 Hello, and welcome to the launch of the International Energy Agency's Global EV Outlook 2024. I'm Jethro Mullen, head of the IEA's communications team, and I'm joined today by IEA Executive Director, Dr. Fatih Birol, and our Chief Energy Technology Officer, Dr. Tim Morgul, who led the analysis of the new report. And I would note that the new report is free to read and download on our website, and comes with a data explorer and a policy explorer for those of you who wish to go deeper into the details. For today's press webinar, Dr. Birol will make some opening remarks, and then Dr. Gull will present the key findings of the report. We'll then take questions from journalists. For the journalists taking part in the press webinar, we invite you to send 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 enter your questions. And with that, I'll hand over to our Executive Director, Dr. Birol. Many thanks, Giotro. Good morning, good afternoon, good evening, colleagues around the world. We are here today to discuss one of the key components of clean energy transition around the world, namely electric vehicles. In the last few years, we have seen an extraordinary increase of electric car sales around the world. Having said that, we also read in the last few months a lot of news, mostly bad news, about the situation of the electric car sales and the penetration around the world. And when you look at them, when you read them, you would believe that the electric car sales are coming to a stop, slowing down, or even the electric car penetration is seeing. We see a reverse in the trends, and it is a different picture that we have seen in the last few years. Therefore, I believe our annual report, Global Energy Vehicle Outlook is a good source to see those news versus the data. We at the IEA believe in data. As I tell my colleagues, Dr. Gil, who is the Chief Energy Technology Officer and all my colleagues, we believe data always wins. So, therefore, we look at the data, and I wanted to thank my colleague, Dr. Gil and his great team, Areselli Fernandez and others, putting this data-heavy publication together. What are the trends globally in the electric car sales? First of all, when I look at the data, it does not show stop of the growth. It does not at all show a reverse of the growth of electric cars. It shows an extremely robust increase of global electric car sales, full stop. Dear colleagues, when we look at the first quarter, 2024, this year, and this data, this sort of forecast, this is not a projection or anything, this is the data. What happened in the first quarter of this year? 25 percent increase of electric car sales in 2024, first quarter vis-à-vis the first quarter 2023, so 25 percent growth, which I believe is a healthy and robust growth. And then we look at the company commitments strategies. Throughout this year, we expect that the more than one fourth of the cars sold in the world will be an electric car. China is the leader. In China, we think this year, almost every second car sold will be an electric car. In Europe, more than one fourth of the cars sold will be an electric car, and in the United States, about one out of nine car sold will be an electric car. So Europe is, the sales are increasing in Europe, but we should be fair that the sales are slowing down mainly as a result of the change in some countries' support policies. United States, when we look at the US numbers, they are growing faster than EU, but we think they are growing still, of course, slower than China. When we look at further, in the next 10 years, we think even with the existing policies, even there are no major new policies put in place, there are no good surprises, for example, coming from the batteries developments, with the current pace of the technology and the competitiveness of the car industry we expect in 2035. Every second car in 10 years of time in the world will be sold, and then this will be an electric car. So in 10 years of time, every second car sold will be an electric car in the world, even with the conservative existing policies. What is driving the electric car sales and penetration so strongly with all it is implications on energy sector, on climate, and the industry? Dear colleagues, there may be many drivers, but for me, there are three key drivers. When I look at the governments, companies, and the others when I talk with them, the first one is having a clean energy system, air pollution, climate change, these are the very first reason in many countries. Second, in some countries, governments would like to see more electric cars or electric vehicles in general as a response to energy security risks. Therefore, countries may want to see relying more on electricity than relying on the volatile and sometimes insecure oil markets and the price fluctuations. So energy security is the second driver. The third driver is the just industrial policy. Regardless of climate or energy, the industry sector, the innovation, the manufacturers want to be the leader in this new technology in this country or that country and have a good position. So these are the three, in my view, key drivers of the extraordinary growth of electric cars, the cleaner and climate change, oil security, and industrial policy. Here, it is clear that the electric car sales and their penetration will continue, but how fast it will be, there will be many factors, but for me the most important one is how competitive the electric cars will be vis-à-vis the traditional cars, the internal combustion engine cars. This is the key issue. And when I look at, again, China, I see that in China today, more than 60 percent, more than 60 percent of all electric cars sold are competitive or cheaper, in other words, than the internal combustion engines. Of course, the issue is not the same in other markets, but what will happen, especially in the battery technologies, will be decisive. If I may general, I can perhaps remind our viewers that in two days of time, we are coming up with another report on the batteries, what kind of good surprises we can expect from batteries in terms of their cost and the changing the chemistry and its implications. So this is, of course, a competitiveness. It's the main challenge for the electric cars, and we will see how it goes. But one issue in addition to batteries that we have to, of course, look how it goes, when it comes to the operating costs, for many consumers, they will also look at where the oil prices are. The oil prices today, flirting with $90 and above, is, again, an important indicator, the high oil prices, where the competitiveness issue could evolve in the next years to come. So, dear colleagues, before I finish my words, I'm passing it to Dr. Agil. I would like to, in my view, share with you three consequences, three implications that this the penetration of electric cars or, in other words, the electrification of the road transport may have on the energy sector and the industry. The first one is based on current policies, again, not extraterrestrial policies, not having a surprise innovation on the cost of batteries. With the current pace, we expect in the next 10 years of time, the EVs could avoid the need for more than 10 million barrels of oil in 10 years of time around 2035, if the EVs' penetration goes in this way. And this is, of course, a major issue to understand how the oil markets could evolve the penetration of electric cars. The second implication is the demand for batteries will grow very quickly. Whether or not the industry is ready to respond to this demand is a key question. And here, maybe a third point, again in this same context, another point is the critical minerals that are needed to manufacture those batteries. And here the challenge is the security and the sustainability of the critical minerals and, in general, the clean energy supply change. This is a key issue, and I know in many governments the concentration of critical minerals, both the mining but also at the same time the refining and processing is a key security consideration. So this is the second implication. And the third one, which I believe, again, an important one, is the issue of China and the China's leadership here. China is today, by far, dominating the electric cars. And China is the de facto the leader of the electric car manufacturing around the world. And today, more than half of the electric car sales in China are the electric cars, and only 10 percent of the sales are commercial cars. 50 percent electric cars and only 10 percent of the sales are commercial cars. I think this is a big deal and something to be underlined. To finish, I believe, the strong electric car penetration around the world. I talked today about China, Europe, and United States, three main markets. But a lot of other countries see the growth of electric car penetration from Southeast Asia to Latin America. This will change the energy markets. This will change the car manufacturing industry. And as we are happy to follow the trends, share with you. But I can tell you that government policies in Europe, in the U.S., in China, in other countries may change. These changes may have an impact on the pace of the electric car penetration, but our numbers and our discussion with the all-top key car manufacturers underline that the direction of travel in the transportation sector is very clear, namely the electrification. With this, I would like to turn to my colleagues with my thanks and congratulations, Dr. Aguil, to tell us a bit more about the numbers, assumptions, and the underlying implications. Thank you very much, Executive Director, and good morning. Everyone, welcome also from my end to today's launch of the 2024 edition of the Global EV Outlook, which the IAEA has been releasing for more than 10 years actually as part of its contributions to the Clean Energy Ministerial's electric vehicle initiatives. When it comes to electric cars, each of the last couple of years saw some element of concern about the prospects of a cloudy outlook for the year for electric car sales. As we went into 2021, the first year of the global pandemic, after the first year of the global pandemic, there was a worry whether the subsidy schemes that had been implemented over the course of 2020 to boost electric car sales would actually be sustained, because they helped bring electric car sales to new records. But they were, and so electric car sales grew strongly over the course of 2021 to reach 6.6 million electric cars being sold in that year. As we moved into 2022, there was a discussion focusing on these uncertainties around potential supply chain disruptions, the macroeconomic and geopolitical uncertainty, as well as high commodity and energy prices and what they might actually mean. But by the end of the year, we saw electric car sales reaching over 10 million cars being sold in that year. As we went into last year into 2023, there was speculation that sales in China in the year before may have been inflated in anticipation of the phase out of incentive scheme by the end of 2022. But again, by the end of 2023, we observed that electric car sales had increased even further to reach nearly 14 million cars that were sold 35% higher than in the year before. And China, the country that was being discussed at the time, had accounted for around 60% of global sales. Now, it shouldn't be surprising that as we go into this year, there is again a lot of discussion, this time focusing very much about concerns that we are seeing in monthly market trends. And of course, there is truth to that discussion here as we look at all three major car markets. In China, electric car sales actually fell in February year on year, but this year, the month of Chinese New Year, over the entire first quarter, sales in China were up 35% year on year. In the United States, the sales share of pure electric battery cars actually declined over the first quarter, but this was compensated somewhat by a growth in the share of plug-in hybrids and overall sales grew by almost 15% year on year in the United States relative to the first quarter of last year. And finally, in Europe, electric car sales dropped in March in key markets like Germany where the subsidies were actually a phase out, but also in Italy. But it's worth noting here that the overall car market was also sluggish. The share of electric cars and total car sales in March was actually pretty similar to last year. And over the entire first quarter, electric car sales in Europe grew 8% year on year. Globally, what we have seen is that electric car sales, as our executive director already mentioned, were up one quarter compared to the sales in the first quarter of 2023, which we think is a very healthy growth despite the observed challenges that we saw. Around 3 million electric cars were sold over the entire first quarter globally, which is equivalent to the total electric car sales over the course of the entire year 2020. Now, we cannot say for certain, of course, how this year will develop. And as every year, there are reasons to be concerned in some car markets such as Europe, for example. But given the trends that we have observed, we expect this year to be another strong year for electric car markets. Our current expectation is for electric car sales to increase to around 17 million over the entire 2024. And as a result of this growth, we estimate that electric car sales could account for more than 20% of car sales this year, up from 18% last year. In the three largest global car markets, electric car sales are going to be increasingly widespread, in particular, as the executive director already mentioned. We are expecting electric car sales in China to account for around 45% of all cars being sold this year. We actually saw China electric car sales already reaching or exceeding the 40% share over the course of March. The boost in electric car markets and sales has the potential to significantly change the global car industry. When you look at all conventional cars that were sold globally last year, then only around 10% were produced by companies that have their headquarters in China. The rest, as you can see here, comes from car makers in other countries, in particular Europe, Japan, of course, but also United States, Korea, and a couple of other countries. The electric car industry, however, looks very, very different. Of the 14 million electric cars that were sold globally last year, more than half were actually produced by Chinese companies. Now, China electric car sales are higher than those in Europe and the United States. It is, of course, understandable why Chinese companies have a lead here, and the strong competition among manufacturers in China could mean that the industry has some challenging times ahead of it over the coming years, but it is important to take note of the starting points of the different parts of the car industry when it comes to the transition to electric cars. Now, electric car manufacturers will, of course, seek to expand their reach to other car markets, including in emerging and developing economies, where overall car ownership today is still very low, and so there is a significant market potential, both for internal combustion engine vehicles as well as for electric cars. The good news for the electric car industry is that sales increased significantly last year in several of the emerging markets. In India, for example, electric car sales were up 70% year on year, reaching a sales share of around 2% the start of an industry. In Vietnam, overall, car markets contracted actually last year by around one quarter, whereas electric car sales recorded an unprecedented growth, accounting for 15% of total sales, and in Thailand, electric car sales more than quadrupled year on year, and the sales share of electric cars reached an impressive 10% very similar to the share we have seen in the United States. In other countries, such as Indonesia, Brazil, Mexico, we still see much lower shares, but increasing sales, of course. When we are investigating these type of trends a bit more closely, we see two different stories that are emerging. The first story is one on which local car makers are emerging as leading companies. This is particularly true in India, for example, where around 80% of all electric car sales since 2010 came from Tata and Mahindra, which are two domestic producers. In Vietnam, the domestic producer Windfast was established in 2017 and now accounts for nearly all electric car sales in the country. The second story, though, is one in which the arrival of Chinese car makers has helped jumpstart electric car sales. In Thailand, for example, Chinese car makers counted for around three-quarters of electric car sales last year when Hozon, a famous Chinese car maker, launched the NetAvi model two years ago. It became a best seller because it was cheaper than other electric car models and started to be competitive with conventional cars. Very similar. In Indonesia, we're ruling another Chinese car maker, which produces one of the cheapest Chinese EVs, launched the Air EV less than two years ago. This became a great success as well. Chinese car makers accounted for 60% of electric car sales in Indonesia on average over the last two years. Again, very similar observations here for Brazil and Mexico. China's electric car market and its electric car industry are hugely significant for global trends. It is therefore worth looking in more depth at how some of the key indicators have been developing in China over the last few years to understand better what are the potential global implications. One of the main reasons why we see such strong growth in China is because electric cars are getting more and more affordable. In 2018, our estimate is that before any purchase subsidy, around 10% of the electric cars that were sold in China were cheaper than their average conventional equivalent. For last year, our estimate is that this number has jumped to over 60%, which is very important. Electric cars need to become cheaper to be able to compete with their conventional counterparts and reach mass markets much as solar PV has successfully done it in the power sector. And in China, prices have fallen to an extent that this is increasingly the case. It's unlike the situation in Europe and the United States, where electric cars are generally still more expensive. And so it is challenging to forecast a specific year if and when electric cars might break even on prices with conventional ones. But we can reasonably expect that an increasing number of electric cars will compete on prices in the next couple of years. It is very important here also to note that this idea of price competitiveness comes despite the trend that electric cars are increasingly, the sales are increasingly dominated by SUVs. Just as for conventional cars, electric cars in China are also getting larger. Back in 2018, over 40% of electric car sales in China were small cars and these were the first to be cheaper than the conventional equivalents, of course. But over the last five years, we have seen considerable price declines in electric SUVs. Many models have become competitive on prices with conventional SUVs. And so SUVs, electric SUVs now account for nearly 40% of electric car sales. An important reason other than pricing strategies of car manufacturers for why Chinese electric cars are getting cheaper is because of changes in battery chemistry. In 2018, less than 20% of electric cars sold in China were using so-called lithium-iron phosphate LFP batteries. In 2023, this number jumped to nearly two-thirds. Chinese LFP batteries are significantly cheaper to produce than other mainstream lithium ion chemistries. And so the LFP strategy has paid off in China. In two ways, it helped bring down the prices for electric cars and it cuts back the demand for critical minerals. Now, falling prices for electric cars are obviously very important for electric cars to be able to reach mass markets. But building consumer confidence and comfort requires more than that. It requires the development of an adequate public charging infrastructure. Today, most charging takes place at home or at the workplace. Our estimate is that almost 10 times, there are almost 10 times as many private chargers as there are public ones. Many governments are strengthening public support for, support for public charging. But the rollout so far has been very different by country. The first story is one where the rollout of public charging infrastructure has not kept pace with the electric car sales, such as, for example, in Norway, United Kingdom or the United States. In these countries, the number of electric cars per public charging point has actually increased over time from roughly 10 to 15 in the year 2015 to 25 to 35 per public charging point more recently. Important to remember that electric car sales grew very strongly in these countries. Nonetheless, simply because most electric car owners have access to private charging, 80% in Norway in the United States, 90% in the UK. But to enable mass market adoption, we will need more public charging points. Many consumers are unlikely to have access to private charging at home. Now, this is one story of charging infrastructure. The other one is in China, which is very, very different. As in other countries, also like Korea, for example, where most electric car drivers are living in densely populated city, the city's public charging is much more prevalent in China. Despite this enormous growth in electric car sales, the number of public charging points per electric car has actually remained somewhat constant over the last couple of years. As the Executive Director already mentioned, despite the challenges that we are seeing in some markets, our outlook to 2030 and 2035 remains a very positive one on the back of underlying market trends, but also supportive policy and industry actions. This will have implications for the car industry as well as for energy markets. Today, electric car sales are high, but of course it takes time until electric cars become a noticeable part of the fleet of the cars that we see on our road in our daily life. Today, around 8% of all cars on the road in China are electric. In Europe, it's around 4%, and in the United States, it is 2%. But as a result of the increasing sales, we project that even under current policy settings, more than 30% of the cars on the road in China could be electric by the year 2030. In the EU, as well as in the United States, we are approaching levels of somewhere in between 15% and 20% of all the cars on the road. The more electric cars are on the road, the more important, of course, will be the impact on oil demand. In 2030, under current policy settings, over 4 million barrels per day of oil is displaced just from the use of electric cars. Another 1MVD comes from vans and trucks, and nearly another 1MVD from buses and two three-wheelers. Is more possible? Yes, there is possible. If you look at all the announcements by government and industry, then we are quite encouraged. In our announced pledges scenario, we track all the goals and targets from governments and we assume that all pledges and commitments by countries materialize in full and on time. Under such a scenario, every second car sold globally by 2030 is electric. In China, two-thirds of all cars are sold are electric, 60% in Europe and more than 50% in the United States. When you compare these kind of government ambitions with the announcements from car manufacturers, then it is possible to meet these ambitions and even exceed them in some cases. Over 20 major car manufacturers representing more than 90% of global car sales in 2023 have set electrification targets. If you take all these targets from all manufacturers, in fact, together, then we'll have more than sufficient electric cars to be sold by 2030. If we look more closely at batteries, then the outlook to 2030 is even brighter. Global EV battery manufacturing capacity last year was around three times higher than actual demand and existing and committed battery manufacturing projects. So looking at those that are either under construction or have reached a final investment decision actually far exceeds government and car maker ambitions to 2030, there could even be enough battery manufacturing capacity available to reach the deployment needs in the IA's net zero by 2050 scenario, not only for electric cars but also for electrifying other road transport modes. There are many considerations here, of course, many questions that policymaking will have to deal with. They concern the geographical concentration of manufacturing projects and as our executive director already highlighted the access to critical minerals, but the industry outlook here is one of a potential opportunity and suggests that very high levels of electric car sales could be possible. With that, thank you very much for your attention and back to you, Jethyl. Thank you very much, Timo, for the presentation and Dr. Birrell for his remarks. So we now have time to take some questions from journalists. We invite you, those 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 major outlet along with your question. We're just going to take a two minute break to give you a chance to enter your questions and we will be right back. Welcome back. So thank you very much to all the journalists for the questions. We've got some very good ones and we're going to try and get through as many as we can in the time we have remaining. So perhaps I'll start with the question from Peter Campbell from the Financial Times. He says that much of the commentary from car manufacturers is that it is getting harder to sell EVs to mass market buyers. Can you explain the discrepancy with your findings? Is it driven by China? Is it because you include plug-in hybrid electric vehicles? Is it something else? And then we also have a question from, sorry, excuse me. We have a question from Sarah Stefanina from Carbon Pulse. How do you think the EU's ETS2 will affect the passenger car market? Do you expect to see a bigger jump in EVs? Are there any risks or disadvantages for drivers? And in that vein, in the question around potential new policies, policy changes, Peter Campbell from the Financial Times also asks, is it possible that government policy weakens on EVs, for instance, if Donald Trump gets elected in the US? How likely is weakening policy in your view? And have you modelled the potential impact? So I think Timor is going to take the first question about the mass market appeal of EVs. And then Dr. Biral can come to the next question. Timor, over to you. Yeah, thank you. It's an excellent question. In fact, so there is a lot of discussion currently in the context of the auto industry, financial markets, et cetera. There are tight margins, volatile, metal prices, high inflation, a phase out of subsidies in some countries. All this has led to a lot of discussion and concerns, in fact, around whether EV sales can get to another level. The answer to your question is really in all of the above, in many ways. Partly, it is really China. China electric car sales have been pushing ahead 35% year on year in the first quarter. This is just data. It's not us forecasting anything or speculating anything, but this is just the reality at a time where all these concerns are being discussed and where 60%, more than 60% of all electric cars sold in China were actually cheaper than their internal combustion engine counterparts. In other markets, indeed, much of the reporting was focused on pure battery electric cars, but we have been seeing some strong growth in plug-in hybrid sales in China as well as in the United States. There are a couple of other factors at play. We'll need to see how the European Union's CO2 standards for cars and vents that will come into place or the next phase will come into place as of 2025 will play out. I think the discussion that we have seen around the uncertainties is legitimate. There are important concerns to be addressed, but the data that we have seen in the market for all these reasons has shown continued healthy growth. Thank you, Timor. Now to the questions on potential changes in policies. If there's a change in the administration in the U.S., if the potential impacts of the EU's ETS2 and also a question from Gabriela Farhangi of Kalanish Power Materials, does the IAC see the need for countries with more mature EV penetration in Europe to reinstate subsidies to boost electric car growth? So this changing, evolving picture in terms of policies, how do you say it, Dr. Bero? So I think this is again a legitimate question because the government policies do play an important role with the pace of penetration of electric cars. And having said that, one should see a picture very clearly. In many countries, there is a huge competition for the next chapter of the industry sector, which is clean energy technology manufacturing. This can be solar panels, windmills, heat pumps, electric cars, batteries. I think in the United States or in Europe or elsewhere, even if there is a change in the government policies not to be so friendly or supportive of the clean energy policies, if those countries, if those industries want to be still competitive with China, with other countries, they have to continue to push for the clean energy technology manufacturing. This is an industrial policy. This is not related directly to climate change or energy or other things. Just this is the next chapter of the industry sector where we see everybody sees that it belongs to clean energy technology manufacturing. So regardless of the climate concerns, if a government, if an economy wants to be competitive in the future, if industry sector wants to be competitive in the future, they still need to push ahead with the electric cars and other clean energy technology manufacturing. Thank you, Dr. Beryl. And now a question from Aminah Said from Saifa News asking about critical minerals. Is refined mineral capacity enough to meet EV battery needs in the short and long term? And then also a question on the sustainability or the emissions impact of plug-in EVs. So there are a lot of assertions saying plug-in hybrid EVs aren't very beneficial for reducing emissions. Are EVs a climate-friendly solution? What does your analysis show? And then a question on the world energy outlook projection for peak oil demand this decade. Are these trends you're seeing in electric cars in line with your projection that global oil demand is set to peak this decade? So for Timo, perhaps the critical minerals and the emissions impact of EVs. And then the last question to Dr. Beryl. Okay, thank you, Jethro. Again, excellent question. So of course a clean energy transition means that we'll have significantly more demand for a variety of different critical minerals in fact. And this is not only about electric cars, but it's also about renewables and various other clean energy technologies. When you look at stated government climate ambitions, as we have it in our announced pledges scenario, then demand for critical minerals more than doubles until 2030. When we're also collecting of course information about all planned critical minerals projects, and we do believe that they would be sufficient to support this type of demands. There are risks of course, as always an energy that comes with potential delays in the projects, et cetera, et cetera, technology specific shortfalls could exist. But we do believe that in the near term for these government pledges that have been made, there's sufficient projects in the pipeline. The second question about the environmental benefit, I think that probably links very much to recent discussions, recent report at the EU level, where the rated fuel economy of plug-in hybrids was found to be overstating real world efficiency, which was confirmed by that study. This discussion is not new. There was a lot of debate around that, so it's been good to see that this study has been confirming yet that particular expectation. Drivers often don't operate plug-in hybrids in their full electric modes. That's what seems to be coming out of this particular study, and so EU technical regulation will need to accommodate that in a better way moving forward, and I'm sure that this will be happening regardless. I think it's important to point out that plug-in hybrids are more energy efficient than conventional vehicles and still offer emission benefits, even if they're only driven in electric mode for part of their time. But of course, pure battery electric vehicles are from the point of view of emissions. The most sustainable choice here, which can be significantly lower. The emission savings can be significantly lower even compared with these plug-in hybrids. Thank you. Thank you, Timor. On the critical minerals question, I would note that we will be releasing our critical minerals outlook in mid-May, which will go deeper into some of these questions. Specifically on batteries, we also have, as Dr. Birrell mentioned earlier, a special report on batteries that we're releasing on Thursday, which will look into the broader question of batteries and their entire ecosystem, the life cycle from start to finish. So, a good opportunity to go deeper into some of those questions. We, speaking of questions, we're running a bit. Yeah, no, we are running a bit short on time. So, one last question for Dr. Birrell, and then we will have to wrap up. Yeah. So, lots of reports coming from the IAEA. You have a lot of things to do, Jetrun, as well as the colleagues who are putting together those reports. Now, the big question is, the answer is very simple from our point of view. There are several key drivers, which we think will bring the global oil demand peaking by 2030. One key driver is, of course, electrification of the transportation sector, and here the electric cars play a critical role, and the numbers, the expectations that my colleague Dr. Gulen, his team put together, is very much in line with that. But it's not the only one. It's not the only one. Another driver is, in my view, that many of us may not consider as much as it deserves is Chinese economy. Dear colleagues, when you look at the last 10 years, more than two-thirds of the global oil demand increase came from China. China was the driver of more than two-thirds of the global oil demand growth. And the Chinese economy, in the last 10 years or so, increased more than six percent per year, an average growth, a big growth of the economy. But now, looking at the next years to come, I think there is a consensus among all the institutions, including the Chinese government, that the Chinese economy will slow down considerably. And the structure of the economy will be much lighter, less energy intensive than before, which means that it will have significant implications, the slowing down of the economy, changing the structure of the economy for the Chinese oil demand growth together with the electric car penetration around the world. The improving energy efficiency or the fuel efficiency of the cars for the interim combustion engine is another driver. So putting all of these things together and these numbers that we have just presented to you, we believe that the global oil demand set to peak by 2030. And to be very frank, this is not only us, the IEA thinks so. If you look at, if you have time and look at the publications reports of the key oil companies, their expectations, most of them, if not all, they also see expect a peak oil demand by 2030 for the world. So this is just to put the things in the context. We cannot claim that we are the only one, but we are one of the stakeholders here, which see that the global oil demand set to peak by 2030 and electric cars will play an important role here. Back to you, Jethro. Thank you, Dr. Birral. As I mentioned, we've run quite a bit over time and we still have more questions coming in. So for those of you who have questions that didn't get answered during the Q&A, please do follow up with us. We're very happy to get back to you. So the best way to is to email us at press at IEA.org and we'll get back to you as soon as we can. And it just remains me to thank Dr. Birral and Dr. Girl. Thank you to the journalists for the excellent questions and to everyone who's been following us online for your interest in our work and a reminder that the full global EV 2024 outlook is available for free on our website, along with a data explorer and a policies explorer. So do please take a look and we look forward to hopefully seeing you, seeing many of you again on Thursday for the launch of our special report on batteries in secure energy transitions. Thank you and goodbye.