US moving toward the other direction. This is a very big contrast. US will be the exporter both of gas and oil in the future. So the US is kind of joining the exporter side rather than importer side. The China's policy is building another acts, the third acts of renewable energy and increasing renewable energy and reducing the fossil fuel dependency from Middle East, from Russia and from the United States. That is China's geopolitical strategy. So they have much more freedom of messing that Middle East or fighting with Russia. So US advantage of this share revolution is tremendous. So Japan, Korea should depend on the oil and gas from Middle East, but the situation of the Middle East as everybody knows from the US retrieved from the JCPOE of Iran, where this geopolitical situation is certainly suffer the country like China, India, ASEAN in the future, European Union, Japan, Korea. So these countries in a way should make a collective energy security vis-à-vis exporting countries. I don't want to go too much, but this graph shows clearly where the future of the energy mix happens, all the renewables, nuclear play role but very limited. Gas is still important, coal will reduce its importance. And this is the cost of power generation in China. The solar is getting very cheap, wind is getting cheaper, while coal and gas increase means solar will be the cheapest source of energy in 2040. So that will definitely be making a huge impact to China's energy mix. So this is what China is saying about global energy interconnection. This is the electricity version of one road, one belt strategy. So do we connect our grid to China for cheaper renewable sources but losing some independence or independently develop our energy security and sustainability? This is a really challenge for the countries around. Mr. Bakuri of Masen talked about connecting Morocco to Europe by grid line. It's already connected. So Europe has established this connectivity of grid lines and pipeline. This is a collective energy security and sustainability strategy while Morocco is joining this European integration of the energy sector. So this is the way, one good example and good model for security. Japan's problem is we are separated east and west. So we lost the electricity after the great earthquake and tsunami. Western part has lots of spare capacity but cannot transmit that electricity to the east who lost the nuclear power. So blackout happens. Hokkaido recently made a total blackout in the northern island because the connectivity was very weak. So for the security purposes and use of more renewables, this integration or connectivity is very important. I don't want to, this is the renewable energy 100% companies. I ask this question to Carlos Ghosn. Are you joining this? Because you can see that GM, BMW, Apple, famous big corporations are member, 140 more. And these companies are aiming at renewable energy 100% user by 2030 or 2050. And they are requesting their suppliers to do the same. If that is happening, which company in the supply chain of these major global companies by the power generated by coal, for example, coal has no future. How can we get out of coal to do something else? How can we get rid of even oil and gas for the fuel purposes in the future? And then what kind of future the Middle East oil producing, gas producing country should think about to live with this kind of structural change, which is triggered by the demand side. This demand side pressure will be a very big one for the energy supply. We are always talking about supply side, but demand side sustainability pressure will be very strong. That is the reason why I ask this question to Carlos Ghosn this morning. And this is a peak oil will happen when? IA sustainable scenario, sustainability development scenario, it may happen as early as 2020. It should happen by 2020. In the likely scenario, the peak demand of oil will not happen so easily. I was invited by the Saudi Alamco's Al-Farisan to make some assessment with Daniel Yagin about two years ago. When the peak demand of oil happens, that was a question to me. I said by 2030 maybe. And Saudi Alamco, maybe Lila will tell us more, but Saudi Alamco is thinking about hydrogen for a future of the clean oil. That is interesting technological development. So some kind of this, let's say, geopolitical pressure as well as sustainable pressure will make a huge impact to everybody. That is what I wanted to say. And final point about nuclear. Can nuclear survive? This is the cost curve of relative generation, electric generation by the Lazard. And investment bank. And nuclear is moving up dramatically because of the Fukushima accident. The cost of safety is making the nuclear light water reactors cost higher and higher. While solar and wind is getting cheaper and cheaper, how could nuclear continue? This is the question which I asked to the Prime Minister, Laura Fabius, last night. Can France lead the global community of using more nuclear for the sustainability sake with this cost curve? This is a really challenge for France and Japan and those countries who want to use nuclear. That's for new nuclear. Yes, this is for new nuclear. No, no, no, no. Outstanding is much cheaper. Correct. Correct. That's right. Restarting nuclear power in Japan is much cheaper. This is a new plant. So replacing the old reactor by the new one doesn't make any sense. That is the point. You're right, Mr. Cooper. Thank you very much. So this is the average cost of power generation in the different countries. One is the highest cost while Russia, China, Canada, US are the lower. So can Japan compete with other countries if the cost of electricity is so high? So how can we make a cheaper mix of electricity by using more renewables, etc., and be competitive? So this is a kind of difficult but interesting issue which we want to discuss. This is a nuclear, I think, only solution for the nuclear is forced generation small modular type. Current big right-water reactor will not have any future. So there are many countries who are interested in using right-water reactor system but stop it probably it's not good idea. It just doesn't have any cost competitiveness relative to the renewables. Okay, let's stop here and we will start the expose by our panelist.