the consumer is changing the regulation is changing

the technology is changing as well.

If you put those three things together, what you have is a capitalist world

is going to have to change.

Are you an Ostrich or an Eagle?

What we all know, you, me, everyone is that the last thirty years cannot be replicated

for the next one. It's impossible.

There is an environmental problem.

And the reality is that the human being is responsible for that.

And then the problem number two is the inequalities.

Inequalities have exploded.

Normal people are feeling that there is something wrong.

As bankers, the reality is that what we are here for is to find investment opportunities

and what we think is that the combination of consumer, technology and regulation

will open massive avenues of growth.

Some companies will transition they will benefit from that and we're very

happy to invest in them and some don't

and then they will die.

It's capitalism. Some companies are in denial.

They just think, "Oh, it's business as usual".

That's what we call the Ostriches.

Some companies understand how the world is going to be

within the next three years, five years, seven years.

That's what we call the Eagles.

If investors like us are paying so much attention to this theme

what does it mean?

Let's just look at Lombard Odier, for instance.

We are now changing our ESG framework And there are things that in our portfolios

we will forbid.

Because we think they go against this enormous wave,

this tsunami, of sustainability.

And I think what we call engagement, for us is having a relationship and making sure that

we're going to have these conversations with these companies to understand what they

really, really believe in.

And what they are actually doing.

And let me give you one very precise example of the sort of solutions that we are looking

for.

What we are used to is a mass production, and a mass consumption economy

where basically you take it, you use it, and then you throw it away.

On the one hand, we are making sure that most of our materials that are used

are going to be reused, and they're going to be recycled, which is one thing

and there some companies specialising in that.

And then on the other hand we are talking about circular economies

to avoid all this waste that we have created.

There is not one solution.

I think that we're just going to have to change the way we run our cities

the way we feed ourselves.

And so what we're gonna need is to go into precision agriculture

to make sure that every drop of water is going to be used properly, at the right time.

There is a second issue is that with water there are droughts everywhere.

What cities need to do is know how to get the water which is coming from the rain

and reuse it properly, and that's what we call sponge cities.

There are some companies that are obsessed by the sustainability story.

There are some companies that have the mindset, and that understand that there is a revolution.

And these companies are preparing the future.

Wake up.