The world’s cities occupy only 2 % of the Earth, but account for up to 80 % of the overall energy consumption and 75 % of the carbon emissions. About half of the world’s population lives in cities today. How can cities contribute to a more sustainable future?
5. The energy dilemma is here to stay
Source: IPCC 2007, figure (vs. 1990 level)
vs
Energy demand
By 2050
Electricity by 2030
CO2 emissions to
avoid dramatic climate
changes by 2050
The facts The need
Source: IEA 2007
1-Frequent
power outages
2-Rising
energy prices
4-Climate
change
3-Conflicts
for resource
access & control
6. The solution is a combination of
cleaner generation and higher efficiency
Source: World Energy Outlook 2009, OECD / IEA
• Over 50% of CO2 emission abatement will be from end use efficiency
World energy-related CO2 emissions abatement
7. Energy efficiency: power X3
“a small save at home is a big save at the power plant”
Coal
100 units35 units33 units
1 unit saved at
point of use
3 units of primary
energy not consumed
2-6 years vs 10-20 years
Scalable vs 1 shot
Renewable vs carbonated
9. World population
Earth’s surface
Global energy
consumption
Global
CO2 emissions
Smart Cities, to solve Energy dilemma
M1-1
Why?
(by 2050)
Growing pressure
on infrastructure
Increasing demand
for mobility
Tighter
economic pressure
Rising energy
consumption
More ambitious
environmental goals
Attracting global
investment, jobs, talent
At stake?
10. Cities need to become smarter
Sustainable
●Reduced Carbon
emissions and
energy consumption
●Operational cost savings
●Decreased infrastructure
investments
Efficient
●Better information sharing
●Improved resiliency to
disruptions
●Increased control over city
systems
Liveable
●Higher quality of life for
city residents
●Increased attractiveness
to jobs & talent
●Increased global
competitiveness
13. Schneider Electric 14- Global Marketing – Michel Orlhac I ISES 2013 Trondheim
1999
Groupe Schneider becomes
Schneider Electric,
focused on Power & Control
1975
Merlin Gerin joins
Groupe Schneider
1988
Telemecanique joins
Groupe Schneider
1991
Square D joins
Groupe Schneider
1996
Modicon, historic leader in
Automation, becomes a
Schneider brand
2007
Acquisition of
APC corp. and Pelco
More than 175 years of history
1836
Creation of Schneider
at Le Creusot, France
19th century 20th century 21st century
2000
Acquisition of
MGE UPS Systems
2003
Acquisition of
T.A.C
2005
Acquisition of
Power Measurement Inc.
2003-2008
Targeted acquisitions in wiring devices
and home automation
(Lexel, Clipsal, Merten, Ova, GET, etc.)
2008
Acquisition of
Xantrex
Steel
Industry
Power &
Control
2011
Acquisition of Telvent
2010
Acquisition of Areva’s distribution
activity
Energy
Management
14. Schneider Electric at a glance
The global specialist in Energy Management
billion € of sales in 2012
employees in 100+ countries
of sales devoted to R&D
Large company
of sales in new economies
North
America
25%
Asia
Pacific
27%Rest of
World
18%
Western
Europe
30%
28 000
44 000
43 000
22 000
Balanced Geographies
FY 2012 sales
Year-end 2012
employees
Diversified end markets
FY 2012 Sales
(billion €)
Residential 9%
Utilities & Infrastructure 25%
Industrial & machines 22%
Data centres 15%
Non-residential buildings 29%
15. Schneider Electric 16- Global Marketing – Michel Orlhac I ISES 2013 Trondheim
Energy production
& transmission
Energy
UsageEnergy Management
…with 30 to 70% savings everywhere
16. Smart Water
Smart Public
Services
Smart MobilitySmart Energy
Smart Buildings &
Homes
Smart
Integration
Sustainability “smartization” integration
Smart Grid Automation
& Flexible Distribution
Traffic Management
Renewables Integration
& Micro Grid
EV Charging
Infrastructure &
Supervision Services
Smart Metering
Management
& Demand Response
Real-Time Smart Grid
Software Suite
Street Lighting
management
Tolling & Congestion
Charging
Integrated Mobility
• Public Transit
• Traveler Information
Public Safety
• Video Surveillance
• Emergency
management
High-performance
Buildings*
• Energy Efficiency &
Security solutions
•Energy Services
Connection to the
Smart Grid
Efficient Homes
• Home Energy
management
Gas Distribution
Management
Digital City Services
• eGovernment
• Education
• Healthcare
• Tourism
Stormwater
management and
Urban Flooding
Power, Control &
Security Systems
integration
Distribution
Management & Leak
Detection
• 3 Security Management
• 4 Environment Information System
• 5 Weather Intelligence
•1 Power & IT Management
•2 Integrated City Mobility
17. Learnings from 200 projects around the world
30%
Energy
15%
Water
20%
traffic
Savings
Attractiveness
sustainability
security jobs
20. Saved energy: the smartest energy!
1 unit saved at
home
3 units saved at
the power plant
1
smartsaving intelligence2
Energy
Saving
Renewable
Energy
3
21. 3 years Energy saving ROI matching
with business standards
*actual US commercial buildings
*Project Cost $1M and above
*Electricity saving > 3500MWh
2000 2001 2002 2003 2004 2005 2006
2,0
2,5
3,0
3,5
4,0
4,5
5,0
0,065
0,075
0,085
0, 095
0,105
0,06
0,07
0,08
0,09
0,1
0,11
Energy price Years paybacks*
Cents/KWh
Years
22. Pilot sites delivering savings up to 57%
-57% -43%
-33% -23%
School
Hotel
Office
Residential
25. Transmission Distribution
Commercial
& Industrial
Residential
Centralised Generation
Utilities Consumers
Industry
Buildings
Data Centres
Residential
Infrastructure
Distributed GenerationRenewable Energy Plants
Smart Generation
(distributed & renewable)
2
Flexible
distribution
1
Demand-
response
5
Efficient Homes
3
Efficient Enterprise
4
From conventional grid to Smart grid:
Energy
saving
Investment
saving
26. Demand-Response to help french utility and
consumers on April 3rd 2013
*Network operator in France
•550MW curtailed
•95% of Transmission grid needs
•56 sites (cement, steel, hospitals..)
ANSWER
Curtailment of 56 consumers
● Persistent cold weather
● Nuclear power plants in maintenance
● similar situation in other European countries
PROBLEM
French electrical grid saturated
27. Smart Generation: integrating Renewables
safely and efficiently into the Grid
Integrated solution
(equipment + installation &
commissioning)
Power forecasting & assets operation
29. Services & systems to be integrated
for a Smart Mobility
C3-2-V2
Electric Vehicle
Charging
Infrastructure
Integrated Mobility Management
30. Electric Vehicle for Smart Mobility
EVlink residential for home
Charging in 6 to 8 hours
EVlink private company car park
Charging in 3 to 8 hours
EVlink paying car park
Charging 25% minumum in
2 hours
EVlink shopping centre car park
Charging 25% minumum in 2 hours
EVlink road-side car park
Charging 25% minumum in 2
hours
EVlink residential for co-ownership
Charging in 6 to 8 hours
EVlink fleet car park
Charging in 3 to 8 hours
EVlink quick charging station
Charging 80% in less than 30
minutes
EVlink services
Advanced services
C3-3-V2
31. Houston, USA
Our building solutions
guaranteed over $3 million
in energy and water
savings in over 40 Buildings
including City Hall &
downtown municipal buildings
New York, USA
Mobile applications provide
residents with travel
information and weather
conditions on-the-go
Sao Paolo, Brazil
An integrated command center
with adaptive traffic control and
CCTV city surveillance reduced
average travel times by 14%
Mumbai, India
A traffic management
system provided on average
12% time savings to
drivers in one of the most
congested cities in the world
Singapore
Our smart grid solutions
help Singapore’s utility
identify & quickly respond
to electric outages
Shantou, China
Intuitive real-time water
network management helps
Shantou Water Supply
Company optimise water
consumption for the area
with1,4M inhabitants
Madrid, Spain
An integrated operations center
manages all traffic and critical
infrastructure, solving mobility
problems with a holistic
approach
Malaga, Spain
Our Smart Street Lighting
solution reduces the
city’s lighting costs and
emissions by over 30%
Høje-Taastrup, Denmark
Smart buildings solutions help local
administration buildings, schools etc.
save €650k by reducing energy
consumption by 5.3GWh every
yearNorth America
>100 Cities
South America
>20 Cities
Europe
>60 Cities
Asia
>40 CitiesMiddle
East
>10 Cities
Few success stories out of 200+ cities...
34. A mission that
energizes
society across
multiple
generations
Nidaros cathedral
●Launched in 1070
●Dedicated incomplete in
1300
●Over 8 generations
●Crowning Norwegian kings
Remember In prehistoric times….. People lived in isolated communities With little protection, except few natural ones from caves, later from stone and wood shelters Moving away from those « homes » only at hunting distance, except for major migrations Consuming little energy, until they ’ ve discovered the fire and started to burn wood This has not changed significantly until the industrial revolution One can argue agriculture, the wheel, mastering metal production and carpentry have been new revolutions Yes but until the humankind discovered the planet resources were limited, little has change in the development model of the world But recently, in the 80ies, with globalization and the fast development of news economies like BRICs, we started to see the limits, discovering the impact of human activities on essentials: climate, water availability, bio diversity, energy availability. Tomorrow ’ s challenge will be to agree on the existence of such limits and agree on the way to overcome their consequences. A long term debate and a long term action plan. But let ’ s focus on the topic of our session, a specificity of the human way of living: cities……
… .as a background of the subject, I ’ ll remind us and share the energy dilemma we are facing … ..the discover why cities are part of the problem, but also why they are part of the solution if we make them smarter … ..and finally I ’ ll share with you some solutions implemented by Schneider Electric, a global specialist in Energy management, who helps to turn sustainable cities into a reality
The world is facing a dilemna: On one hand, the energy demand is growing fast expecially in new economies like China and India Each individual is looking for economic development. No reason he cannot claim for a high standard of living As economic development is highly linked to energy consumption, the demand will continue to grow for decades Never forget the banana you eat or the iPhone you use is consuming energy for production, transportation, usage and wates management. Any product, any service is consuming energy Here you see the evolution by region -Western countries (under OECD acronym) with a limited growth over the next 20 years -China and India are doubling their demand over the same period -the rest of the word is still growing by about 50% If we anticipate the demand until 2050, the total energy demand is doubling by 2050 But electricity is a big portion of energy usage and for electricity this doubling effect is going to happen by 2030
here is the full picture of the energy dilemna -on one hand we ’ ve just seen energy demand will double by 2050 (and for electricity this will be the case by 2030) -on the other hand, there is strong evidence CO2 emissions will dramatically change the climate and scientist have even measured its impact consequently we need a drastic reduction to avoid a disaster: we must divide CO2 emissions by a factor 2 another way to explain the energy dilemna is to anticipate what will happen if we donot react ? Here will be the 4 major consequences: 1-with energy growing so fast, especially electricity, the present electrical system will not be able to cope with this situation and therefore frequent power outages must be considered 2-oil and gas reserves, but also uranium reserves for nuclear are limited and production has already reached a peak as new discovered reserves each year are bellow the yearly consumption, and this is happening since 2005. This means the price of electricy will rise as a large part of it is coming from coal/oil/gas fired thermal plants. The potential from shale oil or shale gas will not help as its extraction price is also rising (independantly from environmental issues) 3-as oil and gas resources will become more and more scarce, it will generate conflicts for its access and control many recent conflicts can be understood through the problem of control of oil/gas fields. It can be the origin of the conflict and it can explain the evolution of the conflict 4-climate change is the most impactfull consequence with the growth of CO2 emissions. Here we know it is an ongoing process which started one and half century ago since the industrial revolution, but whose effect has been measured recently only. As it is a cummulative phenomenon, we know that a change is happening and will accelerate even though we would stop any CO2 release now. Therefore a significant change in CO2 emission, a cut by a factor 2 as defined by scientist is a long story, to be managed and implemented over the next decades. How can we implement a virtuous circle in order to vote policies to fix this dilemna beyond normal mandates ?
One solution: Cleaner energy generation and energy efficiency from end-users is the way to solve the dilemna This graph is showing : 1-the red curve is the reference scenario, ie what will happen is energy demand is doubling and we donot do anything to control CO2 emissions 2-the green curve is the 450 scenario developed by the IEA (International Energy Agency). « 450 » stands for « 450 PPM » ie « 450 parts per million » ie the upper limit of concentration of CO2 in the atmosphere. 450 ppm is like 450 gallons of CO2 mixed in 1 million of gallons of air. Above this limit, scientists from IEA are saying the average temperature of the air will rise by more than 4 °F /2°C and afterwards it will accelerate rising more rapidly. We donot have any idea about the consequences on the economy and the human live The graph is showing that we can meet the 450 scenario if we react strongly 1-with actions on the generation side *on growing renewables and biofuels *on growing nuclear production, but since Fukushima desaster, this energy is questionable for security reasons *On growing CCS=Carbon Capture and Storage ie the technology to capture the CO2 produced when burning fossil fuels for generation and storing it by sequestration in deep and stable geological layers 2-with actions on energy efficiency *on power plants, improving their efficiency in production *last and most important, by improving the energy efficiency of end-users consumption You see the most important source of CO2 emission reduction is efficiency and more specifically end-users ’ efficiency, representing half of the necessary decrease
Why is efficiency so highly contributing to the CO2 emission reduction ? Here is the explanation: the centralized energy system of today is highly inefficient consider a coal fired plant (coal is nr1 fuel today accounting for 41% of world electricity generation, 50% of US electricity generation and 80% for China) from 100 units of coal power used in a generation plant, 35 units only are converted into electricity. 2 more units are lost in the transmission down to the consumer (homes, factories, buildings, trains….). *The bad news is that the overall efficiency is very poor as 2/3 of the energy is lost *but the the good news is that when you save 1 unit of energy at the point of use, you avoid the use of 3 units of primary energy. At country or world level, it means you *either donot build new power plants and new transmission lines, *or you increase the usage of existing powerplants and transmission lines Some people have called this new source of energy the « Negawatt » refering to the Watt, the unit used to measure power, most often the electricity power and adding the prefix « nega » which means « less » As a summary, 1 Negawatt of saving is avoiding 3 Watts of generation it is also worth to compare the time to make investments. And this is quite different from one sector to another To simplify the situation -for generation and transmission, ie to add capacities, it can take more than 10 to 20 years potentially 1 generation to solve a capacity issue, if the population is accepting it from environmental and from financial point of views You see here we are clearly beyond the usual democratic mandate of 4 years, best case 8 years -for distribution and point of use, it can be improved dramatically within 2 to 6 years with a great impact on CO2 reduction, up to 50%. This is a real quick win, and the investment is scalable and partially intangible as it is also linked to changing behaviour….ie investing on education On top once you made the necessary investment to save energy, this can be replicated year after year. Or let ’ s say you RENEW your saving eauch year. Is this not defining a RENEWABLE source of energy ? … .now that we understand the energy dilemma, let ’ s see why cities are so important to solve it
… ..and let ’ s discover how smart cities are contributing to their sustainability
The Energy dilemma will be won, or lost, in the cities, because…… Cities today are 2% of the earth surface 50% of world population, 75% of global energy consumption 80% of global CO2 emissions and cities are growing: they will soon be and soon 70% of world population, meaning that we must build the same urban capacity in the next 40 years as in the past 4000 years. What is at stake ? *growing pressure on infrastructures *Increasing demand on mobility *a tighter economic pressure *a rising energy consumption *ambitious environmental goals * Attracting global investment, jobs & talents Obviously, almost all urban growth will be in the new economies. But urban regeneration is taking place in all so-called mature economies. So this is a global challenge.
This is why cities need to become more smarter: More effficient, more sustainable, more livable. And that is our definition of a smart city.
Each city is unique. And its ambition will be unique too: to play host to a major event, to expand, to relieve pain points or just to plan its future. Each city is also a complex value-chain – bringing together local governments, urban planners and utilities, regulators and tenants as well as investors and solutions providers. So one thing is sure: as cities embark on their own journey to ‘smart', they need to bring in all their stakeholders, including the private sector, from the start. This calls for a new approach that combines public governance, people ownership and business collaboration. It’s about making multiple stakeholders work together in a collaborative mindset, united by a shared vision of efficiency and sustainability, under strong public leadership. And we ’ re talking long-term collaboration, because the results need to last forever (or for a very very long time), defying one-off short-term partnerships.
First of all, I want to give you a brief overview of our heritage. Despite the Germanic sound our name, we are a French company, created in 1836 at Le Creusot, a small town in Burgundy. We started out as canon-makers, before going into other areas of the steel industry. In the second part of the 20th century, we entered into the historical business of Schneider Electric : Power & Control, by acquiring Merlin Gerin and Telemecanique in France, followed by Square D and Modicon in the US. Thanks to those acquisitions, we also became an international company. (For instance, we have been in India since 1963 and in China since 1988.) At the end of nineties, as a symbol of our shift in focus towards Power & Control, Groupe Schneider was renamed Schneider Electric. Since 2001, we embarked on a wave of targeted acquisitions to again refocus our business from Power & Control to Energy Management. We acquired APC in Secured Power, TAC & Pelco in the sector of Building Management becoming a top player in building automation and security, Power measurement for power and monitoring systems (a crucial element in energy efficiency). Last but not least, we acquired Xantrex, a leader in connectivity and reliability systems for renewable energies. We acquired Areva Tranmission & Distribution together with Alstom. Today this acquisition makes us N°2 WW in the medium voltage field, ready to lead the smart grid challenges To sum up, the company has been transformed since 2001. We extended our business portfolio as well as doubling our sales and our number of people. Our dynamic history explains who we are today: the global specialist in energy management
We help people make the most of their energy. What does it mean? between energy generation (coal, nuclear, Hydro, etc.) and energy usage (what we all do with energy everyday), it is our play ground: energy management. It consists in making energy safe, reliable, efficient, productive and green.
This slide shows the details of our offering – broken down by area of expertise, and highlighting our transversal integration capabilities and services. It demonstrates our deep understanding of each system and of its underlying processes – from both an operational and an architecture standpoint. This technical expertise is essential to improve the efficiency of the individual systems, especially the most vulnerable ones. And it is essential to then ensure the efficient integration of all components, in a bottom-up approach. Note to speaker: This is our global offering. It varies across geographies as our capabilities, experience and organization may vary in each region & country.
Our bottom-up, system-oriented, vision-driven, collaborative approach makes urban efficiency real already. Our projects around the world back this claim: improving system efficiency brings tangible benefits to a city: Up to 30% Energy savings Up to 15% reduction in Water losses Up to 20% reduction of Travel time and traffic delays But it brings as well sustainability benefits such as less pollution and carbon emissions from less traffic, at the higher increased attractiveness, with more local jobs and better security.
Here are 3 my favoured « equations » 1-We have learned in chapter 1 that 1 unit saved energy is in fact 3 units saved at power plant 2-we have seen later that saving can be achieved through intelligence, making systems smarter 3-the 3rd one is for me to think about Energy Saving as a Renewable Energy. What is Renewable ? It ’ s an Energy that can be « Renewed » each year once the initial investment has been made. Just like for the « usual » Renewable like Water, Sun and Wind. This source of Energy doesnot diminish the resources of the Earth
… .with a prety good ROI (Return On Investment) as it has been bellow 5 years since the year 2000, and is still decreasing as energy price in increasing to reach now 3 years
We participated to a program called “HOMES” together with several european companies, from 2008 to 2012 in the program’s pilot sites, the huge potential of active energy efficiency has been demonstrated,primarily thank to innovation on sensors becoming necessary to make ernergy management smarter this is active energy efficiency, so not including any improvements in so-called passive EE such as insulation. This is the first lesson learned. A second lesson is that the more intermittently a building is in use, such as in schools, the bigger the benefits of smart automation and contrsystems ol. Finally another lesson is that the potential seems to be bigger in non-residential buildings than in residential ones.
Smart grid is a real revolution in the world of electrical energy Since electricty was invented, abouyt 150 years ago, the whole development has been around a centralized system, whose main structure is relying on centralized generation, a centralized transmission and distribution grid managed by monopolisitc utilities And consumers who were just happy to have power, satisfied with failures up to 1 hour a year in cities/1 day in rural areas and were equiped with meters invented in prehistoric times, just to bill them every month. No « customers » but « consumers » only, no complain
A significant evolution started in the late 80 ’ with liberization of electricity generation and distribution But the revolution could only start in the late 90 ’ with the IT revolution, making info available everywhere to anyone 5 different areas for making grids smarter 1-flexible distribution 2-smart generation, which covers bulk generation, distributed generation and renewable energy integration. 3- efficient homes, which includes EV charging infrastructure, 4- efficient enterprise, which covers buildings, industrial facilities & datacenters, and also includes EV charging infrastructure 5- finally, balancing Demand from consumers and Response from utilities, Demand-Response services is the highest level to save energy cost for consumers, but even more important to save investments for utilities I’ll give you 2 examples of what smart grid means, with a focus on 5 Demand Response and 2 Smart Generation
Smart Generation is another potential for helping to solve energy dilemma. But at the same time it is a challenge for utilities who used to manage a centralized system Now they need to take into account electricity generation being injected to the grid almost anywhere: PV on roofs of residential homes or large buildings, as small/medium size PV and wind power plants connected mostly to their distribution network. Donot forget electricity is an energy that today cannot be stored (very limited exception with few lakes storing water). Then you imagine the nighmare if you cannot forsee the production because sun is playing with clouds and wind is deciding to rest or to be a huricane, but also it is hard to forsee the consumption. What happens if people decide to demonstrate and switch off or on all lights base on a Face Book post ? Here you see the interaction with Weather forcast….and Social Media ! And smart generation is about integration of various systems !
Cities have a great challenge with mobility: a few dozen of systems are available to improve mobility 2 systems are to us key: *one is EV and its charging system (more on next slide) *the other one is weather intelligence. No need to explain how weather can affect decisions in our mobility ! But the ultimate benefit will come from an Integrated City Management with limited investment in the infrastructures, focused on IT systems, we believe we can improve citizens mobility through operational efficiency & smart information. Each of us has one day experienced a lack of efficiency in cities, such as making decision between taxi or public transportation. How do I get the relevant information?
One several systems I ’ ve mentioned is quiet new: with the development of Electric Vehicles, new infrastructures are becoming necessary. But on top new services will emerge *car park payment combined with recharging *car sharing with billing per KWh *back charging for using EV batteries to provide energy to the grid during peak hours Just to mention some of them But for sure new services will be revealed soon Now you may think « this is theory, these are marketing dreams of geeks »….
Not at all, this is reality, or more precisely starting to be a reality As SE, We boast more than 200 success stories with cities across different fields such as: Traffic management Smart Grid and micro grid Energy Performance Contracting City operation centers for traffic and critical infrastructure Security Street lighting High performance buildings and campus Energy services Water systems and water plants **************** We have seen few components of the sustainable cities with a focus on 3 aspects *smart energy *smar grid *smart mobility Keep in mind there are many others ******************** As a conclusion I have 3 messages to you………..
First, making cities smarter means creating a system of sytems of systems Cities will not start from scratch. Whatever age they have, new or 1000 years old you have to build on the existing infrastructures and systems, you have to invest step by step So you integrate systems, existing nes and new ones
Second this « smartization » is a strong enable to sustainability You easily realize the « smart » picture is an engineers view, speaking about systems Whereas the « sutainable » picture is an artist view , speaking about way of life The first one should serve the goals of the second (and not the reverse) But my 3rd and last message is to you as representatives of the future……….
Before coming to my message, I ’ d like to ask you a question: who can recognize this building? What can be the relationship between the cathedral and our topic? I ’ d like to draw your attention to the importance of time factor in Energy issues, including making cities sustainable And for this I chosen to draw a parallel Yes this is Nidaros cathedral, a treasure of the late roman – early gothic architecture, the most nordic one in europe. During the middle ages, any norwegian king has been crowned there. Today ’ s kings of Norway are still being consecrated in this cathedral. it was built between 1070 and 1300, ie over 230 years, more than 2 centuries. So the construction period took more than 8 generations. Consider people ’ s lifetime was 40 years as an average, and people would not travel beyond a distance of typically 50 miles. Nevertheless, they have been able to build such tremendous buildings that we may not be able to build today It means one strong thing: those people have been able to manage a project across generations They ’ ve organized themselves, to make it happen; passing the right laws, building perenial organizations regarding taxes: each individual had to give to the church specific material and dedicate part of his time How will our modern society cope with issues that cannot be solved over 1 generation ? We already see the difficulty to make it over an election mandate, ie typically 4 years….. I can quote 2 projects managed across generations *one is from recent past: the « sagrada familia » in Barcelona Spain, a cathedral again, started in 1882 and due to be completed by 2026 to celebrate 100 years since the death of its architect Gaudi. 6 generations of architects in fact! *the other one is present and future: it is the norwegian sovereign fund, established in 1990 to manage benefits from oil beyond government needs, in view of its future decline. The largest fund in the world with 700 B$ and the highest transparency index of 10 out of 10 points A financial project with long term objectives to pass over generations! Whatever solutions we decide to fix the energy dilemma, it will take time, may be few generation. A mission that energizes society across multiple generations I encourage you to build the foundations of new cathedrals! ******************************************* Other example of cathedral This is one of the most beautifull european Cathedral ,the Cathedral of Chartres, located 100 km from Paris/France To make a long story short, it was launched in 1020 and dedicated incomplete in 1260 ie 240 years or 8 generations! Similar story with Notre Dame de PARIS some of you may know, built from 1163 to 1250 ie almost 1 century or 3 generations