WEBVTT

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We have been in the journey of
building the climate

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sustainability business together
now for three years.

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It's a nascent space for the
world, but, at the same time,

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it's developing rapidly, right?

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You said it well, the developing
rapidly resonates.

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And what I love about where we
are is the evolution and the

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specificity of the dialogue from
convincing clients, phase one,

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that this is an issue.

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Phase two, convincing them to
set a target and deliver against it.

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But where we're really finding
ourselves now, it's not just

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about setting a target, it's
about building the solutions to

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accelerate the transition.

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And it's not just a good thing
to do anymore, it's actually

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where the growth is, where the
new profit pools are.

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I feel when we convene those
groups, we know the one common

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denominator that we see in those
discussions is that this is a

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at-scale, large CapEx game.

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These businesses are
underwritten on the 10-year

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climate trend, not the 10-month
climate trend.

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And the 10-month climate trend
we've seen is very volatile,

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right, given the politicization
topic.

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But the 10-year climate trend,
you can underwrite.

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And that's why capital is
excited and corporates are

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excited because the direction of
travel in terms of where these

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green value pools are going is
clear.

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And, therefore, if you go into
these spaces with long-term

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business-build mindset, you are
going to participate in that

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upside over time.

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As long as you can weather that
short-term volatility.

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I agree.