Thank you.
I would say that carbon budget is kind of what you get at the end of the exam. On the investors or the financial actors, for them the carbon budget is...I don't want to call it the “pass/fail grade”, but it's an aggregate number. What they really look for at a sectoral level are credible transition plans. They understand that the aviation industry is going to be more challenging than, let's say, the power sector, and the steel industry is going to be different from the cement industry.
As for what they will expect, they'll say for the steel industry, for example, “We want to see a plan that's going to decarbonize it, is globally competitive but credible and will include policy incentives and include technology innovation, and we want to know what role we can play in driving that pathway, increasing the risk of those who are falling behind and driving capital towards those who are leading ahead.” That's what they really look for in governments: to create these credible pathways.
To your question in terms of an industrial policy for transition planning, we believe that is important. Now, of course, every country goes around planning in different ways, but this is a new type of policy, certainly, that they're looking for, because they're fearful that if there's not a credible plan, what they invest in today, next year or next decade might be outmoded, because of changes in innovation or changes in policy frameworks.