Next slide, please, that when you look at what we have to invest, to build a zero carbon economy, by far the biggest investments, which are the two bits on the left, the blue and the brown lie in power generation, and crucially, in grids, both transmission and distribution. Yes, there are investments in new chips that can burn ammonia. But actually, if you look at what is required to build a zero carbon shipping system across the world, the biggest investments are in the hydrogen production to sit behind the ammonia or the meat and all and the power system, which sits behind the hydrogen production. So what we keep on seeing when we look at the figures, we see this upstream investment in a massively biggest clean power system as absolutely essential, and the core of what we need to do to build a zero carbon economy. So that is, of course, the long term vision. But we are now in Europe, in the middle of energy crisis. In 2021, Europe consumed about 4,000 terawatt hours of gas, and of that, about 1,500 terawatt hours or 150 billion cubic meters came from Russia, following what, frankly, was 10 years of a gigantic geopolitical mistake, in which we allowed that reliance on Russia to develop. And after the Ukraine war broke out with Russia’s brutal invasion, Europe made a commitment that over four years, we would eliminate purchase of Russian gas (Slide 16, page 62). And we therefore came up in Europe. Next slide, please, with a set of plans for how rapidly Oh, actually, could you move to the next slide, please, I’m skipping this one. Next slide, please. The we came up in Europe, shown on the right hand side the EU initial plan for how to reduce gas over the next year on route to complete elimination of that 1,500 terawatt hours by 2027. And the ways which are described included new sources of gas supply, Lng and some domestic supply, they included an acceleration of wind and solar, which the EU believed could have an impact over a year, they included some measures to reduce demand, for instance, by reducing residential thermostats. The Iea, the International Energy Agency, on the left hand column here was a bit less optimistic about what could be achieved. So we had a range of we’ve been importing 1,500 terawatt hours of Russian gas, we think we can cut it in a year, somewhere between 600 to 1,000, on route to complete elimination, several years later. But of course, the logical reaction of Russia, faced with the realization that Europe intended to remove their leverage over four years was to say, well, we’ll maximize our leverage today by cutting off the supply completely. 3. Lo scenario internazionale della transizione energetica 47
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