 The US stance under the new Trump administration on climate change has profound implications internationally in that it sends a signal that the largest western country is no longer prepared to pull its weight in global climate change policy. Whether the United States will actually pull out of the Paris Agreement as such is unclear at this point. Both variants are possible. The United States staying in and potentially playing kind of a spoiler role from within the Paris Agreement or of course the United States pulling out. In either case the agreement as such will not end, will not be fundamentally affected because it is a bottom up agreement where nations came together and mutually reassured each other about the kind of actions they would take unilaterally, domestically, at home. The US pulling out will not change that but it would certainly encourage any government that is doubtful about their own commitment to climate change policy would encourage such governments to do less or indeed perhaps to pull out as well if the United States were to pull out. Now the United States and China were the two nations that essentially paved the way to the Paris Agreement. With the United States taking a back seat in this, China has a clear opportunity to lead globally. At this point it is not clear whether China will take that opportunity to lead openly on global climate change policy but de facto China already has a leadership role in that China is the country that is driving hardest at a large scale to get away from fossil fuels to get away from the widespread use of coal in particular and to energize its economy using new and cleaner energy sources in particular renewable power, hydro wind solar but of course also nuclear power and China sees a tremendous opportunity for its own economy in that change in that modernization of its economy and also in the export opportunity that it may create for itself. The Trump Administration is clearly intent on removing any and all environmental regulations that it can. It has already started that process, removing a number of regulatory requirements on industry as regards pollution. It has slashed the budget of the Environmental Protection Agency. It has put in charge of that agency a man who is on the record as denying the science of climate change and so for the greenhouse gas emissions sphere climate change policy the main issue to watch there is the fate of the Clean Power Plan, the Obama Administration's cornerstone of domestic climate change policy in the US. This is a set of regulations that if they stay in place would guide the individual states in the US to reduce the carbon intensity of their power systems. Eventually that would force out coal-fired power stations, accelerate the shift to gas-fired power that's already underway and encourage investment in renewable power. Trump Administration is intent on getting rid of that, but it's not so easy to completely remove those regulations because the US Administration is legislatively bound to regulate carbon dioxide as a so-called controlled pollutant and so Trump can't just get rid of these sets of regulations, he has to replace them with something else. And that process of replacing Obama's Clean Power regulations with something else that we don't know yet what it might be that process has now been kicked off. Well Canada is a very interesting example, right on the border on the footsteps of the United States a country that under its present federal government has a very strong climate change stance and where the majority of the individual provinces also have significant policy instruments in place to reduce the growth in greenhouse gas emissions or in fact to reduce greenhouse gas emissions. So in Canada you have a whole ecosystem of different approaches from carbon taxes to energy efficiency regulations to various caps and regulations on coal-fired power. So there's a very interesting contrast happening there also on issues such as fuel standards for vehicles. Now with China, China obviously the much more important player here because the industrializing and developing world is looking to China as an example rather than to Canada or the United States or Europe for that matter. And so China is really on the way to fundamentally changing the nature of how it runs its energy system. So this used to be a state-owned, state-controlled sector of the economy to a large extent still is where state-owned enterprises rule the rules, where expansion relies on greater use of coal. The new vision very clearly spelled out by the Chinese government is a transformation to a more market-based system and a transformation to a much cleaner energy system. And the prime motivation for this is twofold. Firstly, economic, reduce waste, reduce economic waste that is, reduce economic inefficiencies in the system and secondly to reduce local air pollution. So the health impacts from the air pollution that largely stems from coal-fired power stations in China cities, in particular in the northeast of China, is tremendous. It's an enormous cost both socially and economically and the Chinese leadership is intent on cleaning that up. And that really goes hand in hand also with the greenhouse gas emission reduction objective. China also has the objective of increasing energy security, relying less on imported energy and relying more on domestically produced energy. And for China the easiest way of achieving that is a shift to renewable power. So all of these things are pointing in the same direction. And so I think we can be really confident that China will continue on this trajectory really no matter what the United States do, no matter what Trump's policy actions domestically in the United States are.