Okay, I understand we can start. Good afternoon, everyone. I am really pleased to welcome and to host you within this locations in Montrouge. Very pleased, most of all, to try to give you clarity about our climate or energy transition policy and try to give you all the explanations you possibly need about our assumptions, about our definitions, about our methods used to evaluate and disclose each of our metrics or figures. Thank you so much for being present today or being connected. First of all, let me give you the big picture. Let me give you the big picture and the global framework and timetable in which everything we shall comment today will be included. This timetable is really singular. We are living an unprecedented discrepancy between this incredible opacity on the short term. Nowadays, nobody is able to predict inflation, GDP, or rates simply for the following month. I am convinced this is a lasting situation for the next few years. On the other hand, a long term, let us say 2030 and beyond, that has never been so clearly stated, so clearly described, made explicit, at least in terms of expected, wished, and necessary future. The structural opacity for the short term is naturally due to the accumulation of numerous consequences of at least three global shock waves. First shock wave, the necessary normalization of monetary policy post-COVID. Thousands of billions EUR are still circulating today within the Eurozone that didn't exist simply at the very beginning of 2020. To fight against inflation and to protect our currency, ECB needed to increase rates to try to lower debts and reduce leverage. Perhaps a little bit too late and too fast now, this is absolutely another story. Second shock wave. All the systemic consequences on the economy of this awful, this dramatic Russian-Ukrainian war, and notably on prices and now availability of energy and many other commodities. This supply chain turmoil will not abate quickly, even if a peaceful outcome were to be found in the coming month. Just like, to take an example or an image, ripples in water after a strong impact. Third shock wave. After 30 years of global GDP boost, the natural end of the more and more globalization paradigm, simply because trees do not grow to the sky, simply because the planet is limited. An incredible opacity on the short term and on the other hand, when we are looking at what do we have to do to build a sustainable future for 2030 and beyond, clearly things have never been so clear. The necessary energy transition, of course, on which we shall focus today. The healthcare challenge too, because setups are clearly not at scale today to face aging populations all around us, and notably in Europe. Let me add the social challenge. Our societies can no longer simply add more and more solidarity to the economy. They have to be more directly inclusive. This is not only a political matter, this is obviously a necessity for the stability of the world system. This is how we see the new paradigm. Now, let me restate for you why we do consider that our model, our historical development model at Crédit Agricole Group, is naturally adapted for this kind of paradigm. Our model is based on the first axis, regularly extending the scope of our activities to adapt to the global range of the financial and patrimonial needs of our customers. Loans, savings, insurance, real estate solution, and now energy transition, and so on. The axis of the relationship model. There is a second axis. The second axis is mastering the different business lines we need, taking the form of legal entities, not only to serve our universal banks, but also to add another level of development through partnerships or external growth in the consolidating world. This is a kind of double development architecture. With this architecture, I think that in your head now, you can easily understand why there is no reason for the opacity of the short term to slow down our commercial development. The support of a universal bank with this global range of solutions is increasingly requested by customers for the concrete, for their day-to-day needs in an uncertain environment, notably for hedging numerous and diverse risk. You can also understand why the societal challenges on which we need to invest today to accompany the shift in society are much more opportunities for us than threats or constraints. We financed agriculture one century ago, equipped modest households with banking accounts in the 1950s, helped households become owners of their housing in the 1970s and 1980s. Just for some example, these were clearly both societal challenges and amazing springboards to our commercial development. This is the concrete story of the first bank in France, the first bank insurer, and the first asset manager in Europe that our predecessors succeeded in building. Now let me focus on this CASA Climate Workshop. Let me say more concretely, CASA Energy Transition Strategy, even if it is more difficult to say. First, we need to move away from caricatures and approximations. The issue can't be reduced to quickly lower the brown part of bank's balance sheet. You mustn't mistake greening balance sheet for really helping the economy become greener. On the palette of colors, everybody knows that less of brown doesn't mean more of green. To master, to see the global battlefield, we need to state the global energy transition equation. Here it is. First, accelerating the advent of renewable energy, let us say the advent of green. The key word is accelerating, because this revolution will naturally occur one day after the exhaustion of fossil energies, but much too late. We need to quicken the pace, let us say, from one century to probably just one decade. Secondly, accelerating the advent of green energy instead of fossil energy and not simply adding green to fossil fuels, as it can be expected, for example, in Asia and China, for starting points reasons. To reach these two targets between them, we need to master this huge challenge. Let me say this impressive mountain we have to climb all together by equipping with projects, tools, and services using green energies all of society, from large customers to the most modest households. Facing inextricable concerns regarding synchronicity, time to market and time to equipment cannot be the same for industrial innovations and day-to-day households' equipments. As a consequence of the previous point, we shall have to mix and to superpose different generation of offers and products within several cycles of equipment and re-equipment. At the end of the day, the global energy transition equation is much larger and complex than a Green Asset Ratio or public commitment about financing or not financing such energy company. A few comments now on the first branch of the equation, accelerating the advent of green or green energy. Jérôme will demonstrate that Crédit Agricole Group is already number one in terms of green financing after the state, of course, and public structures. As a symbolic signal of a cultural shift, let me refer to the fact that we were, last week, the very first bank in France to disclose a loan, a EUR 1 billion loan, directly dedicated to the renovation of our nuclear plants. When we are asked if we do finance enough green projects, I always answer to the surprise of the people in front of me, "Yes, unfortunately." Why, unfortunately? Because all significant green projects are fully financed. The limit is not our ability to finance, but the lack of projects. Let me now comment something perhaps you never or rarely hear or read about. I'll already explain that the urgency was to accelerate the advent of green, rather than respecting the natural or the normal pace of such a technological revolution. Concretely, that means that technological obsolescence cycles won't be respected, business models won't stabilize, and the supply and demand won't balance out at all times. This transition will be mechanically much more risky than the old paradigm. We do not need any brown penalizing factor in order to convince us to finance green projects that are not numerous enough, by the way. In fact, we will need a green supporting factor in order not to slow down the shift towards green because of our risk appetite frameworks. Perhaps you may have a tendency to mainly focus on the question of ESG commitment compliance. My advice, my modest advice, is that you should focus on the classical counterparty risk, too. On the second branch of the equation, massively equipping all of society, we have to launch many new offers. We have to structure new activities for tens of millions customers. Probably for the next five, 10, 15, and perhaps 20 or 30 years. Naturally, we're not starting from scratch, but we want to accelerate and amplify. This is why we decided to launch a new business line, Crédit Agricole Transitions & Énergies. We do expect Crédit Agricole Transitions & Énergies will become what Crédit Agricole Assurances became for insurance activities. Both climate challenges and time to market are much shorter now than compared to 20 years ago. That concretely means Crédit Agricole Transitions & Énergies must succeed in five years, where Crédit Agricole Assurances was allowed to succeed, for example, in 20 years. My most important message about this chapter is that energy transition represents first and foremost an amazing new potential for commercial development. Mindsets must change. ESG doesn't mean constraints or disinterested actions for society. ESG means professionally aligning your own interests with the individual and collective interests of your environment. At Crédit Agricole, we call that the magic potion, usefulness and universality. There's nothing better as a roadmap for future. Third and last branch of the equation, specific efforts to decarbonize our portfolios. This is unfortunately very often the only question which we are asked. We are members of each Net-Zero Alliance. Today, we shall give you concrete and precise landmarks regarding Net-Zero Banking Alliance, and in particular about our trajectories for the main sectors we significantly finance today. In a nutshell, let me sum up our commitments. We will nearly divide by two each carbon emission intensity trajectory by the year 2030. For fossil sectors, for which we think in terms of volumes and not in terms of intensity, we are restating today and providing more detail on our different policies to sum up once again, complete exit from thermal coal by 2030 for OECD and by 2040 for the rest of the world. For oil and gas, we shall reduce our financed emissions by 30% for 2030. Specifically for oil, because gas is considered by EU as a transition energy, we do not finance new oil exploration projects, and we aim to reduce our upstream outstanding by 25% as soon as 2025. I hope I was not too long. Two keywords to sum up our different policies. We are committed, and we are demanding. Only one takeaway message, if I can. We don't want to be either the bank that mainly finance the old world or the bank that prefers to only finance the new world. Definitely, we are the bank that will help society move from the present to the future. Thank you so much for your time. I do apologize because I shall have to join another meeting, but I let you, my three deputy CEO and a lot of grateful [t-managers] in this room. I do hope that this workshop will be very intensive and very positive. Simply now, Jérôme, I leave you the floor. Thank you so much and hope to see you soon. Jérôme? Thank you, Philippe. Good afternoon, everyone. I'll try to develop a little bit more in detail what Philippe just explained as our global strategy regarding climate and climate change and the role we can play in this area. Then I will, of course, handle the floor to the specialists that are going to describe much more precisely the different strategies that we are going to follow going forward. As Philippe explained, our climate change strategy is working actually on three feet. I will try just to give you a few elements to explain a little bit in what those three feet consist. Starting with the acceleration that is needed for the advent of renewable energy. This is, of course, the first axis, and for us, it's not new. Actually, it's been probably 10 or 15 years that we are deliberately investing in green energy sources and financing green energy sources. We do whatever we can in order to accelerate the advent of those green energy production sources. This is why, because we've started early, that we can claim that we are number 1 in many aspects in this field in France. This concerns the three main, I would say, businesses in which we are engaged in our global model. Those three businesses are, of course, the financing activities, but also the investment activities, and then, of course, the management of our customers' savings. Let me start with the financing activities. We are the number one in France in the financing of green energy sources. We are the number one provider for green loans for the customers that want to deploy green energy production capacities. Maybe I can just name a few examples. The first one is that Unifergie is by far the first private financer of green energy sources. The second element, which is, of course, very interesting, is the fact that CACEIS has been a pioneer for more than 10 years in the development of the green bond markets and continues to be a very active player in this market. Second, stream, the investment. We are an investor. We are a significant investor through our insurance activities, and we are also an investor because we hold significant liquidity portfolios. In those 2 areas, we've decided to deliberately angle our investments towards the green energy. This is how now Crédit Agricole Assurances become the first private investor in renewable energy capacities in France. It now manages in excess of 11 GW capacities, and it has a target to reach 14 GW by the end of the present medium-term plan. In addition to that, when we manage our liquidity portfolios, we invest more and more of the bonds that we hold in green, social, and sustainability bonds. Third area, customer savings. Of course, we are a very significant manager of our customers' savings through Amundi, for example, and we have also, in this area, very significant positions, of course, perfectly respecting the choices of our customers. Here again are a certain number of examples, be it the amounts invested by Amundi directly in AET funds, or be it the unit-linked products sold by Crédit Agricole Assurances to its customers or LCL Impact Climate Fund. Here is the first aspect. We invest, and we finance a lot, the development of green energy capacities. Second element, we try as much as we can to help all our customers to organize and finance their own energy transition. We deal with all of our segments of customers, from the individuals and households up to the large corporates and of course, with also the self-employed professional, the SMEs or the institutional investors. We deal with all their all the different aspects of their own energy transition, i.e., the development of their own access to green energy sources, but also to offer them capabilities to use low carbon mobility sources, as well as to help them renovate their the buildings that they use or the building in which they live. Here are many examples of the different initiatives that we've taken in order to promote the transition of all our customers. I will not describe each of these initiatives, but probably most of them are going to be explained a little bit more in detail in the rest of the presentation. Third, point, we move from fossil fuels to green energy sources. As Philippe explained, we are taking regular commitments in order to accompany the necessary reduction of the proportion of brown energy sources in the global energy mix of the economy. We have committed ourselves through the signing of different net zero alliances. It's of course, the case of the Net Zero Banking Alliance, in which we are engaged, and this is going to be the core of the rest of the presentation. We have also signed the Net Zero Asset Manager Alliance. Let me just evoke the fact that Amundi has taken this commitment and therefore, is now committed to manage by 2025, 18% of its funds explicitly aligned with the Net Zero 2050 targets by 2025. Of course, we have also signed the Net Zero Asset Owner Alliance, through which Crédit Agricole Assurances is taking additional commitments in the management of its portfolio of assets. Let me concentrate a little bit on the first of these aspects, which is the Net Zero Banking Alliance. In this regard, we are taking commitments that are going to deal with the 10 most emissive sectors in which we have financing activities. Today, we are concentrating, and we are disclosing our targets on the five most emissive sectors. In 2023, we are going to disclose the details regarding the five next sectors. All together, those 10 sectors again represent 60% of all our exposures. What you will see in the rest of the presentation is that all these commitments are not only, I would say, figures on slide, but are going along with a lot of very precise action plans. Regarding fossil fuels, Philippe has given the most important element of our commitments. Again, these commitments are not new. We are not starting today. Actually, we've started more than five years ago in 2015, when we provided our first commitment regarding fossil fuels. We've said that in thermal coal, we've taken the commitment to end our financing by 2030 in the European Union and in the OECD areas and in 2050, in 2040, excuse me, in the rest of the world. Regarding oil and gas, we have already taken quite significant commitments, and we are precising and improving those commitments today. Here on this page, you'll find the main elements of these additional commitments, which can be summarized as follow. First, we are reducing by 30% up to 2030, the CO2 emitted by the financing that we provide to our customers in the field of oil and gas. Second point, we are going to reduce by 25% our global exposures regarding the oil upstream segment by 2025. We are not going to finance any new oil extraction projects. We are going to conduct every year a precise analysis of all the commitments of our customers in the oil and gas segment in order to allocate our financing priorities. Up to 2025, this is going to lead us to allocate 80% of the financing that we are going to provide to the customers of this segment of customers to green projects or to gas projects, so gas being a transition energy. Here are the main commitments that we are providing that will be described a little bit more in-depth in the rest of the presentation. I'm going to stop here for this first part of the workshop. I will handle the floor to Éric Campos that is going to precise some elements regarding first Crédit Agricole transition and energy. Then he's going to introduce the methodologies that we are going to follow regarding our commitments. Good afternoon, and thank you, Jérôme. Allow me to take this opportunity to warmly thank all the teams who have worked to make this first step, which is today presentation possible. It's more than a year of work and much more than 100 of expert business leaders and C-executive directly involved in this project. You will see the presentation of the different scenario made by the business leaders of the bank. Transition is a complex pathway, in order to tackle climate issues, there is a necessary and deep transformation of global energy mixes. Clean electricity generation, network infrastructure, and end-use sectors are key areas for increased investment. Enabling infrastructure and technologies are vital for transforming the energy system. Worldwide, part of fossil fuel in primary energy should move down from 80%- 20% within the next 30 years. Each country will need to design its own strategy, taking into account the specific circumstances. In France, for instance, Solar energy capacity should increase by 11x in the same period, and the energy consumption should decrease by 40%. In this context, our guiding principle of the 2050 Net Zero roadmap is that clean energy transition must be fair and inclusive, leaving nobody behind, as Philippe Brassac said. The transition to Net Zero is for and about people. In short, we have to accelerate without harshness, time is against us. Our collective organization is effective and committed, as Jérôme described. We expect the context to accelerate with energy crisis and the need for renewable energy, which is becoming more and more under pressure. Worth noticing that governments are trying to put in place increasingly favorable condition towards the emergence of a low-carbon economy. Like financing, energy appears to be the second source of oxygen for a new competitive and sustainable economy. The creation of Crédit Agricole Transitions & Energies carries promises of strong growth. It also requires investment and financing capacity, but also governance and proximity to the territories that, with the exception of Crédit Agricole, very few private players are able to bring together. Crédit Agricole Transitions & Energies is a business line that complements and coordinates the Group existing transition ecosystem. To amplify and better structure our action in this long transition period we have in front of us, it has been created around three main missions. First, coordinate the ecosystem. Second, support customer energy transition and create added value. Third, become a producer of renewable energy for contributing to accelerate the transition by stepping up local initiatives. Today, as you can see, all the entities are committed to contributing to the construction of a low-carbon economy from local to national or international level through financing or investment tools. In this set, you can see all the brands involved in building the low-carbon IRA, what we call our transition ecosystem. Some examples, Volta, an independent developer and producer of renewable energy with Unifergie and regional banks, have signed a partnership to finance rooftop photovoltaic power plants for up to EUR 32 million. With partners, four regional banks recently launched Solarhona Invest, a new financing tool to accelerate the deployment of photovoltaic project in the Rhône valley. LCL supports companies to finance their energy transition in the form of loans or financial guarantee for the development of photovoltaic plants and offshore wind farm, for example, or to enable companies to renew their fleet of equipment with more modern, more efficient, and more economical solutions. Crédit Agricole Assurances has entered into agreement, as Jérôme said, to become a European global player in renewable energy. We want to keep on improving our capacity in getting better consistency, collective power, and therefore capture market opportunities. To do so, we will focus on coordinating, stimulating groups' action, promoting guidelines and business strategies common to all group entities, and sharing expertise knowledge. We have strong position in certain links in the value chain of transition support for our client. We have described what we call the value chain of consulting, starting from consulting and diagnostic to the control and the performance follow-up. We are not present in the first stages, which are essentially technical. We'll saw like chaining between the different stages to offer our customers a comprehensive end-to-end offer from the diagnostic phase to the phase of monitoring the transition roadmap. Crédit Agricole is strong in financial structuring and financing activities. However, our absence upstream and in certain part of the downstream value chain exposes us to capturing neither the financial engineering phase nor the financing of the client transition, which is a significant part of the margin in the consulting chain. For several weeks, we are in the close discussion with strategic partners to be able to deliver in Q1 2022, in a single offer, all the component to support our customers, starting by SMEs in their net zero 2050 trajectory, diagnosis and advice, financial structuring, financing, execution and monitoring of works, and monitoring of performance. As Philippe said, the issue is not to green the outstanding, but to support in greening the economy and to support our client. We know that the new European CSRD regulation will oblige a large number of companies to monitor and publish their extra-financial performance in ESG matters, according to a strict framework under the control of an independent body. The new extra-financial reporting obligations will apply to a much wider scope than before, including all companies listed on a European regulated market, but also large European companies not listed. These company will have to work on their own 2050 transition trajectory, and we are preparing to support them on this obligation. We are active in many sectors of financing. Sorry, sorry. Just short. Okay. To deploy the net zero offer, single offer that I mentioned. We will rely on the hub initiatives launched in June 2022, to encourage and facilitate the energy transition of our business, professional and public sector customers. This hub has already been deployed in eight regional banks and is on the course of being deployed in all regional banks. In France, the building sector is the second-most emitter of greenhouse gases. Alone, it accounts for 27% of CO2 emission, and nearly 45% of final energy consumption. The building sector, therefore, has a central role to play in achieving carbon neutrality by 2050. While taking concrete actions for the climate, carrying out energy renovation work makes it possible to improve the comfort of housing and reduce the energy bill of French citizens. That's the reason why we have decided to build and launch a platform, which was launched in November, to encourage, facilitate, and support customers in the energy renovation of their properties. This e-platform, online since November, proposes a documentary based on energy renovation, a simulator for recommending the work to be carried out, as well as the cost estimate, a national and local subsidy simulator, a financing simulator, and a directory of certified professionals. The Livret Engagé Sociétaire is a very interesting thing because we have launched that in October, is a savings account proposed to the sociétaire of the regional bank of Crédit Agricole. Through this investment, savers financially support concrete action in favor of the climate and the transition to the low economy to achieve agricultural and agrifood transition, and also to reinforce the social cohesion. This is a success because this offer, launched in October, has already succeeded in raising EUR 375 million. As you can see, we are active in the different chain of this renewable and transition sector, financing, sourcing, producing, and distributing. We are active in this many sectors, and few regional banks have also developed know-how in producing renewable energy-based electricity. Crédit Agricole Pyrénées Gascogne, Languedoc, Crédit Agricole Touraine Poitou. Finally, in recent months, we have set up Corporate Power Purchase Agreement, CPPA, with customers. We do not traditionally have access to this type of energy market. LCL and Voltalia have joined forces around the innovative project to enable large and medium-sized companies, among the most sensitive to transition and energy mix issues, to benefit from contracts securing their electricity supply in the long term of renewable origin, produced in France, and on the basis of guaranteed capacities and prices. In fact, the market for produced renewable energy will run on a new paradigm. In France, energy production is roughly centralized, intense, and distributed. Nuclear power plant can produce high power between 900 MW-1,400 MW per plant on a few acres of land. Switching to solar energy means occupying more space for less relative energy. To obtain the equivalent of a few acres occupied by 1 GW nuclear power plant, sorry, it's necessary to occupy 1,000 acres of solar farm or rather, 1,000 pieces of land scattered over the territories, each producing 1 MW, and of course, favoring the short circuits. The roadmap for the development of renewable energies, therefore, require respect and cooperation with local ecosystems and the specificities of each territories. This new model of energy production, bringing producers closer to consumers, suits our organization perfectly. We believe in becoming a strong player in this new energy model. We are therefore going to embark of CPPAs for our business and professional customers, backed by renewable energy power plants that will finance or for which we will hold the production contracts. We will rely on a few regional banks to launch experiments on a regional scale. Then, if successful, we will cautiously deploy on the national scale. To sum up, this new business, Crédit Agricole Transitions & Energies, will try, ambition to improve group coordination in this huge transformation step forward. We're able to create value for the brand and an additional one for the group's entities. Of course, we will be supported by external growth to accelerate the time to market and develop new expertise. We'll have a consulting and commercial P&L. We'll be able to better understand the nature of risk by improving our knowledge of customer transition pathway. We will not finance on invest, but we will contribute to the origination of grid asset, which could remain on the balance sheet of the entities of the group, or we will accelerate the originate-to-distribute model as well. I thank you. Éric will continue to talk, actually. Yes. I was looking for the mouse, but okay, this will change automatically. Do you have the timetable as Jérôme and Philippe said? It's a long journey because all the business have joined the Glasgow Alliance initiative. You will have, I mean, you have the timetable well described from October. Crédit Agricole Assurances has disclosed their commitment, followed by Amundi. Of course, we are today, and we're presenting as we have started to do so, the Net-Zero Banking Alliance with the five sectors. June 2023, we'll have the presentation of Crédit Agricole Assurances. Then end of the year, we will disclose the five other sectors and probably other things in order to update the commitment on all the information. Here you have the presentation. Just to sum up, 10 sectors will present. I mean, we have presented fossil fuel and automotive, roughly it was in June, so we'll present, I mean, the business leaders will present the five sectors. As you can see, fossil fuel, automotive, power, and cement are quite usual on a presentation. We have decided to present the commercial real estate with a complex sector. I think that we're not so much to present this sector, it's quite innovative. We will be followed next year by the five other sectors. Two slide about the methodology I'd like to insist on. First, we have used the Net Zero 1.5 scenario as a reference, the one coming from the International Energy Agency. We, of course, have decided to include all the greenhouse gas emission, the metric is on a CO2 equivalent, and it's calculated whether on absolute emission for oil and gas or physical intensity for the four other sectors and the five to follow. We have submitted to the Science Based Targets initiative in October 2022, in accordance with the commitment 2016 commitment. We use the PCAF methodology. I don't know if you know well the PCAF methodology. It's, of course, benchmarkable because it's used by lots of peers, but it's based on the EVIC. EVIC is the value of the company, so the value can evolve. That's why we have a volatility of the calculation, of course. We will try to estimate the volatility in order to compare year to year. We use internal data when available or external data, due to the quality of data, we issue a PCAF score depending on the trust that we have based on the data we have. We will... I mean, sometimes, but we will precise the percentage of the proxy that we have used, but it's totally comparable with our peers. We have. I mean, we have taken into account all the method, all the international standards to be clear and benchmarkable. Next. Yes, slight adjustment is interesting. Slight adjustment. Oil and gas, absolute emission first. Commercial real estate, we have taken into account the CRREM scenario. You know, the net zero scenario is not so detailed in particular, if we want to go into the country details. Since there is some big gaps between countries, we have decided to take the CRREM scenario, but it is validated by ADEME, which is the national institution in France, so it's fully online with net zero, but much more precise. Automotive and oil and gas, we have included the Scope 3 emission, of course, because they represent the majority of emission. On automotive, you know that in automotive, usually the peers take into account the corporate lending and the OEM financing only. We have decided to add the consumer finance and the leasing, which is, of course, I mean, more detailed, and of course, more prudent. All the target and action plan are prepared by the business leaders, totally in line with risk people, with financial people. It's a huge project at the Group level because we have regrouped all the business and all the supports of the Group to be totally in line risk, business and financial. Before presenting the different sector and giving the floor to my colleagues, I would like just to make a very short statement regarding the route of Net Zero. The route of Net Zero is a path, not necessary the paths. There are hypotheses and key uncertainties, notably concerning the role played by bioenergy, by carbon capture and behavioral changes. The path to Net Zero emission is narrow. Staying on it requires immediate and massive deployment of all available clean and efficient energy technology. I would like to give an example of what I said. In the net zero emission pathway, the world economy in 2030 is some 40% larger than today, uses 7% less energy. A measured worldwide push to increase energy efficiency is an essential part of this effort, resulting in the annual rate of energy intensity improvement averaging 4% to 2030, about 3x the average rate achieved over the last two decades. This global pathway requires all government to significantly strengthen then successfully implement their energy and climate policy. This is very important to put in place the frame, because of course, the Net Zero we'll present is totally sensitive on different measure, the equation is very complex. To start, I will give the floor to Nicolas, which is the first sector we'll present, oil and gas. We have a short video each time, 4x, and then the presentation. Please welcome Nicolas Chapin, who is head of Global Coverage Organisation, for CACIB. Thank you, Éric. As highlighted in this slide, oil and gas represents slightly more than half of the total primary energy supply, and are therefore today fundamental to ensure universal access to affordable and secure energy. However, they represent more than 40% of total greenhouse gas emissions through their production and mostly through their consumption by end users. In order to achieve Net Zero by 2050, the world must reduce its consumption of fossil fuels, including oil and gas, and therefore must very significantly step up investment into low carbon and renewable energy. The International Energy Agency has assumed in its Net Zero Emissions by 2050 Scenario, a 30% reduction of CO2 emission from oil and gas by 2030 as an accelerated growth of renewable energy would reduce demand for oil and gas. Oil and gas is a strong business franchise for CACIB, but part of modest size for the group Crédit Agricole. It represents only 1.3% of the group's exposure at default and less than 1% of its revenues. CACIB, as already stated, is already engaged into aligning its lending activity with the IEA Net Zero scenario. We have committed to reduce our financing exposure to upstream oil by 20% by 2025 versus 2020, to disengage from non-conventional fossil fuels, and to not finance any oil and gas project in the Arctic. We recently announced a commitment to reduce CACIB's financed emissions linked to our oil and gas client portfolio by 30% by 2030 versus 2020, in line with the reduction in oil and gas emissions assumed by the IEA in their Net Zero by 2050 scenario. This commitment builds on our oil upstream exposure reduction commitment, which we are today stepping up to 25% by 2025 from our previous 20% reduction commitment. I wish to highlight the ambition embedded into our 30% finance emissions reduction commitment, as it applies to all hydrocarbons and the whole industry value chain, from upstream to downstream, from extraction to refining through pipeline transportation. Today, we are pleased to share with you our 2020 baseline of our finance emissions linked to our medium and long-term financing of oil and gas clients, against which our trajectory to achieve a 2030 target will be periodically measured and communicated. Such finance emissions amounted as of the end of 2020 to 26.9 million tons of CO2 equivalent. About 80% of these emissions were Scope 3 emissions linked to the use of oil and gas by end users, which is in line with the global industry. About 95% of our total oil and gas finance emissions are linked to producers, whether they are international majors, national oil and gas companies, or exploration and production specialists. We are therefore committing today to reduce the finance emissions linked to our oil and gas client portfolio from 26.9 million tons in 2020 to 18.8 million tons in 2030. Our action plan. Our action plan to deliver a commitment will require pulling on multiple levers. As previously communicated, stepping up the reduction of our upstream oil exposure. Steering or lending activity with our oil and gas clients towards achieving a lower carbon intensity of our loan portfolio. This will apply to our client mix through the value chain, our transaction mix, as well as the nature of the assets we would finance directly or indirectly. This is in particular reflected in our commitment that over the 2023- 2025 period, at least 80% of our asset-based financing and advisory services for clients in the oil and gas sector be related to CACIB's green framework or natural gas. Prioritizing clients which are strongly committed to decarbonize through their investments in low carbon and renewable energy, as well as those who are or aspire to be leading their peer group in carbon reduction ambitions and thereby are acting as catalyst of change for the industry. Finally, reducing our activity with or exit from clients which are not aligned or are not adapting their policies and ambitions fast enough. As of the end of 2021, our oil and gas finance emissions had already reduced by about 10% versus 2020 from the dynamic management of oil and gas client portfolio only. Notably, the exit from our U.S. reserve-based lending activity, which was decided in January 2020, and which we will be finalizing by the end of 2022, so this year. Going forward, we will seek a more rapid action on our oil-related emissions, while we will pursue a more gradual approach on natural gas. Thank you. This concludes my presentation on the CACIB Net Zero commitment for the oil and gas sector. Thank you, Nicolas. Now we move to the power with one short video before the presentation. Please welcome Danielle Baron, who is Global Head of Structured Finance for CACIB. Thanks, Éric, good afternoon, everyone. First perhaps, I have... Do I have the power? No pun intended. There we go. Thank you. First, perhaps a little bit of context. In 2021, the electricity sector still contributed 25% of worldwide greenhouse gas emissions, mostly through Scope 1 emissions, mostly through coal and some gas. Yet, today, we find ourselves with solar and wind being amongst the most mature and cheapest sources of electricity generation. This is a relatively recent phenomenon that the levelized cost of energy of these technologies is in fact cheaper than coal or gas. Today's electricity accounts for about 20% of the final global energy consumption. Over just the next eight years, the IEA Net Zero Scenario projects that this will have to increase to 28% with an investment pace, to give you an idea, of $1.3 trillion annually by the end of this decade. It is obvious that this transformation of the electricity sector will have to happen at an accelerated pace. I think Philippe mentioned earlier that the keyword is acceleration. I couldn't agree more. Consequently, for the power sector, we have the honor of not having a net-zero target for 2050, we have a net-zero target of 2040. Our pace is even faster than everybody else's in the power sector. How is Crédit Agricole preparing for this accelerated transition? Right. First off, we spent the last six months working to establish a baseline from which we could begin to measure our footprint and our progress. In 2020, our baseline year, we were financing 45 terawatt-hours of electricity production, 50% of which was through low carbon generation. At this time, we already had one of the lowest carbon intensive portfolios of our peers at 224 grams of CO2 equivalent per kWh. This is due to several factors. First was our early commitment to renewables. We financed our first wind farm in 1997. Second was an acceleration of our investment in this asset class, which was a business opportunity as well as a strategic direction that the bank wanted to go in, and that was accelerated over the last 10 years. Finally, our stringent coal policy, which we announced in 2016 and updated again and reinforced in 2019. Going forward, our net zero ambitions in the power sector will be measured as a function of emission intensity. We will calculate this as grams of CO2 equivalent per kWh, and this encompasses both CACEIS and Unifergie's portfolios. You may want to know that the combination of CACEIS and Unifergie accounts for about 95% of Crédit Agricole's total financed emissions in the power sector. Moving on to our targets. Whoops. Whoop. One sec. Pardon. There we go. Sorry. Targets. Proud to announce that our commitment to reduce the emission intensity of our financing to power generation by 58% from 224, which as I said, was already best in class, to 95 grams of CO2 equivalent per kWh from 2020- 2030. This is very ambitious, and I think we should be clear about that. It's 31% below the 2030 target of 138 that you see there, from the IEA Net Zero scenario. It's also 42% below the recently updated scenario because the IEA has just published its World Energy Outlook in October. In that outlook, they have updated that figure up to 165 grams, now we're 42% below that figure, and we are 71% below the figure of 325 for the Stated Policies Scenario. This confirms a great deal of conviction on the part of Crédit Agricole to accelerate the energy transition but also reflects our confidence that we will be able to continue to accompany our clients, and to grow our portfolio and to continue to lead, I should say, really, because we are a leader in this sector worldwide. And we confident that we'll be able to continue to do that. Action plan. What are we implementing in the terms of strategy? First, it's a client and risk strategy which is evolving, which is adapted to accelerate our support for both renewable developers, new companies, new corporates that appear on the renewable scene. We've already been onboarding them, and we are adapting our credit policy to onboard more, and of course, to accelerate our investment in renewable power generation. We're scaling up our financing of offshore wind, such as Hornsea Two, which is an example that we have here, which we're very proud of, and is a good example of the bank in all of its places supporting the energy transition and in supporting new transactions, and new ways of decarbonizing the electricity supply chain. Finally, we're strengthening our advisory teams dedicated to energy transition, including expansion of our teams in France as well as in London, New York and Asia. Positioning ourselves as a leading advisor to our clients will of course allow us to accompany them in their transition. It also is going to enable Crédit Agricole to stay at the forefront of technological and market developments. In addition to the reduction of our financing of thermal electricity, we'll be guided by the disengagement from coal, which we've already mentioned on various occasions, and higher selectivity of power plants that we finance, of the gas-fired power plants that we finance. Our focus on gas going forward is really going to be to replace coal-fired power plants or secure grid balancing services, okay? We're going to reduce, let's be clear, we're going to be reducing our exposure to these plants, and we'll be focusing on their role in the transition going forward. We also look to seek the possibility of hydrogen combustion in those technologies and also retrofitting carbon capture solutions where credible and where appropriate. Overall, we're going to prioritize clients which are strongly committed to decarbonization of their activities and their investments and reduce our activity and exit clients that we do not believe share our strong ambitions. We'll be relying on our local presence as well as our global expertise in power markets in order to deliver on this strategy. Thank you. Thank you, Danielle. Let's move to the third sector, which is a commercial real estate, sorry, with a short video. Please welcome Olivier Nicolas, LCL Deputy CEO. Good afternoon. Thank you, Éric. As you can see, real estate, both residential and commercial, are responsible for 20% of energy consumption and, as a consequence, also responsible for a significant part, sorry, of CO2 emissions. Energy consumptions comes mainly from heating and cooling, that's why the building insulation, the energy mix change, also the energy efficiency are the key factors to reduce emission in the real estate sector. Today, I will speak only about commercial real estate because it's the only part we address today. Residential real estate will come next year, as Sean said. What does commercial real estate represent at Crédit Agricole? At retail level, combining regional banks and LCL, CA group has a very important, very large penetration rate on small, medium, and large corporates. This position gives to Crédit Agricole a major role. It is generally the main partner for real estate financing. We do that with loans traditionally, but also by leasing with Crédit Agricole Leasing & Factoring. If we look at CIB level, Crédit Agricole CIB is a major actor in real estate Structured Finance. It's number two and is also, as you know, active internationally. That's for financing topics. Beyond financing, Crédit Agricole is also present on all the value chain for investment and property management with Amundi and with development with Crédit Agricole Immobilier. As you can easily understand, this wide and leading position of Crédit Agricole on real estate, commercial real estate sector, do oblige Crédit Agricole to actively address the decarbonization challenges of this sector. Éric said at the beginning that commercial real estate, it's a quite complicated sector, complex sector for several reason. First of all, available datas for are not very granular, are not very accurate, not so much as we could wish, and neither at public level nor at client level and, by the way, at bank level. Another point to have in mind is that commercial real estate sector emissions aggregate, in fact, a lot of very, very huge, I could say, heterogeneous situations depending on geography. Behind the geography, it's also the, the reflection of the energy mix of each country, but also the age, the type, and the use of the building. The, the small picture can illustrate this point with huge discrepancies between, for example, real estate building, office building in France and healthcare in Spain is nearly one- 10 metrics factor. Another point to have in mind is that International Energy Agency, IEA, metrics and targets, in fact, doesn't fit properly to the profile of the 26 billion EUR of commercial real estate portfolio that we want to put under the light today and that will consolidate our commitments. That's why we need to find a more appropriate and challenging referential. This referential is the following. To fix the first point, we will use the PCAF metrics because it's, at this time, the most accurate referential. This is for the starting point of 2020. To fix the intermediary point, it's not the arrival point, as you know, but intermediary point of 2030, we will use CRREM scenario, and the scenario are totally compliant, fully compliant with the 1.5-degree scenario of SBTi. All that said, we can summarize our commitments as follow. We will reduce the intensity of our emissions, of building emissions for 40%, coming from nearly 36 kg, 46 kg per sq m per year to 28 kg per year and per sq m. That's the way we want to follow. As Éric said also, we will obviously adapt these targets if frame scenario will change and its possibility we keep in mind for the future. Our action plan or how we will do to reach this objective. First of all, we will significantly improve the data collection and the quality of data, because for this sector, it's very, very important to make a collectively a huge progress. Second point, the group will adapt its commercial and risk policy with new guidelines, with energy-linked governance and price incentive, and also prioritization regarding the quality of buildings we will finance. We have, in fact, already some very precise objectives. For CACEIS, for example, we fix green and dark green building exposure objective by 2030. Also by LCL, even if it expressed differently, LCL plans to originate EUR 4 billion of low carbon buildings from now to 2030. LCL began to challenge very aggressively CO2 emission of buildings before granting any new financing. Third point, we will make leverage on regulations. For example, in France, Décret Tertiaire, that will help our clients to take into account all the progress they have to do. We consider that Décret Tertiaire, for example, in France, will do half of the way we want to make by ourself, but it's a quite interesting level to use. At the end, the group want also to develop turnkey all-in-one and that solution combining in one end technology solutions. That means self-production of energy, connected buildings, geothermal, and so on. On the other hand, financing solution, directly or indirectly. This point is to my mind very interesting because it makes a bridge between what Éric said before with Crédit Agricole Transitions & Energies, and it's exactly what we want to do. That means make connection, relation between technology, advice, and also financing solution, because both are very, very tightly linked. That's the end. What I want maybe to say to finish is that we are very convinced that this holistic approach, combined with some calculation we make on the dynamics of our credit portfolio, amortization, new loans, and so on, make us very confident and optimistic on the capacity, on the achievement of the objective we have mentioned, by creating new business and also by improving quality of our portfolio, risk quality and environmental quality. Thank you very much. Thank you, Olivier. Let's move to the number four, which is the automotive sector, with a short video. It will be the last one. Please welcome Vincent Carré, who is Head of Group Mobility Services, Crédit Agricole Consumer Finance. Thank you, Éric. Very happy to be with you today and to represent all my colleagues from CACEIS and Crédit Agricole Leasing & Factoring involved in the automotive business. The target of this, first, I just remind you how much we are involved in automotive. You know that we directly finance automakers and retailers through CACEIS. As you can see here on the right of the slide, our engagement in automotive corporate financing. We also finance directly customers, B2B, B2C, through Crédit Agricole Consumer Finance and Crédit Agricole Leasing & Factoring. You can see here also our engagement that are more than EUR 44 billion. As for all its activities, Crédit Agricole S.A. is strongly committed to reduce its emission and the intensity of our carbon footprint in the automotive business. The first target that we have already engaged is to for 2025, is to finance one green vehicle out of two, green meaning electric or hybrid in total in 2020-2025. This target, very easy to understand, very easy to be appropriated by the teams, will be now completed by a more global target on emission, as we are going to see now. On the left of the slide, we see today the repartition of our financing. We see that we are, of course, very strong in France. We have more than 400,000 cars financed, but our presence is more international with very strong activity in Europe, 1 million car financed through Crédit Agricole Leasing & Factoring and Crédit Agricole Consumer Finance. Also, a very strong worldwide presence outside Europe with both CACEIS presence in many countries and our joint venture in China with GAC, which is the third Chinese automaker. You can see that at the top left of the slide that we have calculated our emissions that are at 190 grams CO2 equivalent per km today. You can see on the right that this emission carbon footprint is already better than the very ambitious IEA scenario. Of course, we are going to keep this trajectory and to remain under the IEA scenario for 2030. Which means we are going to reduce our emission in automotive business by 50% in 2030, which is very ambitious, but this is a target that we think we can achieve. Very important once again, when we calculate both our current footprint and our target, we take into account the full scope of our emissions. We take OEM financing, we take, of course, retail financing, we take everything, which is something that all our peers do not do today. If we look now at the action plan, and maybe the most important message for us today is to tell you that this carbon reduction footprint is today more for us an opportunity than a risk. An opportunity because we are confident that we can achieve, in the same time, this reduction by, well, keeping our profit at the same level. Our action plan, which is very complete, is designed to develop our business, consolidate our profit, and achieve the reduction of our emission. We are very confident that we can achieve these two legs in the same time, that we can be profitable and reduce the emissions. First, because there is a global movement that is engaged in automotive business, and especially by our partner, Stellantis, our strong partner, Stellantis. We will benefit from this global movement, especially in the growing leasing market that will increase, again, a lot, pushed by the higher price of electric cars and by the high demand for service. You have noticed that in the last months, we have really consolidated our presence in leasing. First, with the strong partnership with Stellantis and the creation of a European leasing company. With the takeover of FCA Bank at 100%, that will give us a leasing tool available in 18 European countries. With the launch of Agilauto in France, that will distribute its leasing products through all our agencies in Crédit Agricole Caisses Régionales and LCL. The second reason why we are so confident, it is because we have already contracted partnerships with 100% electric automakers. The strongest example being Tesla, which is our, today, our partner. We have also other examples like MG, for example, 100% electric, and soon VinFast. These 100% electric automakers will help us to reach our target. In addition, we have already contracted three additional partnerships with 100% electric OEMs. It's too soon to announce them here, they will be announced in the coming months, they will solidify our trajectory and our in reducing the emissions. Finally, the third reason of our confidence is because we have launched, and we will launch, several green and innovative services that are going to support both business and carbon footprint reduction. A few examples that are on the slide. First, for Crédit Agricole Consumer Finance. We have developed, for example, electric car sharing with our subsidiary, Drivalia, in three Italian cities, Roma, Torino and Milano, with more than 1,000 cars. Soon, Drivalia will launch also a 100% electric car sharing in Lyon, early 2023. We have launched in France some eco-leasing solutions for electric cars at EUR 100 per month for both new cars and used cars. We go on this strategy. This was in 2022. In 2023, another example, we launch electric car sharing this time for rural territories, supported by our Caisse Régionale, in order to bring also electric mobility outside of the cities in territories that need additional mobility. A very important example also for Crédit Agricole Leasing & Factoring that was announced last week, which is the partnership with Michelin and the development of Watèa that will help us to provide for light, heavy vehicles some full offers of electric cars and charging solutions, and that will help us also to achieve our objective. As a conclusion, I would say that to reach this ambition, we will be, of course, very faithful to our values, and we will support, encourage, help all our automotive partners to make the electrification challenge a big success for us and for them. However, this target is so important for us that if one of these partner endangers our roadmap for 2025 and 2030, we'll consider, of course, the possibility to cancel the partnership to reach our target. Thank you for your attention. Éric, the floor is yours. Thank you, Vincent. Please welcome Tanguy, who will present the cement sector, plus some insights on shipping, aviation, and steel. Thank you, Tanguy. Just the music. Just the music. No dance. Thank you. I'm very happy to be here, so I'll present two, three sector actually, which are quite hard to abate, as we call them. The first one being cement. Cement is a very important sector. It's a very small exposure at CIB level, but it's a very important sector because cement is something that we cannot avoid. We need cement in order to build new building housing. We need cement in order to build low-carbon infrastructure. That's the first reason why it's important. Second reason why cement is very important is because it's a super highly intensive sector, so very high carbon intensity for small exposure, and it's a very hard sector to abate, as we call it. It's a very hard sector to decarbonize, because most of the emission are stemming from the chemistry of cement, which mean the need that we have to decarbonize clay in order to produce clinker. The technology in order to do that is not that easy. In fact, the technology that we need to use in order to decarbonize cement is the reduction of the clinker-to-cement ratio. It's a bit technical, the carbon capture and storage, the electrification of the processes. Against that backdrop, and in a situation where very few banks have published a target on cement, we have decided at Crédit Agricole to have an ambitious approach. We look at the cement industry with Scope 1 and 2. We also look at it in a growth approach. We mean that we take into account all fossil, all carbon emissions, including those coming from the fossil waste. On that basis, we have taken the commitment to reduce our footprint by 20% by 2030. We measure it in intensity as for other factors, we're gonna make it from 671 gram of CO2 per ton of cement to 537 gram of CO2 per kg of cement produced. Again, Scope 1 and 2 and growth, which means that we are not directly comparable to the Net Zero scenario, but the calculation are close to what the trajectory is showing us that we should reach. What we gonna do in order to achieve that? We're gonna engage, we already have a very strong dialogue with our client in that space in order to make sure that they have the same trajectory as we do, they invest in that space. We're gonna support them in their investment in that space, we are gonna steer, if necessary, our cement portfolio in order to reach this trajectory. We think that there are not so many banks right now committed in that space, what we add as a commitment is that by 2025, we will review this target because we think that it can go further, it can go faster, we need to have a dialogue with our clients in order to be able to review this target, which we'll do in 2025. That's for cement. There are three other sectors which we have taken a very different approach. This is shipping, aviation, and steel. As for cement, those are very difficult sectors to decarbonize, hard to abate, as we call them. Those are absolutely necessary sectors also for the economy. Think about steel. We will not manage low-carbon transportation railways without steel. We will not manage to have low-carbon buildings without steel either. Again, those are sectors where the decarbonization is not easy. For shipping and aviation, we need no-new motorization, we need new fuels, we need new technologies, and that's solutions that are not completely at scale for the moment. That's the case also for steel. We need hydrogen, we need new processes, we need to decarbonize the steelmaking, which is not obvious right now. For those sectors, we therefore have less clarity than for other about the scenario that we will adopt. What is the speed at which we will decarbonize the sector? First thing. Second thing, we don't have always the right data in order to measure our decarbonization or to steer our decarbonization. Think about steel, for instance. In the steel industry, one of the key lever is our capacity to know how much scrap will be used by our clients, those are data that are not reported at the moment. For those three sectors, we have taken a bit, I would say, in line with the collaborative approach and cooperative approach of Crédit Agricole, we have taken the view that we will work with the industry, so with our peers and with our clients, in order to find what are the right data and what are the right scenario that we should adopt. We have created, together with other, what is called the Poseidon Principles, which is an industry initiative gathering a few banks, but also gathering data specialists in order to see what is the right data, what is the right trajectory in this industry. Crédit Agricole was one of the co-founder of this initiative, which is managed by a consulting firm called RMI for Rocky Mountain Institute. We are doing exactly the same in the aviation space, where we are leading the same type of initiative with the intent to create the same working group, gathering the industry from a banking's perspective and from an industry perspective. We have joined in September last year, the Sustainable STEEL Principles, which is built exactly under the same approach, gathering the key banks financing steel as well as the steel industry bodies. Because we are engaged into those collective approaches, we have decided that we will postpone the publication of our commitment to 2023, because those alliances are working toward those dates. Bear with us, and we'll publish in 2023 for all the sectors. That concludes my presentation. Thank you, Tanguy. Thank you very much to all the speakers. You have a global wrap up in this picture with the... I mean, we have separated, voluntary, the top, which is on absolute emission on oil and gas, and there's the four sectors in relative intensity. Roughly speaking, except maybe the cement, we are about 30%- 60% of decreased emission or intensity in between, I mean, 2020- 2030. I give the floor to Jérôme for the conclusion. Maybe just a few words of conclusion, before going to the Q&A session. The first point is, of course, that this presentation, all the action plans that we've presented to you today and all the action plans that are going to follow with the next sectors that we're going to publish next year, are perfectly in line with the financial targets of our medium-term plan. Even more actually, these strategies are going to support the capacity that we have to meeting our financial KPIs in 2025. There will be pluses and minuses, of course, as compared to the previous set of activities. All in all, what we are sure of is that all these initiatives will require more financing efforts from our side, thus generating more revenues. We are taking initiatives that are designed to help our customers to handle their own energy transition, and this is going to generate fees for us. All these elements are going to support our revenue generation capacity and will offset any possible negative elements that this transition may give rise to simply because any transition is possibly leading to some downers and some drawbacks. Second important point, and even more important point, I would say, all these strategy, all these climate strategy that we've presented to you is perfectly in line with the group's strategy, with the group's medium-term project, which is again, let me repeat it, to work every day in the best interest of the society and of its customers. Clearly, what we are doing here is aligned with what we think is our mission, our task, in supporting the economy and supporting the society. Third element. These elements are going to be very demanding for the group, very demanding for the teams. You've seen these commitments, which are very strong, very aggressive. You've seen the action plans, which are very coherent. All these will require a lot of effort from our teams. The fourth point is maybe that I will go back to the starting point earlier in the afternoon. I've told you that all these element were not the beginning of our story, of our history with regards the energy transition, we've started indeed more than 10 years ago to take some initiatives in order to develop our support to the financing of clean energies and so on and so forth. This presentation this afternoon is not the end either. First, we still have five sectors to present to you next year, we will indeed have other meetings in order to give details on those five new sectors. What we are sure of is that we will need also to permanently adapt what we've presented to you to the evolution of technologies, to the evolution of customer behaviors, to the evolution of regulation. It's clear that we will have lots of opportunities going forward to continue to discuss together on this very important but so, I would say, stimulating challenge to play our role in terms of helping the economy and the society to this energy transition. Thank you for your attention, and I think that we can go now to the Q&A session. Clotilde, how is it going to go? Yeah. Thank you, Jérôme, and thank you everyone. We're going to start with the questions from the room for the people who are here, and then after that, we're going to move on to the questions that we're receiving on the Internet. Please go ahead. We're going to start with Jacques-Henri Goularte, and I think there's going to be a microphone that's going to come to you right now. My key role will be to handle the floor to the guys who are the. Yes. Colleagues that are going to answer the questions. Here you go. For Mr. Goularte from Crédit Agricole. Thank you, Clotilde. Thank Clotilde. Thank you. It was mind-blowing. Congratulations, 'cause that's really crazy. Anyway, two questions. There are so many, but there are two really. First of all, just for the sake of clarity, you didn't mention any of the revenue targets in the plan that were given by the division during the medium-term plan. Does it mean that will have an impact on their revenues individually or overall? Do they maintain their own revenue TCAM that they had? Is the first, I would say, question. We had some outstandings, which is very helpful, but to some sectors, commercial real estate, Amundi, Power and Cement, I don't think we had the exposures in billions, so I was just wanting to clarify what was that, why that was, and if we could have the number. Lastly, maybe really out of curiosity, how do you treat the data which is considerable in there, and also maybe intergroup with Jean-Jacques' team at Amundi, if you're dealing, for example, with a listed oil and gas company, no name needed, how does that... how do you coordinate and how is it put together? Thank you very much again. Let me start by trying or giving you a very brief answer on the first question. Actually, we are not changing any of our financial targets for 2025. You know that we are committed to the global figures and to the global KPIs, and if we manage to reach them differently than what we initially foreseen or forecasted, that's good enough. We continue to target the same figures for 2025. We think that definitely the breakdown by business line is going to be more or less unchanged, but what we're sure of is that all this is providing new business opportunities for us. Maybe, on the figures of the outstandings, Tanguy, maybe, I think the question was, figures regarding the exposures on cement, shipping and. Commercial real estate. Commercial real estate. Commercial real estate, you have the figures? Starting by Olivier. Starting, yeah, exactly. Starting with Olivier. Commercial real estate figures. Yes, commercial real estate, the outstanding at this time is EUR 26 billion on CASA, LCL, CAL&F, Crédit Agricole Italia. Cement? Cement, Tanguy, the figure is much smaller actually. Cement is, less than EUR 1 billion. The last sector on which. Power. Power. Maybe Danielle. Yeah, it's in the slides. EUR 11.2 billion exposure on renewable energy. Not total power, just renewable energy to be precise. Okay, thanks. Maybe Éric, on data? Yes. I mean, the organization of the project was quite clear. So, we distribute I mean, the structure, the rules, the principles, and then each entities have worked, has worked on their I mean, data. We don't exchange data, if it was your question, but we respect the same rules, and then each entity has provided I mean, all the figures in order to consolidate. This is very interesting as a project, I said, because we have the action plan entity by entity and not the kind of top-down approach. It's a real bottom-up approach, which is more operational for us. Thank you. Guillaume, maybe. Uh, y- Can you say everyone your name and where you're from? Hi, it's Guillaume Tiberghien from BNP Paribas Exane. I've got two question. The first one is at about the Livret Engagé Sociétaire. How do you sell it to your customers, and what sort of remuneration do you offer them? Is it designed to become a massive source of deposit in flow, or is it more a side product? The second question relates to oil and gas slide, where you explain that it's 1.3% of your exposures but only 0.9% of the revenues. I'm a little bit surprised because that's a group, Crédit Agricole, which includes mortgages. Mortgages are less risky, so they should have less capital. I'm surprised that the activity that maybe consumes a bit more than average capital is much less profitable in terms of revenue margin. Maybe I can start with the last question. Bear in mind, Guillaume, that at group level, and it's even more the case at CASA level, only a small or a minority part of our revenues come from the balance sheet directly. At group level, it's around a little bit less than 50%. At a CASA level, it's 35%. Of course, we have lots of revenue sources that don't depend on the size of the credit exposure. That may explain this slight difference between the 1.3% and the 0.9%. This is left time to Éric to gather information regarding the Livret Sociétaire. Thank you very much. I have a friend in the room. It's 0.7% on average for the Livret Engagé, and it's proposed by the regional bank to the sociétaire. You have seen on the screen. To the mutual shareholders. Yeah, mutual shareholders. Yeah. Yes, over there. Yes. Tarik. Yes. Thank you. Hi, Tarik El Mejjad from Bank of America. I have 1 question, actually. I mean, thank you for the presentation. I mean, lots of acronyms. I had to Google some of them, which is not different from the banking sector, I guess. I mean, my main question is, this is really a lot of work for you, and it's quite intensive. It's a lot of sector, very granular. It's almost counterparty-based actually review. How do you track how you're actually being on track of your commitments by counterparty, especially if the counterparties don't give you enough information or how they're doing into the transition? That reminds me, like for the SMEs, for example, risk weighting, you know, how, what rating you'll give in terms of risk because they don't have enough data. How do you deal with that? In terms of you manage it more cost because you need experts, you need. Are you, I mean, I suppose it must be very heavy for the divisions to have more staff dealing with that and gathering the work. It looks quite colossal work. What's, I mean, how do you deal with that? I'm looking at all my CIB colleagues because they are very much involved in this, in this data collection exercise. Maybe, I don't know, Tanguy or Danielle, or maybe you want Xavier to have a global. No? This is a lot of work. This is of data collection. Indeed, what we have done at CIB is that the team in charge of this is working in the front office side. In fact, we are also discussing that on a daily basis with our clients. I think this type of question, the carbon footprint of our client, their trajectory, their alignment with the same type of scenario that we have, this is the core of the discussion that we have with them. It doesn't mean that there is less work, but at least this is pretty aligned with what we are doing also on the business side. Maybe in addition to Tanguy's answer, which relates on what is taking place at CACIB, this issue of data gathering is a very global issue that we need to tackle globally for the Group. We invest a lot, and we have a lot of people working on this because actually this is needed for the sake of the projects that we've presented this afternoon. This is also more and more needed for reporting reasons. We have the Green Asset Ratio that we need to publish. We have the Pillar 3 information that we need to update regularly. We have all these reporting constraints that require more and more granular and more and more reliable data. We are going probably to end up, adding to our normal data collection, on a name-by-name basis, some additional elements regarding all these, energy transition issues. Maybe if I can add, you know that the regulation, the CSRD rules, will oblige the company above 250 staff to publicize in 2024, starting in 2024, their transition path, more or less. You're right. The problem is on the non-listed company. Listed company, we have enough, let's say, information and certified information. In 2024, we'll have a more complete picture of the company. Of course, you're right, it's a huge task. Maybe Julia? Yes. Hi. Thank you for all this data, it's very helpful. I guess my question goes back to the ECB climate stress test. The ECB was very critical, or at least that's how I read it, towards banks in general, saying that they're not ready for the transition, they don't have enough data, et cetera. When you speak with the ECB, what is your feeling or your feedback? Like, do you think this is what the ECB wants to see or there is a further step up on the data and, yeah, the level of detail that you need for the ECB to be happy? How does this translate ultimately in capital requirements, if at all? The angle of the ECB is a little bit different from this one, because actually what they're trying to track is the risks that we take, not taking into account properly the climate change. Actually, what the stress test was all about, what risks are we taking with the present exposures that we have, considering the risk and the certainty of a climate change. This is not exactly with that kind of presentation that we can completely answer their requests, clearly, it goes into the right direction. It's a permanent dialogue, but the angle of the ECB, again, is really to assess our risks regarding the consequences for us, for our present exposures of the climate change, not really the efforts that we make in order to push for the transition. Xavier. If you allow me, I would tend to say that, the judgment passed by the ECB is to a certain extent, a bit severe. As it was said, we have a problem of data, as our clients are not providing us with the appropriate data, at least the smallest one. Indeed, in order to make this simulation that the ECB is requesting, we should have a complete set of data, and it's obviously difficult. The other element, which is for me a bit, if you allow me, unfair or not completely justifying, is that when you are looking at a balance sheet today, it encompasses obviously what we have done in the past, we have taken risks, which obviously are linked to the society as it was two years, three years, earlier, and the production system as it worked. Obviously, what we're trying to present today is rather ourselves as how we encourage the society and the industrial system to evolve towards a greener energy. You know, obviously, that's explained in part the fact that the ECB is saying, in my view, while, we are. Well, not completely satisfied with what we have found, but indeed, I would have been surprised that they would have considered that they had a perfect preparation of the banks for all the reasons we have explained. I think that the fact that next year, no, in two years' time, we will have, at least for the biggest companies and the listed one, more detailed, you know, picture about the way they will evolve, will help us also to have a better assessment of the risk. Matthew. Matthew. We're gonna get the microphone up to Matthew Clark from Mediobanca. Hi. Yes, Matthew Clark from Mediobanca. A question on, I guess, the audit process for these green commitments, where when you lend and you have covenants, as a check against the financial information that your customers give you have third-party audited accounts that come in once a year or more frequently. Could you maybe talk about what the equivalent process is for these, you know, green transition promises and attestations that your clients are giving you? Is there a risk that you are vulnerable to clients saying everything is okay, ticking all the boxes, and then further down the line it turns out that there has been exaggeration or even fraud on behalf of your clients because this is a developing framework? Tanguy is going to provide. Of course, there are a number of sectors where we rely on the commitment taken by the clients. That's true. We will have to monitor that on a yearly basis. In fact, we will put in place the yearly monitoring, and it's gonna be even done more frequently than that in order to see if what we have anticipated our clients will do will be done at the pace that we have planned. It's true that in this transition, there are technological risks, execution risks that are not only at our level. We will have to manage that collectively together with this client, but that's not something new. I mean, we monitor our client activity more frequently than five years in time. Sure. how practically do you do that? I mean, if you're worried about, you know, your client's financial resources, then an auditor can check the balance that's in their bank, et cetera. If you're concerned about, a client's CO2 emissions, how do you audit that to make sure that they're telling the truth? As we've said it, actually, our customers, and especially the listed ones and the biggest one, are going to be obliged to publish audited information regarding their own CO2 emissions and their own commitments to the transition. Starting on the data of 2024, we will have audited data from our customers. In addition to that, our own figures, so our own performances on the trajectory between 2022 and 2030 for the different sectors on which we've published commitments, these are going to be audited by our own auditors. Thank you. Yeah. Well, we're having a bit of a debate between ourselves, but I can. Yeah. No, I think one thing to say is that obviously the quality of data is going to evolve over time. We're trying to be as transparent and honest with you about that in these presentations. There will be some volatility just in the methodology itself. There are going to be some sectors which we're going to have to republish. We're going to have to re-update as we go along, right. I think real estate is, for me, the quintessential example, where the reporting for real estate in France is actually very good in the scheme of things, in terms of how clearly reporting is done in terms of carbon footprint per square meter. It is less good in a lot of other markets where we operate. We have to take proxies. Our engagements are based on proxies. As those markets evolve and move forward, we will update our data, and that is the best we can do, and our undertaking to you is to do the best that we can do. The European regulation is helping us a lot because in 2024, we'll not talk about only a listed company, but also the big company not non-listed, and this is very important for us. They will be certified, and then we will be certified due to the European regulation in what we call the non-financial performance report on an annual basis. Yes. Thank you very much. This is Benjamin Caven-Roberts from Goldman Sachs. I wanted to ask, how are you thinking about balancing client relationships involved in, so to speak, the old economy? Supporting your clients involved in coal and oil, which are clearly necessary for the energy to facilitate the green transition. I see one of your targets is disengagement from clients involved in coal power for a 2030- 2040 phase out. If you have coal clients coming to you with a 10-year project, are you already saying no to those, or do you see those as necessary in the green transition? Xavier, maybe. Could you repeat the example? someone on- 10+ year. Yes. Okay. No. The rule we are applying, you know, are in fact a bit more detailed that what we have presented. What we are saying is that, first of all, if someone is a coal developer, so if it is clear that he wants to increase his coal production, we will not make any business with him. Second, if you have a company which is not aligned with the objective, depending whether it's an OECD country or a non-OECD country, non-OECD company or non-OECD company, if it's not aligned and if it doesn't have a clear commitment to exit from coal, we will not make business with them. If he has, you know, a public commitment, and if he's not above 25%, we will accept to make business with him. We have added to that something which is also important, which is a principle of segregation. The real issue is very often that you have groups, and that occurs mainly in Asia, in which you have a lot of activities which are very different. Among these activities, you could have one specific subsidiary, which is, for example, green. In that case, we will accept to lend to this subsidiary, provided that the company is able to prove that the financing we are providing them with is completely segregated. Therefore, that we are not financing coal. You know, conversely, if we are in a situation in which in a group, which is generally, you know, having diversified activities, which happen very often, again in Japan or in Korea, when there is one subsidiary which is developing coal or which is massively, I would say, coal intensive, we will be able to finance the company, again, provided that they are able to trace the fact that the money we are providing them with is not going in, this company. We have to be clear on coal. We have entered into, a process, which is a process of ban. That is in accordance with the recommendation of all the international institutions and our government, because there is a willingness to exit from coal. That's different from oil, from gas, because we do not consider that the same, you know, rules have to apply in the case of oil and in the case of gas. We even make, as we have demonstrated that, a difference between oil and gas. As you know, gas is considered as a transition energy by the EU. There are, obviously, considering the situation today with Russia, the need to accept, you know, some investment in gas. We try to distinguish between those two, those two sources of energy, which has been on fossil fuel. If the question is, do we consider that we have to continue to finance coal? The answer is no, unless there are clear commitments from the company, which is working with us. Next question. Flora from Jefferies. Thank you. Flora Bocahut from Jefferies. I have two questions I wanted to ask you. The first one is, thank you also from me, you know, for all the data. It's very granular, very detailed. To some extent, what's complicated for us from the outside is to compare with peers because the data differ from one bank to the next. The question I wanted to ask you on this is, from your standpoint, knowing what you commit to, having reviewed your portfolio, looking, I suppose, at what peers have announced, what are the two, three elements that you would highlight that in your view you do best in class here in terms of commitment and differentiate Credit from other banks? I'm talking not just the French, but European banks. The second question is on the residential real estate, which, you know, you say you will discuss in 2023. Obviously, it's a large part of the portfolio. Why do you want to discuss it later? Is it because you lack the data today? Yeah. Any comment on that front? Thank you. Yeah. I will ask maybe Éric to provide some more details. On the first question, of course, it's very difficult to compare what we propose to what our peers propose. I think that from this point of view, we are not so badly placed, to say the least. Yes. I can maybe share with you the ambition that we had in the beginning. First is to say this is not a constraint, it's an ambition. Second, we don't want just to green the outstanding, but we want to have, I mean, two axis. One is to support the client in order them to green their economy, and then us, as a consequence, to green the outstanding. The angle of client was very important. Opportunity, client base are the two, for me, the two main drivers of what we have working for. It's not an Excel sheet, let's say, expert task that we have done. It's a real huge transversal project in a group in order to empower. The business lines to integrate the climate in the core of their own strategy. I strongly believe that this is what we have succeeded in. You can compare, and we have, I mean precise the figures, the perimeter, the focus, and the last maybe a snapshot with the gram per kW, with the kilo by square meter and so on and so forth. For us, this is comparable. This is comparable. When it comes to, excuse me, Xavier, just on residential real estate, it's clear that it's very difficult because we lack data, and data is the heart of the matter in this from this point of view. Yes. Sorry. If I may, Xavier, on the residential real estate. Since the method that we have chosen is the bottom-up method for working on real estate, we have to work with all the regional bank one by one. We have 39, so this is a huge task that we have in 2022. Plus LCL, plus Crédit Agricole Italia. LCL is already involved in the. Now we have to involve the regional bank. That's the reason why on agriculture sector we follow the same method, so it's 39 projects, let's say. Xavier, maybe. No. On the comparison with others, I will not do the comparison because, you know, it would be a, I would say inelegant or unfair. You understand what I'm saying, profoundly. The issue is not this one. What I really want to say is, first of all, we are not presenting you something which is static. We are not saying, "Those are our commitments," and then, "Bye-bye. We'll come back in 2029 or in 2030, and we will see." In fact, as we are trying to demonstrate to you, we are engaged in a process, and we have not hidden the fact that this process is complex, is difficult. Why is it complex and difficult? Because we lack data. In some cases, we lack methodology. We lack, you know, there are a lot of uncertainties on technologies. In cement, for example, some of our clients are not yet completely aware on the way they will themselves act in order to meet the targets, et cetera, et cetera. It's a work on process. The only thing we want to communicate to you is not that we are the best, we are at the highest level and we stop, but rather that we engage into a long-term process which is progressive. We'll cover next year five new sectors. You can imagine the intensity of work which is needed. You offer me the opportunity to thank very much all the teams in our bank which have spent a lot of times, a lot of efforts in order precisely to go through all these elements. We will progressively improve the data, the methodology, and cover a broader range of sectors. Again, what we want to communicate to you is not that we are the best statically, but at least that we are the most serious in a long-term process, in which there is a clear direction, this direction is to favor the production of more green energy and progressively reduce our carbon footprint. That's, you know, in my view, is a key message. Another remark, which is maybe not politically correct, some of the banks today, which have made some commitments in the past, some withdrawing their commitments have done, they are going the other direction. You have to only... Not only to measure the progress we are doing, but also, you know, well, the retractation from others. Thank you. Pierre Chédeville from CIC. You have the microphone. Yes. Yes. My question is a perfect follow-up about what said Xavier. When we look at... I'm not a specialist of climate change, of course, but we understand that globally there is a direct correlation between GDP growth and energy consumption. We also know that fuel will not be replaced by renewable in a short time, actually. My question is if all banks in the world were as virtuous as you are or as you want to be, Can you imagine what could be the impact on the worldwide GDP growth at the end of the day? I was thinking about Mr. Pouyanné, who recently said in a public conference, with the tone of humor, "Well, you know, when French banks leave my office saying it will not going to finance anymore my extraction project, I don't care, because the day after, I have five Japanese banks and five American banks, so it's not a problem for me." From a global point of view, of course, you can be proud of your targets, and it's of course, very virtuous. First of all, can you measure the impact that it can have on the growth? Because at the end of the day, if you listen to Giancarlo, et cetera, if you move very fast on decreasing fossil energy, you will have necessarily an impact on GDP growth. When I'm listening all the banks with all their objective, I feel that they are thinking about abstractively, you know, in abstraction. They all decrease fuel at a very good pace but no impact on growth. Yeah. It's like, it's a little bit like IFRS 7. No impact. I will give. A big change, but no impact. I will give the floor. My second question is more micro. My second question, and I have another question. Okay. I had a conversation with Jacques Ripoll last year or your last Investor Day, was a little bit surprised compared to what said Philippe Brassac. Because Jacques Ripoll told me the exact contrary. He said, "I don't have a lack of project. I have too many project to finance." He said, "My problem is that I don't have the team to address all these projects." I know you have ambitions on that, and I would like to have a little bit more color regarding your agenda on recruitment in terms of teams, in terms of calendar, expertise. In what expertise do you want to invest regarding these projects in the three until 2025, for instance? Thank you. Thank you very much for these questions. I think that Danielle want to answer the second one. I don't know this Jacques Ripoll. Who is he really? No, that's a joke. He's a friend, obviously. We have very good memories of his participation to Crédit Agricole. On the first question, you allow me to make maybe two remarks. The first thing is that we are financing TotalEnergies. We will continue to finance TotalEnergies. We have no difficulty in doing that. First of all, that has to be very clear. Second, what we're trying to do is not to say to TotalEnergies, "We'll stop having any relation with you," but rather through notably what we have said, the fact that we will finance in the investment TotalEnergies and the likes, we will finance 80% of projects which are turned towards electricity and gas. What we're saying is that those companies will have to evolve, and in fact, evolves in the direction of having more gas, more electricity, less oil. That's precisely the strategy which is applied by our friend from TotalEnergies. I don't see any contradiction between what we're saying and, you know, what Patrick Pouyanné is doing. The second thing is that, you know, you ask me, well, to a certain extent, you are putting into question the appropriateness of our approach in a global context, and whether it will really support growth, et cetera, et cetera. Well, you know, I am fundamentally a Democrat, and we are all Democrat. We are listening what our political masters are telling us. What are they telling us? What we are doing here is just trying to align the strategy of the bank with what the French government and more globally Europe is telling us, and not only them, but other governments are taking the same direction. I am not here, and we do not consider it would be appropriate for us to say the governments, the EU, the whole society is willing us to go in one direction. I will not respect that. I will go in the opposite direction. Maybe some other banks will do that, but we are considering that our role is to be in accordance with society, with, you know, the general spirit, which is in a society at one moment, and therefore, we are trying to align our policies with these social requirements. Maybe- You are also a listed company, you could also say to investors, following what my government wants and what the EU wants, that will have its impact on the stock price. We are considering, that's maybe the most important part. In fact, you know, you are looking at the issue only, if you allow me, on the punitive and Malthusian paths. We have exactly the opposite view. We do consider that what is happening today with, you know, the ERA in the U.S., with the green energy plans in the EU, is a unique opportunity for a bank like ourselves. What are we good at? We are good at financing infrastructure, there is a tremendous need for infrastructure. We are good at financing energy. All what we're talking about is a revolution in the energy sector. CACEIS is Talking about CACEIS, but we could say the same for Crédit Agricole. CACEIS was historically, is historically excellent in financing energy. Energy sector is changing. What should we say? We'll stay with the old, the old world, or should we say we are very proud and very hungry to go towards the new world and to make money with it? I think that for our shareholder, it's a good new. It's a good new. I think that Danielle Baron will tell you or Nicolas that we are not embarrassed with opportunities of financing projects, et cetera, et cetera. Maybe one last point on this question. Éric said, when he presented the global methodology that we are following, actually all the trajectories that we've provided for each sector, is aligned with the official AIE. IEA. Hey. Okay. You got it. Scenario, which means that this is compatible with a scenario in which the growth is kept positive whilst the global warming is maintained at one and a half degrees. Of course, you can believe or not this scenario, but I think this is the best available scenario that we could use. We are absolutely coherent with this scenario. Yeah. Maybe on the team issue. Yeah. Okay. Sure. Danielle, go ahead. Sure. Sure. Look, again, in my spirit earlier of being perfectly transparent, when we started looking at these trajectories, at first I had a little bit of a okay. Then we started building up bottom-up, what we have in our portfolio, what we are targeting. Then you start looking at policies coming out in Europe. You look at the Inflation Reduction Act, you look at the price of electrolyzers or batteries. You start to build a picture where you can in fact see or the falling cost of offshore wind, for example, which has been a huge market for us. We are not lacking in projects. I do think historically, France has been a very competitive market. We have been number one in France. I think speaking to Philippe's comment is that this has been a very competitive market right here, our home market, and obviously we are very big in France, so that's fair enough. I do think that the policies that are changing, we're finally doing our first offshore wind deals in France as well, is going to lead to an acceleration, and I'm feeling quite confident because we're number one that we'll be able to maintain that position here. Also, that we're going to be able to grow significantly overseas in this sector where we already have a very well-established presence. We have power professionals in 13 countries, and they are long in the tooth, experienced in the energy sector, exactly as Xavier was saying. We have been growing our teams, so they have expanded recently. We are continuing to invest in them in the MTP. This has been taken into account. We are beefing up everywhere. France of course, also as I said, in fact in my presentation, in London and New York and in Asia. I'm fairly confident that we have a lot of opportunities. I think that also our history in oil and gas is going to give us a leg up as well in the green molecule revolution, which, you know, we've invested in as well. We were one of the first banks to focus on hydrogen. We have several advisory mandates today. You don't see the results of those yet because they're advisory and we have yet to bring financings because it's a brand-new sector. I think it's a very good example of the dynamic nature of our teams, of what we're investing in, and the bank is backing us in terms of those investments, so I'm feeling quite confident. Xavier's smiling at me, I think because he did say that Americans tend to be quite confident, and this is perhaps proof positive. I do believe, in the teams, and I believe in our ability to deliver this. Thank you, Danielle. I think that both LCL, CACF, and CAL&F and the other financing entities of the Group which are involved in this, in this presentation could exactly say, state the same thing. We have more than 300 people who are virtually here, but we don't have 300 questions. We only have 10 minutes left, so I'm gonna select a few questions. One, in particular, can you elaborate on your commitment in favor of electric mobility supply chain, in particular regarding the role of the bank in the battery supply chain? We had a chat about that just previously. Vincent. Maybe for Vincent. Vincent, maybe. The question is more about batteries than, on- Yes. Vincent, left to-. Okay. Sorry. Yes. Our first commitment, of course, is to deliver more and to finance much more, many more electric cars. Okay? In terms of battery financing, we are going to, of course, to support as much as we can the supply chain when needed. There are a lot of projects that are currently implemented in France, we play our role as banker to support these projects if needed. I speak about the projects, for example, developed by Stellantis or by Renault, we'll play just our role of bankers if we need to. Our commitment today is really focused on what is complex. What is complex is to sell and to finance more electrified vehicles on the market. This is really the point where we are pushing at the moment. Okay. Thank you. Clotilde. There's another question, maybe two together. How is Crédit Agricole's climate strategy and progress overseen by the senior management, the board or other executive management members? There's another related question which is, but we've talked about it a little bit already, will we report regularly on our progress towards our climate strategy? What would be the platform for this reporting? Well, I think the commitment of Philippe himself, who introduced the meeting, plus Xavier, Olivier, and myself here attending the meeting and actually overseeing the preparation since many months of this workshop is illustrating the fact that the general management and the governance of the group is fully involved. I think it's not really useful to elaborate more on that one. When it comes to the reporting, actually, we're now committed to report regularly on the advancement of those trajectories. We'll have different opportunities, but I can tell you that on a yearly basis at least, we'll be able to give you an update on where we stand with regards to all these commitments. As I said, and I think that Danielle also talked about it, we will also have to update you on the evolution of the methodologies that we follow. Yes, if I can add, something we will report on, non-financial performance. Yes. On a yearly basis, and it will be certified. Yes, in the universal registration document, in the extra financial performance declaration every year. Look at it's 80 pages, it's great. Another question also from Sustainalytics, "How does Crédit Agricole consider the social perspective while working on its climate strategy to ensure a just transition? I think that we have proved some examples, such as the one that I mentioned on the rural area for electrification of car, you know. On, regarding the houses, we will have an approach, we will be, I mean, it will be very inclusive. Of course, it's part of the game and, when we talked about transition, I mean, we don't have to be too harsh on the transition, so it's very progressive. For instance, we have lots of action on the, I would say, on the, on the specific zone of France, for instance. When we issue a social bond, we cover specific areas which has been identified because they are above the unemployment rate of France, and we have specific action in order to try to, I mean, to be as equal as we can in terms of offer, in terms of services. The affordability of the product of Crédit Agricole, when Philippe Brassac talked about universality. To be universal, natively universal means that for all the services that we offer, we try to cover all this affordability from the client perspective. It's native in the business of Crédit Agricole. Maybe one last question regarding nuclear energy. Is it considered transitional energy or green energy for you? Can you maybe give a few words on what your policy is for investment in nuclear energy? I think Philippe Brassac addressed this issue in its, in his initial presentation, because he stated that we were the first bank to publicly claim that we had granted a very significant financing to EDF in order to help the Grand Carénage, which is the renew. Renovation ... Renovation of the nuclear plants in France. Clearly we consider, and we're not the only one, it's part of the taxonomy alignment. We consider that nuclear is an energy which is not renewable, strictly speaking, but it's absolutely green and no, not emitting any CO2. It's definitely an energy that is very important in the new mix that is going to take place going forward. Clearly no doubt about that. It was the last question? That's the last question. It is excellent as the last question, because what does it mean, Net Zero 2050? We have to have a look on the hypothesis of the 2050 scenario. The 2050 scenario, which is the scenario we follow, the nuclear is part of the game, of the green game. You have two energies increasing very, I mean, with a huge pace of increase, it's renewable energy. I encourage you to have a look on that. The slightly increase up to 16%, if I may, if I remember well, is the nuclear energy. Nuclear energy is part of the green game. Regarding the gas, the gas is the fossil energy, but the usage of the gas could be considered as a taxonomy, as a transition power. Thank you. This was the last question, and thus the last answers. Thanks to every one of you for participating on this to this workshop. I think, we are going to talk again about these issues going forward. Thanks a lot. Thank you. Thank you, Jérôme.