{"version":"1.0.0","segments":[{"startTime":3.6,"endTime":9.09,"body":"Every young graduate coming outta school"},{"startTime":3.6,"endTime":9.09,"body":"today, one of their first questions are"},{"startTime":9.57,"endTime":11.985,"body":"What's your sustainability objectives?"},{"startTime":12.374,"endTime":15.044,"body":"Do you drive EVs in your company?"},{"startTime":15.255,"endTime":17.564,"body":"How can I get involved in this?"},{"startTime":17.984,"endTime":24.034,"body":"So even from a recruitment standpoint,"},{"startTime":17.984,"endTime":24.034,"body":"it's being pushed on companies that if"},{"startTime":24.034,"endTime":29.764,"body":"you want good young talent, you have to"},{"startTime":24.034,"endTime":29.764,"body":"be a leader in this particular space."},{"startTime":30.428,"endTime":34.178,"body":"Good morning, good afternoon, or good"},{"startTime":30.428,"endTime":34.178,"body":"evening, wherever you are in the world."},{"startTime":34.658,"endTime":39.998,"body":"Welcome to episode 226 of the Climate"},{"startTime":34.658,"endTime":39.998,"body":"Confident Podcast, the go-to show for best"},{"startTime":39.998,"endTime":42.158,"body":"practices in climate emission reductions."},{"startTime":42.788,"endTime":46.628,"body":"I'm your host, Tom aftery, and if you"},{"startTime":42.788,"endTime":46.628,"body":"haven't already, be sure to follow this"},{"startTime":46.628,"endTime":51.638,"body":"podcast in your podcast app of choice"},{"startTime":46.628,"endTime":51.638,"body":"to make sure you never miss an episode."},{"startTime":52.493,"endTime":55.433,"body":"Before we get going, a huge thank"},{"startTime":52.493,"endTime":55.433,"body":"you to this podcast's, incredible"},{"startTime":55.433,"endTime":61.103,"body":"supporters, Jerry Sweeney, Andreas"},{"startTime":55.433,"endTime":61.103,"body":"Werner, Steven Carroll, and Roger Arnold."},{"startTime":61.883,"endTime":65.483,"body":"Your backing helps keep this podcast"},{"startTime":61.883,"endTime":65.483,"body":"going and I really appreciate"},{"startTime":65.873,"endTime":66.773,"body":"each and every one of you."},{"startTime":68.273,"endTime":72.353,"body":"If you get value from this podcast"},{"startTime":68.273,"endTime":72.353,"body":"and you're not already a supporter and"},{"startTime":72.353,"endTime":75.443,"body":"you'd like to help me continue it, you"},{"startTime":72.353,"endTime":75.443,"body":"can support the show for as little as"},{"startTime":75.443,"endTime":79.403,"body":"three euros or dollars a month, which is"},{"startTime":75.443,"endTime":79.403,"body":"less than the cost of a cup of coffee."},{"startTime":79.778,"endTime":81.938,"body":"You just need to click the"},{"startTime":79.778,"endTime":81.938,"body":"support link in the show notes"},{"startTime":82.238,"endTime":86.528,"body":"or visit tinyurl.com/climate pod."},{"startTime":87.328,"endTime":92.461,"body":"Now, imagine your factory runs on"},{"startTime":87.328,"endTime":92.461,"body":"electrical gear that predates the"},{"startTime":92.461,"endTime":96.151,"body":"internet, and you're wondering why"},{"startTime":92.461,"endTime":96.151,"body":"your carbon emissions won't budge."},{"startTime":97.081,"endTime":102.481,"body":"Enter Stuart Thompson, a man who spends"},{"startTime":97.081,"endTime":102.481,"body":"his days upgrading the kind of industrial"},{"startTime":102.481,"endTime":106.351,"body":"infrastructure that's old enough to get"},{"startTime":102.481,"endTime":106.351,"body":"free public transport in most countries."},{"startTime":107.296,"endTime":111.556,"body":"Stuart heads, ABB's Electrification"},{"startTime":107.296,"endTime":111.556,"body":"Service team, and in this episode we talk"},{"startTime":111.556,"endTime":117.046,"body":"about how companies can go green without"},{"startTime":111.556,"endTime":117.046,"body":"going broke, using batteries, brains,"},{"startTime":117.526,"endTime":119.446,"body":"and a lot less copper than you'd expect."},{"startTime":120.466,"endTime":123.976,"body":"But before we get into that, in the"},{"startTime":120.466,"endTime":123.976,"body":"coming weeks, I'll be speaking with"},{"startTime":124.553,"endTime":129.043,"body":"Frank McGuire, VP Insight Strategy"},{"startTime":124.553,"endTime":129.043,"body":"and Sustainability for Sharethrough."},{"startTime":129.593,"endTime":136.433,"body":"Kanika Chandaria, Climate Lead for Agreena"},{"startTime":129.593,"endTime":136.433,"body":"Ori, co-founder and CCO of Giga Blue."},{"startTime":136.763,"endTime":140.693,"body":"And Chris Moyer, founder and"},{"startTime":136.763,"endTime":140.693,"body":"president of Echo Communications."},{"startTime":141.016,"endTime":144.286,"body":"Now back to today's episode,"},{"startTime":141.016,"endTime":144.286,"body":"and as I mentioned, my"},{"startTime":144.286,"endTime":146.616,"body":"special guest today is Stuart."},{"startTime":146.876,"endTime":148.936,"body":"Stuart, welcome to the podcast."},{"startTime":148.936,"endTime":150.646,"body":"Would you like to introduce yourself?"},{"startTime":151.222,"endTime":151.512,"body":"Yeah."},{"startTime":151.517,"endTime":152.257,"body":"Good morning Tom."},{"startTime":152.257,"endTime":153.137,"body":"Good morning listeners."},{"startTime":153.137,"endTime":158.842,"body":"My name is Stuart Thompson I lead the"},{"startTime":153.137,"endTime":158.842,"body":"electrification service division for ABB."},{"startTime":159.782,"endTime":163.882,"body":"I'm very happy to be here today"},{"startTime":159.782,"endTime":163.882,"body":"to talk about the climate change"},{"startTime":163.882,"endTime":167.182,"body":"and offerings and that, that we"},{"startTime":163.882,"endTime":167.182,"body":"can help to support the industry."},{"startTime":167.957,"endTime":168.247,"body":"Okay."},{"startTime":168.262,"endTime":172.822,"body":"And for people Stuart, who"},{"startTime":168.262,"endTime":172.822,"body":"might be unaware, who are ABB?"},{"startTime":173.567,"endTime":176.662,"body":"So, ABB is a, a Swiss multinational."},{"startTime":176.692,"endTime":182.767,"body":"We have been in the electrical engineering"},{"startTime":176.692,"endTime":182.767,"body":"business now for more than 140 years."},{"startTime":182.767,"endTime":185.647,"body":"We're headquartered in,"},{"startTime":182.767,"endTime":185.647,"body":"in Zurich n Switzerland."},{"startTime":186.307,"endTime":188.587,"body":"We have roots also out of Sweden."},{"startTime":189.067,"endTime":193.207,"body":"And for that 140 years, we're been"},{"startTime":189.067,"endTime":193.207,"body":"looking after infrastructure from"},{"startTime":193.567,"endTime":197.347,"body":"the power source of generation"},{"startTime":193.567,"endTime":197.347,"body":"all the way down to the socket."},{"startTime":197.647,"endTime":198.907,"body":"We're globally based."},{"startTime":198.937,"endTime":203.804,"body":"We have nearly 110,000 employees and"},{"startTime":198.937,"endTime":203.804,"body":"we are probably one of the leaders in"},{"startTime":203.804,"endTime":205.634,"body":"electrical engineering in the world today."},{"startTime":206.819,"endTime":212.759,"body":"Okay, so typical customers are"},{"startTime":206.819,"endTime":212.759,"body":"large industrial companies, or"},{"startTime":213.299,"endTime":217.394,"body":"mid-size or small, I'm guessing"},{"startTime":213.299,"endTime":217.394,"body":"more on the larger side?"},{"startTime":217.884,"endTime":221.344,"body":"In general, I think on the"},{"startTime":217.884,"endTime":221.344,"body":"industrial side for sure large"},{"startTime":221.344,"endTime":223.324,"body":"customers are like utilities."},{"startTime":223.754,"endTime":227.664,"body":"So many of the large utilities"},{"startTime":223.754,"endTime":227.664,"body":"around the world the OEMs that"},{"startTime":227.664,"endTime":230.804,"body":"make the wind turbines, the"},{"startTime":227.664,"endTime":230.804,"body":"components that go into that."},{"startTime":231.504,"endTime":237.174,"body":"Even down to commercial buildings about"},{"startTime":231.504,"endTime":237.174,"body":"20% of ABB's electrification business"},{"startTime":237.174,"endTime":242.224,"body":"goes into buildings and then all the way"},{"startTime":237.174,"endTime":242.224,"body":"down to the average consumer in your home."},{"startTime":242.224,"endTime":248.166,"body":"If you've got some type of lighting"},{"startTime":242.224,"endTime":248.166,"body":"control system or circuit protection in"},{"startTime":248.166,"endTime":252.396,"body":"every home in the world has something"},{"startTime":248.166,"endTime":252.396,"body":"like this, and you'll find ABB there."},{"startTime":252.396,"endTime":257.476,"body":"So through electrical distribution,"},{"startTime":252.396,"endTime":257.476,"body":"electrical contractors those businesses"},{"startTime":257.476,"endTime":259.846,"body":"are generally using an ABB type product."},{"startTime":260.619,"endTime":264.739,"body":"I've seen your stuff as well"},{"startTime":260.619,"endTime":264.739,"body":"on EV charging stations."},{"startTime":265.229,"endTime":268.604,"body":"I have an EV, I'm on my fourth EV"},{"startTime":265.229,"endTime":268.604,"body":"now, and I've, I've seen a couple"},{"startTime":268.604,"endTime":271.684,"body":"of ABB chargers when I've gone to"},{"startTime":268.604,"endTime":271.684,"body":"charge my car in public chargers."},{"startTime":271.989,"endTime":272.709,"body":"Absolutely."},{"startTime":272.709,"endTime":277.176,"body":"I think on a global basis, we've rolled"},{"startTime":272.709,"endTime":277.176,"body":"out more than a million chargers globally."},{"startTime":277.356,"endTime":283.596,"body":"Whether that's from AC installations in,"},{"startTime":277.356,"endTime":283.596,"body":"in your domestic house 7.4 kilowatt up to"},{"startTime":283.596,"endTime":290.191,"body":"22 kilowatt, three phase, all the way up"},{"startTime":283.596,"endTime":290.191,"body":"to 500 kilowatt high speed DC chargers."},{"startTime":290.211,"endTime":293.181,"body":"So 20 million chargers have"},{"startTime":290.211,"endTime":293.181,"body":"been rolled out worldwide."},{"startTime":293.181,"endTime":297.481,"body":"Over a million of those are ABB"},{"startTime":293.181,"endTime":297.481,"body":"and it's a a, definitely a growing"},{"startTime":297.481,"endTime":299.911,"body":"area for the ABB operations."},{"startTime":300.582,"endTime":304.982,"body":"And when it the industrial players,"},{"startTime":300.582,"endTime":304.982,"body":"Stuart, what are the biggest challenges"},{"startTime":305.042,"endTime":309.332,"body":"they're facing today when it comes"},{"startTime":305.042,"endTime":309.332,"body":"to decarbonisation, seeing as this"},{"startTime":309.332,"endTime":310.922,"body":"is the Climate Confident Podcast?"},{"startTime":311.722,"endTime":316.672,"body":"Yeah, look, I think many, many industrial"},{"startTime":311.722,"endTime":316.672,"body":"players don't really know where to"},{"startTime":316.672,"endTime":322.156,"body":"go or how to, how to move forward"},{"startTime":316.672,"endTime":322.156,"body":"on their net zero strategies today."},{"startTime":322.451,"endTime":324.491,"body":"Many know that they need to get there."},{"startTime":324.491,"endTime":329.854,"body":"Many know that they want to get there,"},{"startTime":324.491,"endTime":329.854,"body":"but finding that economic model to go"},{"startTime":329.854,"endTime":332.331,"body":"forward is extremely challenging for them."},{"startTime":332.761,"endTime":337.441,"body":"There's really three sort of main"},{"startTime":332.761,"endTime":337.441,"body":"criteria for the big industrial players."},{"startTime":337.811,"endTime":341.321,"body":"The first one is around"},{"startTime":337.811,"endTime":341.321,"body":"that basic energy security."},{"startTime":341.721,"endTime":345.931,"body":"We saw with the start of the"},{"startTime":341.721,"endTime":345.931,"body":"Ukraine war the Nord Stream gas"},{"startTime":345.931,"endTime":348.211,"body":"pipeline shut down within Europe."},{"startTime":348.566,"endTime":352.976,"body":"We saw facilities going back to"},{"startTime":348.566,"endTime":352.976,"body":"the basics of ensuring they have"},{"startTime":353.216,"endTime":357.686,"body":"stable grid supply with increasing"},{"startTime":353.216,"endTime":357.686,"body":"energy demands around the world."},{"startTime":358.046,"endTime":359.846,"body":"There's more and more"},{"startTime":358.046,"endTime":359.846,"body":"pressure on the grid."},{"startTime":359.846,"endTime":365.411,"body":"So I'd say the, the highest level of"},{"startTime":359.846,"endTime":365.411,"body":"operation is, is around that resilience"},{"startTime":365.416,"endTime":368.801,"body":"and, and making sure they have"},{"startTime":365.416,"endTime":368.801,"body":"energy security in their operation."},{"startTime":369.421,"endTime":373.737,"body":"The second area is around affordability"},{"startTime":369.421,"endTime":373.737,"body":"and keeping their costs down."},{"startTime":374.137,"endTime":380.574,"body":"But then there's this desire and push"},{"startTime":374.137,"endTime":380.574,"body":"both politically as well as within"},{"startTime":380.734,"endTime":386.554,"body":"industrial economic powerhouses and"},{"startTime":380.734,"endTime":386.554,"body":"companies to drive towards net zero."},{"startTime":386.954,"endTime":390.944,"body":"So sometimes these three things"},{"startTime":386.954,"endTime":390.944,"body":"can conflict but there's always"},{"startTime":390.944,"endTime":394.634,"body":"opportunities on how to align"},{"startTime":390.944,"endTime":394.634,"body":"them and drive better performance."},{"startTime":394.634,"endTime":400.064,"body":"So companies are considering how to extend"},{"startTime":394.634,"endTime":400.064,"body":"the life of their electrical assets in"},{"startTime":400.064,"endTime":405.594,"body":"their sites in order to reduce potential"},{"startTime":400.064,"endTime":405.594,"body":"carbon footprint by capital expenditure."},{"startTime":405.984,"endTime":410.359,"body":"Or the other thing that they're"},{"startTime":405.984,"endTime":410.359,"body":"looking at doing is how I move to"},{"startTime":410.409,"endTime":414.509,"body":"a greener power supply and how do"},{"startTime":410.409,"endTime":414.509,"body":"I drive energy security doing that?"},{"startTime":414.779,"endTime":418.289,"body":"And doing that in a, a cost"},{"startTime":414.779,"endTime":418.289,"body":"effective manner with a good"},{"startTime":418.289,"endTime":420.329,"body":"return on investment going forward."},{"startTime":420.329,"endTime":423.959,"body":"So many of them are sort of at"},{"startTime":420.329,"endTime":423.959,"body":"this trilemma trying to figure"},{"startTime":423.959,"endTime":427.109,"body":"out how to manage these three"},{"startTime":423.959,"endTime":427.109,"body":"aspects of their business."},{"startTime":427.559,"endTime":429.239,"body":"Ultimately, they want to be greener."},{"startTime":429.569,"endTime":431.699,"body":"They wanna reduce their carbon footprint."},{"startTime":432.219,"endTime":434.949,"body":"But most of them are trying to"},{"startTime":432.219,"endTime":434.949,"body":"figure out that challenge and how"},{"startTime":434.949,"endTime":436.546,"body":"to go forward and achieve that."},{"startTime":439.696,"endTime":442.036,"body":"Do they really wanna reduce their"},{"startTime":439.696,"endTime":442.036,"body":"carbon footprint or do they just"},{"startTime":442.036,"endTime":443.206,"body":"wanna keep their costs down?"},{"startTime":444.631,"endTime":445.951,"body":"Well, it depends on the company."},{"startTime":445.951,"endTime":450.121,"body":"I think there's a, there's a lot of"},{"startTime":445.951,"endTime":450.121,"body":"companies out there from a market"},{"startTime":450.121,"endTime":453.511,"body":"position that they really do wanna"},{"startTime":450.121,"endTime":453.511,"body":"reduce their carbon footprint."},{"startTime":453.924,"endTime":458.634,"body":"In ABB, we have direct targets within"},{"startTime":453.924,"endTime":458.634,"body":"our own organisation, and we've"},{"startTime":458.634,"endTime":462.894,"body":"made commitments to the investment"},{"startTime":458.634,"endTime":462.894,"body":"community, into the stakeholders"},{"startTime":462.894,"endTime":467.874,"body":"within the market that we wanna"},{"startTime":462.894,"endTime":467.874,"body":"reach a net zero point by 2050."},{"startTime":468.324,"endTime":476.649,"body":"We've already reduced our own carbon"},{"startTime":468.324,"endTime":476.649,"body":"footprint by 80% since 2019 to 2025."},{"startTime":477.129,"endTime":480.789,"body":"And obviously it gets harder and"},{"startTime":477.129,"endTime":480.789,"body":"harder as you go through that process."},{"startTime":480.789,"endTime":486.339,"body":"But there's economic value to companies"},{"startTime":480.789,"endTime":486.339,"body":"to get towards a carbon zero standpoint."},{"startTime":486.729,"endTime":491.319,"body":"From an investor standpoint, investing"},{"startTime":486.729,"endTime":491.319,"body":"in companies that are driving to net"},{"startTime":491.319,"endTime":496.454,"body":"zero, there are significant benefits"},{"startTime":491.319,"endTime":496.454,"body":"and naturally there are obviously the"},{"startTime":496.454,"endTime":500.324,"body":"greater community benefits of people"},{"startTime":496.454,"endTime":500.324,"body":"wanting to work with these companies"},{"startTime":500.714,"endTime":504.644,"body":"and buy from these companies and"},{"startTime":500.714,"endTime":504.644,"body":"invest and support these companies."},{"startTime":504.644,"endTime":508.371,"body":"So, there's a real desire"},{"startTime":504.644,"endTime":508.371,"body":"for companies to get there."},{"startTime":508.726,"endTime":513.106,"body":"They have to generate profits in"},{"startTime":508.726,"endTime":513.106,"body":"order to invest back in to reach these"},{"startTime":513.106,"endTime":517.936,"body":"targets, but there are real economic"},{"startTime":513.106,"endTime":517.936,"body":"reasons for companies to do this and"},{"startTime":517.936,"endTime":522.536,"body":"boards wanting to do this in their"},{"startTime":517.936,"endTime":522.536,"body":"own operations as we do within ABB."},{"startTime":523.369,"endTime":526.609,"body":"Why do you think industry has"},{"startTime":523.369,"endTime":526.609,"body":"been such a laggard in moving"},{"startTime":526.609,"endTime":528.169,"body":"away from fossil fuels to date?"},{"startTime":529.444,"endTime":533.577,"body":"The main thing to date is that"},{"startTime":529.444,"endTime":533.577,"body":"the fossil fuels have been an easy"},{"startTime":533.577,"endTime":536.337,"body":"source of power and and generation."},{"startTime":536.337,"endTime":540.277,"body":"It's been relatively"},{"startTime":536.337,"endTime":540.277,"body":"cheap for them to do that."},{"startTime":540.617,"endTime":544.127,"body":"And there were certain hurdles"},{"startTime":540.617,"endTime":544.127,"body":"over, over greener powers of the"},{"startTime":544.127,"endTime":548.254,"body":"availability of the power when"},{"startTime":544.127,"endTime":548.254,"body":"people needed it, and wanted it."},{"startTime":548.624,"endTime":553.914,"body":"So the technology hadn't really got"},{"startTime":548.624,"endTime":553.914,"body":"to a stage to drive true economic"},{"startTime":553.914,"endTime":556.184,"body":"benefit by going to renewables."},{"startTime":556.677,"endTime":560.667,"body":"And then as different carbon credits"},{"startTime":556.677,"endTime":560.667,"body":"and other things came on board."},{"startTime":560.667,"endTime":564.477,"body":"It became more viable and"},{"startTime":560.667,"endTime":564.477,"body":"newer technologies like battery"},{"startTime":564.477,"endTime":566.487,"body":"energy storage came on board."},{"startTime":566.757,"endTime":569.997,"body":"Efficiencies in wind"},{"startTime":566.757,"endTime":569.997,"body":"turbines continue to improve."},{"startTime":570.397,"endTime":574.897,"body":"Distributed solar and solar"},{"startTime":570.397,"endTime":574.897,"body":"efficiency became much higher."},{"startTime":575.252,"endTime":580.142,"body":"And the costs of fossil fuels"},{"startTime":575.252,"endTime":580.142,"body":"continues to rise or access to"},{"startTime":580.142,"endTime":584.682,"body":"the, the technology around that"},{"startTime":580.142,"endTime":584.682,"body":"energy source is being constrained."},{"startTime":584.682,"endTime":588.012,"body":"So I think that that time of shift is now."},{"startTime":588.292,"endTime":592.642,"body":"And I think that the, the technology is"},{"startTime":588.292,"endTime":592.642,"body":"where it needs to be and the available"},{"startTime":592.642,"endTime":596.812,"body":"offerings to the market are where"},{"startTime":592.642,"endTime":596.812,"body":"it needs to be to make a reasonable"},{"startTime":596.812,"endTime":600.862,"body":"and a good return on investment by"},{"startTime":596.812,"endTime":600.862,"body":"going towards carbon neutrality."},{"startTime":603.422,"endTime":611.872,"body":"And I think one of the factors"},{"startTime":603.422,"endTime":611.872,"body":"has to be the price of fossil"},{"startTime":639.312,"endTime":641.772,"body":"fuels being so volatile."},{"startTime":642.072,"endTime":643.1220000000001,"body":"That can't be helping."},{"startTime":643.1220000000001,"endTime":647.5920000000001,"body":"Because if you can't predict what"},{"startTime":643.1220000000001,"endTime":647.5920000000001,"body":"you're gonna be spending on energy"},{"startTime":647.5920000000001,"endTime":650.772,"body":"in a month's time, three months"},{"startTime":647.5920000000001,"endTime":650.772,"body":"time, six months time, a year's"},{"startTime":650.772,"endTime":653.142,"body":"time, it's very hard to to budget."},{"startTime":653.142,"endTime":657.642,"body":"I mean, we saw that in 2022 when"},{"startTime":653.142,"endTime":657.642,"body":"Russia invaded Ukraine and the gas"},{"startTime":657.642,"endTime":664.192,"body":"prices peaked, spiked we saw massive,"},{"startTime":657.642,"endTime":664.192,"body":"massive impacts for, for businesses."},{"startTime":664.297,"endTime":669.927,"body":"So do you think that's part of why"},{"startTime":664.297,"endTime":669.927,"body":"prioritising prioritising more shift to"},{"startTime":669.927,"endTime":673.917,"body":"renewables, where if you have your own"},{"startTime":669.927,"endTime":673.917,"body":"onsite renewable generation, for example,"},{"startTime":674.277,"endTime":675.927,"body":"you have a very predictable, stable price?"},{"startTime":677.297,"endTime":681.5820000000001,"body":"Yeah, I think there's that predictability,"},{"startTime":677.297,"endTime":681.5820000000001,"body":"but there, there's also the general grid"},{"startTime":681.5820000000001,"endTime":684.432,"body":"itself and grid pricing and performance."},{"startTime":684.969,"endTime":685.269,"body":"In the."},{"startTime":685.4490000000001,"endTime":688.719,"body":"Industrial market, unlike the"},{"startTime":685.4490000000001,"endTime":688.719,"body":"residential market, you have a fixed"},{"startTime":688.719,"endTime":690.9390000000001,"body":"tariff rate on your electricity."},{"startTime":691.359,"endTime":696.416,"body":"In a industrial market you have"},{"startTime":691.359,"endTime":696.416,"body":"a a real dynamic utility tariff"},{"startTime":696.416,"endTime":698.096,"body":"rate that's going up and down."},{"startTime":698.456,"endTime":704.801,"body":"And given the security of power and the"},{"startTime":698.456,"endTime":704.801,"body":"the changing economic environment that"},{"startTime":704.801,"endTime":707.9910000000001,"body":"we are seeing huge swings in climate."},{"startTime":708.201,"endTime":714.0310000000001,"body":"We are seeing huge swings in catastrophic"},{"startTime":708.201,"endTime":714.0310000000001,"body":"disasters, availability of power"},{"startTime":714.0310000000001,"endTime":716.671,"body":"across borders between countries."},{"startTime":717.0210000000001,"endTime":722.301,"body":"Electricity prices are swinging quite"},{"startTime":717.0210000000001,"endTime":722.301,"body":"wildly to these industrial players"},{"startTime":722.301,"endTime":727.3560000000001,"body":"and in some cases during the day"},{"startTime":722.301,"endTime":727.3560000000001,"body":"electricity prices can surge and cost"},{"startTime":727.3560000000001,"endTime":732.696,"body":"a business anywhere up to $1 million"},{"startTime":727.3560000000001,"endTime":732.696,"body":"in that one day with a surge in power."},{"startTime":732.696,"endTime":737.976,"body":"So it's not just baseline prices, it's"},{"startTime":732.696,"endTime":737.976,"body":"the volatility of the utility market."},{"startTime":738.2860000000001,"endTime":745.046,"body":"The volatility on demand and the growing"},{"startTime":738.2860000000001,"endTime":745.046,"body":"demand on the energy transformation"},{"startTime":745.046,"endTime":750.6260000000001,"body":"to be more electric, that the demand"},{"startTime":745.046,"endTime":750.6260000000001,"body":"on power by things like data centers,"},{"startTime":751.0010000000001,"endTime":757.091,"body":"high energy use type applications are"},{"startTime":751.0010000000001,"endTime":757.091,"body":"straining grid capacities and then"},{"startTime":757.1510000000001,"endTime":762.431,"body":"causing the surge in prices, whether"},{"startTime":757.1510000000001,"endTime":762.431,"body":"it's renewables or fossil based"},{"startTime":762.431,"endTime":765.3710000000001,"body":"fuels, the unpredictability of power."},{"startTime":765.3710000000001,"endTime":770.726,"body":"So I think industrial companies are"},{"startTime":765.3710000000001,"endTime":770.726,"body":"taking it on their own board to make"},{"startTime":770.726,"endTime":775.826,"body":"these changes, make these investments,"},{"startTime":770.726,"endTime":775.826,"body":"stabilize their own power and drive"},{"startTime":775.826,"endTime":777.956,"body":"security on their own power source."},{"startTime":777.956,"endTime":783.426,"body":"So whilst they do go for solar on"},{"startTime":777.956,"endTime":783.426,"body":"their domestic presence, again you've"},{"startTime":783.426,"endTime":788.1360000000001,"body":"got unreliability potentially at that"},{"startTime":783.426,"endTime":788.1360000000001,"body":"the solar is there when you need it."},{"startTime":788.3760000000001,"endTime":792.666,"body":"So then they're looking to battery"},{"startTime":788.3760000000001,"endTime":792.666,"body":"energy storage to augment that solar and"},{"startTime":792.666,"endTime":797.2860000000001,"body":"they can install that and put that on"},{"startTime":792.666,"endTime":797.2860000000001,"body":"their own site and take control of that."},{"startTime":797.586,"endTime":801.336,"body":"But they can also then trade"},{"startTime":797.586,"endTime":801.336,"body":"power back to the grid and make"},{"startTime":801.336,"endTime":803.1360000000001,"body":"money out of it at the same time."},{"startTime":803.1360000000001,"endTime":805.686,"body":"So they can take advantage"},{"startTime":803.1360000000001,"endTime":805.686,"body":"of that volatility."},{"startTime":806.1060000000001,"endTime":808.6560000000001,"body":"They can take advantage"},{"startTime":806.1060000000001,"endTime":808.6560000000001,"body":"of their own production."},{"startTime":809.181,"endTime":814.7510000000001,"body":"And create a revenue cash generation"},{"startTime":809.181,"endTime":814.7510000000001,"body":"for them out of trading on the grid"},{"startTime":814.931,"endTime":819.2510000000001,"body":"whilst driving security on their"},{"startTime":814.931,"endTime":819.2510000000001,"body":"own facility and their own site and"},{"startTime":819.2510000000001,"endTime":821.2610000000001,"body":"prioritising their own operations."},{"startTime":821.2610000000001,"endTime":825.311,"body":"So, yes, I think it is because"},{"startTime":821.2610000000001,"endTime":825.311,"body":"of the volatility in the price."},{"startTime":825.681,"endTime":828.591,"body":"But I think it's not just"},{"startTime":825.681,"endTime":828.591,"body":"because of the fossil fuels."},{"startTime":828.591,"endTime":833.2710000000001,"body":"I think it's just the overall energy"},{"startTime":828.591,"endTime":833.2710000000001,"body":"transformation, demand of power"},{"startTime":833.6610000000001,"endTime":837.7710000000001,"body":"and the, the volatility of the, of"},{"startTime":833.6610000000001,"endTime":837.7710000000001,"body":"the electricity market in general."},{"startTime":838.4540000000001,"endTime":842.114,"body":"And what about the likes of"},{"startTime":838.4540000000001,"endTime":842.114,"body":"aging electrical infrastructure?"},{"startTime":842.114,"endTime":846.754,"body":"What kind of role do you think that"},{"startTime":842.114,"endTime":846.754,"body":"plays in holding back decarbonisation?"},{"startTime":847.0340000000001,"endTime":852.214,"body":"I mean, I remember reading a stat outta"},{"startTime":847.0340000000001,"endTime":852.214,"body":"the US and this was 10 years ago, saying"},{"startTime":852.214,"endTime":859.1740000000001,"body":"that the average age of a transformer"},{"startTime":852.214,"endTime":859.1740000000001,"body":"in the US at the time was 50, 50 years."},{"startTime":859.5640000000001,"endTime":866.9540000000001,"body":"And that those transformers had been"},{"startTime":859.5640000000001,"endTime":866.9540000000001,"body":"engineered to last 30 years typically."},{"startTime":867.1590000000001,"endTime":871.0640000000001,"body":"So, and I'm not sure the situation"},{"startTime":867.1590000000001,"endTime":871.0640000000001,"body":"has improved a lot in the meantime."},{"startTime":871.494,"endTime":876.744,"body":"You know, what, what do you think role"},{"startTime":871.494,"endTime":876.744,"body":"of aging infrastructure is playing?"},{"startTime":877.504,"endTime":882.6210000000001,"body":"Yeah, look, you know, just to, put a"},{"startTime":877.504,"endTime":882.6210000000001,"body":"spin on it we look after 17 million sites"},{"startTime":882.6210000000001,"endTime":888.2090000000001,"body":"around the world today of infrastructure"},{"startTime":882.6210000000001,"endTime":888.2090000000001,"body":"as the ABB electrification service team."},{"startTime":888.2090000000001,"endTime":895.1590000000001,"body":"We've got 5,000 engineers on site every"},{"startTime":888.2090000000001,"endTime":895.1590000000001,"body":"day working on existing infrastructure."},{"startTime":895.729,"endTime":902.0290000000001,"body":"The current investment by utilities"},{"startTime":895.729,"endTime":902.0290000000001,"body":"to reach the carbon targets that"},{"startTime":902.149,"endTime":906.5290000000001,"body":"they need to reach by 2050, and"},{"startTime":902.149,"endTime":906.5290000000001,"body":"the energy supply and the energy"},{"startTime":906.5290000000001,"endTime":912.5590000000001,"body":"transition, whether that's renewables"},{"startTime":906.5290000000001,"endTime":912.5590000000001,"body":"maintaining fossil fuel infrastructure."},{"startTime":913.8240000000001,"endTime":917.394,"body":"They're under investing at"},{"startTime":913.8240000000001,"endTime":917.394,"body":"a factor of two right now."},{"startTime":918.354,"endTime":921.624,"body":"Aging infrastructure is a major problem."},{"startTime":922.2040000000001,"endTime":926.4340000000001,"body":"Another major problem is how much"},{"startTime":922.2040000000001,"endTime":926.4340000000001,"body":"work they do on maintenance of aging"},{"startTime":926.4340000000001,"endTime":929.1940000000001,"body":"infrastructure and the cost of failure."},{"startTime":929.374,"endTime":935.8040000000001,"body":"We've seen a huge failure in Heathrow"},{"startTime":929.374,"endTime":935.8040000000001,"body":"airport an electrical substation, a"},{"startTime":935.8040000000001,"endTime":939.5390000000001,"body":"transformer blew up in that substation."},{"startTime":939.9590000000001,"endTime":944.4590000000001,"body":"There's a lot of questions over whether"},{"startTime":939.9590000000001,"endTime":944.4590000000001,"body":"the right maintenance and support"},{"startTime":944.4590000000001,"endTime":948.719,"body":"was done for that infrastructure and"},{"startTime":944.4590000000001,"endTime":948.719,"body":"whether it was maintained properly."},{"startTime":949.5590000000001,"endTime":952.3190000000001,"body":"We've got similar cases"},{"startTime":949.5590000000001,"endTime":952.3190000000001,"body":"all over the world."},{"startTime":952.3190000000001,"endTime":956.5640000000001,"body":"At the moment we've got a"},{"startTime":952.3190000000001,"endTime":956.5640000000001,"body":"huge contract with the Belgium"},{"startTime":956.614,"endTime":958.634,"body":"nuclear facilities in Doel."},{"startTime":958.9540000000001,"endTime":963.994,"body":"We've got two nuclear reactors that"},{"startTime":958.9540000000001,"endTime":963.994,"body":"as Electrification Service, we've got"},{"startTime":963.994,"endTime":969.244,"body":"a three year contract to upgrade and"},{"startTime":963.994,"endTime":969.244,"body":"improve that infrastructure to make"},{"startTime":969.244,"endTime":973.114,"body":"sure that that facility extends its"},{"startTime":969.244,"endTime":973.114,"body":"life for at least another 10 years."},{"startTime":974.839,"endTime":980.2990000000001,"body":"The aim is to keep that infrastructure"},{"startTime":974.839,"endTime":980.2990000000001,"body":"running and performing well"},{"startTime":980.2990000000001,"endTime":982.7420000000001,"body":"beyond its original planned life."},{"startTime":983.4920000000001,"endTime":986.7620000000001,"body":"Now, within electrical"},{"startTime":983.4920000000001,"endTime":986.7620000000001,"body":"infrastructure, more than 50%"},{"startTime":986.7620000000001,"endTime":991.1270000000001,"body":"of the electrical infrastructure"},{"startTime":986.7620000000001,"endTime":991.1270000000001,"body":"we can refurbish and upgrade and"},{"startTime":991.1270000000001,"endTime":993.3470000000001,"body":"just use the copper, the steel."},{"startTime":993.5870000000001,"endTime":995.147,"body":"That doesn't need to change."},{"startTime":995.147,"endTime":1001.0870000000001,"body":"What needs to change are the switching"},{"startTime":995.147,"endTime":1001.0870000000001,"body":"devices, the electronics, and the"},{"startTime":1001.0870000000001,"endTime":1006.7270000000001,"body":"predictability and management of power"},{"startTime":1001.0870000000001,"endTime":1006.7270000000001,"body":"to the current demand from the market."},{"startTime":1007.5820000000001,"endTime":1010.5820000000001,"body":"So we can keep 50% of the"},{"startTime":1007.5820000000001,"endTime":1010.5820000000001,"body":"infrastructure in place."},{"startTime":1010.942,"endTime":1015.2620000000001,"body":"We can take all the intelligence out"},{"startTime":1010.942,"endTime":1015.2620000000001,"body":"of it and put modern intelligence in"},{"startTime":1015.2620000000001,"endTime":1020.8720000000001,"body":"there and modern high speed switching"},{"startTime":1015.2620000000001,"endTime":1020.8720000000001,"body":"devices that can allow more power"},{"startTime":1020.8720000000001,"endTime":1025.702,"body":"through the same infrastructure and"},{"startTime":1020.8720000000001,"endTime":1025.702,"body":"deliver the demands that are needed"},{"startTime":1025.702,"endTime":1028.372,"body":"for the legacy as well as the new."},{"startTime":1028.899,"endTime":1032.739,"body":"If you look at electronics, there's"},{"startTime":1028.899,"endTime":1032.739,"body":"not many of us that have a 10-year-old"},{"startTime":1033.039,"endTime":1034.959,"body":"phone in our pockets today."},{"startTime":1035.364,"endTime":1038.784,"body":"That electronics gets"},{"startTime":1035.364,"endTime":1038.784,"body":"updated very, very regularly."},{"startTime":1039.234,"endTime":1044.424,"body":"Utility infrastructure has more and more"},{"startTime":1039.234,"endTime":1044.424,"body":"electronics in it today than it had 20"},{"startTime":1044.424,"endTime":1050.744,"body":"years ago, but even 20 years ago, devices"},{"startTime":1044.424,"endTime":1050.744,"body":"were quite static and unintelligent."},{"startTime":1051.341,"endTime":1052.751,"body":"They basically operated."},{"startTime":1052.781,"endTime":1057.3410000000001,"body":"In order to do the switching we need today"},{"startTime":1052.781,"endTime":1057.3410000000001,"body":"of the different types of power sources,"},{"startTime":1057.3410000000001,"endTime":1061.511,"body":"renewables, onsite demand, utility demand."},{"startTime":1061.871,"endTime":1066.0410000000002,"body":"We need digital to be driven into"},{"startTime":1061.871,"endTime":1066.0410000000002,"body":"the market, and we can upgrade that"},{"startTime":1066.0410000000002,"endTime":1071.0810000000001,"body":"aging infrastructure with the minimum"},{"startTime":1066.0410000000002,"endTime":1071.0810000000001,"body":"carbon footprint without having to"},{"startTime":1071.0810000000001,"endTime":1075.491,"body":"replace the steels and the coppers"},{"startTime":1071.0810000000001,"endTime":1075.491,"body":"and reproducing that in a steel plant"},{"startTime":1075.851,"endTime":1078.011,"body":"or in a, in out of a copper mine."},{"startTime":1078.3410000000001,"endTime":1083.741,"body":"We can reuse all that material and extend"},{"startTime":1078.3410000000001,"endTime":1083.741,"body":"the life of the asset a lot longer, offset"},{"startTime":1083.741,"endTime":1089.5510000000002,"body":"carbon in the future, but then also drive"},{"startTime":1083.741,"endTime":1089.5510000000002,"body":"more power that is needed for the market."},{"startTime":1090.221,"endTime":1095.036,"body":"And I would say Tom, about 30% of"},{"startTime":1090.221,"endTime":1095.036,"body":"our business is what we do today."},{"startTime":1095.036,"endTime":1099.1760000000002,"body":"Whether that's up with Vattenfall"},{"startTime":1095.036,"endTime":1099.1760000000002,"body":"in, in Sweden, whether that's"},{"startTime":1099.1760000000002,"endTime":1101.396,"body":"over with the big US utilities."},{"startTime":1101.496,"endTime":1107.106,"body":"About 30% of our work today is extending"},{"startTime":1101.496,"endTime":1107.106,"body":"the life and modernising existing"},{"startTime":1107.106,"endTime":1111.876,"body":"electrical infrastructure, which has been"},{"startTime":1107.106,"endTime":1111.876,"body":"underinvested in for the last 50 years."},{"startTime":1112.701,"endTime":1115.431,"body":"And just from a practical"},{"startTime":1112.701,"endTime":1115.431,"body":"perspective, Stuart, what kind"},{"startTime":1115.431,"endTime":1120.3210000000001,"body":"of impact can that upgrading and"},{"startTime":1115.431,"endTime":1120.3210000000001,"body":"modernising existing assets have?"},{"startTime":1121.146,"endTime":1126.626,"body":"Yeah, so you can actually reduce"},{"startTime":1121.146,"endTime":1126.626,"body":"the cost firstly by about 50%,"},{"startTime":1127.076,"endTime":1129.1760000000002,"body":"so you're not reinvesting that."},{"startTime":1129.356,"endTime":1134.627,"body":"You can also do it in a staged"},{"startTime":1129.356,"endTime":1134.627,"body":"approach, so you can stage the, the"},{"startTime":1134.627,"endTime":1138.797,"body":"upgrade and the investment so you're"},{"startTime":1134.627,"endTime":1138.797,"body":"not shutting things down for weeks and"},{"startTime":1138.797,"endTime":1142.337,"body":"pulling all that electrical equipment"},{"startTime":1138.797,"endTime":1142.337,"body":"out and then replacing it all."},{"startTime":1142.637,"endTime":1145.9070000000002,"body":"So you can maintain power to"},{"startTime":1142.637,"endTime":1145.9070000000002,"body":"the site for the customer or"},{"startTime":1145.9070000000002,"endTime":1148.1570000000002,"body":"the utility and upgrade it."},{"startTime":1148.337,"endTime":1155.297,"body":"Then the extension of life can be 20, 30"},{"startTime":1148.337,"endTime":1155.297,"body":"years extension of life, so you can give"},{"startTime":1155.297,"endTime":1157.247,"body":"that infrastructure another 30 years."},{"startTime":1157.247,"endTime":1162.4370000000001,"body":"So whilst the utilities at about a half of"},{"startTime":1157.247,"endTime":1162.4370000000001,"body":"their investment, they need to keep their"},{"startTime":1162.4370000000001,"endTime":1167.027,"body":"existing infrastructure up and running"},{"startTime":1162.4370000000001,"endTime":1167.027,"body":"as well as invest in new infrastructure."},{"startTime":1167.027,"endTime":1170.987,"body":"So they've, they've halved their"},{"startTime":1167.027,"endTime":1170.987,"body":"investment, they're extended their life"},{"startTime":1170.987,"endTime":1176.1870000000001,"body":"by about 30 years, and they've also"},{"startTime":1170.987,"endTime":1176.1870000000001,"body":"driven minimal disruption in modernising"},{"startTime":1176.207,"endTime":1178.247,"body":"to their customers in a staged effect."},{"startTime":1179.007,"endTime":1180.327,"body":"We were doing that a lot."},{"startTime":1180.327,"endTime":1183.507,"body":"A couple of years ago there"},{"startTime":1180.327,"endTime":1183.507,"body":"was a huge shortage of chip"},{"startTime":1183.507,"endTime":1185.337,"body":"manufacturing around the world."},{"startTime":1185.721,"endTime":1194.131,"body":"TSMC, Intel, all were seeing huge demand"},{"startTime":1185.721,"endTime":1194.131,"body":"for chips and many of these facilities"},{"startTime":1194.131,"endTime":1200.031,"body":"have to have much larger machinery on the"},{"startTime":1194.131,"endTime":1200.031,"body":"shop floor than what they had in the past."},{"startTime":1200.031,"endTime":1204.891,"body":"So we could keep the chip lines"},{"startTime":1200.031,"endTime":1204.891,"body":"running, we could improve the safety"},{"startTime":1204.906,"endTime":1206.976,"body":"in the equipment with newer technology."},{"startTime":1207.546,"endTime":1213.2160000000001,"body":"We extend the life of the plant by another"},{"startTime":1207.546,"endTime":1213.2160000000001,"body":"20 or 30 years, and at the same time, they"},{"startTime":1213.2160000000001,"endTime":1218.286,"body":"could then increase the chip production"},{"startTime":1213.2160000000001,"endTime":1218.286,"body":"lines and upgrade all the robotics"},{"startTime":1218.286,"endTime":1223.356,"body":"and the, the fabrication lines on the"},{"startTime":1218.286,"endTime":1223.356,"body":"production floor for their chip assembly."},{"startTime":1223.356,"endTime":1225.732,"body":"So this is across all industries."},{"startTime":1225.732,"endTime":1228.702,"body":"Data centers, they'll"},{"startTime":1225.732,"endTime":1228.702,"body":"upgrade every 10 years."},{"startTime":1228.702,"endTime":1230.682,"body":"Utilities will upgrade every 30 years."},{"startTime":1231.602,"endTime":1234.692,"body":"Everybody now wants to"},{"startTime":1231.602,"endTime":1234.692,"body":"recycle the products also."},{"startTime":1234.692,"endTime":1239.162,"body":"When we do this upgrade, so when you take"},{"startTime":1234.692,"endTime":1239.162,"body":"the old equipment out, they'll want you"},{"startTime":1239.162,"endTime":1241.712,"body":"to recycle whatever you're taking out."},{"startTime":1242.142,"endTime":1244.182,"body":"They want a full circularity on that."},{"startTime":1244.212,"endTime":1248.622,"body":"And then the new technology going in"},{"startTime":1244.212,"endTime":1248.622,"body":"with a recycling plan when that new"},{"startTime":1248.622,"endTime":1250.612,"body":"product goes into their site as well."},{"startTime":1251.366,"endTime":1259.001,"body":"So, if we're moving into more circular"},{"startTime":1251.366,"endTime":1259.001,"body":"models, does that mean that we're"},{"startTime":1259.001,"endTime":1264.611,"body":"starting to shift away from CapEx"},{"startTime":1259.001,"endTime":1264.611,"body":"investment into OPEX investment?"},{"startTime":1264.611,"endTime":1268.271,"body":"I mean, is it going more towards"},{"startTime":1264.611,"endTime":1268.271,"body":"the, as a service model as we're"},{"startTime":1268.271,"endTime":1269.621,"body":"seeing in most other industries?"},{"startTime":1270.806,"endTime":1275.116,"body":"Yeah, we're, we're seeing a huge"},{"startTime":1270.806,"endTime":1275.116,"body":"demand particularly when it comes"},{"startTime":1275.116,"endTime":1279.9460000000001,"body":"to customers trying to drive to"},{"startTime":1275.116,"endTime":1279.9460000000001,"body":"carbon neutrality at their sites."},{"startTime":1280.5620000000001,"endTime":1285.162,"body":"They're trying to retrofit"},{"startTime":1280.5620000000001,"endTime":1285.162,"body":"in on onboarding solar"},{"startTime":1285.192,"endTime":1287.232,"body":"domestically in their facility."},{"startTime":1287.662,"endTime":1291.652,"body":"They're also trying to bring in"},{"startTime":1287.662,"endTime":1291.652,"body":"things like battery energy storage to"},{"startTime":1291.682,"endTime":1294.142,"body":"complement that solar installation."},{"startTime":1294.7720000000002,"endTime":1298.8220000000001,"body":"As I mentioned before, trading"},{"startTime":1294.7720000000002,"endTime":1298.8220000000001,"body":"power back to the grid, et cetera."},{"startTime":1299.242,"endTime":1304.002,"body":"But these batteries are a huge"},{"startTime":1299.242,"endTime":1304.002,"body":"capital upfront cost to put in."},{"startTime":1304.8220000000001,"endTime":1310.079,"body":"And many people complain about"},{"startTime":1304.8220000000001,"endTime":1310.079,"body":"the short term economic benefit of"},{"startTime":1310.079,"endTime":1312.159,"body":"batteries going into their site."},{"startTime":1312.789,"endTime":1315.309,"body":"There, there's two things"},{"startTime":1312.789,"endTime":1315.309,"body":"that are, are driving it."},{"startTime":1315.309,"endTime":1318.6390000000001,"body":"The first one is around"},{"startTime":1315.309,"endTime":1318.6390000000001,"body":"artificial intelligence."},{"startTime":1319.1190000000001,"endTime":1324.1290000000001,"body":"The way that you can predict the power"},{"startTime":1319.1190000000001,"endTime":1324.1290000000001,"body":"and the energy usage and you meter that"},{"startTime":1324.189,"endTime":1329.829,"body":"power from the site, you can then use"},{"startTime":1324.189,"endTime":1329.829,"body":"the battery energy storage system to"},{"startTime":1329.829,"endTime":1334.824,"body":"optimise the amount of charging and"},{"startTime":1329.829,"endTime":1334.824,"body":"discharging that you are doing based on"},{"startTime":1334.824,"endTime":1341.124,"body":"analytical data on the grid, and you can"},{"startTime":1334.824,"endTime":1341.124,"body":"maximise the benefit of the battery and"},{"startTime":1341.124,"endTime":1346.794,"body":"the operation of the battery at the site"},{"startTime":1341.124,"endTime":1346.794,"body":"compared to the grid and the site's usage."},{"startTime":1347.034,"endTime":1349.044,"body":"So that's one economic driver."},{"startTime":1349.464,"endTime":1352.4940000000001,"body":"The other one is around"},{"startTime":1349.464,"endTime":1352.4940000000001,"body":"the as a service model."},{"startTime":1353.454,"endTime":1356.964,"body":"We as an example, will"},{"startTime":1353.454,"endTime":1356.964,"body":"offer the customer a monthly"},{"startTime":1356.964,"endTime":1358.7740000000001,"body":"subscription fee for the battery."},{"startTime":1359.414,"endTime":1364.884,"body":"We will provide the battery to the"},{"startTime":1359.414,"endTime":1364.884,"body":"customer, size for what they need."},{"startTime":1365.364,"endTime":1369.174,"body":"We will provide the service on"},{"startTime":1365.364,"endTime":1369.174,"body":"that battery and maintain it"},{"startTime":1369.174,"endTime":1371.2440000000001,"body":"for anywhere up to 20 years."},{"startTime":1371.694,"endTime":1376.164,"body":"And that will include refurbishment,"},{"startTime":1371.694,"endTime":1376.164,"body":"recycling, upgrade of the battery"},{"startTime":1376.164,"endTime":1378.8790000000001,"body":"cells over that 20 year period."},{"startTime":1379.299,"endTime":1385.669,"body":"We'll also provide insurance because if"},{"startTime":1379.299,"endTime":1385.669,"body":"the battery for unknown reasons has failed"},{"startTime":1385.669,"endTime":1391.5620000000001,"body":"or not performed to what it needed, we"},{"startTime":1385.669,"endTime":1391.5620000000001,"body":"can give guarantees to the customer of the"},{"startTime":1391.622,"endTime":1394.232,"body":"economic loss potentially of the battery."},{"startTime":1394.742,"endTime":1399.377,"body":"And at the same time, we can also then"},{"startTime":1394.742,"endTime":1399.377,"body":"offer the trading of the power and the"},{"startTime":1399.377,"endTime":1403.1870000000001,"body":"electricity and the optimisation of"},{"startTime":1399.377,"endTime":1403.1870000000001,"body":"the energy management for the battery."},{"startTime":1403.824,"endTime":1406.2540000000001,"body":"The customer pays a subscription fee."},{"startTime":1406.644,"endTime":1411.814,"body":"It's an operational type expenditure kind"},{"startTime":1406.644,"endTime":1411.814,"body":"of cost instead of millions of dollars"},{"startTime":1411.814,"endTime":1417.181,"body":"of capital expenditure, it's a shared"},{"startTime":1411.814,"endTime":1417.181,"body":"economic benefit for them putting it"},{"startTime":1417.181,"endTime":1420.181,"body":"into site with our technical expertise."},{"startTime":1420.7340000000002,"endTime":1424.9940000000001,"body":"It's sitting behind the meter, so they're"},{"startTime":1420.7340000000002,"endTime":1424.9940000000001,"body":"in fully in charge of their power at their"},{"startTime":1424.9940000000001,"endTime":1427.074,"body":"site and their resilience at their site."},{"startTime":1427.7540000000001,"endTime":1431.7440000000001,"body":"They're driving towards net zero"},{"startTime":1427.7540000000001,"endTime":1431.7440000000001,"body":"because they're either producing"},{"startTime":1431.7440000000001,"endTime":1437.084,"body":"green power or they're buying green"},{"startTime":1431.7440000000001,"endTime":1437.084,"body":"electricity and storing that and using"},{"startTime":1437.084,"endTime":1441.7340000000002,"body":"it when they need it and applying"},{"startTime":1437.084,"endTime":1441.7340000000002,"body":"it rather than buying off the grid."},{"startTime":1442.554,"endTime":1446.2440000000001,"body":"And then they're trading back to the"},{"startTime":1442.554,"endTime":1446.2440000000001,"body":"grid when it economically makes sense."},{"startTime":1446.584,"endTime":1449.794,"body":"And they can afford that extra"},{"startTime":1446.584,"endTime":1449.794,"body":"power to go back to the grid."},{"startTime":1449.794,"endTime":1455.614,"body":"So these, as a service models open up"},{"startTime":1449.794,"endTime":1455.614,"body":"new revenue streams for the customer,"},{"startTime":1455.914,"endTime":1462.034,"body":"minimal upfront investment, and a vehicle"},{"startTime":1455.914,"endTime":1462.034,"body":"for them to go to carbon neutrality"},{"startTime":1462.344,"endTime":1466.904,"body":"which is in an operating expenditure"},{"startTime":1462.344,"endTime":1466.904,"body":"model without large capital outlay."},{"startTime":1467.334,"endTime":1471.034,"body":"And many of these industrial customers"},{"startTime":1467.334,"endTime":1471.034,"body":"have got these economic targets."},{"startTime":1471.034,"endTime":1473.434,"body":"They've got cash targets"},{"startTime":1471.034,"endTime":1473.434,"body":"they've gotta deliver."},{"startTime":1473.759,"endTime":1478.919,"body":"So a softer approach and probably a"},{"startTime":1473.759,"endTime":1478.919,"body":"staggered approach to entering carbon"},{"startTime":1478.919,"endTime":1485.249,"body":"neutrality in this way is a, a smaller"},{"startTime":1478.919,"endTime":1485.249,"body":"barrier to entry and easier for them."},{"startTime":1485.249,"endTime":1489.989,"body":"And then they can rely on expertise"},{"startTime":1485.249,"endTime":1489.989,"body":"like we have to support them"},{"startTime":1489.989,"endTime":1493.979,"body":"and the network that we have and"},{"startTime":1489.989,"endTime":1493.979,"body":"experience that we've done in our own"},{"startTime":1493.979,"endTime":1495.989,"body":"facilities and apply it to their own."},{"startTime":1497.7440000000001,"endTime":1498.194,"body":"Okay."},{"startTime":1499.0040000000001,"endTime":1503.444,"body":"It strikes me, and I'm gonna"},{"startTime":1499.0040000000001,"endTime":1503.444,"body":"take a very simple analogy."},{"startTime":1503.444,"endTime":1505.4840000000002,"body":"I mean, you mentioned"},{"startTime":1503.444,"endTime":1505.4840000000002,"body":"vehicle a second ago."},{"startTime":1506.3310000000001,"endTime":1512.9660000000001,"body":"If I look at the world of EVs, the"},{"startTime":1506.3310000000001,"endTime":1512.9660000000001,"body":"price of EVs is coming down year on"},{"startTime":1512.9660000000001,"endTime":1518.366,"body":"year, on year as battery technology"},{"startTime":1512.9660000000001,"endTime":1518.366,"body":"improves, batteries become more energy"},{"startTime":1518.366,"endTime":1524.1860000000001,"body":"dense and the price falls year on year"},{"startTime":1518.366,"endTime":1524.1860000000001,"body":"on year, typically 15% roughly year on"},{"startTime":1524.1860000000001,"endTime":1525.596,"body":"year, the battery prices are falling."},{"startTime":1526.796,"endTime":1535.031,"body":"So the idea of buying an EV isn't"},{"startTime":1526.796,"endTime":1535.031,"body":"all that attractive when you have an"},{"startTime":1535.031,"endTime":1539.871,"body":"option of maybe leasing an EV, because"},{"startTime":1535.031,"endTime":1539.871,"body":"if the prices keep on falling, if you"},{"startTime":1539.871,"endTime":1544.361,"body":"buy it the and prices are going down"},{"startTime":1539.871,"endTime":1544.361,"body":"10, 15% per year, plus it becomes"},{"startTime":1544.361,"endTime":1547.391,"body":"secondhand, you lose a huge amount"},{"startTime":1544.361,"endTime":1547.391,"body":"of your investment in that purchase."},{"startTime":1547.631,"endTime":1549.671,"body":"Whereas leasing you take away that risk."},{"startTime":1550.3310000000001,"endTime":1553.0910000000001,"body":"And it strikes me that's the same thing"},{"startTime":1550.3310000000001,"endTime":1553.0910000000001,"body":"because it's the same technology, it's"},{"startTime":1553.0910000000001,"endTime":1558.5810000000001,"body":"batteries, so obviously if, if you're a"},{"startTime":1553.0910000000001,"endTime":1558.5810000000001,"body":"utility or whatever or an industry, it"},{"startTime":1558.5810000000001,"endTime":1563.741,"body":"makes more sense economically to do the,"},{"startTime":1558.5810000000001,"endTime":1563.741,"body":"as a service model rather than lashing"},{"startTime":1563.741,"endTime":1567.401,"body":"out a huge amount of money on batteries"},{"startTime":1563.741,"endTime":1567.401,"body":"which are falling in their value as"},{"startTime":1567.401,"endTime":1571.391,"body":"they become cheaper to buy upfront,"},{"startTime":1567.401,"endTime":1571.391,"body":"year on year, on year, on year on year"},{"startTime":1571.8110000000001,"endTime":1573.881,"body":"is, is that a fair assessment as well?"},{"startTime":1573.896,"endTime":1577.856,"body":"think that'd be a fair way of also"},{"startTime":1573.896,"endTime":1577.856,"body":"looking at it pragmatically, Tom, that"},{"startTime":1578.246,"endTime":1582.2060000000001,"body":"yeah, and, and also batteries have"},{"startTime":1578.246,"endTime":1582.2060000000001,"body":"a, do have a limited life as well."},{"startTime":1583.0510000000002,"endTime":1587.731,"body":"And so you, you do want to economically"},{"startTime":1583.0510000000002,"endTime":1587.731,"body":"change the batteries out over time,"},{"startTime":1587.731,"endTime":1592.021,"body":"and that's one of the reasons that"},{"startTime":1587.731,"endTime":1592.021,"body":"EV vehicles are also depreciating"},{"startTime":1592.021,"endTime":1596.281,"body":"so quickly is not only the cost"},{"startTime":1592.021,"endTime":1596.281,"body":"of the batteries coming down, but"},{"startTime":1596.281,"endTime":1601.381,"body":"you're also using up the life of that"},{"startTime":1596.281,"endTime":1601.381,"body":"battery on that asset of that vehicle."},{"startTime":1601.741,"endTime":1606.881,"body":"One thing that should be also noted"},{"startTime":1601.741,"endTime":1606.881,"body":"is that the recovery of the battery"},{"startTime":1606.881,"endTime":1611.681,"body":"in the, the, the recycling of the"},{"startTime":1606.881,"endTime":1611.681,"body":"battery can actually go from vehicles"},{"startTime":1611.681,"endTime":1613.271,"body":"in the battery energy storage."},{"startTime":1613.646,"endTime":1618.116,"body":"Because the, the, the way we cycle"},{"startTime":1613.646,"endTime":1618.116,"body":"a battery energy storage unit versus"},{"startTime":1618.116,"endTime":1619.896,"body":"a vehicle is completely different."},{"startTime":1620.4360000000001,"endTime":1624.2060000000001,"body":"So, we can take legacy batteries"},{"startTime":1620.4360000000001,"endTime":1624.2060000000001,"body":"and recycle 'em in the battery"},{"startTime":1624.2060000000001,"endTime":1628.976,"body":"energy storage units and use them"},{"startTime":1624.2060000000001,"endTime":1628.976,"body":"in industrial applications where you"},{"startTime":1628.976,"endTime":1633.366,"body":"can't necessarily just keep using them"},{"startTime":1628.976,"endTime":1633.366,"body":"in, in motor vehicles going forward."},{"startTime":1633.496,"endTime":1637.796,"body":"But, you're absolutely right that,"},{"startTime":1633.496,"endTime":1637.796,"body":"that a lot of this is unknown."},{"startTime":1637.796,"endTime":1643.106,"body":"If people want to get to a net zero"},{"startTime":1637.796,"endTime":1643.106,"body":"economically, maybe it doesn't make sense."},{"startTime":1644.246,"endTime":1648.896,"body":"Do you go for the big capital expenditure"},{"startTime":1644.246,"endTime":1648.896,"body":"and, and, and the big ribbon cutting"},{"startTime":1648.896,"endTime":1654.836,"body":"ceremony and, and, and open up huge"},{"startTime":1648.896,"endTime":1654.836,"body":"battery energy storage modules and, and"},{"startTime":1655.106,"endTime":1657.476,"body":"solar panels and stuff for your site?"},{"startTime":1657.9260000000002,"endTime":1661.326,"body":"Or do you go for a more"},{"startTime":1657.9260000000002,"endTime":1661.326,"body":"risk averse approach?"},{"startTime":1661.856,"endTime":1666.986,"body":"You've got an, as a service model you're"},{"startTime":1661.856,"endTime":1666.986,"body":"providing, you're leasing the batteries,"},{"startTime":1666.986,"endTime":1668.336,"body":"you're putting them on your site."},{"startTime":1668.636,"endTime":1670.346,"body":"Someone else is taking care of them."},{"startTime":1670.351,"endTime":1671.906,"body":"They're, they're wearing that cost."},{"startTime":1672.3410000000001,"endTime":1676.8110000000001,"body":"They're helping you trade with it, and"},{"startTime":1672.3410000000001,"endTime":1676.8110000000001,"body":"they're helping you manage that asset and"},{"startTime":1676.8110000000001,"endTime":1678.3110000000001,"body":"then you don't have to worry about it."},{"startTime":1678.491,"endTime":1678.911,"body":"Right?"},{"startTime":1678.971,"endTime":1682.001,"body":"And then, and then 20 years later,"},{"startTime":1678.971,"endTime":1682.001,"body":"they may have swapped it out two or"},{"startTime":1682.001,"endTime":1684.7910000000002,"body":"three times with the latest technology."},{"startTime":1684.8210000000001,"endTime":1686.3310000000001,"body":"Kept your site green."},{"startTime":1686.921,"endTime":1690.101,"body":"The footprint's obviously"},{"startTime":1686.921,"endTime":1690.101,"body":"getting smaller over time."},{"startTime":1690.151,"endTime":1693.961,"body":"So you'll be, have more capacity and"},{"startTime":1690.151,"endTime":1693.961,"body":"less square foot, but that's usually"},{"startTime":1693.961,"endTime":1695.971,"body":"not the problem for the industrial site."},{"startTime":1696.151,"endTime":1698.516,"body":"The, the problem for them"},{"startTime":1696.151,"endTime":1698.516,"body":"is how much do I need?"},{"startTime":1698.516,"endTime":1700.796,"body":"When do I need it, and"},{"startTime":1698.516,"endTime":1700.796,"body":"how do I need the power?"},{"startTime":1701.1960000000001,"endTime":1704.1660000000002,"body":"And, and that's all taken care"},{"startTime":1701.1960000000001,"endTime":1704.1660000000002,"body":"of in the, as a service model."},{"startTime":1704.1660000000002,"endTime":1708.746,"body":"So it's a, simple way of of"},{"startTime":1704.1660000000002,"endTime":1708.746,"body":"transacting and moving into that space."},{"startTime":1710.361,"endTime":1710.681,"body":"Okay."},{"startTime":1710.681,"endTime":1712.661,"body":"And just how recyclable are the batteries?"},{"startTime":1713.576,"endTime":1713.9660000000001,"body":"Yeah."},{"startTime":1713.9660000000001,"endTime":1718.136,"body":"We, we've been working with quite a"},{"startTime":1713.9660000000001,"endTime":1718.136,"body":"few manufacturers and we can recover"},{"startTime":1718.136,"endTime":1723.826,"body":"70 to 80% of the battery and recycle"},{"startTime":1718.136,"endTime":1723.826,"body":"that in the next generation for sure."},{"startTime":1723.826,"endTime":1728.026,"body":"So they're not a hundred percent,"},{"startTime":1723.826,"endTime":1728.026,"body":"but we can do 70 to 80% of the"},{"startTime":1728.026,"endTime":1731.476,"body":"batteries, and we work with suppliers"},{"startTime":1728.026,"endTime":1731.476,"body":"around the world to do that today."},{"startTime":1732.236,"endTime":1736.886,"body":"For all of our products, we have"},{"startTime":1732.236,"endTime":1736.886,"body":"EPDs documentation for all of the ABB"},{"startTime":1737.236,"endTime":1742.306,"body":"products that not only gives you what"},{"startTime":1737.236,"endTime":1742.306,"body":"the carbon footprint is for that product"},{"startTime":1742.306,"endTime":1746.776,"body":"going into your site, but it also gives"},{"startTime":1742.306,"endTime":1746.776,"body":"you the circularity of that product."},{"startTime":1746.856,"endTime":1750.756,"body":"So when you are buying the product,"},{"startTime":1746.856,"endTime":1750.756,"body":"you know that it has that circularity."},{"startTime":1751.096,"endTime":1756.226,"body":"And then we also have what we call"},{"startTime":1751.096,"endTime":1756.226,"body":"Eco Solutions products which are"},{"startTime":1756.256,"endTime":1760.6660000000002,"body":"independently audited and then people"},{"startTime":1756.256,"endTime":1760.6660000000002,"body":"can scan a code and they can get exactly"},{"startTime":1760.6660000000002,"endTime":1765.766,"body":"that recyclability and that a hundred"},{"startTime":1760.6660000000002,"endTime":1765.766,"body":"percent recycling that can be achieved."},{"startTime":1765.766,"endTime":1768.9160000000002,"body":"But at a battery level,"},{"startTime":1765.766,"endTime":1768.9160000000002,"body":"we can do 70 to 80% today."},{"startTime":1770.3010000000002,"endTime":1778.006,"body":"And in terms of the companies desire"},{"startTime":1770.3010000000002,"endTime":1778.006,"body":"to go net zero versus, for example,"},{"startTime":1778.276,"endTime":1781.006,"body":"regulation, forcing industries hands."},{"startTime":1781.396,"endTime":1783.1960000000001,"body":"Where do you see that balance coming out?"},{"startTime":1783.211,"endTime":1786.9460000000001,"body":"And, and does it maybe, maybe"},{"startTime":1783.211,"endTime":1786.9460000000001,"body":"it's something that's dependent,"},{"startTime":1787.636,"endTime":1788.9260000000002,"body":"on the industry itself."},{"startTime":1788.9260000000002,"endTime":1792.046,"body":"Maybe some industries are,"},{"startTime":1788.9260000000002,"endTime":1792.046,"body":"are more forward-looking"},{"startTime":1792.046,"endTime":1793.786,"body":"this than others, maybe not."},{"startTime":1794.089,"endTime":1798.6190000000001,"body":"How, how do you see that playing out"},{"startTime":1794.089,"endTime":1798.6190000000001,"body":"in terms of regulation versus desire to"},{"startTime":1798.6190000000001,"endTime":1800.419,"body":"be net zero versus the economics of it?"},{"startTime":1801.709,"endTime":1806.419,"body":"I think there were some large pushes"},{"startTime":1801.709,"endTime":1806.419,"body":"that moved industry in that direction."},{"startTime":1806.419,"endTime":1809.3590000000002,"body":"And I think the momentum"},{"startTime":1806.419,"endTime":1809.3590000000002,"body":"is, is extremely strong."},{"startTime":1809.759,"endTime":1815.384,"body":"I don't think it's regulation as much"},{"startTime":1809.759,"endTime":1815.384,"body":"these days as it was driving companies."},{"startTime":1815.384,"endTime":1820.971,"body":"The, large multinationals that we work"},{"startTime":1815.384,"endTime":1820.971,"body":"with particularly in areas like the data"},{"startTime":1820.971,"endTime":1826.851,"body":"center spaces, the electronic spaces,"},{"startTime":1820.971,"endTime":1826.851,"body":"even the oil and gas companies today"},{"startTime":1827.151,"endTime":1829.7910000000002,"body":"have, have got a net zero strategy."},{"startTime":1830.131,"endTime":1833.401,"body":"And they're pushing those envelopes now."},{"startTime":1833.921,"endTime":1839.034,"body":"Moving that net zero space"},{"startTime":1833.921,"endTime":1839.034,"body":"as you get further along gets"},{"startTime":1839.034,"endTime":1840.804,"body":"harder and harder and harder."},{"startTime":1841.104,"endTime":1845.2740000000001,"body":"So a lot of people are moving"},{"startTime":1841.104,"endTime":1845.2740000000001,"body":"on that first 50% reduction,"},{"startTime":1845.634,"endTime":1851.5140000000001,"body":"relatively easy, but the the big"},{"startTime":1845.634,"endTime":1851.5140000000001,"body":"multinationals know that reaching"},{"startTime":1851.5140000000001,"endTime":1853.584,"body":"these targets is not going to be easy."},{"startTime":1854.179,"endTime":1858.829,"body":"But their desire to get there"},{"startTime":1854.179,"endTime":1858.829,"body":"is strong and they see economic"},{"startTime":1858.829,"endTime":1863.089,"body":"and competitive differentiation"},{"startTime":1858.829,"endTime":1863.089,"body":"by achieving that net zero."},{"startTime":1863.089,"endTime":1871.056,"body":"So large utilities like   Enus in"},{"startTime":1863.089,"endTime":1871.056,"body":"France that are, are pushing SF6"},{"startTime":1871.076,"endTime":1876.266,"body":"gases out of their network today"},{"startTime":1871.076,"endTime":1876.266,"body":"and driving us extremely hard."},{"startTime":1877.2060000000001,"endTime":1881.9460000000001,"body":"come up with vacuum technologies"},{"startTime":1877.2060000000001,"endTime":1881.9460000000001,"body":"or new technologies implemented and"},{"startTime":1881.9460000000001,"endTime":1888.092,"body":"retrofitted into their system at a"},{"startTime":1881.9460000000001,"endTime":1888.092,"body":"rate at which only we can produce that."},{"startTime":1888.092,"endTime":1891.182,"body":"They'll take it quicker"},{"startTime":1888.092,"endTime":1891.182,"body":"if we can produce faster."},{"startTime":1891.582,"endTime":1894.762,"body":"We see most of the"},{"startTime":1891.582,"endTime":1894.762,"body":"hyperscale data centers."},{"startTime":1895.132,"endTime":1901.252,"body":"These people, unlike utilities, they're"},{"startTime":1895.132,"endTime":1901.252,"body":"upgrading at a rate of every 10 years."},{"startTime":1901.932,"endTime":1907.242,"body":"Right in their, not 50 years,"},{"startTime":1901.932,"endTime":1907.242,"body":"but 10 years or less, pushing us"},{"startTime":1907.242,"endTime":1909.8220000000001,"body":"to complete circularity today."},{"startTime":1910.449,"endTime":1912.3990000000001,"body":"It's not a political decision."},{"startTime":1912.656,"endTime":1917.516,"body":"It's a business decision and these"},{"startTime":1912.656,"endTime":1917.516,"body":"companies are driving it extremely hard."},{"startTime":1917.516,"endTime":1918.776,"body":"Mining sites."},{"startTime":1918.776,"endTime":1925.046,"body":"I mentioned ABB's, process automation,"},{"startTime":1918.776,"endTime":1925.046,"body":"electrification of mine sites regenerating"},{"startTime":1925.046,"endTime":1928.751,"body":"power off highway vehicle mining trucks."},{"startTime":1928.751,"endTime":1932.531,"body":"We've got a whole division that"},{"startTime":1928.751,"endTime":1932.531,"body":"works around this kind of space."},{"startTime":1932.901,"endTime":1937.4070000000002,"body":"The rate at which we are being"},{"startTime":1932.901,"endTime":1937.4070000000002,"body":"approached to,   carbon neutral mines"},{"startTime":1937.4070000000002,"endTime":1940.137,"body":"is, is incredible around the world."},{"startTime":1940.4470000000001,"endTime":1943.717,"body":"So I, Tom, I, I don't see"},{"startTime":1940.4470000000001,"endTime":1943.717,"body":"it as regulation anymore."},{"startTime":1943.717,"endTime":1948.777,"body":"I think there's enough geopolitical"},{"startTime":1943.717,"endTime":1948.777,"body":"challenges going on but I"},{"startTime":1948.777,"endTime":1952.6770000000001,"body":"think big industrial firms"},{"startTime":1948.777,"endTime":1952.6770000000001,"body":"understand the economic benefit."},{"startTime":1953.309,"endTime":1957.6290000000001,"body":"Their stakeholders are wanting them"},{"startTime":1953.309,"endTime":1957.6290000000001,"body":"to get to net zero, and everyone"},{"startTime":1957.6290000000001,"endTime":1959.8790000000001,"body":"wants to have a good social position."},{"startTime":1960.569,"endTime":1964.169,"body":"And we, we all have to remember"},{"startTime":1960.569,"endTime":1964.169,"body":"that from a carbon neutrality"},{"startTime":1964.169,"endTime":1968.809,"body":"standpoint, there's a much bigger"},{"startTime":1964.169,"endTime":1968.809,"body":"play here for, all of humankind."},{"startTime":1969.6190000000001,"endTime":1976.246,"body":"And big companies want to be there"},{"startTime":1969.6190000000001,"endTime":1976.246,"body":"driving that,  whether it's utilities,"},{"startTime":1976.246,"endTime":1979.9360000000001,"body":"whether it's data centers, whether"},{"startTime":1976.246,"endTime":1979.9360000000001,"body":"it's mines, whether it's buildings"},{"startTime":1980.296,"endTime":1984.7060000000001,"body":"and people want to live and work"},{"startTime":1980.296,"endTime":1984.7060000000001,"body":"in, in economic clean places."},{"startTime":1985.036,"endTime":1989.476,"body":"I'd also highlight one other thing, Tom,"},{"startTime":1985.036,"endTime":1989.476,"body":"that we've found extremely important."},{"startTime":1990.016,"endTime":1997.4560000000001,"body":"If you wanna hire good young talent"},{"startTime":1990.016,"endTime":1997.4560000000001,"body":"into your businesses today, one of"},{"startTime":1997.4560000000001,"endTime":2002.9160000000002,"body":"the strongest mechanisms that we have"},{"startTime":1997.4560000000001,"endTime":2002.9160000000002,"body":"is our sustainability initiatives."},{"startTime":2003.396,"endTime":2007.9560000000001,"body":"I would say every young graduate"},{"startTime":2003.396,"endTime":2007.9560000000001,"body":"coming outta school today, one"},{"startTime":2007.9560000000001,"endTime":2009.786,"body":"of their first questions are."},{"startTime":2010.2160000000001,"endTime":2012.921,"body":"You know, what's your"},{"startTime":2010.2160000000001,"endTime":2012.921,"body":"sustainability objectives?"},{"startTime":2013.3110000000001,"endTime":2015.981,"body":"Do you drive EVs in your company?"},{"startTime":2016.191,"endTime":2018.501,"body":"How can I get involved in this?"},{"startTime":2018.921,"endTime":2024.971,"body":"So even from a recruitment standpoint,"},{"startTime":2018.921,"endTime":2024.971,"body":"it's being pushed on companies that if"},{"startTime":2024.971,"endTime":2030.701,"body":"you want good young talent, you have to"},{"startTime":2024.971,"endTime":2030.701,"body":"be a leader in this particular space."},{"startTime":2030.701,"endTime":2035.387,"body":"So a hundred percent, it's companies"},{"startTime":2030.701,"endTime":2035.387,"body":"driving it more these days."},{"startTime":2036.017,"endTime":2040.967,"body":"There are some economical or government"},{"startTime":2036.017,"endTime":2040.967,"body":"incentives out there, but I'd say it's"},{"startTime":2040.967,"endTime":2046.217,"body":"been driven more by industry and I think"},{"startTime":2040.967,"endTime":2046.217,"body":"when that happens, it's got a lot stronger"},{"startTime":2046.217,"endTime":2051.667,"body":"and longer runway to to perform than"},{"startTime":2046.217,"endTime":2051.667,"body":"when it is just purely by regulation."},{"startTime":2052.252,"endTime":2056.542,"body":"And for the leaders in the space"},{"startTime":2052.252,"endTime":2056.542,"body":"who are getting it right, what kind"},{"startTime":2056.542,"endTime":2058.042,"body":"of lessons can we take from them?"},{"startTime":2058.852,"endTime":2059.092,"body":"Yeah."},{"startTime":2059.092,"endTime":2062.7889999999998,"body":"Look, I think for the leaders in the"},{"startTime":2059.092,"endTime":2062.7889999999998,"body":"space, no matter how big or small your"},{"startTime":2062.7889999999998,"endTime":2068.699,"body":"organisation is, there's something"},{"startTime":2062.7889999999998,"endTime":2068.699,"body":"that you can do to drive your existing"},{"startTime":2068.699,"endTime":2071.0389999999998,"body":"infrastructure to make it last longer."},{"startTime":2071.459,"endTime":2075.539,"body":"Even just by doing regular"},{"startTime":2071.459,"endTime":2075.539,"body":"maintenance on something versus"},{"startTime":2075.539,"endTime":2077.399,"body":"it failing and then fixing it."},{"startTime":2077.759,"endTime":2081.989,"body":"Economically that can save you 10"},{"startTime":2077.759,"endTime":2081.989,"body":"times over the lifetime of that"},{"startTime":2081.989,"endTime":2084.029,"body":"asset by doing regular maintenance."},{"startTime":2084.449,"endTime":2086.829,"body":"So you can do simple things like that."},{"startTime":2087.619,"endTime":2094.079,"body":"There are low hurdle rates to go to carbon"},{"startTime":2087.619,"endTime":2094.079,"body":"neutrality by using as a service models."},{"startTime":2094.4790000000003,"endTime":2098.154,"body":"So for example, if you have"},{"startTime":2094.4790000000003,"endTime":2098.154,"body":"invested in solar, and you wanna"},{"startTime":2098.154,"endTime":2101.484,"body":"maximise the use of that, you"},{"startTime":2098.154,"endTime":2101.484,"body":"can go to battery energy storage."},{"startTime":2101.904,"endTime":2105.654,"body":"If you've got poor grid supply,"},{"startTime":2101.904,"endTime":2105.654,"body":"we can then add capacitors to that"},{"startTime":2105.864,"endTime":2109.404,"body":"and give you grid resilience as"},{"startTime":2105.864,"endTime":2109.404,"body":"well as battery energy storage."},{"startTime":2109.764,"endTime":2115.464,"body":"So there's a smorgasbord of offerings out"},{"startTime":2109.764,"endTime":2115.464,"body":"there that you can invest in as little"},{"startTime":2115.464,"endTime":2121.3740000000003,"body":"or as much as you want, and we can start"},{"startTime":2115.464,"endTime":2121.3740000000003,"body":"you and help you go down that journey of"},{"startTime":2121.464,"endTime":2127.929,"body":"resilience, affordability, and ultimately"},{"startTime":2121.464,"endTime":2127.929,"body":"sustainability in your operations."},{"startTime":2127.989,"endTime":2131.949,"body":"And we are dealing with people at all"},{"startTime":2127.989,"endTime":2131.949,"body":"different levels in organisations from"},{"startTime":2131.949,"endTime":2134.469,"body":"a, a factory owner to the C-Suite."},{"startTime":2135.049,"endTime":2138.469,"body":"So I think, Tom, it's, it's just"},{"startTime":2135.049,"endTime":2138.469,"body":"there's a whole range of offerings."},{"startTime":2138.859,"endTime":2142.819,"body":"There's no excuse not to move forward"},{"startTime":2138.859,"endTime":2142.819,"body":"based on the budget you, you have,"},{"startTime":2143.2690000000002,"endTime":2146.959,"body":"we can help you get to an economic"},{"startTime":2143.2690000000002,"endTime":2146.959,"body":"stage and an economic payback"},{"startTime":2146.959,"endTime":2152.744,"body":"pretty quickly, and we can help you"},{"startTime":2146.959,"endTime":2152.744,"body":"become a net zero target achiever."},{"startTime":2153.099,"endTime":2156.549,"body":"Make that part of your plan and"},{"startTime":2153.099,"endTime":2156.549,"body":"make you a much more attractive"},{"startTime":2156.549,"endTime":2160.949,"body":"business compared to your peers and,"},{"startTime":2156.549,"endTime":2160.949,"body":"and, and to the younger generation."},{"startTime":2161.927,"endTime":2167.237,"body":"And what, what excites you most"},{"startTime":2161.927,"endTime":2167.237,"body":"about the future of electrification"},{"startTime":2167.237,"endTime":2168.837,"body":"and industrial decarbonisation?"},{"startTime":2168.857,"endTime":2173.117,"body":"And the flip side, what keeps"},{"startTime":2168.857,"endTime":2173.117,"body":"you up at night when you're"},{"startTime":2173.117,"endTime":2174.337,"body":"thinking about this transition?"},{"startTime":2175.382,"endTime":2177.542,"body":"The technology is moving so quickly."},{"startTime":2177.542,"endTime":2181.492,"body":"We can get more out of what"},{"startTime":2177.542,"endTime":2181.492,"body":"we have today, tomorrow."},{"startTime":2181.937,"endTime":2188.5370000000003,"body":"And applying that technology, especially"},{"startTime":2181.937,"endTime":2188.5370000000003,"body":"in digital areas, we can move very"},{"startTime":2188.5370000000003,"endTime":2191.694,"body":"quickly in the decarbonisation space."},{"startTime":2192.304,"endTime":2196.514,"body":"The transformation, the energy"},{"startTime":2192.304,"endTime":2196.514,"body":"transformation that we're going"},{"startTime":2196.514,"endTime":2199.521,"body":"through to electricity is very real."},{"startTime":2200.062,"endTime":2205.612,"body":"It is a huge opportunity for"},{"startTime":2200.062,"endTime":2205.612,"body":"companies to make some very good sound"},{"startTime":2205.612,"endTime":2211.332,"body":"decisions going forward on resilience"},{"startTime":2205.612,"endTime":2211.332,"body":"as well as as carbon neutrality."},{"startTime":2211.9120000000003,"endTime":2217.242,"body":"What keeps me up at night is that people"},{"startTime":2211.9120000000003,"endTime":2217.242,"body":"aren't acting fast enough, for sure."},{"startTime":2217.7960000000003,"endTime":2222.696,"body":"That people are underestimating"},{"startTime":2217.7960000000003,"endTime":2222.696,"body":"that you can just do it tomorrow."},{"startTime":2222.726,"endTime":2225.591,"body":"You need to start today to do it."},{"startTime":2225.651,"endTime":2231.621,"body":"There's a limited capacity out there,"},{"startTime":2225.651,"endTime":2231.621,"body":"and I really think the opportunity is for"},{"startTime":2231.801,"endTime":2239.1910000000003,"body":"distributed power, distributed networks,"},{"startTime":2231.801,"endTime":2239.1910000000003,"body":"generation, even at the, the local level."},{"startTime":2239.561,"endTime":2243.6910000000003,"body":"But people are waiting for someone"},{"startTime":2239.561,"endTime":2243.6910000000003,"body":"else to do stuff too much, And"},{"startTime":2243.6910000000003,"endTime":2245.321,"body":"it's up to each of us to do it."},{"startTime":2245.411,"endTime":2247.811,"body":"I mean, I've done it"},{"startTime":2245.411,"endTime":2247.811,"body":"personally on my own home."},{"startTime":2248.181,"endTime":2248.871,"body":"I drive an EV."},{"startTime":2249.996,"endTime":2253.116,"body":"The, the technology's moving so"},{"startTime":2249.996,"endTime":2253.116,"body":"quick that these things are gonna"},{"startTime":2253.116,"endTime":2255.766,"body":"be extremely powerful in the future."},{"startTime":2255.946,"endTime":2259.036,"body":"And those that move first"},{"startTime":2255.946,"endTime":2259.036,"body":"will be the most successful."},{"startTime":2259.516,"endTime":2262.366,"body":"So it's the lack of investment."},{"startTime":2262.721,"endTime":2264.761,"body":"They're kicking cans down the road."},{"startTime":2265.151,"endTime":2271.271,"body":"People are distracted by all these"},{"startTime":2265.151,"endTime":2271.271,"body":"other economic issues that are going on."},{"startTime":2271.331,"endTime":2275.981,"body":"And I think people have to just keep"},{"startTime":2271.331,"endTime":2275.981,"body":"this as a, a core foundation focus within"},{"startTime":2275.981,"endTime":2278.051,"body":"their operations and their businesses."},{"startTime":2278.571,"endTime":2282.351,"body":"As we've seen, you know, even"},{"startTime":2278.571,"endTime":2282.351,"body":"Heathrow can be taken out in a day."},{"startTime":2282.6910000000003,"endTime":2286.081,"body":"And it's not until things go wrong"},{"startTime":2282.6910000000003,"endTime":2286.081,"body":"that people really start to panic"},{"startTime":2286.081,"endTime":2290.161,"body":"and things like, you know, the"},{"startTime":2286.081,"endTime":2290.161,"body":"gas pipeline being shut in Europe."},{"startTime":2290.4610000000002,"endTime":2295.641,"body":"Big investments like the Energy"},{"startTime":2290.4610000000002,"endTime":2295.641,"body":"Act in, in the US a few years ago"},{"startTime":2295.641,"endTime":2297.7110000000002,"body":"really started to move things along."},{"startTime":2297.891,"endTime":2301.7110000000002,"body":"I think companies need to keep moving"},{"startTime":2297.891,"endTime":2301.7110000000002,"body":"forward and, and taking action."},{"startTime":2301.801,"endTime":2304.706,"body":"So under investment is"},{"startTime":2301.801,"endTime":2304.706,"body":"my biggest headache."},{"startTime":2305.721,"endTime":2311.101,"body":"A left field question, Stuart, if you"},{"startTime":2305.721,"endTime":2311.101,"body":"could have any person or character, alive"},{"startTime":2311.101,"endTime":2318.061,"body":"or dead, real or fictional a spokesperson"},{"startTime":2311.101,"endTime":2318.061,"body":"for industrial car decarbonisation"},{"startTime":2318.061,"endTime":2322.581,"body":"or an evangelist for industrial"},{"startTime":2318.061,"endTime":2322.581,"body":"decarbonisation, who would it be and why?"},{"startTime":2324.7960000000003,"endTime":2326.391,"body":"Oh, who would it be?"},{"startTime":2327.321,"endTime":2330.947,"body":"I think there was some"},{"startTime":2327.321,"endTime":2330.947,"body":"great inventors in the past."},{"startTime":2330.947,"endTime":2337.397,"body":"Some of the people like Tesla himself, I"},{"startTime":2330.947,"endTime":2337.397,"body":"mean, what he was doing with electricity"},{"startTime":2337.397,"endTime":2340.451,"body":"and some of his models were fantastic."},{"startTime":2340.511,"endTime":2341.021,"body":"Right?"},{"startTime":2341.321,"endTime":2344.581,"body":"But I don't think people fully"},{"startTime":2341.321,"endTime":2344.581,"body":"understood things and, and what the"},{"startTime":2344.581,"endTime":2347.161,"body":"offerings were that he was working on."},{"startTime":2347.667,"endTime":2354.527,"body":"But I also think in the nuclear space, I"},{"startTime":2347.667,"endTime":2354.527,"body":"think that there were too many evangelists"},{"startTime":2354.527,"endTime":2359.4210000000003,"body":"out there for the wrong reasons around"},{"startTime":2354.527,"endTime":2359.4210000000003,"body":"nuclear energy and what the options were."},{"startTime":2359.791,"endTime":2364.501,"body":"I think there's been huge progress"},{"startTime":2359.791,"endTime":2364.501,"body":"in this space as well, driving"},{"startTime":2364.501,"endTime":2366.331,"body":"towards carbon neutrality."},{"startTime":2366.701,"endTime":2371.381,"body":"And I think some of the  political"},{"startTime":2366.701,"endTime":2371.381,"body":"positions and the scare tactics"},{"startTime":2371.381,"endTime":2376.024,"body":"and that around nuclear more as"},{"startTime":2371.381,"endTime":2376.024,"body":"weaponry rather than an energy"},{"startTime":2376.024,"endTime":2378.484,"body":"source were perhaps misrepresented."},{"startTime":2378.794,"endTime":2382.514,"body":"So I think probably they'd be two"},{"startTime":2378.794,"endTime":2382.514,"body":"people, you know, someone in, in"},{"startTime":2382.514,"endTime":2384.284,"body":"the nuclear space and someone."},{"startTime":2384.639,"endTime":2389.266,"body":"In the electrical generation space"},{"startTime":2384.639,"endTime":2389.266,"body":"could have had a much bigger influence"},{"startTime":2389.266,"endTime":2391.0660000000003,"body":"than what they did through history."},{"startTime":2391.396,"endTime":2397.409,"body":"Whereas a lot of the fossil fuel power"},{"startTime":2391.396,"endTime":2397.409,"body":"got up very, very fast and, and, and took"},{"startTime":2397.529,"endTime":2402.4790000000003,"body":"over without really understanding the"},{"startTime":2397.529,"endTime":2402.4790000000003,"body":"impact on the, on the greater environment."},{"startTime":2402.4790000000003,"endTime":2404.039,"body":"But we're still learning that today."},{"startTime":2404.5460000000003,"endTime":2408.809,"body":"So yeah, it'd be interesting to see if"},{"startTime":2404.5460000000003,"endTime":2408.809,"body":"that part of history changed a little bit."},{"startTime":2409.337,"endTime":2409.727,"body":"Okay."},{"startTime":2410.327,"endTime":2413.417,"body":"We're coming towards the end of the"},{"startTime":2410.327,"endTime":2413.417,"body":"podcast now, Stuart, is there any"},{"startTime":2413.417,"endTime":2417.527,"body":"question I haven't asked that you"},{"startTime":2413.417,"endTime":2417.527,"body":"wish I had or any aspect of this we"},{"startTime":2417.527,"endTime":2420.107,"body":"haven't touched on that you think it's"},{"startTime":2417.527,"endTime":2420.107,"body":"important for people to be aware of?"},{"startTime":2421.067,"endTime":2421.367,"body":"No."},{"startTime":2421.367,"endTime":2423.257,"body":"Look, I think Tom, you,"},{"startTime":2421.367,"endTime":2423.257,"body":"you covered most of it."},{"startTime":2423.257,"endTime":2426.007,"body":"I think the, the energy"},{"startTime":2423.257,"endTime":2426.007,"body":"transition is real."},{"startTime":2426.5570000000002,"endTime":2430.907,"body":"I think carbon neutrality is something"},{"startTime":2426.5570000000002,"endTime":2430.907,"body":"we all should be striving to."},{"startTime":2431.417,"endTime":2436.577,"body":"I think as a service models, whether"},{"startTime":2431.417,"endTime":2436.577,"body":"it's offsetting carbon, or whether"},{"startTime":2436.577,"endTime":2441.1820000000002,"body":"it's addressing carbon that we have"},{"startTime":2436.577,"endTime":2441.1820000000002,"body":"today, either through retrofitting,"},{"startTime":2441.1820000000002,"endTime":2446.582,"body":"upgrading, and improving existing"},{"startTime":2441.1820000000002,"endTime":2446.582,"body":"infrastructure or driving efficiencies and"},{"startTime":2446.762,"endTime":2452.502,"body":"renewable resources in, in your current"},{"startTime":2446.762,"endTime":2452.502,"body":"purchasing can easily be addressed."},{"startTime":2452.502,"endTime":2455.772,"body":"I think technology is moving"},{"startTime":2452.502,"endTime":2455.772,"body":"forward in the right spaces."},{"startTime":2456.047,"endTime":2456.2670000000003,"body":"Now."},{"startTime":2456.6420000000003,"endTime":2458.952,"body":"We just need to adopt it and apply it."},{"startTime":2459.237,"endTime":2462.987,"body":"And some of these new business models"},{"startTime":2459.237,"endTime":2462.987,"body":"out there can help us apply it even"},{"startTime":2462.987,"endTime":2467.637,"body":"sooner and faster, even with the economic"},{"startTime":2462.987,"endTime":2467.637,"body":"constraints that people currently have."},{"startTime":2467.997,"endTime":2471.717,"body":"And probably the last thing is that we"},{"startTime":2467.997,"endTime":2471.717,"body":"can all make a step ourselves, in our"},{"startTime":2471.837,"endTime":2475.917,"body":"own businesses, in our own lives to"},{"startTime":2471.837,"endTime":2475.917,"body":"make a difference and every bit counts."},{"startTime":2477.031,"endTime":2480.571,"body":"Stuart, if people would like to know"},{"startTime":2477.031,"endTime":2480.571,"body":"more about yourself or any of the things"},{"startTime":2480.571,"endTime":2483.481,"body":"we discussed in the podcast today,"},{"startTime":2480.571,"endTime":2483.481,"body":"where would you have me direct them?"},{"startTime":2483.916,"endTime":2489.056,"body":"Yeah, I think if they go to abb.com and,"},{"startTime":2483.916,"endTime":2489.056,"body":"and, and learn more about the company and,"},{"startTime":2489.076,"endTime":2494.521,"body":"and, and what we are doing you'll find"},{"startTime":2489.076,"endTime":2494.521,"body":"myself and, and my peers there talking"},{"startTime":2494.521,"endTime":2499.601,"body":"about how we are engineering to outrun"},{"startTime":2494.521,"endTime":2499.601,"body":"existing performances of businesses."},{"startTime":2499.601,"endTime":2501.341,"body":"That would be the place for people to go."},{"startTime":2501.876,"endTime":2506.356,"body":"But yeah, more than happy to receive"},{"startTime":2501.876,"endTime":2506.356,"body":"any kind of requests from people via"},{"startTime":2506.356,"endTime":2508.786,"body":"yourself, Tom, or, or through the website."},{"startTime":2508.8160000000003,"endTime":2512.386,"body":"I think that would be, that would be the"},{"startTime":2508.8160000000003,"endTime":2512.386,"body":"easiest way for people to get in touch."},{"startTime":2513.781,"endTime":2514.291,"body":"Superb."},{"startTime":2514.4410000000003,"endTime":2516.271,"body":"Okay, Stuart, that's been fascinating."},{"startTime":2516.271,"endTime":2517.951,"body":"Thanks a million for coming"},{"startTime":2516.271,"endTime":2517.951,"body":"on the podcast today."},{"startTime":2518.446,"endTime":2519.136,"body":"Been really good."},{"startTime":2519.136,"endTime":2520.186,"body":"Tom, thank you for having me."},{"startTime":2520.186,"endTime":2521.176,"body":"I've really enjoyed it."},{"startTime":2521.614,"endTime":2523.484,"body":"Okay, we've come to the end of the show."},{"startTime":2524.204,"endTime":2525.314,"body":"Thanks everyone for listening."},{"startTime":2526.174,"endTime":2530.324,"body":"If you'd like to know more about the"},{"startTime":2526.174,"endTime":2530.324,"body":"Climate Confident podcast, feel free to"},{"startTime":2530.334,"endTime":2534.244,"body":"drop me an email to tomraftery at outlook."},{"startTime":2534.494,"endTime":2537.974,"body":"com or message me on LinkedIn or Twitter."},{"startTime":2538.544,"endTime":2542.284,"body":"If you like the show, please don't"},{"startTime":2538.544,"endTime":2542.284,"body":"forget to click follow on it in your"},{"startTime":2542.304,"endTime":2546.784,"body":"podcast application of choice to get new"},{"startTime":2542.304,"endTime":2546.784,"body":"episodes as soon as they're published."},{"startTime":2547.414,"endTime":2550.3740000000003,"body":"Also, please don't forget to"},{"startTime":2547.414,"endTime":2550.3740000000003,"body":"rate and review the podcast."},{"startTime":2550.574,"endTime":2553.1040000000003,"body":"It really does help new"},{"startTime":2550.574,"endTime":2553.1040000000003,"body":"people to find the show."},{"startTime":2554.194,"endTime":2554.6440000000002,"body":"Thanks."},{"startTime":2555.314,"endTime":2556.234,"body":"Catch you all next time."}]}