Welcome to EDHEC RISK Institute. Today we are going to talk about the causes and consequences of climate change. Well, I don't think it's going to come as a surprise to anyone that we have to come to the conclusion that the situation is very catastrophic, it's clearly worrisome. In the graph that we see here shows a broad picture on a different number of dimensions of the main manifestations of global warming. What we see from this picture is that everything that we don't want to see increasing is actually increasing. I'm talking about air temperature, sea temperature in the ocean temperature, and I'm also talking about humidity levels. All of these are increasing and this is obviously not good news. Now, what we can see also from these broad picture is the things that are decreasing, but the things that are decreasing we don't want to see them decreasing. We are now talking about Glossier ice cap in the arctic and all of those are slowly decreasing. Clearly global warming is real. It's happening as we speak and it looks like it's getting massive. Now, if you think about the main reasons why global warming is happening, what are the causes of global warming? Well, it seems clearer and clearer everyday that carbon emission is the main factor behind global warming. Global warming is driven by the accumulation in the atmosphere of these greenhouse gases that stay in the atmosphere. The picture here shows the concentration of greenhouse gas in the atmosphere. Clearly, there's a massive uptake that starts right around the industrial revolution. Now, if we want to take a closer look at what has happened, well, it's clear that things have remained steady for a long time for thousands of years and hundreds of recent history. Then suddenly around 1800, around the core at the midst, at the start of the industrial revolution, when mankind started to use those machines and heavy use of those machines and equipment that are being fed with carbon combustion material, then that's where the uptake in carbon concentration started to happen. Now, if you look closer, there's a clear pattern, it's accelerating. Over 75 percent of the total current concentration of greenhouse gas emissions have taken place after World War II. There's a rapid and massive uptake in consumption of fossil fuel, electricity, heat, transportation, and all of those activities. They obviously impact greatly the emission and then the concentration of carbon dioxide in the atmosphere. Now, the consequences of global warming are well-known and they also well known to be a dramatic, catastrophic. I'm just going to name a few of them, but increased probabilities of severe weather events, more frequent and intense storms, increased flooding, disappearance of glaciers, rise in sea levels, loss of island and costal wetlands, droughts in some other places, decreased productivity for cereal crops, risk of species disappearing, which is happening again as we speak. Not to speak of other problems such as the dangerous spread of infectious diseases, which obviously is also a very strong concern. The situation is critical. It's clear that the planet will survive, but the question is, how is humankind going to be able to adapt with these changing climate? That is the main question. Actually, what we will be discussing in the rest of these program is to take closer look at how investment decisions can have a positive impact on how the planet and the industrial activities will be able to adapt to the situation of global warming and perhaps have a positive impact on curbing this fatal trend.