 Okay, let's move to Kosmin Thank you very much for For this opportunity to be part of this panel and my My presentation basically I don't have any slides, but my presentation will be a shameless Advocacy for nuclear energy Zero carbon, I mean I'm proud of it. That's why I'm very proud I'll start with I'll start with some figures and basically today Today's realities. I think they call for immediate action and based on IA data that was vacillated here energy consumption worldwide grew by 2.3 percent in 2018 alone Nearly twice the average rate of growth since 2010. So we've seen we're seeing an increasing demand for for energy As a consequence of higher energy consumption Energy-related CO2 emissions also increased by 1.7 percent at 33.1 gigatons of CO2 therefore, we are now and we're nowhere near the Paris Agreement and To be honest with you We will be very far away from it for a long period of time as an important percentage of CO2 emissions are energy related the pace of transitioning then becomes even more difficult and From my experience in the nuclear industry two major variables need very fast addressing investments in clean energy sources and related financial campaigning Be it campaigning as a PR initiative supported by the governments to bolster investor confidence in in these investments or as Layla very well indicated earlier Coming up with the risk hedging Mechanisms to make the opportunities attractive enough in in today's Capital competition The world energy outlook Estimates around 1.1 trillion dollars to be invested in nuclear power by 2040 Which means approximately 46% in nuclear power output even though the WEO Estimates an increase in nuclear power investments globally nuclear generation will go below 10% and Far less than the required output of nuclear production as per the sustainable development Scenario that was that was shown previously by Mr. Ape And I'll Take a little bit of a look at Europe Based on the EU directions of the 2030 framework for energy climate policy There is that need at least at the European level to reach the targets of decarbonization through means of technology neutrality and common efforts for the application of Efficient support mechanisms in areas where market challenges hamper major investment projects as a sustainable Transition to clean energy So this is where I am. I'm a strong Advocate for the development of nuclear energy as an important contributor to a stable clean energy mix and as a solution for the base load of a clean energy mix and Obviously, this is cannot not only be achieved by new build and Long-term operations of nuclear power plants refurbishments But more so by extending innovation into research for generation for projects the new type of Nuclear reactors that also allow for flexibility and allow for possible hybrid nuclear Renewable systems that where you can have a small modular reactor coupled with a Solar panel and two windmills and they can balance each other out very very nicely and Romania I can tell you very much endorses this approach. That is why they're supporting the R&D project for a new Let cool based the reactor generation for reactor That's why we're looking at new other new technology such as the molten salt reactors in France or new scale in in the US And that is why we're part of the clean energy Clean energy ministerial approach the nice future initiative that promotes the benefits of nuclear and The It's a branding and international branding exercise to brand nuclear as green energy and I think that's part of the reality that we need to that we need to face and to endorse that I'll make a quick allusion to an MIT study that was to decarbonization that was launched in 2018 I believe already Which adds Nuclear energy is a firm source Essential to achieving a deeply decarbonized electricity sector for most regions EU included meeting the 2050 targets requires a mix of resources mainly firm resources Fact which should be fully accounted for in decarbonization policies and meeting targets Policies that foreclose the role for nuclear energy directly impact investments in nuclear energy and directly increase the cost of decarbonization policies that support the carbonization via a single source Directly impact not only the cost and pace of decarbonization but wholesale markets generators energy systems and then consumers and I'll invite you to to to look into the study because they do a very very good demonstration of of this thesis and Out of that I've extracted from the world nuclear Association the world's how the world would look like in terms of emissions without nuclear and In 2018 the world was supplied 2563 terawatt hours of electricity from nuclear sources if we didn't have nuclear power and say we we've Replaced it with coal. I Didn't say lignite I said coal We'd have an additional emission of 2276 million tons of CO2 if we were to go to natural gas we'd be looking at 1278 Extra million tons of CO2 per year emitted so I Think that that says a lot and If a few years ago financing was the last thing to consider I think now It's actually the first because a few years ago. We were thinking about the politicization how if we shut down We don't shut down security. I think we've we've proved that nuclear safety and nuclear security is Evolving very much and with the new technologies. We're we're right there And with this realization under COP 24 and a lot of the governments looking turning back and reconsidering nuclear As a green source of energy and branding it as such or taking policies Not for a green source, but low-carbon energy, which is probably the more scientific way to put to frame a policy Then it's up to us companies to get to do our job and Unfortunately, we cannot really raise a lot of money for nuclear if we don't have state government if we don't have state support because de-risking nuclear is Paramount and That is from the initial stages of a project And it has two to two potential risks. They need a nuclear project has three Risks they need to be looked at The first one is construction risk, which we've seen recently that a lot of projects have become over They have become over budget and not necessarily in time a lot of the large companies The service suppliers such as Westinghouse or SNC Lavalon can do even even a number of the South Korea and eight Chinese nuclear companies are pulling out of the lump sum turnkey PC model We know that a lump sum turnkey PC contract even led to the reorganization of Arriva Which says a lot about where we are in terms of construction and That that it has more to do with the way in which we we manage costs in which the services have become more efficient and Governments need to be part of a solution or financial institution to be part of a solution to come out with surety bonds or or ways to To finance also also through consumer Driven needs this type of new New builds and here for example I'd like to put in in light the regular the regulated asset based model and the contract for difference model That's being used by Hinckley point in in in the UK The second part which becomes more interesting here is Regulation regulation and political risk. I think this is probably the number one the number one risk that investors that is pushing investors away from from from nuclear projects outside of the construction risks and from taking equity as in into nuclear utilities and This is mainly due to the fact that Nuclear is highly regulated. It has become also overregulated if I were if I were to say so you need about You need about Pieces a nuclear spare parts Wait in paper to move it from one point to another So I think that we've we've we've exaggerated a little bit on on the nuclear safety side We're not saying that the processes are bad But the the bureaucracy around it have made it a little bit unpractical and with each bureaucracy That's being layered up you hire more people and you you know print more More paper and I've actually that drives optics even higher So obviously that needs to be and it has a financial impact on the project. So here is more of Governments approach to how they how they manage bureaucracy But it's also depoliticizing Because say you've invested in nuclear you had you had an equity stake in a nuclear power plant that was put in a function in 2008 in Germany in 2010 you have just finished your construction you as a fund manager you're looking to get a 20-year return on it and 2010 boom second year of operation your plan to shut down because of a of a natural Disaster that had unintended Consequences and didn't necessarily realify a problem with the nuclear industry was spun off in a in a political campaign and And and then created a shutdown for a nuclear not only in Germany Mostly in Europe because we have to we have to be pragmatic about it. I think that up until two years ago The European Commission was afraid to say the n-word in here we're talking about nuclear and Secondly We were also had a very difficult Time You know, we've had a full industry shutdown so The new focus should stem from aligning Economic welfare with long-term interests of the society because we're talking about decarbonization. We're talking about Security of supply and maintaining our lifestyle. We still want to be have zero emissions But as you know, Professor Masuda said earlier, we still like it to be cool in this room And I think that's that's that's a very important and Yeah, so thank you. Yeah There's a lot of uphill battle for the nuclear I I cannot agree more and it's a it's a tough After fukushima accident. Yeah, it is really challenging