 Thank you Olivier, thank you Isabel for your two insightful presentation on two very different security changes, one on food and the other one on power, on electricity, so I open the floor now for questions. I had a question relating to the very remarkable presentation made on food. You explained very well how one could give enough food to eliminate hunger. You did not address very much the issue of the impact of agriculture on climate change. I mean as far as I know it represents about 20% presently of greenhouse gases. This percentage should increase over time, specifically if meat consumption increases, which seems a trend, and so I would be interested by your thoughts on this issue. Yes, I mean I didn't deal with it because you know, it's not possible to deal with the whole thing, but it's a really very important question. This true agriculture contributes to greenhouse gases and there's a whole literature on changing. There are techniques for changing to making agriculture, you know, climate neutral, but the key thing there is it requires an enormous investment of research and in particular extension to these millions of farmers. So I mean you don't want me to go, I mean there are so many ways of doing it, but none of them are easy really. They are all knowledge intensive, you really have to know your souls, you have to invest in it. It's not like just throw some seeds in and you know, I just hope for the best, no. I mean soil fertility and soil degradation is a huge problem and when agriculture is non-productive people then try to expand the land and cut down for us. You see, I know there's a big debate about GMOs, you know, I mean. Usually put the Americans are for it, the Europeans are against it. I mean there are probably nuances somewhere, but if you look at only the land savings from GMOs it's dramatic. It's really dramatic. So you know you have to decide what is important because if land and forests are important and you want productivity increase you should look at GMOs and I like your approach. I mean there is a lot of information that is required about, I've looked at a lot of surveys of consumer response to GMOs both in Europe and in China and in the US. Number one, most people don't really know what is involved. I mean it's a complicated thing, you know, as you say information is critical. A lot of them get them like, oh well, you know, some people are anti-science so it's, so what the surveyors point out is a lot of the resistance to GMOs is based on non-information or misinformation. It's, you know, the same thing we have with this COVID-19. You know, people are against vaccine for, I don't know what, they'll become this, they'll become that. Obviously I'm not sympathetic with it, but it does show the world is becoming so complicated people need to know, we need to inform them. So to answer your question, yes, agriculture does contribute to warming the climate, especially livestock and so some people say the way to do it is everybody become vegetarian. I mean this is easier said than done, you know, I mean India is, I mean the vegetarian, it doesn't have a problem of climate change. I mean so the point is we're getting into a world there's no like single silver bullet only do this and the world will be fine. You like Peter Timmer shows and like all researchers, you need so many things to line up and that's a difficulty we face. We need a lot of information, we need collaboration, we need people to understand, you need people to work together. Sometimes frankly I am a little pessimistic whether we can make it the way we are going. It requires, so that really I mean from an economist point of view the way we look at it we need to have incentives for people to do. We're not going to command people to behave properly. That just doesn't work even if you're authoritarian. I mean I looked at the survey in China on GMOs. China is very pro-GMO because it's a land-scarce economy and it believes in science. So the government has invested a lot but guess what? When it comes to survey a lot of people are against it. So what do they do? You see they did not make the effort to explain to people to get people adherences like do it because I tell you so. Well you know people will buy what they want to buy you cannot force them. But that's just one instance of changing the technology to be climate compliant or climate friendly or climate resilient. And we didn't talk about the problems of climate change you know all the floods and the droughts and the landslides which is really emphasize the technology transfer is critical. But technology transfer is not in a vacuum. People are starving they don't care about climate change they're going to die tomorrow. What's the problem with climate change? That's you know 10 years from now I'm dead already. So you know now our face with this really what's called wicked problems we have we've been pushed in a world in which things are becoming more and more complicated and people are getting more and more assertive rightly so it's not a matter of blaming people rightly so. So you know if we want to do something we really have to relook our incentive system. Do work we know everybody wants to be better off it's it doesn't matter what religion you are whether you're a man or woman or whatever everybody wants to be well off better off. I mean the poor are the first people who really want to be well off give the incentives and then give them the tools to help themselves because now once you talk about that you see it's an expansion of government now education health you know public goods global public goods you know before the pandemic we talk of national public good now you have to talk about global public good so really if we're going to change just agriculture not talking about energy which is another big issue I mean electricity is another big issue I mean we're faced with only big issues now there's no kind of simple things left to do thank you if we have to do that we really have to relook our institutions I mean sometimes crisis are actually great times because people will change because they know they have to change I'm shutting up yeah I just want to add something I think what's it's really important that we look at ourselves I think you know it's very easy to say you know we need to do this we need to do this but I often say what are we actually doing at home maybe we should think of reducing how much meat we're eating how much dairy products we're eating maybe we should look at portion size again maybe we should make sure no edible food goes into the way spin I tell people always actually it starts with us we are the pullers of these food systems at the end of the day and it's very easy to think you are far away from it when actually you are part of it it's actually a personal thing now and I think each and every one of us need to take that time and I think a lot of us have during COVID many of us have changed our habits many of us started actually growing foods at home many of us started thinking a little bit more about what we're spending how much we're spending on food I mean I was eating out a lot before but now actually we've started to do a lot more home cooking I've started because myself I'm always talking about food loss and food waste I said you know what I need to check at home how much food is ending up in the bin yeah and I think each and every one of us have need to take that responsibility and it kind of will cascade because our kids will will be influenced by it their friends will be influenced by it I mean how many kids now come home and say actually this is not good and this is not good because they are also looking at it from school so I just wanted to add that point that this is a personal thing now as well thank you very useful the question at the back yeah I have a question on the electricity if I may come back to that all right I mean the presentation of these facts leave only one conclusion that Europe is going with an open eye into a period of blackouts right you have pointed out possible countermeasures but my question to you is where are we on the counter measures perhaps Peter Handley can help us what the European Union is doing but this is a rather depressing picture that you've painted as I explained it's a challenge in Europe in fact in Europe there was no problem because there was a surplus of capacity and that's why in 20 years with the opening of the market the price dropped because there was a surplus of capacity but unfortunately as I explained this surplus of capacity has been weakening and the capacities a dispatchable capacity has been replaced by in term by renewable energy which are intermittent and difficult to dispatch in fact so and but this situation is not unique in in Europe as I explained by with the slide of the IEA it is a concern all around the world there are some solutions in fact there has been in France a study made by the French TSO with the IEA how to deal in 2050 with power mixed only with renewable in fact it's possible but the conditions are so drastic that it seems rather unrealistic so there are different solutions I listed this solution anyway there are uncertainties because the technologies are not available some technologies are not available and are still on under development but anyway it's very expensive just I take an example I was told by the president of the French regulator that just for the transmission network and the distribution network the investment related to the change represent around 100 billion euros for the next 10 years so technology can do anything but we need to have a business model and it's absolutely mandatory to have also a price signal the industry may invest in new technologies in order new flexible technologies but they need to invest for the decades to come and they want to know what will be the general framework of the electricity system and energy system in the next two or three decades and it is not the case because the market is only a shorter market and gives the price for today and tomorrow thank you Olivier and Isabelle so I think Peter would like to to contribute but if I may suggest for the sake of time that you go ahead with your presentation and maybe complement and that opportunity what has just been discussed on electricity shortage or reliability supply in fact and and then Mark Antoine if you want to comment I'm going to try to wrap up with the the question