WEBVTT - TPG Holdings Chairman Jim Coulter Talks Climate Tech

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. I want to have

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<v Speaker 1>a wide ranging conversation.

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<v Speaker 2>I know you have some things to share with this,

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<v Speaker 2>but I want to start by asking you, like, what's

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<v Speaker 2>the biggest surprise.

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<v Speaker 1>This was a massive bet in a.

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<v Speaker 2>Lot of ways, maybe the biggest bet you've made in

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<v Speaker 2>your career.

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<v Speaker 1>What have you learned.

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<v Speaker 3>I've learned that approaching climate change, you have to think

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<v Speaker 3>of it as two sides of a coin. For years,

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<v Speaker 3>since Kealing in the sixties, we've been focused on the

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<v Speaker 3>need side. We have a problem to solve, but the

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<v Speaker 3>other side of the coin is actually the opportunity.

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<v Speaker 1>We're about to under take one hundred.

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<v Speaker 3>And twenty trillion dollar reindustrialization of the world, and that

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<v Speaker 3>need and that opportunity need to move together. The money

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<v Speaker 3>can't come from governments, No coalition of NGOs can get

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<v Speaker 3>it done. Unless we can get the money moving in

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<v Speaker 3>a capitalist system, we can't solve the problem. So this

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<v Speaker 3>idea of putting the need and the opportunity together has

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<v Speaker 3>been more challenging than I expected.

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<v Speaker 2>All Right, So one of your signature moves as an

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<v Speaker 2>investor over the past forty years has been every year

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<v Speaker 2>you get together with your investors, and you put together

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<v Speaker 2>this presentation. You and I have talked about it in

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<v Speaker 2>the context of the year ahead. Now as you're totally

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<v Speaker 2>focused on climate. You have a version that you've been

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<v Speaker 2>playing around with and presenting. We have a version that

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<v Speaker 2>we're going to share with you, and we're going to

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<v Speaker 2>run through it if we can bring.

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<v Speaker 1>It up on the screen.

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<v Speaker 2>All right, so I get to pick and choose here,

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<v Speaker 2>all right, Optimism Green Shoots, let's start there.

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<v Speaker 1>Just a little background on this.

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<v Speaker 3>As well as creating an organization that invests, we actually

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<v Speaker 3>have a very interesting seat in the middle of the

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<v Speaker 3>climate yaio system where meetian investors literally have met with

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<v Speaker 3>fourteen hundred entrepreneurs around the world. We're operating nine billion

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<v Speaker 3>dollars of climate companies. Those companies are forecasted to replace

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<v Speaker 3>against the counterfactual about one hundred and sixty million cars

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<v Speaker 3>off the road for a year.

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<v Speaker 1>So we're kind of in the mix.

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<v Speaker 3>But not only are we generating investments, we're hopefully generating insights.

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<v Speaker 1>So this is us stepping back from that process to

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<v Speaker 1>watch so we're inside your brain right now. This is cool.

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<v Speaker 1>Let's go.

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<v Speaker 3>So, first of all, Green Shoots and one of the

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<v Speaker 3>things that I've been a tech investor, I've been a

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<v Speaker 3>climate investor. Both of them are known for one thing,

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<v Speaker 3>which is conferences. Like there are more tech conferences more

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<v Speaker 3>climate conferences that I've ever seen, but they look and

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<v Speaker 3>feel very different. Same hotels, same awful coffee, same bad

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<v Speaker 3>damish But let me show you what a tech conference

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<v Speaker 3>sounds like.

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<v Speaker 1>Can we get?

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<v Speaker 4>But I'm genuinely optimistic about work in the metaverse, whether

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<v Speaker 4>it's a hologram sitting next to you in a physical

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<v Speaker 4>meeting or in a discussion taking place in the metaverse.

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<v Speaker 1>I think this technology is inevitable. I think this is

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<v Speaker 1>the future of the Internet. So I think over time

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<v Speaker 1>you will see greater and greater acceptance.

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<v Speaker 4>I believe the AI will be about individual empowerment and

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<v Speaker 4>agency at a scale that we've never seen before, and

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<v Speaker 4>that will elevate humanity to a scale that we've never

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<v Speaker 4>seen before.

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<v Speaker 3>Either, we'll be able to create a theory of the

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<v Speaker 3>entire universe.

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<v Speaker 1>Which has a car. Next year will probably be fourteen.

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<v Speaker 3>I'm extremely confident of achieving full autonomy and releasing it

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<v Speaker 3>to the telent customer.

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<v Speaker 1>Base next year.

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<v Speaker 3>Everything is possible. Everything is happening tomorrow. Like a font

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<v Speaker 3>of optimism. If you go to a climate conference, it's

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<v Speaker 3>it's different and for good reason. If we can go

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<v Speaker 3>ahead on this, Bruna, I want to show you a

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<v Speaker 3>word cloud from a recent climate conference. Schah went to

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<v Speaker 3>supply chain problems, inflation, nimbiism, et cetera. Essentially, there's almost

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<v Speaker 3>a paradox of pessimism, and that's well earned. But every

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<v Speaker 3>once in a while I find myself saying, I want

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<v Speaker 3>to just channel my enter tech for a second and

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<v Speaker 3>like what could go right?

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<v Speaker 1>And let me share just a few things that are

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<v Speaker 1>out there.

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<v Speaker 3>First of all, I think we have to assume discontinuities.

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<v Speaker 3>If you look at most of the climate work that's done,

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<v Speaker 3>it's over thirty years essentially assuming. And this is by

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<v Speaker 3>the way that I'm sorry if you go back one please,

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<v Speaker 3>if you go back to what SBTi just put out

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<v Speaker 3>for the paths to net zero, I want to read

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<v Speaker 3>this to you, Jason for a moment.

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<v Speaker 1>So this is what business is supposed to do.

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<v Speaker 3>The minimum forward looking ambition of near turn targets consistent

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<v Speaker 3>with reaching net zero by twenty fifty ath the latest,

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<v Speaker 3>assuming a linear absolute reduction, linear intensity reduction, and intensity

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<v Speaker 3>convergence between the most recent year and not increasing absolute

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<v Speaker 3>emissions or intensity.

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<v Speaker 1>I mean that makes total sense to me. Now, First

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<v Speaker 1>of all, there's great science behind that. I admire it.

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<v Speaker 3>But imagine trying to figure out the iPhone in nineteen

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<v Speaker 3>eighty two based on a computing graph. One thing I

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<v Speaker 3>know from forty years in business is nothing is linear

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<v Speaker 3>and there will be surprises. In fact, we should assume

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<v Speaker 3>that there's going to be discontinuity. More people died from

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<v Speaker 3>infections than heart attacks before penicillin. You know, taxis were

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<v Speaker 3>taxis before uber, trading was trading until indexing. So industries

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<v Speaker 3>constantly go through disruptions. As I travel the client world,

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<v Speaker 3>I'm running into disruptions that are about to happen at

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<v Speaker 3>any time. I can't yet tell you which will happen,

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<v Speaker 3>but I would bet on the field there are going

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<v Speaker 3>to be discontinuities.

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<v Speaker 1>That break our way. Our goal is to position for them.

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<v Speaker 3>The second thing I'd point out on the green shoot

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<v Speaker 3>side is understand the power of cost curves. Think about

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<v Speaker 3>cell phones. In about two thousand, they hit a whole

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<v Speaker 3>new level and suddenly they were ubiquitous. It changed how

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<v Speaker 3>video conferencing came out in nineteen sixty four, but it

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<v Speaker 3>was fifty three hundred dollars an hour. When it's free.

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<v Speaker 3>Things work very differently in the climate world. You are

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<v Speaker 3>watching some of the most powerful industrial cost curves I've

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<v Speaker 3>ever seen, twenty eight percent for solar, that is double

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<v Speaker 3>a normal industry. And these cost curves, while they look linear,

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<v Speaker 3>they hit points like right about now, when solar becomes

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<v Speaker 3>dramatically cheaper.

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<v Speaker 1>Things happen.

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<v Speaker 3>We can predict the cost curves, we can't predict how

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<v Speaker 3>the market change.

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<v Speaker 2>So then why that word cloud of pessimism?

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<v Speaker 3>Well, I think in some ways the voices that got

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<v Speaker 3>us to this key moment have been calling out the need.

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<v Speaker 3>And part of the reason I'm on the stage I

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<v Speaker 3>don't do many conferences is we need to change our

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<v Speaker 3>voices a little.

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<v Speaker 1>We need to also make sure that.

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<v Speaker 3>We're looking for that opportunity and we're looking for the

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<v Speaker 3>Colin Powell once said about leadership is that optimism.

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<v Speaker 1>Is a force multiplier.

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<v Speaker 3>We have to find a little bit of optimism. That

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<v Speaker 3>is not to deny that this is tough. And the

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<v Speaker 3>last thing on optimism is, you know when things like

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<v Speaker 3>this conference happened, where you get many parts of society,

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<v Speaker 3>policy members, act activists working together, things happen.

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<v Speaker 1>Anyone remember the population bomb.

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<v Speaker 3>Thirty printings back in nineteen sixty eight, We were going

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<v Speaker 3>to be out of food Los Angeles.

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<v Speaker 1>The smog was awful. I was in Beijing three weeks ago.

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<v Speaker 1>The skies were clear.

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<v Speaker 3>The ozone layer is actually going the other way now.

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<v Speaker 1>With time and.

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<v Speaker 3>With action, I think we can make progress and that

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<v Speaker 3>green shoots are something we need to grab hold of.

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<v Speaker 2>All right, So I'm going to go counter then for

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<v Speaker 2>my next from a next question, which is the what

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<v Speaker 2>about isms?

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<v Speaker 3>Yeah, we also, as well as some optimism, we have

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<v Speaker 3>to basically.

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<v Speaker 1>Not fall for what about ism? Yeah, And you know,

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<v Speaker 1>one of the.

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<v Speaker 3>Interesting things has happened if you look online in a

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<v Speaker 3>social media the attacks of climate deniers have flattened, but

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<v Speaker 3>the attacks.

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<v Speaker 1>On climate solutions have gone up. And these are what

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<v Speaker 1>about isms? Now.

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<v Speaker 3>What about isms is a term that came from the

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<v Speaker 3>seventies with the Irish Republican Army. Whenever they would do something,

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<v Speaker 3>they'd say what about the journ what about the British soldiers?

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<v Speaker 3>And sylviet propaganda uses what about isms? When Chernobyl hits

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<v Speaker 3>it's what about three mile island. And what about isms

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<v Speaker 3>have hit now an absolute art form in today's politics.

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<v Speaker 1>Let me just kind of show you what that sounds like.

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<v Speaker 1>What about those twenty one Democrats? What about beans that

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<v Speaker 1>have more oil? What about the Buddhists?

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<v Speaker 3>What about the alt left that came charging at the

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<v Speaker 3>as you say, the alt right?

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<v Speaker 1>What about us? What about me? What about terrorism? Well,

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<v Speaker 1>what about ben Ghazi?

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<v Speaker 4>What about the blatant lies that the Obama administration told us?

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<v Speaker 2>What about the fact that Ben Rhodes bragged about lying

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<v Speaker 2>to the media and the public about the Iran deal.

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<v Speaker 3>Whenever a pundit or a politician starts with what about,

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<v Speaker 3>be prepared to be deflected and potentially deceived. So what

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<v Speaker 3>abouts are rampant in climate?

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<v Speaker 1>Like what about evs? Right, aren't they dirtier?

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<v Speaker 3>Well, yes, when it leaves a factory because you have

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<v Speaker 3>the battery in it, it's slightly more emissions at manufacture,

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<v Speaker 3>but once it gets on the road at ebe is

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<v Speaker 3>ninety percent more efficient and uses one third of the

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<v Speaker 3>emissions over its lifetime. It's a ridiculous argument. Or what

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<v Speaker 3>about solar panels in China? Yes, they take some of

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<v Speaker 3>the power from a grid that is still dirty and

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<v Speaker 3>they generate emissions.

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<v Speaker 1>But if you look at the numbers, those emissions are.

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<v Speaker 3>Replaced in three months of their twenty five year life.

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<v Speaker 3>Are we not supposed to use solar panels because we're

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<v Speaker 3>trying to replace a grid that's dirty. We can never

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<v Speaker 3>replace it if we don't start using them. It's a

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<v Speaker 3>circular argument. Or one of my favorites is basically the

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<v Speaker 3>pessimism and what about ism with materials.

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<v Speaker 1>Yes, we have a lot of work to do.

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<v Speaker 3>We can find oil and or sea, we can't find lithium.

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<v Speaker 3>Like if you look at what happened in lithium, we

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<v Speaker 3>went from worried we'd never have enough lithium to a

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<v Speaker 3>massive oversupply in two years. So my point here is,

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<v Speaker 3>as we're going down this path, we have to make

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<v Speaker 3>sure that we don't get caught in.

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<v Speaker 1>The what about isms?

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<v Speaker 3>And I always say, like, you know, what about doing

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<v Speaker 3>the work? What about solving the problem?

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<v Speaker 2>And so how do you institutionalize or how do you

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<v Speaker 2>sort of create? I mean, because part of this is perception,

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<v Speaker 2>Part of this is the dialogue.

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<v Speaker 1>Part of this.

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<v Speaker 2>You know, we saw a lot of cable news clips

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<v Speaker 2>and between cable news and social.

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<v Speaker 1>Media, this it picks up a lot of steam.

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<v Speaker 2>So what can a group like this of the what

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<v Speaker 2>about we do the work folks do?

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<v Speaker 1>It's exactly that. I think.

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<v Speaker 3>One of the things I've learned in climate into your

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<v Speaker 3>earlier question of why I've gone deep, is you cannot

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<v Speaker 3>be a tourist in climate. You can't just sort of

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<v Speaker 3>pop in and think you know the answer. This is

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<v Speaker 3>an immensely complicated revolution that we're going through. I don't

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<v Speaker 3>think I have to tell this room because you're here,

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<v Speaker 3>but we have to encourage people to do the work

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<v Speaker 3>and not simply fall back on how things are done

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<v Speaker 3>now as an aside here. You have to understand what

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<v Speaker 3>we're doing is a simplify problem. I want you to

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<v Speaker 3>think about our current energy system.

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<v Speaker 1>You want to turn on a white How does that work?

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<v Speaker 3>Well, First of all, fifty million years ago, the sunshines,

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<v Speaker 3>it's captured a tree. The tree falls down. For fifty

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<v Speaker 3>million years, it gets subsumed under thousands of feet. We

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<v Speaker 3>then take an iron pipe, We put it down ten

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<v Speaker 3>thousand feet, We turn it right, We put in water,

0:11:20.720 --> 0:11:22.920
<v Speaker 3>We crack rock, We bring up a vapor. The vapor

0:11:22.960 --> 0:11:25.760
<v Speaker 3>goes in three million miles of pipe. We wash it

0:11:25.760 --> 0:11:28.520
<v Speaker 3>in a two hundred and fifty million dollars natural class

0:11:28.600 --> 0:11:32.040
<v Speaker 3>processing plan. We put it in three million miles of pipe. Again,

0:11:32.080 --> 0:11:35.600
<v Speaker 3>we put it to a billion dollar gas turbine. We

0:11:35.679 --> 0:11:39.000
<v Speaker 3>basically blow it up, releasing a molecule that can destroy

0:11:39.040 --> 0:11:42.080
<v Speaker 3>the world. And we have an electron. The other way

0:11:42.080 --> 0:11:45.840
<v Speaker 3>to do that is we can get sun from this afternoon,

0:11:46.120 --> 0:11:48.640
<v Speaker 3>hit a silicon panel or silicon everywhere.

0:11:48.760 --> 0:11:51.760
<v Speaker 1>We have an electron. So it seems hard to do.

0:11:55.840 --> 0:11:58.320
<v Speaker 1>I mean, it's we have. This is hard to do,

0:11:58.400 --> 0:12:01.000
<v Speaker 1>but what we're doing is hard, So like, why not

0:12:01.080 --> 0:12:03.040
<v Speaker 1>make it a little more simple? All right?

0:12:03.080 --> 0:12:06.319
<v Speaker 2>So that takes me to the third one that I

0:12:06.360 --> 0:12:08.960
<v Speaker 2>wanted to touch on with you, which is the policy box.

0:12:09.000 --> 0:12:11.599
<v Speaker 1>Because this is a room of doers.

0:12:11.280 --> 0:12:16.360
<v Speaker 2>As you mentioned, it's not totally simple how we get

0:12:16.360 --> 0:12:18.199
<v Speaker 2>this done, and it requires a bunch.

0:12:18.000 --> 0:12:20.680
<v Speaker 1>Of different angles. So tell us about the policy side. Yeah,

0:12:20.720 --> 0:12:21.480
<v Speaker 1>I am.

0:12:21.720 --> 0:12:24.360
<v Speaker 3>I think we have had an enormous gift and we've

0:12:24.360 --> 0:12:27.560
<v Speaker 3>picked up an enormous set of allies in the recent

0:12:27.600 --> 0:12:31.720
<v Speaker 3>policy wave. And I'm often asked like, are you nervous

0:12:31.760 --> 0:12:35.280
<v Speaker 3>investing in areas that have subsidies?

0:12:36.360 --> 0:12:37.520
<v Speaker 1>I'm nervous investing in.

0:12:37.440 --> 0:12:40.640
<v Speaker 3>The food I mean there's four hundred million of subsidies

0:12:40.679 --> 0:12:43.480
<v Speaker 3>in European food, healthcare, like that's subsidized.

0:12:43.920 --> 0:12:46.679
<v Speaker 1>And if you think about the IRA it's about.

0:12:46.400 --> 0:12:50.199
<v Speaker 3>Seventy six billion dollars a year. We are subsidizing fossil

0:12:50.200 --> 0:12:52.120
<v Speaker 3>fuels around the world at close to.

0:12:52.080 --> 0:12:53.520
<v Speaker 1>Seven hundred billion dollars a year.

0:12:53.960 --> 0:12:56.680
<v Speaker 3>So it's not just about subsidies, it's are they settled

0:12:56.800 --> 0:12:59.280
<v Speaker 3>and has it become part of the landscape in a

0:12:59.280 --> 0:13:03.559
<v Speaker 3>way we can And you know, it's staggering what's happened

0:13:03.640 --> 0:13:06.400
<v Speaker 3>in the last four years. If you look at it,

0:13:06.800 --> 0:13:09.600
<v Speaker 3>you know, the US and three bills, and in three

0:13:09.640 --> 0:13:12.920
<v Speaker 3>bills it's it's close to six hundred billion. If you

0:13:13.120 --> 0:13:17.240
<v Speaker 3>go to Europe, it's a they've pledged at trillion six

0:13:17.280 --> 0:13:19.040
<v Speaker 3>You can never really tell in Europe where the dollars

0:13:19.040 --> 0:13:21.840
<v Speaker 3>are there, but it's a pledge. China, the only part

0:13:21.840 --> 0:13:25.360
<v Speaker 3>of investment that grew in China last year is green.

0:13:25.160 --> 0:13:26.479
<v Speaker 1>Sector of their economy.

0:13:26.880 --> 0:13:30.160
<v Speaker 3>And you know it's not just there, it's it's uh India,

0:13:30.200 --> 0:13:32.960
<v Speaker 3>which is all in Australia.

0:13:35.960 --> 0:13:38.920
<v Speaker 1>You know, Australia has a Green New Deal And I

0:13:38.920 --> 0:13:40.560
<v Speaker 1>could go on and on around the world.

0:13:41.000 --> 0:13:46.480
<v Speaker 3>You know, Kenya, Malaysia, the world has decided, much like healthcare,

0:13:46.679 --> 0:13:50.040
<v Speaker 3>much like education, that this is an area that needs

0:13:50.080 --> 0:13:53.520
<v Speaker 3>to be subsidized. But what's important is actually not the numbers,

0:13:53.600 --> 0:13:55.400
<v Speaker 3>and this has been a light going off for me.

0:13:55.520 --> 0:13:56.520
<v Speaker 1>It's the shape.

0:13:57.200 --> 0:14:00.520
<v Speaker 3>So the original policy dilemma was a bounce once beam

0:14:01.040 --> 0:14:05.040
<v Speaker 3>affordability and sustainability. As I showed you, the affordability is

0:14:05.080 --> 0:14:08.360
<v Speaker 3>getting better. But what happened is we've now changed the

0:14:08.480 --> 0:14:14.280
<v Speaker 3>shape of policy. With the Ukraine, Suddenly Europe and around

0:14:14.280 --> 0:14:16.760
<v Speaker 3>the world realized that they could not count on the

0:14:16.800 --> 0:14:20.040
<v Speaker 3>current system for energy security. If you want energy security

0:14:20.080 --> 0:14:22.160
<v Speaker 3>and you don't have oil and gas, you got to

0:14:22.200 --> 0:14:25.960
<v Speaker 3>go green, right, So suddenly Green had a new ally,

0:14:25.960 --> 0:14:30.120
<v Speaker 3>which was security, and then a fourth ally picked up

0:14:30.160 --> 0:14:32.440
<v Speaker 3>because if you look at the IRA, probably the key

0:14:32.520 --> 0:14:34.560
<v Speaker 3>part of it, and the reason Macron was so mad

0:14:34.560 --> 0:14:38.000
<v Speaker 3>at us, was there was a industrial policy to it,

0:14:38.400 --> 0:14:43.640
<v Speaker 3>a reindustrialization of the country. Two hundred and seventy thousand

0:14:43.720 --> 0:14:48.120
<v Speaker 3>jobs in the US, millions of jobs in China.

0:14:48.160 --> 0:14:50.119
<v Speaker 1>They figured out in China that for every.

0:14:49.920 --> 0:14:52.760
<v Speaker 3>Job that they lose in the fossil fuel industry, they

0:14:52.800 --> 0:14:55.440
<v Speaker 3>pick up four and a half in the green So

0:14:55.600 --> 0:14:58.680
<v Speaker 3>suddenly this debate that many of us in the room

0:14:58.720 --> 0:15:03.000
<v Speaker 3>have been rooting for the environmentalists. The activists got new allies,

0:15:03.040 --> 0:15:06.760
<v Speaker 3>and those new allies are called energy security and jobs right,

0:15:07.040 --> 0:15:10.240
<v Speaker 3>and those allies are showing up in weird places. One

0:15:10.280 --> 0:15:14.040
<v Speaker 3>of the reasons that I'm maybe less worried about policy

0:15:14.120 --> 0:15:16.960
<v Speaker 3>right now changing with an administration is the money has

0:15:17.000 --> 0:15:17.920
<v Speaker 3>gone to the Red states.

0:15:17.960 --> 0:15:19.880
<v Speaker 1>The Blue states voted for it.

0:15:20.040 --> 0:15:22.560
<v Speaker 3>The money has gone to the Red States, and so

0:15:23.200 --> 0:15:24.880
<v Speaker 3>your new set of allies looks like this.

0:15:26.920 --> 0:15:30.120
<v Speaker 1>In the heart of Texas, green jobs are booming, but

0:15:30.240 --> 0:15:34.560
<v Speaker 1>increasingly Wyoming's energy comes not from mining what's down below,

0:15:35.240 --> 0:15:37.280
<v Speaker 1>but for mining the wind above.

0:15:37.960 --> 0:15:40.920
<v Speaker 4>Different kind of farm in Crintain County is planning the

0:15:41.080 --> 0:15:44.640
<v Speaker 4>seeds to grow jobs and produce green energy. Texas is

0:15:44.640 --> 0:15:47.960
<v Speaker 4>seeing a boom in renewable energy. Then that means more

0:15:48.000 --> 0:15:49.280
<v Speaker 4>companies are hiring.

0:15:49.560 --> 0:15:53.920
<v Speaker 3>The governors of Oklahoma, Arkansas, and Louisiana announced the hydrogen

0:15:54.000 --> 0:15:59.960
<v Speaker 3>partnership this week. But essentially now politicians are in a box.

0:16:01.640 --> 0:16:04.040
<v Speaker 3>If we did away with the IRA, we do away

0:16:04.080 --> 0:16:06.080
<v Speaker 3>with a lot of jobs. And are the politicians that

0:16:06.120 --> 0:16:09.120
<v Speaker 3>have been cutting ribbons willing to shut the factories.

0:16:08.680 --> 0:16:11.840
<v Speaker 2>Down and do you think does I mean we're headed

0:16:11.960 --> 0:16:14.480
<v Speaker 2>for I think it's fair to say quite an.

0:16:14.360 --> 0:16:18.320
<v Speaker 1>Election is do you have confidence?

0:16:18.320 --> 0:16:21.640
<v Speaker 2>Do you have real confidence that a new administration, a

0:16:21.800 --> 0:16:25.680
<v Speaker 2>non democratic administration, will continue to invest here.

0:16:26.080 --> 0:16:28.840
<v Speaker 3>As my partner Hank Paulson said, if some of the

0:16:28.840 --> 0:16:32.520
<v Speaker 3>things happening in politics happen here, this is maybe number

0:16:32.520 --> 0:16:34.880
<v Speaker 3>ten on my list. I can't have confidence about a

0:16:34.880 --> 0:16:37.760
<v Speaker 3>lot of things, right, But what I can say is

0:16:37.920 --> 0:16:39.680
<v Speaker 3>these allies of jobs make a.

0:16:39.600 --> 0:16:43.320
<v Speaker 2>Difference, and Texas, I mean Texas is a fascinating example

0:16:43.360 --> 0:16:46.600
<v Speaker 2>of that because clearly not a lot redder than that place.

0:16:46.640 --> 0:16:49.600
<v Speaker 2>All Right, we just have a couple of minutes left.

0:16:49.720 --> 0:16:54.280
<v Speaker 2>Let's talk about passing the baton briefly, because I feel

0:16:54.320 --> 0:16:56.800
<v Speaker 2>like that's a nice sort of way to send this

0:16:56.840 --> 0:16:59.360
<v Speaker 2>audience off or send us off, I guess, and give

0:16:59.400 --> 0:17:00.680
<v Speaker 2>them something into chew on.

0:17:00.880 --> 0:17:01.040
<v Speaker 1>Yeah.

0:17:01.080 --> 0:17:03.200
<v Speaker 3>So one of the things I'm watching, and this is important,

0:17:03.280 --> 0:17:05.399
<v Speaker 3>It is an important moment, is a bit of a

0:17:05.440 --> 0:17:08.000
<v Speaker 3>passing the baton of a race that we're all running together.

0:17:08.080 --> 0:17:09.960
<v Speaker 3>And I think it's a very positive thing. We should

0:17:10.040 --> 0:17:13.920
<v Speaker 3>celebrate it. In certain types of human endeavor, there tends

0:17:13.920 --> 0:17:15.320
<v Speaker 3>to be a little bit of a relay race.

0:17:15.800 --> 0:17:18.080
<v Speaker 1>This is an Olympic year or something that you can relays.

0:17:18.600 --> 0:17:22.080
<v Speaker 3>And it often starts with the scientists, think about Neils Bohr,

0:17:22.200 --> 0:17:26.840
<v Speaker 3>the Arpronet scientists, Mariko and Wiseman. Then it moves on

0:17:26.920 --> 0:17:28.960
<v Speaker 3>to the profits. The people tell us we need to

0:17:28.960 --> 0:17:34.600
<v Speaker 3>make pay attention. Eisenh Einstein sends a note to FDR says,

0:17:34.600 --> 0:17:36.200
<v Speaker 3>you got to think about this bond thing.

0:17:37.480 --> 0:17:39.120
<v Speaker 1>Gates talks about pandemics.

0:17:39.320 --> 0:17:43.320
<v Speaker 3>It then moves to the policymakers, and finally it moves

0:17:43.440 --> 0:17:45.200
<v Speaker 3>kind of to the people who then have to get

0:17:45.200 --> 0:17:46.840
<v Speaker 3>it done, the people in this room and elsewhere that

0:17:46.920 --> 0:17:48.600
<v Speaker 3>have to get it done. I do love that young

0:17:48.640 --> 0:17:51.720
<v Speaker 3>handsome Al Gore up there about that he invented the internet.

0:17:51.960 --> 0:17:52.280
<v Speaker 1>Call back.

0:17:52.320 --> 0:17:54.359
<v Speaker 3>He didn't invent the internet, but he helped, he helped

0:17:54.520 --> 0:17:57.720
<v Speaker 3>power it right. And so this relay race happens over

0:17:57.760 --> 0:17:59.479
<v Speaker 3>and over again. And if you think about what's been

0:17:59.520 --> 0:18:02.760
<v Speaker 3>happening climate, we owe so much to the sign is

0:18:02.840 --> 0:18:06.560
<v Speaker 3>Yashio Keeling, who's got us started right. And then the

0:18:06.600 --> 0:18:09.480
<v Speaker 3>people that have called out the need right, we owe

0:18:09.520 --> 0:18:12.800
<v Speaker 3>so much to this. The policymakers, as I just showed,

0:18:12.840 --> 0:18:15.600
<v Speaker 3>you stepped up, you know, part of the reason I'm

0:18:15.600 --> 0:18:16.800
<v Speaker 3>on this stage is the rest.

0:18:16.600 --> 0:18:17.560
<v Speaker 1>Of us have to step up.

0:18:17.680 --> 0:18:20.840
<v Speaker 3>Yeah, there's a passing of a baton that needs to

0:18:20.880 --> 0:18:21.600
<v Speaker 3>happen to people.

0:18:21.640 --> 0:18:24.040
<v Speaker 1>That's what to answer your question, that's what we're trying

0:18:24.080 --> 0:18:24.360
<v Speaker 1>to do.

0:18:24.760 --> 0:18:28.600
<v Speaker 2>And so less than a minute, given everything that you've

0:18:28.640 --> 0:18:31.159
<v Speaker 2>just told us, clearly you've thought about this a little bit,

0:18:32.160 --> 0:18:34.159
<v Speaker 2>what does this room do, Like, what what do you

0:18:34.240 --> 0:18:37.360
<v Speaker 2>send them off with to What's something that they can

0:18:37.400 --> 0:18:39.960
<v Speaker 2>take home and say to their families, say to their partners,

0:18:39.960 --> 0:18:42.520
<v Speaker 2>say to their kids about the next step that they

0:18:42.600 --> 0:18:43.200
<v Speaker 2>need to take.

0:18:43.640 --> 0:18:46.960
<v Speaker 1>Given that you represent the money side of.

0:18:46.920 --> 0:18:49.440
<v Speaker 3>This, Yeah, I think the money is going to start

0:18:49.480 --> 0:18:52.160
<v Speaker 3>moving because the opportunity is there. But I think importantly

0:18:52.200 --> 0:18:55.560
<v Speaker 3>we need to take a bias to action into a

0:18:55.600 --> 0:18:58.479
<v Speaker 3>touch of optimism. So one of the things that happens

0:18:58.520 --> 0:19:00.640
<v Speaker 3>in a relay race is the last leg is sometimes

0:19:00.640 --> 0:19:04.520
<v Speaker 3>the fastest. And what surprised people historically is when you

0:19:04.560 --> 0:19:07.480
<v Speaker 3>look at the time, I mean, after thirty years of

0:19:07.520 --> 0:19:11.600
<v Speaker 3>the atomic Revolution, Oppenheimer stepped in and won a war,

0:19:11.720 --> 0:19:16.720
<v Speaker 3>won seven oscars, right, So I think there's an optimism

0:19:16.760 --> 0:19:18.960
<v Speaker 3>here that we can get this moving there. We may

0:19:19.000 --> 0:19:21.639
<v Speaker 3>not be moving fast enough, but we are moving faster

0:19:22.119 --> 0:19:27.040
<v Speaker 3>and the path the progress is in perfection starts with progress, right.

0:19:27.320 --> 0:19:28.760
<v Speaker 1>And I see that.

0:19:29.200 --> 0:19:31.920
<v Speaker 3>I think that's happening, and the passing the baton will

0:19:31.920 --> 0:19:32.520
<v Speaker 3>accelerate it.

0:19:32.600 --> 0:19:34.640
<v Speaker 1>So let's have some hope, all right, and let's get

0:19:34.640 --> 0:19:37.040
<v Speaker 1>to work. Jim Culture, thank you very much, Thank you everyone,