 Hello, and welcome to the launch of the IEA's new report, World Energy Investment 2023. I'm Jethro Mullen, Chief Editor in the IEA's communications team, and I'm joined here today by IEA Executive Director, Dr Fatih Birral, and our Chief Energy Economist, Tim Gould, who led the analysis of our new investment report. And I would note that our new report is free to download and read on our website. So do take a look after the presentation is over. During today's press webinar, Dr Birral will make some opening remarks, and then Mr Gould will present the key findings of the report. We'll then take questions from journalists. For the journalists taking part in this press webinar, we invite you to submit your questions via the Q&A function in the Zoom. You can do this at any point during the presentation, and we'll also take a two-minute break right after the presentation for you to submit your questions. And with that, I'll hand over to our Executive Director, Dr Birral. Thank you very much, Jethro, and good morning to all of the journalists and the other colleagues and friends following this webinar. The colleagues, last weekend, I had the opportunity to address the G7 leaders in Hiroshima on energy and climate issues. And in addition to the G7 leaders, I think Japanese government took a very good decision. They have invited the leaders also from India, such as Prime Minister Modi, such as the Lula from Brazil, and Joe Quevedo from Indonesia, and other leaders. In my speech to world leaders, a lot of things. I share with them, but the main idea was that a new clean energy economy is emerging and emerging much faster than many realize. I gave some numbers from the IEA analysis in terms of how many gigawatts solar, how much heat pumps, how much nuclear efficiency hydrogen, and others. Now, today's report we are releasing, World Energy Investment 2023 reinforces the message I share with the world leaders in terms of investment flows. And I am very happy with the results, as they are very clear, and reinforcing the message IEA has been sharing with the international audience since almost two years. Let me start with, in my view, a key finding. Five years ago, in terms of the energy world, it is almost yesterday, five years ago, global energy investments, the total amount of money invested in the all energy sources, five years ago, it was about two trillion US dollars. And out of these two trillion US dollars, one trillion went for fossil fuels, and one trillion for clean energy, so it was one to one. And now, this year, according to our World Energy Investment Report, the amount of investment going to fossil fuels is still around one trillion US dollars. And for clean energy, it increases to 1.7 trillion US dollars. So five years ago, the ratio between fossil fuels and clean energy was one to one. And this year, it is one to 1.7 in favor of clean energy. In my view, in the view of the colleagues who made this analysis in a perfect way, this is a dramatic shift in the world of energy. Why it is happening? It is a powerful alignment of three major factors. Number one, cost. The cost of mature clean energy technologies, such as solar, such as wind, is becoming competitive almost everywhere in the world. The cost is one driver. The second driver is policy, government policies. After the global energy crisis started on 24th of February, we have seen the government's support for clean energy technologies was much stronger and much faster, because many governments considered clean energy as a lasting solution to their energy security challenges in Europe, but many other countries as well. And this policy support came on top of the support of the climate change-related policies. Therefore, we understood that the government policies really do matter. The policies were the second driver after the cost. The third one is the industrial strategy. I think it is a very clear fact that the future of industry sector is the sector of clean energy technology manufacturing. So many governments around the world are coming with major incentives in order to foster their domestic clean energy technology manufacturing capacity. United States Inflation Reduction Act, Europe is also coming. It is Green Deal Industrial Plan, Japan, Green Transformation of Japan, China already making big steps in that direction. India with the production-linked investments. So this is a big, big, big growth coming as an industrial strategy for those who want to have a strong foothold in the next chapter of the industry sector. And where is this investment going? All this investment going, it is mainly going to electricity. When I say electricity, of course, a significant chunk goes to electricity generation, mainly renewables, but also we see a strong growth also in nuclear power. So one is electricity generation. The other one is the Greets storage, but also we see electric cars and heat pumps are getting a handsome amount of investment from this wave. One shining example, solar. When I look at our numbers, the numbers of Mr. Tim Gould and his colleagues, I can easily say solar is the star of global energy investment landscape. What we see is that each day more than one billion dollars is spent for solar energy in the world. And as such, the amount of investment going to solar in annual basis is higher now than the amount of investment going in the oil production. This is, I think, a very impressive way to look at the growth in solar investments and the appetite. Now, of course, when we talk about the energy industry, oil and gas industry has a very important share. And when we look at the investment in the oil and gas industry, we get the following picture. This year, according to our numbers, oil and gas industry revenues reach about four trillion U.S. dollars, four trillion U.S. dollars, all the oil and gas industry, international companies, national oil companies, and others. When we look at the recent averages, this is two times higher than the averages we used to see. So what do the companies do with this four trillion record revenues? So what we see is that, and we look at these numbers, and again, big congratulations for our excellent investment team looking at all the numbers, company by company, sector by sector. And what we find out that more than half of this money for oil and gas industry revenues went to dividends, share buybacks, and debt repayment, more than half of it. Less than half went to investments. So this is something I think we all need to highlight. In terms of the, if we hear that the companies are not investing here and there because of lack of money, this is not true. It is their choice, which is legitimate, of course, they have the revenues, they can do whatever they want with their revenues. But the choice, the big part of the choice of what to do with this windfall revenues was the choice of paying back to dividends, share buybacks, and also debt repayment. So we also look, another aspect when it comes to oil and gas companies' investments, both international and national oil companies, because we were very happy to see that many of the leaders of the oil and gas industry announced that they would like to be part of the solution of our climate change problem, which is, of course, a very welcome news. We would like to see all energy stakeholders to be part of the coalition to address our common challenge of climate change. So therefore, we welcome the willingness and the statements made by the leaders of the oil and gas industry. Having said that, when we look at the numbers, as we always do at the International Energy Agency, we see that the amount of money going to clean energy investments in the total investments of the oil and gas industry is, unfortunately, less than 5 percent today. So there is a need to calibrate either the numbers, to increase the numbers and see higher share of clean energy technologies in the oil and gas industry, or maybe to calibrate the statements. So dear colleagues, I would like to finish by mentioning one final issue, which is the natural gas markets. After the Russia's cuts in pipeline gas supply to Europe, we have seen that the policymakers and investors reacted strongly. There is a wave of spending in new supply and also LNG infrastructure. In many important countries, mainly in Europe and Asia, we see a new wave of regalification capacity. And this will be followed in a few years by a major new liquefaction capacity coming in the markets. Our numbers show that between 2025 and 2027, in two, three years of time, we will see an unprecedented 170 BCM of new LNG export capacity is coming into operation. This is, of course, a very important aspect as we deal in Europe and Asia, the absence of Russian gas exports. So here, of course, for the gas industry, for the policymakers, it is not an easy task because we know that the gas business is a long-term business. And the key challenge, key dilemma for the investors and policymakers, how to reconcile and short-term strong demand pressures and long-term uncertainties in the natural gas demand while we want to keep our climate targets alive. So last two points. One is that I have an RSEE, as an energy expert organization, just to share with all policymakers and the investors a small advice. Please do pay close attention to the trends in clean energy investment that I tried to give you some highlights. If this trend continues to grow as we are seeing now, and if it can be broadened more and more to the emerging and developing countries, we will soon start to see a very different energy system, global energy system emerging. And as such, we can keep our 1.5 degrees target alive. And my final point is I would like to thank sincerely our chief energy economist, Mr. Tim Gult and his large, able, committed team of experts who made this study for the IEA, for governments, for investors, for anybody who is interested to understand how energy investment is developing around the world, how much money goes where, countries, sectors, and others. It is a very difficult business, but they put this difficult task in a very nice report, as my colleague Jethu Mellon said, it is freely available in our website. As I told to Mr. Gult, it reads so well, it doesn't seem like a report on energy, it reads like a poem. So with this, I would like to thank once again our chief energy economist, Mr. Tim Gult, and give the floor to him to elaborate some of the points that I tried to highlight. Mr. Gult. Thank you very much indeed, Executive Director, and it's a great pleasure to talk a little bit more about some of the findings that we've had in this year's World Energy Investment. And as we've said already, this is a report where we don't talk about kilowatts or kilowatt hours or barrels of oil, we're talking about flows of capital into the all aspects of the energy sector, whether that's new energy supply or demand side investments in efficiency and electrification. And we try and think through what that means for important policy goals of security and sustainability and emissions reduction and so on, particularly at a time when we've had so many disruptions in the global energy sector. And as the Executive Director's words made very clear, this has been an incredibly dynamic period in the investment space. But it hasn't always been so dynamic and it's probably worth casting our minds back to where we were a few years ago. So investment in fossil fuels had been sharply down from the levels earlier in the 2010s. But investment in clean energy wasn't picking up even after the conclusion of the Paris Agreement. Now, you were getting more for your money each year because the costs of those technologies was coming down. But we weren't seeing the sort of expansion in capital flows to clean energy that we needed. And as a result, we were worried that we were simply not putting enough capital into the energy sector. We weren't investing enough to change, to get onto a more sustainable track. And in the absence of that pickup in energy transitions, we weren't investing enough to maintain the reliable operation of the system that we had. So we were vocal in warning of the consequences of this sort of indecision of this impasse and pointing to the way forward. And the way forward in our view was a surge in spending to boost deployment of clean energy technologies and infrastructure. And then came 2020, the disruption caused by the pandemic and then the global energy crisis that we're all acutely aware of. And for fossil fuels, that meant an immediate slump and then a recovery. And now we're back around that $1 trillion in annual investment that the executive director referred to. But the picture for clean energy has been very different. It was more resilient immediately. And then we've seen this sharp pickup and double digit annual growth in recent years. And that's the backdrop to the conclusion that the executive director expressed. Something has shifted. The recovery from the pandemic, the response to the global energy crisis, have provided that major boost to clean energy investment, responding to those three factors that were mentioned, costs, policies, industrial strategies. And there's that sharp illustration of some of those investment dynamics here in the comparison that we can make between the money going into upstream, oil production, and the money going into solar. And solar is really is the star of the show in our new report. And so it's useful to reflect on just how far we've come in terms of those investment flows. So this is the comparison from 10 years ago between the amounts respected in those two areas. Back in 2013, oil costs were high. But solar was relatively expensive at that time as well. Since then, the oil and gas industries become a lot leaner. But solar has transformed even more quickly. And it's not just that investment has tripled, but you get well over six times the amount of capacity for the investment that goes into the system because of lower costs, because of economies of scale. And we expect this year that more than $1 billion per day will go into solar investments including utility scale, distributed generation, and other technologies. Solar is the center of this dynamic, but it's not the only part of the picture. This is really a broader story about growth in a range of technologies associated with what we might call clean electrification. So that's clean sources of generation, investment in some countries into upgraded smart modernized grids, battery storage, and then of course more electrified uses of that, so electric vehicles, heat pumps, and so on. And this has been moving fast, and we are expecting as you see on the slide continued growth in 2023. So lots of positive aspects, but we shouldn't pretend that everything in the clean energy garden is rosy. There are headwinds. There's policy and price uncertainties in many markets. There are challenges with supply chains. There's issues with permitting that are very much part of the energy conversation nowadays. And there are higher borrowing costs, which make life difficult for technologies that require high upfront spending. And those issues are all affecting the pace of deployment. And if I had to highlight one thing that we need to be paying very close attention to, which doesn't always get the attention that deserves. And that's this question of grids, this question of electricity networks. So in a world where you can build a new utility scale renewable project in two years, but a new grid projects typically takes at least double that. It's clear that your network planning needs to be running ahead of the curve in order to avoid being a constraint on growth. And that is often not the case. So if we cannot expand grid infrastructure in a timely way, this can be an important limiting factor for renewable investment in the future and it's a big preoccupation here at the IEA and you'll be hearing more from us on this topic. Very interesting dynamics also if we look at the geographical allocation of that clean and early investment. What you're looking at here is where have we seen increases between 2019 and today? Very impressive growth, but it's really concentrated in a handful of major economies. China, as I think we're all aware, is a clean energy powerhouse leading investment trends in many areas, but new policies are accelerating deployment elsewhere, notably in the European Union and in the United States. And there are positive stories in other countries. India's solar deployment, renewables are picking up in Brazil. There's also some major investments planned and underway in parts of the Middle East, but overall we do have quite an imbalanced picture when we look at the geographical spread of that clean energy investment. Almost all the growth has come from advanced economies and from China and we really need to see that takeoff in clean energy investment elsewhere. There's an awful lot more to be done there, including by the international community, to facilitate that growth in clean energy investments and we're shortly going to be coming out with new analysis on how to finance an acceleration in clean energy projects in emerging and developing economies at something we're doing jointly with the International Finance Corporation and that'll be out in a few weeks' time. Let's broaden this out. Let's look at the whole picture and across all of the major categories that we track and the first element of that is the investment that's going into different parts of fuel supply. And as was mentioned by the Executive Director, the oil and gas industry saw record revenues during the energy crisis in 2022 and some of that is going back into what you might call traditional elements of supply, but it's striking that even with those record revenues, only a handful of oil companies or oil and gas companies are investing more in the upstream than they did prior to the COVID pandemic. So these are mainly large national oil companies in the Middle East. And by contrast, you'll see that investments in coal supply have been growing relatively strongly and are already well above 2019 levels. And it's quite difficult to see, but from a very low base, there's a very dynamic picture emerging around low emissions fuels. There's a lot of policy support coming through for investments in low emissions hydrogen, for CCUS, for biogases, for biofuels. And I expect that we'll see that pick up much more strongly in the years to come as well. We've already talked a lot about power, but you see immediately the contrast between the power investment side and the fuel supply investment side. So in power, already 90% of investment is going into low emissions technologies, so renewables and nuclear. Investment in new fossil fuel fire generation has been flat or declining, although there was one warning sign in 2022 when we had a relatively large amount of new coal fired capacity approved. The vast majority of that was in China. And then we have the demand side investments. We've talked about electrification, that surge in EV sales and a really strong pickup in heat pump sales as well. The picture for efficiency is more mixed and we really need to be paying attention to that area as well. Because we need huge improvements in efficiency to get on track for our climate goals. I'd like to say a few words now about this question of what happened to that large influx of revenue that accrued to the oil and gas industry in 2022. Because that was one of the big questions that we needed to look at when we were doing this analysis, where would it go? Would it go back into the energy sector? Would it go somewhere else? And as the executive director explained, when we look at the cash spending by the oil and gas industry in 2022, more than half went to dividends, share buybacks, debt repayment. And then the things that were put back into energy investment, the vast majority of that went into, in a sense, traditional areas of oil and gas. And there, I think, as the executive director mentioned, we think that there is an opportunity there with these revenues, for the industry to move ahead with, not just with the transformation of its own profile, but also to support the overall transformation of the energy system. One other major factor that we needed to address with this analysis was what are the implications of that shortfall in Russian gas deliveries to Europe following Russia's cuts after the invasion of Ukraine? And this has had implications across the board. It gave additional impetus to clean energy deployment in Europe, but it also spurred new investments in gas supply and infrastructure. And in a way, we're seeing two waves of deployment coming through. The first wave, which we're already seeing today, is on the import side. So investments in new regasification infrastructure, and that's visible in Europe, but there's also a lot of activity there in other parts of the world, in Asia, notably in China. But we've also seen how the crisis prompted additional investment in export capacity, that's the most expensive part of the gas value chain. And around 60 billion cubic meters worth of annual export capacity has been given the green light since Russia's invasion of Ukraine. And that's nearly double the rate of new approvals on average over the last decade. And that takes time to come to market, but it does mean that if you take that together with other projects that had already been approved, we do have that extraordinary surge of new liquefaction capacity coming onto operation between 2025 and 2027. And that's going to have huge implications then for markets. And I think the dilemma here is how in a long-term industry like the gas industry, do you invest in ways that deals with a really near-term need for additional gas, but also uncertainty over the long-term outlook? I'd like to say a few words also about investment in supply chains, because that's a major issue for policymakers, for investors, and a major issue also for the IEA. And we wanted to take the example here of batteries, because where we have record sales of EVs, strong investment in battery storage for power, and a push from policymakers to scale up domestic supply chains. You know, we have that, if you look at the manufacturing plans, there's a prospect of a large new wave of lithium-ion battery manufacturing projects around the world. And for the moment, China is the main player at every stage of global battery manufacturing, with the exception of the mining of critical minerals. And the announced manufacturing plants, as you see on the screen, would somewhat erode this position. But one of the really critical questions for battery manufacturers is also about the inputs that they need, the battery metals, the cobalt, the nickel, copper, and so on, that are so important to a more electrified system. Lithium as well is an incredibly important part of that picture. So investment in new mining operations for nonferrous metals is picking up. We also see new exploration amongst a quite a diverse group of countries, like Canada, Australia, Brazil, resource rich countries in Africa. But moving from exploration to new production can take more than 10 years. So they remain concerns that critical mineral investment will become a constraining factor for clean technology manufacturing and deployment. And that's why it's very much on the agenda here at IEA, and that's why we are convening a major clean energy and critical mineral summit at ministerial level in September of this year. Finally, what does this all mean for the future? What does it tell us about the direction in which we are heading? If clean energy investment keeps growing to 2030, as it has done over the last two years, then overall spending on clean electrification in particular would get us beyond the needs of an announced pledges scenario. So the APS is one where we give governments the benefit of the doubt and all of those national climate and emissions reduction targets are met in time and in full. And some technologies, notably solar, are growing at rates that would match those required in the net zero emissions by 2050 scenarios, so the NZD on the screen for 2030. But maintaining those high rates of growth is tough, and as I've mentioned, some elements of the picture, including grids, efficiency spending, low emissions fuels, risk lagging behind, and then there's that big open question about accelerating deployment in emerging and developing economies. But what happens on the left-hand side of the screen will then determine what the needs are for on the right-hand side of the screen. So how clean energy spending evolves will determine then the way that clean electricity starts to erode some of the markets on which fossil fuel suppliers have relied. And that then leads to those differences in future requirements for fossil fuels across different scenarios. So there are risks there, but if we get that surge in clean energy spending on the left-hand side of the screen, then you can see that the requirement for fossil fuel investment would be considerably lower by 2030 than it is today. So our overall message, we are in a significantly better place than we were a few years ago. We've broken that log jam in investment that I described at the start of this presentation. There's still a very long way to go, but there are finally some encouraging signs for us all to work with. Thank you very much for your attention. Thank you very much for the presentation. We now have time to take some questions from journalists, so we invite the journalists in attendance to send your questions through the Q&A function of the Zoom if you haven't done so already. And please mention your media outlets along with your question. And so we're just gonna take a two-minute break to give you a chance to answer your questions and we'll be right back. Hi everyone, welcome back. Thank you very much to all the journalists for the questions. We've got some very good ones and we're gonna try and get through as many of them as we can in the time we have left. Starting with Stanley Reid from The New York Times. He says, a lot of oil and gas leaders, especially in OPEC Plus, say there is an ongoing shortage of investment that could lead to future shortages. What is your view? And an additional question is, whether tax is included in your calculations of oil and gas revenues. Link to that, we have a question from Claire Pennington, who I believe is from ICIS, asking, has Europe invested too much in LNG terminals and extended global reliance on gas? How could this impact meeting climate goals? So a recurring question here, I think that Tim will take is, too much investment in oil and gas or too little? And we also have one about the G7 for Dr. Birrell, just asking what your key takeaways were from your conversations with leaders from around the world, G7 and beyond in Japan. So maybe I'll pass the first question to Tim, sorry, questions, and then to Dr. Birrell. So thank you very much indeed for the questions. Analysis shows that oil and gas investment has been rising for the last few years after that slump in 2020. The adequacy of that investment really depends on your view about which world we're in. Where are we heading? And I think we've illustrated during this presentation and discussion that that really depends on how quickly we start building up alternative ways of meeting the demand that is currently met by fossil fuels. And so the flows of clean energy deployment, particularly in fast growing emerging economies become then a crucial indicator of where we are. But the overall benchmark, if we look at the volume of investment going into new oil and gas supply, then it's broadly aligned with the 2030 needs of our stated policy scenario. So that's a scenario based on today's policy settings. I would though underline that today's policy settings are not set in stone and that steps is not in the same place every year. So investing for that scenario, by the time you arrive there, it might not be where you think it is. And so that's why we encourage all participants, all investors to keep a very close eye on some of those clean investment dynamics. And the other thing I think to have in mind when it comes to oil and gas investment is that relationship between investments and costs because some of the increase that we are envisaging for this year, roughly half of the increase that we're envisaging this year is to accommodate cost inflation for different parts of the oil services and supplies for the industry. A more specific question about whether tax is included in some of those revenue calculations. So the net income calculation, that four trillion number, that is just revenue minus costs. So it doesn't include tax. However, that slide showing the cash flow and the allocation of cash flow, that is post tax. On the question about whether Europe has invested too much in LNG infrastructure. Well, we've had a very dramatic reduction in Russian pipeline deliveries. And those need to, at least in part, be replaced because even as Europe accelerates its efforts to build up alternative ways of meeting those demands, there is a need, at least in the short term, for alternative sources of supply. And the ability to get those in from alternative pipeline routes is of course limited in the short term. And so a lot of investment has gone into regasification facilities. I think the thing to have in mind when you talk about whether that really locks in consumption for the future is a lot of that investment has gone into floating regasification facilities which are much easier to of course redeploy to other parts of the world. And the other very important aspect there is if you're investing in onshore facilities, to what extent can they then be used to make them more compatible with a changing energy system? So can some of those facilities be used one day also for handling low emissions gases? So you could import LNG but then turn it into hydrogen or you could potentially use some of those facilities to import green ammonia or other hydrogen rich fuels. So that's the way I would respond to that question. I think I replied to the G7 question. At the G7 last weekend in Hiroshima, I think as I mentioned the Japanese government followed in my view a very sound approach. And in addition to the G7 leaders, Prime Minister Kishida invited the leaders of India, Prime Minister Modi, Lula of Brazil and Jokabedot of Indonesia, Australia, Korea and several other countries. Why I'm saying this is it was a very diverse group of leaders from a political perspective, from an economic perspective, economic development level perspective and also from a different continents of the world. Now, if I have to pick up one key takeaway is that I was very surprised, positive surprise that such a diverse group of world leaders all agree on the clean energy is the future of the world. They were all agree on that and they all made their commitments from their country's perspective. They all expressed their expectation that the world goes in a clean energy direction. So if I have to pick up one takeaway, it is this and of course as the head of the IEA, I should mention that we were and I was flattered to see that in the world leaders there in Hiroshima, but also after they communicate, recognized the IEA's global leadership role and gave additional responsibilities and mandates to IEA to lead the global clean energy transition. Thank you very much, Tim and Dr. Birrell for those answers. We've got a few more questions we're going to try and squeeze in, a couple of questions on coal. One from Ronald Kim at Argus saying, we saw coal producers posting large profits last year owing to elevated coal prices, but coal prices have been coal prices have been falling this year towards the break-even point of small medium scale producers in some regions while inflation has pushed up production costs. How significant would this be on the investment in coal supply? And then Rafiq Latta from Energy Intelligence on coal says your report shows strong gains in coal investment. Do you see this being sustained? And if yes, has there been any analysis of what this means for climate targets? I think Tim will take that question. A couple of questions on ratios and numbers from junior aisles at the energy industry times. He's talking about the one to 1.7 ratio between investment in fossil fuels and investment in clean energy. So what does that ratio need to change to by 2030 if the world is to keep the 1.5 goal within reach the 1.5 degree goal? And then also from junior aisles, I get the impression that the IA would like to see oil and gas companies increase clean investment from the 5% average currently. What kind of percentage do you think they should could or should be making? And then we have a question related to oil again, I think. What is your response to the comments earlier this week by the Saudi energy minister about the IA's projections and analysis? I think Dr. Birrell will probably take that one. So maybe Tim first for coal and the ratios. Yeah, thank you very much indeed for those questions. And the first question on coal, indeed, we have seen an increase in coal supply investments over the last couple of years. That's been rising at around 10% per year. 90% of the investments in coal supply are in the Asia Pacific region with China and India being the key players in that space. And then when we think about the profitability of those supply investments, we really need to quickly move across to talk about demand. And what will happen then? In the near term, that's obviously related to broader economic factors, the rate of overall economic growth, but it is also related to how quickly we can scale up some of the alternative ways, particularly of meeting electricity demand. And just to give you a sense of the compatibility of those levels or current levels of spending with a 1.5 degree scenario, current spending on coal supply is around six times higher than we have in our net zero emissions by 2050 scenario in 2030. And then I think there were two questions from Junior Isles about sort of different aspects of the ratios that we had. So we have this one to 1.7 ratio. So one, at the moment, there's one, for every dollar of spending on fossil fuels, there's $1.70 going into clean energy. What would that look like in a net zero emissions by 2050 scenario? So by 2030, that ratio has changed quite dramatically in a 1.5 degree scenario. So for every dollar going into fossil fuels, there would be $9 going into different aspects of clean energy. So there's more information on that also in our World Energy Outlook publication. And then the impression that the IA would like to see oil and gas companies increasing clean energy investment from above, from that 5% average, what kind of percentage do you think they could or should be making? Well, there's clearly a variation already across different kinds of oil and gas companies. Some are considerably lower than that 5%. Some, particularly some of the big European companies have already well into double digits and they have quite strong ambitions. So it is possible for that already today to be considerably higher than 5%. What you sometimes hear from oil and gas companies is that they don't see the projects out there that generate the required returns for them to invest. But I think in that context, you need to be also aware that policy is creating a lot more investment opportunities, particularly in areas like CCUS or in low emissions hydrogen or in biofuels that seem to be a good match for the capabilities and expertise of the oil and gas industry. So there is an opportunity there to scale that up also from a policy perspective. But in terms of what percentages would be compatible with our net zero emissions by 2050 scenario, I would encourage you also to await some analysis that we're gonna be releasing a little bit later this year in advance of the COP28 in Dubai, looking specifically at the role of the oil and gas industry in net zero transitions. And we'll go into that in a lot more detail then. Thank you very much, Tim. And so just time for one last question, the one I mentioned briefly before for Dr. Birrell, which is what is your response to the comments earlier this week by the Saudi energy minister about the IA's projections and analysis, Dr. Birrell? Thank you, Jethro. Yes, I read the comments of Mr. Minister, but I wouldn't like to comment on those. Thank you. Okay, thank you very much, Dr. Birrell. That's all we have time for. Thank you very much for the presentations and for questions from the journalists. If any journalists don't have questions that didn't get answered during the Q&A that you'd like to follow up on, please do reach out to the press office and we'll get back to you as soon as we can. So thank you all for taking part for your questions for listening in from around the world. And a reminder that the full World Energy Investment 2023 report is available for free on our website. So do please take a look and that's all. Thank you and goodbye.