 Okay, so let me set the stage a little bit. So we have two experts in different parts of the energy sector. The 800 pound gorilla in the room is if we're gonna ever get close to two or even three degrees global warming, we essentially have to, in the next half century, make a transition not only in electricity, but in transportation and process heat and everything cement steel, you name it. And this is non-trivial. This is a very, very big challenge. You are experts, both of you, in both the technology and how to supply it, but also in how to manage this transition and how real can it be. And so let me just begin with you as well. It's just your views on what you see of the challenges when people talk about going to 80% renewable, 90% renewable, whatever. But that's only electricity. How do you make the entire transition, not only for the United States and the EU, but also the developing world? Your thoughts? I would like to turn on to everybody that's a pleasure to be here. First of all, let's clear that the world of energy is moving fast, not fast enough, but nevertheless moving fast. Let's start with this first observation. In my view, the main good news is that the ONS is now there. The pressure from consumers in particular is huge on everybody, on states, on cities, on players, on corporate. And probably the idea that 100% renewable is the new norm is now something that is fully accepted. I see a lot of companies committing for that. More than 100 companies in the world decided to move to 100% green energy. That's the case of states. California is a good example of that. France also, I don't know if you know that, but France decided to target 100% renewable energy, not only power, renewable energy 100% for 2050. So the bad news is the pace, in fact. And if the question is where are the bottom legs, what do we need to solve, I would say first, competitiveness. Because very often we compare things that are not comparable. We compare the price of solar with the price of gas plants, for example, but there is a big difference. Solar is intermittent, gas not. So if we just compare megawater of intermittent power coming from solar with megawater coming from gas, yes, solar is competitive. Now, if we compare base load renewable energy with, for example, thermal energy, renewable is not yet competitive. It's probably between the double and the triple with some exceptions regarding the regions, but at the other of magnitude, so there is something that is critical to accelerate, which is price. You know, I came here with a driver who complained telling me, well, I spent more than 50% of my salaries in the apartment I rent. Can you imagine if we ask people or industries to pay for the additional cost for energy? I mean, I consider that it is not doable, in fact, at least not at the right to pay so price. And probably the only way to do so is to first of all, work on energy usages. Our experience at NG, NG is a group that is a specialist of energy. We are present in 70 countries, we have 150,000 people. Two-third of them, that is to say 100,000 people, work on energy savings. So we start having some experience on that, large scale. And our experience that we can easily, very often save 30, 40% sometimes more when we start really screening energy usages in a building like this one or even in a plant, in an industrial plant. So starting with that, putting IoT everywhere, optimizing usages, decreasing the level of consumption, re-profiling consumption, although it is easier to fit with renewable profiles. That's the key, in my view. So that's really a change. I mean, for us, the energy players, we were used to, in fact, produce megawatt hours and to install big production capacities without working a lot on usages. We start doing exactly the opposite. That is to say, first of all, screening usages, saving a lot of energy consumption and then providing what is needed in terms of supply with 24, 7 renewable solutions. And that it is affordable. It is competitive. In my view, that's the only way to go at the right pace. There is another obstacle we absolutely need to tackle is that if we target 100% renewable, not only for power, but for transportation, for cooling, for heating, for everybody and everywhere and every kind of usages, if we only bet on power, if we imagine that we can transfer to power all the energy consumptions, in fact, it would be extremely expensive and difficult to manage. So the name of the game is yes to probably transfer and translate in power consumption, some energy consumption, for example, transportation is probably a good client for that, a good case, at least partially, for light vehicles. But we also have to find a renewable fuel that is by definition decarbonized, but something we could store. And our bet is that hydrogen is probably the missing piece of the system. So we are spending a lot of effort to push the development of hydrogen technologies in order to effectively at the very end, and as soon as we can, in fact, we have renewable power, affordable 24 seven, plus something that is probably H2, or a mix of H2 and biogas, any way, something we can store that could be, by the way, a good solution for part of the transportation usages, in particular, for trucks. So it means that we both have to work on business models, again, starting with energy usages, and that's something which is more about the ability to propose integrated solutions, not only producing energy and the right one, but also working on a holistic way on the site, screening energy savings, proposing the energy that is needed to, of course, fuel the usages. That's something we started, really, and to continue to push for technological developments and H2, biogas, of course, battery. I didn't mention battery because that's obvious. And we have to work on the two elements at the same time. Well, first, I couldn't agree with you more about energy conservation using energy wisely as the number one lowest hanging fruit. In fact, one of my heroes, Art Rosenfeld, who was a physicist, changed careers in the first of the oil shocks in 1973 and beyond, really pushed energy efficiency and he called it, no, it's not low hanging fruit, it's fruit on the ground. And I also agree with you, you have to make this transition in the lowest possible way. The end of Germany, perhaps, not as wisely done, but going to price, going to technologies. So is you, as the chair and CEO of Global Energy and Managing Board of Directors of Siemens AG, which is a company that supplies wind turbines, gas turbines for electricity generation, high voltage transmission distribution, digital factories, many of the components of the technologies that will help drive down price as well as not squandering the energy. And so where do you see Siemens in this transition and how, what can Siemens do to accelerate this transition? Well, thank you, it's great to be here. Well, I should not say that because I'm a Berkeley graduate and being in a Stanford auditorium is a little unnerving. So no, it is great to be here because we're talking about energy and the transition that we see happening throughout the world. I kind of look at it as there's four key aspects of what is critical for the transition, transformation to happen faster and to get us to that world of decarbonized, et cetera. Technology is a big part of that. Obviously from a Siemens perspective, our role is, and our passion is about bringing new technology and innovation to the market. And we see the influx and the benefit that that technology has had in the price point of many new forms of energy, for example, renewables coming in, at least improving. I mean, as Isabel said, there's still room to go there to truly be competitive, but technology plays a key role and it's not just new technologies in traditional areas like power generation, et cetera. It's also looking at new technologies and how we look at the energy system as truly a system and how we can optimize. If you think about moving to decarbonization in an energy system, we end up with a system that is much, much more complex, much more decentralized and through that, a lot new consumers, a lot of new producers, and through that creates a much more complex system. And so technology is also about how do we manage that complexity? Maybe I touch on just the other key areas of the energy transformation that I think are critical, besides technology. Technology, very important. But also if you look at what all the countries around, we do, for Siemens, we do business around the world. 190 countries. And we see so many different approaches to countries trying to achieve their goals around decarbonizing and improving, delivering on their commitment in Paris. And for us, what's critical is that all of those countries have the ability to not only analyze their own systems, but develop a roadmap that gets them to where they're going. And this is a struggle for many countries. And if you think about maybe looking at countries from a developed and a developing perspective, developed countries, we see a lot more growth, obviously in renewables and a lot more new technologies coming into not just power systems, but transportation and other areas of energy consumption. But what we also see is a lot of this, if you look at renewals, for example, these renewables, we need to find ways in developed countries to integrate those renewables more into the systems of today. A lot of these renewables are becoming decoupled from energy systems. If you think about the power system, for example, renewables are typically produced in more distant areas, areas distant from the consumption centers, also very volatile in there in, or can be volatile in their production. And as we grow renewables, we need to make sure that they're not decoupled from the energy system up today. So even developed markets have a challenge in terms of being able to bring new technologies, lower carbon energy sources to their markets and do it in a way that's truly complementary and helpful in their energy systems. If you look at developing markets, developing markets have a whole different challenge. I mean, there you have developing markets where you've got markets that are truly just energy hungry. Markets like China, which are growing so fast, they just need more energy. And they have a bit the same challenge as a developed market, but obviously they need to approach this challenge in a much more comprehensive fashion. Looking at different types of energies, how do we bring even more complexity together in a faster fashion? And then if you look at other developing countries, those that are, I guess you could describe as unelectrified, they have an entirely different challenge because they're having to change their energy through very local solutions because they don't have the infrastructure that allows them to do this in a more efficient, more holistic, larger impact fashion, countries like in Africa. So the geography, the country challenges are very distinct, which creates a difficulty in terms of managing the transformation. The need for new technology is obviously important for the transformation. Also in other areas, just the need for regulatory support. How can we get regulations, government support to also help accelerate the adoption, the development of innovation of technology and make it faster to bring this into, into the business that we have. So those are a number of key areas that I think are a challenge for our making the energy transformation to a cleaner world faster and more effectively than we do today. So it kind of adds to what Isabel is saying as well in terms of challenges, but maybe from a bit of a different perspective. So when you talk about regulatory support, I see forces where you have reverse auctions for wind that have really, and for solar, they've really driven the price down, but then the suppliers of wind and solar are being driven towards razor thin margins. And many of the regulators are thinking, no, we just want to lower the price. How do you, both from both of your perspectives, how do you see you don't want to be driven out of business? And what is the balance if you could be, you know, really in charge of everything? What would your wish be to, how do you balance driving the price down as quickly as possible if it has any, quickening the transition and yet, yet both Angie Siemens and all the other players have to remain in business as well. And so, Isabel, why don't you start and then see. What is critical when you manage a company is to understand where you can make a difference. So clearly at Angie, we are not a technology producer. We are not, for example, a battery producer. We are an integrator. So what we are doing is that, as I said, we try to analyze the situation of a client being an industry, for example, to understand the needs for energy, to optimize them, to assemble a lot of pieces, to upgrade the, for example, the cooling system or the air treatment system to manage to make it much more efficient and consuming less energy, fully equipped with IoT software now AI and able to continuously improve. So we are doing that. We are assembling that. We develop ourselves the softwares, which is in fact the integration piece, but we don't produce the device. We buy them and we assemble a solution. And then, again, we manage to supply the energy that is needed. And again, we assemble. Our goal and where we can bring value is more that, that just, quote unquote, produce simple solar farms. We do that, yes, but, I mean, the main part of, or the main space in which we invest is more to assemble this kind of holistic solution. One example, we, here in this country, by the way, in the US, we signed a very important contract with the University of the State of OIO, which is in fact a city with 100,000 people living there with 400 buildings, with schools, with et cetera. And that's exactly the approach we develop, is to say screening everything, trying to assess where are the room for optimization, investing ourselves. Because very often our clients, they keep their money to invest in their core business, or university, the core businesses, of course, to develop all the tools to propose the courses and to their students and to increase the level of quality for their students. So they don't want to invest in cooling system, heating system, et cetera. So we take that into account, we invest for them. We define a roadmap to decrease energy consumption, to in fact, concretely reduce energy bill. And we have skin in the game, that is to say that we are paid only if we effectively are able to do so. So we really behave as an integrator of the complexity you mentioned. And that's clear that we are moving from something that was relatively simple, with big plans, fueling networks, and clients very far, to something that is in fact fully distributed, where we look at the studies that's impressive. The assumptions are that in a few decades from now, 50% of the energy will be produced no longer in big plans, but locally on client side. So it means effectively a lot of energy sources, a lot of storages everywhere, and a very complex integration system that is able to optimize the wall. So here is the way we contribute. At NG we have decided to really push that a lot to fully align our profile of our company with energy transition. But an energy transition that is again competitive, our belief is that that's competitive energy transition in order to scale. Because if you're not able to come with something that is better for clients, not only from a CO2 point of view, but from a price and competition point of view, in fact, difficult to really scale up and to develop these systems at the right pace. So integration, that's in my view the key element, and managing to implement these integrated solutions, not only in developed countries like here, where in fact we improve the energy usage is yes, we go to zero CO2 yes, but also in regions where there is no access to energy today, and you all know that, there are a lot of people in Africa, Southeast Asia that have no access to energy. When you look at the studies, you see that's very interesting. You see that Southeast Asia probably is able to bridge the gap in the years to come. That's less true for Africa, where the growth of population is more rapid than the development of new energy infrastructures. So there is really a problem, even in 2050. So we need to propose some integrated systems allowing us to bridge that gap as soon as we can. Microgrid, decentralized solutions, in my view, are systems that are very efficient. In probably, so microgrid is a system where the scale of a village, for example, you install power production, solar, very often storage, and you collect everything around, and you don't need to have any big grid coming here. So, and that's a way to accelerate a lot, and probably what will happen in the energy space is what happened for telecom systems, that is to say that for some of these countries, they moved directly to a new generation of solutions. And in the case of energy, they will probably, I mean, not build the big national grids at the scale of a country, but go directly to decentralized systems that are, I mean, much more flexible and much more rapid to implement. So that's also something, I believe, we all have to have in mind. Energy transition is good for CO2, good for environment, but in fact can bring much more, I believe, in terms of development, and in terms also of independence for a lot of developing countries who, in fact, are very dependent on a few countries providing oil and gas. And these countries now, they have the ability to become more and more independent from an energy point of view, developing their own renewable energy resources. Okay, so I want some time left to address some of the questions, but Lisa, can I, I want to ask you first a very specific question. So here you have a system integrator and you want to move towards renewables. Siemens makes arguably the most efficient gas turbines in the world from thermodynamic efficiency, but yet those gas turbines are very expensive. High capex. When you are turning on those turbines, 80, 90, 100% of the time, every percentage can. If they're only going to be on 30%, 50% of the time, then capex is a huge problem. And so how do you see Siemens, which went all out to develop these wonderful technology but more expensive, and then your customers are saying, well, we might not only use them a third of the time. But I think what Isabelle highlights and your question is that if you look at the energy system of today, and it's getting progressively more and more this way, the energy system today is a combination of different solutions. So yes, the gas turbine is a piece of that and how much you want to invest in that piece depends on the balance of the system. And what we're seeing more and more, and you asked a moment ago, your question was about how do you balance the declining costs and the viability of companies in today's energy environment? And what we've seen, not just in our Siemens system, but broadly through all of our customers and business partners, is the more stress you put in the system, for example, the lowering of price points that we see in the market over the course of the last, really a few, maybe two to three years, the more you create the need for innovation. And innovation comes in place in equipment, the innovation we put in our gas turbines to be more and more efficient, to be able to ramp up and ramp down in a very flexible fashion so that we can accommodate the volatility and the intermittency of the energy system. But it's also innovation in business models, it's innovation in how we put systems together. So as Isabel said on integration, there's so much flexibility now that you can implement in an energy system that allows you to get the cost per kilowatt hour down, whether it be gas turbines, whether it's inverters, whether it's virtual power plants, the ability to put storage in, different types of energy generation, whether it's gas, renewables, et cetera. The ability to put all of this with some intelligence in the system that allows you to optimize and feed in and feed out. This is all the innovation that's come just in the last few years that is now allowing companies around the world to respond to an environment that's very different in terms of competitive drivers and price points. And just as an analogy, we saw this also in the oil and gas business. Several years ago, when the oil price of oil dropped from $100 a barrel to 40, oil and gas companies around the world have had to change in a dramatic fashion because they've had a shock to their market. And for Siemens perspective, we work with oil and gas companies everywhere as well. And these companies are bringing more and more innovation just to be able to respond now to a new environment. And we see that with energy globally. Everybody's more willing to adapt, more creative. Technology is allowing us to do new things and putting systems together. So it's a new world with respect to energy and it's only going to get more and more innovative, creative, competitive, complex as well. And we need to be able to manage that complexity which we typically do through the ability to leverage digitalization and digital twins and all of this optimization, visualization capability that we have now. So it's an exciting time within energy actually. So I'm going to go to some questions from the audience. There are two things that many people see as something in the near-term future we can do. One is to be electrifying vehicles for personal transportation, delivery trucks, short-haul. That could do a lot. The other thing is about you mentioned that we seem beginning to see hydrogen as an energy storage mechanism with the prospect of very inexpensive renewable energy. All of a sudden, electrolysis may become a reality. It is a reality. And well, I would say large-scale hydrogen production. Large-scale hydrogen production where the competition is steam reforming of natural gas. We're at the price of $1.50 a kilogram, $1.25 a kilogram. At four cents a kilowatt hour, impossible. Two cents a kilowatt hour, very possible. And so first, we're usually at least a seaman's role in that and then as a system integrator, how do you see, Isabel, how you can take this hydrogen, store it somewhere and then use it because that is a really good battery. Well, and we, I mean, for seaman's, we're in the same position as Isabel and Angie. I mean, we see hydrogen as being very important for the future, very flexible means of storing energy. We have a process and capability within seaman's to do hydrolysis now. It's not competitive yet, but as you go to larger and larger scales, 100 megawatt, 1,000 megawatt, gigawatt, it does become more competitive. So this is really going to be the future and we see it's being so much more flexible with respect to not just storage, but then the ability to convert excess energy, power, into other forms as being a way to combine these energy systems and provide more flexibility across different types of energy. So it meets both needs, storage, but also flexibility and is becoming cost competitive. But you have to store the hydrogen. You have excess renewable energy in wind, especially in solar and many other parts of the world, perhaps not in Northern Europe, but then you have to store the hydrogen. And So Isabel, where do you see, what are the other challenges you see in actually using hydrogen? Let's assume we get to two cents a kilowatt hour in a decade. Let's assume that the engineers and scientists have figured out how to lower the cap-secs by a lot. So it really is a cheap way to store energy. What do you see are the other challenges? We have to remember where we were 10 years ago with solar for example, right? Remember. Yeah, good point. I remember very well the terrorist for solar energy in France, which is effectively not one of the most, I mean, sunny country. We were at 700 Euro per megawatt hour. So I don't know if you are familiar with the prices of energy, but it's just extremely high compared to cost for nuclear energy, which is between 30 and 40. And it costs for thermal energy, which is a 40, 50. So we were there. Now we are at 60 Euro per megawatt hour in France. So we underestimated massively the room for improvement. So now hydrogen, so we have to decrease the cost by between two and three or less, that the order of magnitude, so you see this works a lot on that and energy, energy, too. But I really believe that it is, it is reachable. The question is to scale up and that's always the same. That's a chicken leg problem. So nevertheless, we see first big project in Chile where solar power is very, very cheap in Australia, the same, and even in Europe, you would be surprised. A country like Netherlands that decided to fully exit from gas natural and is currently building an ecosystem for hydrogen. So it is coming. It's not something that is just in a, I mean, in a dream of a few people. That's something that is really starting. So price has to be effectively strongly pushed down. Not only you're right, this is an ecosystem we have to build, so if we imagine that we will produce large scale hydrogen in Chile, for example, so of course there are needs for hydrogen in Chile, but the dream would be to be able to transport that hydrogen, maybe to liquefy it, some studies on that, and then to fuel some energy needs in the other regions of the world. So this ecosystem is absolutely not ready, but what we see is that on each part of this system, a lot of people are working, you have maybe seen what Japan is doing for hydrogen that is impressive. So this is something that is probably coming for the next decade, probably by piece by piece for big, large hydrogen systems, but also as for solar, by the way, solar, you have big solar farms, one gigawatt, nuclear tranche or the equivalent of that, but you also have very decentralized solar systems. For H2 it would be the same. So we are trying to work at the same time on very large systems, like the one I mentioned in Chile, for example, but also on very decentralized solutions, producing hydrogen on site, fueling stations, for example, for trucks. So we have to combine in these very complex systems we are now facing in the energy world, the different way we can leverage these new technologies that are coming. There is no unique answer to your questions. There is a lot of different use cases and for each one, we need to develop the right integrated solution with partners, of course. We are very complementary in fact. You're right. And what I hope is that we'll see in different regions, new initiatives regarding hydrogen. US is very active. There are already different initiatives, in particular in the transportation for trucks, which is probably one of the first large scale hydrogen usage we will see. So Lisa, I wanted to let you have the last word, but before I do, I just want to say that the prospect of storing hydrogen in a liquid form is more in liquid organic carriers. It's not to liquefy hydrogen to 20 degrees Kelvin, but to actually hydrogenate an organic solvent. And it turns out that you can store it at room temperature and the density of hydrogen stored in this form at room temperatures equal to that of liquid hydrogen. And so that technology is being pursued by a number of laboratories around the world. And this is one way of really getting very high energy density hydrogen that you can put in a super tanker, shipped to another country and stored on tank farms in that other country. So you have energy security and then generate the hydrogen when you need it, ship the organic carrier back to where there's lots of solar that's very inexpensive or lots of wind and both. Okay, so, but Lisa, I'm gonna give you the last word on where you see the prospects or what excites you the most of what Siemens can do in this energy transition in either the technology space or whatever you choose. I think, I mean, what I'm most excited about and predominantly from a Siemens perspective, but is if you look at where the energy system is going, the importance of digitalization. And if you look at where, I mean, it's amazing. We work obviously with different industries, not just energy, but other areas of the other sectors in a sense around what digital can bring to their business. And it is amazing the advancements that are being made in terms of being able to collect data, convert that data truly to information and then leverage that information in optimizing systems, providing more transparency, more visibility, greater economic gain, more stability. And that applies in the energy system more than anywhere. And that's what I'm most excited about because we've only just tapped the surface. If you look at, and I mentioned earlier that an energy system of today and tomorrow becomes much, much more complex. And if you look at in the past, for example, we've talked about gas turbines. The role that a gas turbine played in an energy system was a very significant role. And now that role is becoming less and less because you have new technologies, other technologies like storage, like inverters. You also have the ability to leverage digitalization to create virtual power plants. All of this allows us to do so much more in today's energy system that we're just now learning how to do. And I think as we grow in that space much more so, and that's an area obviously that Siemens were very focused on, how do we leverage software? How do we make, collect data through different processes and develop applications to drive change in energy systems? That's where the future is. And that's what's going to allow us to continue to manage the complexity that we're putting in energy systems and do it in a way that continues to drive better and better results from an efficiency, from an environmental and from a cost perspective. So that to me is the future. So actually I should mention that if you go to the showcase outside, there are a number of startup companies, including several, what I would call department of energy alumni. Arun and I were in the department of energy who are actually part of these startup companies that are really trying to exploit this information, the internet of things, all this thing. So you can use what we have much more efficiently. So time is up, the old red dot is blinking. So I would say to Lisa Davis, you see Berkeley alum as I am as Arun Majumdar is. So you're among friends here. To Isabel Kochert, am I pronouncing this right? Who started life in the Colonial Mount Superior as a physicist in quantum physics. So also very, very good taste. That's the best liberal arts education you can possibly have. And both have gone on to achieve great high studies. But also great responsibility to actually nurture and propel this transition. So I thank you both very much. Thank you. Thank you very much.