 It's nice to be here. Thanks for the invitation from UNU and it must be jet lag time for everyone. So it's a small group. We're going to go through a technical challenge. Should I wait? So I come from Colorado, I come from an organization called the National Renewable Energy Laboratory and we've created this partnership with a number of other universities Stanford, MIT and a few others. That doesn't look right. Sorry. Well let me keep going. So we have the, there was actually not a chapter in that book which was an interesting reflection from my standpoint because I think about energy and what energy provides and the services that it enables for development in terms of communications, water, health, education, as well as productivity which is pretty amazing that that's slipped out of there. The second is that the importance of clean energy relative to meeting the MBGs and many of you may or may not have noticed a publication that was published again by Oxford, actually it was by Cambridge called the Global Energy Assessment that was put together a bit like an IPCC report but energy thought leaders from around the world and it really mapped out how clean energy in particular can be. By mid-century if not before and in particular it bases of their amount of that output, the realization on clean energy, electrification and electrification of transportation as well. So let me, I've got two messages to try to get to you today. I'm going to add a bunch of detail in that but two pretty simple messages. The first is that clean energy technologies, particularly renewables are now very commercial, very affordable and a viable option not only for development but also for developed economies to transition their energy economy particularly their power sectors towards something that can both adapt to and mitigate climate change and you see some of the numbers up there that I'll go through in a little bit in more detail. That's one. The second one is that the inclusion of those alternative energy or renewable energy technologies which actually are no longer quote alternative. One of the key statistics to remember that I always find fascinating is that renewable energy technologies were 53% of the global market share in new capacity growth last year, 53% more than half and that includes all of the coal and all of the nuclear that was built in the globe last year more than that was built with wind and solar and geothermal and hydro. So it's no longer the has been, sorry, it's really a part of the energy system. Let me see if we can get that back up. Sorry. No? Where's our smart guy? Well, I'll keep talking to you then. Well, that's too bad. All right. Well, we'll keep going. So a couple of details in there to get through. Those are the two key takeaway messages. The other piece about renewables from a policy standpoint is that about 140 little bit more than 140 countries now in the world all have either clean energy policies or targets and it's not just for power. It also includes thermal, particularly solar thermal energy and you'll see a chart that I'll put in here in a minute that China has essentially avoided the need for hot water heaters by electricity or natural gas because of their promotion of their policy for solar hot water heaters. Really pretty tremendous change. So that's the map of countries. The types of those policies, as one thinks about kind of sector reform are listed here. Let me just go through those quite quickly. FIT means feed-in tariff. It's a guaranteed policy for the production of power. Most prominent throughout Europe and not without controversy. I'll talk to you a little bit about what that looks like. And I didn't touch it. Literally, you've got it. Tendering is really straightforward. The other thing, RPS means renewable portfolio standards. So that's really a quantum-based policy where they set a goal. Keep going one more. There you go. And net metering is another one where this is mostly used in the United States. I don't think I'm going to use that one. Where a homeowner or a distributed homeowner is allowed to generate their own power but run a meter in two directions and so they can provide power back to the system. See, I didn't touch it. And take power from the system and there's a net economic calculation that goes with that. So I can keep going on my own here. Let's see. I'm not going to build this slide for you because you can't see it. So let me talk just again briefly about what's in it. Investment is actually, as I said, about 53% of the total power market. There's additional investment. It's about $250 billion a year. It's been growing pretty steadily over the last two or three decades. The actual amount of money fluctuates a little bit at this stage because prices and costs have reduced, although capacity has increased. So that's all fairly positive. And it's fairly broadly distributed, although it's very dominated by a half a dozen or 10 countries. China, the U.S., a fair amount of Europe and India and then a few other scattered countries as well. Asia tends to be outside of those countries quite lagging. And Africa is also pretty far behind in terms of overall investment that goes forward. Let's see if our IT guy will come back. Maybe not. The bulk of the new power additions in the world are really dominated by solar, and so solar-votable takes over the last few years. In fact, more solar, so the solar cells that you think about, was built and deployed in the world last year than wind, and it was about 39 gigawatts. A gigawatt is equivalent to about the size of one nuclear power plant. So about 39 nuclear power plants of solar energy, those solar cells, was built and bought and purchased around the world last year. And I'll just give you a reflection that the current list of nuclear power plants either in construction or proposed for construction is about 60. But they won't be built until maybe 2025, if we're lucky. And so more than half of the total amount of nuclear that's, quote, on the books is built every year now with solar and twice that amount with wind as well. So again, just back to the de-message is that I can just talk through these and we can distribute them. I know it's not very entertaining for them, but at least it won't be distracting. If you just pull it up on this screen for me, I'll be able to go through it. That's fine. I can see it. All right, so I walk through that. That just means I want to be quicker. Solar hot water, again, I want to mention that particularly because of where we are on our hosts here. It's a ubiquitous opportunity in Asia as well as in Africa to use this and avoid, frankly, the need for centralized energy that's distributed to distributed heaters through a very inefficient type of both economic as well as technical system itself. It's really sad that I cannot show you a slide on all of the microeconomics and cost structures, but there's a very nice compilation that's done by now what's called the International Renewable Energy Agency, IRENA, one of the newest international agencies that's really formulated within or not really within but comparable or in a comparable structure to the UN system with now 107 or 180 countries as members that have put out. And almost all of these alternative technologies, all of them, in fact, are cheaper than distributed diesel. That's a really important just counterpoint because I know that diesel tends to be ubiquitous for rural electrification and thought of as the key contributor or key element of providing power in rural villages. All of these on a life cycle basis are cheaper than diesel and safer, by the way. And most of them are competitive into what I call the bulk power system as it goes forward as well. I'm going to skip through some ideas about market share going forward and really talk to you about what are the implications for structural reform in it because you can't see things up there. So there are a couple of different pieces which are important. One is that renewable energy technologies have a particular characteristic, almost all of them, not biomass, but almost all of them, which is that they're capital intensive but they have zero or almost no marginal operating cost. This is different than a coal plant. It's somewhat similar to a nuclear plant but it's also different than a natural gas plant where those are lower capital but they have ongoing fuel costs which are both volatile as well as fairly substantial. And so the challenge with clean energy or renewable technologies has always been the first cost. What is the cost of capital put into it and how does that then compete to it? So that has actually morphed very interestingly into changes in financing mechanisms for clean energy which I believe there's another panel on tomorrow as well as business models, particularly business models both in the developing countries but also in the developed countries about leasing mechanisms, pay-as-you-go mechanisms, banking services for clean energy purchases, leases or loans and things like that. Those come back into thinking about structural reform of how those energy services are provided either for development or in a developed economies of structure. What are the implications for the power sector itself? And then the other key thing without getting into the weeds of how power sectors are actually structured is that most developed grid-based systems have what's called an auction-based element for how power is what's called dispatch, how power is put into the system. And what that means is of course is that the cheapest bidder always gets into the market and sells their power, but the market price is always set by the marginal last unit. And renewables, particularly wind and solar, because they have zero marginal cost, they bid zero price and therefore they always make the marginal profit which is pretty substantial but that profit is set by a natural gas generator or coal generator or something else like that in particularly European markets and in the Western markets in most places. What that implies is that the structural elements of the power sector are under incredible pressure because the marginal price for power lowers as you increase the amount of renewables and therefore the revenue to the utilities, if it's based on energy only, also lowers. And now you're seeing a substantial number of stories particularly around Europe and in the United States where the utilities, if I use the term utility in quote, the utility is saying that they are unable to meet their financial obligations of return because they're not selling as much energy. So this comes into account when you see increasing amounts of distributed energy on a home or in a village, et cetera, and therefore it's very important to think about in terms of structural reform even under a peristately owned situation or under a competitive market situation. And so what I wanted to show, and it's really too bad it's not working, is a paradigm which we're working on and many others are seeing which is really about how you can imagine a new energy system that is a combination of distributed energy assets and centralized energy assets working in holistic coordination that's much more efficient on asset utilization, much more efficient on economic utilization, and frankly breaks the paradigm around down of what I would call was traditional infrastructure economic thinking that included or was based upon centralized generation and distribution to end users and consumers. One can now think of creating competitive markets for energy services rather than creating a quote energy utility whose fundamental obligation it is is to provide energy to any given customer. So that's the second I think really big message is that the opportunity exists to fundamentally rethink quote energy infrastructure and what the energy infrastructure economics look like. So I had a whole listing of ideas here that are apparent maybe when and if we ever get the slides up but hopefully for the next speakers they'll work. But to go through that I can talk in much more detail when we have the Q&A session. So thank you for your attention.