As I said earlier, we're believers in climate change. Climate change is happening. We believe in the energy transition. The energy transition will be under way towards a low-carbon economy over time. However, even the most optimistic projections, whether we like it or not, see a significant role for traditional energy for quite a while yet. If I take, for example, the IEA's projections for the energy transition, the most optimistic projection they have is that by 2040 there is still 58% of the world's energy supply being provided by traditional energy.
That's probably not consistent with a great climate outcome, so there's going to have to be even more innovation there, whether it's carbon capture, other approaches or a more rapid transition. There's clearly a role for traditional energy: for airplanes to fly and for other things that it's very difficult to innovate around. We see that there will be investment in the traditional oil and gas industry for a period of time.
I'm not sure that there is a huge surge in investment right now. I think it is a challenged industry, given where prices went. It had a double whammy during COVID. There was not only the COVID pandemic and a complete dry-up in demand, but also this huge spat between Saudi Arabia and Russia that caused a massive crash in the price. It was under very significant stress at that point. I feel for the people who are in that industry, who've been really challenged during this time, but they have a long track record of battling back.