Yes, you talked about the new deal. What I think the CIB can do for building retrofits is very similar to what you saw in those postwar years with the role of public investments in creating new markets for, say, residential mortgages or rural electrification—essentially, public investment-led....
It did things that the private sector saw as being too risky, but it led more through demonstration. It took it on, and then it demonstrated that this is actually a market where private investment is safe. It created those initial market structures so that things like standardization and like aggregation of projects.... That essentially created the right institutions for private-sector capital to come in.
I do think that's a bit different from just waiting for projects to come from the private sector. Again, the CIB needs to have this market-creating mission. I am encouraged by the new growth plan's taking on building retrofits as a new area.