 Let's talk about the energy future of Africa, a big challenge. We will start with where is Africa heading? We will give a brief background on the challenges of energy. Please welcome Ms Mafalda Dwart from the African Development Bank. She is the Climate Investment Fund's coordinator of the African Development Bank. Yes. Thank you. Thank you very much. It's my pleasure to be here today with you. Thank you for the invitation. So I'll try to stick to time. I was told to try to stick to time. And I think what I would like to do is to put energy, the future of energy markets in Africa in the global perspective of development in Africa. And also to convey a message which is for us to think about bridging the gap of the investments that are required in energy in Africa, we cannot just think about the energy sector per se. We need to think broader and even thinking about the energy sector, we need to think about the energy sector holistically and not, for example, technology by technology. So let us start with this graph. This is basically showing a real GDP growth rate. And as we can see, Africa has been growing faster over the past decade than global average. And between 2000 and 2010, six of the world's 10 fastest growing economies were in sub-Saharan Africa. Energy, as you can expect, is key. And countries are facing a lot of pressure because of this economic growth rate. They are facing a lot of pressures on the energy side. So if I can give you just two examples, let us think about Egypt, a very large economy. They estimate roughly 67% annual demand growth rate in the energy side, requirements of adding 1,500 to 2,000 megawatts per year to meet demand. If we think about another country, low-income country, Ethiopia, for example, their growth and transformation plan 2011-2015 asks for adding 8,000 megawatts of installed capacity into the system from 2,000 to 10,000 megawatts. These are massive investments required to match with these economic growth rates. The other thing is that business climate is improving. It's critical for investments, as you can expect, not just on energy, but across. Business climate is improving. So for example, if I give you two statistics, the average cost of starting a business in Africa fell from $217 in 2006 to $77 in 2011, while the average time declined from 58 to 35 days. But there are still a lot of progress to be made, in particular in countries that have not reformed, as progressively as those that have reformed. And this is critical for the energy, for energy investments. The other very important thing to bear in mind is that we have economic growth. Africa has been able to sustain high economic growth levels. Poverty is falling because of that. And let me say about the questionnaire, it is mostly due to macroeconomic management over the past decade, very sound macroeconomic management that has led to quite impressive results in Africa. This is the views of several economists, not just my own view. But the fact of the matter is that poverty is falling, but it's unequally. Africa's growth is concentrated in a few sectors and areas. And it's only benefiting part of the population. So here it's just so as rural poverty density, so the darker areas is where most of poor are. And we also know that these same poor communities that are least served by reliable and affordable energy services. And the efforts that are being made in terms of the Sustainable Energy for All Initiative also show that if we really want to reach these remote, more remote communities, the rural poor, we will not be able to do it just thinking about on-grid investments. We will have, it is estimated that around 20 to 25% will have to be done by off-grid solutions. So that's why I was also saying that we need to think about the sector holistically and different ways of delivering the services. This is just showing what I was saying, whether this is a global picture, is the same inequality in Africa, and this is a very big and will be a very big challenge going forward. Infrastructure deficit, this is what we are talking about, when we talk about energy, when we talk about transport. So one or two more statistics. Because 124 kilowatt average annual power consumption is only 10% of what it is in other developing countries. And this is barely enough to have a single light bulb per person for three hours a day. Other very important statistics is just that electrification rate in rural areas is 10%. It's 10%. It's 70% in urban areas. So on average, we know it's roughly 30%, but it's 10% in rural areas. And we also know that there's a big potential to further economic development in the continent if we are capable to promote regional integration and inter-regional trade. But for this, and energy is part of this, there are large initiatives on regional energy trading and regional power pools. But again, infrastructure is key to be able to promote this regional integration. In terms of energy, this is just showing potential on wind and solar. As you can see, Africa has very big potential on wind, on geothermal, on hydropower, and has barely been tapped. And the paradox is that then we are in a situation where the poorer, which are served by much more expensive energy, because it's diesel generators that they are using, they are paying much more. If we think, for example, on a metric which is $1 per kilowatt hour, this is extremely expensive compared to the cost per kilowatt hour on grid, this is extremely expensive. And these are the poorer communities that are bearing these really high costs. So the question is, how can we support transformation? And so to us, the way we are going to look at investments going forward is really along these lines. We will think about investments in terms of what do they say in terms of inclusive growth across age, gender, geography? What do they tell us about building resilience or managing natural resources more sustainably? Infrastructure development is key. I have alluded to that. Energy is part of the answer. Transport is another part. Regional integration, critical. Even on the energy markets, it is critical to lower costs and serve a wider range of population. Private sector development is key for investments in energy and wider investments. As I had alluded to, governance and accountability. We were just, Yannick was mentioning this morning, regulatory and political risks as a major hindrance for private sector investments. So we have to look at that. The policy and regulatory side of the coin, let's say, is critical, is what he was alluding to as well when he mentioned transformation of markets. And then skills and technology, he also mentioned, sometimes the skills are not there, are not in the market. Who is going to operate and maintain these investments, these power plants? So that is another part of the solution. So what is needed? And I fully agree with points made by Yannick this morning. We need tailored strategies. We need policies that promote smart behavior. But we need policies that look at, so when, I don't know if you mentioned this morning, that when if we want to talk about correct market pricing and if we want to talk about fossil fuel reform, we cannot just think about the energy sector. We have to think about what is going to be the impact on the poor. What sort of social policies do we need to have in place at the same time? So we cannot think about the energy sector and policies in the energy sector isolatedly. And then obviously one critical point that has also been made tackle upfront capital constraints. I read the paper, the background paper that was prepared for this session. And at some point it talks about the four initiatives, CDM, Red, Jeff, and the Green Climate Fund. Well, we can't speak much about the Green Climate Fund yet because it's not yet operational. We don't even know what their business model is going to look like. But my own assessment of the other three initiatives is that they were not tackling this. And this for the energy sector is critical as it is for other sectors like transport. Tackling upfront capital constraints is absolutely critical. So I will just finish and I will be on record time because I still see here three minutes. I think really we need to think in an integrated way. We need to, and let me also say that again, going back to the finance, there are other initiatives beyond the three ones, but they are falling short. We are like, for example, I work closely with the Climate Investment Fund's portfolio of the African Development Bank. And we are still talking, we are talking about bigger amounts of finance going to try to incentivize investments in renewable energy. But it's still very short. It falls very short of what is required when we think about the needs of the energy sectors of these different countries. So it falls very short. We need to do a lot more. We need to do more at scale. We need to do programmatic. We need to think about how do we improve the investment climate and we need to be willing to take higher risks in terms of climate finance and put substantially more climate finance into these investments if we really want to help globally the international community and help all of us achieve the two degree centigrade target. So I'll leave it at here, but I'm very happy to take questions. Thank you.