The Circular Carbon Economy: Implementing The G20 Communique
also looking at the distribution models and the road maps that have to be in place and some good examples there from Egypt without a doubt, So we need to be hearing more of these, of course in emerging markets and developing come countries. This is indeed what is on everybody's mind so great content there once again. Thank you so much. We're not going tol, you know, turn our attention
to the circular economy. And, of course, the circular carbon economy. We've heard quite a bit of this. You know, in a variety of ways in the last few days, but really implementing the G 20 communicate, and I'm absolutely delighted now to welcome here at Atlantic Council. The president of the King Abdullah Petroleum Studies and Research Center from the Kingdom of Saudi Arabia. Of course, Adam Sieminski joins me, Adam, Thanks so much. We're really looking forward to this session.
Thank you. Uh, we're gonna have a great session really? On the idea of how you implement the G 20 communicate on the circular carbon economy with us Today we have Joe and east from G gas power. Bill Brown from net power. Regina Mayer from KPMG Patty Batman, a fan from Aqua Power and Rich Powell from Clear Path.
Um I would want to start off with just a little bit of background on the circular carbon economy and then we'll jump into how companies are dealing with this idea of letting the idea The G 20 leaders so all the way at the top at the under the Saudi presidency in November, 2020 endorsed the circular carbon economy framework with its four ours. Platform, reduce, reuse, recycle and removed. I shorten this the C C E. It's voluntary and ballistic. It's a pragmatic approach.
Towards a more comprehensive, resilient, sustainable and climate friendly set of energy systems. The CCD framework encourages countries take advantage of all technologies all forms of energy and mitigation opportunities, and it considers resource availability the economics associated with it and natural circumstances, but the focus is really on sustainable development. The idea of the C C E is an extension of the circular economy.
The circular economy was developed as an alternative to the linear economy on the lunar economy is not sustainable. Circular economy seeks to use Fewer raw materials and create a zoo. Little waste as possible, well, producing the same or even more goods and services. Circular economy does this through reducing resource use, reusing products and recycling materials from products can be reused. C C E idea, adds 1/4 are reduced and that concept Reduce the amount of carbon that has to be managed in the first place by using energy resource is it don't create carpet such as non biomass, renewables, wind and solar Nuclear power alongside energy efficiency.
I've so there's opportunities and recycle. We see that in nature with trees and re use chemicals, concrete building aggregates other fuels there. Plenty of ways of carbon dioxide can be used. And I'm finally we need this Remove option. We needed it scale. We've got a lower the amount of carbon dioxide that's getting in the atmosphere to begin with, and we need technology that can remove it directly from the air and make it available for storage. The principles of or ours really. They serve as a guiding framework in which the technological approaches are clustered. But it helps you look at the flows in the
system. And it helps you see where the choke points are and then helps you. You identify. What you need to do by focusing directly on the problem of carbon dioxide and other greenhouse gas emissions. It treats carbon dioxide as just another element in the system. Corbin's
not the enemy. The enemy is fugitive, Carve. It s so we're gonna go after the fugitive carbon in this approach. It allows economic development diversification to continue and it welcomes all of the options that that can help us achieve climate goals. So now what we're gonna do is we're gonna explore. I think some of the ideas from what are those technologies that can accomplish this? So I'd like to give each of our Panelists and opportunity to briefly describe the efforts that are underway at their companies on and to develop projects. Associated with the four R's frameworks, reduce, reuse, recycle and removed of the circular carbon economy. Let's start with Germany's from G
gas power go Great. Thank you so much, Adam, and it's great to be here with everyone today. I hope everybody is doing well and safe. I guess. Let me first start with I'll take the reduce in those four. Ours, Adam and some of the things that he's doing
around that I think first from foremost, it starts really at home with our own operations, so One of the things that she has done. Now it's saying a commitment to be carbon neutral by 2030. So you know, walking the talk with our own operations, and it's a journey that we've already been on for the last decade. We've already reduced our emissions by around 20%. And really, what were you know the way we're achieving that is by reducing our own emissions within our own operations, as well as making investments in the right smart power sourcing.
As well as taking on lean initiatives to eliminate waste. So so those are some of the things that we're doing internally now. In terms of technology and the approach that we're taking. I'll share a few examples. You know, the first one is implementing our our latest efficient gas turbine in the H technology. Currently in the U. S. A. We're installing a 1.8 K Glock plant. That's three of our nine H J gas turbines that that plant will when completed.
Will reduce the carbon dioxide emissions by about four million tons per year, and that's the equivalent of taking about a million cars off the U. S roads based on traditional Technology so that that's the first example in approach. Second is more of a low hanging fruit, but important because there are still parts of the world where power plants they're still right running in simple cycle, so Converting those power plants into combined cycle.
Achieving 50% more electricity with the same amount of fuel, reducing some of the the footprint. There is also another way of tackling this. Third area is in our advanced gas path, which is our upgrades to some of our older turbines, or we can improve the output inefficiency as well as reduce the emissions in those power plants. S so that those air sort of three areas of the fourth is really around. Um, locating value fuels and, you know, I know there's a lot of talk about hydrogen G actually has 75 turbans around the globe, currently operating with six million hours of operating hours on locating value fuels s O, You know, one of the things that we've recently announced his R H plant in the U. S. Um, our plan there is to actually have that run on 100% hydrogen in the next couple of years, Eh? So those are all areas that I think will have a new impact on how technology can help reduce in this economy. Adam so back to you. Fantastic, Joe. Thank you very
much. Bill. Let's go to you Tell us what net power is doing. Sure, well in in that power is basically we. We produce electricity from natural gas, capture 100% of the CIA to and do it at the cost of electricity. There's well below existing power plants.
We can take our We can take the heat that that power produces. In addition, not only do we produce electricity, but we produce a lot of heat. He can then in turn, produce produce hydrogen. Hydrogen. We can hit the United States around 57 cents a kilo. If we were in the U. S A and had access to the sour gas. We could actually use our karma dockside to clean their sour gas.
Really, really cheaply. It's scrubs up. Well, we can hit Hiders and around 35 cents a kilo. That means that's roughly equivalent to $2.85 a million be to you. Then take it one step further. We can use the nitrogen that net power produces for free and Dr Ammonia, well below $100 a ton. All the sudden you're taking
a piece of equipment, putting it together with existing God technologies and really, really driving a carbon economy of carbon free economy in ways that no one ever thought possible. That's Ah, That's fantastic. Uh, bill the whole idea of being able to utilize, uh Carbon dioxide in the turban cycles and is an interesting innovation and we're all hoping you're going to be successful in that. Let's move on to Regina Merrick. KPMG. Regina, Tell us Tell us how.
How your company, which is not really a manufacturer. What kind of angle are you bringing to this? Good morning from Houston, Texas, and I'm going to talk more about what I see my energy clients doing and how they're embracing what the energy transition means. Because he is a fossil fuel provider. Those companies could not agree more with the importance of reducing carbon What we're finding is that the narrative that's that's a drumbeat that surrounding the industry is about picking winners and losers and demonizing one form of Of energy versus the other and what we subscribed to is in all of the above strategy if we focus on the total output in the outcome that we want, which is reducing carbon from the atmosphere. On by identifying multiple ways, technologically innovative ways to do that. That's the key
a same time We see the investor community starting to make choices as well. About what we're going to discontinue investments and Traditionally carbon hydrocarbon of fossil fuel types of investments, which doesn't allow us to continue to power the planet and provide electricity to those parts of the world that currently don't have access to reliable and affordable electricity. So I represent the energy industry that's trying to at least change that narrative and say, Let's focus on carbon reduction, and there's lots of different, really exciting technologies that they're exploring. Just hit a couple. In addition to you know what Joe and don't mention energy efficiency and energy management, their virtual power plant designs that are up and running about how did manage Non traditional sources that come into the grid and better optimized the overall distribution network to totally reduce the carbon footprint.
Hydrogen is a very big topic of discussion We've already had on it a couple times, but there are pilot plants in Australia. There's one that's just being built in California, as well on green hydrogen test units that will power House. Musing completely green hydrogen battery efficiency and battery recycling, right if we can get to the point where we can mine the components of the batteries that come from parts of the world that we don't want to be holding two That isn't an area of technology that will continue to drive us foreign positively their direct heir capture and carbon sequestration modes and carbon Reeves technologies that are in place today and the Permian and elsewhere. We have waste to energy solutions, and my colleague Jennifer Holmgren from Lance Attack was on an earlier panel and she's got some terrific technology that takes Waste offshoots and then turns that into plastic streams as well as jet fuel streams on then, the last one. It's I'm a little partial to is geothermal on. What can we do this, you know, harness the Uh, the energy that sits below the earth's crust, and there's there's experiments going on in my home state of Hawaii as well as as Adam, our home, our moderate Cornell, where they want to be a leader in the geothermal space, So we need to be O of the above right and not demonized one versus the other.
Thank you. You know, at some point, I'd love to your to about how we can get a good set of accounting rules to measure the performance associated with doing all of this. Let's move Tol Patty Batman Advantage Aqua Power.
Daddy, tell us what you've been up to recently. Thank you, Adam. Good day to you all of you. Delighted to contribute to this discussion. So even though the second approach to reduce, reuse and recycle will intrinsically lower the overall energy used by decreasing resource utilization and increasing efficiency. Energy will still get expended or be input to reuse, recycle and for sure to remove in embracing the second carbon economy were occupied, have focused our attention on lowering the cost of production.
Off that energy that we utilized in reusing recycling, removing while minimizing carbon emissions and keep diminishing that energy cost by embracing the most up to date, reliable deployable. Renewable energy technology, particularly Our ability to now deliver solar and wind energy are way less than two cents per kilowatt hour in certain biographies, albeit when only when the sun or the wind is blowing. Costed, which electricity has never ever been produced with any alternative fuel or resource anywhere ever in human history for any duration is truly transformative, as it can now make reuse recycle removed even more cost competitive than before. And on top of that, with renewable energy generate electricity at less than two cents kind of level producing hydrogen using that electrical energy intensive process of electrolysis is beginning to look. Not so stunningly expensive.
And what is interesting about hydrogen, of course, is the versatility as it cuts across Off all of the four R's in the circular carbon economy. It could be used to produce a variety of synthetic fuels, many of which are compatible with existing energy infrastructure and can be used to de carbonized a range of hard to abate sectors you disability to be reactive agent and to produce high Temperature heat. So we attack upon will do our best our very best to keep playing this very central Park in enabling the and propagating the circular carbon economy by focusing at generating electricity with renewable energy that ever decreasing cost. Thank you. Thank you, Patty. Let's move on now. Tomo Rich Powell. What? Clear path. Clear past works on the policy side Rich. Tell us a little bit about that.
Well, thanks, Adam. Huge thanks to the Atlantic Council and the energy form really have to be here. Greetings, everybody Tuning in. Very, very pleased to be part of this August panel is Agus discussion. So have clear path. We're a little bit the odd person out of this. We don't have a company or a service offering. We're advocates. So we work on behalf of the field to try and scale up many of these technologies. We focus on the full
suite of zero carbon, flexible energy sources so fossils and industrial processes with carbon cap Sure covered accent removal hydrogen nuclear flexible renewables like geothermal unde and hydro power and energy storage to make the variable renewables and the flexible generating sources were very involved in the expansion and reform of the federal energy innovation apparatus. Here in D. C. The United States has the largest clean energy innovation program on the planet. But those resource is in our view could be better used better leverage on better directed one thing I'll just quickly note is amidst all of the transition and administration here in the United States over the past month, folks may not have gotten the note that we passed historic energy innovation legislation in December. So the largest perform and expansion of clean energy legislation in more than a decade, Sort of made it through his part of the massive a massive deal, and that has a lot to do with the circular carbon economy so that legislation amongst many other things set up a real Moonshot program for demonstrating next generation carbon capture technology here in the U. S over the next five years, and it's on all emitting sources so natural gas fired power plants, coal fired power. Right. It's industrial processes in even carbon dioxide removal technologies,
and we also significantly extended the 45 to tax incentive, which is the world's leading federal tax incentive for deployment. Carbon capture technology that's extended now through the middle of this decade, so Yes, the United States remains a good place for carbon carbon capture technology. Rich. We're gonna move into the question session now, But let me remind our viewers that You can use the app to submit a question and rich. Maybe you might be well placed. Answer this one in that legislation or in general. Is there a role for geothermal?
Um, power. How do you see that One? And I see Reggina's tricking her yet had yes, them so we might want to get a comment from her at some point that a quick comment on geothermal? Absolutely So. So. The great thing about this legislation is it covered all of the clean generating sources. So just like there's a moon shot for demonstrating carbon capture technologies. There's also a moon shot
for demonstrating enhanced geothermal technologies. And I think you know to this circular carbon economy conversation. There's actually interesting.
Her lap now occurring between the oil and gas industry and the carbon management industry and the geothermal industry, because obviously a lot of the same technologies, drilling technologies, hydraulic fracturing technologies or not being taken out by the enhanced geothermal industry as well. So a lot of exciting synergies there on the innovations that Great. Let's quickly shift Torto Joanie's again back to G gas power. You know what? Ah, lot of people say. Well, wait a minute. Natural
gas is, uh, is a hydrocarbon fuel. It's a fossil fuel. It's got when you combust it. You're gonna have carbon dioxide. How do you think you talked a little bit about how that could be minimized. But could you just go over for us once again? How how You think gas, The role of gas can play. Perhaps sure. Yeah, Go ahead. Thanks. Thanks, Adam. Um, look, I think
you know if you if you take the current global emissions, um today. A good portion about 40% of that It's coming from power generation, right and of that power generation again about 40% of that is coming from Cole. S so I think in the in the in the immediate term that is an area for us to tackle on Daz. As coal generation gets replaced with renewables again, That's going to take probably up to 2040 before. Maybe 50% of global power generation would be renewable sources. So in that in that shift, this is the role that gas X to play.
I think gas is relatively affordable and accessible, and it is quick to deploy. You know, your average gas provide cycle power plant can can be deployed within 24 to 36 months. On Ben. It provides the necessary stability, I would say for the
variability that occurs within the grid says as countries are in grids are shifting with renewable sources. Um, The third piece really is what I talked about earlier, which is the ability to also burn hydrogen and even a combination of carbon capture as well. I think all those who would play a role between now and 2040 in reducing the emissions globally. Yeah, it's interesting your mention of coal. I think finding some way Tonto be able to Help India and China move forward on Dealing with Cole was going to be a very important aspect of things going forward Bill. You spoke earlier this month that a Atlantic Council event On. You talked about the circular economy and
the circular carbon economy and an existing technology. I mean, do we need all new technology to make this happen? I mean, what? What Existing technology is going to be available to Help us with the climate goals that we all agreed to. Well, Adam, we've got to spend $50 Trillion to get to net zero. That means we've got to spend 3 to $6 billion every day for 30 years and so and that's that's gonna be impossible unless we use existing equipment That's really important to understand. And you heard me talk about what net power is doing for power hydrogen in ammonia earlier Those those numbers I mentioned clearly would enable a lot. If we saw those numbers, we'll be well on our way to Net zero. So what's
the problem? Take something as simple as this pen. I could have a pin for signing important papers. I could have a pen for taking notes. I could have another pen to write a letter. Yet. We all know that. While we might prefer different pens for different purposes, we really don't need different pets. We had to buy a pin for everything knew it wouldn't be economic.
Our point is, we believe we only need one pin, and that's the key to the whole thing. We only need one equipment to produce power. Ah, um, Turtle, while actually today we think we need one piece of equipment to do Bruce Power. Want to produce nitrogen? Wonderful is hydrogen and put all that together. You get pneumonia.
And that's why most people don't think that existing equipment can drive this circular economy. What if instead we integrated all that equipment and use it efficiently? And that power enables that by you know, we take that power we integrated with existing hydrogen ammonia process is to get those numbers. And by using that existing equipment and by rethinking so it had had at his fifth are is rethink my re thinking we can get to net zero much faster. The You're making me smile a little bit. Bill. I got a six star, which is we do all these things and then repeat it Rich, So let's zoom Move on, Tonto.
To Ah, little bit something very timely given the inauguration and the United States yesterday of, uh, of Joe Biden as the president, What kinds of energy policies you thank the Biden administration is gonna follow. And can they be committed to this idea of the circular carbon economy? What do you think? Because I think there's two different elements of what the Biden administration will mean. There's like there's the global aspect. You know, he signed the executive order to return the U. S to the Paris Accord. He's got John Kerry is the climates are those moves are directly intended to ease the angst of our allies and to demonstrate the commitment that the US is back in the climate game. And that we will be a full participants. I think that's
That's going to be really positive. On the domestic front. There's a bit of concern. You know, the Trump Administration had been aggressively rolling back a serious of regulations 100 different regulations, 70% of which were were rolled back. What's that going to do on the policy front? We expect that there will be re regulation, particularly around emissions reductions. Although I think the industry is not too worried about that, because most of the the positive operators had already been working on emissions reductions, so that will just level the playing field so that those that were crops Considered to be bad actors will have the same cost profile so that we're focusing on methane capture and less flaring and all of the different components of Emissions regulation. There is a concern because he has. He has said that he wants the
grid to be net zero by 2035. That would be an incredibly aggressive goal to reach. The view is that that's going to be a posture, but there will be horse trading. So the timeline I'll move out. There's some conservative Democrats that have very senior roles on the energy policy committees. So we will have a net zero goal, but it will be a a more measured approach to it. And then the last one that's gotten
a lot of play is no drilling on public lands. Well, we can see from the leasing options that we just had on the Anwar, the Arctic National Wildlife Refuge, the only serious bitter with the state of Alaska. It's not as though oil companies are clamoring for the ability to get new leases, so they'll be able to continue to drill in produce on the lease is that they have on Ben. They won't be drilling on new leases, but that won't have a major impact. Midstream. Investments
are a little bit more tricky, but all in all, I think it will have a much more moderate effect, and it'll bring the us back to being a major player at the global climate table, which I think is all going to be very positive. Right. A run up TOC cup 26 Glasgow with the end of this year, Yes, there is. We've had a question
command about the role of carbon recycling in Plastics. Ah, I don't know whether there's anybody here that once the hold her hand up and provide a quick I thought on on recycle reuse and the Plastics area. You know, if I mean look, Patty, go ahead. Yeah, The quick comment I can make is that in Saudi Arabia, Sabac is already he's already doing that they have. It's not just a pilot plant anymore. They're starting to actually run blunts doing exactly that, And I think it's early days and there's a lot more opportunity to go. But just to quickly gonna follow on on that, in terms of in the GCC, just about every country in that part of the world.
Has embraced the need to be carbonized as quickly as possible. By starting to diversify the fuel mix. Kingdom of Saudi Arabia has committed itself and is getting on with Moving towards sort of 50% of generation capacity by renewables by 2030. That means 60 gigawatts to be deployed within the next decade, and they're rushing forward with an ambition. And rushing forward. Also, with the ambition to Decommission nearly 40 gigawatts of oil fired power plant by 2030.
Um, rapidly embracing hydrogen, Uh, economy were very involved in developing a very global scale 650 times a day hydrogen planted neon part of that hydrogen will be used inside Saudi and also putting a lot of effort into carbon capture and reels. Like the subject plant, and Aramco is charging ahead with several applications. Adam, You're very involved with some of that, and you're very familiar with The neon project is interesting. Green hydrogen ammonia
using wind and solar as the motive power. Um Saudi Ramco has also been working on blue hydrogen. Uh Then there, it's using gas, gas stream gas liquids, Tonto to produce again. Hydrogen ammonia, but sequestering this photo and the very ample geologic storage available in the kingdom.
Back to Sabac. They've been using CIA to produce methanol and fertilizers, Yuria. It's Ah, I think there are opportunities and I had mentioned earlier. Just literally one word, the opportunity that potential to do things and with concrete, for example, um Theo to curing have got great and something that But ultimately given the amount of concrete used all over the world. This might be really interesting. One
s O Patty. Thank you. Thank you for that. I think that we're probably going to hear more. About recycling and reuse. It's one of the smaller parts now of the four R's, but I think that again. I'm back that we need. We
need all We need Tomo really invest in all of these technologies, find ways to develop and demonstrate them. You never quite know where the breakthroughs they're going to come and we have to have to do it all. Richness brings us back to you. Perhaps. What could you give us an example of kind of a pragmatic approach? Tonto Carbon management. The differs from some of the ideas like simply
banning Hydrocarbons help us out with an example of what you've been trying to foster from a policy standpoint in that area. Sure, Adam what I really liked what you said earlier. Which is the carbons, Not the problem. Fugitive carbon is the problem. You know, we often say it's not fossil fuels over the problem. It's the emissions from fossil fuels that the problem and if we can eliminate the emissions or significantly reduced emissions, there's no reason that we couldn't keep using these resource is well into the future, Perhaps perhaps forever, as long as we can get the missions under control, And so we have focused really deeply on finding ways to, you know, use the existing Infrastructure. I couldn't agree more with Bill's point about the need to find ways to use existing technologies and existing infrastructure for for this transition, you know, we have thousands and thousands of miles of pipeline in the United States.
What if we could use that as part of the energy transition and convert those pipelines so that they're carrying either carrying carbon dioxide that's captured back away from power plants. Oh, there instead curing lower carbon fuels through the same type. Lines like hydrogen, rescind gas or on by all these other all these other potential low carbon fuels s So that's probably a big difference in our approach versus some of the more sort of leave it in the ground approaches out there, teak organizing the economy.
You know, one of the Ah, you made me think about it. Another thing to a Sephora's plastic sir, Concerned Plastic actually are very valuable in our economy. They're serving a lot of extremely useful purposes. You could probably say the same thing about The problem with plastics is fugitive plastics. And we all have seen the pictures of, you know, you know, plastics in the oceans, rivers and so on and finding effective ways to deal with that. And, uh and there are a number of approaches that can be applied is is really I think what we need to do? Way do have Adam on, please.
Sorry. No Adam on the plastics piece, we are net power is changing it. It's refitting its plant down in in report right now to burn sin gas. And the reason that send gas is so important is that we can take municipal solid ways to biomass and other things to produce in gas and one of the biggest challenges to taking plastic tour MSW and burning. It is the uncertain fuel mix or or heating value of municipal solid waste.
Because we have this CEO to that we recycle weaken, dynamically recycle the Sio Tu Tu Mets the heating value. It allows us to do MSW in ways that no one else can do. And so therefore we can take that plastic and MSW and use it as a direct fuel and get rid of this plastic this plastic disposal problem and use it for energy. Instead. One other example I was gonna offer about reusing existing infrastructure that piggyback off of Bill's point is we've been doing some work with the city of Houston. Houston has the single largest gray hydrogen system in the world.
If we could take that gray hydrogen system and converted to blue and ultimately green, and then we can pipe that hydrogen into markets like California, you know what? What a terrific way to use existing infrastructure. Existing resource is to drive some of that carbon reduction. I think that's the way the industry starting T O look at. It's it's not Net. New Necessarily. It's
How do we take advantage of the systems we have in place today to lower the carbon footprint and provide these new sources of energy. Virginia way have retrofit solutions for so yeah. The, uh you're reminding me, Regina, that the, uh we're all using these colors, green, blue gray ground hydrogen, and that Sark is gonna look into the possibility of Can we turn this into some kind of a numeric scale? It actually measure the carbon footprint on full cycle basis, And I'm not always been a numbers guy, And I think that we're all getting confused by the different colors of I joke that it's the Roy G Biv of hydrogen that transit waken burn the high in the gas turbine. So we get We can burn it.
Um, for Joe were Regina of one minute we have left. What? How about direct their capture It? Is there something that we might do soon and the idea in the area of director after Not And projects underway. You wanna try? That s O during that capture, like many of these processes require energy and simply because we are reducing the cost of energy to such a level now. And again, we need to read on the economics because I think director capture is going to become cost competitive and valley and the other. The other component of that is, you know, in the U. S. Tax incentives were absolutely critical to help scale wind and solar and there is now a hefty tax incentive around carbon capture and carbon reuse.
I think that will start to make a direct their capture components more economical, and it will start to create consortiums where people start harvesting the carbon and then creating these tax offsets that can help others reduce their own carbon footprint with the offsets and new markets are being created. I think that's very exciting as well. Well, we can actually do director capture using existing equipment we can actually do director capture Using Chlor alkali plants that are currently producing sodium hydroxide. We could do direct heir capture in a year right now, rather than a bunch of these new technologies, we can do it now. I love the idea. So we're gonna have to go back to Aetna trainer now for our next segment. Thank you, everybody. It was a fantastic panel and thank you to the Atlantic Council. Can
Yeah. Huge thanks to you two. And just before I let you go now I know you know, the circular carbon economy is something very near and dear to your heart as well. You want to mistake in terms of what
you're hearing in this dialogue, and indeed, many others. Was that a question from a at No. Yes, I think that there's lots of opportunities here and all kinds of technology. Super. Okay, Well, I know you're going to keep working on that one.
And we're always delighted to hear from you. Thank you so much. I am now going to hand over to the director requested Counsel Randy Bell joins us now, Randy over to you. Thank us now really excited to welcome over next Panelists who have impressive ability to distill geopolitical developments in market indicators into insightful analysis.