 Trade will change as the global economy decarbonizes quite profoundly actually and this is a geopolitical issue. Changes in the geopolitical landscape have far-reaching implications for sustainable development agendas. At the same time, changes that are needed to reduce greenhouse gas emissions and to limit climate change will have geopolitical repercussions. For example, declining fossil fuel demands will shift the geopolitical landscape and developing new sources of energy and materials for transitioning away from fossil fuels will have consequences. MISTRA Geopolitics examines these questions in its prioritized research theme on decarbonization. The current situation is making clear that the decarbonization agenda of the European Union is very dependent on what is happening on the international stage. And this has been true for a while and will be true in the future because Europe on the one hand cannot decarbonize autonomously. It needs material, it needs support from different partners and it needs to be able to rely on its supply change. But on the other hand what Europe does internally also affects its partners, for instance the countries from where it imports fossil fuels. And we really need to have a good understanding on how to avoid risks and what Europe can do to help those countries pursue a transformational decarbonization agenda. In terms of geopolitics affecting the financial sector I think we've just now seen recently quite a prominent example of that where governance have been able to place sanctions and restrictions to international banking for example having pretty severe consequences for the Russian economy. Geopolitics in general impacts the financial sector in several ways today. First of all it describes the risk landscape. We need to understand political risks. But I also think it starts to influence capital flows. It will be more natural going forward to invest closer to home. It will be not as easy for an American investor to go to China. It will not be so easy for a Chinese investor to go to Europe or US. So I think there are very strong drivers in the making right now. You can think about it as public finance and private finance being aligned with the carbonization goals. And in the public domain it can range from public procurement, investment in infrastructure but also development finance that goes to other countries. And in the private domain you need the structures that give incentives for the finance flows to go to green goals. And the European Taxonomy for Sustainable Finance is one such example because it defines clearly what is green and what is not. I think the finance sector can contribute in two ways to reduce CO2 emissions. One way is to encourage all portfolio companies, the companies that we own to set their own CO2 targets in line with the Paris Agreement for example or more aggressively. The other way is to do direct investments for example in renewable energy. At Mr. Geopolitics we've done some research to help us understand these links and we suggest that there are three dimensions to structure this. First is the substance of trade. So what commodities will be traded in a decarbonized global economy? Then the second dimension is the institutional dimension. So how do we make sure that our trade institutions promote green trade but also discourage carbon intensive path dependencies? And the third dimension that we suggest is the transportation. So how is trade made possible? You could see countries for example pursuing crash mitigation programs where they're investing a lot of time and resources into carbon dioxide removal, bioenergy with carbon capture and sequestration which uses a tremendous amount of land. That land is currently being used for other things in many cases. So who makes those decisions going to be a challenging question of international governance? How the transition is achieved from a carbon-full economy to a carbon-free economy? It's a huge transformation. It actually therefore carries a lot of risks and those risks need to be managed. So for me the slogan is not just to achieve a transition from brown to green but is to achieve a just and peaceful transition.