Jim, Mike, thanks for joining us. Mike, tell us what's
happening on the policy front to really drive innovation in the
climate space?
Well, it takes both policy, technology, and markets to move
this energy transition. And, really, across multiple
geographies right now, we are seeing governments take action
that help across all three of those. On the very earliest side
of things, we're seeing both public investment and policy
that's driving enhanced work in research and development, really
driving the foundations of all of the innovations we're seeing
in the market. We're seeing lots of public funding and policy
to drive tax incentives and other kind of carrots that make
people do the things we need to drive these innovations to
market. And then we're seeing, particularly in the US, things
like the bipartisan infrastructure law, which put in
place long-term support for building projects again and
getting these things to not be one-off projects, but to build
industries. And Jim, as Mike was saying, government is one part
of it. How is finance coming together to drive the change?
Yeah, great question.
We are observing that about half of emissions can be reduced by
products that are already market competitive. So, actually the
market is coming in just, as Mike was saying, the market is
so important and it's coming in already to do what it needs to
do. And, there are some parts of emissions that can't be reduced
by something that currently is market competitive. There's a
green premium for it. And, so, finance is really coming
in--beginning to come in, I will say--to help to fill that gap.
And the thing I'm most excited about is actually
work that we're partnering with Breakthrough on, on Breakthrough
Energy Catalyst, which is a billion and a half fund of
concessional capital, flexible concessional capital that can
help fund first-of-a-kind projects. And it's already put
out over $300 million to support five projects that wouldn't
otherwise happen on technologies like long-duration energy
storage or direct-care air capture. And that will be
critical to bringing down that green premium. Mike, for you,
what makes you most hopeful about the next few years?
Honestly, what makes me the most hopeful is to look back at where
we were just five years ago and see where we've come today,
right? I mean, so many of the companies that are showcased
here at this summit, there's a hundred plus companies that are
bringing their innovations here. And honestly, five years ago,
most of them weren't around doing this and they weren't
certainly attracting the kind of investment that Jim's talking
about that is happening in large numbers. And many were not
anywhere close to building their first thing, their first
sustainable fuels
facility, their first hydrogen project. And today that's
happening in a way that looks way more at scale than we could
have hoped for. And Jim, the finance is coming together now.
What are you hoping it'll achieve? Well, I'm just excited
to see the results of these projects that are happening at
large scale. And then that will bring the green premium down for
these critical technologies. And then the market will jump in, in
force as as markets do so well. Well, that's very hopeful
Jim, Mike, thank you both for joining us. Thanks. Thank you.