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This is geology. 
B with all of us trampled, we're

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in the midst of a transformation
to wean ourselves away from 

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hydrocarbon energy sources. 
The large oil companies are very

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well aware of this and indeed 
see themselves as playing an 

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integral role in this 
transformation. 

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But what would that role be? 
So Mark Moody Stewart is a 

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former chairman of Royal Dutch 
Shell and is a director of Saudi

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aramco, which has the largest 
daily oil production of any oil 

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producing company. 
He recognizes that our response 

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to Global Warming Demands a 
major change in our energy 

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strategy, and is a prominent 
voice for change in the oil 

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industry. 
So, mark would be Stewart. 

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Welcome to geology, B. 
It's a pleasure to be here. 

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I've enjoyed your other podcast,
but I'm afraid, I'm a bit. 

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Less solidly geological and most
of them. 

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Well, you started your career as
a geologist. 

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What were you looking at? 
Well, I wrote the doctoral 

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thesis in Cambridge on the 
devonian flew via Taos, 

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sediments of spitsbergen on 
joining shall I was lucky enough

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to work as a field. 
Geologist, first of all, in 

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Spain doing onshore geology to 
tie in offshore seismic in the 

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Mediterranean, that was an 
absolutely great. 

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It job. 
I told my old PhD supervisor 

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that I could see, at least three
or four doctoral Theses from the

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work, I was doing at that time. 
The geology of Spain was limited

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Bible was a 1936 paper by a 
German geologist called 

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Brinkman. 
And I had a Land Rover, a 

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galley, a go driver, who was no 
lover of Franco, and a pretty 

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blank page. 
My Swiss colleague, who was a 

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year or two senior to me said, 
Mark, you take the tesserae and 

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I'll do the mises egg and 
whatever the ballet artists are 

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they're mine. 
So then I went to Oman to join 

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can glenys feel party mapping 
the Oman mountains. 

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Another blank page with those 
magnificently. 

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Exposed. 
Trust each to be mapped. 

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It was really terrific. 
Well I hope you don't mind me 

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giving away the timeline here a 
bit but I think you were doing 

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this in the mid-1960s at just 
about the time that plate 

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tectonics was coming really the 
accepted Paradigm where you 

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aware of it when you were doing 
your work and did it actually 

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influence the way you looked at 
things in the field? 

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Yes. 
We could see the transition from

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the thick shelf limestone's 
which form the Arabian oil field

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reservoirs, which transition to 
exactly the same Limestone Shale

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Limestone sequence, only much 
thinner and then the thin 

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limestone's and read read That 
radiolaria and charts of the 

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ocean floor. 
Thousands of meters of thickness

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on the Shelf going down to tens 
of meters on. 

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The ocean floor, all beautifully
over thrust, and then capped by 

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the ophea lights, with huge 
hunks of limestone reefs in. 

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And, on top of the ophiolite, we
knew it was the ocean floor with

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steinman's famous. 
Trinity of red radial Aryan 

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Church, pillow, lavas, and 
ophiolite. 

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We also, You about seafloor, 
spreading from Vine and 

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Matthews. 
Fred Vine was only a year or two

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ahead of me at Cambridge. 
And his wife is our son's 

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godmother for the first two 
years of our married life. 

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We shared a house with Dan 
Mackenzie, who was best man at 

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our wedding. 
So, he had the shelf and end, 

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well, tied down, and could see 
the transition to the ocean 

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floor and the frosting. 
But we hadn't quite got our 

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minds around what happened at 
the margin of the plate. 

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So when the whole theory of 
plate tectonics on folded and I 

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expect you were one of the very 
first to hear about it being. 

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So friendly with Dan Mackenzie 
was right there in the 

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Forefront. 
Did it surprise you or did it 

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just make sense? 
As soon as you heard about it? 

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No, it kind of made sense as we 
heard about it. 

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I remember with my colleague, 
Michelle birth and we were 

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working on these thin Oceanic 
sediments which Kind of 

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imbricated and we were trying to
work out mechanisms of how it 

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worked. 
We had a theory that actually it

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would be due to some kind of 
uplift and then gravity sliding.

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So when we saw the plates 
develop we began to understand. 

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But that was afterwards, 
frankly. 

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So, what actually Drew you to 
the oil industry in the first 

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place? 
Well, my doctorate was funded by

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shell. 
They gave me a general. 

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Generous Grant of 50 pounds a 
month and my wife, Judy was 

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working, as a research 
assistant, she was earning 60 

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pounds a month. 
And when I finish that the 

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choice was basically continue in
Academia if that was possible to

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work for the national coal board
in the UK even then that did not

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attract me being a nationalized 
industry. 

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And Cole, I could have worked 
perhaps Southern Africa with 

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someone, like, anglo-american 
who I afterwards worked with on 

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say, alluvial diamonds. 
But the politics of southern 

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Africa, in the 60s was not 
attractive, even then. 

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And then, there was the oil 
industry and shall had produced 

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a number of really good academic
papers in the field of 

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sedimentology. 
I was interested in, so I was 

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familiar with their people and 
it seemed I'm quite a Natural 

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Choice. 
We never imagined that there 

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would be an oil and gas 
industry. 

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Well the gas industry was just 
beginning in the UK but it was 

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clearly going to be around the 
world somewhere when was it that

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you first started to think 
seriously about the limits 

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imposed by greenhouse gas 
induced warming. 

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Well, shalin BP, first 
acknowledged the threat of 

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climate change in 1997, John 
Brown and BP got the credit. 

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The brilliant speech at 
Stanford, but it was actually in

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our annual report in Shell which
had been published a month 

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earlier, Where We spelled out 
the risk. 

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But we all thought that it would
take a long time. 

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The change due to technology was
clearly inevitable. 

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People sometimes forget that 
she'll had a major nuclear 

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fusion project called general 
atomic in the early 70s. 

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It was not a successful Venture 
and cost us a lot of money. 

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Once in the 90s, I asked the 
great Saudi oil Minister Arlene.

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I me, who in many ways is the 
father of modern, aramco, what? 

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He thought of renewable energy 
and he said, Mark. 

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Don't worry about it. 
It's technology and Technology 

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will do what technology always 
does. 

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It will change things, and he 
was, and is still an 

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enthusiastic for It's a matter 
of time when I joined shell, we 

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knew that the world would never 
burn. 

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All the coal available and that 
the same was probably true of 

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oil. 
The big question was when and 

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what, how do you catch the wave 
too soon? 

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And the traditional competition 
on the market will kill you too 

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late and you die as an 
irrelevant and aging Beast. 

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It's a very major challenge. 
As for companies and societies, 

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during that time, we'll just a 
bit later. 

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The conventional wisdom was that
oil demand would start 

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flattening in the 2030s, but you
thought it would happen much 

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sooner and why was that? 
Well, the historical shifts in 

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energy changes have happened. 
Over 30 years cycles for 

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example, in the 20th century 
Century you and I've lived most 

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of our lives in, we started with
coal and wood and the little bit

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of oil to provide kerosene for 
lamps and save the whales and 

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someone reminded me oats which 
provided energy for the horses 

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and then gradually change. 
Came fuel oil, replace coal 

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because of convenience much 
easier to pump things than 

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shovel them. 
Natural gas, replaced fuel oil, 

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and we in the industry learnt to
take hydrogen and convert the 

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fuel oil into lighter, fuels 
Transportation fuels and you 

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could see these changes 
happening on, as I said, Thirty 

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Year Cycles roughly, but there 
were examples and are examples 

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in our industry of much more 
rapid growth. 

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If you remember in the early, 
There was a process of 

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incentivizing farmers in the 
u.s. corn Farmers growing Maize 

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to convert it into ethanol. 
It's not a very good idea but 

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given the incentive it happened 
that within four or five years. 

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There was the capacity to 
convert half the US corn crop 

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into ethanol and half the US 
corn. 

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Crop is a quarter of the global 
concur. 

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Op and it had big impacts on 
Mexico obviously on on food and 

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so on remarkable change as I 
said it was very bad idea and 

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not good for the climate at all.
But nonetheless, an example of 

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Rapid change equally we could 
see in our own industry, the 

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growth of shale oil which went 
from 0 to 6 million barrels, a 

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day in the space of three or 
four years astonishing speed. 

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So we knew that they could be 
rapid change. 

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Now, demand growth is the 
difference between two very big 

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numbers oecd. 
Demand growth has been falling 

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for quite some years, but this 
is offset by emerging market 

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growth. 
So you have oacd declining 

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Emerging Markets, growing, 
particularly China and India but

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other markets in Africa and 
Latin America. 

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But with covid and the economic 
hit demand dropped, drastically 

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emerging markets were badly hit 
and we don't know when they'll 

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recover. 
I used to think that Peak demand

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would be probably in the mid 20s
which was earlier than many 

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people in the industry. 
Thought because when you look at

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the small difference between 
these two very large numbers, 

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you could see, it could quite 
easily flip. 

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Now with the change I think 
maybe in 2019 we may even have 

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seen the peak gosh, that's 
amazing, so much earlier than 

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anticipated. 
So when demand for oil does 

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flattened or start falling as 
indeed, it may already have 

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done. 
Do you see all prices continuing

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to fall? 
And if so what effect will that 

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have on the big oil producing 
countries? 

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Well oil is a very unusual 
commodity and Has been. 

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So since the 1970s since the 
1970s unlike all other 

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Commodities, if you look at iron
or copper nickel and so on the 

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lowest cost, producers dominate 
the market and they have say 80 

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percent of market share in oil. 
The lowest cost producers the 

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big Middle East. 
Producers such as Saudi Arabia 

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and the Emirates and Kuwait and 
Iran. 

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Have held back their production 
to maintain the price. 

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The result is that with that 
constraint on production, the 

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low cost producers have only 
about 30 percent of market share

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and that allowed those high 
prices. 

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And I remember it from the North
Sea, the price has saved the 

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development of the North Sea. 
We had big cost overruns, so the

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North Sea more expensive. 
Extra technology was able to 

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come on stream, North Slope of 
Alaska came on later. 

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The Gulf of Mexico, deep water, 
came on and most recently, Shale

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repeatedly, OPEC and Friends 
constraining their their 

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production and allowing higher 
cost, producers to grow and 

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that's fine. 
As long as the markets growing, 

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and prices can be kept High, the
major Middle East, producers 

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were Because they could increase
their production slightly meet 

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inflation. 
Saudi Arabia, as long as they 

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exported say, 7 million barrels 
a day of oil, they were happy at

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a reasonable price, but when 
demand flattens there will be 

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an, is a fight for market share 
and it's, that's very difficult 

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for the low cost. 
Producers who depend on oil 

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income for their societies. 
They want to increase. 

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This production to offset the 
loss of oil price, but it has to

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be balanced if you do it too 
fast, the old price will crash. 

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Many major projects have been 
cancel, so there's not much new 

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production coming on and with 
natural decline production will 

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get back into balance. 
Saudi Arabia, has always kept 

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one or two million barrels A 
Day. 

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Extraordinary numbers in spare 
capacity. 

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You ready to turn on and there's
been a drastic cut of investment

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in new Ventures, by the 
international oil companies. 

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So we may get a spike of oil 
prices, but I think basically 

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prices not much above say $50 a 
barrel, a very likely, okay. 

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So the next transition will take
us into all together very 

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different kinds of energy. 
Source. 

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Not just from one carbon based 
resource to another but two, 

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things like wind solar 
geothermal and others. 

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00:15:05,900 --> 00:15:10,200
In fact, several respected 
forecasts, have suggested that 

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we will actually need lots of 
new energy sources Each of which

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will not be as dominant as oil 
and gas have been in the past. 

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So in this new world, what know,
how or infrastructure can the 

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major oil companies? 
Contribute to this transition. 

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Well, the transition is going to
need not just lots of small 

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projects, it's going to need 
integration and the management 

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of large projects and their 
integration give you an example 

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of Envision energy of creative, 
Chinese Renewable Energy company

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that I'm have an involvement 
with an advisor. 

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And Zhong Lai, the boss of that 
says, if he could get a contract

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for 10, gigawatts of wind 
turbines in Mongolia, he could 

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radically reduce the cost of 
building those turbines. 

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He would design them 
specifically for that location. 

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The turbine blades, which are a 
big problem. 

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Could be manufactured more or 
less on-site, obviating 

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transport, The energy could then
be taken from western China to 

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Eastern China. 
Through China's network of very 

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high voltage, ultra high 
voltage, DC transmission lines, 

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which reduce the loss and you 
have a time difference between 

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western China and the coast in 
the East so that when the sun 

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and solar is still working in. 
Mongolia, the lights are out in 

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the coastal region. 
That's sort of major project. 

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Transmission, generation needs 
integration and balancing. 

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It also needs trading energy 
trading, and if you look 

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carefully at the accounts of the
major oil companies, certainly 

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BP, and she'll major projects 
they made from Trading, come 

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from Trading oil, knowing what 
the requirements are and 

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handling. 
The Gration between different 

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demands. 
It's a major skill. 

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Pipe infrastructure will also be
important, which can be 

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repurposed as we did with 
natural gas in Europe, natural 

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gas to household. 
Gas was provided from coal, gas,

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from town gas, mixture of 
carbon, monoxide and hydrogen 

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and with natural gas. 
We had to convert that to 

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methane major. 
I've done all across Europe, 

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very effectively. 
So I think there are many skills

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which can be used, which will be
needed. 

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Question is, will the majors 
have the wit and capacity to do?

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So, at the moment, I buy my 
electricity renewable 

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electricity because it's traded 
from, shall I have an electric 

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vehicle, which is charged by a 
shell installed charger, so it 

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is possible. 
Whether it will happen or not. 

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So now the matter you mentioned 
repurposing infrastructure such 

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as pipelines and I'm wondering 
if you're referring there to the

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use of hydrogen, I actually 
know. 

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You're a great fan of hydrogen 
in the energy equation. 

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00:18:33,000 --> 00:18:36,900
Why is that? 
Well, I am a fan of hydrogen and

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of course, one of the first uses
of hydrogen could be to inject 

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it into methane carrying 
pipeline systems at relatively 

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low. 
Lilo percentages, which is very 

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easy. 
I used to say that if I ever 

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bought a new car, we hadn't 
bought a new car for 20 years 

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because we were happily running 
old Priuses which have done two 

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hundred. 
Eighty thousand miles. 

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The dick would be a hydrogen 
fuel cell vehicle like the 

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Toyota Mirai. 
I think actually, I was 

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convinced by Michael Lee brachle
Bloomberg, new energy that my 

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00:19:14,500 --> 00:19:17,600
economics were wrong and that 
they probably It should be done 

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00:19:18,100 --> 00:19:22,600
by fully electric vehicles and 
we have actually bought new a 

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fully electric vehicle, a 
remarkable machine, but I think 

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hydrogen can work for storage 
and heavy Transportation ships, 

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even aircraft because we can't 
just rely on batteries. 

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Batteries will be an essential 
part of storage repurposed 

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vehicle batteries and so on but 
batteries. 

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I'm and enormous resources, 
mind, resources, and many of 

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these come from difficult places
and we can't run everything on 

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electricity steel. 
For example, we can't run. 

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So hydrogen is very important 
for the bits that electricity 

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can't necessarily reach 
directly. 

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So, yes, I can see that heavy 
transport by Road sea and air. 

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00:20:14,000 --> 00:20:16,400
It's hard to imagine an 
electrically. 

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00:20:16,700 --> 00:20:19,400
Driven airplane, or though, you 
know, we'll probably have those 

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00:20:19,400 --> 00:20:23,200
in due course to, but you 
mentioned batteries and the 

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00:20:23,200 --> 00:20:27,400
importance of batteries, becomes
greater when you have an 

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intimate and Supply such as wind
and solar. 

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00:20:31,500 --> 00:20:34,800
Obviously those only work when 
the wind is blowing or the Sun 

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00:20:34,800 --> 00:20:39,400
is up and Shining. 
So does hydrogen play a role in 

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those circumstances you think? 
Absolutely hydrogen is an 

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00:20:43,600 --> 00:20:48,400
alternative storage method. 
If If you have renewable energy 

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available at the time, when you 
have more renewable energy than 

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00:20:52,400 --> 00:20:56,900
you need, you can either store 
it in batteries or use pumped 

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00:20:56,900 --> 00:20:59,100
storage, which would be the 
ideal. 

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00:20:59,100 --> 00:21:02,600
But, you know, pumping water 
uphill to dams and then letting 

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00:21:02,600 --> 00:21:07,100
it run down again, but storing 
it through the electrolysis of 

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hydrogen. 
So-called green hydrogen is an 

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00:21:10,100 --> 00:21:13,800
obvious answer. 
It's expensive at the moment and

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00:21:13,800 --> 00:21:18,500
there are projects to radically 
reduce As has been done in wind 

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00:21:18,500 --> 00:21:23,900
and solar the cost of the 
electrolyzers, if you have in 

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any situation where you have a 
large amount of renewable 

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00:21:27,200 --> 00:21:31,500
energy, there will be times when
they will be excess and at the 

307
00:21:31,500 --> 00:21:35,700
moment that gets if it can't be 
stored, it just gets shut off 

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00:21:35,700 --> 00:21:39,000
and shut down its curtailed as 
they call it. 

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00:21:39,000 --> 00:21:44,300
The scale of Chinese curtailed 
production at the moment is 

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00:21:44,300 --> 00:21:49,200
enough to power the entire 
United Kingdom every single 

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00:21:49,200 --> 00:21:51,900
electricity, requirement of the 
United Kingdom. 

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00:21:52,500 --> 00:21:56,800
And I think it's very important.
There are challenges as to how 

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it can be transported can be 
transported as ammonia. 

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00:22:01,000 --> 00:22:07,100
Saudi aramco has just made the 
first ammonia shipment, that's 

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00:22:07,100 --> 00:22:09,400
not green ammonia, it's blue 
ammonia. 

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00:22:09,400 --> 00:22:14,600
So the come dioxide has been 
captured and it's going to Japan

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00:22:14,600 --> 00:22:18,600
for power generation. 
So Japan is looking to generate 

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00:22:18,600 --> 00:22:21,300
power from ammonia, which is 
really hydrated. 

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00:22:21,500 --> 00:22:25,600
So it's extremely important, I 
think and it's undergoing 

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00:22:25,700 --> 00:22:31,300
something of a Revival when I 
was in shall in the late 90s, 

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00:22:31,300 --> 00:22:35,800
early 2000s, we set up a 
hydrogen unit, its had a mixed 

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00:22:35,800 --> 00:22:39,900
history since then, but it's 
really coming back into its own.

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00:22:39,900 --> 00:22:45,000
I think hydrogen is undergoing 
quite a Vogue at the moment, 

324
00:22:45,400 --> 00:22:49,000
some of our listeners. 
Might be geology students 

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00:22:49,100 --> 00:22:52,800
wondering about their employment
prospects in a world in which 

326
00:22:52,800 --> 00:22:56,700
the major oil companies are no 
longer prospecting for oil. 

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00:22:57,400 --> 00:23:01,900
What would you say to them? 
Well, this transition is going 

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00:23:01,900 --> 00:23:06,700
to take quite a while and we are
absolutely going to need 

329
00:23:06,700 --> 00:23:10,800
geologist at the moment. 
The major companies are 

330
00:23:10,800 --> 00:23:16,300
concentrating on exploring 
looking for fields which have 

331
00:23:16,600 --> 00:23:22,000
Lighter hydrocarbons. 
So less intense from come point 

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00:23:22,000 --> 00:23:27,000
of view and things which are 
close to the markets. 

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00:23:27,000 --> 00:23:31,700
And so on, it also will be 
important because carbon capture

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00:23:31,700 --> 00:23:37,000
and storage under almost any one
scenario is going to have to 

335
00:23:37,000 --> 00:23:42,300
play a part in this transition. 
So we're going to need geologist

336
00:23:42,300 --> 00:23:46,300
to find the reservoirs and caps 
that we can safely in half. 

337
00:23:46,500 --> 00:23:51,400
Aquifers sequestration, large 
volumes of carbon dioxide and 

338
00:23:51,400 --> 00:23:56,400
will need to find those 
reservoirs close to the areas of

339
00:23:56,400 --> 00:24:01,000
habitation and Industry. 
Then they'll be dams for storage

340
00:24:01,400 --> 00:24:06,300
demand for copper, which is Need
for electrification, other 

341
00:24:06,600 --> 00:24:11,600
minerals, such as lithium, 
Cobalt for Batteries, nickel, 

342
00:24:11,900 --> 00:24:18,800
and how we find these elements 
in places, which Accessible and 

343
00:24:18,900 --> 00:24:22,500
stable. 
And then there's all the tricks 

344
00:24:22,500 --> 00:24:28,900
of using artificial intelligence
and making the production of oil

345
00:24:28,900 --> 00:24:35,000
and gas more efficient, there 
are endless ways of geologist 

346
00:24:35,000 --> 00:24:39,600
finding employment. 
But I would also say to anyone 

347
00:24:39,600 --> 00:24:44,000
considering a University degree,
it's worth doing something, 

348
00:24:44,000 --> 00:24:47,800
which you're really excited by. 
And elegy is exciting. 

349
00:24:48,300 --> 00:24:53,900
And if you do it and a good at 
it, I'm confident that you find 

350
00:24:53,900 --> 00:24:56,800
employment. 
There are lots of historians 

351
00:24:56,800 --> 00:25:02,700
doing work and who find gainful 
employment and who tells me that

352
00:25:02,700 --> 00:25:06,700
historian is any better than the
geologist, who's after all the 

353
00:25:06,700 --> 00:25:12,600
kind of historian for my last 
question, I'd like to ask you If

354
00:25:13,000 --> 00:25:17,200
I were to appoint you to lead a 
world government with infinite 

355
00:25:17,200 --> 00:25:20,400
Powers, what would you do about 
climate change? 

356
00:25:20,500 --> 00:25:25,700
Okay, that's a difficult. 
And intriguing question, I think

357
00:25:25,700 --> 00:25:31,300
the answer is, I would introduce
a mixture of economics and 

358
00:25:31,300 --> 00:25:37,800
regulation ever since the late 
90s, we in many of the major oil

359
00:25:37,800 --> 00:25:40,900
companies, certainly the 
European oil companies have been

360
00:25:40,900 --> 00:25:46,700
saying We need to put a price on
carbon now in order to get a 

361
00:25:46,700 --> 00:25:50,200
price on carbon which you need 
if you're going to make carbon 

362
00:25:50,200 --> 00:25:55,800
capture and storage economic, 
somebody has to be prepared to 

363
00:25:55,800 --> 00:25:59,700
pay for the storage, you are 
avoiding a damaged. 

364
00:26:00,100 --> 00:26:04,700
So you need a price on carbon 
almost any Economist tells you. 

365
00:26:04,700 --> 00:26:07,600
That's the way to do it you can 
do it through cap-and-trade 

366
00:26:07,600 --> 00:26:11,900
systems or through taxation to 
force change. 

367
00:26:12,000 --> 00:26:18,300
Ange you need a relatively high 
price so you can't do everything

368
00:26:18,300 --> 00:26:23,000
by taxation. 
We've had high gasoline prices 

369
00:26:23,000 --> 00:26:27,900
and diesel prices in Europe, due
to tax the bulk of the price. 

370
00:26:27,900 --> 00:26:32,400
We pay for gasoline and diesel 
in Europe is due to tax and 

371
00:26:32,400 --> 00:26:36,100
that's had an effect. 
As a result of that, we have 

372
00:26:36,100 --> 00:26:39,700
more efficient vehicles and 
people realize that you better 

373
00:26:39,700 --> 00:26:41,900
get something, which is a bit 
more. 

374
00:26:42,100 --> 00:26:47,200
Economics and the gas guzzler. 
But if the prices go, too high, 

375
00:26:47,600 --> 00:26:53,400
you damaged rural economies, and
we've seen in Britain, if I go 

376
00:26:53,400 --> 00:26:58,600
back to my time, I remember when
the Finance Minister Chancellor 

377
00:26:58,600 --> 00:27:03,000
Gordon, Brown wanted to put the 
price up, you had striking 

378
00:27:03,000 --> 00:27:06,200
truckers on the street because 
they said we can't afford to pay

379
00:27:06,200 --> 00:27:08,100
this. 
You're doing this out of my job,

380
00:27:08,600 --> 00:27:14,500
so apart from pricing. 
You need efficiency mandates for

381
00:27:14,500 --> 00:27:17,800
vehicles or regulatory 
Frameworks for power generation 

382
00:27:17,800 --> 00:27:24,000
saying band, coal or no power 
generation, unless you have 

383
00:27:24,000 --> 00:27:27,900
capture and storage of the 
resulting carbon dioxide. 

384
00:27:27,900 --> 00:27:33,300
I don't think we drive less 
comfortably in Europe than you 

385
00:27:33,300 --> 00:27:38,700
do in the United States but we 
do so far more efficiently and 

386
00:27:38,700 --> 00:27:44,100
it's been demonstrated including
in the United States, the fuel 

387
00:27:44,100 --> 00:27:48,100
efficiency mandates, the 
so-called Cafe standards have 

388
00:27:48,100 --> 00:27:51,900
worked well in the u.s., in the 
past when they've been applied. 

389
00:27:51,900 --> 00:27:54,800
But then every now and then, a 
government comes in and cancel 

390
00:27:54,800 --> 00:27:58,300
them all. 
And all the improvements in 

391
00:27:58,300 --> 00:28:03,500
efficiency, go into bigger and 
heavier vehicles and 

392
00:28:03,600 --> 00:28:06,700
acceleration. 
And that's complete Madness. 

393
00:28:07,000 --> 00:28:11,300
So, we need a balance between 
economic measures. 

394
00:28:11,700 --> 00:28:16,700
Taxation pricing, bad things 
like the emission of carbon 

395
00:28:16,700 --> 00:28:22,600
dioxide but at the same time 
regulation which is accepted by 

396
00:28:22,600 --> 00:28:27,300
everyone and hides the cost, of 
course, people pay for it 

397
00:28:27,300 --> 00:28:31,400
because you have to work hard to
redesign things to make them 

398
00:28:31,400 --> 00:28:35,400
more efficient but it's not much
of a cost and it's fairly well 

399
00:28:35,400 --> 00:28:39,500
hidden from the consumers. 
So I think that's the answer and

400
00:28:39,500 --> 00:28:44,200
mixture of economics and It 
would be fun but nobody is going

401
00:28:44,200 --> 00:28:47,000
to offer me the job. 
Some awkward is Stewart. 

402
00:28:47,000 --> 00:28:50,100
Thank you very much, not at all.
Thank you. 

403
00:28:50,100 --> 00:28:53,800
It's been a pleasure for more 
about geology, b, as well as 

404
00:28:53,800 --> 00:28:55,800
pictures and diagrams that 
illustrate. 

405
00:28:55,800 --> 00:28:59,400
This podcast, you can go to 
geology B.com