 Thank you very much, Oskar, and now the floor is for the first keynote speaker, I guess. So please, Minister, the floor is yours. Good morning, everyone. Thank you to the university for hosting this event. And with such short notice, we should have been in Chile, as you know. And unfortunately, we couldn't. We're very thankful to Spain for their support. Thank you, Jeffrey, for this invitation. I'm very glad to share the stage with you. As you know, Chile is a very distant and small developing country. But we have committed ourselves to be carbon neutral by 2050. We think that global climate change is the biggest challenge of our generation. So even though we are responsible for less than 0.3% of global CO2 emissions, we will do all we can to be part of the solution. We are not naive, though. We know that our contribution to fight climate change will be materially insignificant. And that we could be better off simply free riding on the efforts of others. But we believe that this is an area in which ethical behavior must override any particular interest. We're going to work to be carbon neutral by 2050 because that is what science is telling us. Because it is what future generations deserve. Because it is the right thing to do. Our carbon neutrality plan is ambitious, but its essence is simple. We will clean our electricity generation capacity to then replace fossil fuels with electricity across different sectors of the economy, transportation, mining, industry, buildings. To understand how we plan to do this, to understand our energy sector, its opportunities and challenges, it might help to start by taking a look at our geography. Chile is a long string of land pressed between the Pacific Ocean and the Andes. 4,300 kilometers long, but on average less than 200 kilometers wide. It's with his ideal for hydroelectric generation, as the difference in altitude between the Andes and the Pacific Ocean produces very energetic rivers in the south of the country. Until the late 1990s, we relied on that hydroelectricity to generate, on that hydrocapacity to generate electricity. It was reasonably cheap and made us electricity independent. But in 1998, we had a serious drought that resulted in a severe electricity shortage. Chilean families spent a long winter without electricity for many hours each day. So we developed new capacity, taking advantage again of our geography. With our neighbor Argentina, which has enormous natural gas reserves, we share the longest border in Latin America. So we built seven gas pipelines and several combined cycle power plants to produce electricity with Argentinian natural gas. That worked pretty well until 2004, when our neighbors had some internal troubles. And guess what? They cut the gas supply to Chile. To overcome this new crisis, we burned a lot of oil to generate electricity and then built several coal power plants to solve the more structural problem and the terminal to import liquefied natural gas. Paradoxically, hydrocapacity had already become very hard to develop because of opposition from environmental groups. But that is a different story. To make a long story short, by 2013, half of our electricity was generated with coal, which we don't have and must therefore import and ship long distance to our ports, geography again. So how are we going to clean our electricity generation matrix? First, we need to replace coal, which last year still represented almost 40% of our electricity generation. This is an ambitious commitment for our country. But with dialogue, we are making progress. Earlier this year, we reached an agreement with the private companies, including AES, NL, NG and local coal boom, to phase out all their coal-fired power generation by 2040. The companies agreed to do this with no compensation from taxpayers. We are also working with them to retrain and relocate workers who will lose their jobs. The phase-out process has already begun. An aid of the 28 coal-fired power plants operating in our country will be decommissioned by 2024. Second, to replace coal, we will fully develop our renewable energy potential. There is broad consensus in Chile that our energy future is renewable, given our abundant natural resources. As President Piñera said, we were poor in the energy resources of the past, oil, coal, gas, but we are rich in the resources of the future. The exceptional solar irradiance of our Atacama Desert is the highest on the planet. Yes, you're right, geography again. In fact, two-thirds of Latin America's current solar capacity is in Chile. In 2012, we had less than 3 megawatts of solar capacity. Today we have over 2.5 gigawatts, representing more than 10% of the matrix. And 97% of the generation projects under construction are renewable. We are also aggressively developing wind as well as CSP and geothermal capacity. As a consequence of all this, we are reaching our own clean energy goals earlier than we expected, and therefore we are increasing our level of ambition. Nonconventional renewable energies such as solar, wind, small hydro and others now represent 20% of our power generation. This was a goal that we had set for 2025, which had seemed at the time to be an ambitious objective. We reached it six years early. Furthermore, four years ago, we set the goal that renewable energies would provide 70% of our electricity generation by the year 2050. Recent projections show that we will likely reach this objective by 2030, that is two decades ahead of time. And we want to be even more ambitious. Our renewable potential is enough to supply the electricity needs of four Latin America. This potential combined with a very dynamic, open and competitive sector makes us think that we can become an exporter of renewable energy through regional interconnection with Argentina and Peru. Third, as in many other countries, one of our key challenges is flexibility. Flexibility, as you know, is essential to ensure reliability in a system with a growing share of renewables. We are actively working in permanent dialogue with the private sector to put in place the right economic incentives for those who can provide flexibility to the system. We believe that gas, hydro and storage can play a very important role, but we're going to be technologically neutral, will not pick winners and will remunerate flexibility coming both from supply and demand. Fourth, we see huge potential in green hydrogen. In addition to its role as a fuel and as a storage option to enable greater power system flexibility, it is also able to act as a clean energy vector. Green hydrogen is an area of special interest for Chile given that our abundant renewable energy resources would allow us to become a significant exporter. We are setting up a collaboration framework to bring in the private sector and academia to develop pilot projects that use solar and wind capacity to produce green hydrogen. We are also developing the required regulation. In sum, we feel confident that we will be able to significantly reduce the emissions of our electricity generation matrix. That in turn will allow us to electrify other segments of the economy that currently use fossil fuels. I don't have time here to get into all the details, but we're working on electromobility, especially in public transportation and energy efficiency across economic sectors. Santiago, our capital city, for example, already has the largest fleet of electric buses outside of China and we are putting in place incentives to accelerate the adoption of private electric vehicles. We are also negotiating legislation in Congress to promote energy efficiency in industries, buildings and the public sector. We are convinced as well that carbon pricing should play its role and that an emission trading system will be essential to accelerating this transition and to making it economically efficient. Before I finish, let me share with you three ideas or concepts that have been important for us and that I think might have relevance outside Chile. First, I'm convinced that to be successful, we need the political will to commit to carbon neutrality. President Piñera demonstrated that we will. But we also need to ensure that our carbon neutrality plan is not our government's plan, but our country's plan. I know this sounds obvious, but politicians tend to politicize issues and this is not an issue to be politicized. Political cycles are too short and the solution to this problem requires stamina. That is, the ability to sustain efforts over long periods of time. So our plan and its specific measures are being discussed with all relevant stakeholders, including the opposition and are being developed with the private sector. It is companies that will make the investments. The government will only put in place the regulation and the public programs to give companies the right incentives to navigate the transition. Second idea. We must not let economics replace ethics, nor ethics replace economics. This is what I mean by this. The decision to be carbon neutral by 2050 is an ethical one. It is a decision in which the balancing of costs and benefits of economics does not work well. Simply because the costs of doing nothing are impossible to calculate. Science has been very clear about this. So as in other ethical decisions, we must do the right thing. We must not use economics when we must resort to ethics. But after we have made the decision to be carbon neutral, however, we need to decide how are we going to reach that goal. Then it is time to gather economists to determine the best possible strategy. And we must be implacably rigorous in our calculations of costs of alternative measures. That is why we're making sure that the different measures of our plan are prioritized and sequenced considering their profitability and cost effectiveness. If the investments required are not profitable, carbon neutrality will be very hard to reach. Or it will cost taxpayers a lot of money. Money we must use responsibly. Some people think and argue that we must do whatever it takes to fight climate change regardless of its costs. And some even criticize market mechanisms or carbon pricing as immoral. They use the ethical strength of the end to support inefficient means. They appeal to ethics where we should be using economics. Third and finally, I want to stress the importance of capitalism in this challenge. When discussing global warming, many voices would like to do away with global capitalism and free trade, blaming them for the problem. It is true that economic growth in recent decades has relied upon burning fossil fuels. And it is also true that we will need efficient public institutions and good regulation. We will need more and better science and academia. We will need to rethink the basics of how we do many things, including our personal habits. But without the innovation, the transforming force and capacity for adaptation of private companies, we will not be able to solve this problem. If we throw overboard the system that we have built by trial and error over so many years, we will only move backwards. Let me finish now. I hope that the effort we're making in a small and distant country with a very peculiar geography, a country that is going through a difficult time, but is nevertheless committed to this cause. I hope that this effort might help others take the steps required to do the right thing in the fight against climate change. In this fight, our destinies are tied together. We can only contribute with our 0.3% and with a couple of thoughts. I humbly hope they help. Thank you.