10:00 AM - Welcome Remarks
- Annmarie Hordern, Washington Correspondent for Bloomberg Television and Radio
10:05 AM - Transitioning to a Clean Energy Economy
David Turk, Deputy Secretary for the U.S. Department of Energy will share his vision for how governments and businesses can work together to tackle complex climate challenges and transition to a clean energy economy. What role will technology play to reach the administration’s goal of net-zero carbon emissions by 2050 and secure our nation’s future? What can the government do to pave the way for more resilient energy systems and electric vehicles? As we look ahead to Cop26, why is this summit important and what can the world expect from the Biden Administration as part of the global effort to combat the effects of climate change?
- David M. Turk, Deputy Secretary, U.S. Department of Energy
transition too fast/slow for customers - energy markets right now
looked at all funds when came in - 8 billion clean enery budget "earthshots"
epa eg reg on methane
will capitol hill back more
is clean energy utility bill encouraging utilitoes dead due to mansion's stand
is a carbon tax likely
india 450 gigawatt target - grren hydrogen and long duratoon storage - india and us 2 compliments starts
what does china mean by "energy security"? can china make its 2030 peak earlier?
rising cost natural gas/oil politics-us not yet scaled clean energy/renewables win offshore onshore solar geothermal renewables
currently 16% nat gas exported - u nat gas abou 5$- europe about 30 do;lars- constraint physical at L&G terminals
how clean is natral gas spectrum- questions on emissions (their costs up to thord us peoples disaster costs (methane emissions happen when gas transmitted inefficiently)
- Annmarie Hordern, Washington Correspondent for Bloomberg Television and Radio
10:35 AM - Microsoft Sponsor Spotlight: Working Together to Close the Digital Skills Gap
10:40 AM - Securing America: The Path Forward
After several high-profile cyber-attacks, both federal and private companies are reassessing whether their IT infrastructure is truly robust. The infrastructure bill aims to fix that, putting $1 billion toward a cybersecurity grant program and $550 million toward protecting the electric grid. That likely marks only the beginning of policy solutions that will protect American businesses from the next major hack. Between now and then, both the government and corporate leaders will need to draw lessons from previous breaches and rethink their approach to cybersecurity. What does it mean to have a robust cybersecurity plan? How do you put that plan together? What did we learn about security from SolarWinds and the colonial pipeline crisis? What actionable strategies can leaders take to secure their businesses and how will government collaboration help?
- Brandon Wales, Executive Director for Cybersecurity and Infrastructure Security Agency (CISA)
- Rebecca Kern, Bloomberg Government Technology Reporter
11:10 AM - Government’s Digital Transformation
This administration is faced with the burden of proving that democratic governments can still solve big problems in America--and beyond. Investment in technology and digitalization could be a bridge to the more effective and efficient level of service that consumers expect from the private sector, and increasingly demand from public-sector services. Big investments in digital infrastructure are needed to address post-pandemic economic challenges and global crises like climate change. A digital framework, connecting municipal, state and federal level policy-makers could be transformative, but first requires thoughtful decision-making and policy implementation to address the privacy concerns, misinformation and cybersecurity threats that could undermine this agenda. Adopting a new digital-first approach to public-sector processes can provide governments with both their greatest opportunities and their greatest challenges.
- Clare Martorana, Federal Chief Information Officer, Office of Management and Budget, Executive Office of the President
- Josh Wingrove, White House Correspondent, Bloomberg News
11:35 AM - Supply Chain Resilience: Making American Business More Competitive
Covid-19 disrupted supply chains around the world as we’ve never seen before. What have we learned from this experience and how can the public and private sector work together to improve processes? Congress has yet to fund or pass the Chips Act, which would give the American semiconductor industry help as it faces a dire shortage. Domestic production has hit the auto industry and promises to reduce the United States’s semiconductor market share. But experts say the government can shore up the supply chain through funding more factories and fully mapping defense contractors. Doing so would allow domestic manufacturers to remain competitive globally.
- Robert Sanchez, Ryder System, Inc. Chairman & CEO
- Lisa Abramowicz, Host Bloomberg Television and Bloomberg Radio
12:00 PM - A New Era of Public-Private Sector Collaboration
Given the successful partnership between federal government agencies and private-sector pharmaceutical companies to coordinate research into vaccines and therapies in response to the Covid-19 pandemic, the appetite for more collaboration in the post-pandemic era is growing. Pfizer’s Chairman and Chief Executive Officer Albert Bourla will share his experience and vision for the next phase of combating Covid. How can the success of federal programs fueled by private-sector partnerships ramp up vaccine production to meet demand at home and abroad. What can we learn from Pfizer's reliability and strength of its supply chain? How can public and private sector collaboration bolster government capacity and combat the next deadly phase with booster shots as the contagious delta variant marches across the globe.
- Albert Bourla, Pfizer Chairman and Chief Executive Officer
- David Westin, Anchor, Bloomberg Television
12:20 PM - BloombergNEF Presentation: A Look Forward to Cop26
Backed by unmatched data, strategic research and analytical power of Bloomberg’s global resources BloombergNEF will bring you insights on what is the best we can expect from Cop26. Who will finance a clean green future? Which G20 nations are in line to meet their climate goals and who is lagging behind? What are the challenges to transition to a clean energy economy?
- Victoria Cuming, Head of Global Policy, BloombergNEF
12:30 PM - Modernizing America
Legislators say a major goal of the $1Trillion infrastructure deal is to boost American competitiveness, both through investments in infrastructure and through a sweeping bill governing United States-China relations. Both will have wide-ranging effects on the global supply chain, depending on their final shape. Is new legislation really boosting American competitiveness? Where are the dollars going? How will public actions affect private companies’ ability to operate internationally? What role will digital manufacturing play in rebuilding America? How can modern infrastructure enable a new era for electric vehicles and make it easier for businesses to strengthen operations and the supply chain? What have we learned from the pandemic about the critical need to become a nation that manufactures and builds here in America to compete globally?
- Barbara Humpton, Chief Executive Officer, Siemens USA
1:00 PM - Closing Remarks
- Annmarie Hordern, Washington Correspondent for Bloomberg Television and Radio
1:00 PM - Program Concludes
Click here for real-time transcription of this session. Please excuse any typos. The final transcription will be available in this page after the event concludes.]
Hello and welcome. I'm Anne-Marie hordern Washington correspondent for Bloomberg, television and radio. I'm excited to be your host as we Premiere, a new series here policy. Blueprint covid-19 was the greatest obstacle Humanity has collectively faced since World War Two, as Force governments to react in ways that didn't always lead to the best or most effective policy yet. Several breakthrough, pharmaceutical Partnerships that led to the development and distribution of multiple vaccines showed collaboration between the public and private sector is crucial to rebuild. Confidence in government capacity and effect change in our world. That confidence will be necessary. If our government leaders are to address the multitude of change challenges we face. And today you'll hear from senior policymakers and business Executives, who will examine the question can government and the private sector work together to solve big problems. Before we get started a couple of announcements first. I would like to acknowledge our founding sponsor Microsoft, and if you experience any
Issues with your audio or video quality. Try to refresh your browser or use the chat box in the bottom. Right corner of your screen for support. You'll be able to submit questions during the interviews and we hope you do engage with us. Or probably not going to be able to get to all of you. We will try our best. So submit a question and please click open the white tab on the right hand side of the video window and submit what you have to say your if you note your name and geographical location, but also give you a shout out. Now, for today's event. We have partnered with phiston and audio to text platform. That is Transcribing, today's discussion in real time, making the event more accessible. You can access this in for the real-time transcription, be the link in the session description. Now, please engage with us as well on social media, using the hashtag policy blueprint and also engage with other attendees in the event chat in the
Bottom right corner of your screen. Now, transitioning to a clean energy economy. That's get started. That is the name of our first session. The world. At the moment is undergoing a massive shift, as well as in some parts of the world, a shock, and how we power our homes and our cars. It's a transition from fossil fuels, like oil, coal and gas to more sustainable sources like solar. And when that is underway, and for some, the transition is going too fast. Others are much too slow. So how do governments and This is do both provide cleaner resources, but also insulate consumers from
Prices for the fuels, we're using today. And I'm pleased to be joined Now by David. Turk, deputy secretary for the US Department of energy, his experience working on climate at the state department, as well as the deputy executive director at the iaea makes him a perfectly placed, an apt voice for this conversation. David. Thank you so much. I want to begin with President Biden's. Climate goal, half a missions by the end of this decade, but to get there, he needs the help of Congress. And at the moment. I'm, uh, Each of his plans. Keep plans being blocked by a
Own party, even how do you see the u.s. Reaching this target? Well, first of all.
Thanks for having me with you. It's just a pleasure to join you in this discussion and Incredibly timely discussion, given what's going on right now. A couple weeks before the cop, all the dynamic nature of energy markets right now and really historic opportunity to accelerate our clean energy transition, not only here in the US but globally globally as well. And I think to your question that it's useful to take a bit of a step back. There's a lot of authorities. There's a lot of funding that the government currently has its federal government currently has Has and when President, Biden came in and my boss, secretary Grand Home came in, we took a look at all those authorities.
All those funding streams and made sure that we were maximally leveraging as much as we possibly could from that. So, we do about eight billion US dollars per year. On clean energy, research and development. We launched a series of Earth shots to really push the prices down on hydrogen, clean energy hydrogen on long-duration, storage on all of those key Technologies. Further reducing the costs on solar. We've got a 30 gigawatt Target on offshore wind. Our Loan program is back up and running under the leadership of digger. Shaw, to make sure that we were A pushing loans out EPA, has a whole sorts of regulatory authorities including on methane emissions. That will see see you in a few few weeks period of time. So there's an awful lot. The
Is doing has been doing throughout this Administration, but you're right. This is a historic window of opportunity on Capitol Hill and we've been spending an awful lot of time with t Senators with key members in the House of Representatives, providing technical assistance, having those discussions so that we get the maximum benefit both from the bipartisan Bill and then the reconciliation bill as well.
From those conversations. Do you think that that clean electricity plan, that would basically give utilities this incentive to ditch oil, coal, and gas and move towards solar and wind nuclear. Do you see that? Now Dead on Arrival? Given where Senator Mansion stands? Well, I think, again, it's useful to look at the totality of what's in the bipartisan Bill already. Huge amounts of demonstration, authorities at the United States Department of energy. Would be administering on hydrogen on CC us on a range of Technologies. A variety of incentives in there for electric vehicles. And then there's a number of components in the reconciliation and active conversations going on right now conversations with key senators and members of the house yesterday among themselves. And then the president engaging with progressives and moderates today and were regularly engaging with all folks on there. And I think
Important to really emphasize that there's a number of Pathways. There's a number of different ways of getting at this. All again, it is. You mentioned the 52, 52 percent goal by 2030. That the president is put on the table. That's an ambitious goal. And we have to realize that and we have to push the various levers, the various authorities to get us there. But there are a number of really interesting forward-looking proposals that are being discussed right now. On Capitol Hill, one proposal, being discussed on Capitol Hill, is a carbon tax. Tax, would you support that?
So again, there's a number of different policy. Proposals, legislative proposals on the hill right now and what we've been doing from the Department of energy. We have a whole flotilla folks who have literally been working their whole careers in this space and we've been providing technical assistance on an ongoing basis to all of the different senators. All of the different members of Congress who are putting forward, a range of proposals. And what we're trying to do is to inform those conversations. I spent eight years earlier. In my career working on Capitol Hill and it's article one where Article 2 in the executive branch.
Will be members in Congress who decide what are the particular plans and proposals that there's enough support to move forward on and what we're doing from our end is informing that conversation and saying, here's the way you could structure this proposal. Here's the way you could structure this proposal to get the most benefit for taxpayer funding in the most benefit from this truly historic opportunity. It really is a historic window to get these kinds of authorities. These kinds of funding streams. And again, we're doing everything we can to be Supportive and helpful in those conversations among members of
You mentioned at the start. It's such a critical moment in time because we are also coming up on the cop. 26 event. Does the president risk walking into Glasgow with an empty bag of no deliverables to show off to the other countries? Because is agendas being stalled in Congress. Well, I have to say
I feel incredibly honored to be part of this administration because of all that we have done the proposals that the president is put on the table and the kinds of very constructive discussions on Capitol Hill again, I think it's useful to take a step back and realize what we've done already in this Administration, the kinds of goals the kinds of proposals the kinds of funding streams. Revitalizing things like our Loan program that is literally tens of billions of dollars. It can be used to get new clean energy. He's up and running in helping communities promoting jobs. In addition to the climate benefits that come from that. So, the record already of this Administration, I think is incredibly strong. You look at what was done recently on hydrofluorocarbons, hfcs super pollutants on the climate side. That is an incredibly impactful.
Piece of climate legislation and as the president has said, and I worked for Senator Biden when he was in the Senate and I know his legislative skills and I lo his relationships up on Capitol Hill. Sometimes Congress doesn't always work as quickly as one might want it to work but the fundamentals I figure there for a deal to be had and there are very very constructive. Good faith discussions going on in the president. Of course, secretary Grand, Homme myself, others of us, very actively engaging in those discussions. So I I feel like the US has an amazing amount of credibility and really stepping up to the plate and working with our International Partners as well.
So if Biden enters Scotland and says this, these are the plans and this is how we're going to be able to meet this very ambitious Target of having the emissions. By the end of the decade. Is that enough in your opinion, to get the likes of India or China on board? Because right now she's using ping actually isn't even attending cop as far as we know and we're even on sure who he's going to be attending in his place without China, how much harder is is going to be?
So there's no doubt and Marie. Everybody needs to step up to the plate countries. Need to step up to the plate. The private sector needs to step up to the plate. Financiers need to step up to the plate, like, never before the ipcc analysis on, the science are common sense. Our own eyes, seeing around us. 1/3 of Americans have been impacted and have actually personally witnessed and seen extreme weather and other consequences of climate change already. So everybody needs to step up to the plate. I was just an Yeah, about three four weeks ago, very interesting set of
Relations with six different ministers, six different Ministries and they're going like, gangbusters on their 450. Gigawatt Target for the renewable side of things and what we had were discussions with them about how. Well, we're doing, especially to reduce those costs of green hydrogen to reduce those costs of long-duration storage, dovetail incredibly well with that 450 gigawatt, Target. When I met with the minister of power. Other ministers there, the two technologies that they're really trying to push out to the they can achieve that Foreigner. 50 gigawatt Target, bring the benefits to the Indian population. Not only on the climate side that energy security energy. Independence was green hydrogen and long duration.
And that's what we're investing. On the storage side of billion, u.s. Dollars a year to reduce those costs. So I think there's actually a nice complementary set of Arrangements between us and Indian, a number of other countries, everyone using their levers as much as we can, but there's no doubt. Every country needs to step up to the plate. Every country needs to do to do more and we all need to move forward. There's no solution to climate change, unless everybody stepping up. But on China, especially recently the the rhetoric from the highest. Cause of the government is to scour the market for copper for Cole. Excuse me. They're going after everything they can and their term is energy security. Is it a massive blow about what is going on right now at the energy crisis in China? As well as the
Act that Xi Jinping will just not attend. So, there is absolutely no doubt. China needs to step up and do more as other countries around the world need to step up and do more. China's, carbon footprint is huge around, 30 percent of global emissions, come from China. We have seen some progress from China, including the recent announcement to not fund coal projects overseas, but they need to do more, they need to Peak well before 2030, which is what they're Goal is right. Now. If we Humanity, has a chance of avoiding the worst consequences of climate.
So our hope is we'll do everything we can to mystically in the US will actively engage with countries around the world and we'll use whatever levers we have to to try to make progress around the world. But there's no doubt China needs to step up and do more alongside all these conversations about cop 26 and climate change in their transition. There's also some uneasiness within the administration and we reported on this about the rising energy costs. We see this from natural gas. We see this. All over the world. And at the moment, there's no crisis per se.
United States, but the eia says that this winter. You, if you heat your home with natural gas you could see your bill increase by 30%, does the administration have plans to try to ease some of these concerns for consumers and soften that potentially higher Bill cost. Well, the
Answer is absolutely. We're paying very, very close attention to the costs on the natural gas side to oil to what are US citizens and others pay at the pump. And I think it's important to think about this in two ways. We need to do two things simultaneously and I think we can walk and chew gum as they say. One is we clearly need to accelerate the clean energy transition. We need to make those investments in the Clean Energy Technologies that have future a task. Scale. And at a pace that we've not yet done. We need more energy, storage out in the system. We need more versatile. Clean hydrogen in the system. We need more in a diverse range of Renewables into this system. Offshore wind. I mentioned earlier is an incredibly important renewable that we need more of into the system. They're higher capacity factors with that offshore wind if you dovetail offshore wind,
Onshore wind with solar with geothermal with nuclear, you get a mix of clean energies, coming into the system with storage with reliability, with resilience. And so we need to invest more. We need to actually invest more in quicker in those Clean Energy Technologies. And then secondly, we do need to actively manage the existing issues that we have with existing fuels to make sure that they're available that they're affordable and they're reliable for consumers and we have had discussions with our interagency. E Partners under White House leadership on a daily basis.
These last days making sure that we've got the best numbers knowing what's happening in the US and around the world when it comes to oil and natural gas and Retail gasoline gasoline at the pump in terms of the prices. So, very active conversations, including with private sector, including with state and local governments. The northeast of the United States. In particular, is an area that we're paying a lot of attention to natural, gas heating other sources of heating to make sure that we're doing everything we can from the federal government side of things to be prepared. Oil from the spr. Is that an option?
Well, it's useful to again. Take a step back and appreciate how we got to this point. And what we saw was the oil market and the natural gas market. I have huge Swings with covid, right? You'll recall when cold air kit and any of us stay home. A lot of us are still working from home. These days. We had a huge drop in demand for oil for natural gas to the point where the prices went to areas. We've never seen, we actually song-. Is that you to recall in Murray for a period of time? And everyone was scrambling. I was at the International Energy agency at the time where we helped coordinate an extraordinary T20 meeting to deal with negative prices and to deal with really low prices for oil and natural gas. And now is the economy Heats back up, coming out of covid. The supply side is lagging that and so we're seeing these price swings in ways that lead to some real volatility. And so, again, we're having conversations.
With our key domestic Industries on this, with our oil and gas producing companies were having conversations across the world with a variety of producers and consumers, whether OPEC and OPEC Plus, or Beyond OPEC OPEC, plus can producers like, Norway, like Canada, like other countries along those lines and no options are off the table. The president has said that he wants to do everything he can to make sure that we've got affordable, reliable supplies of energy. G for our citizens are people around the country and that's what we'll do. So no, no.
Off the table. So potentially, if prices go so high we could unlock the spr. So that will
Decision, the president makes the Secretary of Energy makes along those lines and what we're doing now is helping to inform those conversations with REI a you've mentioned REI a which is a part of the OE putting out nonpartisan independent data statistics. So we have the best information for decision-making going forward. And we're actively having those conversations with this white house under their direction to make sure that any decision that's made by the president as well. Informed and will have the impact that we have it but the President, I can tell you the president, his senior advisors secretary Grand home. All of us are in.
He focused on the impact of consumers and making sure that this recovery coming out of covid, is as smooth as it can be, including with energy supplies and affordability going. A little bit more back to Natural Gas. There's also debate on and I know the press secretary Jen sake said, at the moment we want to continue exporting natural gas. That's actually helping to potentially lower the price in the market. But what would it take for the u.s. To curb or stop those exports of natural gas? So, one thing, I think it's useful to emphasize Ann-Marie is, we are an incredibly privileged position here in the u.s. Versus a lot of countries around the world when it comes to Natural Gas.
Supplies and the current price, right? The current price of natural gas here in the US. It's a little more expensive. It's quite a bit more expensive in the Northeast, but it's a little over five dollars compared to where natural gas is now. And looking to the future is into the winter in Europe and in Asia, where it's $30 or so. So right now we're producing more natural gas than we use. We're actually storing more natural, gas preparing for the winter along those lines. And we have had a very Very active trade in natural gas.
The LNG terminals around 16% right now of our natural gas goes abroad to a variety of countries around around the world. So again, we are having conversations internally with the White House with our interagency partners in, making sure we're doing everything we can to help first and foremost, our people here in the United States, but also looking and working with our partners around the around the world as well. Well, the deal we Of potentially additional export.
Is for LNG plant or new plants? So,
It's useful to underscore that right. Now. We have around four times, the amount of authorizations that previous administrations have already made on natural gas, than, is actually being exported. So, right now, the constraint on natural gas, is really the physical constraint at our LNG terminals. These are huge projects. They cost a lot of money. They take a lot of years to get online. So we actually have a quite a hard ceiling in terms of how much natural gas can be shared through LNG to other countries around the world. And we're almost at At that physical constraint.
Outside. What that means? Certainly in the near term is we will have that quite significant price differential where American taxpayers American citizens will have much much cheaper gas than other countries around the world. I have a little bit more also of just a going forward, question about natural gas. It is one of these controversial fuels because obviously it's much cleaner than coal, but they're still methane leaks environmentalist. Absolutely hate natural gas. They say it's not be part of the transition. How does the administration view natural gas as a fuel? Where does it fit?
So the way I come at this in Murray is energies. A good thing energy powers. Our lives that powers our schools of powers our businesses, it Powers our economies. What we have to focus on a mission is emissions and we have to have the laser, like Focus. We have to have the incredibly ambitious goals that this president has laid out because that's what science is telling us. We need to to avoid the worst consequences of climate change. We're spending billions and billions of dollars every year in our country and countries around the world. Are incredibly.
Competitive with coal, with other sources of electricity generation. Going forward offshore wind onshore, wind geothermal. We think nuclear is playing in. Can play an incredibly important role going forward and then there's a range of what's called CC u.s. Technologies that can sequester or utilize a utilize emissions, coming from natural gas coming from other fossil fuels so that we can get the benefits of that energy, but reduce those emissions and Dramatically reduce those emissions. We also on the natural gas side. Need to focus.
Methane emission side of things, we release way too many emissions throughout the value chain on natural gas. Not only here in the US but Russia and other countries around the world and we've got to get a handle on that. That's just product. Going to waste, we need to clamp down on those emissions and this Administration has been and will be incredibly ambitious and aggressive on methane emissions and and given the higher energy prices. Is it feasible? Potentially at Department of energy would Lift, the ban on federal drilling. Is that one of the options?
You've been discussing in these meetings.
That is not a particular authority of ours that the department of interior and other departments and agencies who have some of those regulatory authorities were of course part of those conversation and informing those conversations, but that is something again. This Administration is I have to say I'm honored to be part of this Administration. It's incredibly competent group of experts who've worked on these issues for years and years and really relying on and working in Partnership. With folks who are part of our civil service who have literally
Decade serve for decades on these issues and active conversations, of course, are happening all over the all over these issues. When you look at the administration and the United States is energy sources. We are ranked number 3 and when it comes to and this moves around a lot, but it comes to the production of oil and gas. We have vast amount of resources here. But President Biden wants to be a climate president. Do you find that this message is inconsistent? Aunt.
Well, again, I think we have to do two things simultaneously, and I think this Administration is trying to do those two things simultaneously to reach our climate objectives, to make sure that we've got the good jobs of the future. The well-paying, jobs in the future revitalized communities. This president has made a the most ambitious commitment of any president to reduce our emissions to revitalize, our economies and communities to have those good-paying jobs of the future in this clean. Energy Revolution that we're in the midst of.
But it's an incredibly ambitious set of goals that 50 to 52 percent reduction by 2030 clean electricity. A hundred percent clean electricity by 2035 and a NetZero economy by 2050. That's only 28 years for those of us who are getting a little bit older. 20 years is not that much time to get to Net Zero throughout our economy. This is an incredibly ambitious set of goals and tasks that are before us and we need to get going, we can't just set a Target out there at Ation.
We have about six minutes left and I do want to get to some viewer questions and one comes from Andreas in Connecticut. I know this is something you've been working on when it comes to Earth shots and you're excited about. He says, what are the obstacles to switching to hydrogen? I know you have been doing some research into that space. Well, thanks, Ann Marie. What. We've done is, take a look at what are the range of Technologies? And we're going to need a whole full Suite of Technologies in order to be successful, to get to NetZero, not just in electricity, but Transport and Industry and buildings across this fear. We're going to need a range of Technologies.
And technological tools to get us there. So what we've done is we've done a whole series of analysis thinking about what are those key enabling technologies? That are so critical to get us to that? 2050, Net Zero and we're in the midst of launching, what we're calling a series of birth shots. Those technology areas that are critical that we really need to have a full coordinated. US Government approach public, and private working together to really do whatever we can to reduce those price points to get those Technologies out. They're in scale. The first Earth shots that we
Was on clean hydrogen with a goal of $1, per kilogram of clean hydrogen. Within the decade, that is an incredibly ambitious goal. It's an 80 percent reduction from where we're at right now on electrolysis for hydrogen produced by Renewables. We've got to invest in our National Labs. We have 17 National Labs that we're bringing to the table to work on. These are shots. We've got to work public and private to make sure that any solutions that originated in our ABS go out to commercial scale as quickly as we possibly can.
So I think hydrogen is one of the most interesting versatile energy sources of the future. It provides Solutions not only for heavy-duty transport, for a variety of industrial applications, and we're trying to get on with it with this other shot to drive those costs down so that it can be available at scale as quickly as it possibly can be. Speaking of Technology during the pandemic. We also saw hack.
Colonial pipeline. Has there been, have you seen fresh technology truly fortify fortify our pipelines? And our grids from these potential cyber attacks. So this is something I'm working on a daily basis. We've got an incredibly capable group here at the department of energy, working with the White House. Working with the Department of Homeland, Security, working with our intelligence agencies across the board and working very much with the private sector as well.
On the technology piece and I know you've spent a lot of time rightfully. So in my opinion, Anne-Marie on cybersecurity in these issues throughout your career from the Department of energy side, one of the things we're trying to do is use those 17 National Labs and try to push these technologies that can be helpful for private sector actors for the government for monitoring for building and resilience by Design. So, I visited our Idaho National Lab, a few months ago, where we're doing some Cutting Edge cyber security research on. Technologies that are already out there in the market and will be out there in the market going forward.
Or a few weeks ago, I participated with the director Martin color from the national renewable energy lab to kick off a cybersecurity accelerator where the private sector can come in. Use a live test bed at nrel, our national renewable energy, lab in Golden Colorado to test their new products on cybersecurity. So again, we can get those in the marketplace as quickly as we can. So we're absolutely focused on that. Is fortifying a fossil fuel grade or pipeline. Than potentially cyberattacks against wind or solar.
So what we have to focus on is having cyber security by Design, right from the get-go. With all of these Technologies, all of these companies, all the processes that we all need to undertake to avoid phishing to avoid, all those kinds of encounters and we need to have a resilience. We need to have a resilience when those attacks ransomware attacks or other attacks come in along those lines. So we are actively working with all parts of the energy Spectrum. Right now some of the solutions These are more particular to certain sectors than other sectors, but there's a lot of
Commonality between not only parts of the energy sector but other critical infrastructure when it comes to cybersecurity. And there's an all of interagency strategy that this Administration is pushing on the cyber security side of things. I think I have time for one more. And this question kind of brings us back David to very start of our conversation. And if it's whether or not the energy department is still considering using the executive Authority on its own, for the Clean Energy payment program. This is the Program, we started the conversation with that at the moment.
Is being debated whether or not it's going to go into the reconciliation package that the president supports. Well, if
And Maria, what we're trying to do is use all our existing funding streams authorities and really push the envelope wherever we can on that front and then, secondly, take advantage of this historic window of time on Capitol Hill with the bipartisan infrastructure, deal with the reconciliation discussions that are ongoing right now. There's a number of Pathways to get us to where we need to get to. It's an incredibly ambitious goal that's on the table. And so we have to have Pathways that are going To deliver and we're focused in providing technical assistance to our key members of Congress who are leading on these efforts so that we can inform those conversations. But again, we've got to do everything we can with existing authorities.
Listing funding streams, but then also take advantage of this historic window and I have no doubt that whatever emerges from Capitol Hill will truly be historic will be unprecedented and will be a huge huge help to what we're doing. Going forward. If I could push you on this slightly, would that mean if you're going to open up the entire toolbox, there would be another look if this gets shut down to using grants, to reward the states to increase some of those clean energy alternatives. Ways here and that's the those of the discussions were having right now with with key leaders on the hill.
All right, us Deputy energy. So Texas. Secretary David Turk. Thank you so much for your time today and for all of our audiences. Thank you for your question and for joining this wide-ranging conversation about what's going on with higher commodity prices to, as we gear up for the u.s. Entering, the Glasgow cop 26, what will they be going in hand? So are very much. Thank you for his time today. 30 minutes one-on-one. We really appreciate your time and make sure you stay right here, with Bloomberg live. This new premiere of Thanks. Microsoft is empowering governments around the world to deliver, extraordinary experiences to the people. They serve together. We can launch skills initiatives, that close the talent Gap and drive.
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Hi, I'm Dave cop and I'm the president of Microsoft u.s. Thanks for allowing me to join today. It's just an honor to spend time with this audience and think deeply about some of the most pressing issues facing us all. Today. We're living in a challenging environment challenging from a healthcare perspective, economic and climate. We've got crisis that we're all thinking about deeply accelerated, by covid-19. This rapid advance in technology. Has drastically reshaped how people live work and learn and we're witnessing. An incredibly big widening skills.
And employability Gap in my conversation with public sector customers with our private sector customers. And our partners. We keep hearing how important jobs are for everyone. If you look at the data it tells you a lot by 2025. It is estimated that the global Workforce can absorb a hundred and forty, nine million new tech and Tech enable jobs across Industries.
If you look at examples cybersecurity and this'll sector alone, the US has a shortfall over 300,000 cybersecurity professionals to fill the jobs. We have to have a work force capable of Performing the work. And if we stick to that example of cybersecurity 82 percent of us employers report, a deficit of cybersecurity skills among their workforces today. So in this post covid world, all people, especially those hardened in the hardest-hit industries, and the most underserved communities will need to learn the difference. Digital skills to pursue these in demand jobs in a changing economy. So not only is it
Feeling challenged impact individuals. We know it has a systemic effect on the ability of companies Industries and communities to find the talent and thrive in a digital economy. So this challenge is also a huge opportunity. This circumstance a once-in-a-lifetime generation opportunity for us to think about how we reshape and rethink education, from K12, through college, to prepare our students for jobs in the age of digital transformation and Microsoft. Our mission is to empower every person and every organization. Ation on the planet to achieve more. And one of those causes about building skills for employability. We want to create a future.
Every person has access to skills, technology and opportunity to thrive in this new digital economy. It includes job Seekers. It includes that? Are those that are currently employed, but need new skills to continue to grow and it also includes students who are preparing for jobs of today. And tomorrow. We launched a global skills initiative. That's designed to help 25 million people worldwide. Learn the skills for these roles. We also invested 15 million dollars over three years to accelerate the work of black and African-American LED. Prophets. That provide digital and professional skills.
Communities in the u.s. We're expanding Microsoft. Volunteer program to bring Computer Science, Education to 620 high schools in 18 cities. We've also invested 20 billion dollars to Advance Security Solutions over the next five years with a hundred and fifty million to help you as government agencies upgrade protections and expand cyber security training and Partnerships to date. Our Global skills initiative has reached over 8 million in the u.s. To provide them with access to free learning. Intent, Pathways to help build these skills for in-demand roles, but our efforts Aren't Enough.
Not one company, organization, nonprofit, or government agency can do this alone. We need to work together. And I'm really heartened that this event is pulling together. Leaders from public and private sectors to address. Some of these unique challenges. Our responsibility is to think about how we ideate together. And collectively address, the educational needs of our communities. We Believe focusing on three specific key policy areas will create this inclusive economy, one being investing in individuals to attain these skills includes. Lionel skills to enable.
The jewels to to use devices access the internet here, more advanced online tools that enable lifelong learning initiatives for employees public. Policy should support employers to provide on-the-job training, that supports new workers and helps existing workers to advance in their career. Pass. Those employers need that help specifically those that are small business leveraging, the power of innovation and data in this rapidly changing economy. We need real-time information about what jobs are available. Available what skills will be needed for those jobs and how to attain them?
Innovative public and private sector Partnerships can really create information available and a timely and user-friendly way.
Believe those three things will allow us to collectively generate plans to help people get the skills. They need for great jobs. Many of which are unfilled today. And these benefits people the employers, the communities, and our economy on behalf of Microsoft. I'd like to say, a huge. Thank you for your time and energy and focusing on these important issues today.
Morning, I'm Rebecca Curry, Bloomberg government's technology reporter. And I'm speaking this morning with Brandon wails, the executive director of the cyber security and infrastructure, Security Agency. Otherwise known as sisya will be talking about sisters role in responding to the recent uptick in cyber and ransomware attacks on the public and private sectors will also discuss actions. Business Leaders can take to make themselves more, cyber secure and the launch of the new public-private partnership by sis. Issa this summer.
To start off. Can you share some of the broad Lessons Learned From? The solar winds and Colonial pipeline attacks in the past year and house, Issa has helped the private sector respond and recover. Sure. Thanks Rebecca. And I really appreciate you and Bloomberg for bringing us together. That's obviously covering a lot of ground. There were a lot of things that we've learned.
Those incidents as well as many other cyber incidents that sister has been responding to over the past year, but I want to highlight just two of the key ones for us. The first is the lack of visibility what we saw. Particularly in the solarwinds example was that sissy did not have sufficient level of visibility in terms of what was happening inside agency networks to be able to spot that malicious activity earlier in the potential in that incident. And that is a legacy problem that has grown over time as networks have changed.
The rise in encrypted traffic. And so we've had to begin to adjust our efforts and our, some of our programs to begin to tackle that problem using new funding from Congress deploying some new tools and capabilities and getting new strategic direction from the president. When he signed this executive order on cybersecurity back in May the second lesson learned that I would highlight is well, we can shorthand as bad practices. I think what we have seen in too many incidents, is that adversaries Are able to exploit networks because of certain poor practices that appear again.
And so that could be using out-of-date software. That's no longer supported in patched by the by the vendor. It could be lack of multi-factor authentication on remote access to critical systems, which we saw in the colonial example. And Sosa has been on an effort to try to convince people and highlight the bad practices that are out there to begin, to get them to change their ways. And so it's not just about promoting good practices, but it's about Remediating, those bad.
This is because even if you've got good practices and a number of parts of your network, if you've got a couple of areas that have weak points, that's where the adversaries are likely to go. That's how they're going to. That's where they're going to use to get inside of your systems. Right? Yeah, and you know, if unfortunately accompanied is experiencing a ransomware attack, what does this recommend these companies do right away? Sure, so, you know, the first point I would.
Raises the first time, you think about ransomware should not be. After you've been hit by that point. It's too late. You're already going to have, you're really going to have a really bad day or many days or many weeks. And so you need to begin to start thinking about how do you get ready for a ransomware incident long before it actually hits you? I would recommend that every company go look at our ransomware guide. We released it with the multi-state. I sack last summer and it provides information on how to prepare. And it also brought the checklist on What to do. If there is an incident, if you are hit, the first thing you should do is protect your system. If you can take the
Computer is off lines that the ransomware may not further spread. You should do that. And third, you should go and get help. That means notifying the government, bring your incident to Sicily to the FBI. If there are things that we can do to assist, we will, there are things the FBI from a law enforcement perspective wants so that they can potentially go after the bad guys who perpetrated the attack. And then finally, you know, when you're getting help if your company is not capable of responding to a cyber. Per incident because you've not done it before we
I strongly recommend that you bring in an outside company to assist you. There are a lot of cyber security vendors out there. Find a reputable one who has experience in dealing with ransomware incidents and they can help you remediate your incident on your network and get you back up and running as soon as possible. So recommending, you know.
Buying the government Sosa an FBI to is where, in the process, do you does a company do that? You know, we would say you should do it early on the sooner that we're brought in the more that we can do. And it's also not just about the individual company. Particularly from the system perspective. We want to know about these cyber incidents that are happening so that we can protect other potential victims. What we often see is that a ransom or operator will deploy malware on a number of networks at the same time. Using automated tools.
They'll go into companies, one-by-one activate that ransomware and and begin to engage with that company on on a potential. Ransom in that time. There are other potential victims out there who have the opportunity to stop their network from being compromised. And so the sooner information is reported to us. We understand the nature of what happened. The sooner we can get that information out to other people who are potentially victims and protect their systems. And I think that is so essential to protecting this broader. Cyber. I'm out there. And so today your company Maybe.
But tomorrow, you're going to want to sit in know because we could be protecting you from the next, the next malicious incident Ryan. And in that line of thought, the, the recent uptick in cyber attacks has spurred Congress introduced several bills that would require critical infrastructure. Operators to report cyber attacks to sista. What are your initial thoughts on these bills and do you support mandatory reporting? Yeah, I just has now been on record.
Going back. A number of months that we are supportive of mandatory incident reporting. We have four principles that we want to see embodied in whatever legislation is passed. First the reporting come to Sissy so that we can help protect that ecosystem that I just discussed second that reporting be timely that it come in early so that we have the maximum amount of opportunity to use that information for good third, that the definition of a covered cyber incident be Broad. And allow us the flexibility to further refine it and forth.
After be strong enforcement mechanisms to maximize the chance that this information is provided to the government and we can use it to protect everyone. Yeah, and, you know, you said report quickly. What timeframe do you think that should be? I mean, there's been some debate on Capitol Hill. The most recent bills, say 72 hours. No, earlier than that to prevent false positives from being reported to your thoughts on that time frame. Sure. So, you know, I think the US government has been Ben has argued that we think 24 hours is a is the right amount.
That brings it in early enough for us to use the information, but does give the company some time to determine whether this is a real incident or not. You know, we would look at some of the major examples when there are these big incidents that are happening, you know, 24 hours is long into the, into the pretty deep into the response cycle already, you know, in the colonial example, they were already, letting their customers know, that they were shutting down parts of their pipeline. Well, in advance of 24 hours and so we Do you think that 24 hours is a is a good metric recognizing that? There's
Opinions out there. We're continuing to work with the hill. You know, ultimately, we think getting the information in is, is the most important thing. And so if we have to work on a timeline than 24 hours, we will. Okay, so we'll see if that bill moves this year. We're hearing potentially ndaa could be the vehicle forward. So also this summer sister launch public-private partnership program known as The Joint cyber defense collaborative or J CDC. Can you tell us? It's more about that program in the intent behind it.
Sure, if the J CDC was adapted from a concept that was recommended by the cyberspace Solarium commission when they released their report last year Congress, authorized it at the beginning of this year. The idea being that there is a planning office planning function between the government and the private sector. The JC D c-- concept that we launched back in August really turbo, charges that concept it's not just planning, but it's more robust. Oh bust, operational collaboration between the government and the private sector.
And what we wanted to do was bring in those companies that have the broadest visibility into what is happening. Across the Cyber ecosystem, the major internet service providers, the major Cloud providers. The biggest cyber security vendors. The companies that deploy and point detection systems that are seeing things happening, across hundreds or thousands of networks, across the country and globally, the idea behind it is to take what those companies are seeing take the Bility that they have to take action at a very significant scale and to marry it up with the, you know.
Harness, the power of the federal government, those agencies that are that are working in the cyber security, sphere sissy the FBI, the National Security Agency the intelligence Community, bring all of that together, so that as we are seeing new things, whether on the government side of the private sector side. As we're seeing incident start to emerge as we're seeing campaigns, begin? We, but we can harness the information we have together and we can take action at scale at a scale that no company or government agency can take individually the all of these companies. Knees and governments working together. We now have the
You to take action to protect the Cyber ecosystem in a way that we know one can do individually and we're ready seeing that pay dividends. It's, you know, it's early days. We launched it back in August. We are still working on some of the initial efforts focused on cloud incident, response and ransomware, but we've already been using it to work and as we see incidents sharing it with RJ CDC Partners, they're doing the same with us, and collectively were able to take Collective action much more quickly and much more broadly. And we think We're doing real value in protecting the protecting our networks today.
Can you share some of the names of the companies partnering? I understand Microsoft Amazon. We have some big tech companies. And then are you guys looking for, more industry groups and companies to partner with you? Still sure. So I think we had a concept. We've got about 14 or 15 plank, holder members. So some of the big cloud providers, like Microsoft, and Amazon, and Google, some of the major internet service providers like AT&T, and Verizon and lumen. Major cyber security, firms like mandiant, and and and crowdstrike some of
Occurring manufacturers like Palo Alto and broadcom and others. So there's a number of real. I think critical Partners in the until in the IT world than a cyber security sphere that are partners with us. It will grow over time. These are a kind of plank holder members and we're proving the concept working with them, but we already have concepts for how we're going to move into the future. Look at other areas particularly in certain critical infrastructure sectors, whether that's in the in the energy space or in the financial services were all placed. We want to build out to better protect those. Those critical functions that they're performing and we will do so throughout.
I do imagine a work product on cloud or ransomware to provide to your the broader industry and other private companies that this group will be recommending, what are some of the near-term efforts. We may be seeing from jcpc. Sure. So in some cases, you know, you're already seeing products that benefit from the collaboration between the government and the private sector through the JC DC. So, Yesterday Society, FBI and NSA.
Product on black matter ransomware and it includes information that was provided by RJ CDC partners and information. That was worked between the government and its of RJ CDC Partners, but we are going to be releasing additional products later this year, particularly on cloud, that will benefit from the, the engagement with the critical Cloud players that are members of the JC DC and that work will continue. And really think that this is concept and the J CDC. Really adds tremendous value to the cybersecurity advice and recommendations that we've
Provided that will be be able to enrich that with additional information that's only available to these private sector partners and you referred to yesterday's joint advisory from Sister FBI and NSA. That identified black matter, which is reportedly located in. Russia are linked to Russia as as the actor that hacked, several agriculture, operators, this summer, you know, can you walk us a little more behind the scenes on that? That effort that was advised. Yes.
And do you expect her? Are you guys planning to do more of these joint attributions and advisories in the coming months with FBI and NSA? Yeah, absolutely. And will continue to do so, we released one several weeks ago, on Conte ransomware, and I think that is really the value. That's just a, is trying to bring to the table, as we are seeing new ransomware operators, as we're seeing new malware variants out there. We will take that information work. It with our government and Industry partners. And
Out to the, get it out to the broader Community, to all of our stakeholders in the public and private sector, whether the federal government, state and local governments or industry. So that they can use it to enhance their security of their own systems and networks. So you should expect more of that to come, right? And also this summer Congress confirmed gender easterly to Pieces director and Chris Inglis to be the country's First National cyber director. How are these two leaders working together so far and how Are they drawing the lines of distinction between their two jobs?
Sure. So, the relationship between the the national cyber director and sisya is, is absolutely fantastic. And the president could not have picked a better. Inaugural National cyber directory then than Chris Inglis and we are really pleased to have him as a really important partner to to our agency. And I think he has spoken really eloquently about the role at the NCD performs, which is very focused on ensuring Unity of effort in the federal government, making sure that the government's efforts. Are integrated and coherent, but that's substantially different than
And the work that sister dies which you know, we're an operational agency got more than two billion dollar budget more than, you know, 2,000 employees some across this country and they're working every day, looking to detect adversary activity, hitting our networks, to develop products that can help shape behavior and provide information to our, to our partners. We're building capacity across the country on on security and resilience. So that's real. Tional work that our folks are doing everyday responding to incidents.
That's substantially different than the work that the national cyber director is doing at the Strategic level. Both are important. They need to be closely linked up and that's what we're doing. And the relationship between Jen and Chris has is absolutely excellent. But we really don't see any competition. We really see this as it is a team effort and you know, we've often called cyber security ultimate in team sports, and I think that's embodied by the working relationship. We have with the national cyber director, and our other critical Partners, whether it's the FBI and NSA. I say as represented by the releases that we did as we just did yesterday.
Going work that we're doing with those agencies every single day. Right.
It. What actions do you recommend companies take today to become more cyber secure. What are your top tips from society? So I you know, I'll give you a couple of top tips for companies and then I'll give you a couple of tips for for individuals and some cases, there are overlapping and in some cases. They're a little bit unique, you know, I'd say for a company, the most important thing to do is to take stock. What do you need to do to make sure that your company is is is cyber safe and secure. Have you if you're the leader of your company, have you spoken to the people who are responsible?
Isabel for your it and your it security. Do you have a plan for what to do? If you are if you have impacted by a cyber security incident, if you exercise that plan, have you put in place the right level of Technology given that the risk that your company is has faced. Are you using assistance products to help you identify if you have put in place the right practices and you've avoided the bad practices. We've got a product. Call our cyber. Is that is really designed particularly.
Small and medium-sized businesses or small governments, but it's really useful. Even as you get into the larger companies, typically to push to your supply chains, but it kind of walks through step-by-step two things that you should do to make sure that your company is safe and secure recommend folks search for cyber Essentials on the system website and it's a real valuable tool for individuals. They're having a for things that we continue to recommend, and, and we've still got another week or so in cybersecurity Awareness Month and we're trying to make sure that Individuals out, there are aware of the role that they play in.
Or ecosystem, the things that they need to do to protect themselves, so implementing multi-factor authentication on as many accounts as as allow it, you know, current studies show that that could protect as much as 99% of of cyber cyber incidents update. Your software, making sure that you have automatic updates turned on really important to be wise when you click on emails, fishing is still a significant Threat Vector, a lot of adversaries continue to use fishing and they're getting And more sophisticated, so really think before you click on links or attachments in emails and
Finally, you know you strong passwords and use a password manager if possible because those can really protect your systems particularly protecting against the tax, where they an adversary compromises, one password, then reuse it over and over because you use the same password on too many accounts. So those kind of simple tips can help you protect yourself.
Right, and so we'll move to some audience questions. Now, we have one from John from Virginia and he's asking, you know, how can companies who are in the electric sector the electric grid, which is obviously largely operated by the private sector. What can they do to become more? Cyber secure and and you know, mitigate potential threats to infiltrate or compromise the grid. Obviously this isn't a hypothetical anymore. We had a massive Cyber attack on.
Pipeline this summer which led to massive lines at gas stations along the east coast. So, you know what specifically are you recommending for these energy companies? Obviously, there's ongoing efforts with TSA which is all under the umbrella of DHS versus assists with cyber directives, directing them to report but what more is sister doing with that energy sector?
Sure, so, you know the question asked about the great and I'll hit that and then I can touch upon pipelines, you know, the energy sector is one that we spent a lot of time working on and it's one where there is a tremendous amount of Engagement starting. Even at the heads, the CEOs of major electric power companies have a meeting for the last, several years on cybersecurity issues and it really raised the game. And when it comes to the cyber security of the of the electric grid, on the one hand, these energy companies are a lot like Like any other companies, they operate business networks. And so they need to adopt the same type of network security that everyone else should be doing.
But on top of that, they often they operate these operational networks that use industrial control systems to control the flow of power and regularly and regulate the, the systems and the generating units and other critical infrastructure on their networks. And those require kind of special handling system operates an entire ICS security program. We work really closely with the Department of energy on this. We put out a lot of information for companies that could that need to make sure that their ICS systems are protected. Ected. So oftentimes there's kind of a dual effort in.
You to protect their business networks. And then what they need to do to provide even more Security on those operational networks, that can have a real impact on the power. Grid. I think what you saw from the security directive that TSA released that apply to critical pipelines is really is really, that is what they need to do to help secure their business Network and then additional levels of protection that we expect on operational technology systems, which can be complicated to operate, which have kind of unique cybersecurity challenges. So if you are operating in that space, reach out to System, there are things we can do to help those.
Should we can provide a lot of times in partnership with the Department of energy and others to make sure that you are you're protected? Another audience question is.
Dimitri, who points out that a lot of our world is connected by the internet but internet of things or iot, so what can be done to make sure were still more secure with iot as well. Yeah. That's a, that's a great question and obviously a complicated one because the proliferation of these devices that are now Network enabled and I think we have seen historically a number of years ago where someone weaponized the vulnerability in Internet of Things to Create a very significant botnet that disrupted traffic on multiple parts of the
Net. But I would say that you have to look at this from two angles. If you are a network operator and you're going to allow devices on your network, you need to think really hard about how you create a network that can protect itself. If you're allowing these devices on where you are not particular or not securing those individual devices. This is this is really the thrust behind a lot of Concepts like, zero trust, what you can do to secure your network and make sure that anything that has access to your network. You understand, you're regulating the the Privileges that?
Devices have to your systems. And if you if you can't trust that device, you need to lock it down. So that it minimizes the amount of damage you can do, on the other hand. There's a lot of work that we're trying to do with vendors. There's work that I know Congress has looked at in terms of standards for iot devices. That work is critical because we need to make sure that the devices that are coming in are have some level of security built in and so that that is a long-term problem. There's not an easy Silver, Bullet solution. Ocean today and really This falls upon Network, operators to make sure that even if these devices are are
And that there is very little they can do to actually harm the overall security of those those Networks. Thank you. And
Another question we have is from Charles in New York, who's asking, you know, how can companies share data with the government to ensure more Security in the supply chain, but also asking, you know, what are some obstacles to sharing data with the government, you know, sure Source, you know, I think that, you know, we have tried to address as many obstacles as possible when it comes to information sharing, whether it's Liability protection, which we
Received back in 2015, how we protect the information that being said, when it comes to Regulators, you know, I would strongly encourage you to engage with the regulator's themselves. They often have very specific information requirements that they are going to Levy upon their regulated community. And those are going to vary from company to company in from regulated or regulator. I don't want to kind of get into the middle of that and I think what every company should ask for is as much clarity as possible about the nature of the information. Nation that they need and the specific data elements that they want so that they can provide it in.
And, you know, and avoid any concerns in terms of potential regulation and enforcement. And,
The question from Paul and New York is how is the digital transformation different in the government sector versus the verses that private sector, you know, how is this evolving? Even if you could talk to how you guys is as an agency are operating remotely and pandemic. How are you trying to keep up with the private sector in terms of your digital transformation? I would say in many in many respects the, you know, the government and the private sector. Are going through the same digital transformation. The pandemic, obviously.
Rated that significantly with the move towards much more aggressive, remote work, electric much larger, remote Workforce. I think that the government in some, what I think the government's Advantage is that for a long time. We've had Fairly strong cyber security regulations about what we can do. We had the federal information, security modernization, act fisma, that provides some guidance. There's a lot of requirements that come down from Sisson from OMB on the operation of federal Networks. A lot of those requirements don't exist in the private sector and so there's going to be a lot more variation in terms.
Of how the private sector goes about securing its systems. Now, there are going to be a lot of companies out there that are doing amazing job. Securing their networks using Innovative practices as they've moved to remote Workforce, but I would just recommend, is that as companies are moving towards a growing role Workforce, think about the new vulnerabilities and weaknesses that that may introduce into your system. How are you securing those remote devices? What kind of privileges do those devices have? How does this affect your ability?
Manage and secure your network is your security, Workforce remote, meaning that there with all of their elevated privileges, accessing your network and how are they doing? So, and what additional controls do, you need to have in place to make sure that adversaries won't exploit it? And because we have seen for the length of this pandemic, extremely aggressive activity, from both nation-state of criminal actors, looking to exploit the digital transformation hiding and VPN traffic using Devices that don't have multi-factor authentication forklift has privileged access time and time. Again, they're exploiting these digital transformation. So think long and hard about what
Doing and the tools and techniques and capabilities, and systems. You need to have in place to make sure that you're not exploited. Yeah, and we're going to wrap up really quick quickly, but I wanted to see if there's any kind of last takeaway for companies in the private sector.
If they had to do one thing to be more, cyber secure, what would you recommend? Or would you reiterate that? You may have already said today? Sure.
You know, you know, there's no Silver Bullet in cyber. This is all about layers of protection. And so think about inside of your network inside of your system. What do you need to do to enhance its security? It's not going to be one thing. Although there are critical ones that I've mentioned like multi-factor authentication and others, but just think through what you need to do. What are the layers of security you going to put in place from both a technology perspective, a people perspective, a process perspective. Cybersecurity is a problem solving. Discipline. It's about thinking through what are the weak points? What? Anything to secure myself?
How do I make the adversaries job harder? So they skip on and they get to the, they go on to the next guy? And so, that's the advice, I'll leave you with. And I think it's sound ones for your for anyone. Listening. Thanks so much, Brandon for your time today. Now. Thanks Rebecca. Really? Appreciate a great discussion.
Hi there, I'm Josh wingrove. I'm a White House reporter with Bloomberg news. Thank you for joining us. I'm here this morning with Claire, Clairmont. Toronto. Who is the Chief Information officer for OMB and one of the if you will White House gurus with regard to information security, Claire. Thank you so much for joining us today. Happy cyber security Awareness Month here in October. I want to just ask broadly for you to help, you know, set the landscape for us. We are living in an increasingly digital age. Age wearing-- living with increasingly digital threats. We are all working from home.
More than I think we would like to have most days. And so, what, what does that make for your job? You have so many moving Parts. It seems these days. What are the priorities for the Chief Information officer in this sort of area that we're in, in terms of digital work. Yeah. Thanks so much for having me Josh as Federal Chief Information officer. This is a broad portfolio. Full of quite a few challenges, but also a lot of opportunities along with the Federalist is oh Christopher. Usha. I work closely with the federal cios and chief information security officers says owes across
Made to ensure that Federal it is secure and on a path towards it modernization. So we can deliver simple, seamless and secure customer experiences to our citizens. So this role has a really unique vantage point. So what I'm seeing is we're strong across the federal Enterprise, but where we really need to rally is with our partners across the government and the private sector to continue to bolster our cybersecurity efforts. It's and thank you for pointing out that it is.
National cybersecurity month.
We're all celebrating it in our own way or other techniques as in your role. You were chair. Also the board of the technology modernization fund. This is a pretty big effort, got a billion bucks from the American Rescue plan to try to sort of Grease the skids, if you will, and you know, improve cybersecurity improve, cooperation between you know, silos which dare I say, you know, maybe don't speak to themselves or speak to each other as easily and smoothly as possible. You announce some awards from that a couple of weeks ago. What is the purpose of this fund? What are some of the agencies and Benny? Initiatives that are getting funding from it, and what do you hope is achieved with that?
The TMF is an extraordinary opportunity with the billion dollars. We received from the American Rescue plan with the focus on cyber security and covid-19. I think one thing I'd start with is the relationships that we have across the government are incredibly strong for our cybersecurity efforts. We have National cyber director director, Chris Inglis and Newberg. Sure, who's the deputy National Security?
For cyber security director, easterly, who is at sza. They are really my partners along with Krista Russia. The federal Suzhou working with this whole community. So the TMF, the technology modernization fund had originally been funded with several hundred million dollars and it was a agencies were required to pay back in full whatever money they Were loaned to go on.
Their It modernization Journey with the American Rescue plan. We Congress provided us with a billion dollars and really the focus was to address the most urgent it modernization challenges and to bolster our cyber security defenses in the midst of the covid-19 crisis. So it's a great start in developing This Modern secure framework, but in a way, it is a down payment because we have a large Federal Enterprise. Eyes, and a lot of needs across.
That have been represented through the incoming inbound proposals that we've received from agencies. You may be right.
You. Yeah, I was going to say sorry to jump on you there. Josh. No problem. I can give you a little bit of background on some of the project proposals. We received. So, in March, we received the billion dollars and we worked with our Congressional stakeholders and through the FED subside of OMB to provide some repayment guidance for TMF. So originally, you had to pay back. Back a hundred percent. We
Because of these emergency circumstances that we had some repayment, flexibility guidance that we could provide two agencies. So we structured the repayment model to be from Full repayment, which is still totally appropriate all the way to minimum repayment, which would represent the most urgent cyber needs of an agency that they weren't able to reprogram money immediately to to deal with. So, in most cases, being a former Federal CIO my
Health, when something urgent came up, you pulled whatever, levers you had available throughout both your it budget and your agency budget to deal with the most urgent needs. So many agencies moved out immediately post solarwinds using that posture, but then realize that they had a lot more work to do in the Cyber front. So we've received over a hundred project proposals from I think 40-plus agencies. He's that represented about two million to billion dollars in.
And of those about 75% of the requests were for cybersecurity. What is the timeline for some of those? You had the awards from a couple weeks ago, or we do we have more on the horizon? And how do you choose? Which one's get in? Which ones don't? Yeah, we actually, at the end of September, we announced kind of the first round of awards, 311 million dollars to seven different projects. They cut totally across agencies addressing immediate security. Apps and improving the Public's, availability to access services.
It seems like part of the job is, you know, part sword part Shield, if you will you're playing defense, you know, globally at a time of rising threats, but you're also trying to equip these agencies to function in a world where, you know, people are going to access more services online in particular because of the pandemic, but of course, for a range of reasons, how do you make that sort of split between that part defense part offense?
Yeah, it's a great question. Most agencies focused immediately on the defense right? When you're dealing with an attack in one segment. We learn from each other. We communicate really effectively across the federal offensive environment. And so I would say that they were primarily defensive but we're really switching our posture to offense. We published out a zero trust. Data ji, very recently, as part of our cyber.
Order. So in September, we released for public comment, a draft strategy, to move our government towards zero trust cybersecurity. And for those that aren't familiar with zero trust. It refers to a security model where instead of us concentrating on our defenses in our networks at the perimeter. We're treating the network and the people and devices that are using that Network as untrusted and even potentially compromised. Aged, so.
So it means you know employees have to log in every single time. For instance. It means that two Factor authentication. I suppose tell us more about what zero. Trust means the government. Yeah. So with zero, trust along with the president cybersecurity executive order that we issued a little bit earlier this year. We're asking agencies to make it significantly harder for even the most sophisticated adversaries to compromise and organization. So and unique thing that we did is we shared our draft strategy.
Even though we were under very tight deadlines and we're requesting public comment. So in just two weeks, we received over 100 submissions and the comments and feedback. We know will make this strategy stronger for the American people. So to the public, listen to this, I would say, this is your government, right? We are the people. You and me follow our progress. Hold us accountable and continue to engage with us as we work on. Modernizing our government.
Also recommend to people in the business Community to look at the cybersecurity executive order on whitehouse.gov., It contains very tactical deliverables that everybody should be considering when protecting and securing their environment. It really serves as a roadmap and it will provide reassurance, that we're doing what we should be doing and it should highlight for you, what the actions you should be taking to safeguard and secure your network and your Enterprise. Eyes.
So, let's maybe jump in on that. I mean, for people watching, what can their companies be doing? What can their agencies be doing and particularly the time of, you know, covid? I mean you have more and more of your colleagues and Workforce working remotely. I imagine that that just adds fuel to the fire of the need to go to zero trust type systems because even more entry points to your network that, you know, what is the advice? You can give them other than, you know, start yesterday. Get going on this. Exactly. And I think you did touch on On a couple, right? Two-factor authentication, you know.
Least simple basic cyber hygiene steak. Take a few minutes personally on your own devices, to turn on multi-factor, authentication on your email on your social media channels, you know, be aware of what scams look like, you know, if you are shopping online, which most of us do especially under telework circumstances where we're home a lot, you know, if you are really desperate Desperate to buy that bath mat.
And you click on a link and you get a security warning from your ISP, or your browser, pay attention to it. They have extraordinarily sophisticated teams managing these networks on our behalf as customer, you know, for us as customers. So, make sure that you are paying attention and not just dismissing those as annoying security warnings. Also, I would say, you know.
For government interactions. Look for a.gov., The official government website. Addresses in emails, check for misspelling, 's, all of us. Have a part to play in keeping both our companies, safe and our personal lives safe and secure. Can you speak broadly to the trajectory feels like the risk is rising but also more diffuse, but perhaps that is folks on On my side of the chair, if you will.
You know, we're catching up maybe a little late and you know, how does the risk today compared? What is the trajectory looking like in terms of the cybersecurity risk that we're facing as individuals and as agencies corporations governments, what have you? Yeah, I think, you know, there have always been nation-state actors playing on this playing field. So that has not changed. One thing that I am observing, that is a little bit different you now. Now have complete digital natives.
Coming of age and participating, right? They have innate talent in dealing with everything digital. And so I do think that we have a little bit of a different Threat Vector there with digital natives, you know, working for nation-states, you know, these these this is really the general population that are able to Be a bit.
It's the cated when it comes to all types of cyber activities. So again, I would say it really comes down to personal security is making sure that you are using these basic tools. Password managers, really basic things. That should eventually become competencies that were teaching in school for how people should be thinking about interacting with social networks and Digital Services. Aces of all kinds.
Talk more than about government services. What through the pandemic were we able to change. I mean a lot of you know, the government had to scramble to do a lot of things very quickly, you know, PPP loans that sort of thing. What were we able to change to make that go as smoothly as possible? And what did we learn about it in terms of going forward? I mean are there lessons to be learned from covid? When it comes to regular annual tax filing, if you will where we're that public interface can be smoother in an online setting. Ng.
Well, you're hitting on my pretty much my favorite topic of all which is customer experience and in the Biden Harris Administration, we believe that our customers are citizens in the American public, have to be at the center of everything that we do, you know, our citizens deserve a secure, simple, seamless experience. Any time they interact with the government. When they ask a question or renew a passport or apply for a grant, the Variance should be easy and intuitive.
Miller to the experiences that they have in their everyday lives with customer Brands and apps that they're using on their phones. So over the past 18 months, we've seen private sector companies really pivot and maintain and improve in some cases that service that they've delivered to their customers. And they've invested heavily in designing and launching new digital tools and experiences. We're also doing the same thing in the federal government. We know that technology power.
Exceptional customer experience and we were able to do things in certain instances in days and weeks under covid versus months. And sometimes years, you know, doing things like moving to digital signatures, you know, adding functionality on websites when offices were closed for certain services that had previously been in person, but I think you're just seeing the very tip of the Iceberg because we are focused across
The entire Administration just like we are on zero trust. We're asking agencies to make a significant shift in the way that they're thinking so that they focus on how we deliver services to our customers not on who delivers the services. Because if you think about it, the federal government while it's one big org chart, we Transit different agencies, and you shouldn't have to know the org chart. Part of an agency that you're interacting with to try to get the benefits or services.
This is that you deserve and in many cases that you've earned. So in some work that I did at the VA, we really broke down those silos of the business units. And just focused on the veteran. What what could we deliver for the veteran? What was the veteran trying to accomplish? And how did we work together as an Enterprise to deliver the best digital experience for the veteran? And we are seeing that across the entire. Entire Federal Enterprise.
I think in the next couple months, you'll see some additional information coming out from us, that's focusing on those user experiences and Journeys. That really intersect multiple agencies, use the word journey and feels like we're still pretty early on that journey and give me your things. Like how much more work do we have to do on that? It seems like in a lot of corners of government services that it is not, you know, 2021 when it comes to You left web services. I, you know, your plane.
Jumping in many ways. And where are we on that? Jerk? I think we're, we might be playing catch-up in some instances, but it's also a really unique opportunity because a lot of the problems that I have seen, since I joined government, I've been in government for five years after a whole career in the private sector and none of these problems are technology challenges the tech. We know how to do technology, right? That's the easy part. Much of the challenge is the policy, the process the people People in the procurement that are the complexity of the operating environment that were in.
So we are really trying to stay focused on making sure that we're aligning all of those things are intention to deliver, a more seamless secure, customer experience, but recognizing that we are going to have to modernize many of our policies and procedures in order to move out more rapidly to solve some of these problems, but if covid-19 Really improving digital.
Is across government? So let's Circle back, been to the TMF that technology modernization fund. And what is the timeline for giving out the rest of that 1 billion dollars from the ARP and isn't enough, as I said, it's a down payment. There is no question that there is such an enormous demand for us to modernize many of these high-value assets and Legacy systems, but just having a legacy system does not necessarily Preclude you from building better Front End customer.
Is off of it a legacy system and sometimes that's a really great tactic to use to create the momentum needed. Sometimes to align people to move out on the hard work, which is modernizing a lot of those Legacy systems. So TMF in a way is really the best seed funding, we could possibly make for us to make some of these strategic investments in areas where we know we can have Second service improvement.
Increase, the cyber security posture. Modernized, those high value assets that are really the foundation of operating a safe and secure government. We are have really scaled the pmo, the project management office for TMF and are reviewing with a board that consists of full-time Federal technology. Experts that are really donating their extra time for us. To do all of the reviews of the initial.
Check proposals and then move out on these final project proposals that then would lead us to an award. So it's a pretty rigorous process. But what I get excited about it with is for two reasons. One is we're adding a lot of the rigor up front to be able to choose projects that have the best chance of success and they have the best chance of us learning things from them that we can scale across the government. I ain't giving a writing playbooks, doing really.
Great digital tactics that would allow us to share the knowledge that we learn. And then the second is how we surround the project with capable people to make sure that we have a higher chance of success that the project is going to get out the door and be fully implemented. So I think those two things, the vetting up front and then surrounding the project with technical talent for us to be successful is really a winning formula. For both TMF and it modern.
Station in general. What's the timeline for the next set of awards weeks months. Give me any hints of that. I'd say weeks. I mean, we are working every single week on the portfolio. Right now. We're looking at the backlog of projects. Some of them less complete than others in their submission. So, excuse me. We are working with those agencies to make sure that their submissions are in the best shape possible for us to be able to make an informed decision. Ian.
Come on, this is my backup. As we near our clothes here. What, what worries you in your role in the day-to-day about you know, whether governments can do this fast enough. The president likes to say that autocracies are watching the Us and other democracies to see if they can, you know, move fast enough to tackle big challenges and he uses this as a stump speech essentially to, you know, push support of his program. What what, what do you see the visibility of the you Us and other democracies to be able to Pivot quickly and try to tackle these these
These challenges these opportunities. Yeah, it is incumbent upon us to actually move out quickly and decisively and improve. The service delivery to the public, trust is at an all-time or a low point, and we know that delivering great quality services, actually improves people's confidence in the government. Additionally. I think another issue that I work on a lot is Talent, is recruiting Talent into the A government making sure that we
Have great technical talent coming from the private sector to partner with our really competent Federal Workforce, to be able to move out in a much more adaptive and agile manner, you know, taking some risks really pushing forward in areas, where we know that we can have significant service improvements to deliver better services to the American public. So that Talent part is a big part of what I think about every day and work on. And also, I think really
Be sure that we're improving Service delivery.
You got a lot to focus on their martorano Federal Chief Information officer of OMB. Thank you so much for joining us today. We really appreciate it. Thanks so much for having me. Josh. Have a great day.
I want to welcome everyone to a panel that addresses, the key issue of the day, supply chain disruptions with the labor shortages that we have seen and some of the Dynamics of a market still trying to turn back on. After the pandemic. There is nobody better to speak about this then our next panelist, Robert Sanchez, who is the chairman and chief executive officer of Rider. It is a company with 40,000 employees and really handles. This key issue, which is how do we get stuff from one place to another? How do we connect the dots in a A world that relies increasingly on just in time delivery.
And the transportation of goods. Robert. I want to just get started with the idea of the supply chain disruptions that we have continued to see and how you have observed them from your unique. And frankly, highly privileged perspective of being at the heart of it. Yeah. Lisa. Thank you. Thanks for having me. Look, we're writers. As you mentioned, were involved in supply chain activity. We we're involved just about every industry supply chain in North America and one way or another. So we do everything from Leasing and Rental. Getting a fleet of trucks to actually running private fleets, for companies that are
And deliveries we have about, we have 250,000 vehicles that we provide to customers. We employ about 10,000 commercial truck drivers. We also run big, distribution centers for companies. We got about 300 distribution centers that we run with about 14,000 warehouse workers that work in those facilities and more recently. We also offer final mile delivery of big and bulky products. So we really touch a lot of different parts of what's going on and clearly what we've seen, Over the last eight.
The 20 months is really unprecedented. If you think about Global Supply chains for different Industries, they're really like a an orchestra and it's a it's an orchestra that's playing a symphony. And that Symphony has been refined over many years. So, if you take the retail industry, for example, you've got suppliers in Asia, you've got shipping companies that bring those supplies across to North America. You've got ports that then through trucking companies deliver them to Distribution centers for retailers who
Permanently deliver them to the retail store and and more and more direct to Consumers homes. So, this thing has been running for a long time. The players know their part. There's a lot of planning that goes into these Supply chains, and there's a movement of goods. There's a movement of information and there's a movement of funds that happens as a, normal course of business, and everybody knows their part and kind of works. Well, the, the orchestral works well together, but if you think about what happened, last, Last year, the music stopped and all of a sudden you had, you know, folks.
Orchestra that needed to go do something different because they didn't have the job they had before. So you think about in the auto sector where Auto production shut down for six months. I'm sorry for six weeks, not six months, six weeks. It was unprecedented. Had never happened before. So you saw semiconductor companies that were providing semiconductors to the auto company, they pivot and they started providing semiconductors to consumer electronics. And as we were all moving in, To our homes and buying new computers, to be able to work from home. There was a
Spike in demand for that. You remember the rush for hand sanitizers and mass? All of that kind of shifted and you had even people that were in the supplied, you think about food and beverage business had to shift away from restaurants and more two people eating at home. So, if you think about back to that Orchestra analogy, there was a big shift in in the music that was being played and and the orchestra, the band kind of moved around.
All right. Now I'm hearing it just before you go on. Hold on, one second because this is sort of how we got to where we are. Right. The idea that this nuanced Orchestra, as you put it that took decades to develop, got shut down, and now it's going to take time to come back on. Where are we in the restarting process? How much longer do we have?
Yeah, look, we've got this thing, doesn't get fixed overnight, you know, in the supply chain business, we deal with disruption all the time. You have, you have natural disasters, think about hurricanes earthquakes, you have traffic, you have weather situation. So, Supply, chains have to respond when these things happen is typically when there's a bottleneck somewhere, the way you solve these things, as you have to throw resources at it. You got to throw people out of you have to throw more resources at the situation. You have to synchronize across the supply chain. So if there's opportunities to divert
Good somewhere differently to to alleviate the problem. You need to do that and then you need some time, and that is kind of what we're in right now. So this does not get fixed overnight. It does probably get worse before it gets better. I think what we need here is continued synchronization among the players and additional resources. As you heard last week. There was talk about opening up third shift. Those are absolutely things we need to do to And the capacity certainly at the Port level.
And then the rest of the supply chain, which is a lot of what we're doing, the rest of those supply chain needs to continue to operate so that once that bottleneck gets resolved. There's not another bottleneck that shows up somewhere else. So yeah, unfortunately this thing is going to be around, certainly through the end of the year. It's going to probably get a little bit worse before it gets better. But the important thing is that we take the steps to just to provide the right resources that we need to get through this.
When you say Throw resources at it, I think paycheck I think how much is compensation going up? Especially as we hear about all of the shortages of drivers particularly truck drivers out there in order to get things around. How much you seeing wages going up and have they gone up enough to actually save the demand for drivers. Yeah, wages are going up.
But we do have a more systemic problem with the driver shortage. And you know, the driver shortage is hearing a lot about it now, but in the industry, we've been dealing with this driver shortage for at least the last decade and it has clearly escalated over the last 18 months. It is a problem because of the demographics of folks. There's more people, we have an older population in the driver Workforce. We have a move away from driving as a profession by Younger people that has also impacted us.
So a lot of it is now, how do we, how do we expand the pool for drivers long-term? The short term there isn't isn't an easy fix. I mean, the government can do several things. I think, in the short term to alleviate it, in some cases may be expanding the number of hours that a driver can drive especially as we're trying to get stuff out of these ports. Also, I think helping to expand the pool of young people that want to become drivers. What are the challenges with? What commercial truck drivers today is that you can't?
You can't be a driver crossing state lines with a commercial vehicle. Unless you're 21 years old. So somebody come out of the high school that wants to go into the trades. Probably can't choose commercial truck driver because they can't take on the full responsibility to driver to their 21. So lowering that age to 18 with the right safety requirements. I think is a big opportunity for us. And the other thing I would I would tell you is, is immigration, you know, that we need about sixty thousand additional commercial. Drivers in the u.s. Today.
Next ten years. We have to we have to hire over a million truck drivers to offset the retirements that were saying you're going to need a lot of help in order to do that. I think it's going to require more people coming. In young people coming in. It's going to require some work from immigration is qualified drivers from other countries can come to the u.s. And take some of these unfilled jobs and then expanding the pool, bringing more women into the drivers were to the professional driver Workforce. These are jobs that pay on average. 52. 65 thousand dollars a year.
You can make over $100,000 a year as a professional drivers. So they are well, paying jobs as you mentioned, there has been an increase in pay and wage inflation, which I think some of that is helpful in attracting more people, but wage inflation alone isn't going to solve the problem. What about on the flip side? And this has been one thesis that people have that the longer these labor shortages, go on the more people look to technological solutions and I'm thinking about Tesla and the self-driving truck. How much is that a Mystic solution from your Vantage Point.
Yeah, Riders were very involved in that we partnered with numerous companies that are in the autonomous truck space. I do think that will become a reality. When, you know, it could be in the next five years, maybe a little bit longer than that. And in certain Lanes, I would tell you to certain function. So on highway from one ramp to another is more likely. It's a simpler autonomous solution if you will, so I do think autonomy will will be part of the long-term solution. But there's still going to be plenty of jobs needed.
Filled for doing final mile. Deliveries of those products and even in areas where autonomy may not work, you know, probably more likely to happen in the South where you don't have as many weather conditions as you do up in the north. So it's going to have to be a combination of all those things of which technology will be part of it. In the meantime, something that you said before that. I want to take a little further into this idea that you think the supply chain disruptions will get worse before they get better. Can you give us a sense of what worse looks like? Is it just more expensive? Pensive or is it just much longer delays and empty shelves for a longer period of time.
Yeah, I think it could be a little bit of both, right? Certainly longer delays in empty shelves, especially, as we get now into the into the holiday season. As we try to break these log jams. And also suppliers begin to ramp up on the things on those critical issue items that were in need. So it is a combination of both of those. I think going into the holiday season. This is going to be a very different holiday season. In terms of we're used to having a plenty of supply of the things that we want. I think this year is going to be a little different. But the good news is, this is transitory. We will get through this. Whether it takes us, you know, one quarter or two quarters or
The truth is these issues do get resolved. There's a lot of incentive for all the players in the supply chain to get this, right. So I'm confident that, you know, will work together to get that done on the other side of this, how different does it supply chain look, Well, you know.
I think you're going to have a few things different. I think you know, there's a lot of lessons learned here. So I do think you're going to see Supply chains get shorter. So, you know, maybe more manufacturing brought closer to the point of consumption because that gives you a lot more ability to react quickly. So more on Shoring and near Shoring of manufacturer. I think will be an outcome of this. There was a there was a bit of a trend already happening, but I think this could accelerate that trend I think, certainly you're going to see more inventory.
I mean, you know, we have situations today where automobiles that cost 60 $70,000 are on the sidelines because of semiconductor that might cost a dollar. So inventorying those semiconductors are those components that have the semiconductors as opposed to having Ultra lean Supply chains, I think is going to be a movement that will see coming out of this as companies become more sensitive to, you know, what, the impact of a shortfall of a product that they had historically viewed as As always available is going to be.
What did you think of President Biden's speech when he talked about some of the supply chain issues and how he plans to remedy them? You spoke about keeping ports, open longer, so, that that would be helpful. What didn't you hear from him? That you wanted to? Well, I look I think I think.
Autumn for the coordination effort, you know, unfortunately, these things require a lot of speed to get you. Want to get them done very quickly and the government not historically is not the fastest moving Enterprise, but I do think that the coordination between the Port Authorities. The labor trucking companies is certainly welcomed and we need more of that. I think also relaxation. Look at relaxation of certain rules that may be keeping drivers from driving longer, maybe keeping certain types of vehicles out of the ports in California, because of Admissions that can help that can help to speed that up.
You know, I think longer term, it's really the issues around. I'd love to hear them talk about how they can help us resolve the driver shortage issue. Longer-term with, as I mentioned, adjusting the age for. When young people can become commercial truck. Drivers immigration, smart immigration reform could really help the situation and really focusing on those types of legislation legislative changes that I think it helped us also anything that Helps deer Shoring and on Shoring of manufacturing type.
I think ultimately can help prepare the supply chains for what this is going to look like when we when we get to the other side. It's not just a logistics perspective here. It's also a question as we go into cop, 26 of the emissions footprint. As you talk about fairing around a lot of goods with diesel-fueled trucks. How are you adjusting to emission standards and sort of retrofitting, certain types of either warehouses or trucks with devices that can potentially reduce the footprint.
Yeah, look are our the whole purpose of our job is to refine the supply chain and make it as efficient as possible. So just by its nature, we're reducing emissions, but clearly technology changes that are underway around electric trucks, you know, electric warehouse management equipment. We're in the Forefront of that to working with some of the both the traditional truck manufacturers and some of the startups on helping to introduce those two, Marketplace, I think we're still some years away from getting that that becoming a reality.
Duty delivery Vans, we see that as a probably the first class of vehicles where you're going to see electrification, but there's still a lot of work to be done there. We're working very closely with with these organizations and helping to introduce them into the marketplace. So we're excited about it because we think it really presents a great opportunity for us to, you know, lead the change if you will as that technology evolves, it really becomes valuable for our customers. I just find it amazing that we're dealing with. With all of these log jams at a time of profound transformation. And we're seeing this highlighted probably.
Asked in the oil industry given how much prices have surged simply because there has been under investment in plants that are deemed as old-fashioned or, you know, out of the end of line with respect to emissions standards. So we're dealing with these Rising costs at a time when we also are dealing with the higher cost of disruption from labor shortages, and the idea of just where things are coming from and covid from your perspective, how much more on average our costs for people to ship things. Now? That in the past and I say this because I wonder whether the consumer is prepared to pay.
Yeah, it really depends on what you're what you're moving. But when you look at Great cost and and spot, freight costs have gone up in the last year, 25%, in some areas. 30%, you know, that's a meaningful increase in the cost of shipping and companies, do different things to try to offset that they run their own Vehicles. If they can. They look for Alternatives. They Outsource the companies like Rider. I mean, one of the things that we're seeing is when All this disruption is really creating a big.
Any for companies like Rider that this is what we do for a living. So we're going to have record sales this year. As companies have all said. Hey, I'm having a tough time. Let me go find somebody that can help me. So that's what we're here to do. We're here. We're here to help companies figure out. How do I how do I mitigate? We can't we can't eliminate some of these market cost increases but certainly helping to mitigate those costs. But but I think, you know what you mentioned about fuel costs, I think is an important data point because
We all want to move to you know, lower emissions, Greener technology. But ultimately there has to be a an economic value prop proposition for businesses because what, we've learned and over the years, we have, you know, provided natural, gas, trucks to our customers hybrid trucks. And what we've learned through that process is that everybody wants to move to the, you know, zero emissions, but they're not going to do it unless it provides economic benefit to them. Em. And that's where the technology needs to get to. And I think that's the piece that still requires some time. Is, how do I get the battery?
And how do I get the infrastructure? So that these Greener Technologies really don't provide inflation and provide harm to the economy as opposed to helping. When are, and when?
Think I'll actually be at a place where we do. See that economic Dynamic, spurring people, toward more greeners, types of energy. Yeah, on the
Commercial truck side, I think right now the closest is the light duty delivery van. So you think the delivery Vans are delivering, you know, e-commerce packages to your house. Some of those could be, they're getting pretty close. They could be there in the next year or two. The larger medium-duty truck in the larger tractor trailers that you see those are still quite a ways away. The cost is still significantly more for the vehicle. Even when you take into consideration, the savings on fuel costs of that. That is, I think You know, much further out, probably more. It could be up to a decade away.
As we talk about Supply chains, I have to wonder China's role in this given some of the harsher lockdowns and given the fact that in many ways. They have been a factory to the world, how much, how can people really diversify away from China? Given their presence in this entire ecosystem? Yeah, it looking can happen overnight and and certainly some of this started with the tariffs that we saw.
A few years ago that started to really create, you know, had companies begin to look at this issue. And I think the the the tightening if you real around the economy that we're seeing, in China, I think is making companies think twice about continued Investments or investment of the next Plant, whether they're going to be there or try to be here closer to the us where the consumption happens. So I think you're going to see over time. It doesn't Not happen overnight, but you're going to see more of the newer Investments start to happen on a North American basis. Whether it's us, Mexico or Canada and
Less on the Asian side. Again. It's a combination of what's Happening from a geopolitical standpoint. But also an outcome of this pandemic and the need to really respond quickly to what's happening in in in the supply chain. You can do that better. If your supply chain is shorter. Well, how realistic is that? Because this is something I've heard conflicting points on some people say, yeah, you're to see more on Shoring and more localized factories. In other people saying, well really, it's very difficult to do that. Not only From an expense standpoint, but from an expertise standpoint and that people are still going to China and, you know, Vietnam as sort of the popular off shoe to China for.
Production needs and it remain so and hasn't really gone down that much. Is that the truth or has have supply chain shifted? Much more way than people realize. Well, you could have Supply chains that are shifting within China or I mean within Asia that are be gone to China as you mentioned to Vietnam and Thailand you are seeing some of that. But you are also seeing Supply chains now that are moving closer to the US and and more towards North America. There is a labor. Or training issue that needs to be addressed. There's a broader labor issue Beyond truck drivers just you know manufacturing expertise and that's something. I think the government can help with also around training programs to be able to ramp up the workforce, in the US and North America.
To be able to take on some of these job but it can happen just like the jobs went away. Many years ago. They certainly can come back and I don't think it's not going to be an all or nothing but certainly incrementally. Moving more towards North America, I think is a high likelihood of happening. We just have a couple minutes left and I do you think about the just-in-time delivery system and we have to really touch on this transformation in the economy, where people expect to press a button and then get it on the doorstep within the next hour. I wonder what you see as Amazon's role in the delivery mechanisms in logistics, going forward given how much they have transformed. Our idea of how we get goods and when we get them,
Yeah, clearly, they're going to be a they're going to continue to be a big player. I mean they are the big player in e-commerce. But as with any great business and industry, you're seeing you're going to see new players pop up. You're going to see more companies, move into that, final mile delivery space. I mentioned that we are already in that space for the stuff that your typical parcel company doesn't move. So you think about furniture fitness equipment and appliances Rider moves those today to people's homes. Are also looking to get into that final mile, be fulfillment of broader.
Type products that are smaller and really competing with with some of these companies and helping our customers compete with them. So we're excited about that, that takes a while to ramp up and that's what we're in the process of doing, but it's going to, it's going to become a competitive landscape as what typically happens. But clearly I see him is on continuing to be a big player. Not the big player in the space.
Have you found that it's increasingly difficult to hire competitively.
Well, you know, that's one of the benefits. I think Rider has is for the jobs that we provide think about. We talked about truck drivers. Warehouse workers diesel technicians. We have a very extensive driver recruiting Network. As you said, we've got over 40,000 employees. So we view it as an advantage for us, in a difficult hiring environment. We're typically able to hire find and hire qualified truck drivers, were companies on their own. May have a challenge doing that same thing with Technicians and warehouse workers. So we view it. Yes. It's an ongoing.
And I think it'll continue to be but I think it's also an opportunity for Rider to help other companies that may not have this capability. Have you been interested in making any Acquisitions? And I?
Vantage point of a lot of ma that's been out there. And the fact that having this scale is all the more important in a position of yours of your type. Sure. No, we are. We're certainly actively looking at acquisition opportunities, especially around the supply chain and Logistics space. We view over time. Really that portion of the business of the company, becoming a larger percentage of the overall Rider story. So we're we can acquire not just new customers, but where we can acquire acquire, New capabilities in the supply chain space. You think about, as I mentioned.
Fulfillment where you're more doing that final model Livery of parcels. We're looking at that as an opportunity new Industries, you know, we're heavy in automotive and and Industrial and Retail and consumer packaged Goods, but other industries that we can serve, we want to get into. So, yes, we we are actively looking in at MMA. And as a way of helping to bolster the growth of the company.
Well, I just want to thank you for taking the time with us because this has been a tremendously educational conversation for me and I'm sure everybody listening Robert Sanchez of Rider, the chairman and chief executive officer at a time where Supply chains have never been more in front and center. I will say, I've been looking through the earning statements and every single company practically puts supply chain, disruptions material, shortages in their list of risk factors in their list of reasons, why their margin costs have been going up. Pretty significantly. But we wish you the best of luck. Thank you for taking the time and have a wonderful rest of your day.
So the question that we really aren't wanted to answer with this project was, you know, the same types of vaccines and places the Western developed economies, which are highly vaccinated. Are we seeing a different impacting these places or is the effect of the vaccines, really the same. And so what we did was to take the places that had vaccination coverage of over 55% and bigger places with populations over 1 million, and then we further narrowed this to a group of So, of course, that many factors that affect fatalities. The analysis is really only looking at the impact of vaccination. There's so many other things that do come into play, of course, but some of the big
Good ways that we could see in that contrast between places that really managed to get this really down. After vaccination, was the length of the interval between the first and second vaccine. Those did seem to play an important role. So for the European countries, that managed to bring fatalities down to just ten percent of what they were in the previous Peak, you know, we saw in places like Denmark and the UK and Germany, for example, they were administering vaccine doses, six weeks apart in the UK, that was up to 8 to 12 weeks apart. Whereas in places that have brought this down to a smaller level, the US.
Japan Israel, they were administering vaccine goes, as long as three to four weeks that we've seen that, those longer intervals, actually do Boost the immunity level, much higher. We seen this now from studies. Second dose is more powerful. With the first dose has been given that time to fully mature in the body and that could play an important role. And there's a lot of lessons there for countries that are now still ongoing and vaccination campaign. And so what happened to those earliest vaccinated countries by the time Delta came through and started spreading across the world, those initial doses. We Ducey, the immunity has already weighed and that could have played a part in the fact that vaccination did not provide as strong of The Shield.
To its Delta compared to other countries.
In a developing world that haven't that don't have any meaning for vaccination protection at all. And with the virus becoming endemic, we do know that vaccinations may become a regular thing. What this analysis can tell us, you know, is to give scientists policymakers and inkling of some of the things that can be done to strengthen that Shield of immunity against new variants. Because as we know, there is a great fear that Delta is not the only limitation as well. I've our Global events platform is premiering a virtual event called policy. Blueprint this inaugural event focused on On the question can government and private sector work together to solve the big problems better and we welcome now. Dr. Albert. Borla. He's chairman and CEO of Pfizer. So, dr. World. Thank you so much for joining us when I think about big problems. We haven't had
As big for a good long time. As covid-19 there was cooperation between the private sector and government. I know you did not take money from works with but you work closely continue to work closely with government. Give us your sense of the status right now of the battle against this pandemic. And to start with, I think that this collaboration was pivotal, and we may not have taken the money, but it was a different collaboration with collaboration with the FDA was collaboration with. The CDC was collaboration with NIH in terms of making I'm sure that we conduct the studies the right way. And without their let's say collaboration. I don't think we would be able to do that. So the private public sector was pivotal and now news about the pandemic, I think, as we were Ezra had predicted it.
Virus is here to stay for quite a bit because has been spread all over the world and has this ability to create mutations and the variance. But as also had predicted, we should be able to have it well under control as long as we could get vaccinated. I think in the world large parts of the world are getting vaccinated right now, I believe that within several months. Almost the entire world will have enough vaccine.
Made it then those countries that Heston see of vaccines is small and those tend to be more Highly Educated. Let's say Nations. I think that we will be able to to back go back to a normal life. The doctor before we turn to the world. I do want to talk about that. Let's talk about the United States and a couple of things that are pending right now. One is pure called mixing and matching that is respect with respect to the booster shot. Getting a booster shot potentially a vaccine which is not I think they're considering the data there are data that were presented to them. I think by NIH dr. Fouch Islam in the studies are very, reliable studies, a smaller numbers, but very reliable studies. I think they have done all different combinations. For example, ask boosting the enzyme of their numbers into a and then Jane Jane - boosting moderna and then change a modern. Boosting Us in terms of what they're not they're using.
Adults, not the half of those and I think they're reviewing the data and they were make their decisions. So, you know the data you've looked at the data and I don't want to rush the FTA, don't want to watch the rest of the government. Want them to be careful. But from what you've seen is it pretty clear. We should be mixing and matching just to make sure we maximize the boosters across the board.
I think that the it's safe to say that boosting mix mixing and matching could work. And that could provide flexibility. The other thing that were the people are very concerned about is children and let's start with 5 to 11 year old. That is pending. I know, Pfizer is subdued submitted data when you expect a decision on that.
Expect pretty soon actually expect before the end of the month, why I say that? Not because I know how long have the a text, but I know when they have scheduled their advisory committee and it is before the end of the month and typically, in all these cases of the in makes decisions within 3-4 days max of the advisory committee. So I think it's a question of weeks. So, assuming that, that's right. Doctor, when should parents think that they could actually get their children vaccinated. What's the Egg time before, we actually get shots into arms, assuming again that it gets approved.
Assuming wood gets approval, we would be ready to provide this new formulation. It is a different formulation than the one that we are using. For. The adults is using 1/3 of the MRNA as a dog. And so we have done all the work to manufacture it at scale so that we will be able to provide it almost immediately. Let me push it back even further. What about two to four year? Olds are there data being gathered on that? Do you expect at some point? We will be able to inoculate even children as young as two.
I do expect to do that. Of course, the studies needs to be completed. I'm optimistic, because I have seen these results between 5 and 11 for the two to five years old. The studies are ongoing right now. I think should be completed by the end of the year, and it is an another formulation is using a very small fraction of the MRNA that we are using. With adults. It's to micrograms compared to 30 micrograms that normal dosage compares. Or hundreds of the modernist Torres. Those
Contains. So this to micrograms. I think we expect to be very, very safe and give good. Good. Immune responses. Also, those kids will be protected. Let's turn now to the rest of the world that you raised before. Everyone agrees. We need to get the entire world vaccinated at some point in order to protect all of us because it travels across borders. Goodness knows what's the best way to do that. As you know, there's been a lot of pressure on Pfizer and I moderna to free up the A property. I know you said the past that's not necessarily the most effective way.
Job done. Not only the most.
Because nothing to do with the availability of extended estate and that will be a blockage, but let me go to the poster. I think what needs to be done. It is that we will have enough product manufactured so that will be available for all and to provide it at Cost that the prices that everybody can afford. Those are the two conditions so that the entire world will be vaccinated when it comes to the second. It's easy. You have resolved a long time ago. We are providing the vaccine at the cost of a Takeaway meal in the high-income countries, but in the low-income countries.
We're providing the vaccine at the half of this course and that low in the middle and the lower income countries were giving it. No for profit. Even going further. We signed an agreement with the US government that we will provide them 1 billion doses of our vaccine at cost. And then the US government in turn will provide it to the poorest countries of the world at free completely free zero cost to the governance of the poorest countries. So, with all of that, I think pretty soon.
The availability will change completely and dramatically in the other countries. The manufacturing it is right. Now. We are standing at who have made more than 2 billion Doses. And to have released a little bit less than 2 billions because takes one month from the day. We make them until we release them for Quality controls from this 1.7. 1.8 almost, 550 has gone to low and middle-income countries. He's by the end of the year who have released.
Billion dollars by the end of this year, which is in two months, and a billion or more. And likely would be more will be given to low and within the country and then of course, next year for billion doses, but we'll go to the entire world. So I'm optimistic that will be enough doses for all and everybody could afford that world. As, you know, having the vaccine is a necessary but not sufficient condition to get people inoculated. What about the delivery mechanism particularly in some of the Trees. That are middle. Income lower.
Entries. What can be done to overcome that who's working on that part of the problem. I think that should be the main concern of who particular for the poorest countries to make sure that the infrastructure the hospitals are there. I think should be, of course, the responsibility of their governments but also the responsibility of non-governmental organizations that they should support building a medical infrastructure. So when the vaccines arrived there, they will be able to administer it. There is a lot of work going on. Right now on the ground, but still, I think they are not all these countries ready yet, unfortunately, but I think we need to make sure that we
You this stuff finally, just to wrap this part of it up doctor, as you know, I have Pfizer. I got Pfizer, the, my two doses. I haven't gotten a booster yet. I haven't got the booster yet, though. How important is it to get that booster? If you got in your booster I did. They've got my booster. I did it before. I take two weeks trip to Europe. It was quite high risk. I was going to see a lot of people. I went to five countries. Have you improved matica as Vatican is one? Country, and I did my booster of the third option.
I think that there are clear recommendations in this country people that are 65 and above. They should all do it and people between 18 and 65. They should do it if their occupation creates exposure to them. Also, of course, if they have underlying conditions always to do it. So there are different recommendations that are changing over time in different countries. I'm telling you what it is, their recommendation in this country and You know, if you fall into one of these categories.
Urge you to do it as soon as possible. Dr. Wheeler, let's turn now to what comes next. As you said at the beginning. This virus is not going away. We're not past the pandemic yet, but we have made a lot of progress. What about the next pandemic? Let me ask you particular about the coronavirus because the coronavirus seems to come back in different forms through history. Does this? Our mRNA platform potentially offer the vaccine that could cover all Coronavirus?
I think that the corona the MRNA platform has the ability to adapt very quickly. I don't think that we have proof that will be effective against all coronavirus has, but I think that we have very high probability to do so, but when thinking about pandemic should not be thinking only about coronavirus, a pandemic and come through very different types of viruses and not necessary. Respiratory could be other type of Of diseases as well. And if there is a lesson,
We learn from this pandemic that stands out among the many. What we learned it is that we were lucky because we had a vibrant life sciences sector but was able to step in and produce Solutions Solutions when it comes to, when it came to to respirators Solutions when it came to Diagnostics to Therapeutics and vaccines. And I think it is critically important to learn this lesson. And Make sure that we create the policies.
So this is about the public policies to this discussion. The policies that will create Innovation. We're making Ovation florist. So when and if there is a next time that we need science to win, we are in a position of strength. What are the policies in your judgment? They would actually facilitate that climate of innovation. So, whatever comes next time we'll be at least in a better position to handle it.
I think there are multiple. It's let me start with what you started. Your question about Regulators. I think we have seen tremendous achievements by having the private sector working Regulators to produce life-saving vaccines. The question is, if we were able to do for covid, why not for cancer? If we were able to submit a request to FDA and receive an answer within three days rather than within three months. Why you shouldn't be able to do that?
We're submitting a request and a question for a cancer vaccine in the future that will require significant resources to be given to FDA. And of course significant structural changes, maybe but I think this is the time to do it because now we know that it works the same comes to how we will make sure that there is a thriving, Life Sciences sector and the intellectual property is a very big part of what drives significant amount of capital from Only into this into this sector. Unfortunately is not good. Will that will bring
Of cancer, it is billions of dollars, but invested by people that they are willing to spend again and again and again 400 projects until one of them will be successful in 99 will fail and they will lose their money. This is the reality but we are leaving. So, these are significant questions for policy makers. So, that were you mentioned cancer, a couple of times there, which is awfully tantalizing, explain the science to me because I don't understand it, it does. The MRNA breakthrough that this represents can that possibly help us on cancer.
Yes, it can. There are a lot of efforts are than going for years right now, even before starting your work, since the cancer is growing like a foreign body within your organization, but somehow they have a mechanism that is able to evade the immune response of your body. So your body doesn't recognize it as a foreign body like a virus for example, so can attack it. And there are a lot of efforts that are happening, how to mobilize your own immune system to fight your cancer. One of these efforts. And one of these Technologies is by using the MRNA. There are also vaccines that you can use.
You know, or immunomodulators, but this is one of them quite promising approaches hasn't given yield fruit yet, but it is a heavily studied right as we speak. So that what you've described some of the climate that you think that we need to have flourish in order to make sure we can deal with the next disease. Talk to you about something that we've heard a lot of in other contexts and that's supply chain was supply, chain and significant hindrance for Pfizer. Is it a challenge to this day? And if not, how did you make sure you had the sufficient? Supply chain.
It was a major challenge in the beginning of the pandemic. Keep in mind that what drove governments to do was to kind create the protectionist. So they started restricting imports and exports and our vaccine is made of hundred eighty six. Different components hundred eighty six, different components that are coming from 19 different countries and you miss one of them you can have the vaccine. So so he Everyone is as important as all of,
We're getting some of these raw materials either because of course of all, we scale up, manufacturing capacity, very rapidly. And there were not enough suppliers in the world to provide them. But also the world's a trade barrier that was not good and eventually everybody loses when we try to do that. So I think maintaining during
Think I'm damaged during periods of Crisis, open trades. It's very, very important and very important for all. One of the things that we have heard recently. Coming out of pandemic, frankly, is that we need to diversify our supply chain. Is that something that's important in the pharmaceutical area to have more than one country that maybe could Supply some of these? I think it's always a good.
Particularly period, period period. Period of Crisis. Like this one, for example, when we started, we have to separate the lines that they were a twins one. They were both doing the same things, one in the United States. That was supposed to provide vaccines all the way to the Americans from Canada, all the way down to Latin America and the other one in Europe, but was supposed to provide the European continent, Asia, and Africa, all the way to Australia. And this is how it worked in the beginning. Now, we are mixing more. So we Are sending from the u.s. To Asia and from from Europe to
To Latin America as the production lines are let's say as a production is allowing us. But it's very important because you can't have only one manufacturing side doing it. Imagine if an earthquake or something creates an issue. You can't risk something like that. That worry you describe some of the atmosphere, we need for innovation in the Pharmaceuticals area. And and I wonder about one government policy that's being suggested proposed by some right now and whether it would affect our ability to deal with an experiment. That is some limitations on prescription drug prices. That's something.
It comes up. Periodically is up again on Capitol Hill. If, in fact, they went forward to that. Would that constrain the industry's ability to respond to the next pandemic? Even come in the form that they are discussing? Yes, absolutely. But let me clarify a few things because that's a very important issue. I think we do have a very big issue with drug pricing in the United States. I think the Americans right now are paying for their medicines, like if they don't have insurance, although they do have
Let me explain how the situation is. The total health care cost and that of pharmaceuticals within the Total Healthcare cost is 12%. The government, for example, would pay the US government or the commercial plans are paying 12% of the total cost for medicines. So by definition that can be they cannot be the big issue. The issue is that when it comes to medicines the Americans have to paid almost all out of the pocket and in fact in Inflated prices because the prices, the list prices are
Double then, the net prices that we are providing to to insurance companies that needs to change and I am in favor of all radical changes. That will ensure that the out-of-pocket cost of the patients is reduced right now. That could mean incremental cost and Pfizer and my peers CEOs. The industry is willing to participate and paid big part, if not are fair. Part. Very big part of more than the third part of this.
But what we don't want to do, it's just some of these proposals are doing it. Is they're taxing significantly. The industry enormous amounts that will just go to the black hole of the federal budget, rather than go to the out-of-pocket for every dollar that they take from us. If it goes straight to the pocket of the patients. We will have, they will have our blessing. So just to make sure we're clear. This is a terribly important issue. A lot of Americans, what you're saying is okay, we can certainly live with some cap, some limitations, and reductions in drug prices as well. Well, as the beneficiary of those reductions is the patient rather than the federal government.
This is exactly what I said if it is the beneficiary. As long as the beneficiary is the, the American, the patient that is pains. When he goes to the pharmacy. We are willing to do more than little, we are doing to do a lot. So that you one last one here. I mean, Pfizer is for many people here. All right now for coming up with this vaccine as well, as modern as, but Pfizer is a real hero. Are people just beating down your door to come work for you. I mean, we hear a lot of problems about recruiting. New people are people just flocking to Pfizer right now, said we I want to be part of that team.
Yes, baby. I think it is. It has created tremendous momentum for Life Sciences in general. So it used to be times that young people really had an affection to work for the tech industry. They wanted to study things that are related with the tech industry. They wanted to work in this. Let's say mega companies of that the pandemic and the fact that the life sciences sector demonstrated the value to society has reversed the situation more people want to. The mouse science and
Medicine and they won't work for us. And we see that every day and particularly for Pfizer because of the original, let me explain, we have the benefit of a tracking. Now the best and I'm very pleased about it. Good for you. Thank you so much doctor for being with us today. It's Pfizer, chairman and CEO. Dr. Albert. Borla joining us for Bloomberg, lives policy blueprint coming up later this hour Delta Airlines, CEO dead bat.
Good morning. Good afternoon. I'm Victoria coming head of global policy. A Bloomberg. Any F. We are the primary research arm for Bloomberg and have a team of 250. So people spread around the world. And today I'm going to talk about the upcoming un climate talks in Glasgow. What do we expect to come out of cock? 26, our governments emission targets. Sufficiently ambitious, and some talk about progress. On climate Finance.
So ambition is probably the number one hot topic for Glasgow as I'm sure you'll recall the Paris agreement. Aims to hold the global interest there. Boom. I'll just start from the beginning.
Good morning. Good afternoon. I am Victoria coming had a global policy at Bloomberg. Any F. We are the primary research on for Bloomberg and have a team of 250 or so. People spread around the world. Today. I'm going to talk about the upcoming un climate talks, in Glasgow, cock 26. What do we expect? Our governments. Emission targets, sufficiently ambitious. And will there be progress made on climate Finance? As I'm sure you will recall.
Agreement, aims to hold the increase in the global average temperature to well, below 2 degrees above pre-industrial levels, and to pursue efforts to limit global warming to 1.5 degrees. And to realize these commitments, the world needs to reach net, zero emissions, around mid century, according to the 2018 report from the intergovernmental panel on climate change. And since that report was published. We've actually seen a flurry of new New National and Regional Net Zero.
Target's as you can see from this slide. So the top do not taught that you can see on the right shows, the status aware. It was the beginning of 2020. And by now, there are significantly larger chunk accounting for about 75 percent of global emissions. And now covered by such a Target whether it's in force or under discussion.
So, Bloomberg nef as relatively optimistic, that parties will reach some kind of deal where they reference global net zero in Glasgow and potentially also that what seems to be the catchphrase of a conference to keep one point five degrees alive. Now, one reason why cop 26 is possibly the most important climate Summits as 2015 is because it's the first opportunity for countries to discuss their climate pledges to 20:30, these are known as nationally determined contributions.
Students, what ndc's and unlike that under the Kyoto Protocol parties determined that own contribution to the Paris agreement goals. And so, this discussion is the first step in the pledge review ratchet. Cycle agreed in the Paris agreement. So the next step will be the global stock. Take in 2023 when parties will review their progress with a view to them preparing their next in DC. And in theory ratcheting up their ambition. However, Bloomberg ntf does not.
Act all ndc's submitted before cop 26 to lead to Global emissions in line with a one point, five degree Target. So comparing emission targets is tricky because their countries use different types of Target and different deadlines. So, we've used possibly the simplest method which is to compare the implied change. An absolute emissions between 2010 and 2030. And as you may recall for two degrees were looking Or a 25 percent reduction on 2010 levels and for 1.5.
Going for a 45 percent reduction. Now, the figure shows that for G20 countries or parties are on a path to 1.5 degrees if they achieve their ndc's. However, even though Japan has recently announced a more ambitious Target. They would only still be in line with two degrees. However, for nearly half of those countries hitting their 20. 30 targets would mean, they would still see an increase in absolute emissions. And because the G20 includes,
Gem, it is as China and India. The group submissions as a whole would be on track to rise. 45% on 2010 Levels by 2030. So that's a far. Cry from what's needed? Under the Paris agreement. The other thing to mention is that some of those countries that even have a mission, a she'sa mission goals. They have yet to actually Implement concrete policies to achieve those goals. So notable examples that are Australia and Brazil where they appear relatively High.
On the chart on the left, but less high on the chart, on the right, start on the right is taken from Bloomberg NES 2021 zero carbon policy scoreboard, which ranked the G20 countries in terms of their decarbonization policies. So if we look at the impact of the NDC submitted so far on global emissions, If achieved they would
See an average rise of 16 to 19 percent on 2010 levels. So that would mean a temperature increase of two point seven degrees by the end of the century.
We also expect another priority in Glasgow, is to be some kind of a deal on Coal Power. We've seen a number of related announcements in the last year. Notably, the G7 leaders agreed in July to end support for unabated. International thermal coal power generation by the end of 21 to notably China said that it would end building new coal, power plants abroad.
Now, a comprehensive and Global commitment to ending the financing or construction of coal power plants would make a significant contribution to climate change or tackling. They're awesome. So Coal, fire power generation accounts for about a third of global CO2 emissions, but if parties and girls go do re to corporate agreement to be meaningful, it will need to be comprehensive and to avoid the vague wording and undefined loopholes that we We've seen in previous commitments, for example.
The G7 pledge may have looked good on paper, but loopholes could mean that it would still allow higher efficiency. Thermal Coal Technologies without pavement likewise. They didn't Define what they meant by the Limited circumstances under which the countries could still Provide support. And as you may have spotted the China announcement, only relates to overseas plants, whereas it actually has plans to add considerable amount of capacity at home. So, let's now I
The other priority topic for Glasgow, which is financed. So in 2009 developed countries, pledged to raise a hundred billion dollars a year in climate Finance for developing countries. The deadline was 2020 and that Target was reconfirmed in the Paris agreement. However, by 2019, it was still 20 billion dollars away. So data collection, for finance or always runs a bit behind schedule. So if we assume the same growth It was maintained from 2019 to 2020. They would.
Be 10 billion dollars away from that hundred billion dollars. And it may have been even lower than that because of the requirements of the pandemic. So as a result, we don't expect that hundred billion dollars a year Target to be met in Glasgow, but it's worth flagging. Why? It's particularly important. This isn't because of the actual, some raised. So, a hundred billion dollars, a years is small-fry compared with the Trillions of dollars a year in total annual investment, that's needed.
Meet Net Zero by mid-century. It's important mostly from a diplomacy perspective. So climate Finance is in essence developed countries, main leverage in the cotton associations and the risk is that by the lack of progress, could weaken developing countries willingness to collaborate and to take on one Bish's targets the attendees to the July UK ministerial on cock. 26 stress. The Importance of the goal by saying,
Was key to the guitarist credibility and confidence in the whole un climate change process. And the situation was made worse by the G7 Summit in July. When those leaders agreed to actually delay the target to 2025, without consulting. Anyone else. They did agree that they would put forward new climate pledges, however, and some have done. So as you can see, from this chart, So given that we don't expect a hundred billion dollars a year.
Get to me met it in Glasgow. It's going to be crucial that countries can agree on a timeline and process for achieving it by September. This year, the pages that you can see in the tart and total just under a hundred, ninety billion dollars a year in public finances over the next five years. So that averages 38 billion dollars a year. As you can see, the G7 members apart from Italy, top the table for absolute funding pledged. However,
If we compare them on a per capita basis, some of their pledges look less impressive, compared with other countries such as Denmark Iceland and Switzerland. If we assume that private finance and Export credit funding will can maintains their historic trend of growth. This could mean that in total. These pledges would amount to some 50 billion dollars a year or two hundred and thirty six billion dollars over the next five years. So well behind And on the hundred billion dollars now Canada's and Germany's.
Environment ministers have been tasked with developing a plan to reach the hundred billion dollars a year goal. So it will be interesting to see when they publish the end their report at the end of this month. So as well as agreeing on how they reached a hundred billion dollars a year parties. In Glasgow will also need to determine how and when they decide on their next climate Finance targets. And one of the
Biggest areas of contention could be if there's a proposal to impose obligations on recipients governments as been alluded to recently. And if this happens then it's likely that developing countries will point to the principle of common but differentiated responsibilities and to Annex one parties contribution to historical emissions.
Issues that could be contentious is where the dedicated funding streams should be created for adaptation and certain countries which have historically missed out on a significant share of the financing. So one of the reasons why mitigation tends to attract more financing that adaptation, is that ad can be difficult to prove a business case. For an adaptation project.
There's also room for improvement on the, in terms of geography because the least developed countries have an average, only received 15 percent of the financing on the last five years. So we don't expect parties to agree on some kind of fixed carve out, but we could see them agree to increase financing for these areas provided they can to decide by how much.
So overall in terms of ambition, any deal from Glasgow is likely to reconfirm a global net zero and some kind of a wish to keep one arm point five degrees alive, but we don't expect the ndc's to me, Global emissions would be in line with those those thresholds, but for 2030 and even countries that have ambitious targets and have yet to implement concrete. Support, but we could see some kind of
Alone, Coal Power front and in terms of the finance developed countries May. Well not come to Glasgow with pledges totaling hundred billion dollars a year, but their willingness to agree on how and when they will meet this target will be vital to maintaining trust with the developing countries and areas of potential. Contention could be whether there's obligations on recipients governments and dedicated funding streams.
And with that, I say, thank you very much for joining me. If you're interested in reading some of the research behind this presentation, go to be any F on the terminal or about dot being F.com to access. The report shown on this slide and to learn more about our research. Thank you very much.
I'm Joe, do a metals and Mining reporter for Bloomberg. News with me today. I have Barbara Hampton. She's the president and CEO of Siemens USA. Robert. Thanks so much for being with us and Kelly. It's great to be with you. So, let's just get right to it.
One trillion dollar infrastructure package being passed around Congress right now. They have some many objectives including improving American competitiveness. And that's going to either be through investment in infrastructure, as well as a bill. That might have some implications on us. China relations. I guess. My first question is, does this legislation if actually passed? Will it actually improve American competitiveness or have any effect whatsoever on it?
Well, yeah, and let me Begin by just sharing with the audience to words about Siemens so that everyone understands why we view infrastructure investment as so critical. We are a technology company and we've been in the backbone of the American economy for over a hundred and sixty Years. And we're focused on the kinds of technologies that transform the every day for everyone, things like bringing digital tools into manufacturing things about making buildings more sustainable. Making Transportation more efficient, so
These are areas that are obviously in the thick of infrastructure and we've had a loud voice. When it comes to this investment in infrastructure, some things, I'll share with you about whether in fact, this will make a difference. The answer is a resounding. Yes. We already know that dollar spent in infrastructure, will yield an economic return of four dollars and we have the ability Now by investing in critical infrastructure like ports. Airports train systems.
Make our transportation of goods and services. More efficient, more effective and we have the ability now to look into some other areas, like the manufacturing base to ensure America is ready for the future. Yes, on
Where are these dollars going? Yeah, the current plan is that the especially in a bipartisan infrastructure, framework, the
Is that we will be investing in what you think of as classic infrastructure, think, roads and bridges. Think about those things that we have used for the last century to help us be, if, you know, form the foundation for our economy. And what I, what I'm proud to say is that the Congress has included some measures that would actually prepare us for the next Century of American leadership like digital upgrades to many parts of our Infrastructure. And let me just give you one example.
All electric vehicle charging infrastructure. Think about it. We're entering a new phase when more and more consumers want to be driving electric vehicles, but the fleet can only grow as fast as the electric vehicle. Charging infrastructure grows. So Provisions in the bill that would jumpstart investments in electric vehicle. Charging can make a huge difference in how we move forward.
I'm wondering how is Siemens involved and maybe the charging station is a good example. I think a lot of people might ask. Well Siemens and infrastructure. I'm not really sure how to make the connection here. Yeah. Well, first of all, let me share with you how Siemens has been involved for for many, many decades, and with a Workforce of 40,000 people across the u.s. Where it president, every state and most territories of the United States. And we're doing things like building infrastructure. You know, that our cities today are becoming more.
Are interconnected, we want to be able to have systems that, you know, helped to drive information flow from building to electric grid to transportation systems, and Siemens is engaged in all of those efforts. So, as an infrastructure company, we want to use our voice to think Beyond concrete, and steel, and think, now to the digitalization of everything and how this interconnectedness this creation of smart infrastructure. Can actually transform our businesses.
It's Barbara. Why don't we dig into that? I mean digitalization and infrastructure. I mean listen, I speak to steel companies all the time and steelworkers. They're not exactly getting down to the nitty-gritty of talking about digital. When it comes to infrastructure. They're just talking Bridges and Roads and like you said it commercial Office Buildings. So can you can you make a connection there and explain to people really what that's talking about?
For sure. Yeah. Well, let's think about it first, and how things are made. Yes. We are going to need steel, but we need steel production to be more sustainable. When we have new technologies coming into steel production, that will actually reduce the carbon emissions from Steel Etc. Digitalization is helping us do that new tools. That give us more control over the industrial processes, but there's more once we actually build that infrastructure by using sensor Technologies. We're able to get better feedback about how.
How the infrastructure is working when a train pulls into Penn Station in New York. There are some 600 data points on that locomotive that are feeding information back to operators. And so keeping our infrastructure performing on time and efficiently is actually enabled by digitalization. So like you're saying, in a lot of ways will have better information of maybe when trains are breaking down or when Bridges need some sort of repairs. I guess that's really what you're getting at. At.
Well, that's exactly right. And we've seen this in all kinds of businesses, you know, look back over this last decade and you've seen how we've used technological innovations, to create the internet of people. Now, we're in a decade. Well, we'll be having people connect the internet of what I call the internet of really big things and and it really is going to be transformative in each and every one of our markets.
Moving away from just the domestic Market. I mean, how is it that public actions will affect private companies? Here ability to operate internationally. Well, we have to think holistically at this moment and you know, over the last two years, we've had this incredible disruption brought on by covid, but there were disruptions already underway. One of the things I'd really like us to focus on is the idea that there Are better answers to how
Can manufacture things. Now, think about this Global Supply Chain globalization has been a theme for many decades now and it seemed that industrial players were searching the globe for. Where is the lower lowest cost labor pool that I can have access to so I can produce my goods. It's it's been the the law of mass production and low-cost labor has been moving production capabilities from place to place around the world. What if the The future is different.
Yes, what makes the difference now is actually speed to need. You know, how during covid we had this moment where we wondered. Where are we going to produce ventilators? Well, that kind of question is being asked all over the place manufacturers. Everywhere are saying, how can I be more Regional and now we're talking about glocalization, the idea that we actually can take advantage of global Innovations, but Implement our production. Any places around the world? It's not a nor, it's not a racial.
It's an and where manufacturers are choosing to distribute their production capabilities on a more Regional basis. Now, when we do that, there are a couple things that happen, you know one we are actually creating a more resilient supply chain and and then second we're in many cases actually making those Supply chains more sustainable way. Their impact on the planet is far less. I think in the future where we're headed is mass mass customization. Ocean rather than mass production. So, you know, if we think about this there is
Real transformation going on. Now, how our Global government's handling this. We're in a moment where we really have to think carefully about creating a Level Playing Field around the globe. And we can see those kinds of discussions happening. If we can create fair and open basis for trade, that we really can make well-informed decisions about where best to manufacture Goods.
Can you maybe drill down a bit as to how this is different from like you said on Shoring or reassuring. I mean, this is a huge topic within the Biden Administration and some days. It feels like all they want to do is just bring all Supply chains back to the United States. You seem to be saying maybe not that's not the answer but you know something that's a little more targeted.
Yeah, I do think the Biden Administration has wonderful goals and the goal of actually being capable of manufacturing. The things that we need. It's a matter of National Security now and we've seen that we've seen what happens when we are, you know, sort of, at the mercy of Supply chains where our goods are coming from a portion of the world that is literally shut down because of a pandemic. So knowing that we need to have the capability to To make things in the US, the Biden.
Nation is taking steps that are helping to accelerate that but it is a process and they understand that as well. So we're in a rare in a moment, a transitional moment where yes, we are importing quite a bit from elsewhere and I think we always will but we're selecting really important elements in the supply chain, where it's wise to make investments bring the capability to make them in the US. And I think the thing everybody's working on is what are the right incentives and Disincentives carrots and sticks to hell.
People choose to make their investments in the things that we absolutely need right now. Hey, the chips axe is a great example of this. We know we need to produce more semiconductors here in the United States. Look at all of the industries that are reliant on semiconductors and our ability here in the US has shrunk dramatically over the last couple of decades. Now, turn that around with some jumpstart investment. And what we'll see is the thrive Iving supply chain.
Lift the boats of other industries that are dependent on that a really wise investment. Yeah, it seems like a lot of people would agree with you. I mean, I guess the tough part is figuring out how that, mm. You know how you get to the point of making that investment and kind of targeting exactly what it is you're going to do, right? I mean, the chip shortage, you give an example of is his kind of the, the anecdote of the past year-and-a-half pandemic plus supply chain snags plus, you know, developing. Structure. That seems to be at this Nexus of what the Biden administration's going after.
That's right. And they recognize it will take time. There's some really cool stuff going on though led by the administration. Now, think about it, what we realize here in the US. We've got the best system in the world, right? We recognize that Innovation and growth is best driven by the public sector and what we need from government is lightweight Frameworks, that will help set the stage for that kind of really open competition. And so, when it comes to things like semiconductor short, It's one of the things the White House and Department of Commerce are facilitating.
Is open data sharing amongst those who use semiconductors in the industry. Just like we do in cyber security. We see that it's in our common. Best interest to communicate openly about the risks were encountering and where we see opportunities and then what that helps is it by helping the entire industry. We actually helped Elevate the game for everyone. Now, I would say over this last couple of years, the real heroes in Industry have been our supply chain and Logistics. Mystics experts. And this is a moment when we really are letting them shine.
Because so many of the decisions we need to make about where to invest and how to devote our. Our people where to place our people for maximum Effectiveness really is all about bottlenecks in the supply chain.
Go back to digital and I want to focus again back on rebuilding America. And you know, I think a lot of people want to know how will digital manufacturing, you know, help in rebuilding the country. Yeah.
Over the last few years. I've often heard people worry about whether the robots are coming to take our jobs, and the fact is nothing could be further from the truth. It's exactly the opposite. We are at a really fantastic moment, Siemens has been part of every Industrial Revolution. And we've seen a world where the Industrial Revolution shaped the way we live. Lifted people out of poverty, you know, made communities Thrive and here. We are on the cusp of this next Revolution.
In which we bring the digital tools into manufacturing and what does it do? Well, if we're able to automate repetitive, dangerous tasks, frankly, boring tasks. We are able to take those things off of the plates of people. By the way, many of those tasks are the very reason why we had offshoring in the past few years because people were looking for the lowest cost labor to do those. Kinds of jobs now.
If those jobs actually can be done more. Effectively with Automation in factories. We Elevate the role of people in that whole equation. So, what I'm excited about is the fact that digitalization is going to bring us the capability to build things differently. As I said earlier, the idea of taking advantage of innovation that's happening elsewhere and then taking digital plans, digital plots for processes and bringing them into more Regional hubs for Actual manufacturing, perhaps using.
Additive manufacturing 3D printing, you know, in order to make things in a new and different way. What we're going to find is that our manufacturing footprint can actually be lighter, it can we can set it up closer to, you know, to Hubs where people want to live and play. We can't because it'll be cleaner, more efficient and and then the role that people would be playing in that is much more taking advantage of what we bring is humans. T excitement.
It Joy, so I know it's strange to be talking about joy in the field of manufacturing. But I my prediction is that it will only be a few years from now when the main jobs we have in a factory are going to look a lot more like playing a video game than in the past of dangerous dark and dirty. And I mean, that's the obvious follow-up. I think a lot of people want to ask is quite simply. What about the jobs? I mean, you you give a little bit of a hint at it, which is Video games I've heard this before especially in the mining sector. Right? A lot of my
But he's want to hire people actually with pretty good knowledge of video gaming. Maybe you could go into that a little bit more. Yeah, and maybe a good way to tell the story is Through of Cory scale.
Manager in one of our plants, he started at a time when, you know, people would come in and take a job, you know, entry level and work their way up the chain. He himself has worked his way up to be manager of in one of our factories and he tells the story of, you know, the fear when people started to see digital tools coming to the factory, is this going to replace us what he discovered is actually using digital tools. Owls allowed us to be more productive.
Well, by being more productive, we brought down the cost of our products. We could actually be more competitive as well. That brought on more volume. This has been a virtuous cycle that really has allowed him and his team to build their business. What kinds of things that they're doing their programming equipment? That's actually taking some of the repetitive tasks in that factory and doing them more it repeatably with quality and with and without the safety issues. We've been dealing with With and and so Through The Eyes of someone like,
Cory you see this Evolution, you see the you see the the career development that comes through the introduction of new tools and techniques. So Cory is just one of many in our organization who are embracing these tools and and encouraging others to do the same. You know, it.
The beginning of our conversation, we talked about on the infrastructure front. We were talking about charging stations for electric vehicles. And I want to ask, how does a modernizing infrastructure plan, really affect this? Supposed New Era of electric vehicle use. Yeah. Well, first of all, the model, Infrastructure is going.
Going to be more electric, more connected, and more automated. And we're seeing this in so many different sectors and transportation being, you know, one of the primary examples. I hear a lot of concerns from people that, hey, I'd buy an electric car except. I'm not sure about whether I'd be able to charge it when I need to charge it. I've got range anxiety. And so what we've recognized is that we're going to need to build out that electric vehicle charging. Charging station much like you might say, hey, there's a gas station on every corner.
We want to be able to charge our vehicles and know that we can get where we need to be. Now. There are some problems with this because in the early days of electric charging what we've seen is some private companies stand up and and build proprietary systems and that's all well and good. If you're within a region where a particular provider has put in a system and you can go from point to point and and charge your vehicle. That's great. But what happens when you then want to go? To a different region and find that there's a
Proprietary system that's just not going to work for a nation like the US. And and so what we're going to need our Open Standards for the kinds of equipment that we need to use as part of infrastructure. Charging is exams one of those, but you can imagine, there are others where we say. We want this to be a new part of the backbone of our infrastructure when it comes to electric vehicle charging. Then we've got to move quickly to roll. Roll out. Chargers we at Siemens had
Meant to build another million electric vehicle chargers right here in the United States. And so we have one location and Wendell North Carolina, where we're manufacturing Chargers. We've deployed mow over 75,000 now, but, but we're actually going to be working elsewhere in the country and an expanding that capability as well. We've been a loud voice for Open Standards in this Digital World. The ability to Plug and Play the ability to hook into multiple systems. Systems and and be able.
All to really expand the the reach it is absolutely vital in our minds. Yeah. I mean, it's about keeping America moving, right? And I think the follow-up to that is V's, obviously, we're thinking more kind of consumer Focus, but what about businesses in America and how a modern infrastructure will improve their operations, but also Supply chains, right? I mean, I think the number one thing being discussed right now on company earnings calls is supply chain snag. Here in the US.
They're awful and people are expecting them to last for at least another year. Yeah. Well, this is why we've been so pleased that the bipartisan infrastructure framework really does have a focus on ports of all kinds. I mean, look at the Port of lines of Los Angeles right now and the real dilemma of how to move adequate Goods through that port to support the rest of the ecosystem. So, you know, modern infrastructure, if we are successful in getting this more. Acted and more autonomous, and
Structure. We will have the ability to perhaps move things VIA Rail and beginning to hear signals of the introduction of High-Speed Rail in the US and important step for us. We're seeing signs of Greater are infrastructure. Being expanded out, which gives us more alternatives for the way. We move cargo. And then, of course, we're beginning to see signals of more electric fleets for large Vehicles, whether ER, it's an electrified highway or
Whether it is, you know, Vans and and you know, large vehicles that are electrified and moving goods for us. All of that is more sustainable. And again as I say, if we focus on a more Regional manufacturing Hub, then we take some of the stress off of the long-range Transportation requirements and really focus in more on the short haul. These are all objectives. We share across the industry, you know bar. Mariah, I want to get one more question in here with you and
Looking ahead. It was up to you. The first dollars you spend on new infrastructure updates. Where would they go?
Hands down. They would go into the grid. Think about
The grid is the most complex machine ever built. And everything else. We do is built on that backbone of electricity. Our ability to manage the reliable, a flow of electricity into all of our Industries is vital to our nation. So I'm really a strong proponent for greater grid resilience and a big part of that comes in and the low and medium voltage part of Our grid, the the
Systems, the introduction of Technologies, like micro grids and Nano grids and then this integration from building to Transportation Systems so that we have a more interconnected grid that can then also manage the supply of renewable energies that are growing all across the nation. Yeah, and I guess that's really kind of the key here, right? Is building out a new grid that can begin to handle the massive amount of energy storage. Age will need from those renewable energies. No.
Barbara, thank you so much for your time with us. I think we've learned a lot more about infrastructure. We've been talking about it for many years, but to see it. Finally, on the doorstep is quite interesting. Thank you so much. Thank you, Joe.
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