Hello? It's just like it says here. Thank you very much. There we go. Can you hear us? I don't know if we can do it on the big screen, but then I'm not sure how I do this line. We can control it for you if you want. There's lots of filling there. If that's okay, I could just do it like this, but then my picture is going to be this one. Emma, can you see the slides? Let's do that. Do you want me to stay here just in case? I think we're all right. I mean, we're not million miles away. So if anything happens, people can run. And then if there's any technical problem this side, I can run. We are across. 3101. I think it's probably going to be... You're talking... But then it's a question of how do we control the slides? We just have to extend the mouse. I don't think it's worth it. The technology is sufficiently high. Okay. You're not connected to this, so there won't be an echo, I think. I'm not connected to the other thing. So that's just... That's my thing. See you. See you. Thanks. Ladies and gentlemen, good afternoon, good morning. Welcome to the launch of World Energy Investment 2023. Since 2021, our Beijing Institute has been working with the IEA, and we have published a few documents and reports, and also to explore the energy field in China and in the world. Today, we want to launch the sixth joint report we're working on. And with this World Energy Investment 2023, we'll introduce the current situation of energy in the world. Since 2015, we've been following closely the trend of development. This report is very important because it's in studying in-depth the investment, the development of clean energy, and also the fossil energy future, and it provides very key insights for the energy sector. We know that since last year, we've been seeing that China will play an important role in the future energy investment sector. So how can we make it local and international? This is a very important issue. So today, we're going to discuss and exchange views. First of all, I'd like to ask Mr. Yang Lei, Vice President of the Institute of Energy of Beijing University, to welcome you. Distinguished guests, friends, good morning or good afternoon. We're very pleased on behalf of Beijing University to work once again with the IEA to publish this World Energy Investment Report. On behalf of the organizers, I welcome you. This summer, IEA's DG came to China and came to our university, Beijing University. We also signed an MOU for a future broader cooperation. I remember he said, where is your money? Where is your heart? And so, you know, where the money goes, your heart goes. We know that new energies grow rapidly and we know that more and more people are paying attention to the future development of energy. So investment is very critical in this topic. And the energy transition is bringing more opportunities for investment, for job creation, for better quality of life. So I'm not going to say too many things here. I just want to give the floor to our guests and to our exchange. Maybe one word on the role of the university, because education is very important and is servicing the society. We are touching many issues here and the Institute of Energy at Beijing University is very pleased to have the opportunity to serve you. So we are waiting for your insights, for your use. And I'd like to thank our energy network and the International Energy Agency for all your cooperation. Today through our university campus network, we can also see this publication and this event through the media, social media. So from these new ways and means, we can touch more people. I wish you a successful event. Thank you. Thank you, Mr. Yang Lei. So I'd like to connect with our friends from Beijing with Paris. Mr. Tim Gould, Chief Energy Economist International Energy Agency, now the floor is yours. Thank you very much indeed. Dear friends, colleagues, very warm greetings to you from Paris, from the headquarters of the International Energy Agency. We are very grateful to you for joining this launch of the IEA's Latest World Energy Investment Report and we're sorry that we are unable to join you in person in Beijing on this occasion. First, I would like to extend special thanks to Dr. Yang Lei, the Institute of Energy at Beijing University and to the Energy Foundation China for co-hosting this event and for their continuous and very much valued support for IEA engagement and work in China. So in a minute, I'll be presenting our new World Energy Investment Report. This is our flagship look at the state of play for capital flows into the global energy sector. And it focuses on the state of play today, but it also tries to gauge what it means for our joint efforts to create a safer and more sustainable energy system. And while there are certainly positive developments that I'll come to in a minute, we also need to have in mind that there are certainly headwinds from energy security to cost and inflationary pressures, high fuel prices, and underlining in many ways the need for investing in solutions to the climate crisis. And I would only echo the words of Dr. Yang Lei in underlining the vital role that energy investments play in the global clean energy transition. And when we think about the trends that I'm going to talk about in a minute, it's clear that China is central to many of the developments that we have seen in international markets. And I'll be coming back to that in a second. But there are also many challenges that remain, including the need for more ambitious policies in many areas, and also the need for much greater international cooperation to mobilize different finance tools. And when we think ahead to the conference of the parties to COP 28 taking place in Dubai, finding common ground on ways to increase clean energy spending, particularly in emerging and developing economies where most of the growth in demand for energy services will take place, that is going to be really a paramount issue if we want to maintain our 1.5 goal within reach, but also to reach a range of other sustainable development goals. So I look forward very much to hearing from the distinguished experts that are gathered here today about your observations of China's domestic and international energy investments within the context, of course, of the dual carbon goals, as well as plans to engage more on clean energy investment internationally and to halt investments in new coal-fired power projects abroad. And let me close these opening remarks by saying that the IEA is fully committed to ongoing dialogues between global actors on how to enhance ambition and enhance ambition together and to support countries across the world in their clean energy transitions. And I'll be talking a little bit about some of the work that we've been doing in that regard based on our global policy and technology expertise. We have been producing a variety of analytical publications, roadmaps, regional and country-specific reports. And I'll be talking a little bit about some joint work we did with the International Finance Corporation earlier this year on how to scale up private finance for clean energy transitions and also some work that we released very recently on financing clean energy in Africa. So with that, I look forward very much to an interesting discussion and thank you once again for your participation here today. Shall I move on immediately to the presentation of the World Energy Investment 2023? I think that seems to be the best way forward. So let me just share my screen and start with some observations from the International Energy Agency on the state of play with clean energy investment flows around the world. And a first way to think about the process of change in the international capital flows is to look at how investment has evolved when we divide it between investment in fossil fuel supply and investment in clean energy. And by clean energy, we don't just mean renewable power or low emissions power. We mean infrastructure, grids, battery storage. And we also look at the demand side with investments in energy efficiency and electrification and investments into low emission fuels. And when you put all of those elements together, you get the picture that we have on the screen here. So if we cast our minds back to five years ago, there was roughly $2 trillion being invested each year in the global energy sector. And that was split roughly equally between clean energy on the one side and fossil fuels on the other. And at the time, we were concerned that there was simply not enough capital going into the energy sector. This was a very static picture at a time when global energy needs were rising. And we expressed a worry that we were not investing enough to change the system in a more sustainable direction. But we were also nodding enough in the absence of that surge in clean energy investment. We were also not doing enough to maintain the good functioning of the system that we have today. And we were vocal about warning of the consequences of that indecision. And then came the pandemic, then came the global energy crisis. And that had a significant implication for the amount of money coming through into fossil fuels. We had a dip. And now we're roughly back to where we were with $1 trillion going into fossil fuel investment. But something has changed on the clean energy side. We've seen a significant acceleration in clean energy investment around the world. And you're looking also at our estimate for what happens this year. So this year, we think that around $1 trillion continues to go into fossil fuels. But the amount going into clean energy is likely to be around $1.7 or even $1.8 trillion. And that has a lot of reasons behind it. We think that the economic advantages of clean energy technologies are important. The policy environment has clearly become more supportive in many countries. But there are increasingly important considerations of industrial strategy and employment as countries compete for favorable positions in the new clean energy economy. And that is also driving investments in many of these areas. And one of the emblematic illustration of these new investment dynamics comes if we compare the amount of money going into solar investment versus the amount of money going into upstream oil because solar in many ways is the star of our new report. This is the situation 10 years ago. This was back in 2013 when oil costs were high but solar was relatively expensive too. Since then, the oil industry has become a lot leaner. But so too has solar been transformed. And it's not just that investment in solar has tripled in dollar terms. It's also the amount of capacity that you get with that investment has risen because costs have come down. So you have six times more capacity now being bought than you had 10 years ago because of lower costs and economies of scale. So this year we anticipate that more than $1 billion per day will go into solar investment including utility scale, distributed generation and other technologies. I wanted to broaden out the discussion now and look at all of the major categories that we track for the energy investment picture. Now we're all aware that in 2022 the oil and gas industry saw record revenues. And upstream investment has been creeping higher. It's set to rise to more than half a trillion dollars in our view this year. But it's striking that even with the record revenues from last year, only a handful of oil and gas companies are spending more in the upstream than they did prior to the pandemic. You can see the 2019 indicator on the screen. And these are mainly the large national oil companies in the Middle East. So overall we found that less than half of the cash flow that was available to the oil and gas industry in 2022 was going back into new investments. The majority was being used for dividends, share buybacks and debt repayments. And that speaks, I think, to the uncertainty that there is in the industry about the future demand. And I would highlight, I think, one piece of analysis that our Executive Director wrote about in an op-ed in the Financial Times very recently where he was previewing some of the findings from our new World Energy Outlook, which is coming out in October. And highlighting that this time, this year, for the first time, we are seeing peaks in all of the fossil fuels by the end of this decade. Now, the declines after peak may not be very, very strong in today's policy settings. But it's nonetheless a very significant moment for the global energy economy is coming into view. And I think that speaks to some of the reasons why there is a certain amount of hesitation about plowing large amounts of money back into traditional areas of supply. What we are not seeing yet at scale is money going into low emissions fuels. And I'll come back to that in a second. I would like to say a few words about power sector investments. You see immediately the contrast with the fuel supply picture because today more than 90% of investments in generation are already going into low emission sources. So that's renewables and nuclear, whereas fuel supply looks much more traditional. The power sector transition is already much more advanced. And then I'd also like to highlight the demand side the demand side we split between efficiency spending and electrification. And there the trends are quite distinct. Electrification spending on heat pumps, on electric mobility is quite buoyant, is growing rapidly. We are though concerned about the relatively static picture that we see for efficiency spending worldwide, given the importance of energy efficiency for transition goals. But overall when we consider this investment picture, I think the key thing to have in mind is that most of the dynamic elements are around this idea of clean electrification. And there are many areas where China is already playing a very significant role. One area that we are worried about though is infrastructure. It's grids. There are honorable exceptions. And I would certainly include China amongst them, but in many parts of the world grid investments are not keeping up with the pace of change in other areas. And that risks becoming a serious constraint on renewable investment and on potentially for a risk for also electricity security. And you'll be hearing more from the international agency on this topic. Shortly we are releasing a special report on grids later this month. The geography of this spending is also incredibly important. And here, when we break down the change in clean energy investments, comparing our estimate for 2023 with the situation in 2019, this only underscores how China is really a clean energy powerhouse and it's leading investment trends for most technologies from solar to hydropower to nuclear to electric vehicles. But there are a host of new policies that are accelerating change in other parts of the world. Of course, you're aware of the Inflation Reduction Act in the United States, but there are policies coming through in the European Union as well. In Japan, India, the pace of change is also picking up. But what we are concerned about is the imbalance in overall clean energy spending between what is happening in advanced economies in China and what is happening in the rest of the world. And we cannot afford to see the emergence of new dividing lines in global energy around this participation in the new clean energy economy. And that's one of the reasons why we put a lot of emphasis in our international engagement on how to scale up investments in clean energy in many parts of the emerging developing world. And I'll come back in particular to the question of investments in Africa later on. This is an incredibly important moment, I think, for the international community to come together for countries to show leadership in helping the world participate in these technology opportunities that are opened up today. One other area that I think is quite strategic is the issue of natural gas because quite a major factor affecting today's investment trends has been the need to replace the shortfall in Russian gas deliveries after Russia cut supplies by pipeline to Europe following its invasion of Ukraine. And in response, it's given additional impetus to clean energy deployment in Europe, but it's also been sparing new investments in gas supply and infrastructure. And we have seen a wave of spending on new import capacity for LNG. Europe's expanding its overall LNG import capacity by around one-fifth over the period to 2025. And there are import projects growing in Asia as well, notably in China, which, as we all aware, has been very actively contracting for new LNG in recent years. But there's also been additional investment in export capacity in the most expensive part of the gas value chain. So quite a few projects, notably in North America, have been given the green light since the start of 2022. These take time to come to market, but we are seeing a very strong influx of new projects starting operation in around the 2025 to 2027 period. Some 150, 170 BCM of annualized new capacity coming into operation during that two-year period. And that is going to have very strong implications also for markets around the world. I wanted to come back a little bit to this question of low emissions fuels. This is just starting to pick up, but it's an area where policy support has become increasingly visible. And you can see on these two slides on the left-hand side, hydrogen electrolysis on the right-hand side, CCUS, you can see the impact of some of the new policy measures that have been announced by governments around the world. These are announced projects, so we don't have guarantees that they would all come through. But there is the prospect from a very low base of a much more active international sector around clean hydrogen production and around carbon capture utilization and storage. I think where we have some concerns on the hydrogen side is that we do see a bit of a mismatch in the international discussion. Lots of emphasis on new supply. There needs to be much more emphasis on who is going to be using that low emissions demand. Are the policies in place to encourage demand also for low emission hydrogen? And we'll be talking more about this on Friday when we release the next edition of our global hydrogen review. I wanted to say also a few words about investment in clean energy supply chains, because that's a major focus of area for policymakers, investors, and indeed for the IEA. And on the left-hand side of the screen, I'm taking the example here of batteries because record sales of EVs, strong investments in battery storage for power, and a push from policymakers to scale up domestic supply chains. We've seen a really wave of new lithium-ion battery manufacturing projects around the world. And today, as we're all aware, China has a very strong position in global battery manufacturing. In fact, it has a very strong position in pretty much every aspect of the clean energy supply chain with a possible exception of the mining of critical minerals. And the announced projects that we've seen around the world, they do bring down that overall share of China in global manufacturing capacity. But China remains an immensely important player, even if all of those projects come to fruition. But one of the questions that we also have is, are we going to see the adequate supplies of critical minerals to keep up with demand? And we are also now tracking the investments made in new critical mineral supply. And what you're looking at on the right-hand side of the screen is that those investments are picking up. Thanks to high prices, growing policy support, investments in critical mineral mining, they rose by 30% in 2022. And we're also seeing quite a strong growth in exploration spending in quite a diverse group of countries. Canada, Australia, activities growing in Brazil, other parts of Latin America, and in resource-rich countries in Africa. But moving from exploration to new production can take a long time. There can be often difficulties with permitting so that we remain concerned that critical mineral investment will become a constraining factor for clean energy, technology, manufacturing, and deployment. A few words here on sustainable finance. And we use here a sort of proxy for that discussion, the sustainable debt issuance. And that has grown very significantly over recent years. But what I wanted to highlight here is the potential mismatch in sustainable debt issuance between the growth and where that sustainable finance is really needed. Because what we would like to see much more of is ways to channel some of that sustainable finance flows into emerging developing economies. You can see on the right-hand side that there's a mismatch at the moment between sustainable debt issuance and where clean energy spending needs to be. But also we need to find ways to bring some of that sustainable finance into sectors that have difficult transitions. And by that I mean some of the energy-intensive sectors, some of the carbon-intensive sectors. I was listening recently to a speech by Mark Kearney on this topic and he said something which seems very self-evident in a way but is not necessarily the way that this market operates at the moment. He said that we need to bring the finance to where the emissions are. And I think that's an important thing for us to have in mind that we need to ally some of the sustainable finance flows to those energy-intensive, to those carbon-intensive sectors where they have credible transition plans. Finally, what does all this mean for the future? How do these trends match up against our global goals and our global needs? As I mentioned at the start, we have seen an acceleration in clean energy investment. And if that continues, if that continues to grow to 2030, as it has over the last two years, then overall spending particularly on that clean electrification piece which is in green on the screen would be matching the aggregate amount that we need for meeting national climate goals, national net-zero targets. So that's the APS, the announced pledges scenario. That's the middle of our scenario indicators there. But we would need a further acceleration to get on track for what we're referring to here is the NZE, the net-zero emissions by 2050 scenario which is consistent with a 1.5-degree limit on global warming. But we are aware, of course, that maintaining high growth rates is tough, that there are some headwinds facing clean energy projects around the world from bottlenecks in supply chains, from higher costs in some areas. And these will need to be ironed out if we are going to see those growth rates maintained. And we need to see growth not only in clean electrification but as you're saying, in grids, in efficiency, in lower emissions fuels as well and some of those areas are lagging behind. And the most important thing, we need to see a much more broad-based flow of capital to a range of economies around the world including emerging and developing economies. And if we are successful in scaling up that clean energy investment picture, then that has implications too for the amount of capital that needs to go into fossil fuels. There's two messages from this chart. One is that interrelationship of our clean energy scale up with the amount of capital that needs to go into fossil fuels. But I think it was also instructive to have in mind that the energy sector needs to attract new sources of capital. It is not sufficient simply to redeploy money that currently goes to fossil fuels into clean energy. We need to make the energy sector as a whole more attractive proposition for clean energy or for energy investors in general or investment investors in broad parts of the global economy. A final word on some work which we released very recently at the Africa Climate Action Summit on financing clean energy in Africa. And I use this as an example of some of the regional work that we do alongside the tracking in the world energy investment because the imbalance of clean energy capital is particularly striking when you look at Africa. Africa is nearly 20% of the global population. But only around 2% of the world's clean energy investment and that should be ringing alarm bells for all of us because we really need a massive scale up in order to reach access and sustainable development goals. So a lot of the work that we're doing in these areas is focusing on identifying reasons why the cost of capital is so high. Whether the country-wide or energy project-specific risks that need to be addressed to bring down the cost of capital. And you can see also here how we need to be scaling up investments across a range of technologies including infrastructure in order to meet access goals and other sustainable development goals as well. And investments at this scale are clearly well beyond the reach of public finance alone. Especially at a time when so many countries are facing high debt repayments, debt service costs in Africa in aggregate are now double the level of clean energy investment. So a strong message here is that much more needs to be done by the international community to bring all African countries into the emerging clean energy economy including much greater financial and technical support. And that means also significantly more concessional finance. That needs to scale up by a factor of 10 this decade in our view in order to mitigate country and project risks and to bring in much more private capital. And I think we need to be very smart in how we deploy scarce public funds to make sure that we're maximising the potential, the leverage that we can gain in terms of getting private investors involved. Before I would leave it, I hope that's given a flavour of some of the sorts of trends that we're identifying here at the International Energy Agency. This is ongoing work, we are producing regular updates and we would be more than happy to share those insights as we develop but also to listen carefully to your views on these issues and to see how China which makes such an important contribution to all of the trends that we are looking at will evolve its policies and strategies in the future. Thank you very much for your attention. Thank you Mr. Tim for this excellent report. We know that the future is bright but there are many challenges facing us especially as far as investment is concerned. China is also facing challenges and we have many issues to be discussed here at this exchange.  So I'd like to hand the microphone to Mr. Xie Qiuyan. He is the Senior Advisor at Electric Power Planning and Engineering Institute. He will be the moderator for the roundtable discussion. First of all, I'd like to thank Mr. Tim Gould, Chief Energy Economist of IEA. I'd like to thank IEA and the Beijing University for inviting me here as the moderator of the roundtable section. I'd like to invite our guests to the podium. First of all is Ms. Tuiying, Deputy Director General of the International Institute of Green Finance. She is at the Central University of Finance Economics with nearly 20 years of experience in green finance and carbon market mechanisms. And then is Mr. Wang Shen. He's the Senior Researcher of Beijing Institute of Green Finance and Sustainable Development. He used to work in Total and other energy companies and has rich experience in green financing in the energy industry. Now comes Ms. Huang Wei, Vivian, Energy Strategy Officer at the Asian Infrastructure Investment Bank. Mr. Li Peng, he's the Deputy Director of the Department of Strategy and Planning at the State Power Investment Corporation. He has worked for the National Energy Administration and drafted many policies on new energy development. He has also very rich experience. Today online we have an expert from IEA. It's Madame Emma Gordon. She's an Energy Investment Policy Analyst at IEA and the lead author of the Report Financing Clean Energy in Africa. Welcome to you all. Please take a seat. IEA for years has been publishing World Energy Investment Report and this is a very good contribution to the energy transition, especially investment for the world because the report gives out very constructive views and is very helpful to every country. Even in China we can take lessons from the report. Today we are going to talk about a few topics. With the launch of this report we invited experts to hear their insights and their views. I'd like to see their views. What is the impact of energy investment on the global energy transition, especially the clean energy from the report presentation? We know that investment in clean energy has been accelerating and increasing. In China we said that in 2030 China will continue to reach the target of energy peak and we are facing new challenges but also opportunities. So what are they? As a big country, China has to be prepared to have lower emissions, energy transition, our firms and industry. How can they take part in the construction of the future with other countries of the world? We would like to hear your views. First of all, Madame Chuiying, how does China's green financial system support the development of clean energy? We can hear from you what you have been working on this and also how can transition finance play a role in the energy transition, especially in the low emission energy. So Madame Chuiying, you have to be the first. Thank you, Monsieur Shea. I'm very honored to have this opportunity to take part in this launch of the report. From the presentation, we heard there's a sustainable finance in the report and also research about this topic. My institution is working in this green finance transition and we have been also studying what is going on in other countries and also since August our People's Bank has also talked about the green finance. What is green finance? It's supporting the climate change, energy saving and prevention. From the green side, energy is the most important sector. So green finance has been designed to meet the needs of the transition and to be supportive. So the green finance structure is to predict what we can do for green and green energy, for example, wind power, solar power, or photovoltaic modules. All the financial products have to be designed to meet the needs of these future developments. In general, the regulation of China has also tabled a few plans. For example, the People's Bank has tabled a few rules and regulations to regulate the finance products and the credits. Borrowing money to provide the credit and have the financial support. Moreover, there are incentives, for example, the subsidies for financial products. If you issue a financial product, you can have a subvention from the state. Moreover, there are new products to be developed. So we had some other instruments and this is what is attracting attention. So this can benefit directly to clean energy projects. It focuses on clean energy, including wind and PV. And also it includes storage, grids, etc. Another infrastructure project which complements clean energy generation. Other than that, this is also a framework that supports CCU as another clean energy technologies. So this is a way how the PBOC helps the market with a lower interest rate. Of course, there will be People's Bank will shoulder a loss but they can ask for another loan with a lower interest rate at 1.7, 1.75%. So which is a mechanism that at the end will support clean energy projects? So this is also another instrument in the area of green finance in China. So now a lot of the instruments are goal-oriented, result-oriented. Some of the projects, if they have a better performance, maybe they can negotiate a lower interest rate. Or if the project is greener, the greener it is, the cheaper the interest rate, the lower the interest rate. In addition, there's also ABS as an instrument for wind power generation. So this is a way to solve the problem of upfront spending. Other than that, there's also other instrument of financing. There's a company who will buy all the equipment for your project and then you borrow these equipment. And afterward, these projects after making enough money, they pay back the company. So another area is green insurance. There's also a large range of products of green insurance. So we see a lot of innovations trying to support clean energy development in China. So Mr. Sia mentioned clean energy transition for energy transition. For the last few years, we paid a lot of attention at the green sector with the dual carbon goals. We know that to realize these goals, now we're still focusing on those sectors with high emissions. And now there are several standards being published. So last year Indonesia being the presidency of G20, there was a framework being published. So this is called transition finance. This framework focuses on high emitting companies like sustainability-linked bonds, SLBs. So this is not a traditional bond that's a traditional bond. It entails the pledges of the issuer. The issuer will promise that we'll achieve a certain goal within two years. And once the goal is reached, the SLBs will not have extra cost. So these are all different products to better support the energy transition. So the financial system has been redesigned in order to support this transition. We see a lot of innovations to transition toward a more greener financial system. So I'll stop here for a while. Thank you. Thank you, Ms. Tui. So next, I would like to ask Professor Wang to talk about the volatility of energy prices. Yes, indeed we see that. Recently we see volatility in the energy market and it has impacted decision-making. And so the question is how can we make decision of investment in energy sector? So what is your take on it? Thank you, Mr. Xie. So today I'm going to talk about how energy prices, how does it impact final investment decision, FID, and also how energy prices influence energy transition. So before answering the question, I would like to see a few words on the presentation of Tim. The presentation is very exhaustive. I would just highlight some of the important figures. He mentioned $2.8 trillion as the total investment in 2022 in the energy sector over the world. So $2.8 trillion and divided into two parts, $1.7 trillion in clean energy, and $1.1 trillion in fossil fuels, coal, oil, and gas. So if we look at the $1.1 trillion more in detail, you see that some of them is in coal, some of them is in gas and oil. I think the figures are very important. 1.721, this is the clean energy investment versus investment in traditional energy. 1.721, this is an important figure. This is the global average. In China and U.S. and Europe, I believe there are different ratio. I believe that in China, the ratio might be higher, whereas the global average is 1.7. This is an important redefining of this report. So also in the report, we heard that in 2022, our investment in traditional energy went up again. So this is closely related to the question Mr. Xie asked me. It has to do with geopolitical attention, like an invasion in Ukraine. So this event triggered the energy prices. So I have a background of physics. I'm also from Beijing University. I like to simplify questions, simplify our problems. If we look at the energy sector, we see that it has been through different cycles. From 2014 to 2020, we see that the prices were low. The oil price was at 30 U.S. dollars a barrel. And now it's about 100 U.S. dollars. Actually, when the energy prices go up, people are more likely to invest in the sector. So since last year, because of the high energy prices, a lot of companies, they are more able, they have more money to invest again. So some of the charts in the presentation are very important. We see that some oil and gas companies, a lot of their revenue, their income goes back to their stockholders. Because in the past, usually, it goes back to investing in their infrastructure. However, last year, we saw that maybe 50% went to their stockholders. So if we translate it into a more simple way, we can see that the oil and gas companies are making good money. So they didn't need to invest again in their energy. They can spend their money on dividends. They're stockholders. So if you are familiar with the energy sector, you know that this is quite unprecedented in the last decade. So for example, your income is 100 billion. Maybe you will spend 70 to 80 billion again to your infrastructure. And you don't have enough money for dividends anymore. But in this report, data added more than 50% of their income went to dividends. So another important thing about this report, again, is the ratio 1.721. I think this is the figure that will have an influence on our decision-making. Energy prices and carbon price, the price of carbon. So for now, we haven't seen many studies on the correlation between energy prices and a carbon price. But in the future, we believe that the correlation between these two will have an impact on the ratio that I just mentioned, ratio of clean energy investment and traditional energy investment. The interpellating energy price and the carbon price will sustainly impact a ratio of the clean energy investment over the traditional energy investment. So this is something I want to highlight. So again, when you look at carbon pricing, the construction of a carbon market took us a lot of time. What I would like to say here is that carbon pricing, of course, it depends on the carbon market. There are several markets in the world. But we don't have any studies. And so today, what is the correlation between energy prices and carbon pricing and how this correlation influenced the racial, the famous racial that I mentioned earlier. So when the price of carbon is higher, of course, as an investor, I would direct my money to new energy. So I can only earn money by buying CCER. But if the price of carbon is lower, I don't have enough incentives. If it's like only 10 RMB or 20 RMB, I don't have enough return. Of course, when investing, you focus on your return. The carbon price is low. Of course, I won't have enough incentive to invest in the clean energy sector. So now the next question. How can we boost the carbon price? So two racials, the racial of energy prices and carbon price. And also the racial of clean energy investment versus traditional energy investment. So these are some important figures we should pay attention to. I read a report in detail. I believe that again, the racial between prices, how does it impact investment? The racial between two types of investments. So I believe we would like to see more of the link between the two racial that I mentioned. I believe if we have a clear idea of the correlation between the two, I believe you will point a clear direction for our future. Thank you very much, Mr. Wang. Thank you, Mr. Wang. Indeed, this racial 1.7 is very important. For the technology side, to promote the transition, this is very important. It's the basis. But during the transition, on the financial side, on the investment support, we have to have a booster. Therefore, I'm inviting Madam Huang Wei as a financial institution for Asia and the world. To share your bank's observations on energy transition investment in Asia, especially what challenges are faced by energy transition investment and what can a multilateral bank like yours address these challenges. Moreover, for Chinese investments and institutions, what are the short-term prospects and opportunities for China's foreign energy investments? So I'd like to ask Madam Huang Wei to share her views. Thank you, Mr. Yang and Professor Xie. Please allow me to answer in English because it's my working language. So Mr. Wang just shared the key messages for him from the report. I would also like to share the key message that occurred to me as quite alarming from reading the report. So Asian Infrastructure Investment Bank, our primary focus is really to promote infrastructure development in the developing countries in Asia. So there are three messages. One is relating to developing countries. One is that more than 90% of the increase in clean energy investment since 2021 were in advanced economies in China. So this is in stark contrast to where the demand is. Particularly in Asia, we expect that two-thirds of the energy demand growth will come from this region. So that makes us think if we want to achieve that zero, then we need to do something about developing countries. And secondly, which was not presented but was in the report, is that grid investments in emerging countries actually declined during the past two years compared to previous years in developing countries on the back of financial constraint faced by the utilities and also debt crisis experienced by governments. And the third message was that there is a large investment gap in energy efficiency in emerging economies. And the gap is as large as 10 times if you compare what is being invested now and what is needed under net zero transition. And so this is really alarming and unfortunately it's also in line with our observation on the ground. So I'm often asked by people, why do you think there is a lack of financing in developing countries for energy transition? And my answer is always that actually there's no lack of financing as such because all the financing institutions now have their climate commitments and we are all extremely working extremely hard to try to expand our green portfolio, our climate portfolio. So what is really lacking, I think are two things. One is the projects that are bankable. So bankability of projects. So this is projects which can generate enough cash flow with a high probability that could pay back their investments to the banks, to the developers. And the various reasons for that, of course policy environment on one hand but on the other hand the risk coming from the off-takers and also the cost of capital and the cost of supplies. So now we're seeing like a wind industry for example has continued to be dragged back by the supply chain issues. And the second thing that's lacking is structures that could bridge the gap between the funding and the projects. So clean energy projects are very different by nature compared to the traditional energy infrastructure. And also much smaller in size as well. So take the example as the Chinese companies investing overseas. So it used to be like, okay there's a 500 megawatt co-power plant so let's get financing along from the China Development Bank and let's get a guarantee from Axing Bank then the project happens and the government side because large project size they're willing to share risks with the developers and negotiate on the terms. But what happens now is that there's a 10 megawatt here there's a 15 megawatt there so they're looking for like a million here and half a million there and on the other hand the government is much less, it has much more higher leverage over the developers and push more risks to the developers. So how can we bridge these gaps and also looking for more innovative structures to finance these smaller projects. And so particularly on that point I think AIB has been doing a lot of work on this in this area and particularly how to try to see how we leverage our pool of financial instruments and our relationship with local financiers including local banks and also developer investment platforms established by developers of financial institutions or equity funds, etc. So try to channel our funds through these more local platforms for them to reach the renewable energy projects. So I think that's very important and just to share with you some data so AIB since our inception in 2016 we have invested in direct investment in energy is about one renewable energy is about 1.8 billion. But actually we're doing much much more through financial intermediaries so through these kind of platforms or intermediaries that I mentioned that size amounts to 1.7 million to 4.8 billion. So it's really much larger and I think going forward for developing countries to experience the kind of growth that we're seeing in advanced economies on energy transition investments we really need to be more agile in responding to the market demand and also leverage whatever resource we could to tackle these pain points that impact the cash flow and the bankability of projects. So maybe just let me stop there for now. Thank you Madam Huang for sharing your views. Mr. Gould in his presentation you already heard more than once he said China has been working a lot in the transition to clean energy and we invested a lot and also had good results. In general we can say that we contributed to the conversion transition to the clean energy of the world. In China we have many financial institutions and also industries of the energy sector who took part in this transition. Chinese government tabled a few policies to promote this transition. So today we're very pleased to have Mr. Li Peng because he is working in the State Power Investment Corporation Department of Strategy and Planning he also worked in the administration so clean energy installed capacity has gone beyond 55 percent now it's already 67 percent so this is really what China has been doing and we can see the tangible results. I'd like to invite Mr. Li Peng to talk about how to judge the future cost trend of new energy. What is the cost structure of new energy consumption by users in the future how to develop this area and also what is the focus of cost reduction for green consumption in the future because we are all very interested in knowing the structure of the cost and the future trend. Mr. Li, I'm very honored to hear today's presentation about the report and in the report we've seen that many trends have been reversed in recent years since the pandemic it's the first time we can say the first year of recovery and we've seen many exciting trends and it will be in favor to the future energy transition. First of all, the PV's cost in six months has been reduced by 50 percent it's 50 percent down. Moreover, the storage batteries also its cost has been lower down for 50 percent in six months. So I've been already exchanging with IEA's colleagues. I said it's not because China gave subsidies because we don't have so many subsidies. It's really a trend. It's happening. The cost is down more less than one month ago there's a very exciting cost for example, the wind power offshore it's within $300 two years ago it was $1,000 and wind power on the sea offshore is 2.1 yuan is like two cents US dollars. So renewable energy is having lower cost and this is already a very sound basis to promote energy transition to cleaner energy. I just said that the cost of wind power offshore it's 2.1 cents US dollars but we haven't felt the difference. So in the future not only we have to invest in new energies we have to invest in the grid and also to have a big change because PV or solar power or wind power are very important but also electric vehicles last year has been more than 25% of penetration this is a big change in the past when we talked about the 10% of penetration in 10 years nobody would have believed it but now you are seeing it's coming true so the PVs penetration EVs penetration are very obvious and also the cost of power generation is less so how can we have this lower cost power generation be known by the general public we have to change our way of functioning it's only by doing so that we can reach the energy transition we've been working a lot in recent years from our state power investment cooperation site to have a green electrification we have been constructing in this field so now with new energy we're making energy closer to our end users so with a lower cost of generation we want to increase the penetration of new energy in the modern power system I believe we can solve the problems that we're facing currently in the report I saw the focus on Africa actually the African continent is rich in resources with one third of the desert area I believe with a PV farm installed they can provide energy for people around the world so I believe that once we have the proposal once we have a concrete project I believe that it addressed to the problem of energy access which is also affordable for the people so we always think that this kind of project should be should be supported by actors all over the world we have our own advantages when I was talking to my European colleagues someone thought that how can this be so cheap, how can renewable energy, clean energy be so cheap in China is it true that you don't have subsidies anymore but it is true I believe that this is our advantage in China and in Germany they also have their own advantages so we believe that working together leveraging our advantages we can push forward the global energy transition nobody can work on its own we have to work together in order to achieve this goal of energy transition the SBIC has been open to all types of collaboration and in our recent visit to Europe we've been expressing this our willingness to collaborate with colleagues over the world to address problems related to clean energy so then we can make the market bigger if one day Africa is a big investment market I believe this is a very promising market thank you Mr. Lee Director Lee so we also have Ms. Emma Gordon with us joining us online in the report I noticed that the report also addresses problems of energy transition in Africa and also tracks the current investment in this sector we have to double our investment by 2030 there's still a lot of space for improvement and of course we need more money in the work in Africa so Ms. Gordon can you talk briefly about what are the opportunities and challenges facing energy investment in Africa and how can we address these challenges Ms. Gordon the floor is yours thank you Mr. Chair you can all hear me so the first thing to highlight is that obviously there is a lot of variety across African countries and technologies and as you identified for the continent as a whole to achieve universal energy access and the successful implementation of their NDCs energy investment does indeed need to double from the level today to 2013 and as highlighted by the panel the continent is rich in opportunities so 60% of the world's best solar resources are found in Africa but the projects that need financing range from small-scale energy access projects sometimes in conflict growing or fragile states right through to those larger infrastructure projects including in some markets which are more proven so South Africa or Egypt for example and obviously funding from China has played a large role in Africa to date so China accounts for about a fifth of the number to the continent and is concentrated in energy and infrastructure but this type of financing and this debt financing for large infrastructure projects is really only one piece of the puzzle and one of the things we found in the report is that before you can get into this to that point of raising debt you need to increase the number of projects that can reach bankability and to get to that you need the right enabling environment and you need the right to help companies and projects in that free development phase and often that requires a lot of equity capital or grant capital since much of those activities many of those activities are not necessarily profit making and this is particularly clear when you look at energy access projects and the reason we emphasize energy access projects is simply because of the scale of the need in the African context there are still over 600 million people who lack access to electricity and nearly one billion who lack access to think of being and these energy access projects require around about 25 billion US dollars in spending per year between now and 2030 while that's a small drop in terms of global energy investment it's about 1% of global energy investment these projects are particularly difficult to finance and in the report we look at how affordable these projects are for end users and we found that only about half of electricity access projects are affordable to end users without subsidies so that really emphasizes the world that concessional capital particularly grant capital will need to play one other area we look at quite closely is the cost of capital and the cost of the risks in many African countries are higher or at least perceived to be higher than in North America, Europe or China this is reflected in the financing costs so the cost of capital in Africa is at least two to three times higher than in Europe North America or China and this makes it much harder to get energy projects off the ground and it also increases the risk of pushing up the cost of power for the projects that are implemented and one of the things that these various areas point to is that achieving the uptick in investment will rely on increasing the share of concessional finance and really tailoring that finance to support greater mobilization of private capital and the report highlighted a series of case studies where we see private capital playing a key role including through newer financing instruments such as some of the sustainable finance instruments that we discussed earlier on the panel, green bonds sustainability link bonds and also through local currency guarantees but one of the big challenges in African markets is that unlike in developing countries in Asia for example, local capital is very sparse so generally speaking the local branding sector and local capital markets are quite shallow outside about five countries of 50 found in the region so finding new ways to leverage more private finance and to grow the role of local capital markets will be particularly vital and that still requires a significant amount of de-risking primarily from concessional sources of finance and that's where we see things like blended finance kind of particularly important roles going forward and I want to leave that thank you for your time Ma, your share Thank you Ms. Gordon for sharing with us so for this is we're going to wrap up this panel and we'll have a queue right now so we welcome any questions to our panelists today so if you have questions please raise your hand good morning so I would like to ask about the PV sector in China the pace of development too fast or too slow this is a question for Mr. Xie for Mr. Xie but also maybe Mr. Li Peng this question PV sector development in China too fast or too slow this is not an easy question actually I didn't capture a question so for the solar PV sector we all know that we see many figures that it has experienced some explosive growth I would like to know is this development phase normal or is it too fast or too slow okay thank you so I think two parts of your question one is the generation supply side and the second part of your question concerns the power system the power system or in terms of distributed generation you want to ask more on the supply side or the generation side can you be more specific so to answer your question briefly first of all in terms of supply we're also we're a very important player in the world so this is one of our strategy so it illustrates our emphasis on new energy transition so second of all concerning the power system we're still in the planning phase so we have to consider it alongside with the development and also the demand for the last few years we saw some trends of curtailments of wind and solar but recently I believe the renewables renewable energy were used in a more optimal way so Mr. Lee actually I believe that the development speed corresponds with how fast the cost has been going down so in 2021 capacity was 54 gigawatt and today by me more than 100 gigawatt already so it's the same for electric vehicles so it all correspond with how fast the cost has been going down but for electric vehicles even with the most optimistic estimation we're not going to double the sales this year for solar PV in the beginning of this year people were estimating probably reach 120 gigawatts and if we don't have a massive curtailment we believe that it is still growing in a reasonable pace we haven't seen any massive curtailment for now we associate that the prices of energy prices is fluctuating alongside with the market mechanism so we believe that this is a normal pace and we have to maintain this normal pace of development and if we maintain this base pace for several years we of course if the pace is too fast if the development pace is too fast of course we'll see some massive curtailments but today the cost of solar panel has gone down drastically so we have to think about if we see curtailment in the future we have to think about if we see a real problem are we moving forward too fast so at least currently the PV is increasingly at a rational speed there are fluctuations but there won't be a huge reduction in the future I don't think otherwise we can't explain it next this lady thank you I have two questions first question to Mr. Wang in explaining the report you said that 2020 half of the funds were returned to investors especially to the big companies of the west therefore there are people not happy so why is it this the energy big companies are beneficiary why it's the return of investment to the shareholders and not to the reinvestment of equipment very good question easy answer it's because when the oil price is down there are a lot of money which didn't return to the investors so last year they need to compensate the shareholders in 2014 the price of the barrel was really low until 2021 the world's oil price was very low in the AEA's report it's very well drafted in recent years very little money was returned to the shareholders but last year in 2022 because of the price increase the shareholders could be compensated that's why we had this we seen this last year moreover Mr. Wang Mr. Huang from ADB in Singapore they are working on import of cross-border electricity so is this a way of the market force to promote this kind of imbalance or we should go through multilateral negotiations to make it fairer so what is it in the Southeast Asia in the investment cross-border investment please thank you thank you for your question this question is very important to ADB thematic priority is thematic priority is very important for us, for our investment if we look back to the projects of our past investment energy investment cross-border is very difficult because you need first have long-term negotiation between countries to finally have this connection in the past we had projects of this cross-border connection was in Laos and we invested in a project of 600 megawatts the power generation was to be provided to Vietnam so there was an MOU saying that under this cooperation framework we can have this this and that so this is a very big picture a framework but in the Southeast Asia in the past years we saw that in Malaysia they didn't want to provide any energy out of the border because they needed it nationally so they were backing up to the cross-border projects but since last year in Indonesia and Singapore they have been loosening up this kind of restrictions on cross-border investment but how do you have this beneficial sharing between the government and the industry because for example in Indonesia you need to have the ground base in Indonesia then the ground belongs to the government and then if you earn money how do you share with the government and the industry so there's a lot of uncertainty in the end maybe we have to negotiate and consult the government and maybe come back to these kind of projects I'm sorry time is up yes can we accept one question because this person has been raising his hand for a long time force roll force roll sorry can I speak in English you mentioned about the carbon price and it's a role in incentivizing a greater share of clean energy the carbon market in China of course is unique in the way that its allocation is based on an intensity based allocation of quotas rather than an overall cap and that does create incentive for lowering emissions in the coal sector but not actually fuel switching to lower emission fuels that incentive is missing because that cap is in there so I'm just wondering I know a lot of people in the carbon market space think that that's a shift that should happen in the future in China's carbon market what steps do you think need to happen before we get there to make that difficult that need some work or what are the things that need to happen before that change is made this is a very good question about the carbon market and also the in connection with the carbon price and to answer your question in a very short fashion is there are many steps to do first I think China market we have to admit that the Chinese carbon market is very important from the carbon market for example in the EU but deeply connected the deeply connected for example like currently we have a common ground taxonomy the common ground taxonomy laid a foundation for the China's carbon market to connect with the EU for example European carbon market I think that's a very important step the common ground taxonomy that's the very first to be connected with the EU market the second step as you mentioned obviously and you are expert on the carbon market and also international carbon price I think the second step and also China is doing now is the reopening of CCER the reopening of CCER basically let's use the economic term is to make the market more liquid once the market we call the jump start if we do not jump start the carbon market let alone the later steps we have to jump start the China's carbon market by reopening the CCER so CCER is China certified emission reduction and this CCER is very critical and the third step as I mentioned during my presentation is I encourage all of people here to think about the interplay between the carbon price and the energy price energy price simply speaking let's just use oil price for example now the oil price is like $90 or $100 if you take the ratio of the oil price versus carbon price and then compared with the ratio of the traditional investments and then draw a correlation between these two I believe you will find something very interesting let's go some extreme because I'm from the mathematics and physics point of view if the carbon price is zero which means this ratio is infinitive what does mean the carbon price is zero which means we don't care about the clean energy of course that is not reality just to put some extreme and then the ratio of the clean investment versus the the traditional investment will be zero so next step thank you for your question I'm suggesting is to withdraw a correlation between these two ratios I call the ratios of the energy price versus carbon price and the ratio of the clean investment versus the traditional investment and then I believe there will be something very spectacular and very substantive will be found thank you thank you to our panelists today so we're going to wrap up this session so thank you for our panelists today to discuss the energy investment 2023 we appreciate all the insights in this report and this is indeed insightful for experts in the energy sector inspiring in many ways we also hope that the IEA can continue to release every year the world energy investment report again thank you everyone thank you our panelists today thank you again so we're glad to have this very interesting panel today I believe we'll learn many things we'll learn a lot we have a WeChat group this report lunch event and we can discuss our insights afterwards after this event so now I would like to invite Ms Cecilia Tam to give us a closing remark the floor is yours Ms. Tam thank you very much dear friends, colleagues thank you for joining us for the world energy investment report many thanks also to our students who are experts for sharing their insights about the energy investments in China and beyond in closing, I'd like to share with you three takeaways from this lively discussion first, China's energy sector has benefited from strong policy support including access to affordable finance for its network of financial institutions this has helped to lie down technology costs in China and promoted faster than expected adoption in technologies such as green technology emerging developing countries continue to struggle to access affordable capital while finance is available for bankable free energy projects many countries still lack an adequate policy environment that can provide the sectors necessary to secure the capital which is available to finance bankable free energy projects to solve this more conceptual funding to help genius projects to play an important role in filling this gap and finally international collaboration and support will be critical to achieve the global clean energy transition Chinese companies are actively financing clean energy projects domestically and also looking for opportunities abroad to invest in clean energy projects in order to achieve this let me highlight a few items that the IEA is working on on the 26th of September we will release an update of our net zero roadmap the first report published in 2021 lays out a global pathway to keep the 1.5 degree target within reach and in mid-October we will be hosting a workshop on sustainable finance for clean energy in ASEAN flying on policies and measures implemented in China and other ASEAN economies this event will convene international energy and sustainable finance policy makers and experts to share experiences with sustainable debt instruments to fund clean energy projects and then ahead of this event we plan to publish a commentary that looks at sustainable debt issues in China including a focus on the use of these instruments for transition activities the World Energy Investment Report as mentioned by Tim Pould in his opening remarks is an annual publication going forward we welcome collaboration with all the experts and institutes present today and as he mentioned in his presentation investment decisions made in China have global ramifications and the IEA remains committed to tracking international energy finance flows and deepening our collaboration with partners in China to help strengthen our analysis and improve our energy investment and data coverage achieving our global and clean energy investment goals will require a much faster scale and access to affordable finance for emerging and developing economies China's impressive experience and leadership in clean energy investment provides important lessons for other countries at the same time the global transition provides an opportunity for investors in China to finance clean energy projects and provide much needed capital to regions that lack access to affordable finance including as we've discussed today Africa a big thank you to our co-host the institute of energy at the university and energy foundation China for another successful event finally thank you for all of you for your attention and active participation we look forward to discussing these and other pressing energy issues with you in the near future hopefully in person thank you very much thank you Cecilia so now I would like to invite Xinjiang Nan for a closing remark thank you very much I'm very glad to be invited here today it's a very interesting panel I like to thank all the colleagues from the IEA for your insights and presentation of this report I'd like to thank the IEA and the Institute of Energy University for co-hosting this report launch we all know that facing the current challenges of economic recovery climate change and other uncertainties we can see the trends for the multilateral cooperation and also ground for decision making we can also accelerate the renewable energy objectives it will be very contribute a good contribution to boost the future development I think this publication is very important moreover in China just like in July IEA DG came to China and we organized a dinner for his owner he also said that IEA very much stresses the development of developing countries and new economies so in the future we suppose that the green industry has a very big potential to welcome investment we just have an estimate about 9 trillion per year 9 trillion dollars of investment per year so this is a huge potential of investment so how to take advantage of the current growth to adjust the midterm and long-term transition and have a very good connection to meet the challenges including climate change and have a very prosperous green transition so today this launch is a very good opportunity to have experts together to exchange views and to know what they think about the energy transition so some of the experts mentioned the trends in recent years most investment are coming from developed countries in China and investment in emerging economy developing countries are relatively smaller so we see that there are programs in capacity building to help developing countries to also benefit from this green transition Energy Foundation is working with the IEA we started a few years ago also in April we published the power market report together so this event this is also a result of our collaboration we're also working for a long time with the Institute of Energy also the dinner party hosting executive director who was also co-hosted by Institute of Energy and us we know that collaboration international collaboration is very important and our event today illustrates this important point Energy Foundation China is willing to continue working with all of you to contribute to the energy transition in China and to support the transition in the world so we have another work with IEA Ms. Emma Gordon work with our Chinese team this report will probably be published in a near future we look forward to share our experiences with developing countries we would like to I would like to appreciate extend my gratitude again to all the panelists and everyone today thank you very much thank you for the foundation and today we went beyond the schedule the time so like once again to thank our friends online and present many are taking pictures but to be reassured that photos of this event will be published online and you can also scan this QR code to have all the related information there is a coffee break outside tea break and coffee break with food so you are invited and we have photographer to take pictures no photographer so now the event is over thank you very much


Hi everyone, Joe for jasphyscasebreaks.com coming at you with a random number block randomizer, RNB randomizer for the following teams right here and only for 2 box picker team 17. That's how the number blocks work if you're not familiar with it. Big thanks to these folks for getting into it. There are the numbers right there. Let's roll it. Let's randomize it. One and a five, six times, one, two, three, four, five, and sixth and final time. After six we've got Monty down to Joseph. One and a five, six times for the numbers, one, two, three, four, five, and sixth and final time. We've got three down to one. Zero gets any and all redemptions for that group of teams right there, including one of one redemptions. One still gets live one of ones of course. All right, so Monty with three, Joseph with two, Stanley with seven, Josh with nine, Jay with zero, Nick with four and five, Blake with six, Clyde with eight, and Joseph with one. Let's sort this by column B and I think we just have to move a couple more number block spots from a different group of teams and that sells out the break.


Susanna asks, how safe is a mobile wallet, since our mobiles are constantly using the internet nowadays? Are mobile phones considered a safe option if one does not own a cold storage wallet? Well, Susanna, the truth is that in my opinion, smartphones are generally more secure than the average desktop. This is a very broad statement. What I'm saying is that the average modern, properly installed and updated mobile phone or smartphone operating system is more secure than the average modern desktop. The reason for that has a lot to do with the integration between hardware and software, special hardware for security that exists on smartphones, the way updates are delivered, and the difference in the use model. So on your smartphone, on average, most smartphones, you do not have root access, users do not have root access to the operating system. Yet most desktops nowadays, users have root access to the operating system, which means that when they access the internet, and they access the internet through a browser, and these very big, complex desktop applications that they install willy-nilly from all over the place, malware can easily get in, and once it gets in, it has administrator access to the operating system, and can backdoor the operating system very effectively. So, are mobile phones secure? They're more secure than the average desktop, the average mobile phone, especially recent versions of Android and iOS, on modern hardware, and properly updated versions of those operating systems. Now, is it better than a cold storage wallet? No. Hardware wallets are more secure, because they have a much, much smaller attack surface. They are special purpose devices designed to do one thing, and only one thing, and that is to securely hold seeds. They're not connected to the internet, and they have a very narrow interface through which the operating system can talk to them over USB. That makes them a lot more robust from a security perspective. But if you don't have a cold storage wallet, then a smartphone is certainly much better than a desktop wallet, and much better than most custodial exchanges, where you have third-party risk. Susanna follows up with, what are the proper protection steps to take when creating a mobile wallet? Well, first of all, make sure that your smartphone is properly updated, and you follow the manufacturer's software updates as they come out. Secondly, make sure you actually install the real mobile wallet software. Do not go downloading a package from God knows where. Make sure you download the correct application from the authorized app store, and there are quite a few attempts to impersonate, or to forge, effectively, popular mobile wallets. So make sure you're downloading the right one. Generally speaking, you can see from the number of downloads, users, and reviews which one is the correct one. When you set it up, set up a pin on your smartphone itself. Set up a pin, make sure that both pins are strong, and they're not the same. Use the encryption capability of your smartphone, so that its storage system is encrypted in full at all times. Set it up to lock and remain locked, and require a pin or passphrase to unlock your smartphone. Do not bypass the passphrase locking mechanism by convenient things such as face ID or fingerprint ID, because you can be coerced into unlocking your phone that way. Use the secondary pin function to lock the wallet itself, and if your mobile wallet has the capability, make sure that the pin also protects from opening and seeing the balance, not just sending out the cryptocurrency. In case I have installed a wallet app on my Mac, which has been infected without me noticing, will a hacker be able to retrieve and reveal my private key, already known to the wallet, and previously generated by the get new address command? Eduardo, yes? The moment you type in your passphrase and unlock that wallet, that bitcoin is gone, just as easily as that. In fact, if your passphrase isn't very strong, they can even take the wallet and brute-force the passphrase. But the moment you type in the passphrase, for sure that wallet is compromised, because it's very easy for an attacker who has access to your operating system and has infected it, can do all kinds of things that put them essentially in the middle between your keyboard and your operating system, or your keyboard and your bitcoin wallet application. They can capture the passphrase as you're typing it, and if they have a copy of the wallet, they can then unlock it on another computer, do a transaction, and send it away. Or they can even backdoor the wallet itself and wait for you to type in your passphrase, and your wallet simply creates a transaction that sends all the money away. This happens quite often. It's very difficult to secure a general-purpose operating system such as MacOS. Simon asks, I have a laptop with factory reset, and I intend to never go online with it. In case I want to sign transactions with it, I need to install software such as my Ether wallet. If I copy the my Ether wallet's client script onto a USB stick and put it on my offline laptop, will it be compromising my security because the USB drive could contain some sort of malware? Yes, it will. USB drives can transmit malware, and a factory reset laptop isn't necessarily malware-free. There is malware that can infect firmware, BIOS, and other low-level devices that cannot be removed through a factory reset. There are vulnerabilities inside the hardware, as we've discovered recently, with Intel and AMD processors, or pretty much any CPU processor. Again, a general-purpose computer, remaining offline, is not easy, and connecting it to a USB drive compromises your security. Now, is this better than running my Ether wallet on your Windows 10 online machine that you use to browse all kinds of questionable websites? Yes, it is better, but it's not foolproof, and it's pretty difficult for the average person to do. Again, buy a hardware wallet so you can actually achieve security in a way that's much better than pretty much anything else you can do on your own. Second question from Simon. How would I get the signed transactions from the offline air-gapped laptop to an online client for propagation would I have to type it in manually? Again, see, this is another one of those problems. One way you can do it, and we've seen this with air-gapped systems, is to display a QR code on the screen that contains the transaction, scan that from a smartphone or web camera from another computer, and that way transfer the transaction to the online system from the air-gapped system.  Hardware wallet versus Glacier protocol. Do you think the Glacier protocol is a good alternative to a hardware wallet? Silver says, Glacier protocol is a step-by-step protocol for storing Bitcoin in a highly secure manner, but has not been widely tested by the global community. Would you recommend similar processes in addition to storing your key on a hardware wallet? I don't recommend that, and the reason I don't recommend that is because, while the Glacier protocol is an interesting approach, and it's a detailed and step-by-step instruction on how to build, what is known as an air-gapped offline quarantined, or whatever you want, a machine that hasn't touched the internet and never touches the internet. This is the kind of technical document that requires a lot of expertise, expertise in command-line and operating systems, and it's very easy to do it wrong. If you do it wrong, then you've exposed yourself to a number of risks which can then lead to your funds being compromised. I think for the vast, vast majority of users, and what I mean by that is, all but maybe a few thousand people who are involved, out of the 25 million people who own cryptocurrency, maybe two-three thousand people, can actually implement something like Glacier protocol effectively and securely, without messing it up, and actually know what they're doing and do it securely. For the vast majority of people, it's way too complex, and a hardware wallet may not be as secure as a perfectly executed implementation of Glacier is, but maybe it's 95% as secure, and yet it is far, far easier to do and to do effectively. So, in security, it really, really matters how usable a security mechanism is. From an operational perspective, whether you can execute the security required, execute it correctly, and operate it. There are a few other considerations as well. One of the critical considerations is, how do you ensure that your heirs or dependents can access your funds if something happens to you? Again, the more complex and custom and esoteric the technique you use, the harder it's going to be for anyone to figure out what you did and help your heirs access your funds. So, generally speaking, while I think Glacier protocol is interesting and I can implement Glacier protocol, in fact, I have built air-gapped computers, and I did build air-gapped computers as a security professional for years, back in the 90s. It's hard to build an air-gapped computer correctly. Nowadays, we know that a lot of the hardware that's in your average laptop has a ton of vulnerabilities. We also know of all kinds of exfiltration techniques that can be used on laptops, including ultrasound and things like that. So, to really, really build a properly air-gapped computer, you have to go in there and quite heavily modify the hardware, at least strip out a lot of devices, including microphones, speakers, infrared receivers, Bluetooth connections, wireless connections, wired connections, glue shut the USB ports, and all of that stuff. And if you can do that, maybe you can build an air-gapped computer. For the vast majority of people, that's what a hardware wallet is. And even despite, you might hear, vulnerabilities being discovered, it's actually quite difficult to exploit those vulnerabilities without fiscal access to the hardware. And it's still far, far easier for the vast majority of people to implement, and less expensive, to implement a hardware wallet. So, I recommend a hardware wallet. If you want to try and play with something like Glacier Protocol, be my guest. At the very least, it's a great learning opportunity. You're going to learn a lot about security, about Unix command line, about playing with hardware and building operating systems securely. Great learning opportunity. But for the vast majority of users, it's not really relevant.


بسم الله الرحمن الرحيم أعطيني جاهزين من أمام حسين تيوهي 3 أنا هنا على أعطين من أمام حسين تيوهي right in front of the shrine of أبل فضل العباس telling you to watch our shows every night here from the land of حسين and أبل فضل العباس as we celebrate the شعبانية season use the أمام حسين media group or the أمام حسين تيوهي Facebook group to put in your messages and hopefully we'll be reading them out one by one with the names and the actual messages themselves you can see on your screen now the actual Facebook page it promises to be full of surprises full of joy hold on rock paper scissors rock paper scissors so I go first truth or dare I said dare I said dare okay make a poem using words orange and mousse in Canada okay from the land of mousse yeah okay I sit beside my friend Ahmad with nothing to loose I'm in the studio of أمام حسين تيوهي 2 3 2 I'm technically technically in the studio of أمام حسين تيوهي 2 okay because we're recording live from أمام حسين تيوهي 2 the actual studio but my heart is within أمام حسين تيوهي 3 studio so don't let me choose as well as some twists where we try to have as much fun as we can during the شعبان season it's a happy season there's positive energy coming live from the streets of Calabola what is one embarrassing fact that everybody should know about what do you call a bear without teeth a gummy bear Peter Piper picked a peck of pickled peppers how many pickled peppers did Peter Piper pick that was okay I'll give you that everyone has a sense of excitement here in Calabola and what we want to do our main aim is to deliver all of this excitement and joy to your screams and into your homes from all around the globe 7 letters of which daily I have dreamed and to each letter a lifetime I have learned ونور جس كو شاهم مسرقين كه تهم وسي كنور خداو ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم ونور جس كو شاهم