 Rwy'n cael ei ddweud y cwestiynau a gweithio'r panell. Mae'r panell yn ei ddweud y gallwch gael arall ac yn ymddangos, mae'n cael ei gael ar y cymdeithasol, mae'n cael ei gael arall. Rwy'n cael ei ddweud o'r syniad o'r cyfnwys yw'r cyfnwys. Mae'n cael ei ddweud o'r cyfnwys i'w cyffredig yn y sector a'r hollwch ar hyn. Jeremy wedi bod yn y cwestiynau i'r Tony Orbyn o'r gweithau â'r cyfnwys i'w gwahod i'r ffriaenwyr. i'w rhaid i'w gynhalu mater i'w gyrorth, i'w gyrhots, i'w gyrhots, i'w gyrhoedd, ac mae'r cymdeithlo yma i gynhalu ofynol i'w gyrhaffodol yn ysgrifol ac mae'r gyrhog i'w gyrhwyngiol i'wn gwithio gwaholeis. Y gyrnod, Robert, yn fyrdd yma, o yr arteasnol a'r ysgrff curel sydd o ddiweddolol, i'w gyrhaffodol i Thoni. Sam Jones, rhai i'r ddweud i'r ein mhwneud, fe'n hynny'n ddiddordeb yn meddwl gyda'r cyfryd yn gweithio'r ddweud i ddweud i ddweud o adrodd ddweud y ddweud. Nigel, eich Gwleir y Ffraeg a Llyfr, hefyd yno bwysig o ddweud yn oedol a'r ddweud i'r erbyn. Felly, roedd yw'r ddweud i'r ddweud o'r ddweud o gwasanaeth, a'r ddweud, eich ddweud o ddweud o ddweud yn y ddweud i ddweud Peter courti frung gana. Where is the environmental challenge? Where is the corruption issue? Finally, a leader svann from Vietnam said environment green mining. What do you think of EITI etc. Okay, so, five minutes? Okay, can I start? Who wants to go first? Tony, Tony. You look at brave men to answer these questions. Thank you very much. I might combine some of them, Yn ei wneud, y byddun ni'n ffordd i'r ystyried, y byddwn ni'n ffordd o'r ffordd honi. A phorthod i'r sefydlu o'r rhai a'r llygaidd ac i'r llygaidd. Ond rwy'n gwein fod yw ym yn yr ystafell ym mhiliadurau o'r ystyried o'r ffordd i'r awwyll gysylltu a'r yma yw'n ei oblygu. Yn dyn nhw'n'r cysylltu o fe wni'n adeiladu ddefnyddio ymlaen i'w melynodd y lleol iawn. In fact I've done some work in that area. I did an article on living, living, let's live, the title was live and let's live, how small scale mining could live with large scale mining. But again it had long been perceived as an illegal activity. In Ghana it was not until 1989 that a law was passed to allow small scale mining to exist. Rwy'n fnerd, mae'r ystyried i ddweud symud ioli i ddweud lleiwyddol yn yr unigraff. Mae gyd- i'n cysylltu'r Unetag i ddweud ei ddweud yr unigraff i ddweud ddweud cyfyrdd o'r rei felly lleidio iawn i bwaeth. Felly, mae'n dweud yn mynd i'n cael ei gweithio yma, felly mae'n cael ei ddweud yma, roedd y tro o wahanol rhyngwg a'r ddweud y gweithio'r ysgolwyr. Yn y gofyni'r amser Jeremy, Jeremy yw i'w fydd yw'r ysgolwyr o'r ysgolwyr. Yn y gweithio, rwy'n dweud yna'r ysgolwyr yna. Felly, y dyma'r ysgolwyr, y dyma'r amser yn ymddiolol, yna'r ysgolwyr yn ymddiol, yn ymddiol, yn ymddiol, yn ymddiol. Ymddiol, dyma'r ysgolwyr, yna'r ysgolwyr, yna'r ysgolwyr trying to accommodate these appropriations their impact before you start mining there's a requirement for you to undertake environmental impact assessment which the EPA supervisors. And then after that you have to come up with environmental management plan and you pay for it it is a kind of polluter poish thing. So the the government recognizes that and there's regulation ar hyn. Now, as I was indicated earlier, companies have become a bit more enlightened than before. So these companies do not want to pollute first before trying to talk to the community. So I think there's a growing harmony between companies and communities. When I started mining, working in the mines, not mining myself, not a week went by without a clash between a company and a community. Now you hardly find that. So I believe there's a bit of some stability there. So these are my comments. Okay. Can I ask Catherine to join in at this point about, because I know you're an expert on the gas industry. I know you can't answer the detailed question about sort of high and low, but you also might want to respond to some of the other issues. Great. Thanks, Tony. Let me pick up first on the environmental issues, because I think there was a comment here on how a company is responding on the climate change agenda. What's very interesting is that there's a number of initiatives now. For example, Mark Carney, the Financial Stability Board set up the Bloomberg Commission, which then came out with how companies disclose their climate risks. So companies now, this is a voluntary disclosure system. It's not mandatory, but there's a very large number of institutional investors now who are requiring big companies, particularly in the extractive industries, for example, to report. All companies have done internal assessments on climate risks. Most of them have a carbon price, you know, which they factor in, but these typically haven't been shared publicly before. So this is now a process to get companies to disclose what are the material risks, because there's a lot of divestment campaigns, which I'm sure you're familiar. But on the broader environmental issues and a number of people picked up on how a company is dealing with it, well, there are the international standards, which is the IFC, and that's generally well recognized, but they tend to be a bit more on the side of the do no harm rather than on the opportunities around this. So there's been some quite interesting examples in Asia, for example. So Thailand has a very active citizen and NGO community, which is monitoring a lot of the potential coal developments or existing coal, and they've been very active in actually getting their issues in front of governments and the media. But there's also this NGO in the Philippines, which is monitoring air quality in cities in Asia. 99% of all cities in Asia are polluted way above the WHO guidelines. But this is putting pressure on governments such as China. The big push in China to reduce their energy mix from coal has come about to some degree because of the citizen action around the really bad air pollution in major cities. So citizen action can actually be deployed quite effectively to help governments to start to address these challenges. On the gas, Tony, I mean, I don't have the numbers at my fingertips, but Wood McKenzie certainly does. They do broad analysis of all countries, what the tax regimes are, what is the take between the company and the government. And there's a very wide variety. You've got some countries where it's a sort of 95% all the way down. So I mean, there really is a broad variation, but Wood McKenzie is the best source of the day on gas. And actually this illustrates the importance of sharing of tax information as much as possible across governments and also with the public. Evelyn, can I turn to you on some of the questions around automation and local content? We're running out of time, so just sort of be selective. Automation undermining industry, one is sort of related to what Joseph Stiglitz was saying this morning, the sort of reduction of wage, the component of what companies would spend on an increase on the side of capital, which I suppose would sort of mean that people in Germany get more jobs, but not necessarily South Africa where local employment would otherwise be generated. I think another issue behind that focus on the lessening of opportunities for local content is that the local content debate is very narrowly focused on supplier development. That is companies that supply into the industry, often with a focus on actually the sort of manufacturing like fabrication yards and things like that. I think it might be useful to distinguish there between whether you want to really develop suppliers that supply only into the industry and then become very dependent on the industry or whether you focus on the sorts of goods and services that are transferrable across various sectors where it makes sense to look for a broader demand, but the sector also needs that so that the learning to produce those and provide those sorts of goods and services can piggyback on that there is demand from the sector, but there is demand also beyond that. So I think that sort of distinction between very narrowly focusing attention towards supplier development versus what is needed for sort of more general broader enterprise development is part of that question. There is also the question about good institutions not being a precondition, that's not what we're saying. We're saying it is not enough to say that good institutions are what is needed and they're certainly not sufficient because it's very difficult to say what good institutions are and it's very context specific. If you look at a lot of the economic literature, particularly that that uses institutions as a variable, as an input factor and then looks for a proxy to use that in quantitative analysis, tries to pin it on something very specific such as have you had a national stabilisation fund or something like that. You look at the example of Chile that may well be what saved them and was very important for them, but for other countries it may be something very different in terms of what positive institutional change may be. The Ghanaian example of six authorities responsible for the same thing fighting over what is really in place or regulation where it's unclear who actually carries the responsibility to then be accountable for what they're doing, that's the sort of thing that where it goes a lot deeper than focusing on this very superficial what we need is good institutions and then really just kind of picking this and picking that because it makes it easy to advise, but really the difficult things we're not willing to look at. That's really my point. I'm not saying that the institutions are not important. They are very important, but let's please not use a very superficial definition of what good institutions are. Okay, thank you very much Iban. Andres, do you have any sort of final reflections? I mean, Chile in some ways is very well placed on the environmental area, on the potential of lithium for the renewables revolution. It's not just a story, is it? You've been very successful on the macro side, but these things must look quite good. Well, yeah, I would say when in lithium, the thing I mean that has been some controversy in Chile in the sense that on how to exploit, Chile has one of the largest lithium deposits in the world, so there's a big potential there for what I see is but basically it is being exploited by two companies. One is a national privatised company and the other is a foreign corporation. Well, I think the problem is how to increase the degree of value added in the extraction of lithium. I mean, one of the problems in our export structures is that copper has a relatively low or intermediate degree of value added and elaboration and how to avoid this feature in the lithium sector, I think is an important issue. And the other is level of royalties. I mean, since it's run by the private sector, to what extent the public sector can share some of the public sector as a representative of society as a whole, ideally, how can I get a higher share of income? I think that's, but lithium is a very promising sector. That's very important. If I actually goes to Peter's point about, you know, resource curse and also, you know, several countries, probably what they have ahead of them is a resource curse coming from the demand of renewables, electric vehicles and so forth for cobalt and lithium. I mean, DRC in some ways is already entering this scenario. Finally, because we really are running out of time, we need some coffee. Alan, some final reflections. I think most of questions have been answered. I'm very, I'm noting that your question has not been answered because it's very difficult to answer. I think you're stressing our taxonomy to the point of it breaking. I recognise the example you gave. I can come up with many similar examples of the slightly arbitrary government intervention. Whether that deviates from the proposition that a particular government, you know, I use the example of Ghana and Tanzania, are generally, you know, relatively effective. It's a relative term. It's not an absolute term. I wouldn't change that statement, but that doesn't mean that I do not understand that there are cases in those countries and similar countries where we get this arbitrary intervention, which would cause difficulty. So I'm not really answering the question. It's a very good question. Come and work with us and fine-tune that taxonomy to make it more effective. I think the, what I'd like to comment on briefly again, the point on institutions, Evelyn's already answered Sam your point that we weren't in any sense saying that good institutions can be sort of predetermined. We indeed, you know, a lot of the work that donor agencies have done have been to sort of play around it. I worked in the Soviet Union for the World Bank and I saw how easy it was to get a new law passed in Ukraine. Extraordinarily, it took me, as someone who knows nothing about law, to get about two weeks to persuade someone to pass a new law on something. It meant absolutely nothing. That's the formality of law. You know, the institutions that matter, the ones that are sort of embedded in the will and customs of people and are sort of acceptable to people, the sort of comments that we had in the early lecture on day one. I think the points about local content, I would really like to argue, they should be much more embedded rather in this transformation process. I think, you know, what we see very commonly in Africa is a sort of view about local content that says the mandated targets, you know, by a certain date company X must be buying 15% of its procured goods and services from the local economy. This doesn't work. It's a form of protectionism. You know, when the industry no longer exists, that activity of supplying that 15% or whatever it is, is no longer viable. I mean, I think it's much better, and this is argued more carefully in the chapter by Ollie Ostinson, to look at the systemic reasons why companies are not able to supply why the capacity is so low in countries like Mozambique. You know, look at the 101 reasons why SME businesses in the regions where the extracted companies are operating are not able to expand to meet and obviously increase demand for whatever it may be. And so I think that feeds into the more general policy about governments when talking about extractors, formulating a long-term industrial strategy in which they see the opportunities from the demand linking to a lot of expenditures which would previously not be there without the extractors. And I think above all here we have to think about the expenditure which is indirect. When we talk about local content, we think about the mining companies buying from local suppliers. We think about the incomes that are created from mining companies and then the second round effects, the multipliers if you like, you'll get probably a multiplier four, five, six times of expenditure compared to what the mining companies themselves spend. You want that expenditure to be able to meet a supply from local small businesses, either ones already exist or the ones that can be created. And that requires generalised government policy and not very specific policies which have the local content label very important.