It's a massive issue and one that we think is a really important issue for long-term investors.
Climate change is happening, and we need to be able to understand all of the risks associated with it. Those risks are multi-faceted. They can be geographical change; they can be regulatory change; they can be customer preference change. There are a myriad of changes that are happening. We need to be able to anticipate where they are going and make sure that we're making investments at valuations with anticipated returns that compensate us for those risks we're taking on.
That's key when we look back at what we're charged to do by the acts of Parliament, which is to maximize returns without undue risk. We need to not just understand the returns but all the risks associated with the investment. We have both a top-down review of all the risks in our portfolio, and then every direct investment now has to go through a screen of the climate risks involved in that particular investment.