Thank you very much, Ms. Collins, for this question. It's actually, for me, the tipping point.
Today we have financial institutions everywhere on earth in the global financial markets committing to net zero. It's easy to find and easy to flag but almost impossible to do it. When financial institutions realize they have signed something that is probably too difficult for them, either they resign so that they are again compliant with their engagements, or they really have to take strong decisions.
As of today, as I was mentioning, it's very difficult for global financial institutions to see a very profitable market—for instance, oil and gas—and then decide not to go there. This is very difficult. What is almost impossible for them if they're already there is to say they quit, and have to close down the branch working on that and fire the employees or organize them differently. This is not a win-win situation.
We are at a situation that is very interesting, because stakeholders are no longer looking for a win-win option. I think we are entering a win-lose option, and we know there will be a cost. We know that there will be something that will be closed, so we have to organize this.
Finally, for me, it's much more a societal, policy and political issue than a pure financial thing. When you have really motivated banks—and I work with some of them—that are very committed to trying to go to this net zero, when they realize what it means for them, then behind the scenes they say that they will never succeed if the economy is not in alignment to do that. Then it's not a financial stake anymore; it's first and foremost an industrial policy thing.
Take the car industry in Europe, for instance. The internal combustion engines are expected to be forbidden in 2035. It's in the law, but it can always go back and forth. It's easy for a financial decision-maker to say that they won't go to a particular company but to another because they are going electric. However, if there is not such a regulation, they will not stop financing car producers that make cheap internal combustion cars. It would be stupid.
For me, the industrial policy has to be first and foremost, and then the financial industry has to follow and implement.