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But 

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I see the same 

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path but the rest of the static 

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path but the rest of the static 
on 

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that’s the people since I’m not 

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that’s the people since I’m not 
on. 

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it’s in the leg. don’t be 

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it’s in the leg. don’t be 
afraid of it not. anche da 

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afraid of it not. anche da 
un’azione molto grande però 

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un’azione molto grande però 
come sempre i veneziani noi che 

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come sempre i veneziani noi che 
ormai siamo nati con l’acqua 

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ormai siamo nati con l’acqua 
alta. Viviamo. Ci conviviamo. 

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alta. Viviamo. Ci conviviamo. 
Abbiamo passato anche 

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Abbiamo passato anche 
quest’olio. Abbiamo sopportiamo 

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quest’olio. Abbiamo sopportiamo 
tutta. Su un cambio climatico. 

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tutta. Su un cambio climatico. 
Il problema grosso è solo la 

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Il problema grosso è solo la 
burocrazia. Il si 

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positivi. Se ho water 

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isless, leaders e holl 

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round, ivent taxi e futu 

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round, ivent taxi e futu 
Because During the lockdown 

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Because During the lockdown 
disguise, we’re clear and no no 

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disguise, we’re clear and no no 
no planes and the the airs 

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no planes and the the airs 
breathable I don’t 

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know Apostle 

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impact. Yeah, this is the 

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impact. Yeah, this is the 
children. Et tant que les gens 

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children. Et tant que les gens 
ils ne regarderont pas plus de 

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ils ne regarderont pas plus de 
vent, ça 

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changera pas. So this is like a 

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changera pas. So this is like a 
very concrete example that we 

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very concrete example that we 
don’t want to give out just 

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don’t want to give out just 
money like that, but we link it 

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money like that, but we link it 
to uh ecological criteria. It’s 

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to uh ecological criteria. It’s 
more of the family. the the the 

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more of the family. the the the 
maximum has to look. Yeah you 

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do. 

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as Visco the local. Donc ce 

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as Visco the local. Donc ce 
sont des produits euh, avec 

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sont des produits euh, avec 
euh, qui qui sont un peu un peu 

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euh, qui qui sont un peu un peu 
plus chers hein, forcément 

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plus chers hein, forcément 
puisqu’ils sont produits ici 

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puisqu’ils sont produits ici 
localement. Et on a la deuxième 

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localement. Et on a la deuxième 
partie de population qui elle 

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partie de population qui elle 
n’a toujours pas et peut-être a 

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n’a toujours pas et peut-être a 
même perdu du pouvoir d’achat 

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même perdu du pouvoir d’achat 
qui elle cherchera toujours les 

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qui elle cherchera toujours les 
prix et euh, toujours voilà le 

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prix et euh, toujours voilà le 
moins cher de chez moins cher 

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moins cher de chez moins cher 
de chez moins cher. Oui. 

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Uh, of course, more important 

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Uh, of course, more important 
and let’s say more dramatic. 

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Welcome to this panel today on 

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Welcome to this panel today on 
Europe’s green uh deal uh the 

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Europe’s green uh deal uh the 
Europe’s growth strategy uh 

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Europe’s growth strategy uh 
which is uh uh consisting today 

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which is uh uh consisting today 
of a keynote speech by Frances 

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of a keynote speech by Frances 
Vice President Executive Vice 

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Vice President Executive Vice 
president of the European 

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president of the European 
Commission in charge of the 

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Commission in charge of the 
green deal he will present and 

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green deal he will present and 
share his thinking um on the 

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share his thinking um on the 
green deal and how the green 

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green deal and how the green 
dealer can or cannot be a 

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dealer can or cannot be a 
growth strategy uh and I think 

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growth strategy uh and I think 
we will debate afterwards um 

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we will debate afterwards um 
how much of a growth strategy. 

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how much of a growth strategy. 
Is it how much is it um uh just 

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Is it how much is it um uh just 
a necessity to mitigate climate 

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a necessity to mitigate climate 
change and how much of an 

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change and how much of an 
opportunity but how much of a 

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opportunity but how much of a 
threat also for inequality is 

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threat also for inequality is 
the green deal? But before I 

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the green deal? But before I 
come to the debate? um I’m very 

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come to the debate? um I’m very 
much uh look forward to um the 

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much uh look forward to um the 
speech by uh the executive Vice 

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speech by uh the executive Vice 
president who is actually with 

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president who is actually with 
us here in Brussels. So it’s 

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us here in Brussels. So it’s 
actually the first event um of 

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actually the first event um of 
the of the day where we are all 

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the of the day where we are all 
here in our studio um. Our 

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here in our studio um. Our 
breasts headquarters at um and 

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breasts headquarters at um and 
um after the speech of mister 

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um after the speech of mister 
Timmerman um my colleague, 

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Timmerman um my colleague, 
Maria Dems, deputy director and 

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Maria Dems, deputy director and 
myself will debate with him and 

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myself will debate with him and 
also take some questions from 

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also take some questions from 
you uh the online audience. 

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you uh the online audience. 
please go and slide um and type 

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please go and slide um and type 
in uh the #BAM annual meeting 

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in uh the #BAM annual meeting 
bomb twenty um and then just 

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bomb twenty um and then just 
ask a question and we. To take 

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ask a question and we. To take 
some of your questions and 

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some of your questions and 
bring them to the attention of 

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bring them to the attention of 
of mister timmons. so thank you 

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of mister timmons. so thank you 
for joining um this um uh 

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for joining um this um uh 
debate um I hope you enjoy the 

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debate um I hope you enjoy the 
bit the video that was produced 

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bit the video that was produced 
by uh Epoc that was shown just 

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by uh Epoc that was shown just 
before the start of this panel 

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before the start of this panel 
um and uh welcome to you mister 

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um and uh welcome to you mister 
timmons um the florist you 

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timmons um the florist you 
thank you for being here. Thank 

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thank you for being here. Thank 
you very much. Thank you very 

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you very much. Thank you very 
much and um hello to everyone 

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much and um hello to everyone 
wherever. Um it’s my pleasure 

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wherever. Um it’s my pleasure 
to talk to you about the great 

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to talk to you about the great 
deal today uh and as you know 

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deal today uh and as you know 
uh it’s only been 10 months 

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uh it’s only been 10 months 
since we presented the European 

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since we presented the European 
Green deal uh it was a 

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Green deal uh it was a 
transformative agenda to 

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transformative agenda to 
combine policies to tackle 

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combine policies to tackle 
climate change to reverse 

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climate change to reverse 
biodiversity loss and to 

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biodiversity loss and to 
eliminate pollution by moving 

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eliminate pollution by moving 
to a surgery economy Uh but 

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to a surgery economy Uh but 
it’s more than that. The green 

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it’s more than that. The green 
deal is Europe’s new growth 

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deal is Europe’s new growth 
strategy. It’s strategy where 

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strategy. It’s strategy where 
environment. Social 

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environment. Social 
sustainability go hand in hand 

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sustainability go hand in hand 
and because for too long, they 

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and because for too long, they 
didn’t go hand in hand for too 

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didn’t go hand in hand for too 
long different policies to 

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long different policies to 
boost sustainability had been 

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boost sustainability had been 
uncoordinated to the worst 

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uncoordinated to the worst 
adults with each other and 

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adults with each other and 
after working on this for quite 

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after working on this for quite 
some time now, my main 

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some time now, my main 
conclusion is that um the green 

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conclusion is that um the green 
deal will be social or it will 

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deal will be social or it will 
not happen. So that’s why we’re 

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not happen. So that’s why we’re 
trying to bring it all together 

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trying to bring it all together 
now when we first presented the 

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now when we first presented the 
green deal, we seem to be in uh 

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green deal, we seem to be in uh 
in a good position, the 

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in a good position, the 
financial crisis that. Into the 

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financial crisis that. Into the 
past fears about the economic 

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past fears about the economic 
pillars of our union, a single 

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pillars of our union, a single 
market or common currency has 

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market or common currency has 
receded into the background and 

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receded into the background and 
the macroeconomic numbers have 

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the macroeconomic numbers have 
turned positive again. We had 

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turned positive again. We had 
the highest level of employment 

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the highest level of employment 
ever in European history uh but 

147
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ever in European history uh but 
you just have to scratch the 

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you just have to scratch the 
surface to discover what still 

149
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surface to discover what still 
linger below and untenable 

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linger below and untenable 
economic model relying on the 

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economic model relying on the 
ever increasing use of a 

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ever increasing use of a 
dwindling set of resources 

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dwindling set of resources 
social in. Is created by 

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social in. Is created by 
previous crisis failure to 

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previous crisis failure to 
distribute the benefits of our 

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distribute the benefits of our 
growth fairly insecurities due 

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growth fairly insecurities due 
to disruptive technological 

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to disruptive technological 
change and existential 

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change and existential 
challenges posed by climate 

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challenges posed by climate 
change just below the surface 

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change just below the surface 
and under the two of fear, lost 

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and under the two of fear, lost 
disruption and even outright 

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disruption and even outright 
decline had been swelling. It’s 

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decline had been swelling. It’s 
a toxic cocktail that permeates 

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a toxic cocktail that permeates 
our societies in our politics 

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our societies in our politics 
at all levels left unchallenged 

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at all levels left unchallenged 
such an undertow could. A tidal 

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such an undertow could. A tidal 
wave ready to swallow all and I 

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wave ready to swallow all and I 
have to say in some places. 

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have to say in some places. 
this is already begun from the 

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this is already begun from the 
outset the overriding priority 

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outset the overriding priority 
of this commission has been to 

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of this commission has been to 
help navigate our continent and 

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help navigate our continent and 
everyone living on it through 

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everyone living on it through 
this tumultuous times to 

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this tumultuous times to 
respond to the calls for change 

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respond to the calls for change 
coming from our voters our 

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coming from our voters our 
businesses our scientists our 

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businesses our scientists our 
children, the European Green 

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children, the European Green 
Tea was a big part of the 

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Tea was a big part of the 
solution. It was an effort to 

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solution. It was an effort to 
provide certain amidst all the 

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provide certain amidst all the 
turbulence. And to dare to 

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turbulence. And to dare to 
reimagine our future, the green 

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reimagine our future, the green 
deal was our claimed to a 

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deal was our claimed to a 
different destiny. A more 

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different destiny. A more 
inclusive greener and overall 

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inclusive greener and overall 
stronger society. It’s still is 

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stronger society. It’s still is 
as I said we are now 10 months 

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as I said we are now 10 months 
into the green deal. We’re 

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into the green deal. We’re 
putting a political commitment 

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putting a political commitment 
to climbing net neutrality into 

193
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to climbing net neutrality into 
law. We’re setting out how we 

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law. We’re setting out how we 
will build a new future whether 

195
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will build a new future whether 
God’s energy industry farming 

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God’s energy industry farming 
food by diversity. 

197
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Year we will also propose 

198
00:11:27,233 --> 00:11:28,266
Year we will also propose 
revisions to our legal 

199
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revisions to our legal 
framework for climate and 

200
00:11:29,767 --> 00:11:31,533
framework for climate and 
energy so our enhanced 

201
00:11:31,533 --> 00:11:33,099
energy so our enhanced 
ambitions covering everything 

202
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ambitions covering everything 
from the emissions trading 

203
00:11:34,367 --> 00:11:36,401
from the emissions trading 
system to new COtwo emissions 

204
00:11:36,401 --> 00:11:38,201
system to new COtwo emissions 
standards for cars and vans, 

205
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standards for cars and vans, 
and we will proceed with the 

206
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and we will proceed with the 
carbon border adjustment 

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carbon border adjustment 
mechanism, so we can uphold the 

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mechanism, so we can uphold the 
promise made in Paris without 

209
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promise made in Paris without 
having to pay an economic costs 

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having to pay an economic costs 
of international partners to 

211
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of international partners to 
not do not show in ambition if 

212
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not do not show in ambition if 
they simply do not do what they 

213
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they simply do not do what they 
promised to do in Paris, we 

214
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promised to do in Paris, we 
will do it and if we need to. 

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will do it and if we need to. 
Our industry and we need to 

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Our industry and we need to 
protect our citizens against 

217
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protect our citizens against 
the inaction of others. We will 

218
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the inaction of others. We will 
certainly do that they all 

219
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certainly do that they all 
measures we had planned from 

220
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measures we had planned from 
the beginning but to you, AA 

221
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the beginning but to you, AA 
massive understatement 2020 has 

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massive understatement 2020 has 
not been what we were planning 

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not been what we were planning 
for. 10 months ago, who was 

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for. 10 months ago, who was 
expecting the global health 

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expecting the global health 
crisis the first onto the scene 

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crisis the first onto the scene 
in 3 months later, a crisis of 

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in 3 months later, a crisis of 
such proportions that our 

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such proportions that our 
immediate priorities have to 

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immediate priorities have to 
change overnight as we react to 

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change overnight as we react to 
the virus and it’s affect on 

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the virus and it’s affect on 
our economies. We put out the 

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our economies. We put out the 
green deal to change the 

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green deal to change the 
direction of growth in the long 

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direction of growth in the long 
term, but the virus turn growth 

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term, but the virus turn growth 
negative in the shortest of 

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negative in the shortest of 
terms, we propose a climate law 

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terms, we propose a climate law 
to give European industries and 

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to give European industries and 
investors predictability but 

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investors predictability but 
the virus. In the thickest of 

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the virus. In the thickest of 
frogs we set a course to make 

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frogs we set a course to make 
sure the first time in 

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sure the first time in 
continent, but the virus has 

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continent, but the virus has 
shown the world as we know it 

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shown the world as we know it 
of course. It would have been 

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of course. It would have been 
easy and maybe even 

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easy and maybe even 
understandable to just drop 

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understandable to just drop 
everything on the spot. throw 

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everything on the spot. throw 
our green ambitions out the 

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our green ambitions out the 
window for who it’s time to 

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window for who it’s time to 
think about what the planet 

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think about what the planet 
needs 10 years from now when 

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needs 10 years from now when 
love ones are real or when you 

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love ones are real or when you 
have to worry if you still have 

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have to worry if you still have 
a job next week, people’s 

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a job next week, people’s 
priorities have changed and as 

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priorities have changed and as 
uncertainty grows, so does the 

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uncertainty grows, so does the 
pressure on governments to 

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pressure on governments to 
provide quick fixes yet here we 

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provide quick fixes yet here we 
are. Not just maintaining our 

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are. Not just maintaining our 
ambitions, but doubling down on 

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ambitions, but doubling down on 
the green deal, it was our 

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the green deal, it was our 
growth strategy and now it is 

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growth strategy and now it is 
also our road map out of this 

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also our road map out of this 
crisis. a lifeline to a better 

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crisis. a lifeline to a better 
future. We’re in a very 

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future. We’re in a very 
different place today from 

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different place today from 
where we were and from where we 

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where we were and from where we 
expect it to be but the simple 

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expect it to be but the simple 
fact is that the green deal 

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fact is that the green deal 
made sense then and it makes 

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made sense then and it makes 
even more sense Now I would 

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even more sense Now I would 
like to provide you with three 

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like to provide you with three 
reasons why first. The climate 

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reasons why first. The climate 
and environmental crisis is 

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and environmental crisis is 
still very much upon us why we 

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still very much upon us why we 
fight the health and economic 

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fight the health and economic 
crisis that have taken over our 

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crisis that have taken over our 
daily lives. We cannot forget 

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daily lives. We cannot forget 
that the climate crisis already 

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that the climate crisis already 
has one foot in the door, the 

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has one foot in the door, the 
cost of climate action may seem 

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cost of climate action may seem 
high, but it is dwarfed by the 

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high, but it is dwarfed by the 
cost of inaction It makes sense 

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cost of inaction It makes sense 
to avoid that bill and to 

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to avoid that bill and to 
improve our lives. In the 

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improve our lives. In the 
meantime we can do both second 

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meantime we can do both second 
the European Union. Spending 

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the European Union. Spending 
one point. 1.8 1.8000000000000 

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one point. 1.8 1.8000000000000 
to help reboot the economy in 

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to help reboot the economy in 
unprecedented amount of 

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unprecedented amount of 
resources that will be used in 

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resources that will be used in 
unprecedented ways. European 

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unprecedented ways. European 
leaders agreed last July that 

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leaders agreed last July that 
30% should be spent in support 

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30% should be spent in support 
of our climate objectives. 

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of our climate objectives. 
That’s a huge step make sense, 

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That’s a huge step make sense, 
but it’s still a huge step. 

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but it’s still a huge step. 
There is no going back to 

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There is no going back to 
business as usual, even the 

300
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business as usual, even the 
strictest Penny Pinchers will 

301
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strictest Penny Pinchers will 
admit that by now, it’s just. 

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admit that by now, it’s just. 
Economics Why spend money to 

303
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Economics Why spend money to 
keep things as they are when 

304
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keep things as they are when 
you know you’ll require money 

305
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you know you’ll require money 
again to change them in the 

306
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again to change them in the 
near future. I think this is 

307
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near future. I think this is 
also something that has been 

308
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also something that has been 
part of thinking in the 

309
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part of thinking in the 
financial world over the last 

310
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financial world over the last 
couple of months, it would be 

311
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couple of months, it would be 
wasteful and even irresponsible 

312
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wasteful and even irresponsible 
as new money might no longer be 

313
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as new money might no longer be 
available in a world burdened 

314
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available in a world burdened 
with post cover that and we 

315
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with post cover that and we 
will have billions and billions 

316
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will have billions and billions 
of stranded assets. We use now 

317
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of stranded assets. We use now 
is money borrowed from the next 

318
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is money borrowed from the next 
generations spending it on 

319
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generations spending it on 
their future. instead of our 

320
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their future. instead of our 
past is a moral imperative and 

321
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past is a moral imperative and 
a matter of economic good 

322
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a matter of economic good 
sense. We have no choice. We 

323
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sense. We have no choice. We 
have to borrow. We have to 

324
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have to borrow. We have to 
spend this money now, but I 

325
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spend this money now, but I 
want us to do it in a way that 

326
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want us to do it in a way that 
makes us responsible in the 

327
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makes us responsible in the 
eyes of our children that makes 

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eyes of our children that makes 
us accountable to them in terms 

329
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us accountable to them in terms 
of what we achieved with this 

330
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of what we achieved with this 
money finally to overcome the 

331
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money finally to overcome the 
crisis we need expansion 

332
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crisis we need expansion 
economic policies, Green deal 

333
00:15:59,000 --> 00:16:02,234
economic policies, Green deal 
investment Double dividend the 

334
00:16:02,234 --> 00:16:03,367
investment Double dividend the 
investments needed for the 

335
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investments needed for the 
transition are the same kind of 

336
00:16:05,299 --> 00:16:07,266
transition are the same kind of 
investments that are needed for 

337
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investments that are needed for 
the recovery. so why choose one 

338
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the recovery. so why choose one 
if you can have both several of 

339
00:16:11,833 --> 00:16:13,367
if you can have both several of 
them are easy to get going and 

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them are easy to get going and 
we’ll have a high impact on 

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we’ll have a high impact on 
employment and the rest of the 

342
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employment and the rest of the 
economy. Think of energy 

343
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economy. Think of energy 
efficiency, renovation and 

344
00:16:20,267 --> 00:16:22,467
efficiency, renovation and 
buildings. Others offers strong 

345
00:16:22,467 --> 00:16:23,700
buildings. Others offers strong 
prospects for current and 

346
00:16:23,700 --> 00:16:24,801
prospects for current and 
future global national 

347
00:16:24,801 --> 00:16:26,533
future global national 
leadership like offshore energy 

348
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leadership like offshore energy 
and the hydrogen economy of 

349
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and the hydrogen economy of 
course. Money will be spent on 

350
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course. Money will be spent on 
the immediate priorities of the 

351
00:16:32,833 --> 00:16:35,834
the immediate priorities of the 
crisis as well, but we must 

352
00:16:35,834 --> 00:16:37,733
crisis as well, but we must 
avoid the trap we fell into 

353
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avoid the trap we fell into 
after the financial crisis. 

354
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after the financial crisis. 
Yes, we absolutely have to 

355
00:16:42,400 --> 00:16:43,633
Yes, we absolutely have to 
protect incomes and jobs, and 

356
00:16:43,633 --> 00:16:45,533
protect incomes and jobs, and 
yes, we absolutely have to make 

357
00:16:45,533 --> 00:16:48,801
yes, we absolutely have to make 
sure the current crisis do not 

358
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sure the current crisis do not 
permanently widen justices 

359
00:16:50,201 --> 00:16:52,801
permanently widen justices 
within our societies, but what 

360
00:16:52,801 --> 00:16:54,666
within our societies, but what 
we absolutely should not do is 

361
00:16:54,666 --> 00:16:56,834
we absolutely should not do is 
equate income and job 

362
00:16:56,834 --> 00:16:57,300
equate income and job 
protection with the blind 

363
00:16:57,300 --> 00:16:58,833
protection with the blind 
preservation of sources of 

364
00:16:58,833 --> 00:17:01,067
preservation of sources of 
income and employment that we 

365
00:17:01,067 --> 00:17:04,733
income and employment that we 
know we know have no future. A 

366
00:17:04,733 --> 00:17:05,800
know we know have no future. A 
wasting money and you’re 

367
00:17:05,800 --> 00:17:06,467
wasting money and you’re 
wasting people’s time by the 

368
00:17:06,467 --> 00:17:09,533
wasting people’s time by the 
way. And we cannot win a fight 

369
00:17:09,533 --> 00:17:11,767
way. And we cannot win a fight 
for greater fairness for just 

370
00:17:11,767 --> 00:17:14,201
for greater fairness for just 
transition if we defend the 

371
00:17:14,201 --> 00:17:15,967
transition if we defend the 
economic model that delivered 

372
00:17:15,967 --> 00:17:18,534
economic model that delivered 
growing inequality in the back 

373
00:17:18,534 --> 00:17:21,333
growing inequality in the back 
of a dwindling set of 

374
00:17:21,333 --> 00:17:23,433
of a dwindling set of 
resources, no can we get to a 

375
00:17:23,433 --> 00:17:26,267
resources, no can we get to a 
fair world if we hit pause and 

376
00:17:26,267 --> 00:17:27,967
fair world if we hit pause and 
let climate change run its 

377
00:17:27,967 --> 00:17:29,600
let climate change run its 
course, we see the effects on a 

378
00:17:29,600 --> 00:17:31,967
course, we see the effects on a 
daily basis and we’ve also seen 

379
00:17:31,967 --> 00:17:34,700
daily basis and we’ve also seen 
them this summer The climate 

380
00:17:34,700 --> 00:17:35,767
them this summer The climate 
transition of course has 

381
00:17:35,767 --> 00:17:36,666
transition of course has 
distribution effects that we 

382
00:17:36,666 --> 00:17:39,533
distribution effects that we 
need to keep a watch. When we 

383
00:17:39,533 --> 00:17:41,733
need to keep a watch. When we 
design our policies, but we 

384
00:17:41,733 --> 00:17:43,399
design our policies, but we 
cannot forget that the greatest 

385
00:17:43,399 --> 00:17:44,700
cannot forget that the greatest 
number of losers would come 

386
00:17:44,700 --> 00:17:46,500
number of losers would come 
from unchecked climate change 

387
00:17:46,500 --> 00:17:48,800
from unchecked climate change 
raining. It’s mystery on the 

388
00:17:48,800 --> 00:17:50,333
raining. It’s mystery on the 
least resourced countries and 

389
00:17:50,333 --> 00:17:53,133
least resourced countries and 
the poorest of our people. let 

390
00:17:53,133 --> 00:17:54,000
the poorest of our people. let 
me now conclude by addressing 

391
00:17:54,000 --> 00:17:55,767
me now conclude by addressing 
the two most common objections 

392
00:17:55,767 --> 00:17:57,834
the two most common objections 
to our green dealer agenda in 

393
00:17:57,834 --> 00:17:59,767
to our green dealer agenda in 
times of Cot. one is that the 

394
00:17:59,767 --> 00:18:01,933
times of Cot. one is that the 
massive mobilization of public 

395
00:18:01,933 --> 00:18:03,367
massive mobilization of public 
funds for the recovering 

396
00:18:03,367 --> 00:18:04,000
funds for the recovering 
transition has indeed never 

397
00:18:04,000 --> 00:18:07,067
transition has indeed never 
been seen before and will never 

398
00:18:07,067 --> 00:18:09,667
been seen before and will never 
be seen again. That is not a 

399
00:18:09,667 --> 00:18:11,734
be seen again. That is not a 
sustainable model and that 

400
00:18:11,734 --> 00:18:12,534
sustainable model and that 
ultimately we will again face 

401
00:18:12,534 --> 00:18:13,699
ultimately we will again face 
one of the fundamental 

402
00:18:13,699 --> 00:18:15,801
one of the fundamental 
challenges of green deal how to 

403
00:18:15,801 --> 00:18:17,833
challenges of green deal how to 
ensure enough private funds are 

404
00:18:17,833 --> 00:18:19,067
ensure enough private funds are 
mobilized for the 

405
00:18:19,067 --> 00:18:20,400
mobilized for the 
transformation of our economy. 

406
00:18:20,400 --> 00:18:23,866
transformation of our economy. 
I understand that criticism 

407
00:18:23,866 --> 00:18:25,266
I understand that criticism 
understand it, but we need a 

408
00:18:25,266 --> 00:18:26,833
understand it, but we need a 
structural shift and it can 

409
00:18:26,833 --> 00:18:28,233
structural shift and it can 
only happen if private 

410
00:18:28,233 --> 00:18:30,000
only happen if private 
financial flows are redirected 

411
00:18:30,000 --> 00:18:32,167
financial flows are redirected 
towards green assets and 

412
00:18:32,167 --> 00:18:33,467
towards green assets and 
sustainable business models. 

413
00:18:33,467 --> 00:18:34,967
sustainable business models. 
This is a matter of 

414
00:18:34,967 --> 00:18:37,901
This is a matter of 
redistribution like in any 

415
00:18:37,901 --> 00:18:38,900
redistribution like in any 
industrial revolution like in 

416
00:18:38,900 --> 00:18:40,833
industrial revolution like in 
any tectonic change in human 

417
00:18:40,833 --> 00:18:42,733
any tectonic change in human 
history at the end of the day. 

418
00:18:42,733 --> 00:18:44,567
history at the end of the day. 
You have redistribution will be 

419
00:18:44,567 --> 00:18:47,767
You have redistribution will be 
on the table and in democracies 

420
00:18:47,767 --> 00:18:49,566
on the table and in democracies 
that have the pretense to act 

421
00:18:49,566 --> 00:18:52,166
that have the pretense to act 
for the common good the most 

422
00:18:52,166 --> 00:18:53,566
for the common good the most 
large the largest possible 

423
00:18:53,566 --> 00:18:55,000
large the largest possible 
definition of the common good. 

424
00:18:55,000 --> 00:18:56,567
definition of the common good. 
Read distribution on the basis 

425
00:18:56,567 --> 00:18:58,600
Read distribution on the basis 
of solidarity becomes 

426
00:18:58,600 --> 00:19:00,167
of solidarity becomes 
imperative and it needs to 

427
00:19:00,167 --> 00:19:02,533
imperative and it needs to 
happen now as well. Finance 

428
00:19:02,533 --> 00:19:04,133
happen now as well. Finance 
used to be the problem but in 

429
00:19:04,133 --> 00:19:05,600
used to be the problem but in 
the 2020 crisis, finance can 

430
00:19:05,600 --> 00:19:08,133
the 2020 crisis, finance can 
help us find a solution if it 

431
00:19:08,133 --> 00:19:10,000
help us find a solution if it 
takes steps to move away from 

432
00:19:10,000 --> 00:19:13,333
takes steps to move away from 
Brown investment, It is why us. 

433
00:19:13,333 --> 00:19:15,867
Brown investment, It is why us. 
Finances spearheaded by val’s. 

434
00:19:15,867 --> 00:19:17,467
Finances spearheaded by val’s. 
is such an important part of 

435
00:19:17,467 --> 00:19:19,634
is such an important part of 
the green deal it boosts the 

436
00:19:19,634 --> 00:19:21,466
the green deal it boosts the 
mobilization of private funds 

437
00:19:21,466 --> 00:19:23,000
mobilization of private funds 
in support that transition to 

438
00:19:23,000 --> 00:19:25,234
in support that transition to 
climate net neutrality our top 

439
00:19:25,234 --> 00:19:26,267
climate net neutrality our top 
priority in the agenda has been 

440
00:19:26,267 --> 00:19:28,400
priority in the agenda has been 
to end green washing thanks to 

441
00:19:28,400 --> 00:19:30,400
to end green washing thanks to 
the EU Techno by the end of the 

442
00:19:30,400 --> 00:19:32,367
the EU Techno by the end of the 
year we will for the first time 

443
00:19:32,367 --> 00:19:33,933
year we will for the first time 
have clear criteria that 

444
00:19:33,933 --> 00:19:35,833
have clear criteria that 
determine which economic 

445
00:19:35,833 --> 00:19:37,434
determine which economic 
activities truly help achieve 

446
00:19:37,434 --> 00:19:39,834
activities truly help achieve 
our climate goals. Savers will 

447
00:19:39,834 --> 00:19:41,434
our climate goals. Savers will 
be directly asked for the 

448
00:19:41,434 --> 00:19:41,967
be directly asked for the 
sustainability preferences. 

449
00:19:41,967 --> 00:19:44,834
sustainability preferences. 
This means that. With a bank 

450
00:19:44,834 --> 00:19:46,500
This means that. With a bank 
account can directly drive 

451
00:19:46,500 --> 00:19:47,867
account can directly drive 
change and I’m convinced the 

452
00:19:47,867 --> 00:19:49,567
change and I’m convinced the 
more more Europeans who want 

453
00:19:49,567 --> 00:19:51,699
more more Europeans who want 
that money to contribute to 

454
00:19:51,699 --> 00:19:54,533
that money to contribute to 
building a better future, and 

455
00:19:54,533 --> 00:19:56,767
building a better future, and 
this takes me to the second 

456
00:19:56,767 --> 00:19:59,200
this takes me to the second 
common objection to our agenda 

457
00:19:59,200 --> 00:20:01,100
common objection to our agenda 
because some will say sure 

458
00:20:01,100 --> 00:20:03,600
because some will say sure 
continue with your plans, but 

459
00:20:03,600 --> 00:20:04,934
continue with your plans, but 
this is not the time for more 

460
00:20:04,934 --> 00:20:07,966
this is not the time for more 
ambition I tell them it is 

461
00:20:07,966 --> 00:20:09,600
ambition I tell them it is 
exactly the time for more 

462
00:20:09,600 --> 00:20:11,700
exactly the time for more 
ambition as you know the 

463
00:20:11,700 --> 00:20:13,300
ambition as you know the 
commission will present a new. 

464
00:20:13,300 --> 00:20:15,967
commission will present a new. 
Gas emission reduction for 2030 

465
00:20:15,967 --> 00:20:18,667
Gas emission reduction for 2030 
in the coming weeks for obvious 

466
00:20:18,667 --> 00:20:19,900
in the coming weeks for obvious 
reasons I cannot yet provide 

467
00:20:19,900 --> 00:20:21,167
reasons I cannot yet provide 
too many details. nevertheless, 

468
00:20:21,167 --> 00:20:22,699
too many details. nevertheless, 
if one thing stands out from 

469
00:20:22,699 --> 00:20:25,399
if one thing stands out from 
the underlying assessment, it 

470
00:20:25,399 --> 00:20:26,533
the underlying assessment, it 
is that an increased target in 

471
00:20:26,533 --> 00:20:28,933
is that an increased target in 
the range of fifty to 55% is 

472
00:20:28,933 --> 00:20:31,000
the range of fifty to 55% is 
doable and that it can under 

473
00:20:31,000 --> 00:20:33,434
doable and that it can under 
pin sustainable economic growth 

474
00:20:33,434 --> 00:20:35,000
pin sustainable economic growth 
so increasing our ambition, 

475
00:20:35,000 --> 00:20:38,533
so increasing our ambition, 
especially now makes sense. 

476
00:20:38,533 --> 00:20:39,834
especially now makes sense. 
First, We do not have time to 

477
00:20:39,834 --> 00:20:41,333
First, We do not have time to 
waste reaching climate 

478
00:20:41,333 --> 00:20:43,667
waste reaching climate 
neutrality by 2050 will require 

479
00:20:43,667 --> 00:20:46,400
neutrality by 2050 will require 
EU action in all sectors The 

480
00:20:46,400 --> 00:20:49,134
EU action in all sectors The 
lead times sect. Like lands and 

481
00:20:49,134 --> 00:20:51,434
lead times sect. Like lands and 
transport along and they 

482
00:20:51,434 --> 00:20:52,666
transport along and they 
require that we step up action 

483
00:20:52,666 --> 00:20:54,600
require that we step up action 
already over the coming decade. 

484
00:20:54,600 --> 00:20:56,834
already over the coming decade. 
It’s a matter of providing 

485
00:20:56,834 --> 00:20:58,367
It’s a matter of providing 
certainty and investment 

486
00:20:58,367 --> 00:20:59,367
certainty and investment 
security. That’s what the 

487
00:20:59,367 --> 00:21:01,333
security. That’s what the 
market and investors are asking 

488
00:21:01,333 --> 00:21:03,900
market and investors are asking 
for secondly holding off now 

489
00:21:03,900 --> 00:21:05,467
for secondly holding off now 
because we cannot afford it for 

490
00:21:05,467 --> 00:21:07,834
because we cannot afford it for 
the moment is the surest way to 

491
00:21:07,834 --> 00:21:09,300
the moment is the surest way to 
not being able to afford it in 

492
00:21:09,300 --> 00:21:11,367
not being able to afford it in 
the future either because with 

493
00:21:11,367 --> 00:21:14,267
the future either because with 
climate change we do not choose 

494
00:21:14,267 --> 00:21:15,967
climate change we do not choose 
the time horizon. We cannot 

495
00:21:15,967 --> 00:21:18,533
the time horizon. We cannot 
stop the clock on climate 

496
00:21:18,533 --> 00:21:21,233
stop the clock on climate 
change. We have no choice but. 

497
00:21:21,233 --> 00:21:23,233
change. We have no choice but. 
Now we need to act now we need 

498
00:21:23,233 --> 00:21:25,466
Now we need to act now we need 
to develop new technologies and 

499
00:21:25,466 --> 00:21:26,734
to develop new technologies and 
ensure that costs come down 

500
00:21:26,734 --> 00:21:28,400
ensure that costs come down 
within the time frame where we 

501
00:21:28,400 --> 00:21:29,966
within the time frame where we 
can still benefit from them. 

502
00:21:29,966 --> 00:21:32,467
can still benefit from them. 
Shine sign shows that tipping 

503
00:21:32,467 --> 00:21:33,934
Shine sign shows that tipping 
points are getting nearer the 

504
00:21:33,934 --> 00:21:36,300
points are getting nearer the 
longer we wait, we should move 

505
00:21:36,300 --> 00:21:37,801
longer we wait, we should move 
now that we still have the 

506
00:21:37,801 --> 00:21:40,367
now that we still have the 
freedom to choose we can choose 

507
00:21:40,367 --> 00:21:42,933
freedom to choose we can choose 
how we move if we wait any 

508
00:21:42,933 --> 00:21:44,000
how we move if we wait any 
longer choices will be forced 

509
00:21:44,000 --> 00:21:45,767
longer choices will be forced 
upon us and these choices will 

510
00:21:45,767 --> 00:21:48,000
upon us and these choices will 
be far more painful and far 

511
00:21:48,000 --> 00:21:51,166
be far more painful and far 
more unjust on humanity. Somali 

512
00:21:51,166 --> 00:21:53,833
more unjust on humanity. Somali 
Need to invest now to ensure a 

513
00:21:53,833 --> 00:21:55,000
Need to invest now to ensure a 
smoother transition for our 

514
00:21:55,000 --> 00:21:56,367
smoother transition for our 
business and citizens and into 

515
00:21:56,367 --> 00:21:58,000
business and citizens and into 
the future when the carbon 

516
00:21:58,000 --> 00:21:59,600
the future when the carbon 
price will be higher. When that 

517
00:21:59,600 --> 00:22:01,801
price will be higher. When that 
is the case we need to have the 

518
00:22:01,801 --> 00:22:02,801
is the case we need to have the 
infrastructure in place to 

519
00:22:02,801 --> 00:22:03,600
infrastructure in place to 
allow people to switch to 

520
00:22:03,600 --> 00:22:04,833
allow people to switch to 
electric cars and we should not 

521
00:22:04,833 --> 00:22:07,200
electric cars and we should not 
wait for heating bills to rise 

522
00:22:07,200 --> 00:22:09,000
wait for heating bills to rise 
before we start the renovations 

523
00:22:09,000 --> 00:22:11,167
before we start the renovations 
to make our houses energy 

524
00:22:11,167 --> 00:22:12,934
to make our houses energy 
efficient. This is so important 

525
00:22:12,934 --> 00:22:13,767
efficient. This is so important 
for the fairness of the 

526
00:22:13,767 --> 00:22:14,967
for the fairness of the 
transition effort. It’s 

527
00:22:14,967 --> 00:22:16,367
transition effort. It’s 
political feasibility in the 

528
00:22:16,367 --> 00:22:17,966
political feasibility in the 
medium term that it should be a 

529
00:22:17,966 --> 00:22:19,900
medium term that it should be a 
no-brainer for any leader. We 

530
00:22:19,900 --> 00:22:22,000
no-brainer for any leader. We 
can leave no one behind 

531
00:22:22,000 --> 00:22:25,766
can leave no one behind 
providing clarity. With so much 

532
00:22:25,766 --> 00:22:27,534
providing clarity. With so much 
uncertain is therefore crucial, 

533
00:22:27,534 --> 00:22:29,699
uncertain is therefore crucial, 
it is if there is uncertainty 

534
00:22:29,699 --> 00:22:31,433
it is if there is uncertainty 
about the future direction of 

535
00:22:31,433 --> 00:22:32,833
about the future direction of 
our policies. businesses will 

536
00:22:32,833 --> 00:22:36,534
our policies. businesses will 
simply wait and not invest in 

537
00:22:36,534 --> 00:22:38,000
simply wait and not invest in 
today’s economy that would harm 

538
00:22:38,000 --> 00:22:40,233
today’s economy that would harm 
us twice because we need more 

539
00:22:40,233 --> 00:22:41,299
us twice because we need more 
private investment and we need 

540
00:22:41,299 --> 00:22:43,467
private investment and we need 
them to flow towards the green 

541
00:22:43,467 --> 00:22:44,734
them to flow towards the green 
transition and we need that to 

542
00:22:44,734 --> 00:22:48,767
transition and we need that to 
happen now in conclusion our 

543
00:22:48,767 --> 00:22:50,000
happen now in conclusion our 
response to the cover nineteen 

544
00:22:50,000 --> 00:22:52,833
response to the cover nineteen 
crisis gives us the opportunity 

545
00:22:52,833 --> 00:22:54,833
crisis gives us the opportunity 
to save jobs not for years but 

546
00:22:54,833 --> 00:22:56,534
to save jobs not for years but 
for decades to come and create 

547
00:22:56,534 --> 00:22:58,867
for decades to come and create 
new. We may never again spend 

548
00:22:58,867 --> 00:23:01,333
new. We may never again spend 
as much to reboot our economy 

549
00:23:01,333 --> 00:23:02,867
as much to reboot our economy 
and I sure hope we will never 

550
00:23:02,867 --> 00:23:05,433
and I sure hope we will never 
again have to yet the debt 

551
00:23:05,433 --> 00:23:06,500
again have to yet the debt 
we’re loading on the shoulders 

552
00:23:06,500 --> 00:23:07,267
we’re loading on the shoulders 
of our children and 

553
00:23:07,267 --> 00:23:09,034
of our children and 
grandchildren makes it even 

554
00:23:09,034 --> 00:23:11,067
grandchildren makes it even 
more necessary to ensure we 

555
00:23:11,067 --> 00:23:12,800
more necessary to ensure we 
provide them with a better 

556
00:23:12,800 --> 00:23:14,533
provide them with a better 
future better future cleaner 

557
00:23:14,533 --> 00:23:16,767
future better future cleaner 
future a healthier future a 

558
00:23:16,767 --> 00:23:19,100
future a healthier future a 
fairer future, so we must stand 

559
00:23:19,100 --> 00:23:20,867
fairer future, so we must stand 
firm and get this right from 

560
00:23:20,867 --> 00:23:23,967
firm and get this right from 
the start pressure grows We 

561
00:23:23,967 --> 00:23:25,134
the start pressure grows We 
must continue to resist the 

562
00:23:25,134 --> 00:23:26,634
must continue to resist the 
temptation to throw money at 

563
00:23:26,634 --> 00:23:27,734
temptation to throw money at 
the carbon economy that will 

564
00:23:27,734 --> 00:23:29,466
the carbon economy that will 
soon Peter out back. 

565
00:23:29,466 --> 00:23:31,366
soon Peter out back. 
backsliding into. As usual 

566
00:23:31,366 --> 00:23:32,800
backsliding into. As usual 
because it is faster, it’s 

567
00:23:32,800 --> 00:23:35,234
because it is faster, it’s 
easier and it’s what we know 

568
00:23:35,234 --> 00:23:36,834
easier and it’s what we know 
just isn’t an option. of 

569
00:23:36,834 --> 00:23:37,733
just isn’t an option. of 
course, it’s more difficult to 

570
00:23:37,733 --> 00:23:39,667
course, it’s more difficult to 
do something we don’t know yet, 

571
00:23:39,667 --> 00:23:40,833
do something we don’t know yet, 
but it would be wrong and it 

572
00:23:40,833 --> 00:23:42,367
but it would be wrong and it 
would be a disservice to the 

573
00:23:42,367 --> 00:23:43,300
would be a disservice to the 
next generations. If we just 

574
00:23:43,300 --> 00:23:46,234
next generations. If we just 
did what we knew out of 

575
00:23:46,234 --> 00:23:47,400
did what we knew out of 
convenience as money begins to 

576
00:23:47,400 --> 00:23:48,900
convenience as money begins to 
flow, governments, businesses 

577
00:23:48,900 --> 00:23:50,667
flow, governments, businesses 
and other players must resist 

578
00:23:50,667 --> 00:23:51,967
and other players must resist 
the temptation to profit from 

579
00:23:51,967 --> 00:23:54,000
the temptation to profit from 
the recovery effort by green 

580
00:23:54,000 --> 00:23:55,533
the recovery effort by green 
washing policies and by 

581
00:23:55,533 --> 00:23:57,767
washing policies and by 
pursuing projects that do not 

582
00:23:57,767 --> 00:23:59,634
pursuing projects that do not 
contribute to these goals, they 

583
00:23:59,634 --> 00:24:03,467
contribute to these goals, they 
must avoid. Stranded assets and 

584
00:24:03,467 --> 00:24:05,034
must avoid. Stranded assets and 
as time goes by, we should 

585
00:24:05,034 --> 00:24:07,434
as time goes by, we should 
resist the temptation to focus 

586
00:24:07,434 --> 00:24:08,900
resist the temptation to focus 
exclusively on short-term 

587
00:24:08,900 --> 00:24:10,400
exclusively on short-term 
recovery efforts even if they 

588
00:24:10,400 --> 00:24:12,733
recovery efforts even if they 
are green and neglect to invest 

589
00:24:12,733 --> 00:24:13,867
are green and neglect to invest 
in the technologies and models 

590
00:24:13,867 --> 00:24:15,267
in the technologies and models 
that are necessary for a long 

591
00:24:15,267 --> 00:24:17,034
that are necessary for a long 
term transformation. We should 

592
00:24:17,034 --> 00:24:18,300
term transformation. We should 
do both quick results, but also 

593
00:24:18,300 --> 00:24:20,833
do both quick results, but also 
the long-term should keep uh we 

594
00:24:20,833 --> 00:24:24,566
the long-term should keep uh we 
should keep an eye on that. we 

595
00:24:24,566 --> 00:24:25,634
should keep an eye on that. we 
have it in us to succeed. We 

596
00:24:25,634 --> 00:24:26,600
have it in us to succeed. We 
have the money we have the 

597
00:24:26,600 --> 00:24:28,300
have the money we have the 
brain power. we have the 

598
00:24:28,300 --> 00:24:30,200
brain power. we have the 
commitment and I hope even in. 

599
00:24:30,200 --> 00:24:33,934
commitment and I hope even in. 
Of the pandemic because the 

600
00:24:33,934 --> 00:24:34,633
Of the pandemic because the 
confrontation with a completely 

601
00:24:34,633 --> 00:24:36,233
confrontation with a completely 
unknown virus has ushered in a 

602
00:24:36,233 --> 00:24:38,333
unknown virus has ushered in a 
new found respect for signs in 

603
00:24:38,333 --> 00:24:40,634
new found respect for signs in 
fact based policy making 

604
00:24:40,634 --> 00:24:42,200
fact based policy making 
because after an initial 

605
00:24:42,200 --> 00:24:43,900
because after an initial 
resurgence of borders and ugly 

606
00:24:43,900 --> 00:24:45,900
resurgence of borders and ugly 
nationalism, Europeans 

607
00:24:45,900 --> 00:24:47,301
nationalism, Europeans 
rediscovered that we are 

608
00:24:47,301 --> 00:24:48,867
rediscovered that we are 
strongest together and finally 

609
00:24:48,867 --> 00:24:51,467
strongest together and finally 
just as with climate change, 

610
00:24:51,467 --> 00:24:53,867
just as with climate change, 
the pandemic underlies under 

611
00:24:53,867 --> 00:24:54,633
the pandemic underlies under 
the lines that no matter how 

612
00:24:54,633 --> 00:24:56,767
the lines that no matter how 
much we are part of the cause. 

613
00:24:56,767 --> 00:24:58,200
much we are part of the cause. 
We’re also providing that we 

614
00:24:58,200 --> 00:25:01,301
We’re also providing that we 
can be part of the solution as. 

615
00:25:01,301 --> 00:25:02,833
can be part of the solution as. 
As we work to overcome 

616
00:25:02,833 --> 00:25:04,400
As we work to overcome 
nineteen, I’m convinced that 

617
00:25:04,400 --> 00:25:06,933
nineteen, I’m convinced that 
the path to a brighter future 

618
00:25:06,933 --> 00:25:08,133
the path to a brighter future 
to an inclusive greener and 

619
00:25:08,133 --> 00:25:09,466
to an inclusive greener and 
stronger so society is right in 

620
00:25:09,466 --> 00:25:11,967
stronger so society is right in 
front of us. It requires us all 

621
00:25:11,967 --> 00:25:13,367
front of us. It requires us all 
to think beyond the immediate 

622
00:25:13,367 --> 00:25:15,801
to think beyond the immediate 
horizon and to avoid the reflex 

623
00:25:15,801 --> 00:25:18,833
horizon and to avoid the reflex 
to restore what was and to make 

624
00:25:18,833 --> 00:25:21,533
to restore what was and to make 
what needs to be made with the 

625
00:25:21,533 --> 00:25:22,200
what needs to be made with the 
European Green deal to guide 

626
00:25:22,200 --> 00:25:24,599
European Green deal to guide 
our way. I’m sure we can get 

627
00:25:24,599 --> 00:25:28,766
our way. I’m sure we can get 
there. Thank you very much. 

628
00:25:28,766 --> 00:25:31,466
there. Thank you very much. 
Well, uh thank you uh thank you 

629
00:25:31,466 --> 00:25:34,267
Well, uh thank you uh thank you 
very much indeed um mister 

630
00:25:34,267 --> 00:25:36,800
very much indeed um mister 
mister timmons. uh it’s uh I 

631
00:25:36,800 --> 00:25:39,767
mister timmons. uh it’s uh I 
think been a very clear uh 

632
00:25:39,767 --> 00:25:43,267
think been a very clear uh 
speech um with um a lot of 

633
00:25:43,267 --> 00:25:45,033
speech um with um a lot of 
ambition, I have to say and I 

634
00:25:45,033 --> 00:25:47,333
ambition, I have to say and I 
think it’s um I think many that 

635
00:25:47,333 --> 00:25:49,267
think it’s um I think many that 
are worried about climate 

636
00:25:49,267 --> 00:25:51,266
are worried about climate 
change will be extremely 

637
00:25:51,266 --> 00:25:52,900
change will be extremely 
delighted to hear that um 

638
00:25:52,900 --> 00:25:53,467
delighted to hear that um 
you’ve increased uh the 

639
00:25:53,467 --> 00:25:54,733
you’ve increased uh the 
impressions and you want to 

640
00:25:54,733 --> 00:25:57,034
impressions and you want to 
increase the climate ambitions 

641
00:25:57,034 --> 00:26:00,467
increase the climate ambitions 
in Europe. Arguably given where 

642
00:26:00,467 --> 00:26:03,200
in Europe. Arguably given where 
we are and how uh the climate 

643
00:26:03,200 --> 00:26:05,866
we are and how uh the climate 
change is accelerating globally 

644
00:26:05,866 --> 00:26:07,467
change is accelerating globally 
and we are not in a medium 

645
00:26:07,467 --> 00:26:09,467
and we are not in a medium 
scenario but increasingly in 

646
00:26:09,467 --> 00:26:11,034
scenario but increasingly in 
the worst case scenario, I 

647
00:26:11,034 --> 00:26:12,434
the worst case scenario, I 
think the case for strong 

648
00:26:12,434 --> 00:26:15,266
think the case for strong 
action certainly is very big um 

649
00:26:15,266 --> 00:26:17,799
action certainly is very big um 
before I give the floor to Mara 

650
00:26:17,799 --> 00:26:19,067
before I give the floor to Mara 
for for question, let me let me 

651
00:26:19,067 --> 00:26:21,266
for for question, let me let me 
ask you and ask you one 

652
00:26:21,266 --> 00:26:21,967
ask you and ask you one 
question myself, which is 

653
00:26:21,967 --> 00:26:25,767
question myself, which is 
really um uh to to enlarge a 

654
00:26:25,767 --> 00:26:28,533
really um uh to to enlarge a 
bit more on this issue of how 

655
00:26:28,533 --> 00:26:31,533
bit more on this issue of how 
um. 

656
00:27:31,966 --> 00:27:36,233
A job um knowing full well that 

657
00:27:36,233 --> 00:27:38,267
A job um knowing full well that 
job will be gone three or four 

658
00:27:38,267 --> 00:27:40,234
job will be gone three or four 
or 5 years down the road You 

659
00:27:40,234 --> 00:27:43,634
or 5 years down the road You 
creates an illusion and you you 

660
00:27:43,634 --> 00:27:46,000
creates an illusion and you you 
lose a lot of money uh because 

661
00:27:46,000 --> 00:27:47,567
lose a lot of money uh because 
these assets will be stranded 

662
00:27:47,567 --> 00:27:50,834
these assets will be stranded 
and this is very often public 

663
00:27:50,834 --> 00:27:52,301
and this is very often public 
money. so you have to you know 

664
00:27:52,301 --> 00:27:53,867
money. so you have to you know 
where before the pandemic we 

665
00:27:53,867 --> 00:27:57,667
where before the pandemic we 
still have sort of a choice we 

666
00:27:57,667 --> 00:27:59,600
still have sort of a choice we 
start reforming now or we can 

667
00:27:59,600 --> 00:28:01,267
start reforming now or we can 
still wait a couple of years. 

668
00:28:01,267 --> 00:28:03,834
still wait a couple of years. 
Economy is doing well etcetera 

669
00:28:03,834 --> 00:28:05,034
Economy is doing well etcetera 
that choice has been taken away 

670
00:28:05,034 --> 00:28:07,133
that choice has been taken away 
from us. now we have to make 

671
00:28:07,133 --> 00:28:11,799
from us. now we have to make 
very deep um far reaching and 

672
00:28:11,799 --> 00:28:13,434
very deep um far reaching and 
deep choices in terms of where 

673
00:28:13,434 --> 00:28:16,667
deep choices in terms of where 
we invest and you see this way 

674
00:28:16,667 --> 00:28:18,200
we invest and you see this way 
of thinking going on in almost 

675
00:28:18,200 --> 00:28:19,867
of thinking going on in almost 
every industry where do we need 

676
00:28:19,867 --> 00:28:22,300
every industry where do we need 
to restructure what has has a 

677
00:28:22,300 --> 00:28:24,767
to restructure what has has a 
future? What needs to be um uh 

678
00:28:24,767 --> 00:28:27,034
future? What needs to be um uh 
restructured in a way that we 

679
00:28:27,034 --> 00:28:29,034
restructured in a way that we 
can survive as an industry and 

680
00:28:29,034 --> 00:28:30,434
can survive as an industry and 
we as a at the commission want 

681
00:28:30,434 --> 00:28:32,099
we as a at the commission want 
to be part of this and to 

682
00:28:32,099 --> 00:28:34,434
to be part of this and to 
create job. That are 

683
00:28:34,434 --> 00:28:35,666
create job. That are 
sustainable that will still be 

684
00:28:35,666 --> 00:28:37,467
sustainable that will still be 
there 510 years from now 20 

685
00:28:37,467 --> 00:28:39,966
there 510 years from now 20 
years from now and then I think 

686
00:28:39,966 --> 00:28:42,834
years from now and then I think 
there is a huge need of honesty 

687
00:28:42,834 --> 00:28:46,533
there is a huge need of honesty 
in the public debates and I’m a 

688
00:28:46,533 --> 00:28:47,900
in the public debates and I’m a 
politician I know exactly 

689
00:28:47,900 --> 00:28:49,400
politician I know exactly 
what’s going to happen in the 

690
00:28:49,400 --> 00:28:50,234
what’s going to happen in the 
next couple of months when 

691
00:28:50,234 --> 00:28:53,333
next couple of months when 
unemployment starts to bite and 

692
00:28:53,333 --> 00:28:54,934
unemployment starts to bite and 
when support programs run out, 

693
00:28:54,934 --> 00:28:55,867
when support programs run out, 
then for a politician, it’s 

694
00:28:55,867 --> 00:28:57,467
then for a politician, it’s 
very tempting to stop throwing 

695
00:28:57,467 --> 00:28:58,867
very tempting to stop throwing 
money at anything just to keep 

696
00:28:58,867 --> 00:29:01,267
money at anything just to keep 
people in their jobs. But I 

697
00:29:01,267 --> 00:29:03,233
people in their jobs. But I 
hope that through the recovery. 

698
00:29:03,233 --> 00:29:05,767
hope that through the recovery. 
Member states will have to make 

699
00:29:05,767 --> 00:29:08,434
Member states will have to make 
at the European level we can 

700
00:29:08,434 --> 00:29:09,800
at the European level we can 
show the way ahead where 

701
00:29:09,800 --> 00:29:12,634
show the way ahead where 
investment actually leads to a 

702
00:29:12,634 --> 00:29:13,834
investment actually leads to a 
sustainable economy, a circular 

703
00:29:13,834 --> 00:29:15,300
sustainable economy, a circular 
economy a future oriented 

704
00:29:15,300 --> 00:29:16,767
economy a future oriented 
economy, and you can take any 

705
00:29:16,767 --> 00:29:18,099
economy, and you can take any 
number of industries as an 

706
00:29:18,099 --> 00:29:19,600
number of industries as an 
example, take the car industry. 

707
00:29:19,600 --> 00:29:21,034
example, take the car industry. 
For instance, an example, 

708
00:29:21,034 --> 00:29:22,299
For instance, an example, 
everybody will understand that 

709
00:29:22,299 --> 00:29:25,967
everybody will understand that 
needs to be restructured and 

710
00:29:25,967 --> 00:29:27,034
needs to be restructured and 
thank you very much Vice 

711
00:29:27,034 --> 00:29:29,067
thank you very much Vice 
President May I may also uh 

712
00:29:29,067 --> 00:29:30,801
President May I may also uh 
ponder on this on this point 

713
00:29:30,801 --> 00:29:31,800
ponder on this on this point 
that gun control is driving and 

714
00:29:31,800 --> 00:29:33,267
that gun control is driving and 
what will it take to get there? 

715
00:29:33,267 --> 00:29:35,767
what will it take to get there? 
I think because. Most of our 

716
00:29:35,767 --> 00:29:38,000
I think because. Most of our 
most of us really need to know 

717
00:29:38,000 --> 00:29:39,367
most of us really need to know 
and understand what it will 

718
00:29:39,367 --> 00:29:39,900
and understand what it will 
take. Thank you very much for 

719
00:29:39,900 --> 00:29:42,267
take. Thank you very much for 
your presentation of the 

720
00:29:42,267 --> 00:29:43,966
your presentation of the 
course, and I really see that 

721
00:29:43,966 --> 00:29:45,966
course, and I really see that 
our public is a really think of 

722
00:29:45,966 --> 00:29:47,267
our public is a really think of 
the reigning the reign of 

723
00:29:47,267 --> 00:29:49,900
the reigning the reign of 
Commons that is coming in. I 

724
00:29:49,900 --> 00:29:51,700
Commons that is coming in. I 
wanted to ask exactly that 

725
00:29:51,700 --> 00:29:54,099
wanted to ask exactly that 
question on the communication 

726
00:29:54,099 --> 00:29:55,700
question on the communication 
side uh last year at will 

727
00:29:55,700 --> 00:29:57,699
side uh last year at will 
produce the graph in which we 

728
00:29:57,699 --> 00:29:59,967
produce the graph in which we 
showed that co two emissions in 

729
00:29:59,967 --> 00:30:02,166
showed that co two emissions in 
European production has come 

730
00:30:02,166 --> 00:30:03,200
European production has come 
down stabilized and it’s coming 

731
00:30:03,200 --> 00:30:05,299
down stabilized and it’s coming 
down. Very much in line with 

732
00:30:05,299 --> 00:30:07,500
down. Very much in line with 
what public opinion in Europe 

733
00:30:07,500 --> 00:30:08,934
what public opinion in Europe 
says we want to do something 

734
00:30:08,934 --> 00:30:10,633
says we want to do something 
about this, However, next to 

735
00:30:10,633 --> 00:30:12,767
about this, However, next to 
this graph, we also plotted the 

736
00:30:12,767 --> 00:30:14,267
this graph, we also plotted the 
emissions of our consumption 

737
00:30:14,267 --> 00:30:15,767
emissions of our consumption 
and that was not going in the 

738
00:30:15,767 --> 00:30:16,867
and that was not going in the 
same direction so effectively 

739
00:30:16,867 --> 00:30:18,333
same direction so effectively 
what he tells us. this graph is 

740
00:30:18,333 --> 00:30:19,866
what he tells us. this graph is 
that we have exported 

741
00:30:19,866 --> 00:30:21,266
that we have exported 
industries that are not in line 

742
00:30:21,266 --> 00:30:23,500
industries that are not in line 
with our ambitions on the 

743
00:30:23,500 --> 00:30:25,200
with our ambitions on the 
climate. Um you know is this is 

744
00:30:25,200 --> 00:30:26,800
climate. Um you know is this is 
this the future that cannot be 

745
00:30:26,800 --> 00:30:28,834
this the future that cannot be 
the future and you know how we 

746
00:30:28,834 --> 00:30:30,234
the future and you know how we 
communicated clearly to the 

747
00:30:30,234 --> 00:30:31,967
communicated clearly to the 
average consumer to the person 

748
00:30:31,967 --> 00:30:32,833
average consumer to the person 
who’s about to lose their job 

749
00:30:32,833 --> 00:30:35,700
who’s about to lose their job 
to anybody what it will take to 

750
00:30:35,700 --> 00:30:37,167
to anybody what it will take to 
actually be consistent with the 

751
00:30:37,167 --> 00:30:37,799
actually be consistent with the 
ambitions that you have 

752
00:30:37,799 --> 00:30:39,833
ambitions that you have 
carefully underlined well I. 

753
00:30:39,833 --> 00:30:43,401
carefully underlined well I. 
There is need to have this 

754
00:30:43,401 --> 00:30:44,800
There is need to have this 
conversation in a very honest 

755
00:30:44,800 --> 00:30:46,467
conversation in a very honest 
way and because we are faced 

756
00:30:46,467 --> 00:30:48,666
way and because we are faced 
with a climate crisis that 

757
00:30:48,666 --> 00:30:50,467
with a climate crisis that 
there is an existential crisis. 

758
00:30:50,467 --> 00:30:51,967
there is an existential crisis. 
You know our planet will 

759
00:30:51,967 --> 00:30:54,500
You know our planet will 
survive the climate crisis, but 

760
00:30:54,500 --> 00:30:56,033
survive the climate crisis, but 
will we as humanity depends on 

761
00:30:56,033 --> 00:30:58,267
will we as humanity depends on 
our choices? This planet has 

762
00:30:58,267 --> 00:31:00,000
our choices? This planet has 
been able to exist without 

763
00:31:00,000 --> 00:31:02,300
been able to exist without 
human beings for Melania and it 

764
00:31:02,300 --> 00:31:03,800
human beings for Melania and it 
will exist without human beings 

765
00:31:03,800 --> 00:31:05,267
will exist without human beings 
from Alan if we if we don’t 

766
00:31:05,267 --> 00:31:07,700
from Alan if we if we don’t 
take care of ourselves and our 

767
00:31:07,700 --> 00:31:10,533
take care of ourselves and our 
planet. so there’s this. Crisis 

768
00:31:10,533 --> 00:31:12,800
planet. so there’s this. Crisis 
that will not go away and will 

769
00:31:12,800 --> 00:31:13,667
that will not go away and will 
continue to increase and people 

770
00:31:13,667 --> 00:31:15,634
continue to increase and people 
see it. They see the forest 

771
00:31:15,634 --> 00:31:17,467
see it. They see the forest 
fires. They see the storms they 

772
00:31:17,467 --> 00:31:18,767
fires. They see the storms they 
see the heat They see the 

773
00:31:18,767 --> 00:31:19,934
see the heat They see the 
drought everywhere in your 

774
00:31:19,934 --> 00:31:21,700
drought everywhere in your 
people. see what’s happening 

775
00:31:21,700 --> 00:31:23,766
people. see what’s happening 
but apart from that, that’s not 

776
00:31:23,766 --> 00:31:25,334
but apart from that, that’s not 
the only problem we face. We 

777
00:31:25,334 --> 00:31:27,833
the only problem we face. We 
also are in the middle of an 

778
00:31:27,833 --> 00:31:29,233
also are in the middle of an 
industrial revolution that even 

779
00:31:29,233 --> 00:31:31,000
industrial revolution that even 
without the climate crisis, our 

780
00:31:31,000 --> 00:31:33,299
without the climate crisis, our 
industries will be changed 

781
00:31:33,299 --> 00:31:34,767
industries will be changed 
fundamentally in the years to 

782
00:31:34,767 --> 00:31:37,266
fundamentally in the years to 
come and so and apart from 

783
00:31:37,266 --> 00:31:39,967
come and so and apart from 
that, there’s also huge uh 

784
00:31:39,967 --> 00:31:42,734
that, there’s also huge uh 
changing. Relations Europe is 

785
00:31:42,734 --> 00:31:44,533
changing. Relations Europe is 
no longer you know, dictating 

786
00:31:44,533 --> 00:31:45,467
no longer you know, dictating 
the music for the rest of the 

787
00:31:45,467 --> 00:31:46,467
the music for the rest of the 
world. That’s the thing of the 

788
00:31:46,467 --> 00:31:49,067
world. That’s the thing of the 
past and there are new place in 

789
00:31:49,067 --> 00:31:50,400
past and there are new place in 
the world that also claim a 

790
00:31:50,400 --> 00:31:52,600
the world that also claim a 
place and there are emerging 

791
00:31:52,600 --> 00:31:53,867
place and there are emerging 
economies and we all have to 

792
00:31:53,867 --> 00:31:55,367
economies and we all have to 
redefine this relations as 

793
00:31:55,367 --> 00:31:58,467
redefine this relations as 
well. So I think any politician 

794
00:31:58,467 --> 00:32:00,533
well. So I think any politician 
who would say to people just 

795
00:32:00,533 --> 00:32:01,267
who would say to people just 
sit tight where you are and 

796
00:32:01,267 --> 00:32:03,467
sit tight where you are and 
things will stay the same. you 

797
00:32:03,467 --> 00:32:05,200
things will stay the same. you 
know, I’m I’m very much on this 

798
00:32:05,200 --> 00:32:06,667
know, I’m I’m very much on this 
line if you want things to stay 

799
00:32:06,667 --> 00:32:08,167
line if you want things to stay 
the same things will have to 

800
00:32:08,167 --> 00:32:11,299
the same things will have to 
change and I think this. The 

801
00:32:11,299 --> 00:32:12,000
change and I think this. The 
argument we will have to take 

802
00:32:12,000 --> 00:32:15,467
argument we will have to take 
to the people, but I say 

803
00:32:15,467 --> 00:32:17,733
to the people, but I say 
immediately uh in in line with 

804
00:32:17,733 --> 00:32:19,967
immediately uh in in line with 
this if we do not combine that 

805
00:32:19,967 --> 00:32:21,633
this if we do not combine that 
with a credible policy of 

806
00:32:21,633 --> 00:32:22,300
with a credible policy of 
showing that we will leave no 

807
00:32:22,300 --> 00:32:25,334
showing that we will leave no 
one behind people will resist 

808
00:32:25,334 --> 00:32:26,367
one behind people will resist 
the change anyway, even if they 

809
00:32:26,367 --> 00:32:29,067
the change anyway, even if they 
know it is necessary because 

810
00:32:29,067 --> 00:32:30,566
know it is necessary because 
they don’t believe they will be 

811
00:32:30,566 --> 00:32:31,967
they don’t believe they will be 
part of the positive side of 

812
00:32:31,967 --> 00:32:33,934
part of the positive side of 
the change they will only see 

813
00:32:33,934 --> 00:32:35,167
the change they will only see 
the lost to them and then they 

814
00:32:35,167 --> 00:32:36,801
the lost to them and then they 
will resist that change and 

815
00:32:36,801 --> 00:32:38,167
will resist that change and 
we’ve seen a lot of that in the 

816
00:32:38,167 --> 00:32:38,933
we’ve seen a lot of that in the 
last 20 years in Europe, you 

817
00:32:38,933 --> 00:32:42,267
last 20 years in Europe, you 
know if the. Feeling in the 

818
00:32:42,267 --> 00:32:44,301
know if the. Feeling in the 
population is whatever changes 

819
00:32:44,301 --> 00:32:45,667
population is whatever changes 
I will lose, then you will 

820
00:32:45,667 --> 00:32:47,467
I will lose, then you will 
resist any form of change so we 

821
00:32:47,467 --> 00:32:49,734
resist any form of change so we 
will have to demonstrate 

822
00:32:49,734 --> 00:32:51,467
will have to demonstrate 
credibility that change is good 

823
00:32:51,467 --> 00:32:52,967
credibility that change is good 
for everyone and that will 

824
00:32:52,967 --> 00:32:54,600
for everyone and that will 
leave no one behind it can be 

825
00:32:54,600 --> 00:32:56,234
leave no one behind it can be 
done, but I have to admit it’s 

826
00:32:56,234 --> 00:32:57,801
done, but I have to admit it’s 
going to be terribly 

827
00:32:57,801 --> 00:32:59,300
going to be terribly 
complicated and we need to make 

828
00:32:59,300 --> 00:33:01,900
complicated and we need to make 
sure our efforts in Europe all 

829
00:33:01,900 --> 00:33:02,667
sure our efforts in Europe all 
point in the same direction and 

830
00:33:02,667 --> 00:33:04,633
point in the same direction and 
not members states going off in 

831
00:33:04,633 --> 00:33:05,866
not members states going off in 
all sorts of different 

832
00:33:05,866 --> 00:33:07,467
all sorts of different 
directions. Wait can I can I 

833
00:33:07,467 --> 00:33:09,834
directions. Wait can I can I 
push you perhaps on uh on one 

834
00:33:09,834 --> 00:33:12,833
push you perhaps on uh on one 
point which I think is is um is 

835
00:33:12,833 --> 00:33:15,200
point which I think is is um is 
really uh turning targets into 

836
00:33:15,200 --> 00:33:17,600
really uh turning targets into 
action. You talked a lot about 

837
00:33:17,600 --> 00:33:19,667
action. You talked a lot about 
the targets. I think we in this 

838
00:33:19,667 --> 00:33:21,434
the targets. I think we in this 
town. I’ve talked in the last 

839
00:33:21,434 --> 00:33:23,799
town. I’ve talked in the last 
12 months, certainly a lot 

840
00:33:23,799 --> 00:33:26,300
12 months, certainly a lot 
about high targets but I’ve 

841
00:33:26,300 --> 00:33:29,299
about high targets but I’ve 
seen less clear spelling out of 

842
00:33:29,299 --> 00:33:31,967
seen less clear spelling out of 
how to achieve those targets. 

843
00:33:31,967 --> 00:33:33,299
how to achieve those targets. 
Um I mean most economists and 

844
00:33:33,299 --> 00:33:35,699
Um I mean most economists and 
I’m one of those um saying 

845
00:33:35,699 --> 00:33:37,367
I’m one of those um saying 
basically to achieve these 

846
00:33:37,367 --> 00:33:39,334
basically to achieve these 
targets, the most efficient way 

847
00:33:39,334 --> 00:33:42,201
targets, the most efficient way 
to do so is imposing a COtwo 

848
00:33:42,201 --> 00:33:43,933
to do so is imposing a COtwo 
tax on all emissions and then 

849
00:33:43,933 --> 00:33:46,133
tax on all emissions and then 
let the market decide where to 

850
00:33:46,133 --> 00:33:49,500
let the market decide where to 
where to save. The safest is 

851
00:33:49,500 --> 00:33:51,634
where to save. The safest is 
cheapest um the saving of COtwo 

852
00:33:51,634 --> 00:33:53,300
cheapest um the saving of COtwo 
emissions. It’s cheaper and 

853
00:33:53,300 --> 00:33:54,734
emissions. It’s cheaper and 
then perhaps you know support 

854
00:33:54,734 --> 00:33:57,300
then perhaps you know support 
of course, basic research and 

855
00:33:57,300 --> 00:33:59,767
of course, basic research and 
development. uh perhaps some 

856
00:33:59,767 --> 00:34:01,700
development. uh perhaps some 
industry policy in that space I 

857
00:34:01,700 --> 00:34:04,966
industry policy in that space I 
haven’t seen yet uh a clear 

858
00:34:04,966 --> 00:34:05,733
haven’t seen yet uh a clear 
announcement of you know what 

859
00:34:05,733 --> 00:34:07,700
announcement of you know what 
do we do? We have the emissions 

860
00:34:07,700 --> 00:34:09,401
do we do? We have the emissions 
trading system the trading the 

861
00:34:09,401 --> 00:34:11,399
trading system the trading the 
ETS system, but we don’t yet 

862
00:34:11,399 --> 00:34:12,733
ETS system, but we don’t yet 
have on the other half of the 

863
00:34:12,733 --> 00:34:14,533
have on the other half of the 
emissions any I mean, European 

864
00:34:14,533 --> 00:34:16,267
emissions any I mean, European 
white or clear guidance on on 

865
00:34:16,267 --> 00:34:18,467
white or clear guidance on on 
the prices. And the price is 

866
00:34:18,467 --> 00:34:20,733
the prices. And the price is 
still quite low, so there’s a 

867
00:34:20,733 --> 00:34:21,600
still quite low, so there’s a 
lot of uncertainty when I talk 

868
00:34:21,600 --> 00:34:22,933
lot of uncertainty when I talk 
to business people, they tell 

869
00:34:22,933 --> 00:34:25,600
to business people, they tell 
me well, I mean, yes, we have 

870
00:34:25,600 --> 00:34:26,600
me well, I mean, yes, we have 
all these ambitions. We know 

871
00:34:26,600 --> 00:34:27,400
all these ambitions. We know 
that these ambitions are coming 

872
00:34:27,400 --> 00:34:28,767
that these ambitions are coming 
and rolling at us, but we don’t 

873
00:34:28,767 --> 00:34:30,300
and rolling at us, but we don’t 
know yet how it’s gonna happen 

874
00:34:30,300 --> 00:34:31,800
know yet how it’s gonna happen 
what’s gonna happen and so I 

875
00:34:31,800 --> 00:34:33,067
what’s gonna happen and so I 
hope back my investment, which 

876
00:34:33,067 --> 00:34:34,767
hope back my investment, which 
is also really a problem for 

877
00:34:34,767 --> 00:34:36,000
is also really a problem for 
growth right because 

878
00:34:36,000 --> 00:34:38,299
growth right because 
uncertainty uh hamper grows so 

879
00:34:38,299 --> 00:34:39,200
uncertainty uh hamper grows so 
so I would love to hear from 

880
00:34:39,200 --> 00:34:41,467
so I would love to hear from 
you a little bit more on what’s 

881
00:34:41,467 --> 00:34:43,000
you a little bit more on what’s 
the concrete agenda? How do we 

882
00:34:43,000 --> 00:34:44,433
the concrete agenda? How do we 
actually achieve these targets? 

883
00:34:44,433 --> 00:34:45,966
actually achieve these targets? 
Well, first of all? I’m more 

884
00:34:45,966 --> 00:34:47,899
Well, first of all? I’m more 
optimistic. ihr möchtet 

885
00:34:47,899 --> 00:34:53,767
optimistic. ihr möchtet 
Strading System to be. Ähm 

886
00:34:54,700 --> 00:34:56,433
in the pendaming the price 

887
00:34:56,433 --> 00:34:58,634
in the pendaming the price 
pictop beginn and is high than 

888
00:34:58,634 --> 00:35:00,434
pictop beginn and is high than 
befull the panda macnow. So the 

889
00:35:00,434 --> 00:35:02,167
befull the panda macnow. So the 
rissible lief in the market the 

890
00:35:02,167 --> 00:35:03,067
rissible lief in the market the 
discuss a system that come 

891
00:35:03,067 --> 00:35:04,800
discuss a system that come 
boak. Wo we need tod to with 

892
00:35:04,800 --> 00:35:06,834
boak. Wo we need tod to with 
Exper System, we need to do is 

893
00:35:06,834 --> 00:35:08,467
Exper System, we need to do is 
limit eh the the free allounce 

894
00:35:08,467 --> 00:35:10,700
limit eh the the free allounce 
asin this system, wine to do 

895
00:35:10,700 --> 00:35:12,133
asin this system, wine to do 
with predident nastlet maktion 

896
00:35:12,133 --> 00:35:13,634
with predident nastlet maktion 
that evers, take but is where. 

897
00:35:13,634 --> 00:35:14,467
that evers, take but is where. 
But I throuly believen the 

898
00:35:14,467 --> 00:35:17,400
But I throuly believen the 
eatias as wann of the main inst 

899
00:35:17,400 --> 00:35:18,733
eatias as wann of the main inst 
To get us into that direction, 

900
00:35:18,733 --> 00:35:20,366
To get us into that direction, 
then, of course we will have to 

901
00:35:20,366 --> 00:35:21,966
then, of course we will have to 
introduce measures and we have 

902
00:35:21,966 --> 00:35:23,033
introduce measures and we have 
announced them and sometimes 

903
00:35:23,033 --> 00:35:25,300
announced them and sometimes 
even proposed them already. We 

904
00:35:25,300 --> 00:35:26,767
even proposed them already. We 
need to have the pesticides we 

905
00:35:26,767 --> 00:35:29,833
need to have the pesticides we 
use in agriculture we need to 

906
00:35:29,833 --> 00:35:30,767
use in agriculture we need to 
improve the protection of 

907
00:35:30,767 --> 00:35:32,700
improve the protection of 
biodiversity uh with concrete 

908
00:35:32,700 --> 00:35:34,000
biodiversity uh with concrete 
measures we need to reduce 

909
00:35:34,000 --> 00:35:36,600
measures we need to reduce 
emissions of cars to 50% even 

910
00:35:36,600 --> 00:35:39,900
emissions of cars to 50% even 
beyond what we’ve done now. um 

911
00:35:39,900 --> 00:35:41,966
beyond what we’ve done now. um 
we need to transform our energy 

912
00:35:41,966 --> 00:35:43,966
we need to transform our energy 
mix and make sure we we we rely 

913
00:35:43,966 --> 00:35:48,266
mix and make sure we we we rely 
more on on sustaining. We need 

914
00:35:48,266 --> 00:35:49,767
more on on sustaining. We need 
to increase the performance of 

915
00:35:49,767 --> 00:35:50,800
to increase the performance of 
the build environment. That’s 

916
00:35:50,800 --> 00:35:52,467
the build environment. That’s 
why we come with our renovation 

917
00:35:52,467 --> 00:35:53,899
why we come with our renovation 
and we can have concrete 

918
00:35:53,899 --> 00:35:54,800
and we can have concrete 
targets for that. We need to 

919
00:35:54,800 --> 00:35:56,333
targets for that. We need to 
green our cities. we need to 

920
00:35:56,333 --> 00:35:57,867
green our cities. we need to 
green our public transport and 

921
00:35:57,867 --> 00:35:58,867
green our public transport and 
all these things come with 

922
00:35:58,867 --> 00:36:00,767
all these things come with 
concrete targets. uh that will 

923
00:36:00,767 --> 00:36:02,867
concrete targets. uh that will 
be part of the legislation we 

924
00:36:02,867 --> 00:36:04,467
be part of the legislation we 
uh we we proposed we need to 

925
00:36:04,467 --> 00:36:05,867
uh we we proposed we need to 
look at our fiscal systems as 

926
00:36:05,867 --> 00:36:07,267
look at our fiscal systems as 
you as the economist, you will 

927
00:36:07,267 --> 00:36:09,634
you as the economist, you will 
agree with me that to influence 

928
00:36:09,634 --> 00:36:10,733
agree with me that to influence 
behavior of people. physical 

929
00:36:10,733 --> 00:36:12,634
behavior of people. physical 
systems are ideal and and you 

930
00:36:12,634 --> 00:36:13,867
systems are ideal and and you 
know the the limited natural 

931
00:36:13,867 --> 00:36:16,900
know the the limited natural 
resources we have. Still not 

932
00:36:16,900 --> 00:36:20,199
resources we have. Still not 
seen by many economists as a 

933
00:36:20,199 --> 00:36:21,966
seen by many economists as a 
production factor like labor 

934
00:36:21,966 --> 00:36:23,167
production factor like labor 
and capital, But once you see, 

935
00:36:23,167 --> 00:36:24,634
and capital, But once you see, 
there’s a production factor, 

936
00:36:24,634 --> 00:36:26,133
there’s a production factor, 
you can use the taxation system 

937
00:36:26,133 --> 00:36:27,367
you can use the taxation system 
to make sure that this 

938
00:36:27,367 --> 00:36:28,867
to make sure that this 
production factors taken into 

939
00:36:28,867 --> 00:36:31,266
production factors taken into 
account so there are quite a 

940
00:36:31,266 --> 00:36:33,034
account so there are quite a 
number of things we can do we 

941
00:36:33,034 --> 00:36:36,267
number of things we can do we 
can also um you know put a tax 

942
00:36:36,267 --> 00:36:38,767
can also um you know put a tax 
on uh uh not being renewable uh 

943
00:36:38,767 --> 00:36:40,600
on uh uh not being renewable uh 
put a tax on using plastics 

944
00:36:40,600 --> 00:36:42,666
put a tax on using plastics 
that are thrown away um 

945
00:36:42,666 --> 00:36:44,834
that are thrown away um 
legislate so that you have less 

946
00:36:44,834 --> 00:36:46,067
legislate so that you have less 
single-use plastics etcetera 

947
00:36:46,067 --> 00:36:47,667
single-use plastics etcetera 
etcetera we can in the in the 

948
00:36:47,667 --> 00:36:49,634
etcetera we can in the in the 
chemical. World We can also 

949
00:36:49,634 --> 00:36:51,067
chemical. World We can also 
because the chemicals industry 

950
00:36:51,067 --> 00:36:52,667
because the chemicals industry 
is now very much on board and 

951
00:36:52,667 --> 00:36:53,867
is now very much on board and 
trying to help us to get where 

952
00:36:53,867 --> 00:36:55,801
trying to help us to get where 
we need to be and also through 

953
00:36:55,801 --> 00:36:56,533
we need to be and also through 
legislation. we can organize 

954
00:36:56,533 --> 00:36:58,200
legislation. we can organize 
it. so there’s many things that 

955
00:36:58,200 --> 00:36:59,967
it. so there’s many things that 
we can do. but the one thing 

956
00:36:59,967 --> 00:37:01,900
we can do. but the one thing 
that we really need is 

957
00:37:01,900 --> 00:37:04,000
that we really need is 
behavioral change, which we can 

958
00:37:04,000 --> 00:37:05,600
behavioral change, which we can 
influence by policies, but 

959
00:37:05,600 --> 00:37:07,200
influence by policies, but 
which will mostly be influenced 

960
00:37:07,200 --> 00:37:08,767
which will mostly be influenced 
if people see the urgency of 

961
00:37:08,767 --> 00:37:11,699
if people see the urgency of 
what we need to do. And, in 

962
00:37:11,699 --> 00:37:13,333
what we need to do. And, in 
fact, if I may, we have a 

963
00:37:13,333 --> 00:37:14,400
fact, if I may, we have a 
concrete tool now the next 

964
00:37:14,400 --> 00:37:15,801
concrete tool now the next 
generation of your package and 

965
00:37:15,801 --> 00:37:18,334
generation of your package and 
there is Andy Yost from the IMF 

966
00:37:18,334 --> 00:37:22,367
there is Andy Yost from the IMF 
is asking um how can the 

967
00:37:22,367 --> 00:37:22,867
is asking um how can the 
funding from the next 

968
00:37:22,867 --> 00:37:23,966
funding from the next 
generation of youth package be 

969
00:37:23,966 --> 00:37:25,867
generation of youth package be 
aligned with national energy 

970
00:37:25,867 --> 00:37:27,067
aligned with national energy 
and climate plan and the 

971
00:37:27,067 --> 00:37:28,267
and climate plan and the 
objectives of the green deal 

972
00:37:28,267 --> 00:37:30,834
objectives of the green deal 
Well member states have have um 

973
00:37:30,834 --> 00:37:32,367
Well member states have have um 
um a promised to give us their 

974
00:37:32,367 --> 00:37:34,899
um a promised to give us their 
recovery plans Uh and I think 

975
00:37:34,899 --> 00:37:37,400
recovery plans Uh and I think 
it is the Commission’s 

976
00:37:37,400 --> 00:37:38,066
it is the Commission’s 
essential task to make sure 

977
00:37:38,066 --> 00:37:41,867
essential task to make sure 
that this recovery plans. 

978
00:37:41,867 --> 00:37:43,801
that this recovery plans. 
Coordinated so that they all 

979
00:37:43,801 --> 00:37:45,533
Coordinated so that they all 
pointed in the same direction. 

980
00:37:45,533 --> 00:37:47,866
pointed in the same direction. 
uh the one I see is that 

981
00:37:47,866 --> 00:37:48,667
uh the one I see is that 
recovery plans become 

982
00:37:48,667 --> 00:37:49,967
recovery plans become 
contradictory and then the 

983
00:37:49,967 --> 00:37:53,333
contradictory and then the 
money will be lost. We need the 

984
00:37:53,333 --> 00:37:54,634
money will be lost. We need the 
European scale to have recovery 

985
00:37:54,634 --> 00:37:56,367
European scale to have recovery 
plans that are in sync with 

986
00:37:56,367 --> 00:37:57,867
plans that are in sync with 
each other and with European 

987
00:37:57,867 --> 00:38:00,000
each other and with European 
recovery plan, and I think our 

988
00:38:00,000 --> 00:38:00,834
recovery plan, and I think our 
role as commission is to make 

989
00:38:00,834 --> 00:38:02,834
role as commission is to make 
sure that this happens and I 

990
00:38:02,834 --> 00:38:04,467
sure that this happens and I 
think we need to be you know 

991
00:38:04,467 --> 00:38:05,533
think we need to be you know 
this also role of the 

992
00:38:05,533 --> 00:38:07,067
this also role of the 
commission. It’s not we don’t 

993
00:38:07,067 --> 00:38:08,800
commission. It’s not we don’t 
need to try and become popular 

994
00:38:08,800 --> 00:38:10,000
need to try and become popular 
with national governments. We 

995
00:38:10,000 --> 00:38:11,133
with national governments. We 
need to be strict with national 

996
00:38:11,133 --> 00:38:12,000
need to be strict with national 
governments on this and we need 

997
00:38:12,000 --> 00:38:14,733
governments on this and we need 
to sort of tell them exactly. 

998
00:38:14,733 --> 00:38:17,334
to sort of tell them exactly. 
Go to the direction of a 

999
00:38:17,334 --> 00:38:17,967
Go to the direction of a 
sustainable recovery, which 

1000
00:38:17,967 --> 00:38:19,833
sustainable recovery, which 
plans don’t and this is going 

1001
00:38:19,833 --> 00:38:21,367
plans don’t and this is going 
to be. I think at some point 

1002
00:38:21,367 --> 00:38:23,067
to be. I think at some point 
also lead to quite tough 

1003
00:38:23,067 --> 00:38:23,633
also lead to quite tough 
discussions with national 

1004
00:38:23,633 --> 00:38:25,267
discussions with national 
governments, but that’s the 

1005
00:38:25,267 --> 00:38:26,700
governments, but that’s the 
only way forward again. I 

1006
00:38:26,700 --> 00:38:29,867
only way forward again. I 
repeat if the national plans go 

1007
00:38:29,867 --> 00:38:31,399
repeat if the national plans go 
in different directions, then 

1008
00:38:31,399 --> 00:38:33,867
in different directions, then 
the net effect of all of this 

1009
00:38:33,867 --> 00:38:35,567
the net effect of all of this 
will be sub optimal to say the 

1010
00:38:35,567 --> 00:38:37,401
will be sub optimal to say the 
least and we’ll probably be 

1011
00:38:37,401 --> 00:38:39,034
least and we’ll probably be 
contradictory with the in 

1012
00:38:39,034 --> 00:38:39,800
contradictory with the in 
contradiction with the goals we 

1013
00:38:39,800 --> 00:38:42,567
contradiction with the goals we 
want to attain well many 

1014
00:38:42,567 --> 00:38:44,667
want to attain well many 
government. Uh across Europe 

1015
00:38:44,667 --> 00:38:46,701
government. Uh across Europe 
have already thrown a lot of 

1016
00:38:46,701 --> 00:38:48,934
have already thrown a lot of 
money at what I guess you would 

1017
00:38:48,934 --> 00:38:50,000
money at what I guess you would 
call old industries or 

1018
00:38:50,000 --> 00:38:51,633
call old industries or 
industries that basically have 

1019
00:38:51,633 --> 00:38:53,701
industries that basically have 
a limited future such as the 

1020
00:38:53,701 --> 00:38:56,201
a limited future such as the 
airline industry and so, of 

1021
00:38:56,201 --> 00:38:57,934
airline industry and so, of 
course we welcome if you if you 

1022
00:38:57,934 --> 00:39:00,233
course we welcome if you if you 
commented on on on your take 

1023
00:39:00,233 --> 00:39:01,767
commented on on on your take 
on, you know the bailouts that 

1024
00:39:01,767 --> 00:39:03,399
on, you know the bailouts that 
have happened so far, I mean 

1025
00:39:03,399 --> 00:39:05,833
have happened so far, I mean 
we’ve we’ve put a lot of money 

1026
00:39:05,833 --> 00:39:07,000
we’ve we’ve put a lot of money 
into industries where we would 

1027
00:39:07,000 --> 00:39:08,333
into industries where we would 
say well, is that really the 

1028
00:39:08,333 --> 00:39:10,899
say well, is that really the 
industry that in 10 years 15 

1029
00:39:10,899 --> 00:39:11,733
industry that in 10 years 15 
years down the road. uh we 

1030
00:39:11,733 --> 00:39:13,533
years down the road. uh we 
think as as a future, well, you 

1031
00:39:13,533 --> 00:39:15,801
think as as a future, well, you 
mention. Airline industry and I 

1032
00:39:15,801 --> 00:39:17,866
mention. Airline industry and I 
absolutely see a future for the 

1033
00:39:17,866 --> 00:39:19,533
absolutely see a future for the 
airline industry uh air 

1034
00:39:19,533 --> 00:39:20,133
airline industry uh air 
transport will be necessary, 

1035
00:39:20,133 --> 00:39:21,767
transport will be necessary, 
but it has to become 

1036
00:39:21,767 --> 00:39:23,000
but it has to become 
sustainable at transport so we 

1037
00:39:23,000 --> 00:39:24,000
sustainable at transport so we 
have to and that’s that’s where 

1038
00:39:24,000 --> 00:39:26,299
have to and that’s that’s where 
you know. I’m I’m very sorry 

1039
00:39:26,299 --> 00:39:28,133
you know. I’m I’m very sorry 
that, for instance the budgets 

1040
00:39:28,133 --> 00:39:30,733
that, for instance the budgets 
for horizon uh Europe were 

1041
00:39:30,733 --> 00:39:32,834
for horizon uh Europe were 
limited or for our deal limited 

1042
00:39:32,834 --> 00:39:34,266
limited or for our deal limited 
because we will need to speed 

1043
00:39:34,266 --> 00:39:36,801
because we will need to speed 
up the development of uh, for 

1044
00:39:36,801 --> 00:39:39,567
up the development of uh, for 
instance, uh uh a synthetic 

1045
00:39:39,567 --> 00:39:41,967
instance, uh uh a synthetic 
fuels uh or or biofuels we will 

1046
00:39:41,967 --> 00:39:43,467
fuels uh or or biofuels we will 
need to speed up the 

1047
00:39:43,467 --> 00:39:44,800
need to speed up the 
development of new technologies 

1048
00:39:44,800 --> 00:39:46,534
development of new technologies 
Battery Technologies, hydrogen 

1049
00:39:46,534 --> 00:39:47,567
Battery Technologies, hydrogen 
technologies and then, and then 

1050
00:39:47,567 --> 00:39:49,533
technologies and then, and then 
you can transform the way 

1051
00:39:49,533 --> 00:39:51,934
you can transform the way 
airlines. You can transform a 

1052
00:39:51,934 --> 00:39:53,000
airlines. You can transform a 
transport, we’ll need it for 

1053
00:39:53,000 --> 00:39:55,367
transport, we’ll need it for 
the global economy and for the 

1054
00:39:55,367 --> 00:39:56,000
the global economy and for the 
transport needs of people, but 

1055
00:39:56,000 --> 00:39:59,167
transport needs of people, but 
we have to change and I think I 

1056
00:39:59,167 --> 00:40:00,000
we have to change and I think I 
think this by now, this is 

1057
00:40:00,000 --> 00:40:02,000
think this by now, this is 
probably no one in the airline 

1058
00:40:02,000 --> 00:40:02,800
probably no one in the airline 
industry who believe that the 

1059
00:40:02,800 --> 00:40:04,933
industry who believe that the 
money they got is free money 

1060
00:40:04,933 --> 00:40:05,967
money they got is free money 
and that they don’t need to 

1061
00:40:05,967 --> 00:40:07,367
and that they don’t need to 
change. I think the the 

1062
00:40:07,367 --> 00:40:08,699
change. I think the the 
understanding in the airline 

1063
00:40:08,699 --> 00:40:10,234
understanding in the airline 
industry that both because of 

1064
00:40:10,234 --> 00:40:12,767
industry that both because of 
the changing and I think 

1065
00:40:12,767 --> 00:40:13,967
the changing and I think 
structurally changing behavior 

1066
00:40:13,967 --> 00:40:17,200
structurally changing behavior 
of people and the need for them 

1067
00:40:17,200 --> 00:40:18,467
of people and the need for them 
to decrease their carbon 

1068
00:40:18,467 --> 00:40:19,800
to decrease their carbon 
footprint. They will have to be 

1069
00:40:19,800 --> 00:40:20,400
footprint. They will have to be 
structural changes there as 

1070
00:40:20,400 --> 00:40:22,099
structural changes there as 
well, but we will continue to 

1071
00:40:22,099 --> 00:40:24,933
well, but we will continue to 
need an airline industry. 

1072
00:40:24,933 --> 00:40:27,367
need an airline industry. 
Should be on the technology 

1073
00:40:27,367 --> 00:40:29,834
Should be on the technology 
aspects and so I mean because I 

1074
00:40:29,834 --> 00:40:32,333
aspects and so I mean because I 
mean there is um there’s always 

1075
00:40:32,333 --> 00:40:34,367
mean there is um there’s always 
the question to what extent can 

1076
00:40:34,367 --> 00:40:36,767
the question to what extent can 
you as commissioners as policy 

1077
00:40:36,767 --> 00:40:38,000
you as commissioners as policy 
maker decide on the technology 

1078
00:40:38,000 --> 00:40:39,534
maker decide on the technology 
of the future, and to what 

1079
00:40:39,534 --> 00:40:40,733
of the future, and to what 
extent to we leave that choice 

1080
00:40:40,733 --> 00:40:42,167
extent to we leave that choice 
to to the markets to the 

1081
00:40:42,167 --> 00:40:44,766
to to the markets to the 
innovators? um but just setting 

1082
00:40:44,766 --> 00:40:46,000
innovators? um but just setting 
a setting basically the signal 

1083
00:40:46,000 --> 00:40:47,333
a setting basically the signal 
giving the incentives, but then 

1084
00:40:47,333 --> 00:40:49,067
giving the incentives, but then 
the way it’s done. It’s really 

1085
00:40:49,067 --> 00:40:51,600
the way it’s done. It’s really 
it’s really up to up to private 

1086
00:40:51,600 --> 00:40:54,367
it’s really up to up to private 
actors and I know that um in in 

1087
00:40:54,367 --> 00:40:56,167
actors and I know that um in in 
the recent documents quite a 

1088
00:40:56,167 --> 00:40:58,467
the recent documents quite a 
lot of emphasis on hydrogen, um 

1089
00:40:58,467 --> 00:41:02,267
lot of emphasis on hydrogen, um 
there’s a lot of debate. 

1090
00:41:36,367 --> 00:41:37,333
Already well, I think I think 

1091
00:41:37,333 --> 00:41:40,267
Already well, I think I think 
it’s it’s it’s logical that as 

1092
00:41:40,267 --> 00:41:41,934
it’s it’s it’s logical that as 
Europeans we would look at the 

1093
00:41:41,934 --> 00:41:43,367
Europeans we would look at the 
things that we have uh uh uh uh 

1094
00:41:43,367 --> 00:41:46,834
things that we have uh uh uh uh 
uh an edge comparative 

1095
00:41:46,834 --> 00:41:48,267
uh an edge comparative 
advantage where we already are 

1096
00:41:48,267 --> 00:41:49,767
advantage where we already are 
ahead and where we expect to be 

1097
00:41:49,767 --> 00:41:51,333
ahead and where we expect to be 
even further ahead and hydrogen 

1098
00:41:51,333 --> 00:41:52,433
even further ahead and hydrogen 
is one of those areas. That’s 

1099
00:41:52,433 --> 00:41:54,366
is one of those areas. That’s 
why you know in in record time 

1100
00:41:54,366 --> 00:41:55,300
why you know in in record time 
because there was hardly 

1101
00:41:55,300 --> 00:41:57,034
because there was hardly 
anything there when I came in 

1102
00:41:57,034 --> 00:41:59,067
anything there when I came in 
this job in record time, we 

1103
00:41:59,067 --> 00:42:00,600
this job in record time, we 
developed a hydrogen strategy, 

1104
00:42:00,600 --> 00:42:01,667
developed a hydrogen strategy, 
The European Commission, which, 

1105
00:42:01,667 --> 00:42:02,933
The European Commission, which, 
by the way, was very much 

1106
00:42:02,933 --> 00:42:04,433
by the way, was very much 
welcomed by everyone in the 

1107
00:42:04,433 --> 00:42:05,967
welcomed by everyone in the 
market and hydrogen is now 

1108
00:42:05,967 --> 00:42:08,767
market and hydrogen is now 
becoming a very very fast. Uh 

1109
00:42:08,767 --> 00:42:11,266
becoming a very very fast. Uh 
uh an idea that many people 

1110
00:42:11,266 --> 00:42:12,799
uh an idea that many people 
jump on it used to be something 

1111
00:42:12,799 --> 00:42:14,133
jump on it used to be something 
that lived very much in in in 

1112
00:42:14,133 --> 00:42:15,299
that lived very much in in in 
Germany and the Netherlands and 

1113
00:42:15,299 --> 00:42:16,133
Germany and the Netherlands and 
now you see if you look at 

1114
00:42:16,133 --> 00:42:18,333
now you see if you look at 
Spain, Portugal Italy it’s 

1115
00:42:18,333 --> 00:42:19,600
Spain, Portugal Italy it’s 
becoming something that’s 

1116
00:42:19,600 --> 00:42:21,400
becoming something that’s 
become really pan European and 

1117
00:42:21,400 --> 00:42:23,699
become really pan European and 
if we if we invest in this and 

1118
00:42:23,699 --> 00:42:25,133
if we if we invest in this and 
concentrate on this, we will be 

1119
00:42:25,133 --> 00:42:26,333
concentrate on this, we will be 
the world’s leaders in this 

1120
00:42:26,333 --> 00:42:27,767
the world’s leaders in this 
technology and it has so many 

1121
00:42:27,767 --> 00:42:28,634
technology and it has so many 
advantages because you 

1122
00:42:28,634 --> 00:42:31,367
advantages because you 
mentioned uh we have huge 

1123
00:42:31,367 --> 00:42:32,699
mentioned uh we have huge 
potential in in especially 

1124
00:42:32,699 --> 00:42:34,234
potential in in especially 
offshore wind. It’s taking off 

1125
00:42:34,234 --> 00:42:35,699
offshore wind. It’s taking off 
like a rocket right now and if 

1126
00:42:35,699 --> 00:42:38,900
like a rocket right now and if 
you could produce. Cheap 

1127
00:42:38,900 --> 00:42:40,966
you could produce. Cheap 
hydrogen offshore with wind 

1128
00:42:40,966 --> 00:42:43,866
hydrogen offshore with wind 
energy You have an incredibly 

1129
00:42:43,866 --> 00:42:45,299
energy You have an incredibly 
good energy source, but also it 

1130
00:42:45,299 --> 00:42:47,767
good energy source, but also it 
is the best possible storage of 

1131
00:42:47,767 --> 00:42:49,134
is the best possible storage of 
energy, which you can transport 

1132
00:42:49,134 --> 00:42:51,899
energy, which you can transport 
over long distances you cannot 

1133
00:42:51,899 --> 00:42:52,967
over long distances you cannot 
transport electricity that’s 

1134
00:42:52,967 --> 00:42:54,200
transport electricity that’s 
created by wind over a very 

1135
00:42:54,200 --> 00:42:56,833
created by wind over a very 
long distances, but with 

1136
00:42:56,833 --> 00:42:58,200
long distances, but with 
already adapting already 

1137
00:42:58,200 --> 00:42:59,333
already adapting already 
existing infrastructure for 

1138
00:42:59,333 --> 00:43:01,134
existing infrastructure for 
natural gas to hydrogen, you 

1139
00:43:01,134 --> 00:43:02,466
natural gas to hydrogen, you 
could create a number of 

1140
00:43:02,466 --> 00:43:03,333
could create a number of 
winners across the European 

1141
00:43:03,333 --> 00:43:05,666
winners across the European 
continent and also with our 

1142
00:43:05,666 --> 00:43:07,067
continent and also with our 
neighborhood to the east and 

1143
00:43:07,067 --> 00:43:10,534
neighborhood to the east and 
on. To the south, so I believe 

1144
00:43:10,534 --> 00:43:12,767
on. To the south, so I believe 
hydrogen is fast becoming a 

1145
00:43:12,767 --> 00:43:14,400
hydrogen is fast becoming a 
very strong strategic asset, 

1146
00:43:14,400 --> 00:43:16,634
very strong strategic asset, 
which is which has the added 

1147
00:43:16,634 --> 00:43:19,801
which is which has the added 
value of being climate uh 

1148
00:43:19,801 --> 00:43:22,667
value of being climate uh 
friendly. Oh, yeah, but if I 

1149
00:43:22,667 --> 00:43:24,767
friendly. Oh, yeah, but if I 
make it to divert a little bit 

1150
00:43:24,767 --> 00:43:26,467
make it to divert a little bit 
um and take perhaps the green 

1151
00:43:26,467 --> 00:43:28,867
um and take perhaps the green 
deal in a more global context, 

1152
00:43:28,867 --> 00:43:30,266
deal in a more global context, 
we have a question here from 

1153
00:43:30,266 --> 00:43:31,634
we have a question here from 
Daniel tell us who’s asking the 

1154
00:43:31,634 --> 00:43:33,400
Daniel tell us who’s asking the 
green deal. What does it mean 

1155
00:43:33,400 --> 00:43:34,266
green deal. What does it mean 
for the developing world? I 

1156
00:43:34,266 --> 00:43:35,467
for the developing world? I 
think that’s very important 

1157
00:43:35,467 --> 00:43:36,634
think that’s very important 
question, but can I add to 

1158
00:43:36,634 --> 00:43:37,700
question, but can I add to 
that? perhaps the global 

1159
00:43:37,700 --> 00:43:39,967
that? perhaps the global 
content? That you know how can 

1160
00:43:39,967 --> 00:43:42,133
content? That you know how can 
you ensure that you produce a 

1161
00:43:42,133 --> 00:43:43,533
you ensure that you produce a 
green deal? that is that is 

1162
00:43:43,533 --> 00:43:45,167
green deal? that is that is 
makes Europe achieve it’s own 

1163
00:43:45,167 --> 00:43:46,367
makes Europe achieve it’s own 
targets, but stay competitive 

1164
00:43:46,367 --> 00:43:48,000
targets, but stay competitive 
in a in a whole world in a 

1165
00:43:48,000 --> 00:43:49,767
in a in a whole world in a 
global environment that is not 

1166
00:43:49,767 --> 00:43:51,700
global environment that is not 
necessarily cooperative. Does 

1167
00:43:51,700 --> 00:43:53,834
necessarily cooperative. Does 
this pose a risk to the 

1168
00:43:53,834 --> 00:43:55,533
this pose a risk to the 
ambitions of the uh of the 

1169
00:43:55,533 --> 00:43:56,800
ambitions of the uh of the 
year? and you know how do you 

1170
00:43:56,800 --> 00:43:58,066
year? and you know how do you 
plan to ensure that the whole 

1171
00:43:58,066 --> 00:43:59,300
plan to ensure that the whole 
world is on boarding and 

1172
00:43:59,300 --> 00:44:01,067
world is on boarding and 
effectively a global public 

1173
00:44:01,067 --> 00:44:03,399
effectively a global public 
good? well, let me. in fact, 

1174
00:44:03,399 --> 00:44:03,967
good? well, let me. in fact, 
it’s a two questions. Let me 

1175
00:44:03,967 --> 00:44:06,200
it’s a two questions. Let me 
start with the second one first 

1176
00:44:06,200 --> 00:44:10,133
start with the second one first 
I remember I’m old enough. 

1177
00:44:38,800 --> 00:44:41,200
With our criteria I strongly 

1178
00:44:41,200 --> 00:44:42,567
With our criteria I strongly 
believe in this also because 

1179
00:44:42,567 --> 00:44:44,433
believe in this also because 
the rest of the world, the big 

1180
00:44:44,433 --> 00:44:46,400
the rest of the world, the big 
economic players in the world 

1181
00:44:46,400 --> 00:44:47,799
economic players in the world 
uh you know even you have to 

1182
00:44:47,799 --> 00:44:50,233
uh you know even you have to 
look beyond the short-term 

1183
00:44:50,233 --> 00:44:52,333
look beyond the short-term 
political games that are being 

1184
00:44:52,333 --> 00:44:54,434
political games that are being 
played the rest of the world 

1185
00:44:54,434 --> 00:44:55,133
played the rest of the world 
understands that we need to 

1186
00:44:55,133 --> 00:44:55,966
understands that we need to 
move in that direction. It’s in 

1187
00:44:55,966 --> 00:44:57,300
move in that direction. It’s in 
their interests as well. so I 

1188
00:44:57,300 --> 00:44:59,934
their interests as well. so I 
am in the midterm optimistic 

1189
00:44:59,934 --> 00:45:01,666
am in the midterm optimistic 
about this standard setting if 

1190
00:45:01,666 --> 00:45:02,799
about this standard setting if 
we do the standard setting 

1191
00:45:02,799 --> 00:45:04,467
we do the standard setting 
right in Europe, then the rest 

1192
00:45:04,467 --> 00:45:05,933
right in Europe, then the rest 
of the world will follow. We 

1193
00:45:05,933 --> 00:45:07,967
of the world will follow. We 
saw it on GDPR on the 

1194
00:45:07,967 --> 00:45:09,400
saw it on GDPR on the 
protection of uh uh a private 

1195
00:45:09,400 --> 00:45:11,933
protection of uh uh a private 
uh uh information and we will 

1196
00:45:11,933 --> 00:45:12,900
uh uh information and we will 
see it in this area as well. we 

1197
00:45:12,900 --> 00:45:15,634
see it in this area as well. we 
saw it in the internal market. 

1198
00:45:15,634 --> 00:45:17,201
saw it in the internal market. 
I’m fairly optimistic about now 

1199
00:45:17,201 --> 00:45:19,767
I’m fairly optimistic about now 
you your first question on the 

1200
00:45:19,767 --> 00:45:21,401
you your first question on the 
developing world. It’s not been 

1201
00:45:21,401 --> 00:45:23,967
developing world. It’s not been 
that long ago that in many 

1202
00:45:23,967 --> 00:45:25,666
that long ago that in many 
parts of the developing world, 

1203
00:45:25,666 --> 00:45:26,466
parts of the developing world, 
two feelings were dominant, 

1204
00:45:26,466 --> 00:45:28,300
two feelings were dominant, 
first of all uh environmental 

1205
00:45:28,300 --> 00:45:29,700
first of all uh environmental 
policies a luxury for rich 

1206
00:45:29,700 --> 00:45:32,367
policies a luxury for rich 
people and secondly, we feel 

1207
00:45:32,367 --> 00:45:34,733
people and secondly, we feel 
completely abandoned by the 

1208
00:45:34,733 --> 00:45:36,400
completely abandoned by the 
ritual that’s only taking care 

1209
00:45:36,400 --> 00:45:37,767
ritual that’s only taking care 
of itself. Now. First of all 

1210
00:45:37,767 --> 00:45:39,867
of itself. Now. First of all 
the first point is disappeared 

1211
00:45:39,867 --> 00:45:41,167
the first point is disappeared 
completely because what’s 

1212
00:45:41,167 --> 00:45:42,800
completely because what’s 
happening in the world in terms 

1213
00:45:42,800 --> 00:45:44,333
happening in the world in terms 
of erratic weather in terms of 

1214
00:45:44,333 --> 00:45:46,733
of erratic weather in terms of 
drought in terms of storms in 

1215
00:45:46,733 --> 00:45:47,767
drought in terms of storms in 
terms of completely 

1216
00:45:47,767 --> 00:45:49,034
terms of completely 
unpredictable weather patterns 

1217
00:45:49,034 --> 00:45:51,967
unpredictable weather patterns 
in terms of you know. At the at 

1218
00:45:51,967 --> 00:45:54,499
in terms of you know. At the at 
the at the locust plague in 

1219
00:45:54,499 --> 00:45:55,367
the at the locust plague in 
East Africa, etcetera all these 

1220
00:45:55,367 --> 00:45:56,467
East Africa, etcetera all these 
things are related and 

1221
00:45:56,467 --> 00:45:58,599
things are related and 
countries know this so the 

1222
00:45:58,599 --> 00:45:59,933
countries know this so the 
sense of urgency has highly 

1223
00:45:59,933 --> 00:46:02,334
sense of urgency has highly 
increased globally and 

1224
00:46:02,334 --> 00:46:03,133
increased globally and 
especially the poorest 

1225
00:46:03,133 --> 00:46:03,966
especially the poorest 
countries in the world will 

1226
00:46:03,966 --> 00:46:06,967
countries in the world will 
suffer the most if they cannot 

1227
00:46:06,967 --> 00:46:08,433
suffer the most if they cannot 
adapt to this mitigate the 

1228
00:46:08,433 --> 00:46:10,900
adapt to this mitigate the 
consequences and be part of the 

1229
00:46:10,900 --> 00:46:12,000
consequences and be part of the 
development towards what I 

1230
00:46:12,000 --> 00:46:13,533
development towards what I 
would call a green deal. I see 

1231
00:46:13,533 --> 00:46:15,767
would call a green deal. I see 
the top priority for Europe and 

1232
00:46:15,767 --> 00:46:17,367
the top priority for Europe and 
Africa. These are two the 

1233
00:46:17,367 --> 00:46:19,700
Africa. These are two the 
continent Africa. It’s fate is 

1234
00:46:19,700 --> 00:46:21,299
continent Africa. It’s fate is 
intimately linked to ours If 

1235
00:46:21,299 --> 00:46:22,667
intimately linked to ours If 
Africa doesn’t get out of this 

1236
00:46:22,667 --> 00:46:24,401
Africa doesn’t get out of this 
well, we will not if we don’t 

1237
00:46:24,401 --> 00:46:26,000
well, we will not if we don’t 
get out of this world. Africa 

1238
00:46:26,000 --> 00:46:28,600
get out of this world. Africa 
will. Sophomore and I honestly 

1239
00:46:28,600 --> 00:46:30,834
will. Sophomore and I honestly 
believe I have seen a true 

1240
00:46:30,834 --> 00:46:32,201
believe I have seen a true 
change in the attitude of 

1241
00:46:32,201 --> 00:46:33,600
change in the attitude of 
African leaders on this not 

1242
00:46:33,600 --> 00:46:35,067
African leaders on this not 
that they’re saying, tell us 

1243
00:46:35,067 --> 00:46:36,000
that they’re saying, tell us 
what to do they know exactly 

1244
00:46:36,000 --> 00:46:38,367
what to do they know exactly 
what they want to do but and 

1245
00:46:38,367 --> 00:46:39,867
what they want to do but and 
say we want to partnership with 

1246
00:46:39,867 --> 00:46:41,500
say we want to partnership with 
Europe to see how we can 

1247
00:46:41,500 --> 00:46:43,767
Europe to see how we can 
electrify our continent. Bring 

1248
00:46:43,767 --> 00:46:45,400
electrify our continent. Bring 
energy everywhere in a 

1249
00:46:45,400 --> 00:46:46,500
energy everywhere in a 
sustainable way and by the way 

1250
00:46:46,500 --> 00:46:48,234
sustainable way and by the way 
the interesting thing is it’s 

1251
00:46:48,234 --> 00:46:49,367
the interesting thing is it’s 
sustainable electorate 

1252
00:46:49,367 --> 00:46:51,066
sustainable electorate 
electricity generation is much 

1253
00:46:51,066 --> 00:46:52,733
electricity generation is much 
easier to do descent in a 

1254
00:46:52,733 --> 00:46:54,433
easier to do descent in a 
decentralized way it remote 

1255
00:46:54,433 --> 00:46:56,234
decentralized way it remote 
areas than bringing the the. 

1256
00:46:56,234 --> 00:46:57,900
areas than bringing the the. 
The classical grits to those 

1257
00:46:57,900 --> 00:47:00,366
The classical grits to those 
areas so we have huge 

1258
00:47:00,366 --> 00:47:01,300
areas so we have huge 
opportunities to help this 

1259
00:47:01,300 --> 00:47:03,100
opportunities to help this 
young content developers at the 

1260
00:47:03,100 --> 00:47:04,500
young content developers at the 
same time we have to show 

1261
00:47:04,500 --> 00:47:06,000
same time we have to show 
solidarity that we help African 

1262
00:47:06,000 --> 00:47:07,699
solidarity that we help African 
countries mitigate the 

1263
00:47:07,699 --> 00:47:09,201
countries mitigate the 
consequences of climate change 

1264
00:47:09,201 --> 00:47:11,100
consequences of climate change 
and adapt to new weather 

1265
00:47:11,100 --> 00:47:12,399
and adapt to new weather 
patterns, etcetera etcetera If 

1266
00:47:12,399 --> 00:47:14,000
patterns, etcetera etcetera If 
we do these things if we are 

1267
00:47:14,000 --> 00:47:16,433
we do these things if we are 
serious about this, I see a 

1268
00:47:16,433 --> 00:47:17,100
serious about this, I see a 
huge potential partnership and 

1269
00:47:17,100 --> 00:47:20,099
huge potential partnership and 
I mentioned uh hydrogen before 

1270
00:47:20,099 --> 00:47:22,000
I mentioned uh hydrogen before 
just imagine the potential of 

1271
00:47:22,000 --> 00:47:24,166
just imagine the potential of 
hydrogen generated by wind or 

1272
00:47:24,166 --> 00:47:25,833
hydrogen generated by wind or 
solar power in areas of Africa. 

1273
00:47:25,833 --> 00:47:27,467
solar power in areas of Africa. 
Not much grows, but there’s a 

1274
00:47:27,467 --> 00:47:29,167
Not much grows, but there’s a 
lot of sun and a lot of wind 

1275
00:47:29,167 --> 00:47:30,834
lot of sun and a lot of wind 
just imagine that if we 

1276
00:47:30,834 --> 00:47:32,367
just imagine that if we 
establish a partnership on 

1277
00:47:32,367 --> 00:47:33,467
establish a partnership on 
that, it will bring development 

1278
00:47:33,467 --> 00:47:35,066
that, it will bring development 
to Africa and it will create 

1279
00:47:35,066 --> 00:47:37,367
to Africa and it will create 
global markets that Africa can 

1280
00:47:37,367 --> 00:47:39,600
global markets that Africa can 
be a part of we are getting a 

1281
00:47:39,600 --> 00:47:41,300
be a part of we are getting a 
lot of questions from the 

1282
00:47:41,300 --> 00:47:42,733
lot of questions from the 
audience already and perhaps 

1283
00:47:42,733 --> 00:47:44,167
audience already and perhaps 
addressed to to our audience. 

1284
00:47:44,167 --> 00:47:45,967
addressed to to our audience. 
um if you if you think the 

1285
00:47:45,967 --> 00:47:47,200
um if you if you think the 
question is particularly 

1286
00:47:47,200 --> 00:47:49,533
question is particularly 
relevant, please vote it up so 

1287
00:47:49,533 --> 00:47:50,867
relevant, please vote it up so 
that it appears on the top of 

1288
00:47:50,867 --> 00:47:53,400
that it appears on the top of 
my news feed. uh that’s always 

1289
00:47:53,400 --> 00:47:55,367
my news feed. uh that’s always 
helpful because I can’t read 33 

1290
00:47:55,367 --> 00:47:57,401
helpful because I can’t read 33 
questions right uh right here 

1291
00:47:57,401 --> 00:47:58,133
questions right uh right here 
and ask them to to mister 

1292
00:47:58,133 --> 00:48:01,733
and ask them to to mister 
timmons um and uh. Is a quick 

1293
00:48:01,733 --> 00:48:03,866
timmons um and uh. Is a quick 
remark if I may on the on the 

1294
00:48:03,866 --> 00:48:05,366
remark if I may on the on the 
development issue, I mean I 

1295
00:48:05,366 --> 00:48:06,666
development issue, I mean I 
totally see the point that we 

1296
00:48:06,666 --> 00:48:08,533
totally see the point that we 
can produce hydrogen in uh in 

1297
00:48:08,533 --> 00:48:09,967
can produce hydrogen in uh in 
in Africa how much it 

1298
00:48:09,967 --> 00:48:11,767
in Africa how much it 
contributes to development. I 

1299
00:48:11,767 --> 00:48:12,466
contributes to development. I 
think that’s quite an open 

1300
00:48:12,466 --> 00:48:13,800
think that’s quite an open 
question because it’s a very 

1301
00:48:13,800 --> 00:48:16,066
question because it’s a very 
capital intensive industry that 

1302
00:48:16,066 --> 00:48:17,900
capital intensive industry that 
you plant into into the desert 

1303
00:48:17,900 --> 00:48:20,233
you plant into into the desert 
and with relatively little 

1304
00:48:20,233 --> 00:48:21,966
and with relatively little 
human capital uh locally owned 

1305
00:48:21,966 --> 00:48:23,699
human capital uh locally owned 
capital that’s gonna be needed 

1306
00:48:23,699 --> 00:48:26,633
capital that’s gonna be needed 
so the value is uh gonna be 

1307
00:48:26,633 --> 00:48:27,700
so the value is uh gonna be 
mostly related to the capital. 

1308
00:48:27,700 --> 00:48:29,100
mostly related to the capital. 
so I’m not quite sure how much 

1309
00:48:29,100 --> 00:48:31,700
so I’m not quite sure how much 
it. Contributes to to develop 

1310
00:48:31,700 --> 00:48:33,967
it. Contributes to to develop 
in Africa, which doesn’t mean 

1311
00:48:33,967 --> 00:48:35,201
in Africa, which doesn’t mean 
that we shouldn’t do it, but I 

1312
00:48:35,201 --> 00:48:37,400
that we shouldn’t do it, but I 
mean that’s just a short 

1313
00:48:37,400 --> 00:48:40,300
mean that’s just a short 
comment, but let me bring in a 

1314
00:48:40,300 --> 00:48:41,634
comment, but let me bring in a 
question here. Two questions 

1315
00:48:41,634 --> 00:48:43,400
question here. Two questions 
actually one question from Jose 

1316
00:48:43,400 --> 00:48:46,633
actually one question from Jose 
Navarro. um he’s asking a 

1317
00:48:46,633 --> 00:48:47,533
Navarro. um he’s asking a 
private investments respond to 

1318
00:48:47,533 --> 00:48:49,933
private investments respond to 
incentives set by money land 

1319
00:48:49,933 --> 00:48:52,401
incentives set by money land 
area, but not rural jobs or the 

1320
00:48:52,401 --> 00:48:53,866
area, but not rural jobs or the 
environment. How can this be 

1321
00:48:53,866 --> 00:48:57,767
environment. How can this be 
made compatible? uh um sorry 

1322
00:48:57,767 --> 00:48:59,600
made compatible? uh um sorry 
private investment responses to 

1323
00:48:59,600 --> 00:49:01,600
private investment responses to 
incentives set by legislation. 

1324
00:49:01,600 --> 00:49:03,967
incentives set by legislation. 
Don’t we need more. To make 

1325
00:49:03,967 --> 00:49:05,299
Don’t we need more. To make 
unsustainable consumption such 

1326
00:49:05,299 --> 00:49:08,201
unsustainable consumption such 
as SUVs large homes, uh more 

1327
00:49:08,201 --> 00:49:09,800
as SUVs large homes, uh more 
expensive, so that’s basically 

1328
00:49:09,800 --> 00:49:11,733
expensive, so that’s basically 
a question should be uh make 

1329
00:49:11,733 --> 00:49:13,233
a question should be uh make 
SUVs and large homes more 

1330
00:49:13,233 --> 00:49:14,866
SUVs and large homes more 
expensive. And then there’s 

1331
00:49:14,866 --> 00:49:16,401
expensive. And then there’s 
another question by mister 

1332
00:49:16,401 --> 00:49:18,234
another question by mister 
Anonymous, which is about um 

1333
00:49:18,234 --> 00:49:19,833
Anonymous, which is about um 
the uses biggest budget item 

1334
00:49:19,833 --> 00:49:22,367
the uses biggest budget item 
the common agricultural policy 

1335
00:49:22,367 --> 00:49:24,533
the common agricultural policy 
throws money at land, but not 

1336
00:49:24,533 --> 00:49:26,433
throws money at land, but not 
jobs uh and the environment 

1337
00:49:26,433 --> 00:49:28,266
jobs uh and the environment 
should we not fundamentally 

1338
00:49:28,266 --> 00:49:30,933
should we not fundamentally 
change the CAP uh policy um how 

1339
00:49:30,933 --> 00:49:33,200
change the CAP uh policy um how 
can this be made? Compertible 

1340
00:49:33,200 --> 00:49:35,899
can this be made? Compertible 
Wizi Green Deals, so one on the 

1341
00:49:35,899 --> 00:49:37,400
Wizi Green Deals, so one on the 
for bitting and to stainable 

1342
00:49:37,400 --> 00:49:38,834
for bitting and to stainable 
consumption all making it more 

1343
00:49:38,834 --> 00:49:41,334
consumption all making it more 
expands of the one on the CIPs. 

1344
00:49:41,334 --> 00:49:43,733
expands of the one on the CIPs. 
Well, äh, also wie this cust 

1345
00:49:43,733 --> 00:49:46,000
Well, äh, also wie this cust 
befour ehm this is acenty and 

1346
00:49:46,000 --> 00:49:47,767
befour ehm this is acenty and 
is you of this to best now read 

1347
00:49:47,767 --> 00:49:49,667
is you of this to best now read 
this subusion. And we dis 

1348
00:49:49,667 --> 00:49:51,733
this subusion. And we dis 
subution is incentivice by 

1349
00:49:51,733 --> 00:49:53,267
subution is incentivice by 
fisco mashives. And a taxing 

1350
00:49:53,267 --> 00:49:57,434
fisco mashives. And a taxing 
what pluds more äh and taxing 

1351
00:49:57,434 --> 00:49:58,800
what pluds more äh and taxing 
label lass is I think the way 

1352
00:49:58,800 --> 00:50:00,466
label lass is I think the way 
for it. Ähm and I think this 

1353
00:50:00,466 --> 00:50:02,866
for it. Ähm and I think this 
this will aplite cars, a with a 

1354
00:50:02,866 --> 00:50:04,467
this will aplite cars, a with a 
ply äh to home so will a ply to 

1355
00:50:04,467 --> 00:50:05,867
ply äh to home so will a ply to 
ever can consumption patance 

1356
00:50:05,867 --> 00:50:09,034
ever can consumption patance 
ehm A big and small, so I do 

1357
00:50:09,034 --> 00:50:11,133
ehm A big and small, so I do 
believe that if you really want 

1358
00:50:11,133 --> 00:50:12,933
believe that if you really want 
this redistribution to work in 

1359
00:50:12,933 --> 00:50:14,867
this redistribution to work in 
a fair way, you need to use the 

1360
00:50:14,867 --> 00:50:16,299
a fair way, you need to use the 
taxation system and by the way 

1361
00:50:16,299 --> 00:50:17,733
taxation system and by the way 
uh you will allow me this 

1362
00:50:17,733 --> 00:50:19,600
uh you will allow me this 
political remark Anybody who’s 

1363
00:50:19,600 --> 00:50:20,867
political remark Anybody who’s 
still today believes in 

1364
00:50:20,867 --> 00:50:22,901
still today believes in 
Trickle-down economics needs to 

1365
00:50:22,901 --> 00:50:24,234
Trickle-down economics needs to 
wake up and smell the coffee It 

1366
00:50:24,234 --> 00:50:25,967
wake up and smell the coffee It 
doesn’t work and it’s about 

1367
00:50:25,967 --> 00:50:29,100
doesn’t work and it’s about 
time we understood that by 

1368
00:50:29,100 --> 00:50:30,900
time we understood that by 
providing tax relief for the 

1369
00:50:30,900 --> 00:50:32,700
providing tax relief for the 
richest people on earth, you do 

1370
00:50:32,700 --> 00:50:34,066
richest people on earth, you do 
not provide for a better 

1371
00:50:34,066 --> 00:50:35,767
not provide for a better 
society. I think this is highly 

1372
00:50:35,767 --> 00:50:39,299
society. I think this is highly 
urgent to be. Everywhere um now 

1373
00:50:39,299 --> 00:50:41,699
urgent to be. Everywhere um now 
on on the on the second, uh 

1374
00:50:41,699 --> 00:50:43,800
on on the on the second, uh 
second uh uh uh point uh the 

1375
00:50:43,800 --> 00:50:45,766
second uh uh uh point uh the 
common agricultural policy the 

1376
00:50:45,766 --> 00:50:47,400
common agricultural policy the 
farm to fork strategy is a way 

1377
00:50:47,400 --> 00:50:48,767
farm to fork strategy is a way 
to reform the common 

1378
00:50:48,767 --> 00:50:50,233
to reform the common 
agriculture policy to make 

1379
00:50:50,233 --> 00:50:52,733
agriculture policy to make 
people more aware of uh uh uh 

1380
00:50:52,733 --> 00:50:55,400
people more aware of uh uh uh 
what they eat and uh of how 

1381
00:50:55,400 --> 00:50:56,866
what they eat and uh of how 
their consumption patterns 

1382
00:50:56,866 --> 00:50:59,299
their consumption patterns 
influence uh the agricultural 

1383
00:50:59,299 --> 00:51:00,566
influence uh the agricultural 
World II do believe you know 

1384
00:51:00,566 --> 00:51:01,800
World II do believe you know 
and the pandemic I think should 

1385
00:51:01,800 --> 00:51:04,600
and the pandemic I think should 
have shown this I do believe 

1386
00:51:04,600 --> 00:51:05,700
have shown this I do believe 
there is a strong willingness 

1387
00:51:05,700 --> 00:51:09,600
there is a strong willingness 
uh uh in in. 

1388
00:51:44,300 --> 00:51:46,267
Still, now, if you own a lot of 

1389
00:51:46,267 --> 00:51:47,534
Still, now, if you own a lot of 
land, even if you don’t live in 

1390
00:51:47,534 --> 00:51:48,799
land, even if you don’t live in 
it if you don’t work on it uh 

1391
00:51:48,799 --> 00:51:51,334
it if you don’t work on it uh 
you can get uh a lot of revenue 

1392
00:51:51,334 --> 00:51:52,734
you can get uh a lot of revenue 
from the common agriculture 

1393
00:51:52,734 --> 00:51:53,933
from the common agriculture 
policy, whereas people who farm 

1394
00:51:53,933 --> 00:51:55,734
policy, whereas people who farm 
the land sometimes do not get 

1395
00:51:55,734 --> 00:51:57,100
the land sometimes do not get 
the support and I really think 

1396
00:51:57,100 --> 00:51:59,133
the support and I really think 
there should be a political 

1397
00:51:59,133 --> 00:52:00,367
there should be a political 
momentum to change this because 

1398
00:52:00,367 --> 00:52:02,801
momentum to change this because 
without the farming community 

1399
00:52:02,801 --> 00:52:03,434
without the farming community 
we cannot come out of this 

1400
00:52:03,434 --> 00:52:05,933
we cannot come out of this 
crisis and by the way, farming 

1401
00:52:05,933 --> 00:52:08,267
crisis and by the way, farming 
and rural areas they can create 

1402
00:52:08,267 --> 00:52:11,100
and rural areas they can create 
a level of carbon sink that is 

1403
00:52:11,100 --> 00:52:12,233
a level of carbon sink that is 
incredible and that could 

1404
00:52:12,233 --> 00:52:12,967
incredible and that could 
really help us. you know you 

1405
00:52:12,967 --> 00:52:15,801
really help us. you know you 
could have. Negative emissions 

1406
00:52:15,801 --> 00:52:17,933
could have. Negative emissions 
If you have if you if you 

1407
00:52:17,933 --> 00:52:18,800
If you have if you if you 
follow the Commission’s plans 

1408
00:52:18,800 --> 00:52:20,799
follow the Commission’s plans 
and we plant 3000000000 trees 

1409
00:52:20,799 --> 00:52:22,367
and we plant 3000000000 trees 
in Europe and we make forestry 

1410
00:52:22,367 --> 00:52:23,834
in Europe and we make forestry 
and the management of forestry 

1411
00:52:23,834 --> 00:52:24,899
and the management of forestry 
something that is interesting 

1412
00:52:24,899 --> 00:52:26,334
something that is interesting 
for the rural areas if we green 

1413
00:52:26,334 --> 00:52:27,967
for the rural areas if we green 
our cities if we bring our 

1414
00:52:27,967 --> 00:52:29,967
our cities if we bring our 
rural areas, you know we can 

1415
00:52:29,967 --> 00:52:31,933
rural areas, you know we can 
create also a sustainable 

1416
00:52:31,933 --> 00:52:34,000
create also a sustainable 
future for rural communities 

1417
00:52:34,000 --> 00:52:36,933
future for rural communities 
and at the same time C uh 

1418
00:52:36,933 --> 00:52:40,801
and at the same time C uh 
decrease emissions and create 

1419
00:52:40,801 --> 00:52:42,133
decrease emissions and create 
common vice president made me 

1420
00:52:42,133 --> 00:52:43,234
common vice president made me 
dwell a little bit on the issue 

1421
00:52:43,234 --> 00:52:44,099
dwell a little bit on the issue 
of the distribution, which is I 

1422
00:52:44,099 --> 00:52:45,934
of the distribution, which is I 
think you’ve been very clear in 

1423
00:52:45,934 --> 00:52:46,867
think you’ve been very clear in 
your presentation and 

1424
00:52:46,867 --> 00:52:47,833
your presentation and 
throughout all of your comments 

1425
00:52:47,833 --> 00:52:48,867
throughout all of your comments 
about the importance of 

1426
00:52:48,867 --> 00:52:51,299
about the importance of 
distribution, I think that. Has 

1427
00:52:51,299 --> 00:52:52,000
distribution, I think that. Has 
tomatoes a very big deal with 

1428
00:52:52,000 --> 00:52:53,366
tomatoes a very big deal with 
the just transition fund the 

1429
00:52:53,366 --> 00:52:55,233
the just transition fund the 
distribution is crucial in 

1430
00:52:55,233 --> 00:52:57,000
distribution is crucial in 
determining the success of the 

1431
00:52:57,000 --> 00:52:59,834
determining the success of the 
green deal and it relates to to 

1432
00:52:59,834 --> 00:53:01,733
green deal and it relates to to 
to a bigger issue of inequality 

1433
00:53:01,733 --> 00:53:03,566
to a bigger issue of inequality 
and I am convinced that 

1434
00:53:03,566 --> 00:53:04,267
and I am convinced that 
throughout the 3 days here at 

1435
00:53:04,267 --> 00:53:06,300
throughout the 3 days here at 
the at regal, they chef in a 

1436
00:53:06,300 --> 00:53:07,467
the at regal, they chef in a 
coal distribution will be one 

1437
00:53:07,467 --> 00:53:08,934
coal distribution will be one 
that we will hammer on uh 

1438
00:53:08,934 --> 00:53:10,266
that we will hammer on uh 
because we believe it’s it’s a 

1439
00:53:10,266 --> 00:53:12,000
because we believe it’s it’s a 
very important one, but is it 

1440
00:53:12,000 --> 00:53:14,099
very important one, but is it 
really about just the tax 

1441
00:53:14,099 --> 00:53:15,799
really about just the tax 
incentives? is it’s really just 

1442
00:53:15,799 --> 00:53:17,766
incentives? is it’s really just 
about taking a pie and just 

1443
00:53:17,766 --> 00:53:19,034
about taking a pie and just 
cutting it differently. Um you 

1444
00:53:19,034 --> 00:53:21,667
cutting it differently. Um you 
know if you’re. Sustainable 

1445
00:53:21,667 --> 00:53:22,500
know if you’re. Sustainable 
outcomes, which, of course, is 

1446
00:53:22,500 --> 00:53:23,134
outcomes, which, of course, is 
all what the green deal is 

1447
00:53:23,134 --> 00:53:24,600
all what the green deal is 
about, isn’t it just about a 

1448
00:53:24,600 --> 00:53:26,000
about, isn’t it just about a 
lot much earlier where you have 

1449
00:53:26,000 --> 00:53:27,833
lot much earlier where you have 
to think about changing the 

1450
00:53:27,833 --> 00:53:28,700
to think about changing the 
moments around it. It’s not 

1451
00:53:28,700 --> 00:53:30,166
moments around it. It’s not 
just about the cake. It’s about 

1452
00:53:30,166 --> 00:53:32,233
just about the cake. It’s about 
how we produce values and how 

1453
00:53:32,233 --> 00:53:33,833
how we produce values and how 
we distribute the outcome of 

1454
00:53:33,833 --> 00:53:35,900
we distribute the outcome of 
this production of a 

1455
00:53:35,900 --> 00:53:36,434
this production of a 
distributed. you know how do 

1456
00:53:36,434 --> 00:53:38,734
distributed. you know how do 
you go about changing actually 

1457
00:53:38,734 --> 00:53:40,299
you go about changing actually 
whole thinking of the way that 

1458
00:53:40,299 --> 00:53:41,834
whole thinking of the way that 
we produce economic value in 

1459
00:53:41,834 --> 00:53:43,934
we produce economic value in 
order to satisfy the of 

1460
00:53:43,934 --> 00:53:45,401
order to satisfy the of 
distribution we yes, Of course, 

1461
00:53:45,401 --> 00:53:46,767
distribution we yes, Of course, 
this is already happening 

1462
00:53:46,767 --> 00:53:48,133
this is already happening 
across the board in parts of 

1463
00:53:48,133 --> 00:53:51,200
across the board in parts of 
our economy. When we came out 

1464
00:53:51,200 --> 00:53:52,667
our economy. When we came out 
uh uh the commission a couple 

1465
00:53:52,667 --> 00:53:55,401
uh uh the commission a couple 
of years ago, uh and myself 

1466
00:53:55,401 --> 00:53:57,367
of years ago, uh and myself 
with the first circuit economy 

1467
00:53:57,367 --> 00:53:58,900
with the first circuit economy 
action plan, it looked like 

1468
00:53:58,900 --> 00:54:00,267
action plan, it looked like 
something for the initiated 

1469
00:54:00,267 --> 00:54:01,867
something for the initiated 
something for an niche ET 

1470
00:54:01,867 --> 00:54:03,400
something for an niche ET 
cetera now with the second 

1471
00:54:03,400 --> 00:54:05,299
cetera now with the second 
Circuit Economy Action plan, 

1472
00:54:05,299 --> 00:54:06,767
Circuit Economy Action plan, 
this has become sort of already 

1473
00:54:06,767 --> 00:54:08,600
this has become sort of already 
the mainstay in in in economic 

1474
00:54:08,600 --> 00:54:11,299
the mainstay in in in economic 
thinking. so already in in the 

1475
00:54:11,299 --> 00:54:13,933
thinking. so already in in the 
largest part of our economy, 

1476
00:54:13,933 --> 00:54:15,366
largest part of our economy, 
sustainability has become you 

1477
00:54:15,366 --> 00:54:15,933
sustainability has become you 
know one of the biggest 

1478
00:54:15,933 --> 00:54:18,333
know one of the biggest 
priorities and also reducing 

1479
00:54:18,333 --> 00:54:19,566
priorities and also reducing 
dependency on primary 

1480
00:54:19,566 --> 00:54:21,833
dependency on primary 
resources. Avoiding throwing 

1481
00:54:21,833 --> 00:54:25,333
resources. Avoiding throwing 
things away um uh making repair 

1482
00:54:25,333 --> 00:54:27,933
things away um uh making repair 
uh more interesting looking at 

1483
00:54:27,933 --> 00:54:29,600
uh more interesting looking at 
different ways you know if I 

1484
00:54:29,600 --> 00:54:32,201
different ways you know if I 
look at my kids, my oldest 

1485
00:54:32,201 --> 00:54:34,800
look at my kids, my oldest 
kids, you know for my dad for 

1486
00:54:34,800 --> 00:54:36,766
kids, you know for my dad for 
my grandparents having a car 

1487
00:54:36,766 --> 00:54:38,967
my grandparents having a car 
was impossible for my dad the 

1488
00:54:38,967 --> 00:54:40,299
was impossible for my dad the 
measure of his success was the 

1489
00:54:40,299 --> 00:54:41,866
measure of his success was the 
fact that he could own a car 

1490
00:54:41,866 --> 00:54:44,200
fact that he could own a car 
that was sort of the biggest 

1491
00:54:44,200 --> 00:54:45,767
that was sort of the biggest 
success in his life. He was a 

1492
00:54:45,767 --> 00:54:47,866
success in his life. He was a 
car owner. uh for me, it’s 

1493
00:54:47,866 --> 00:54:49,200
car owner. uh for me, it’s 
already I like to have a car et 

1494
00:54:49,200 --> 00:54:50,466
already I like to have a car et 
cetera. I was brought up by my 

1495
00:54:50,466 --> 00:54:53,067
cetera. I was brought up by my 
dad. Was uh, but if I look at 

1496
00:54:53,067 --> 00:54:54,800
dad. Was uh, but if I look at 
my kids they want 

1497
00:54:54,800 --> 00:54:55,667
my kids they want 
transportation, they want to be 

1498
00:54:55,667 --> 00:54:57,634
transportation, they want to be 
taken from one place to the 

1499
00:54:57,634 --> 00:54:59,400
taken from one place to the 
other and they understand that 

1500
00:54:59,400 --> 00:55:00,933
other and they understand that 
having a car that sits there. 

1501
00:55:00,933 --> 00:55:03,267
having a car that sits there. 
22 hours a day is might not be 

1502
00:55:03,267 --> 00:55:04,600
22 hours a day is might not be 
the best possible investment 

1503
00:55:04,600 --> 00:55:06,000
the best possible investment 
neither from an economic 

1504
00:55:06,000 --> 00:55:07,000
neither from an economic 
perspective nor from an 

1505
00:55:07,000 --> 00:55:09,034
perspective nor from an 
environmental perspective so 

1506
00:55:09,034 --> 00:55:11,400
environmental perspective so 
attitudes are changing in this, 

1507
00:55:11,400 --> 00:55:16,300
attitudes are changing in this, 
but but but in the last 20 

1508
00:55:16,300 --> 00:55:18,066
but but but in the last 20 
years, you know it is become 

1509
00:55:18,066 --> 00:55:20,367
years, you know it is become 
more and more difficult to have 

1510
00:55:20,367 --> 00:55:22,767
more and more difficult to have 
a good life just based on the. 

1511
00:55:22,767 --> 00:55:25,334
a good life just based on the. 
You work, it has become more 

1512
00:55:25,334 --> 00:55:26,267
You work, it has become more 
and more difficult for one 

1513
00:55:26,267 --> 00:55:28,700
and more difficult for one 
income households to maintain 

1514
00:55:28,700 --> 00:55:30,267
income households to maintain 
the same standards they were 

1515
00:55:30,267 --> 00:55:32,167
the same standards they were 
used to in the 70s and the 60s 

1516
00:55:32,167 --> 00:55:34,700
used to in the 70s and the 60s 
it has become much easier to 

1517
00:55:34,700 --> 00:55:35,899
it has become much easier to 
make an enormous amount of 

1518
00:55:35,899 --> 00:55:38,500
make an enormous amount of 
money with capital. So I think 

1519
00:55:38,500 --> 00:55:42,267
money with capital. So I think 
the is also AAA distortion in 

1520
00:55:42,267 --> 00:55:43,200
the is also AAA distortion in 
the relationship between labor 

1521
00:55:43,200 --> 00:55:45,267
the relationship between labor 
and capital in terms of how you 

1522
00:55:45,267 --> 00:55:47,866
and capital in terms of how you 
can create well-being in 

1523
00:55:47,866 --> 00:55:49,434
can create well-being in 
society. so we have a 

1524
00:55:49,434 --> 00:55:51,867
society. so we have a 
fundamental problem in our 

1525
00:55:51,867 --> 00:55:53,566
fundamental problem in our 
economic structure that rewards 

1526
00:55:53,566 --> 00:55:55,799
economic structure that rewards 
capital. capital relative. Well 

1527
00:55:55,799 --> 00:55:58,466
capital. capital relative. Well 
as compared to labor as 

1528
00:55:58,466 --> 00:56:00,533
as compared to labor as 
compared also to being 

1529
00:56:00,533 --> 00:56:02,234
compared also to being 
environmentally sustainable and 

1530
00:56:02,234 --> 00:56:04,000
environmentally sustainable and 
that is because the the scale 

1531
00:56:04,000 --> 00:56:06,934
that is because the the scale 
of our economy has gone way 

1532
00:56:06,934 --> 00:56:07,900
of our economy has gone way 
beyond the scale of the 

1533
00:56:07,900 --> 00:56:10,234
beyond the scale of the 
nation’s state and the nation’s 

1534
00:56:10,234 --> 00:56:11,967
nation’s state and the nation’s 
state traditionally since uh 

1535
00:56:11,967 --> 00:56:13,333
state traditionally since uh 
the welfare state came into 

1536
00:56:13,333 --> 00:56:15,801
the welfare state came into 
being was the controller of how 

1537
00:56:15,801 --> 00:56:17,466
being was the controller of how 
we redistribute and the nation 

1538
00:56:17,466 --> 00:56:18,967
we redistribute and the nation 
state can no longer do this 

1539
00:56:18,967 --> 00:56:19,966
state can no longer do this 
because the economy is going 

1540
00:56:19,966 --> 00:56:22,234
because the economy is going 
beyond that and you can take 

1541
00:56:22,234 --> 00:56:23,134
beyond that and you can take 
capital anyway you like 

1542
00:56:23,134 --> 00:56:24,434
capital anyway you like 
etcetera so you need 

1543
00:56:24,434 --> 00:56:25,834
etcetera so you need 
international structures to do 

1544
00:56:25,834 --> 00:56:28,300
international structures to do 
that starting. Europe and 

1545
00:56:28,300 --> 00:56:30,233
that starting. Europe and 
Europe has to help the member 

1546
00:56:30,233 --> 00:56:31,900
Europe has to help the member 
states to create fair 

1547
00:56:31,900 --> 00:56:32,833
states to create fair 
redistribution within the 

1548
00:56:32,833 --> 00:56:34,533
redistribution within the 
societies and it’s not just 

1549
00:56:34,533 --> 00:56:35,867
societies and it’s not just 
about the climate crisis. It’s 

1550
00:56:35,867 --> 00:56:37,667
about the climate crisis. It’s 
not just about sustainability. 

1551
00:56:37,667 --> 00:56:38,834
not just about sustainability. 
It’s about something that has 

1552
00:56:38,834 --> 00:56:40,434
It’s about something that has 
been going in the wrong 

1553
00:56:40,434 --> 00:56:42,800
been going in the wrong 
direction for at least 20 years 

1554
00:56:42,800 --> 00:56:45,533
direction for at least 20 years 
and needs to be corrected. So I 

1555
00:56:45,533 --> 00:56:46,933
and needs to be corrected. So I 
promised to uh to ask some 

1556
00:56:46,933 --> 00:56:47,900
promised to uh to ask some 
questions that are very 

1557
00:56:47,900 --> 00:56:50,633
questions that are very 
popular. So yeah, it is let. me 

1558
00:56:50,633 --> 00:56:52,267
popular. So yeah, it is let. me 
get you the top question, which 

1559
00:56:52,267 --> 00:56:53,733
get you the top question, which 
I make sure you surprised that 

1560
00:56:53,733 --> 00:56:55,133
I make sure you surprised that 
on the top, but but still it’s 

1561
00:56:55,133 --> 00:56:57,400
on the top, but but still it’s 
there. So let me ask it to you 

1562
00:56:57,400 --> 00:56:59,733
there. So let me ask it to you 
by mister Anonymous or Missus 

1563
00:56:59,733 --> 00:57:00,467
by mister Anonymous or Missus 
Anonymous. What is in your 

1564
00:57:00,467 --> 00:57:02,000
Anonymous. What is in your 
opinion the role of natural 

1565
00:57:02,000 --> 00:57:05,067
opinion the role of natural 
gas. 

1566
00:57:33,901 --> 00:57:35,234
I think at the at the end of 

1567
00:57:35,234 --> 00:57:37,899
I think at the at the end of 
the day if we could find ways 

1568
00:57:37,899 --> 00:57:41,967
the day if we could find ways 
to demonize natural gas to CS, 

1569
00:57:41,967 --> 00:57:44,266
to demonize natural gas to CS, 
then, of course, it becomes 

1570
00:57:44,266 --> 00:57:46,434
then, of course, it becomes 
more interesting. but ideally I 

1571
00:57:46,434 --> 00:57:48,299
more interesting. but ideally I 
would just refrain from any 

1572
00:57:48,299 --> 00:57:52,299
would just refrain from any 
sort of uh uh uh resource that 

1573
00:57:52,299 --> 00:57:53,133
sort of uh uh uh resource that 
we have to take out of the 

1574
00:57:53,133 --> 00:57:55,467
we have to take out of the 
ground and that is uh a limited 

1575
00:57:55,467 --> 00:57:58,467
ground and that is uh a limited 
in in its in its use, but you 

1576
00:57:58,467 --> 00:58:00,933
in in its in its use, but you 
know to take a country like 

1577
00:58:00,933 --> 00:58:02,200
know to take a country like 
Poland, for instance when out 

1578
00:58:02,200 --> 00:58:03,533
Poland, for instance when out 
80% of the energy comes out of 

1579
00:58:03,533 --> 00:58:05,867
80% of the energy comes out of 
cold. If you would shift that 

1580
00:58:05,867 --> 00:58:08,267
cold. If you would shift that 
already to natural gas, you 

1581
00:58:08,267 --> 00:58:09,500
already to natural gas, you 
would improve livability and 

1582
00:58:09,500 --> 00:58:10,867
would improve livability and 
Polish cities in an incredible 

1583
00:58:10,867 --> 00:58:13,767
Polish cities in an incredible 
way because their main concern 

1584
00:58:13,767 --> 00:58:15,800
way because their main concern 
is poor, air quality everywhere 

1585
00:58:15,800 --> 00:58:17,867
is poor, air quality everywhere 
and in Europe 400000 people a 

1586
00:58:17,867 --> 00:58:19,800
and in Europe 400000 people a 
year die prematurely because of 

1587
00:58:19,800 --> 00:58:21,300
year die prematurely because of 
bad air quality already moving 

1588
00:58:21,300 --> 00:58:22,900
bad air quality already moving 
from coal to natural gas would 

1589
00:58:22,900 --> 00:58:24,566
from coal to natural gas would 
be an improvement and by the 

1590
00:58:24,566 --> 00:58:27,800
be an improvement and by the 
way the natural gas and it’s 

1591
00:58:27,800 --> 00:58:29,366
way the natural gas and it’s 
infrastructure can also help if 

1592
00:58:29,366 --> 00:58:30,766
infrastructure can also help if 
we do it in the right way to 

1593
00:58:30,766 --> 00:58:32,400
we do it in the right way to 
transit to hydrogen because the 

1594
00:58:32,400 --> 00:58:33,234
transit to hydrogen because the 
infrastructure you need for 

1595
00:58:33,234 --> 00:58:35,400
infrastructure you need for 
natural. With limited 

1596
00:58:35,400 --> 00:58:38,699
natural. With limited 
adaptations can then be used 

1597
00:58:38,699 --> 00:58:40,400
adaptations can then be used 
for sustainable forms of gas 

1598
00:58:40,400 --> 00:58:42,667
for sustainable forms of gas 
such as hydrogen and other uh 

1599
00:58:42,667 --> 00:58:46,699
such as hydrogen and other uh 
there’s uh of hydrogen. I have 

1600
00:58:46,699 --> 00:58:48,767
there’s uh of hydrogen. I have 
there’s no doubt that we have a 

1601
00:58:48,767 --> 00:58:50,801
there’s no doubt that we have a 
task ahead of us and you as the 

1602
00:58:50,801 --> 00:58:52,967
task ahead of us and you as the 
first line of defense has a 

1603
00:58:52,967 --> 00:58:54,467
first line of defense has a 
very big very, very big task 

1604
00:58:54,467 --> 00:58:55,967
very big very, very big task 
ahead of you if you were to 

1605
00:58:55,967 --> 00:58:57,666
ahead of you if you were to 
pick one policy to advance the 

1606
00:58:57,666 --> 00:59:01,234
pick one policy to advance the 
cause. What would that be? 

1607
00:59:01,234 --> 00:59:02,967
cause. What would that be? 
That’s a fantastic question. I 

1608
00:59:02,967 --> 00:59:04,367
That’s a fantastic question. I 
mean you could pick more, but I 

1609
00:59:04,367 --> 00:59:05,867
mean you could pick more, but I 
think I’ve I would like to get 

1610
00:59:05,867 --> 00:59:07,400
think I’ve I would like to get 
a sense of priorities. I think 

1611
00:59:07,400 --> 00:59:09,400
a sense of priorities. I think 
as far as I’m concerned, my 

1612
00:59:09,400 --> 00:59:10,767
as far as I’m concerned, my 
biggest worry is that people 

1613
00:59:10,767 --> 00:59:13,834
biggest worry is that people 
will say, yeah, you’re right in 

1614
00:59:13,834 --> 00:59:14,967
will say, yeah, you’re right in 
the long run. But what does 

1615
00:59:14,967 --> 00:59:16,400
the long run. But what does 
that mean for me tomorrow and 

1616
00:59:16,400 --> 00:59:18,767
that mean for me tomorrow and 
the day after tomorrow? so if I 

1617
00:59:18,767 --> 00:59:20,433
the day after tomorrow? so if I 
can combine the two, the long 

1618
00:59:20,433 --> 00:59:22,099
can combine the two, the long 
run with immediate results, I 

1619
00:59:22,099 --> 00:59:24,299
run with immediate results, I 
end up with the renovation wave 

1620
00:59:24,299 --> 00:59:26,166
end up with the renovation wave 
if we can create a renovation 

1621
00:59:26,166 --> 00:59:28,500
if we can create a renovation 
wave in Europe that is adapting 

1622
00:59:28,500 --> 00:59:30,400
wave in Europe that is adapting 
to build environment and 

1623
00:59:30,400 --> 00:59:32,199
to build environment and 
building sustain. In a 

1624
00:59:32,199 --> 00:59:33,966
building sustain. In a 
sustainable way you immediately 

1625
00:59:33,966 --> 00:59:37,966
sustainable way you immediately 
create jobs that cannot be 

1626
00:59:37,966 --> 00:59:39,200
create jobs that cannot be 
localized jobs across the 

1627
00:59:39,200 --> 00:59:40,867
localized jobs across the 
spectrum because you would 

1628
00:59:40,867 --> 00:59:43,466
spectrum because you would 
involve uh um a local SMEs but 

1629
00:59:43,466 --> 00:59:44,833
involve uh um a local SMEs but 
also multinationals who 

1630
00:59:44,833 --> 00:59:47,467
also multinationals who 
produced the uh solar panels or 

1631
00:59:47,467 --> 00:59:49,634
produced the uh solar panels or 
the modern glass et cetera, but 

1632
00:59:49,634 --> 00:59:51,367
the modern glass et cetera, but 
it has to be put together in a 

1633
00:59:51,367 --> 00:59:52,699
it has to be put together in a 
place in Europe. so you 

1634
00:59:52,699 --> 00:59:54,800
place in Europe. so you 
immediately creates jobs you 

1635
00:59:54,800 --> 00:59:57,967
immediately creates jobs you 
need create um uh an incentive 

1636
00:59:57,967 --> 00:59:59,067
need create um uh an incentive 
for people to renovate the 

1637
00:59:59,067 --> 01:00:01,767
for people to renovate the 
housing you then also create. 

1638
01:00:01,767 --> 01:00:02,600
housing you then also create. 
For them because their energy 

1639
01:00:02,600 --> 01:00:05,133
For them because their energy 
bill will go down the the value 

1640
01:00:05,133 --> 01:00:07,200
bill will go down the the value 
of the housing will go up, so 

1641
01:00:07,200 --> 01:00:09,800
of the housing will go up, so 
you have all sorts of short 

1642
01:00:09,800 --> 01:00:12,934
you have all sorts of short 
term benefits with a long-term 

1643
01:00:12,934 --> 01:00:14,634
term benefits with a long-term 
goal of reducing the emissions 

1644
01:00:14,634 --> 01:00:16,333
goal of reducing the emissions 
of uh of a housing and a build 

1645
01:00:16,333 --> 01:00:17,900
of uh of a housing and a build 
environment. So if you if you 

1646
01:00:17,900 --> 01:00:19,267
environment. So if you if you 
ask me to give you one 

1647
01:00:19,267 --> 01:00:20,333
ask me to give you one 
priority, that would be my 

1648
01:00:20,333 --> 01:00:21,200
priority, that would be my 
priority well. Thank you very 

1649
01:00:21,200 --> 01:00:24,234
priority well. Thank you very 
much. It’s very clear. Indeed. 

1650
01:00:24,234 --> 01:00:25,867
much. It’s very clear. Indeed. 
renovation is a big a big topic 

1651
01:00:25,867 --> 01:00:28,500
renovation is a big a big topic 
and a very immediate topic. Let 

1652
01:00:28,500 --> 01:00:30,734
and a very immediate topic. Let 
me ask one uh one more question 

1653
01:00:30,734 --> 01:00:32,767
me ask one uh one more question 
really hear from the audience, 

1654
01:00:32,767 --> 01:00:34,334
really hear from the audience, 
which is um actually by my 

1655
01:00:34,334 --> 01:00:38,967
which is um actually by my 
colleague uh Simona who was. 

1656
01:01:08,299 --> 01:01:10,599
Hi polluting even though 

1657
01:01:10,599 --> 01:01:11,267
Hi polluting even though 
compared to the rest of the 

1658
01:01:11,267 --> 01:01:13,299
compared to the rest of the 
world is much better but still 

1659
01:01:13,299 --> 01:01:15,701
world is much better but still 
certainly not climate mutual 

1660
01:01:15,701 --> 01:01:17,367
certainly not climate mutual 
yet imagine we could transform 

1661
01:01:17,367 --> 01:01:20,299
yet imagine we could transform 
that industry within five to 10 

1662
01:01:20,299 --> 01:01:22,801
that industry within five to 10 
years into an industry that 

1663
01:01:22,801 --> 01:01:25,434
years into an industry that 
uses hydrogen as it’s energy 

1664
01:01:25,434 --> 01:01:26,767
uses hydrogen as it’s energy 
source, We would have green 

1665
01:01:26,767 --> 01:01:29,300
source, We would have green 
too, and if you then would say 

1666
01:01:29,300 --> 01:01:31,666
too, and if you then would say 
in Europe, we only accept 

1667
01:01:31,666 --> 01:01:33,533
in Europe, we only accept 
greens and if you want to be on 

1668
01:01:33,533 --> 01:01:34,933
greens and if you want to be on 
the market, you have to produce 

1669
01:01:34,933 --> 01:01:36,000
the market, you have to produce 
green steel or you will have to 

1670
01:01:36,000 --> 01:01:37,466
green steel or you will have to 
pay a premium for the carbon 

1671
01:01:37,466 --> 01:01:38,667
pay a premium for the carbon 
footprint of the steel you 

1672
01:01:38,667 --> 01:01:41,134
footprint of the steel you 
produce we can. You can do this 

1673
01:01:41,134 --> 01:01:42,667
produce we can. You can do this 
so I give you one example of 

1674
01:01:42,667 --> 01:01:44,733
so I give you one example of 
where we could transform in the 

1675
01:01:44,733 --> 01:01:47,234
where we could transform in the 
industry that looks like almost 

1676
01:01:47,234 --> 01:01:49,467
industry that looks like almost 
unable into a sustainable 

1677
01:01:49,467 --> 01:01:51,400
unable into a sustainable 
future and this will create 

1678
01:01:51,400 --> 01:01:52,166
future and this will create 
jobs across Europe. This will 

1679
01:01:52,166 --> 01:01:53,334
jobs across Europe. This will 
create also the feeling that 

1680
01:01:53,334 --> 01:01:55,566
create also the feeling that 
there is something like green 

1681
01:01:55,566 --> 01:01:56,700
there is something like green 
steel. This will enormously 

1682
01:01:56,700 --> 01:01:57,667
steel. This will enormously 
help our industry and other 

1683
01:01:57,667 --> 01:02:00,866
help our industry and other 
parts of our industry and this 

1684
01:02:00,866 --> 01:02:01,434
parts of our industry and this 
I believe can be done with 

1685
01:02:01,434 --> 01:02:03,667
I believe can be done with 
between five and 10 years only 

1686
01:02:03,667 --> 01:02:05,033
between five and 10 years only 
to bridge these five and 10 

1687
01:02:05,033 --> 01:02:06,899
to bridge these five and 10 
years we will have to support 

1688
01:02:06,899 --> 01:02:07,666
years we will have to support 
the steel industry to get 

1689
01:02:07,666 --> 01:02:11,767
the steel industry to get 
there. Vice president um 

1690
01:02:11,767 --> 01:02:14,300
there. Vice president um 
they’re thirty-nine or even 

1691
01:02:14,300 --> 01:02:15,967
they’re thirty-nine or even 
forty questions. um if you ask 

1692
01:02:15,967 --> 01:02:17,400
forty questions. um if you ask 
you, I think a very large 

1693
01:02:17,400 --> 01:02:18,933
you, I think a very large 
number of questions, but we 

1694
01:02:18,933 --> 01:02:19,967
number of questions, but we 
couldn’t ask you all forty of 

1695
01:02:19,967 --> 01:02:21,533
couldn’t ask you all forty of 
those questions because time is 

1696
01:02:21,533 --> 01:02:23,833
those questions because time is 
really running out. We’ve been 

1697
01:02:23,833 --> 01:02:25,400
really running out. We’ve been 
uh here quizzing you now for 

1698
01:02:25,400 --> 01:02:27,666
uh here quizzing you now for 
more than half an hour. um it’s 

1699
01:02:27,666 --> 01:02:29,500
more than half an hour. um it’s 
been fantastic uh to discuss 

1700
01:02:29,500 --> 01:02:31,000
been fantastic uh to discuss 
with you. It’s uh it’s a huge 

1701
01:02:31,000 --> 01:02:33,401
with you. It’s uh it’s a huge 
topic. um it’s a topic that I 

1702
01:02:33,401 --> 01:02:34,767
topic. um it’s a topic that I 
think concerns us all where I 

1703
01:02:34,767 --> 01:02:37,000
think concerns us all where I 
think we all are firmly. I 

1704
01:02:37,000 --> 01:02:39,767
think we all are firmly. I 
think really I think most. As 

1705
01:02:39,767 --> 01:02:41,433
think really I think most. As 
you say really understand that 

1706
01:02:41,433 --> 01:02:43,767
you say really understand that 
climate change is a huge issue, 

1707
01:02:43,767 --> 01:02:45,233
climate change is a huge issue, 
they’re just worried about the 

1708
01:02:45,233 --> 01:02:46,666
they’re just worried about the 
way we do it. Uh you know is it 

1709
01:02:46,666 --> 01:02:49,367
way we do it. Uh you know is it 
gonna affect my job? Will I 

1710
01:02:49,367 --> 01:02:50,933
gonna affect my job? Will I 
survive uh will I have a future 

1711
01:02:50,933 --> 01:02:52,333
survive uh will I have a future 
but they understand that this 

1712
01:02:52,333 --> 01:02:54,400
but they understand that this 
is a huge issue. I’m quite 

1713
01:02:54,400 --> 01:02:55,900
is a huge issue. I’m quite 
convinced of this and so it’s 

1714
01:02:55,900 --> 01:02:58,401
convinced of this and so it’s 
really I think your job is is a 

1715
01:02:58,401 --> 01:03:00,266
really I think your job is is a 
huge job but in a very 

1716
01:03:00,266 --> 01:03:01,600
huge job but in a very 
important job but a very 

1717
01:03:01,600 --> 01:03:03,034
important job but a very 
difficult job also and we wish 

1718
01:03:03,034 --> 01:03:04,000
difficult job also and we wish 
you all the luck with that job. 

1719
01:03:04,000 --> 01:03:05,400
you all the luck with that job. 
well. thank you but I will need 

1720
01:03:05,400 --> 01:03:06,667
well. thank you but I will need 
your help and also the help of 

1721
01:03:06,667 --> 01:03:07,767
your help and also the help of 
the of the audience following 

1722
01:03:07,767 --> 01:03:10,800
the of the audience following 
us. I no longer worry about the 

1723
01:03:10,800 --> 01:03:13,933
us. I no longer worry about the 
climate deniers uh uh I mean 

1724
01:03:13,933 --> 01:03:16,267
climate deniers uh uh I mean 
they have run out of steam and 

1725
01:03:16,267 --> 01:03:17,800
they have run out of steam and 
if they continue denying the 

1726
01:03:17,800 --> 01:03:20,367
if they continue denying the 
climate crisis. uh I can’t help 

1727
01:03:20,367 --> 01:03:22,733
climate crisis. uh I can’t help 
them uh but I do worry about 

1728
01:03:22,733 --> 01:03:23,967
them uh but I do worry about 
climate desperation about more 

1729
01:03:23,967 --> 01:03:25,267
climate desperation about more 
and more people thinking well, 

1730
01:03:25,267 --> 01:03:28,267
and more people thinking well, 
it’s all lost anyway. um so why 

1731
01:03:28,267 --> 01:03:29,867
it’s all lost anyway. um so why 
bother why do all this if it’s 

1732
01:03:29,867 --> 01:03:32,000
bother why do all this if it’s 
all lost anyway and we really 

1733
01:03:32,000 --> 01:03:33,267
all lost anyway and we really 
need to convince people that we 

1734
01:03:33,267 --> 01:03:34,800
need to convince people that we 
can fix this. We have the 

1735
01:03:34,800 --> 01:03:36,534
can fix this. We have the 
technology we have the human 

1736
01:03:36,534 --> 01:03:37,533
technology we have the human 
capital. We even have the 

1737
01:03:37,533 --> 01:03:39,934
capital. We even have the 
money. You want what we need is 

1738
01:03:39,934 --> 01:03:42,667
money. You want what we need is 
to get it organized the deficit 

1739
01:03:42,667 --> 01:03:44,133
to get it organized the deficit 
here is a political deficit. 

1740
01:03:44,133 --> 01:03:46,000
here is a political deficit. 
It’s not a financial deficit, 

1741
01:03:46,000 --> 01:03:47,467
It’s not a financial deficit, 
not a technological deficit. 

1742
01:03:47,467 --> 01:03:49,133
not a technological deficit. 
It’s a political deficit and 

1743
01:03:49,133 --> 01:03:50,300
It’s a political deficit and 
the political deficit has 

1744
01:03:50,300 --> 01:03:51,934
the political deficit has 
become worse because of because 

1745
01:03:51,934 --> 01:03:53,699
become worse because of because 
people being disappointed 

1746
01:03:53,699 --> 01:03:55,500
people being disappointed 
because of the inequalities in 

1747
01:03:55,500 --> 01:03:56,000
because of the inequalities in 
our society because of the 

1748
01:03:56,000 --> 01:03:58,800
our society because of the 
temptation of nationalism that 

1749
01:03:58,800 --> 01:04:00,899
temptation of nationalism that 
has come up. But if we overcome 

1750
01:04:00,899 --> 01:04:02,600
has come up. But if we overcome 
the political deficit, I’m sure 

1751
01:04:02,600 --> 01:04:07,100
the political deficit, I’m sure 
we can fix this. Vice president 

1752
01:04:07,100 --> 01:04:09,600
we can fix this. Vice president 
uh please can I ask our 

1753
01:04:09,600 --> 01:04:11,033
uh please can I ask our 
audience to give us a virtual 

1754
01:04:11,033 --> 01:04:13,467
audience to give us a virtual 
applause. Thank you so much for 

1755
01:04:13,467 --> 01:04:14,867
applause. Thank you so much for 
being with us. It’s been a 

1756
01:04:14,867 --> 01:04:15,400
being with us. It’s been a 
great debate. Thank you. It’s 

1757
01:04:15,400 --> 01:04:17,034
great debate. Thank you. It’s 
my pleasure. Thank you. Thank 

1758
01:04:17,034 --> 01:04:20,133
my pleasure. Thank you. Thank 
you.