Mr. Declan Hughes:

My colleague Mr. Hegarty may wish to contribute also. A key point is that, in regard to the US, the Inflation Reduction Act, and the EU, we have significant challenges in the transition to clean energy in terms of developing and deploying the technologies needed and building the ecosystems around the key technologies for the future. It is critical. The policy focus is certainly very welcome for areas for collaboration, demonstration and deployment. It will be beneficial. However, the issue of subsidies could lead to significant distortions and is concerning, but in the round, it can probably be managed.