Thank you for that question.
I'll just start. A taxonomy is a tool, but it's an incomplete tool. It is a tool that is part of the foundation that you need to really implement climate change.
IMF calls it the climate architecture data disclosure and it's a taxonomy. All other rules and requirements would be built from that. Earlier, the U.K. and EU were mentioned. Those are built from their data disclosure and taxonomy.
Without that clarity and without the credibility of it being overseen and aligned with science, clarity plus consistency brings capital. Without those two key elements, you will not draw in the foreign direct investment and the domestic players in the way that you need to.
I would talk about green bonds, for example. In 2018, green bonds were 3% of the bond market. Today, I believe it's over 18%. There is demand for this type of investment that you can draw in. I think having that clarity and consistency is the core foundation for any other program working, or regulation.