WEBVTT - Incentivizing Climate Positive Farming

0:00:00.120 --> 0:00:03.960
<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Tim

0:00:04.000 --> 0:00:06.280
<v Speaker 1>Steneveek on Bloomberg Radio.

0:00:06.600 --> 0:00:09.360
<v Speaker 2>Our next guest is a Bloomberg New Economy Catalyst Class

0:00:09.360 --> 0:00:12.040
<v Speaker 2>of twenty twenty two. Now, just a reminder, Catalysts are

0:00:12.080 --> 0:00:15.760
<v Speaker 2>people whose innovations, efforts and objectives have a genuine shot

0:00:15.800 --> 0:00:18.360
<v Speaker 2>at changing the world for the better. And we are

0:00:18.360 --> 0:00:20.800
<v Speaker 2>so delighted to have back with us Anastagia Volkova. She's

0:00:20.840 --> 0:00:24.079
<v Speaker 2>the co founder and CEO of the regenerative ad company Regrow.

0:00:24.160 --> 0:00:25.800
<v Speaker 2>We got to talk about some of the accolades, tam.

0:00:26.079 --> 0:00:28.120
<v Speaker 1>Yeah, well let's just start with just a couple of them. Okay,

0:00:28.160 --> 0:00:29.600
<v Speaker 1>but we got it. We can't say I'm all or else.

0:00:29.640 --> 0:00:31.040
<v Speaker 1>We're not going to get any time for an interview.

0:00:31.080 --> 0:00:32.839
<v Speaker 1>Let's just go with this one. Time is named Regrow

0:00:32.880 --> 0:00:35.320
<v Speaker 1>is one of the one hundred most Influential companies in

0:00:35.360 --> 0:00:37.960
<v Speaker 1>twenty twenty three. Fast Company has named it one of

0:00:38.000 --> 0:00:40.800
<v Speaker 1>the most innovative companies of the year. In Anastasia was

0:00:40.840 --> 0:00:42.880
<v Speaker 1>named to the Time one hundred list of the next

0:00:42.960 --> 0:00:45.200
<v Speaker 1>one hundred most influential people in the world.

0:00:45.280 --> 0:00:47.200
<v Speaker 3>Can I say, aren't you happy? You called it first?

0:00:47.240 --> 0:00:48.199
<v Speaker 3>With the catalysts.

0:00:49.360 --> 0:00:51.880
<v Speaker 2>Yes, yes, yes, yes, you also have a PhD in

0:00:51.960 --> 0:00:53.880
<v Speaker 2>visual drone navigation, which I always think is so cool

0:00:53.920 --> 0:00:56.280
<v Speaker 2>and I think we talked about it last time. Good

0:00:56.280 --> 0:00:57.960
<v Speaker 2>to have you back with us. I know you're in

0:00:58.000 --> 0:01:00.360
<v Speaker 2>for all these quas accolades. I know now, but we

0:01:00.360 --> 0:01:03.040
<v Speaker 2>don't have time. We want to talk to our So

0:01:03.360 --> 0:01:06.800
<v Speaker 2>talk to us about what's going on this week and

0:01:06.840 --> 0:01:09.760
<v Speaker 2>what's going on since we last talked to you in April.

0:01:09.880 --> 0:01:11.240
<v Speaker 3>Yeah, if i'd be loves to be back. Thank you

0:01:11.280 --> 0:01:14.160
<v Speaker 3>so much for having me. Absolutely, it's wonderful to also

0:01:14.200 --> 0:01:17.720
<v Speaker 3>see all the momentum in food and agriculture space and

0:01:17.880 --> 0:01:20.759
<v Speaker 3>the industry leaders generally, we believe that it's an industry

0:01:20.800 --> 0:01:23.400
<v Speaker 3>that can decarbonize as soon as are things.

0:01:23.120 --> 0:01:26.240
<v Speaker 2>Really changing and things are moving? What is to me?

0:01:26.600 --> 0:01:28.240
<v Speaker 3>What does it look like? Okay, let's look at the

0:01:28.240 --> 0:01:32.800
<v Speaker 3>most recent pieces. So to California builds a passing legislature

0:01:33.120 --> 0:01:37.000
<v Speaker 3>and they are going to mandate climate disclosures for companies

0:01:37.080 --> 0:01:40.720
<v Speaker 3>over one billion dollars in revenue trading in California. There's

0:01:40.760 --> 0:01:43.520
<v Speaker 3>also a segment for half a billion dollar revenue company.

0:01:43.520 --> 0:01:45.319
<v Speaker 2>Which does that mean? What do they have to show it?

0:01:45.400 --> 0:01:48.400
<v Speaker 3>Literally? Means that they need to go and calculate how

0:01:48.480 --> 0:01:51.480
<v Speaker 3>they are impacting climate in their own emissions as well

0:01:51.520 --> 0:01:53.800
<v Speaker 3>as their purchase goods and services. So if you are,

0:01:53.920 --> 0:01:56.560
<v Speaker 3>for example, a food company making food that ends up

0:01:56.600 --> 0:01:58.680
<v Speaker 3>on the shelf or on the plate, you literally need

0:01:58.720 --> 0:02:00.760
<v Speaker 3>to be thinking about what is the emission on farm

0:02:00.800 --> 0:02:03.520
<v Speaker 3>because this is where the largest portion of those emissions sits.

0:02:03.800 --> 0:02:06.040
<v Speaker 3>And by twenty twenty seven you will have to declare it,

0:02:06.080 --> 0:02:08.720
<v Speaker 3>which effectively means that if you start measuring it, you'll

0:02:08.760 --> 0:02:12.320
<v Speaker 3>start managing it. And all of the data that someone

0:02:12.440 --> 0:02:15.360
<v Speaker 3>like Regro works on where one of the primary sources

0:02:15.360 --> 0:02:17.800
<v Speaker 3>of the data that they can start understanding their supply

0:02:17.840 --> 0:02:22.080
<v Speaker 3>shoes with and investing in it powers their decision making

0:02:22.160 --> 0:02:25.480
<v Speaker 3>they can tangibly progress towards their net zero and emission

0:02:25.480 --> 0:02:28.120
<v Speaker 3>reduction goals, which as you know, there are plenty.

0:02:28.639 --> 0:02:30.519
<v Speaker 1>When you say that this is one of the industries

0:02:30.560 --> 0:02:35.400
<v Speaker 1>that can decarbonize the quickest, are you including animals in

0:02:35.440 --> 0:02:36.160
<v Speaker 1>this as well?

0:02:36.280 --> 0:02:36.400
<v Speaker 4>Like?

0:02:36.919 --> 0:02:39.960
<v Speaker 1>Are you including cattle farming?

0:02:39.040 --> 0:02:42.040
<v Speaker 3>That's right, agriculture, How.

0:02:42.280 --> 0:02:43.839
<v Speaker 1>I mean this is like one of the worst things

0:02:43.840 --> 0:02:44.520
<v Speaker 1>for the environment.

0:02:45.840 --> 0:02:49.400
<v Speaker 3>It's very subjective, right, So when you start thinking about

0:02:49.639 --> 0:02:52.000
<v Speaker 3>what are the animals supposed to do versus what we

0:02:52.200 --> 0:02:55.200
<v Speaker 3>got them to do, how we disaggregated agriculture. Whilst in

0:02:55.200 --> 0:02:58.360
<v Speaker 3>an integrated system, they're actually all very helpful. It's a

0:02:58.440 --> 0:03:01.959
<v Speaker 3>more circular system. You can feed them better. Crops with

0:03:02.240 --> 0:03:04.519
<v Speaker 3>a lot of emissions in the animal system are still

0:03:04.520 --> 0:03:06.520
<v Speaker 3>in the crops. We produce most of the crops to

0:03:06.560 --> 0:03:09.359
<v Speaker 3>feed animals, not to feed ourselves, so that's where the

0:03:09.400 --> 0:03:10.840
<v Speaker 3>majority of the impact will come.

0:03:11.160 --> 0:03:12.280
<v Speaker 1>First use the complication.

0:03:14.240 --> 0:03:17.160
<v Speaker 3>I am saying that we need to decarbonize all parts

0:03:17.160 --> 0:03:19.600
<v Speaker 3>of the burger and starting to list what are the

0:03:19.639 --> 0:03:22.639
<v Speaker 3>parts that we should decribonize, But I am definitely saying

0:03:22.639 --> 0:03:25.640
<v Speaker 3>the alternative burger is better for the environment. Yes, but

0:03:26.000 --> 0:03:28.400
<v Speaker 3>there's things about the burger that are also not terrible

0:03:28.440 --> 0:03:28.640
<v Speaker 3>for them.

0:03:28.880 --> 0:03:30.440
<v Speaker 2>And a station when you work with the company, what

0:03:30.520 --> 0:03:31.079
<v Speaker 2>exactly do.

0:03:31.040 --> 0:03:34.560
<v Speaker 3>You do for them? We help them first uncover their

0:03:34.639 --> 0:03:37.440
<v Speaker 3>school three emissions i e. Those that on farm, So

0:03:37.560 --> 0:03:40.200
<v Speaker 3>if they come and pick their supply sheds, they say,

0:03:40.200 --> 0:03:42.400
<v Speaker 3>I source this over there, can you tell me how

0:03:42.560 --> 0:03:45.360
<v Speaker 3>is that impacting the environment? And we actually letter up

0:03:45.360 --> 0:03:47.800
<v Speaker 3>the data from the field level, so we have dynamically

0:03:47.880 --> 0:03:51.320
<v Speaker 3>generated data on a near real time basis that can

0:03:51.360 --> 0:03:53.880
<v Speaker 3>say here's what's happening in the landscape, this is what's

0:03:54.120 --> 0:03:57.040
<v Speaker 3>what's impacting the environment right now. Once they have that snapshot,

0:03:57.320 --> 0:04:00.360
<v Speaker 3>they can also model with the platform that wee them,

0:04:00.400 --> 0:04:04.080
<v Speaker 3>the ag resilience platform, the abatement potential, that is to say,

0:04:04.240 --> 0:04:07.240
<v Speaker 3>what can I change for better? What can I reduce?

0:04:07.280 --> 0:04:08.960
<v Speaker 3>How can I get to my mission production goal?

0:04:09.040 --> 0:04:11.800
<v Speaker 2>So it's not about carbon offsetting, it's actually do so

0:04:11.840 --> 0:04:14.040
<v Speaker 2>you don't create carbon in the first place.

0:04:14.560 --> 0:04:19.159
<v Speaker 3>Yes, it's value chain investments. It's almost call it in setting.

0:04:19.200 --> 0:04:22.280
<v Speaker 3>It's the opposite. So you take action within your value chain.

0:04:22.600 --> 0:04:25.599
<v Speaker 3>You are not you're reducing your own emissions. You're not

0:04:25.760 --> 0:04:27.680
<v Speaker 3>looking to offset them somewhere else.

0:04:27.800 --> 0:04:28.480
<v Speaker 2>I hate offset.

0:04:28.520 --> 0:04:31.920
<v Speaker 3>Sorry no, and European Commission is with you.

0:04:31.839 --> 0:04:34.200
<v Speaker 2>Because you shouldn't be making You've got to reduce the

0:04:34.240 --> 0:04:37.400
<v Speaker 2>carbon footprint. It's not a case. It's not exactly I'm

0:04:37.440 --> 0:04:39.320
<v Speaker 2>not going to all right, so I'm creating a lot

0:04:39.320 --> 0:04:40.880
<v Speaker 2>of carbon, but I'm going to go plant some trees.

0:04:40.960 --> 0:04:42.800
<v Speaker 2>You're still putting the carbon in there, like we've got

0:04:42.800 --> 0:04:43.800
<v Speaker 2>to reduce it overall.

0:04:43.800 --> 0:04:45.880
<v Speaker 4>That's just no.

0:04:46.000 --> 0:04:49.240
<v Speaker 3>Absolutely, we have to find ways of producing food in

0:04:49.279 --> 0:04:52.000
<v Speaker 3>a way that doesn't harm the environment so much, it

0:04:52.000 --> 0:04:54.839
<v Speaker 3>actually renews it and regenerates it.

0:04:54.600 --> 0:04:59.720
<v Speaker 1>Is vertical farming one of those answers. Good question, It's

0:04:59.800 --> 0:05:00.680
<v Speaker 1>very controversial.

0:05:00.920 --> 0:05:03.560
<v Speaker 3>It's very controversial because you have to consider everything from

0:05:03.560 --> 0:05:06.080
<v Speaker 3>the system perspective. Right, So on one hand, you have

0:05:06.440 --> 0:05:10.280
<v Speaker 3>the transportation of say salad from Salinas, California, to New

0:05:10.360 --> 0:05:12.839
<v Speaker 3>York City, and that's absurd, So you probably should consider

0:05:12.839 --> 0:05:15.919
<v Speaker 3>growing it here, if you recycle some of the resources,

0:05:16.440 --> 0:05:18.919
<v Speaker 3>if you're able to provide it with the water it

0:05:18.960 --> 0:05:22.880
<v Speaker 3>needs without drowing more water into that farm over time. Okay, great,

0:05:22.920 --> 0:05:25.360
<v Speaker 3>but you still look in at a system that largely

0:05:25.520 --> 0:05:31.520
<v Speaker 3>requires artificial synthetic input fertilizers, and they sustain the system,

0:05:31.600 --> 0:05:34.880
<v Speaker 3>is opposed to say soil out there that when healthy,

0:05:34.880 --> 0:05:39.640
<v Speaker 3>sequestors carbon and provides water, cleaning, clean air, all of

0:05:39.680 --> 0:05:43.200
<v Speaker 3>those ecosystem services to us living all around on those

0:05:43.480 --> 0:05:44.360
<v Speaker 3>those environments.

0:05:44.800 --> 0:05:47.880
<v Speaker 2>You know, it's interesting. We had Johannes Zuting of Powers

0:05:47.920 --> 0:05:51.800
<v Speaker 2>twenty one on and they basically are making sure that

0:05:52.360 --> 0:05:55.200
<v Speaker 2>you know, or helping developing the developing world, you know,

0:05:55.440 --> 0:05:57.960
<v Speaker 2>create data sets. They don't actually have the data, but

0:05:57.960 --> 0:06:00.200
<v Speaker 2>they're pulling from different sources and making sure it's year.

0:06:00.240 --> 0:06:02.560
<v Speaker 2>But the whole idea is you need to collect and

0:06:02.560 --> 0:06:06.120
<v Speaker 2>track transformative data to help bring about transformative policies and change.

0:06:07.080 --> 0:06:09.680
<v Speaker 2>Talk to us about the importance of that having that

0:06:09.800 --> 0:06:12.200
<v Speaker 2>data that you guys are providing right, the information, but

0:06:12.440 --> 0:06:17.840
<v Speaker 2>also go hand in hand with governments states countries saying

0:06:18.040 --> 0:06:19.760
<v Speaker 2>we've got to do better, and so you need the

0:06:19.839 --> 0:06:20.640
<v Speaker 2>data to kind of meet.

0:06:20.960 --> 0:06:24.719
<v Speaker 3>Absolutely it has to and we have plenty to update

0:06:24.920 --> 0:06:28.679
<v Speaker 3>the listeners on with the IRA money, with the investment,

0:06:28.720 --> 0:06:31.920
<v Speaker 3>with the Inflication and Reduction Act and the Embedded Climate's

0:06:31.960 --> 0:06:37.560
<v Speaker 3>MARGE Commodities program, the Administration is looking to effectively accelerate

0:06:37.720 --> 0:06:42.279
<v Speaker 3>the investment into low carbon commodities and agricultural sector. But

0:06:42.400 --> 0:06:47.320
<v Speaker 3>also they have released recently an initiative specifically focused on

0:06:47.360 --> 0:06:50.520
<v Speaker 3>the data and the MRV the monitoring, reporting and verification

0:06:50.600 --> 0:06:54.000
<v Speaker 3>of emissions and practices, and they completely go hand in hand.

0:06:54.040 --> 0:06:56.479
<v Speaker 3>So if we ever want this to be a truly

0:06:56.560 --> 0:07:00.520
<v Speaker 3>bipartisan issue that is internationally accepted, we need to start

0:07:00.560 --> 0:07:02.640
<v Speaker 3>looking at the data and not wondering where the money

0:07:02.680 --> 0:07:04.880
<v Speaker 3>is going on. Because once you are seeing that the

0:07:04.920 --> 0:07:08.080
<v Speaker 3>money is getting to where it needs to be, why

0:07:08.120 --> 0:07:10.280
<v Speaker 3>wouldn't you invest more in because you are getting that

0:07:10.280 --> 0:07:12.400
<v Speaker 3>return you're looking for. But it's the data that needs

0:07:12.480 --> 0:07:13.360
<v Speaker 3>to tell that story.

0:07:13.480 --> 0:07:15.640
<v Speaker 1>Talk to us more about this because I always wonder

0:07:15.680 --> 0:07:17.720
<v Speaker 1>about incentives here. It's one thing for the state to

0:07:17.760 --> 0:07:21.200
<v Speaker 1>actually require disclosures like California is doing, you know, and

0:07:21.200 --> 0:07:22.920
<v Speaker 1>it's a side point. But my concern is that, Okay,

0:07:22.920 --> 0:07:24.560
<v Speaker 1>all these companies are going to move to Texas, which

0:07:24.600 --> 0:07:27.440
<v Speaker 1>is a state that will not require these types of disclosures.

0:07:28.080 --> 0:07:29.880
<v Speaker 1>Maybe that's a conversation for a different day.

0:07:30.040 --> 0:07:31.840
<v Speaker 2>You really grow in Texas.

0:07:31.960 --> 0:07:33.960
<v Speaker 1>I mean, you could base your company in Texas instead

0:07:33.960 --> 0:07:34.520
<v Speaker 1>of facing it.

0:07:34.600 --> 0:07:38.600
<v Speaker 3>Anyone who trades in Texas, not anyone who's headquartered like

0:07:38.680 --> 0:07:40.920
<v Speaker 3>in California. For the California bill, you just have to

0:07:40.960 --> 0:07:43.240
<v Speaker 3>be trading in California. You are not headquartered in.

0:07:43.200 --> 0:07:45.280
<v Speaker 1>California, so people won't get around it.

0:07:45.640 --> 0:07:48.800
<v Speaker 3>I don't think you can move something to Texas and

0:07:48.880 --> 0:07:51.240
<v Speaker 3>stop trading one of the largest economists in the world

0:07:51.240 --> 0:07:52.000
<v Speaker 3>that is California.

0:07:52.080 --> 0:07:55.480
<v Speaker 1>Yeah, that's very true. Okay, maybe the lawyers will be

0:07:55.480 --> 0:07:56.000
<v Speaker 1>busy trying to.

0:07:56.000 --> 0:07:58.760
<v Speaker 2>Figure out a way maybe hopefully so.

0:07:58.800 --> 0:08:02.760
<v Speaker 1>What's good But estion is really about is really about data,

0:08:02.800 --> 0:08:04.760
<v Speaker 1>and you know where that data comes from and how

0:08:04.800 --> 0:08:06.440
<v Speaker 1>you measure that data in this day and age.

0:08:06.680 --> 0:08:09.160
<v Speaker 3>That's right when you're looking at this type of bill,

0:08:09.320 --> 0:08:11.320
<v Speaker 3>people are getting concerned that this will actually put more

0:08:11.320 --> 0:08:13.640
<v Speaker 3>burden on the suppliers, of which farmers is one of

0:08:13.680 --> 0:08:17.280
<v Speaker 3>the categories in this industry, of course the primary category.

0:08:17.640 --> 0:08:21.320
<v Speaker 3>So this data, you don't need to invent more ways

0:08:21.360 --> 0:08:24.280
<v Speaker 3>to get this data. We already, as Greta Thamberg always says,

0:08:24.320 --> 0:08:26.200
<v Speaker 3>we already have all the solutions. We just need to

0:08:26.280 --> 0:08:31.400
<v Speaker 3>actually implement them. So regrow gets data from fire management system,

0:08:31.440 --> 0:08:35.160
<v Speaker 3>statistical surveys, but importantly satellite imagery, so remote sensing of

0:08:35.240 --> 0:08:37.679
<v Speaker 3>practices tells us a lot about what's happening in the

0:08:37.760 --> 0:08:40.760
<v Speaker 3>land in a non invasive way, in a very scalable

0:08:40.760 --> 0:08:43.679
<v Speaker 3>and cost effective way. Then we pass it through climate models,

0:08:43.800 --> 0:08:48.120
<v Speaker 3>soil carbon crop models to understand what is the impact

0:08:48.200 --> 0:08:51.120
<v Speaker 3>on the environment. So we see the practices from space,

0:08:51.320 --> 0:08:54.200
<v Speaker 3>from local systems, tractor tells us what's going on. We

0:08:54.200 --> 0:08:57.160
<v Speaker 3>don't have to ask the farmer for absolutely everything. We

0:08:57.240 --> 0:08:59.760
<v Speaker 3>have to accept that agriculture has been running on data.

0:09:00.000 --> 0:09:02.720
<v Speaker 3>It's a big business, it's a big industry. It has

0:09:02.760 --> 0:09:05.280
<v Speaker 3>the data. If you provide the incentives and you assure

0:09:05.320 --> 0:09:08.679
<v Speaker 3>the privacy, you will be able to get the system

0:09:08.760 --> 0:09:11.680
<v Speaker 3>to a level of transparency where it can all actually

0:09:11.679 --> 0:09:16.360
<v Speaker 3>flow in a direction of Paris one point five degree trajectory.

0:09:16.360 --> 0:09:17.480
<v Speaker 2>What companies are you working with?

0:09:18.000 --> 0:09:23.560
<v Speaker 4>We're working with General Mills, Kellogg, Cargil, folks across the

0:09:23.600 --> 0:09:26.880
<v Speaker 4>supply chain, from those that provide input to the farmer's

0:09:27.040 --> 0:09:29.480
<v Speaker 4>trade and aggregate and process the commodities all the way

0:09:29.480 --> 0:09:31.480
<v Speaker 4>to those that you pick up their boxes off of

0:09:31.559 --> 0:09:35.559
<v Speaker 4>supermarket shelves and plates or oldly for example, is another cool.

0:09:35.360 --> 0:09:37.880
<v Speaker 2>One US only or is it global?

0:09:37.960 --> 0:09:38.960
<v Speaker 3>Global? Global?

0:09:39.080 --> 0:09:41.760
<v Speaker 2>So everybody's involved in it. So what has changed you

0:09:41.760 --> 0:09:43.840
<v Speaker 2>guys have been around? Is it five six years?

0:09:43.920 --> 0:09:45.880
<v Speaker 3>That's we're going to be twining seven? This no number?

0:09:46.080 --> 0:09:48.440
<v Speaker 2>So what's changed from when you started in just kind

0:09:48.440 --> 0:09:49.560
<v Speaker 2>of about thirty seconds?

0:09:49.559 --> 0:09:52.760
<v Speaker 3>Oh, impact has changed? Right, three years ago, we weren't

0:09:52.800 --> 0:09:56.880
<v Speaker 3>having this conversation. Absolutely every step you take during not

0:09:56.920 --> 0:09:59.960
<v Speaker 3>only Climate Week but generally when you interact with corporate

0:10:00.240 --> 0:10:03.880
<v Speaker 3>and governments, resiliences at the forefront. For us, we of

0:10:03.920 --> 0:10:06.640
<v Speaker 3>course have grown in the response to that interest from

0:10:06.720 --> 0:10:08.319
<v Speaker 3>the market, from the policy and.

0:10:08.280 --> 0:10:10.880
<v Speaker 2>People are changing their practices because of the information they're

0:10:10.880 --> 0:10:11.400
<v Speaker 2>getting from you.

0:10:11.559 --> 0:10:15.480
<v Speaker 3>That's correct. People are establishing more ambitious plans. People are

0:10:15.600 --> 0:10:19.000
<v Speaker 3>able to understand how to invest into the transformation because

0:10:19.040 --> 0:10:21.480
<v Speaker 3>they can clearly see what the return would be. And

0:10:21.559 --> 0:10:24.560
<v Speaker 3>important to Carol share the risk of the farmers upfront.

0:10:24.600 --> 0:10:26.600
<v Speaker 3>You're not telling them to do something without no one

0:10:26.720 --> 0:10:27.480
<v Speaker 3>was going to lead to.

0:10:27.679 --> 0:10:30.959
<v Speaker 2>Can't wait to see her the next six years, seven years,

0:10:30.960 --> 0:10:32.679
<v Speaker 2>hold for you that till twenty thirty.

0:10:32.720 --> 0:10:33.320
<v Speaker 3>You're right on.

0:10:33.520 --> 0:10:35.480
<v Speaker 2>Come back soon. We really appreciate an a stage of

0:10:35.480 --> 0:10:38.080
<v Speaker 2>a Covia. She's co founder and CEO of Regrow here

0:10:38.120 --> 0:10:38.600
<v Speaker 2>in studio