Thank you very much. This is a very interesting question. Of course, I don't think we have the time to go through all of them or much of them in five minutes.
What I would say is that I share some of the comments that were just made about the fact that ESG is a melting pot of anything and everything, but climate is a real risk. In this respect, you can see policies that actually can move the needle. For instance, the European Union just adopted the corporate sustainability due diligence directive, which obliges every large company to have a net-zero transition plan. That can be powerful.
As I alluded to in my opening statements, I do believe that the move towards disclosure regulation is welcome as long as sustainable disclosures are aligned on financial disclosures. For instance, companies cannot trumpet net-zero commitments without actually reflecting them in their financial statements, which I think is analogous to what Professor Damodaran was saying.
Another policy that could be useful, for instance, is EU banking policy. EU banking regulation has recently been amended to require that banking directors have sufficient expertise on climate risks and climate change as well as a transition plan, etc. Again, that can also be important and impactful.