Welcome once again to the breakfast on Plosive Africa now Let's go to off the press where we have a review of the major stories making headlines across the country this morning We'll start with the daily independent Newspapers this morning and of course our guests will be joining us right after the stories have been shared the big one Of course expecting that to be in the screen in just a few seconds Yes, it says federal government targets 4.2 economic or 4.2 percent economic growth to borrow 6.45 trillion Naira Analysts see new petrol price regime soon and budget hollow and bogus with high resounding or high sounding figures as CUPP Also on the daily independent condemnation trails reps directive to ncaa on Nigerian or NG Eagle PDP Neck okay zoning of national chairmanship position to north The first zoning of presidential tickets and also Nigerians have right to determine who governs them says a tickle Gunmen attack a boring communities kill two policemen and eight others Why I wouldn't support throwing PDP presidential ticket open that's from body George Inaq releases final list of Anambra gubernatorial candidates and court sentences Maynaz son face out to 14 years in prison bent and Also, Buhari not planning emergency rule in Anambra says Obiano Of course storms as O'Rourke says Malami goofed accuses the APC of plotting to rig gubernatorial pose Army arrest nollywood actor chew a talo Agu denies brutalizing him We can also see on the of away from the daily independent now to the leadership newspapers It says federal government secretly raises electricity tariff Adjustment inevitable as government can no longer sustain such subsidy payment. It's unfortunate and deceitful says Customers you can borrow to fund 2022 budget national assembly tells president Muhammad abuari experts warn against rising debt and PDP ratifies the guineas report on zoning article reacts 206 kidnapped victims regain freedom in Zamfara and Kaduna and Court jails Maynaz son face out to 14 years in prison bent Access to malaria vaccine will save 264,000 children annually say experts and now to the punch newspapers 16.39 trillion Naira budget funding sell refineries more bond assets reduce deficit Economist national assembly tell Buhari Addressing security don't impose multiple taxes on manufacturers say is a XL CC IDG and Also block tax loopholes impose levies on luxury goes economist to council federal government We can also see on the Pontius morning Flood in will compound cholera crisis and lead to more deaths says a water aid Uniband suspends locked the lecturer orders police probe of alleged students rape and We can see here. Abductor shoots colleague dead as undue amotecum closes in Smog old to kumball gas cylinders flawed in Nigerian markets as SON still on the punch Nigeria grants 992.9 billion Naira import waivers in two years Fully vaccinated Nigerians need no pre-departure tests and quarantines as a UK and experts celebrate malaria vaccine breakthrough as federal government plans procurement Chairmanship PDP governors insist on north NEC adopts zoning report We can also see here may not son jail 14 years father applies to reopen defense 24 billionaire pension fraud fleeing convicted directors case stalled over a GF's fiat. I Think that's all we're taking on the punch that's now a quickly go to the Daily Trust newspapers It says here, but you'll be a miller governors and others spend millions to visit tinu boo 265 million Naira expended on trips. No, we funded it ourselves say governors and lawmakers politicians wasted public money on Johnny's and that's from CSO's as Lagos government unveils pro tinu boo group In Anambra federal government backs Malami on possible state of emergency Buhari opposed to it says Obeano and also UK to recognize Nigeria's COVID-19 vaccine certificate from the 11th of October Nigeria's Nigeria's proposed 16.39 trillion Naira budget raises more questions and less hope These are the stories and also, you know, say good morning to GD Johnson as the chief lecturer at Nigerian Institute of Journalism thanks for joining us this morning Johnson Yeah Thanks for joining us first of all I'm gonna start with the Abdul Rashid Mina and his son's story and first Correct myself. I hadn't said 24 years earlier in my intro is actually 14 years Geo time that face all has gotten so let's start with that GD Johnson. Is this you know good news in the fighting in corruption? Well, it's M. It's it's a step in the right direction It does the step in the in the right direction and a journey of a thousand my start to take in the right step I all put in the second steps to ensure that He's arrested and them He paraded back to Nigeria wherever Wherever he is them just like an Americano was Was was was a Arrested and it was brought back to Nigeria. I think we'll deploy the resource of federal government and might not in that manner Not but in that in that direction Using all igumis to ensure that those that have been convicted are brought to justice. It's very very very important And I'm sure there are people that's too shorty for him Those also should be should should we look out for and then I then produce him so that he can face the consequences of action Beyond him seven is that In that scheme world those that were others that were involved is not possible for those two people to steal that amount of money without other officials either in the Public sector or in the backing sector being complicit in stealing that particular that particular Money and that particular amount of money so This is definitely right direction. I hope we take the second step with a bit of step the first step We don't just get stopped by taking this step forward. I will take 10 step back or that has been the easy with our fight against corruption we take one giant step and then we take them 1020 monumental steps Backward so for me, it's a work on development. Okay. All right Well, you know, I agree with you, you know with your thoughts on, you know, not just both of them being guilty here There's many other people who definitely were Complacers who also helped them facilitate this fraud, you know And I think it's the same thing that you know We need to have this conversation with regards even governors and national assembly members and whoever else Is accused of these crimes event, you know most times we see just one person being accused and being sentenced for Money laundering or billions of Naira, but we forget that there's many many other people who were also party to that theft And so yes, you know, it's a conversation that needs to be had and we need to do better Basically in fighting against corruption. Now, let's go to the southeast where of course, you know There's videos of veteran actor Chua Telago being assaulted by army officers yesterday I want to get your thoughts on on that the actors Guild of Nigeria said that he was wrong for putting on those colors I've also seen in the Bayer F. Young writes, you know, put out his own statement on social media saying there's nothing actually wrong With wearing whatever colors you choose to wear. It might be a little tricky Seen that, you know, the South is currently is dealing with its own issues But I want to get your thoughts on on this. This is fundamental human right of self-expression You can't be you can't you can't you can't it's it's a fundamental How would you see that we are from color? Could you have said it's skin yellow color? Could you have said it's a to pee on color? And they were the right of the military in arresting is the job of the police and you see Some of us have argued that is Nigerian in democratic society or in injustice is under civilian rule when you have democratic rule Military authorities are subjected to civilian control if you are very very loud and clean You know how many how many people insulted Jonathan Wally was president or Donald Trump while he was president or if you if you are very very conversant online and see what is going on in America Where people willingly and freely welcome and The president wherever I visit with with him with flags of Donald Trump One or if you see KJU Biden or I love Brandon. Have you ever seen anybody been arrested for that? whereby someone said something Untoward towards the president of United States. That's that's a Those are democratic values. Why would you because it's putting on and then you see this minute They are quick to do that in the South East. It's not operation Honda operation Oh, could I tears or what? Have you and then when you go to the other side of the countries of operation smile operation These operation that you seen we ate your last and Spokesperson 25 and brings to Monday nation we've seen God knows been accompanied by the police and the DSS to talk to bandits But innocent citizens that are walking on the street that felt That they want to give expression to their views and their thoughts in democracy majority We have the minority we have to say so what stops me from wearing something that relates to the Dua Republic or something It's just a safe expression. So we are in it. There does not mean that is coming out. Did he conduct? He what did he conduct himself in a violent manner? So I I totally condemn them and I think if he has lawyers he should in a general in the Nigerian army If you shoot the Nigerian government and an old government accountable to that And I even I joined is in touch to self-expression Self-expression self-determination. I I mean decide that I don't want My part of the country to be part of Niger in as much as I didn't get in power I can say it and express it that you know what from my experience I think it will be better for legacy for example to be Detached from the entire Nigerian mission because I'm from legacy too. That's my self-expression It doesn't mean that I don't have the right to it to to to to see that what I don't have the right to do Is to engage in violent conduct to carry out such such such acts such thoughts Such such feelings own for me. It's it's it's it's it's it's ridiculous and every time The military does this they just take the minors of whatever image Positive media with the citizenry from themselves Yeah, you know, I want you to speak a little bit more about that because I was saying earlier that the Nigerian army has continued So keeping itself With being involved with civil, you know cases and and things that they really should have no business with Isn't this, you know, even causing more damage to the image of the Nigerian army? That's cause serious damage to the to the image of the Nigerian army. It has caused serious damage to To all Nigerians see the Nigerian army is in a jam representing them.  I'm outside. Hopefully we In 2023 Who have someone that does not have military background military antecedent becoming the president of this nation? I'm not to show um that particular group. I'm they are limited now because you know the president president has The military background and it was the former head of state just like we had when we started this democratic experience in 1999 We talk about some who also had the military background and I was also a former former head of state so No matter how you can see can watch the sport in it In the skin The blackboard in the skin of a leopard leopard skin and don't forget this we joined the military while in their in their formative In their formative years. So they've already been formed in terms of their thought in terms of their thinking pattern and in terms of their policy That's what we have said. Nigeria is not truly a democratic society. Nigeria is still a civilian state Having a civilian rule does not reflect or does not connote that you have Democratic side there's there are a lot of factors. There are a lot on indices That must be put in place respect for human liberty constitutionalism obedience of God order Operating within the ambit of the rule of law Subjugation of military military military authority to see the military Authority to see we an authority all of this factor What the term is what I said is a democratic or esoteric or is despotic? So If you use all those indicators as as as a measurement You have stick then you understand that truly you are still far far far away from having a democratic In democratic society All right, since you brought up 2023 we're going to now move into 2023 conversations Where there's something called the swaga group And of course in legos here the of course the legos state government did, you know, a somehow some way tinnable campaign group yesterday It was of course all over headlines and of course there are video clips all over the place Legos state governor was there, you know artists, you know came out to perform And of course, there is also the song, you know on your mandate. We stand, you know, all of that So quickly also share your thoughts on that one. It's on the One of my my former chairman of my local government And was involved in it In terms of instead of doing governance for us in the local government Was involved in what they call their swaga swaga movement And I don't know how using tax payers money. This is where he has to start All we need to do is to prevent is to prevent them People still lend the money in the first instance putting measures in place And wasting public resources Using public resources for purposes they were not budgeted for this way it starts And I think that we as you know wait for them to steal the the money But people to put their hand in the cookie jar Go into the into the coffers of the state to run their own personal agenda This way they should start not until they do that before they start doing their financial There should be financial intelligence before financial prosecution You should gather facts to prevent and first all what is happening Why will still government resources be used to push through the past presidential ambition of an individual and For me and let let's wait and see where their swaga will take them to whether their swaga Will take them to asorok and they are using swaga to get to asorok Definitely Nigerians should be ready for swaga and not for proper governance because as far as I'm concerned It's a waste of time waste of public resources for government to be thinking about the presidential ambition of someone that has not even openly declared his presidential He has not openly declared his presidential and we are still in 20. We are still in 2021 and they are talking about So you just see that these people are concerned about about about politics and not about governance And that's why governance has suffered has suffered them in Nigeria. Let them co-position. Let them waste whatever Resources they want to waste it ultimately it is in Nigeria people that will decide who will be their president If Nigerian people want swaga, let's go for swaga. If they don't want swaga They will decide whatever they want concerning them 2022, but I think We shouldn't be doing this if you relate this theory to the jamboree of lawmakers going to visit and The the principle of Swaga the people that swaga are clamoring for to be the president the speaker Governors of which resources like Ten million have been wasted which resources have been used to these are the areas in which Yes, you collect their intelligence and when they leave home is the accident to pay back to to the society, you know, I ask this when When Richard Nixon Was was was was him was impeached as a president of united states or america And he was taking a force one to take him the moment he was impeached If an american people was in that they should pay back whatever resources he used In that aircraft in taking him out because he got the presidential pardon from gerald for that was why he was not That accountable for that whose resources are they using we must we must ask this This is a basic question because you don't use you don't use public resources To seek election to control public fund and that has been the cycle of what we have Well, there is their leader Is your and them is your pre master? So they would do whatever it wants it takes for them to do that But they shouldn't be using our resources. They should be held accountable for that That was why when the president received Receiving from gaudy in asurok. I said that That's an impeachable offense if you don't use the state resources for political And for for your political parties, um What have you all this you pay back tonight? I do want to conduct your affairs you take it to the national secretariat and You see pdp conducted their own meeting yesterday. They had it in the national secretariat of your party Where they talked about zoning the national chairman to not and leaving the presidential ticket open For now and let's see what happens concerning that. We must apply some busy principles and some busy etus And values that relates and resume to public governance and democracy some measure of decency You can use state resources such as using state house using state vehicles using state to go for your political Parties and meeting and that's that's using tax payers man in those that voted another Sacrilegious act by the present political classes using the flag of their party in state house It's an impeachable offense. Why would the governor wants to give a speech? And then you put the flag of apc or pdp The moment you are elected as a governor or as a president you are no longer apc representative You are the governor of that state Those that vote voted for you and those that voted against you We are representing them and those that did even vote for you in our chances majority of the people don't even vote for you I'm not sure the governor of legal state got up to a million votes And the total number of voters in legal state is close to six million That means that the people that voted for that did not vote for him Are much more than those that actually voted for him same goes for the president The president in get more than 15 plus million votes and there were 85 million voters 85 85 million voters neither it means that those that did not vote for him Are more than those that actually voted for him So is that popular mandate or what type of mandate we call that and then they will now use the flag of their party They will put in a cast they will use it and they will use state office to promote and project their party It is criminal And it is an impeachable affair. It is innocent Have you ever seen that in other climes where people do that? And people who just abuse office and they abuse people the first Impeachable offense that can be committed by anyone is the abuse of office And privileges and they've done that left-right and center across parties from pdp To apc apc to abga abga to Whichever what they want to call themself coming by 2023 all right because do not be deceived Do not be deceived by by time we get to next year 2022 you begin to see the conflagrations of this political party another party we imagine because They don't really care about us all they care about is Them seeking election and winning election and to run The private estate so like Michael Jackson said All I want to see is they don't care about us or they care about is about the election So that's where they can have swagger Then they'll continue to swagger All right, we'll see how it turns out. But now let's talk about the economy We'll go back to our number in a bit But let's talk about the economy now the president yesterday presented 2022 budget of 16.39 trillion naira But of course, there is a budget deficit of You know more than six trillion of course There's also plans to borrow trillions of naira to you know cover up for all of that Share your thoughts on on where we're going with regards borrowing and Let me let me put it across to you last year You borrow money to fund your lifestyle. I'm just an illustration. Let me use myself as an example last Three years ago I borrowed money to fund my lifestyle my taste and my value This year I'm borrowing a borrowed money To fund my lifestyle again my lifestyle increased I didn't cut my expense And next year I'm still going to borrow my money to fund my lifestyle What happened to me in five years time? Now we are borrowing money It's because if you narrow it down to an individual and then you take it to the state Issues that one they are not disciplined. They are not there's no financial discipline What are the things that we can do? Or we can stop what are the things we are doing that we need to stop in order to ensure that we Use the deficit and we stop borrowing Because we keep borrowing money to fund the budget budget on what is it on capital expenditure or the current expenditure How much money do we vote for? The current expenditure now when you vote too much money for the current is you are 14 lifestyle You cannot afford I was talking to a friend yesterday and He said the brother took the car of the mom Of the dad and then the car got got spoilt and He took the dad of the mom down on the spot and then he now took that of the dad And then his dad and I said look tell the young man Is is living a lifestyle Don't live a lifestyle you cannot fund if you cannot repair the car don't drive the car So even I didn't cannot afford This lifestyle in the bogus lifestyle of our public officials the allowances we give to them What steps are they taking to cut the allowances their star codes? The waste stages to plug the waste stages in government You know different groups have recommended. Oh, we should tax this we should tax that We should block this we should block that are we taxed are we disciplined the political class? Are we But we need to reduce the cost of governors on his own if you look at the budget and you look at the The vote that is going for the cost of governors. You will be shocked You'll be and then the national assembly That has the power over the pause is telling the president, you know what mr. President You can borrow to fund this lifestyle because they too can go on a jamboree like they went to visit the supposed national leader of A pc another things they want they want they want to do they can have money to do swagger Or or whatever they call it so As far as I'm concerned Is an irresponsible person And if his government is an irresponsible government That will borrow money to fund a lifestyle that he cannot afford if someone should do that And he will be condemned Totally and I think we need to condemn. We remember money to fund The Niger lifestyle we cannot afford to put us there to measure in place and the the government have done different ways to raise to raise money and What has happened to the price of product? There's a story which you read that secretly government increased the tariff of electricity They increased the tariff of electricity, I know because I use We use pre-predator. I know what it takes to to buy avarically. We spend close to about about 20 25,000 Then on electricity on electricity tariff. So if I spend that minus my pee Minus the part so all my income Have been taxed beyond the means. That's what Nigerians are complaining That's what I just are complaining because Electricity center government is taking money from you yet government is This is borrowing money to fund a lifestyle you cannot afford yet You cannot even see the deliverables of of of democracy in terms of infrastructure In terms of improvement in your standard of living what has happened to our standard of living as it improved Or as he as he let me use the word as it the proofed All right Well, um, we're moving away from there now. Let's go back to the southeast where of course there was talks of the state of emergency Is one of the things that made headlines yesterday you know, well in section section section 150 Established the office of the attorney general section 150 of Nigerian constitution Established the office of the attorney general of the federation as the chief law officer And he shall be a minister of the federal republic The chief law officer should not be the chief law breaker number one section 305 of the 1999 constitution as amended Made exclusive provision on how and why the state of emergency can be declared I didn't see the office of the attorney general in I didn't see I didn't see the any reference the only reference to it in that is when it is published in the official visit And what which I think will have to come from his office But I didn't see the mention of the minister of justice of the attorney general having the power to make a commission Or to make a statement because once you make a statement Is to that effect that the state of emergency will be declared. I have not seen I didn't see I read through that I read through that section of the constitution and The the the conditions were explicit the power was given to the president to proclaim and within two days If the national assembly is in session to be ratified but to thought of the national assembly And if it's not in session within ten days to be ratified by the national assembly By the national assembly the senate and there's two third members to be ratified and if that is not done within those It will be declared nullable. So it requires the approver of the national assembly. That's procedure number one two is if the state governor With a resolution of the state assembly Passed by two-third majority Ask the president to declare it a state of emergency And then that's when it can happen and there are conditions whether they are war or treading of war Or there is a likelihood of breakdown of law and I don't want to act like lawyers here Just talking on basic knowledge of what I read and what I I interpreted from the constitution as a man of letters Because the degree lawyers get because people just the degree lawyer get is bacterias of laws and letters So as a man of letter if you are lettered you can read the constitution and understand the constitution What you cannot just do is to appear before a judge and solicit or advocate on behalf of somebody But everyone is lettered once you are educated you are lettered So you have got a lot of letters so you can read the constitution and understand What the attorney general said if he's in other climate he will be impeached Because it will be irresponsible for For for for for a mini for attorney general of the federation to argue against to himself the chief officer the powers But he does not have It's an insult And and and and and and trapelling on the conscience of the federal of the federal republic of of of Nigerian And insulting the sensitivity Of and the knowledge of of of Nigerian so this is is clear Let's please be clear on how state of emergency can be declared all right, um Let now let's move away from that and go to um The daily independent some of the stories here It says here why I won't support throwing pdp presidential ticket open and that is from Buddy George The pdp neck okay zoning of national chairmanship position to north Um defers zoning of presidential ticket and also Nigerians have a right to go to determine who governs them So it seems like it's you know different narratives from Buddy George and Atiku Abu Bakar With regards to zoning There's a saying my look darling if you give a hoe to a madman He will use the hoe To put the ridges to himself So everybody the games they are playing is about Having a shot on the presidential ticket to who I've said it if you want to go by the law of natural justice The presidency should should be zoomed to either the southeast As first point of call and then the south south As the second point of call the southwest um The north west Shouldn't even be in the conversation of the president and the vice president moving forward But That's for advocates of zoning in actual sense. It's important for them But I've said it that zoning is not in the Nigerian In the Nigerian constitution. It was a pdp arrangement even the six two political zone is not represented in Nigerian constitution It was it was a fallout of what was brought out of the 1995 consequent assembly And then it was not included in the constitution. You know the report of the constituent assembly Is what was Modified Radified and used as the 1999 constitution by the 12 vice men appointed by abdu salam because that constitution itself was meant to perpetuate abacha in power forever and ever so That's where you have zoning but as far as i'm concerned And because of the peculiar nature of how we are funded says I don't really care. Let me tell you the truth I don't really care where the president comes from. That's that's the truth I don't I don't I don't I don't care where the president comes from But do you see the way the political class have been talking? It's about people who wants the presidency to be zoned to their to their area so that okay They can have a shot at the presidency Let the best man get the job But I'll do with the time who is the best because they've all been they've all been in one form of um They've been at one office or the other since 1999 so they've a switch And then assaulted are Our sensitivity that we have lost our sense of decency and common good that And I do have just accepted their fate that this is where we are found ourselves. Let's just take it because I would be who should be listening to body judge Who should even give the voice to body judge? Who is body judge? Of what value of what political value or relevance as he paid And then someone will listen to him and then I think we're back. He's had his own shot. We shouldn't be We find Some spent forces they've had opportunities to To do things in the country and they have abused it. I'm Billy Gushan and I can talk about body judge I've attended the teens in his house. I know his character and who is special. Who is he? My friend, you know what? I don't care where the president come come let him let the president as long as we have the Of democracy the president presently is from casino what are what value has he been to people in casino in the north west The is from a banditry is happening in the north to the north west We just we read in one story in the newspaper 250 victims Kidnap victims who are released from Zamfara Yes, I cannot state That's that they are from where the north west. Where is the president from? It's from the north west So that the president comes from your region of what value is it you do not spend Close to six years or what value was it to two people in Bayesa state?  It doesn't really matter whether the president is from a village some some communities that have governors from them Okay, I saw a story of a gubernatorial candidate in the anambra election The road leading to his house is atrocious and this person has heard public offices in the past That he could have used to better the lot of the people in his community But because they don't live in the community a governor was asked that he spent Only three days in the state he governs from From from abuja and he said what does he want to go and do in the state? He could run the government from abuja. Was he elected to run the government from abuja or to live within the state? and I went this particular to it and I think it's a state in the United States of America Not was it not Dakota or South Dakota is the state of it now The governor left he was within united states The governor went to the southern border in texas and he handed over to the deputy. I was rattled Because the governor left the state And people don't understand this principle the moment for example the moment the governor leaves the state The state is state territory because it's the governor of a territory The governor of august state the moment he comes to legal state is no longer a governor of Is is the governor of august state is not the governor you shouldn't be harassing us with the siren Of you shouldn't be because it's a private citizen in Lagos He does not have the executive authority and privileges he enjoys in his state in Lagos He has become just one of us in Lagos and same applies But what we know about democracy And because you have been under military regime for a very long time and some of the vestiges and bad behavior of military Administrators and military administration. We have imported into our democratic Values and the method of our democratic value of civilian value to the Um, we'll have to wrap up here. Thank you very much. Um, as always for your thoughts on these stories Of course, I'll be sure a very beautiful weekend ahead. Yes. It's just it's just it's just your night today It's just your night today. Yes, it is. It was a really was a beautiful face to smile at. All right Have a great weekend. Thank you very much And everybody in the background. Absolutely pleasure to be with you All right, stay with us while we taking a short break to tell you a little bit about history and what happened on this day In the year 2014, yes, if you remember the bola virus I'm sharing just a little bit of that with you this morning on off the press or rather today in history Stay with us here on the breakfast


It gives me great pleasure to be here. It's actually not the first time that I've been here at the invitation of the International Institute for European Affairs. In fact, I was here a few years ago. When they first contacted me, and I said, it's the International Institute of European Affairs, I said, well, I'm not going to be able to provide you much material for study seeing as I am a married man. Obviously, I now know all about what the great work that you do. And thank you also to the ESB for putting this magnificent show on in this historic hall. What I thought I could do is talk not so much about financing techniques, because we've just got too much knowledge here among my fellow panelists. But I'll talk a little bit about how much money is flowing and some of the issues that investors ask me about. There'll be a bit of overlap with the morning, but it's a slightly different perspective in terms of financiability of some of these solutions. So when I last came here to Dublin, it was actually 2012. And one of the things that we do at Bloomberg New Energy Finance, we track how much money flows. And it's good to get an idea of the scale. So the scale is about $300 billion a year, flowing into clean energy solutions of all sorts. That's renewable energy, energy efficiency, carbon capture, power storage, all the bit that financers that investors can identify. It's about a third of a trillion dollars every year, so a trillion dollars every three years. And that there you can see is the rate at which it grew. And you can see it grew very consistently. 2004 through till 2008, when the financial crisis hit, then it took off again. You remember the green stimulus programs that were launched in country after country, they sort of cut in after 2008, 2009, and off it went again. And at the time also, when I was last here, this was the big news story was cylindrum. I mean, we were just going into the second round of the fiscal crisis, particularly in Europe, and also the shakeout, particularly in the solar industry around the world. And that was the situation when I was last here. So since then, what has happened, and that's the same chart there, and you can see that we had two bad years for the volume of investment. Two down years since 2011, 2012 and 13 were down. And 2014, just last year for the first time in three years, a turnaround and more money was flowing. Now, one of the other things that was going on during this period, of course, was the dramatic cost reduction of essentially all clean energy solutions. Solar but also wind and even the energy efficiency solutions and demand management and smart meters, all the things we heard about this morning were becoming cheaper. And so one of the questions is, well, when the volume of investment went down, to what extent was it volume that went down and to what extent was it price that went down? And the answer is, it was mainly, not all, but mainly about price. It was the cost reductions that drove the reductions in invested dollars. And what we've actually seen is that the volume has gone up almost continuously throughout. And then by 2014, that increased volume as the prices stabilized more or less, that volume started to increase again. And that's where we are today. Now, it's not the same around the world. And one of the lessons is we track every single deal whether it's a venture capital deal or whether it's a debt deal or a project financing, what we see is that this sector of ours is very dependent on macroeconomics. So that is the situation in the US and you can see it's all about on again, off again policy. It's about the macroeconomics. It's about the electoral cycles. You can see it there. That's Latin America. What you can see there is it used to be about ethanol in Brazil and now it's wind in Brazil and Chile and so on, but also solar in Chile and Mexico. But you can see that it's still a relatively modest market. The Middle East coming alive as a market. We're talking about going from almost nothing to sort of 10, 12 billion dollars a year there. But then this is the big story, of course, Asia just powering ahead as an investment location for clean energy going from the third largest region in the world to the largest. And I would say almost the dominant region led by China but also Japan post Fukushima, India, but we also see Thailand. We see countries really across Asia providing this very steady growth. And a lot of it is to do with the sort of cheap money that the central banks have been providing and so on. And then there is Europe. And you can really see the impact of that, especially the second fiscal crisis. The volume of investment in Europe has halved since its peak. It was the leading region. We grew up in this industry believing that what Europe did, everybody would follow. And then as of 2009, sorry, 2011, that is no longer the case. And now you see it has halved. And Europe is in many ways the troubled region of the world. We've seen the boom bust cycle in Spain with retroactive cuts. We've seen Italy a year later retroactive cuts making it very difficult to finance clean energy in Southern Europe. We've seen also, even in Germany, the energy vendor, this enormous surge of investment has also fallen away. And funnily enough, the UK in many ways seen as a laggard in clean energy because of some of the statements of not so much from the government but around the government, the anti-wind, anti-clean energy statements. Nevertheless, the UK is one of the healthiest European markets for clean energy. Now, this is a very different period from 2012. I mean, this was earlier this year. It looks like a still from Sound of Music remake. It's obviously not. I also don't really quite understand. It's the G7, but there's nine of them. And I'm very bothered, I must say, by the gender balance there. There's only one woman and, you know, this is really, you know, it's one of the things that I work on in this industry a lot is trying to address these issues. But that's the G7. And they are saying 40 to 70% cut in emissions by mid-century. Now, these are the leaders of the major economies in the world. And they are talking about decarbonisation. So decarbonisation, shifting to a low-carbon economy, is not now the stuff of tree huggers. It's not the stuff of a few entrepreneurs, just Elon Musk and Tony Fidel of Nest and a few others, or specialist utility. This is now very, very mainstream. And I'm sure, I don't need to, I'm sure you will have heard and followed the encyclical put out by the Pope. And it actually talks about energy at a level of detail, which is, I suspect, not been done before in an encyclical, let's put it this way. It talks about there's an urgent need to develop sources of renewable energy. The encyclical also talks about the need for improved technologies of power storage. I actually don't know how you say that in Latin, but I'm very glad that somebody does. And I was expecting and hoping that there'd be a section on demand management, but I don't need to be in any way flippant. This is an incredibly important development that this industry of energy in which we all work is now seen as perhaps it's part of the problem, but there are also the solutions. The solutions are there, they are clear, and there is consensus, growing consensus, that they will roll out, not in niches, but across the board. It is a transition. And it is a transition. I've been saying so for over a decade. I'm delighted that Tesla is now not in the electric vehicle business, they're in the transition business. It makes me feel not quite as lonely as I was in 2004, but with transitions comes volatility because what you've essentially got is new solutions, new technologies, new players competing for market share. Transitions don't happen at macro levels, transitions happen when a customer decides they're gonna buy their first electric vehicle, or they're going to install a nest, or they're going to switch energy provider to a new arrival on a green tariff. There are millions of these micro stories of competition and it is volatile because the market gets very mixed signals. And so equity analysts don't quite know what to think and who's winning and so these are very difficult times in which to get clear price signals in commodities, in equities, difficult for policymakers to make policy. They are told very conflicting stories by the winners and the losers in the transition. So the main reason why there's the transition is not because of the G7 or because of any statement, it's not because of climate change and what's happening in Paris that's driving it. What is actually driving at the heart this transition is the experience curve. It's the fact that clean energy technologies get cheaper and cheaper over time, they are not resource constrained. And we've seen this here, you've got obviously solar, you can see that's the silicon solar experience curve, the price of solar power has dropped 99% since the 1970s, it's dropped 80% in the last four years and what's very clear from these curves is they're not going to stop, they're not going to stop, there's no reason to believe that something that has got cheaper like that same with flat screen TV, same with every technology if it's not resource constrained and volume grows and Emery Lovings of course talked about this as well, the price is going to continue to come down. You don't need to be able to read all of this because there'll be copies of these slides available but if you look across a range of clean energy solutions now, that's the green bar across the middle, they can be built not always but in the right location with the right customer demand for their resulting energy they can be built as cheaply as coal and gas and nuclear even from existing nuclear power stations let alone these very expensive new ones that are being proposed. The cheapest project that we've seen in solar, $58 per megawatt hour 5.8 US cents, that was a project unsubsidized, this is unsubsidized 5.8 US cents per kilowatt hour in Dubai that is cheaper than you could generate electricity from gas in Dubai. So if you have a central, if you've got a air conditioning demand in the Gulf this proves that solar is your cheapest solution to meet it. This is very different from when I was last here in 2012. And wind, the cheapest unsubsidized wind that we know about is $37 per megawatt hour, 3.7 US cents, it's about two and a half UK pence per kilowatt hour. These of course are big wind farms in the Great Plains, fabulous wind and the demand there to buy every unit, there's no curtailment and so on. But that, if you are looking to build new capacity of electricity anywhere in the world, that is the cheapest source you'll find, wind. Try telling that to journalists in the UK that wind can be the cheapest source of supply, they simply won't believe you, but there are people buying this, there are utilities buying wind at two cents, post subsidy, 3.7 cents, pre subsidy as we speak. And those prices are available in Brazil, they're available in India, I don't know about where exactly Australia sits relative to this, but the best wind farms are the cheapest source of new electricity anywhere in the world. That is what's driving the heart of the transition. We do a huge modeling exercise called the New Energy Outlook, the IEA, the International Energy Agency does the World Energy Outlook, WEO, we do NEO, partly because we've watched the Matrix films. And what it says is that if you look forward to 2040, there'll be $12 trillion spent on generating capacity for electricity, of which over 60%, two thirds of it in fact will be renewable, will be wind and solar, not because of support, climate action or whatever, but because it's going to make economic sense. And of course it's intermittent, but if you think about buying electricity at three and four cents per kilowatt hour, you have a huge budget to deal with the intermittency. You can buy your batteries, you can do your demand response and so on because the basic energy you're buying is so cheap. Warren Buffett pouring money into it, billions and billions, he actually had to be helped by an aide who told him, excuse me, Mr. Buffett, it's 15 billion so far, he said, nevermind, we're gonna keep doing that as far as the eye can see. What he's doing is borrowing cheap, investing in the assets, the wind farms, the solar plants, they're providing high yields relative to the risk and he's gonna do it as far as the eye can see. And we see companies doing this as well. It started with financial services companies, you remember HSBC and people like that saying, well, we're gonna go carbon zero and et cetera. Financial services companies don't use a lot of electricity or a lot of energy, but we saw then media and software companies, then retailers, fast moving consumer goods companies, manufacturers and now we see primary industry, Rio Tinto, Dow Chemical, they are not buying credits, they're not greenwashing, what they're doing is building renewable energy adjacent to their extractive facilities or adjacent to their plants. Why? Because it's cheaper than buying the electricity from the utility supplier via the grid. US and China, a historic pact that they signed in the run up to the climate negotiations. In that pact, China was going to stabilize its carbon emissions, US was gonna cut them, but a part of it that's not received nearly as much publicity is the 20% zero carbon electricity China has committed to produce by 2030. That additional zero carbon capacity that China has committed to build is about the same volume as the entire existing US grid. It'll be nuclear and renewables, but it'll be mainly renewables for economic reasons. Now the context, I said I'd talk a little bit about the context of this sort of energy plenty, the period we're in. I love this, this is from the economist of course, but we hear a lot about the US versus the shale, the unconventional extraction versus Saudi and I'll talk a little bit about that because of course the main question outside the clean energy space is what's gonna happen now to prices, that's the price of oil there. Are we gonna see a V with a rapid recovery or an L? Are we gonna be in a period of low costs? Because this matters a lot for the finance ability of your renewable energy facilities.  And most attention is paid to the production side, most analysts. So what do we see there? And we have a group that looks at the unconventional particularly gas extraction. And what you see is that same experience curve that works on solar is working on unconventional oil and gas. So you see drilling costs, lateral length, everything about what that industry does also becoming cheaper. Where analysts were saying the breakeven for a lot of the US unconventional oil was $80, $90, they're wrong. Because of learning and deflation in that industry, the breakevens are $50, $40, $60. There's a lot of oil available at those prices in the US and elsewhere. In terms of gas, that is the production per rig of gas. You can see a nine-fold increase between the years of 2009 and now. A nine-fold increase in the output per rig. This is a long-term cost deflationary trend. It's an L, not a V. If you look on the consumption side, and this is, we're talking here about automotive, we're talking US, you get very good statistics. What you see is consumption is also changing. That's the American dream. Everybody drives more, more miles per vehicle until about 2005. And it's not just a recession. It's kids don't get driving licenses. Citiescapes are changing. A gap to trend there, 10% in 10 years. And in terms of the vehicle efficiency, whether they're looking over their shoulder at Elon Musk or not, vehicles becoming much more efficient. And finally, of course, electric vehicles. This feels like a sort of Tesla day here, but let's be very clear. That is a graphic showing the installed base of vehicles. Entire vehicle fleet, cars, light trucks worldwide, and drawn to scale the electric vehicle fleet. So far, other than because car companies are looking to become more efficient to forestall the risk of a switch to electric, electric vehicles are irrelevant in the fleet so far. But guess what? Our old friend, the experience curve. On the bottom, the experience curve driving down battery costs, the Tesla, Gigafactory as well, of course, but also, by the way, Panasonic has a Gigafactory, GS-UASA, everybody's gonna have a Gigafactory. But compare that to the photovoltaic experience curve. 2007, for the first time, more silicon went into solar panels than into microchips. In 2013, more batteries went into cars than into mobile phones and computers and so on. But we've also got this issue. We've got air quality. 50% of the world's population lives in cities and this is what cities look like. Beijing, Shenzhen, Shanghai, Delhi, Cairo, Mexico City, San Paolo, Moscow, Hong Kong, Singapore, Los Angeles, Paris, it's not just the developing world. And I'm never quite sure because I'm on the board of Transport for London if I should show the next one. Don't know where that is. And what we see is these solutions. People are not going to put up with that. The wealthiest half of the world, which will become the wealthiest 60%, the wealthiest 70%, will not put up with living in those conditions. They will not, in London alone, 10,000 people a year are dying because of air pollution. Official statistics from the mayor's office. And it's worse if you think about the Delhi or Shanghai and so on. And there are solutions. We are in transportation now where the electricity system was 10 years ago. We see what the solution is. We don't know how they fit together. Some of them too expensive. There's lots of controversy, but we are definitely going to see a range of solutions, not all of which are particularly sensible or will catch on. But it could be anything from electric vehicles to car sharing. It could be the acid efficiency of Uber, which is a game changer, autonomous vehicles, changed streetscapes, electric trams, all sorts. We are going to see this transition and therefore this volatility also in the transportation sector. So I hope that I've proven my thesis that there is a transition. There is energy plenty. We've got all sorts of new solutions. And also an age of extreme volatility, which is something that I think I should at that point hand over because we have experts here who can explain how to deal with that. Thank you very much.


Who do you want to win? Who do you think will win? The Super Bowl. And I don't know if this is gonna be after the Super Bowl when this hits the airwaves. I want the Bengals. I'm with you. But honestly, I don't hate the Rams at all. Me too. They're a local team. If they weren't playing the Bengals, I'd be rooting for the Rams probably. Depending on who they play, I'd probably be rooting for the Rams. Playing the Falcons, you wouldn't be rooting for them. And if they're playing the Cowboys, I would be rooting for the Rams. But I like the Rams. I honestly don't care who wins. Me too. But I would be happier if the Bengals won, I think. Yeah, and I feel kind of sorry for the Rams because there's so many people rooting for the underdog. So... They're both fun teams to watch, though, so I think it would be a very fun, offensively... No, defensively, the Rams have great teams. I know you're really sad about Brady retiring.    Seriously, what's with this? Is it like the Yankees just hate them because they're great?  Honestly, it happened... He was still bitter over the Super Bowl or anything. About a week or so ago. That's ignoring me. But the Republic Day march happened this year. I'm glad you said Republic Day march and not something else with the word republic at the beginning. Thank you very much. But on India's Republic Day march, it was 22 Indians, India Hell march. So these are the... And it always takes them a little while to put together footage. I know. And I wish they would get it right away so I could direct it. But this is a highlight, footage reel of the current one that just happened. And for any of you who said passages on the day of, I remember getting DMs on Instagram about this and saying, hey, it's on live. Purposefully didn't watch because I had a feeling we'd be reacting to it here on the channel. And it's like hours long. So it's not something, but this is like cut up highlight footage of some of the things that happened on that day. I think we, almost every year we've reacted to the highlight. I think so. And it was one of our very first because the channel really was born with the Gully Boy reaction on January 14th. So it was one of the first things we got to see as a channel. Here we go. Been right there. That's where Rohan got in trouble. That was awesome. Man. Can't, I obviously, I know this was obviously taking place obviously, but January, the while we're still in COVID. I was obviously on Necron. But like normal years, is this kind of like the Wagga border energy of like going to it? Oh, it has to be. That's what I was thinking. Because the closest we've come to that was we had the honor of being able to be at the Wagga border and watch that transpire. And that was off the charts. That was crazy. I mean, I don't know if that's different because obviously that's India, Pakistan and that whole relationship is its own thing. It is. And there's a kind of a sadness as well when you're there to know that, but it's overarching as I know you experienced. Yeah. And it was the first time for Indrani to go to the Wagga border, too. So it was so great to watch her, I'm getting emotional thinking about it, watching her singing with everything enchanted with everything and the energy. I mean, there was more energy at the Wagga border than I have felt at most sport events. Yeah. It was crazy. In the United States. It was crazy. So I'd imagine like normal years. But maybe it's more subdued. Maybe it's more respectful. Maybe. I know. But obviously that's why everybody's spread out. Yeah. And maybe that was just where the politicians were to stay safe. This is my favorite we've seen this video. It was cool because I don't remember, maybe I'm just not remembering correctly. I don't remember. That was almost rose parade style float thrown on there. I mean, cultural floats. That's what it looked like. And this was just really well put together like the music or like the editing. Really nice high definition color. And I would love, there's a lot of people who would be foreign against this kind of thing because some people think these kinds of parades are too militaristic and nations that do them sometimes are just touting their power and their- And that depends on who wants to put it up. It's not the power itself, it's bad. It's who's got it and why they want to use it. That's why this, so this is protections and freedoms and democracy. Is the difference between this one or like obviously the stuff that North Korea does? Yeah, big difference.  Exactly. Or like our former leader wanted to do one of these. Yeah, it's like- You know why he wanted to do it?  Look how big- Just like that.  Yeah, exactly.  My hands aren't tiny. Yeah, this is awesome. And I kind of wish we had something comparable to honor our military like on the 4th of July so that we could see them in their full regalia. I would love that. The issue is we already spent enough on our military. Sure, well, so does India. You know how much we spend compared to- No, I know. The next 10 nations? Well, yes, I do. We kind of spend a lot. It's called war incorporated. But when you, as the purist in me at heart likes to think of it, which is how I'm thinking when I watch this. Well, it's the show of the forces of good. It's like having the Avengers assemble. In the middle, I don't know if they still do, but obviously when I was younger there was a lot of stuff like this. On military bases. That's just for the military community, not for obviously civilians that obviously, but I was able to go to a lot of them because my dad's a military and he lived on bases sometimes. And so we were able to go to a lot of them. I went to so many air because my dad's a big nerd. And he loves museums, air shows, all that kind of stuff. Yeah, I would hope in America it would be because the big difference between the good and the bad is the bad people are like, we're coming to get you and the good say, don't mess with us. We're prepared if you mess with us, especially India who has never instigated a fight. Did Modi have those people running along the side of his car? Probably. I think every head of state everywhere does that, has their own secret service. Oh, because no, we saw that video, remember? About like the protection thing. The protection detail of those. Maybe, I mean there's enough cars there. Yeah, but that's when they were having to like get him out because they were flying. Versus just like, you know. Oh, so it was like driving along. Yeah. But they should still probably have people on foot. Yeah. Maybe I just not been in the edited video. Anyway, that was cool. That was cool. Let us know what other videos we should react to. And I hope you had a wonderful, but even though I know it's cut of like a week or so or two after. Well, we gotta ask after that video. How's the Josh? Hi.