 So, very many thanks to all those colleagues who traveled to Paris today to discuss this important topic of critical matters. We are, as the IEA Secretariat, we are humbled to see over 50 countries across the world, from 40 of them represented by the ministers, secretaries, again, 40 business leaders, mainly from the mining and energy industry, investors, academia, and civil society. In fact, when we had the idea to organize such a meeting only a few months ago, to be very frank, we didn't even dare to think that there would be so much interest on this topic. So very many thanks to all of you. We are extremely happy that we were able to get both the countries who are producing, who are consuming critical matters are here. And all the continents are Africa, Asia, Latin America, Europe, they are all represented as such. We reached one of our aims, which is having an inclusive meeting here. Dear colleagues, we are an energy organization. One of the most fortunate things to be working at the IEA is we have all the energy data at our fingertips. If anybody asks me what is the Indonesia electric car sales, I will be able to tell you, maybe just one minute after the Minister Tasrif, but I'll be able to tell you that. If anybody asks me what is the solar PV installations in the United States, we will be able to give you the number, or in terms of the clean energy investments going to Africa. This is our strength. And based on this data, I can tell you, assure you that the clean energy transitions are moving fast and faster than many people realize. I'll give you two examples only. This year, of all the power plants, new power plants built in the world, in the entire world, more than 80% are renewables, mainly solar, but also wind, geothermal, and others. In terms of transportation sector, two years ago, only two years ago, one out of 25 cars sold was electric car, one out of 25, two years ago. And this year, it is one out of five cars sold is electric, and it is growing very strongly. So these are, in our view, at this very good developments, and we are seeing that the countries around the world take climate change, energy security very, very seriously. Now, this is an unwanted good news. On the other hand, there is the issue of these electric cars, when you manufacture them, solar panels and the wind mills, when you manufacture them, you need critical minerals, different types of critical minerals across the world, and we think that looking at the current picture around the world, critical minerals, deposit, investment, production, refining, there is a risk that this clean energy transition moving fast may be hinging on whether or not the world will have enough critical minerals at the right time and at the affordable price. Otherwise, there is a risk that the clean energy transition may be slower than we think it should be. And as we see this as a risk, we thought it is important to bring all the relevant stakeholders around the table and here from them, their preoccupations, their thoughts, their plans, how we can all together bring affordable, secure, and enough amount of critical minerals to the markets. So from a point of view, why we organize this meeting, we are working on critical minerals, seriously started two years ago, when we make, and many of you know, I am sure, a study on the critical minerals, where we are today, and with the growing of clean energy transition, the amount of lithium, cobalt, rare earth materials, how much we will need and whether or not there is a problem, we saw that there is a looming challenge from this analysis, which is, which is, which drove a lot of attention from governments. And after that, last year, the IEA ministers, their bi-annual meeting came together, chaired by Secretary Granholm last year in Paris, and the IEA ministers asked the IEA to deepen its work on critical minerals. Similarly, and recently, in Hiroshima, last few months ago, Japanese Prime Minister Kishi had brought all the G7 leaders, but also the Prime Minister of Modi, President Jokowi Dodo of Indonesia and President Lula of Brazil and other emerging countries, discussed the energy climate and other issues. And G7 leaders also asked the IEA to focus on the critical minerals issue, especially in terms of how we can diversify the supply chains. So what we are doing at the IEA currently is that, again, some of you may know, we normally publish regularly oil market review, gas market review, renewable market review. We have started only two months ago our regular publication of critical minerals market review. You can find the all the relevant data production, investment prices, consumption in that, and we will repeat this regularly to provide more transparency to the markets. Market monitoring is the name of the game there, and we are making within the IEA critical minerals becoming an integral part of our day-to-day work as it is the oil, it is the renewables, it is the efficiency and others. So why we today brought so many stakeholders around the world is to hear from them what needs to be done globally and what do you want IEA to do, more or less, and we will be very happy to hear your views. From our point of view, there are three blocks of the challenge we have in front of us. The first one is how do we accelerate the supply diversification? This is the first issue that we are seeing a major challenge in front of us. The second one is how do we unlock the power of technology and recycle? This is the second one, and the third one is how we make the supplies sustainable and responsible. So if I can say a few words on this tree to provide a basis for our discussion. First of all, in the new supplies and the diversification here, when we look at both the production and the refinery processing of the critical minerals, we see a very high level of concentration, high level of concentration. And this is looking at the history of energy in the last 100 years. When there was a major concentration of one single country, one single company, one single route, there is always a challenge. Regardless of any other consideration, it can be an industrial accident, it can be a natural disaster, it can be anything. So in energy, what we learn is that the magic world is diversification. And here today, when we look at the new investments coming around the world, while the investments are growing, but the concentration is growing as well. So this is something at point that we think we all need to think about how we can reverse this trend and how we can bring more diversification, both in terms of the production but also in terms of processing and refining. The second point for us, we see as a building block of this discussion is the on the demand side, how we can use the demand side policies in order to ease the strains on the supply side, how we can do it through recycling, through behavioral change, and there are some, of course, important government experiences, policies in some of the countries around the table. I hope they will share their experiences and their thoughts with us. So this is the second building block. The third one is under, as we call it, as everybody calls it, under ESG front. How we get the ESG considerations into policy and investment decisions? And we want investment decisions to be fair and equitable for also for the communities and what kind of policies, regulations we have to put in place that the critical minerals are produced in a sustainable way and the local communities do benefit from the debt process. So this is the third area that we want to discuss and we, in fact, organize our meeting today on these three building blocks. Diversification, demand side policies, and the ESG and the sustainability part. And I can assure you that we are going to hear from many, many colleagues different perspectives, but me and my colleagues are going to note down your thoughts, your suggestions, and they'll be very important for us, for our future activities. Now, I would like to stop here. And before going to start the first session in advance, I would like to thank the three consecutive session chairs, the minister, Agnès Panier-Renéche of France. Thank you very much, Madame Minister, for chairing the next session. And the Prime Minister of Cook Islands, Mr. Mark Brown. Thank you very much, Mr. Prime Minister, chairing the following session and many thanks to the Minister, Jonathan Wilkinson of Canada, chairing the last session. With this, we are going to start with our first session. And I would like to invite the Secretary, Jennifer Granholm, from the Department of Energy, United States, to share her views. Madame Granholm, once again, thank you very much for coming to Paris and we appreciate your views. Thank you very much. Thank you so much, Dr. Birrell. It is great to be back in Paris for such an important summit. And more than that, it's great to hear about the progress that has been made on this really important point. You know, as we noted when we launched this, the IEA is a natural center of gravity for this work. It's in the IEA's DNA, because we're here because 50 years ago, a global energy crisis made us realize that cooperation is the best response to coercion. And it's a thesis that this organization has proven time and time again, most recently in the face of Russia's illegal and immoral invasion of Ukraine. And in this context, once again, we're up against this context, in this critical minerals and materials context. We are up against a dominant supplier that is willing to weaponize market power for political gain. But our global energy crisis has taken on a new dimension, which is the urgency of this clean energy transition. We know that in the fuel of this transition, critical minerals, as Dr. Birrell has said, is going to make global energy security infinitely more complex and infinitely more important over the next few decades. So today, I humbly suggest that we recommit ourselves to not just international cooperation, but also to creative thinking. And I say recommit because actually, it was U.S. Secretary of State Henry Kissinger, who once actually upon the IEA's 35th anniversary reflected that the energy crisis awakened us to a new challenge that would require both creative thinking and international cooperation in order to preserve and further our collective well-being. So creative thinking is at the heart of the IEA's DNA, too, and we have to tap into that more than ever before. When it comes to critical minerals, we have to first start by thinking creatively about what each of us can bring to the table. Among us all is an embarrassment of riches. We have brilliant scientists and research institutions and cutting-edge policy tools and infinite industry know-how that can fuel our critical minerals programs. So we need to draw on everything we've got and keep digging for new potential. And second, we have to think creatively about combining our individual contributions into a coordinated strategy. So we need to align our regulatory conventions like never before. We've got to align across our innovation ecosystems, our permitting processes, our market transparency, and more so that if supply disruptions strike, when supply disruptions strike, we'll have a broad set of tools to aid in our response. The new Mineral Security Task Force, I know, is hard at work developing that strategy, but to implement it, they're going to need buy-in from everybody in this room. And finally, we have to think creatively about more than just how to do this work, but how to do it right. We're in a race to save our planet and our people. We can't make that race a race to the bottom. We cannot repeat the exploitation of the past. That means we all need to consider costs that are beyond our balance sheets, fair wages, safe working conditions, environmental protections to be norms around the world. So I'm pleased to see so much cooperation on environment, social, and good governance investing in the IEA. I implore everybody here to commit to working with producing communities in a way that maximizes local economic opportunity while minimizing damage to the planet. So achieving any of this will not be easy. Achieving all of this will be even harder. I'm confident that with those in this room, we have more than enough partnership and ingenuity to see us through, and we must see this through because every minute that we do anything less than act, than build, than achieve, then we're gonna lose the war against this climate crisis. This is ground we are in no position to seed. So at next February's ministerial, the IEA's 50th anniversary, the eyes of the world will once again be upon us looking for that action, that momentum, and that achievement. So I hope we can show them, again, that cooperation is the best response to coercion and creative thinking is still at the core of the IEA's DNA. Thank you, Dr. Birrell. Thank you very much, Madam Secretary. You started with Intangible Cooperation and you finished with Intangible Cooperation. Thank you very much for underlining this very important vital concept for all the energy issues, especially when it comes to critical minerals. Now, dear colleagues, let me turn to an emerging powerhouse in critical mineral supply to Indonesia. Minister Tasif, it is very nice to see you again in Paris at the IEA. Thank you very much. Over to you, sir. Well, thank you, Dr. Birrell. First of all, I shall congratulate the IEA for successfully organizing the first for high-level international summit that bring together such distinguished speakers with various background, both from mineral producing and then also from the consuming countries to discuss on the secure and sustainable supply of critical minerals and in its important role in clean energy transition. G20 countries and ASEAN member states has pledged to achieve net zero emission target in around mid-century. Achieving net zero emission target require a comprehensive approach, including the development of clean energy technologies such as solar, wind turbines, batteries for electric vehicles, and many others. These technologies need critical minerals such as nickel, copper, cobalt, and other elements as a substantial component to meet the increasing clean technology demand. Indonesia has such potential of critical mineral resources and reserves. Taking advantage of such potential, we are committed to further developing critical minerals processing and refining capabilities. It is crucial to support our ambitious and comprehensive electrification strategies to reach net zero emission target by 2064 transportation, industry, commercial, and household sector, including an integral and stable electricity infrastructure provision. By doing so, Indonesia will be able to meet the growing domestic demand and to support the emission reduction program globally. We do understand that these resources have strategic value for the economy and national defense security. In the past five years, the IA Critical Minerals Market Review stated that the market for minerals that support development of clean technology, including electric vehicles, wind turbines, and solar panels has grown twice the size. Demand for energy transition minerals, such as lithium, cobalt, nickel, and copper is rising rapidly, reached about 320 billion last year. With clean energy transition is picking up the pace worldwide, critical mineral demand is projected to continue increasing in the coming years. However, since it is very limited, we have to manage critical minerals resources effectively by increasing reserves through extensive exploration activities, optimizing and boosting efficiency through the utilization of processing residue. Recycling is a crucial enabler for responsible critical mineral management. It involves recovering and reusing these minerals from end-of-life products like batteries, electronics, and magnets. Recycling will produce a massive impact in conserving resources. We have to strengthen equal collaboration, including innovative technology development and industrial scale to ensure a successful transition. In addition to government, to govern partnership, equal and mutually beneficial collaboration with business communities and investors are essential to develop massive downstream industry. On this slide, I believe IEA can play a pivotal role in taking the lead to address the challenges on managing a secure and sustainable supply of these raw materials effectively. This IEA critical mineral and clean energy summit can be the perfect avenue for all of us to jumpstart on collaborative action in maintaining and securing the mineral supply chains. It is hoped that strong and solid cooperation can provide the best benefits for critical mineral professions in energy transition to achieve net zero emission. Thank you. Thank you very much, Minister Tasif. It is exactly our impact aim to provide a venue for the governments, for the industry, investors, civil society come together and discuss how we can further clean energy transition in a secure way. Now, let me now turn to Commissioner Terri Breton, who is leading the EU's efforts on this front. Thank you very much, Mr. Commissioner, and coming here and looking forward to hear you about Europe's perspective. Well, thank you very much, dear Executive Director, dear Dr. Biol, dear Fatih, I would like to say thank you for organizing this very important meeting, ladies and gentlemen, dear Ministers. Dr. Biol, not only you monitor all the data beautifully, but then you translate it in your speech even more beautifully. So that's why I will reduce my speech because you stole all my introduction, but much better that I should have done it. So I will then, now we all understand why we're here and why it's so important to convene here all the stakeholders involved and why it's necessary and why at the end of the day we are all together in this discussion fighting for climate change. Let me tell you then what we do in Europe now to cope with this extremely important challenge. And I should say that Europe has been for long successful in mining and in mining tradition. And today, EU industry remains a world leader, I should say, in mining equipment, as well also as something which could be very important, which is recycling facilities. But it's fair to say that we lost our competitive edge in mining and in processing. For many reasons, fewer reserves than in other regions, of course, administrative complexity, fighting against that, that might deny fight. You know this very well, Fati, but it's a never ending fight. But we are progressing. Energy cost, but also let us be honest because we have maybe too long considered that decarbonizing meant relocating outside of the EU. And this was wrong. So now we need to change that. And I would like to say that the new geopolitics, I'm calling this the new geopolitics of supply chains, has definitely reverted the trend. And we are now clear that in the EU that we cannot replace a fossil fuel dependencies with a raw material one. And as you say, Mr. Secretary, we know that some could weaponize against us these dependencies. It's not the only reason, but it's one of them. And we paid the high price in Europe on this. We all know that after the invasion of terrible invasion of Ukraine by Vladimir Putin. So don't get me wrong. It doesn't mean that we want to produce again everything in Europe. Never. We want just to engage into mutually and reinforcing partnerships. But we can only do this if Europe is a strong partner. And that is why, and this will be my second point, the Commission proposes a critical raw material act to create, let's say, a framework for boosting mining, refining, and of course, recycling manufacturing capacities in Europe, but also to increase preparedness, develop stress tests, and also coordinate stockpiling. And by the way, this is where we need data. So producing domestically is absolutely key. But no country is, I would like to say, an island, at least not metaphorically. Metaphorically. That is why a core part of our approach is cooperation with like-minded partners like we do today. So let me just briefly recall what we have done. We signed in this objective strategic partnerships on raw materials with many countries here on the table, like Canada, Argentina, Namibia, and many other countries. We are still negotiating a few more. It will be finalized in the next few months with the Democratic Republic of Congo, Australia, and many others. And we want, of course, to team up with our partner to create a mutually beneficial industrial project and share that value. Such initiative can be complemented, where relevant with our global gateway strategy and financing tool, where the EU can, for instance, again, support strategic infrastructure at large for other projects and around, and also capacity building on the countries of our partners. The work under the G7 and G20 is also absolutely essential. But this work, we believe, could be maybe even more inclusive. And we want to complement this with a critical raw materials club. It will meet for the first time later this year to bring research, rich, and consumer countries around the same table. It will be a form to cooperate, to invest more, to address sustainability issues, and also to assist resource-rich countries in their ambition to develop local, local processing capacities. And ultimately, of course, to have a value change that are more secure and resilient. So to conclude, of course, I would like to say that securing access to reliable and sustainable raw materials is, of course, a global challenge, our global challenge. And as such, again, I would like to praise the work of the IAA, which is absolutely vital in bringing, of course, all the diverse aspects around the same table, and not only looking at the data, but also at the raw materials market, at sustainability, and at measures to prevent supply chain disruption or distress, which will be absolutely key for our future. So thank you very much again. And of course, you could count on the European Commission and Europe to be a reliable partner in this endeavor. Thank you. Thank you very much, Mr. Commissioner, for your perspective for Europe and also globally. So dear colleagues, you might have read in your notes with the invitation that this session is live streamed. And as I just got from my colleagues for us, it's a record. Some 50,000 people around the world is following this session, once again highlighting the importance of this very topic. Now, may I turn now to India? We are fortunate to have Mr. Kanta Rao, who is the Secretary of Minister of Minerals of India. Mr. Secretary, I believe critical minors are of essential importance to India to realize it is clean energy ambitions. And we are very much looking forward to hear your views. And please also accept my congratulations to India, Indian government, for a very successful G20 presidency. Over to you, sir. Thank you. Thank you, Dr. Virul. Good morning to all my fellow speakers in this session and a galaxy of dignitaries representing governments, industry, academia, and civil societies. I'm just wondering that this is probably the most compact galaxy in the universe with so many stars around. Warm greetings from India to the members of IEA and all the delegates present here. I want to congratulate Dr. Virul and his team for organizing this event on such a relevant and timely topic. Thank you for inviting me and giving an opportunity to present the work done by India to this August gathering. At a very broad level, India proposed a lifestyle for environment, what we call life. This is an initiative to tackle climate change. And following that specific to the goals, India has taken up a 45% drop in emission intensity and 30% EV market share by 2030, as well as, of course, achieving the target of net zero emissions by 2070. In fact, IEA conducted a study on the adoption of the life principles and behavioral changes and sustainable consumer choices would actually reduce annual carbon dioxide emissions by more than 2 billion tons in 2030. This is about one-fifth of the emissions which are needed by 2030 to put the world on the pathway to net zero emissions. During the recently concluded G20 Summit, as Dr. Virul mentioned, India has taken a voluntary action plan to double the pace of energy efficiency by 2030. The country has taken giant strides in adopting clean energy through solar projects and initiatives in energy efficiency, clean mobility, circularity. And additionally, India has proposed establishing a green hydrogen innovation center and global biofuel alliance within its borders towards fulfilling the commitments to clean energy solutions. In the G20 declaration, it has taken note that outcome of energy transition working group, which worked on the voluntary high-level principles for collaboration on critical minerals for energy transition and voluntary action plan on doubling the global rate of energy efficiency improvements by 2030. All these efforts will increase mineral requirements for energy transition. India is committed to securing critical mineral supply chains and promoting sustainable economic growth in line with our net zero goals. India's total non-fossil fuel-based install capacity today stands at around 186 gigawatts, which is around 44% of the total power capacity. And India ranks fourth in terms of installed renewable energy capacity. India has an ambitious plan to increase installed capacity from non-fueled sources to find at gigawatts by 2030. To deal with emissions from the transport sector, which is a huge challenge for the country like India, which has large and aspirational population, India is taking rapid strides towards achieving its target of 30% electric vehicle market share by 2030. We are witnessing a strong growth of electric vehicle sales. As Dr. Birol mentioned a few statistics on this. In India, it is a staggering 150% year-on-year growth. And India's EV market is expected to grow at an impressive compounded annual growth rate of 50% from 2022 to 2030. The aim is to electrify 100% of two-wheelers and three-wheelers and 60% to 70% of buses by 2030. I want to mention about some of the initiatives the Indian government has taken. One such initiative is the production-linked incentive launched in 2021 for about five years, where we provide a support of up to $2.3 billion US dollar for domestic manufacturing of advanced chemistry cells, which are the basic raw materials for electric vehicles. And we, of course, are dependent on the requirement of lithium cobalt, nickel, and graphite. In this line, we have taken up a lot of exploration and R&D activities. And today's event gives us an opportunity to engage with partners and countries across the world in achieving some of our goals. The focus on critical minerals in India has been enhanced through more exploratory activities through the geological survey of India. And we have, over the last couple of years, we have about 124 new projects that have been lined up in the area of critical minerals. We have even incentivized exploration activities for critical minerals, where we give a 25% incentive for any exploration agency that takes up critical minerals within the country. To speed up the exploration of critical minerals, we have made necessary amendments in our Mines and Minerals Law. And we have come up with rules that will allow the auction of these mineral blocks. And I'm happy to mention here that about 20 blocks of critical minerals will be auctioned on my return to India in the next one week. I will take this opportunity to invite the companies present here to go through the process and see if it suits the investment needs of your companies. We have also set up a special purpose vehicle company called Kabul, which explores opportunities outside India. And it is engaging with a lot of partner countries and companies across the world in ensuring that the supply chains of critical minerals are available. In June of this year, we released a report on the critical minerals for India, which identified the priorities and the strategy to go forward and the way in which we will engage with partner countries across the world in ensuring the supply chains. During our prime minister's visit to the United States, we also joined the Mineral Security Partnership, which is working on bolstering the critical mineral supply chains globally through public and private investments. India welcomes partnerships with other countries and also the private sector, the academia, and the civil societies in its efforts to diversify critical mineral supply chains and ensure a sustainable future for everyone. I take this opportunity to engage with the governments, the industry, the academia, the civil societies, which are present here today for building a better future for all of us. And I once again thank IEA for giving me this opportunity. Thank you very much. Thank you very much, Mr. Secretary. I am sure your appeal is very clear for all of us in India, one of the brightest spots of the global economy today, and we wanted to work with different countries and the companies in terms of developing the critical mineral resources in a sustainable manner and provide diversification. Very well heard, sir. Now, may I go to another continent now to Africa? I would like to invite Minister Oliver Raka Tomalala, who is the Minister of Mines and Strategic Resource of Madagascar. We all know that Africa is the region with enormous potential to contribute to building secure and resilient supply chains. Mr. Minister, we are looking forward to hear from you your views about Madagascar, Africa, and beyond. There are several African colleagues here. We will hear their views as well throughout the day, but we start with you, Mr. Minister. Thank you very much, sir. Thank you, Dr. Pirol, for giving me the floor. Hello to all of you. It is a great pleasure and a great honor for me to be here with you today for this global debate for the critical mineral resources. Wait a minute. Sorry, sorry. I will continue. Yes, absolutely. Yes, welcome everyone among you to this event, which was therefore a crucial importance in the quest for the solution of the world solutions for a cleaner and more sustainable future. Dumbledore, I would like to warmly thank Dr. Pirol and the International Energy Agency for the organization of this committee. For having organized this very prestigious summit, it is prestigious because it brings together many leaders from the world of investment, from international organizations and from different countries will work together. Speaker's microphone is off. My apologies. So as I was saying, this summit brings together very important figures from the public and private sector, and this will fuel very rich discussions, discussions which will unlock the potential for recycling technologies, for employment, all the while speeding up projects to have more diversified mineral supply chains. Supply chains will be more responsible, more sustainable and more dependable. Madagascar, my country, is particularly proud to be able to join this effort, to be able to work together and engage for carbon neutrality and in order to reach this ambitious goal, it goes without saying that the use of clean energy is the road that needs to be taken and the only viable option. The energy transition presents us with many opportunities, especially when it comes to supply chains in critical minerals. Ladies and gentlemen, for Madagascar, we are a country that has critical mineral reserves. We have a very specific geological situation that means that we have a lot of critical minerals. Presently, we are in an exploratory phase, but we are already mining some of these resources. There is a Japanese consortium that is working on mining cobalt and nickel that produces around 60 million tons of nickels and 5 million tons of cobalt. This is the largest private investment, the largest Japanese private investment in Africa, and it is a project that has created a lot of employment in the country and has also helped our exports. When we, for us, storing energy is a big issue, which requires special, important elements, for cathodes, anode, and electrolytes. Graphite is one of the 10 largest producers of graphite in the world, but there is still a lot of untapped potential in the country. As I said, we are in an exploratory phase, but we are already exporting a lot of these elements. Since colonization, so over 80 years, we have been exporting graphite, but there is still a lot of untapped potential. All this to say that we're still open to investment in order to develop our resource market. We have adopted a law on mines that was about a month ago, which creates opportunities for investment when it comes to strategic minerals. This is to avoid speculation so that mining blocks do not remain in the hands of a few players, and so we are looking to work with serious companies that will work in the field of critical substances. All this to say that critical minerals and strategic minerals are very promising substances for the mining sector of Madagascar, given the international situation in these last years. Coming back to our event, I am strongly convinced that each one of us will bring added value to this common cause. Following the summit, we will be able to identify priority actions to be taken in order to guarantee the security of supplying critical minerals. Madagascar would like to reiterate its commitment to be a part of the authors of Change and its desire to work together for our common future. Let's work together for the future of our world and for that of all of humanity. Finally, I'd also like to reiterate, I'd like to thank once again Dr. Birrell and the International Energy Agency and to all of those who have contributed to organizing this important event. I hope that all the activities that we will undertake in this forum will be able to go smoothly thanks to our cooperation. Thank you for your attention, ladies and gentlemen. I'll note it, including your rich potential for nickel, cobalt, and graphite, these are all key ingredients for clean energy transitions across the world. So dear colleagues, we heard from governments, from Americas, from Europe, from Asia and Africa. Now, as I said, we have different stakeholders here from industry, civil society, from investors, academia. Now, I would like to, as the last speaker of this opening session, I would like to invite Mark Henry, CEO of BHP, to share the view from the private sector. Over to you, Mike. Well, thank you, Dr. Birrell, and thank you, Secretary Granum, Minister Tesrif, Commissioner Breton, Secretary Rao, and Minister Raketa Malala for your thoughtful remarks. Dr. Birrell, the IEA must be commended for your work on deepening our understanding of potential decarbonization pathways, including towards the Paris Line 1.5 degree scenario, as well as for raising awareness of the critical role of minerals and metals in the energy transition and for energy security. And thank you, Fatih, for the opportunity to be here for this discussion and to share an upstream perspective as a global metals and minerals supplier. We're here, obviously, today in recognition of the fact that the world needs to significantly scale up supply of certain minerals. And this need is driven not just by the historical drivers of urbanization, industrialization, and population growth, but also by the more recent drive to decarbonize the world's energy system, which in itself is going to require significantly more of certain commodities like copper, nickel, lithium, and even steel-making raw materials. But in the face of this need, the world is encountering some growing challenges. This is going to be hard. The grade or percentage of metal in a given volume of ore is falling at existing operations. And this means that more ore is going to be mined, need to be mined just to stand still. Newly discovered and developed deposits are, on average, incrementally lower grade as well. They're increasingly hard to find, oftentimes deeper and oftentimes smaller. Opportunities are being pursued in jurisdictions with less well-developed or less-established mining industries, institutions, and governance. And of course, societal expectations in respect of ESG and how value gets created for all stakeholders has grown, and rightly so. These difficulties and growing expectations have some very important implications. Firstly, collaboration is going to be ever more important. We must work together to go about this in the right way, guided by common global standards and with good governance throughout the whole of the value chain. Secondly, this effort is going to require a significant and growing quantum of capital. I'll use the example of but one of the commodities needed, which is copper. BHP's estimate is that under a plausible 1.5-degree scenario, the copper industry could require around $250 billion in growth capital over the next seven years to 2030. And that is over and above sustaining capital. But currently committed growth projects over this period only amount to around $40 or $50 billion today. More projects need to be identified, permitted, and given the green light by those who are to invest in them. Governments and communities need to be supportive of these projects regressing, and capital providers need to be flowing the capital to those companies that uphold the high ESG standards that must be met. These challenges can be overcome, but it will require shared perspective, common aspiration, and a high degree of collaboration. Now let me be a bit more specific about what's needed. Governments must provide predictability and stability to attract capital at lowest possible cost and as quickly as possible. This means stable fiscal settings, streamlined planning and permitting processes, and harmonized standards. Today too often we still see short-termism in government policy or policies which seek to meet near-term political objectives, but which show limited understanding of what drives investment. And this slows up deployment of capital and will ultimately make the energy transition harder and more expensive. The flip side of course is that governments that do provide this certainty and stability will be the winners in this race to meet the world's need for critical minerals. We should also be mindful of the fact that while subsidies can in some instances help to accelerate, they can also distort markets and handled poorly can inadvertently actually undermine our long-term goal of securing sufficient and low-cost supply. Capital markets should work in a way that promotes the objective of low-cost and stable supply and indeed uses their firepower to enable or to constrain access to capital. My third point is responsibility. Get these settings right and the more responsible the project, the more capital should flow. Miners should be granted access to resources based on the value they create, including for host communities and First Nations peoples. Opening a mine, done well, creates sustainable wealth and jobs. It brings tax revenues, which in turn fund public services like health and education. It creates jobs both directly and indirectly and it generates a base of skills that can be leveraged into other industries. But of course this must be done with the least possible impact to the environment. We need a small set of common standards upheld by all and where performance against those standards is a greater and increasing determinant of access to capital. And I think the functioning of the market in this regard is still maturing. We also have too many standards for the same ESG dimensions. This leads to confusion and dissipated effort. Convergence on this front would be welcome. It would result in more focused effort for higher positive impact. We must also not lose the opportunity to improve natural resources governance across the board so that countries endowed with resources see economic value trickle down. Key to natural resources governance are policies such as transparency around taxes paid, strong anti-corruption frameworks and transparency around approvals processes. And I commend the EITI for its work on this front. It would be remiss of me of course if I didn't mention recycling. While recognizing that some metals are starting from an already high base, there is an opportunity and need for continued lifting of the rates of recycling to reduce the need for fresh metal units and therefore the amount of mining required. It's now for the private sector to turn that into reality. We also need to recognize that recycling alone won't offset all of the challenges. A combination of pragmatic international cooperation and competition can accelerate the energy transition and it's much needed and I think that's reflected in this room today. In closing, the magnitude of the challenge is significant and change is coming fast. But with that comes great opportunity this opportunity will only be realized on through concerted effort and collaboration across industry, investors and governments putting predictability and responsibility at the core. Thank you again Fatih for the opportunity to be here today and I look forward to the discussion ahead. Thank you very much Mike and hearing the views of the private sector here is of crucially importance and one issue you mentioned the harmonization of the ESG standards. This is I think critical and it is the reason why we have dedicated a session here the session three on the ESG issues including the strict standards and how to harmonize them in the right manner across the countries. So dear colleagues, very many thanks for this I would say excellent start of our discussion. This is the session that was open to public, the live stream and now we are with the next session we are going through a closed door mode and the next session as I mentioned is going to be chaired by the French minister, Minister Panier-Renoucher. Madame Minister, the floor is yours to share the next session please. Thank you. Thank you very much dear Fatih and we'll now switch to French if you'll allow me.