 Okay. I'm Nobu Tanaka. I'm the chair for the workshop 2, the energy and climate. The unpredictability in the energy sector is just the huge issue. Especially this is triggered by new President Trump of his geopolitics. When I was the head of the International Energy Agency in Paris, I was invited to the G8 summit lunch in L'Aquila in Italy. It's 2009. There's a big lunch hosted by Prime Minister Berlusconi, and many African leaders were invited also. The guy who was sitting next to me was Gaddafi of Libya. I had a good chance of talking with him about the common friends, the Secretary General of OPEC. Gaddafi raised hands and he started talking about the problem of Africa caused by the colonialism of the Western countries. Nobody can stop him. He's talking, talking, talking 30 minutes. Berlusconi cannot stop. So then when he finished, Zuma, Mubarak or other African leaders echoed him, the colonialism, the problem. Then came newly presented President Obama of the United States. He raised his hands, yes, I know the issue of Africa because my cousin is Kenyan. But he told me that the problem is corruption. He had to pay the bribe to the government officials to get the job. So corruption is the issue, but corruption didn't come from colonialism. That is what Obama said. This is fantastic discussion and then came Melkel, Sarkozy, Brown, all said, right, corruption is the issue. The discussion moved away from colonialism to the corruption. But problem didn't stop there. Gaddafi said at that time, at the lunch, I was asked by US and UK to convince North Korea to stop their nuclear development. Just as he did. But he failed. And some friends of Gaddafi told me that Gaddafi, until the last moment, never thought the United States will come to kill him. And this sent a huge message to North Korea, unfortunately. So North Korean Kim Jong-un is now saying he will never repeat the mistake of Sane and Gaddafi and continuing his work on the nuclear weapon development. And my concern here is that Obama administration didn't think about North Korean impact of their decision of intrusion into Libya. And if Mr. Trump will copy the same mistake of Obama and nullify the agreement with Iran, it will again send a huge negative message to North Korea or whoever to try to develop the nuclear weapon. So the linkage of geopolitical risks in North Africa or Middle East now spread to the Far East with North Korean crisis. This is an issue of energy geopolitics globally now. So Mr. Trump is creating this huge unpredictability in energy security, but what is his impact of withdrawing from COP 21 agreement recently? Our discussion is showing that certainly it impacts the Paris Accord, especially in the financial agreement, but the market is moving toward more cleaner economy, such as the states, the blue states, especially in the United States, will never retreat from the very stringent rules of the climate change mitigation or carbon emission reduction. And companies will follow to developing more electric vehicles or cleaner renewables technologies. And still the cafe standards, very stringent cafe standards for the future has never been withdrawn. So regardless, and also that one big element in the United States is very cheap natural gas. Shell gas revolution makes the gas so cheap that it replaces coal. And Mr. Trump will try to help coal industry, but probably economy market will never ever let coal come back again. So the Trump's withdrawal of Paris Accord, yes, it has some impact, but probably energy sector market will follow the very stringent current or trajectory toward cleaner economy in the future. That is one of the very surprising but interesting conclusion that we have discussed there. Coal is a problem. China, India, ASEAN countries will continue to use coal because it's cheap and abundant, but it's a full of CO2 emission air pollution. So some kind of new technology, cleaner coal technology or carbon sequestration and storage is necessary, though it is very costly. Norwegian government succeeded by huge carbon tax of $60 per ton and start oil of Norway is starting CCS as a commercial venture. So it depends on the government determination to really reduce CO2 emission by coal or some gas. Interestingly enough, some of the panelists said in our workshop that Germany cannot phase out coal because of labors, coal miners. So Germany committed to that, of course, coal process, but they can phase out nuclear but they cannot phase out coal. Not Mr. Trump, but Germany is dragging feet for the agreement for the future of the COP 21. This is a very interesting finding for me. Renewable energy is coming very strongly. Technology's cost of photovoltaic is coming down very, very fast. So can we achieve 100% renewable society in the future? This is one of my questions to the panel. Yes, it may take time and it may have a cost implication, but people say, yeah, it's possible that renewable 100%, depending on the country, depending on the region, depending on the resources for the country. The Morocco person, experts, came in. In Morocco, the success of the solar power is enormous because in the auction in Morocco, the cost of solar, which came into the market was just 3 cents per kilowatt hour. This is the cheapest cost of solar in the world, by the way. So in Morocco, it's aiming at 52% renewable energy for the power generation by 2030. So this is a great opportunity for some countries, even developing countries to move away from coal or fossil fuel to the renewables if the government has the determination to do so. Nuclear power has a problem. After Fukushima accident in Japan, the cost of nuclear is moving up, Western house is in collapse, and probably the big light-water reactor cannot be built in OECD countries anymore, exception is probably U.K. But how many reactors they can build, it's a big question. So maybe it's China, India, Russia who will build more and more reactors, but we are very afraid that Korea, Japan, Taiwan, U.S., building the new reactors to replace the old one may not necessarily be a good case. We need to find a more sustainable nuclear power, passive-safe, proliferation-resistant, easy waste management, this kind of new technology, small modular type. So we have to change the paradigm of nuclear to be accepted by public opinion. We may need more hydropower. This is another green energy, but environmentalists are many countries against building hydrodome. Will peak demand of oil coming? This is another question I raised to the panelists. Many of them said, well, it may take time. Not easy. But Saudi Aramco came to Japan about a month ago and hosted a big seminar about hydrogen, because they think with electric vehicle will come very substantially in Europe, in China, in India, and eventually combustion, internal combustion engine vehicle will be replaced by electric vehicle of fuel cell vehicle. This means that big, big threat to the survival of Saudi Aramco. I asked this question to Patrick Pouyane on the dinner on the first day. Saudi Aramco, at least, there's a chance that peak demand of oil may come much earlier than we are expecting now. So we have to prepare that kind of situation, even though the common sense of energy-related people, this is not happening so easy. So the cooperation should prepare for the energy future. And very interesting, Totao, Patrick Pouyane's initiative in Totao is such that he created a department called strategy and climate. So his idea is incorporating climate, mitigation situation into the corporate strategy. So integrating these two together. And Totao has a very high internal carbon price, 35 dollars. When they try to invest into the new technology or new ventures or new upstream, downstream project, they will charge 35 dollars of carbon from the possible revenue to them. So this kind of policies or strategies is a very, very significant change. The climate change people are trying to introduce carbon pricing by emission market or carbon taxation, but we never succeeded more than two decades. Probably it's very difficult to harmonize this kind of institutional carbon-related strategy, but if cooperation is setting internal carbon pricing and the financial market will judge, evaluate the corporate strategy of ESG investment, environment, social, and corporate governance strategy is the criteria for the future investors. Japan is moving to ESG by the GPIF, the government pension fund, is now putting ESG as a major criteria for their investment. So financial impact impetus to the companies will make climate change mitigation much, much more possible in the future regardless of what Mr. Trump will do, what German government cannot do. Regardless of government action, maybe this is a future of the emission trade, emissions, let's say, climate change mitigation. Final comment for me is that even with this reality, the government can play a very important role. When I was a head of the IA, I'm always saying the government policy must be always predictable or stable if possible. The private sector invests in the energy infrastructure but it lasts 40, 50 years. If government take policy of on, off, on, off, on the energy-related issues because energy policy is very political in many cases. Nuclear is a case. Renewable is a case. Hydrodom is difficult. So if government change policy, who in the private sector invests for 40, 50 years? So the government should certainly play a role. International coordination is necessary but private sector effort will yield a very significant for the future of climate change mitigation. Thank you very much.