Energy solutions to meet your business goals

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Thank you to Reuters and Shell Energy for having us today for our conversation.

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My name is Miranda Gardner.

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I'm the Executive Director of the iMason's Climate Accord.

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We are a nonprofit focused on carbon emission reductions in digital infrastructure.

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So actually here to lead this discussion about what is going on and what the future of digital infrastructure looks like.

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As described in the webinar's summary, we'll be talking about

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how energy infrastructure and the data center is really looking to actionable actions on the challenges, solutions, and enabling opportunities to develop energy systems capable of powering the digital infrastructure into the future.

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Obviously, we know generative AI is really reshaping how we're thinking about our power transition and the facilities that we have to really bring us to the future.

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And according to the EIA, data centers and data transmission networks

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use currently around 1 to 1.3% of our global electricity.

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So despite all of our efficiency gains, this demand is still set to increase significantly through 2027 and beyond, impacting both the US and Europe as well as emerging markets.

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And of course, local power grids are struggling to keep up with these increasing demands.

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So let's talk about the challenges.

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Let's talk about the solutions.

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And of course, let's talk about how the future really looks for our industry.

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Before we get started and get into these questions, I want

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our panelists to take a moment to introduce themselves.

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So I'm going to go a little bit around the room here and have them tell you who they are and understand their background and why they're here.

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I'll start with Andrew Evans from Shell Energy.

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Andrew.

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Thanks, Miranda, and great to be here.

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So I'm Andrew Evans.

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I head up our industry and strategic partnerships at Shell.

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So how we work with our key partners to solve their energy challenges.

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I'm really looking forward to today's panel, and I look forward to the discussion.

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Fantastic.

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Welcome, Andrew.

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I'm going to go over to Sam from CBRE.

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Hi.

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Good morning, Miranda.

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Sam Rudek.

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I'm the Chief Operating Officer for CBRE's Data Center Solutions here in the U.S.

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I manage all the operations for our data and our customers here in the United States.

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I've been in the business for about 20 years across multiple verticals, and happy to be here discussing such an impactful topic on our industry right now.

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Fantastic.

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Welcome, Sam.

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Onwards to Chris Sharp from Digital Realty.

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Chris.

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Hi, Miranda.

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Thank you.

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Excited to be here.

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Chris Sharp, Chief Technology Officer at Digital Realty, responsible for all the technical sales product and the backend systems.

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We're the largest global provider of spectrum, full spectrum offering of both colo and hyperscale.

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We have roughly 3 gigs online, over 3 gigs coming online.

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So at the critical apex of enabling the clouds and now, as you said, Miranda, the AI kind of generative AI boom.

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Fantastic.

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Welcome, Chris.

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And last but certainly not least, Mohsera from Google.

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Nice.

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Thank you, Miranda, for having me on the panel today.

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My name is Mohd.

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I'm part of Google.

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I'm a Global Director for Clean Energy and Decarbonization Solutions.

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As you can imagine, a lot of our carbon footprint and electricity consumption is from data centers, so I'm actually spending the bulk of my time there on-site and off-site solutions.

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And my background is in energy and clean energy technologies as well.

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So happy to talk about all those challenges and opportunities today.

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Fantastic.

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Welcome to all our panelists.

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I feel very fortunate because all of these organizations and all of these people, I get to work with on a very frequent basis through the IMasons and through the Climate Accords.

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It's really a thrill to have them all in one place for this discussion today.

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For our audience, as was mentioned previously, there is a Q&A function, so shoot us some questions, but we do have some to get the discussion going.

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Our goal here and our intent for you is to take away what's going on in the data center landscape, especially again related to Gen

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What's the short-term and the mid-term challenges?

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Grid congestion, power affordability, intermittency.

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We want to talk about some of the solutions.

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So what are the strategies and the technologies that these four experts are seeing and what they're deploying in their various organizations?

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And of course, the strategic partnerships and champions opportunities they have for innovation to support the data center growth and of course, looking at a low-carbon future.

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So let's get into this.

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Grid congestion, major concern.

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How are existing infrastructure limitations impacting the ability for reliable power, especially in new data center deployments?

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What are the bottlenecks perhaps that you're experiencing and how are you planning for these?

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I'm going to go to Chris first and then maybe punt it from Chris to Maud and then we'll get the rest of the perspectives too.

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So Chris, lead us off with this one.

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Thank you, Miranda.

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Yeah, I'd have to jump right in and say grid congestion is one of the biggest constraints scaling new data center capacity, because AI is additive, right?

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We still have a lot of traditional workload demand that exists out there, but AI is definitely coming in and even driving the overall...

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impact to the infrastructure even harder.

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And you can read about XAI's 260-meterawatt build, the Stargate, which is going to grow to 7 gigawatts.

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It's those types of projects that further put congestion on a global basis.

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I think there's three key bottlenecks.

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First being generation gaps.

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So it's not just about the distribution, but it's the creation of it.

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Making sure you understand where that power is going to be generated.

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I would say transmission limits, again,

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One of the things we always look at is how can we place our facilities in the right location, working with the municipalities.

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I mean, one of the things we've done is differentiating ourselves as master planning.

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So when we come into a market, we look at a five-plus-year evolutionary path of not only the local communities, but also the utility providers, and making sure that we can do minimal impact on the market and actually be a benefit in a lot of the markets that we've operated in globally.

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And the last, I would say, is permitting.

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Permitting delays where there's so many variances and so many other elements, which is often overlooked in that how do you not only get the permits, but then get the resources to build it out.

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And I know we work a lot with iMasons to make sure that we identify those resources.

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We can staff these things over a longer term.

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But I would tell you, the grid congestion is one of the things that's been the biggest barrier for us to operate in a lot of the markets around the globe.

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Yeah.

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Certainly.

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Maude, what are you seeing too, especially in the European market, but obviously Google as a global player seeing it in various places?

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Yeah, definitely aligned with Chris's observation and kind of flipping the model on its set to some extent in the sense of power was not really on the critical path to data centers and ICT growth in the past, and it was more like a customer relationship with a lot of utilities and let's say first in, first out when you ask for power capacity.

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And today we just realized that this

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customer relationship is not scalable, right?

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And so how do we rethink the partnerships and the relationship and the engagement with the grid operators, the energy suppliers?

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As Chris mentioned, it's a dual problem.

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When we talk about grid congestion, that will depend on the location.

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Sometimes it's about grid infrastructure.

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Some of the times it's about electricity supply.

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Sometimes it's both.

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It's also like a time horizon component.

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So I think there's a lot of opportunities to, again, rethink how do we engage in grid planning and really, you know, energy infrastructure development.

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This is not necessarily a new problem because we were already seeing some tension on the generation side.

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And I'm sure you're aware on that interconnection and permitting, especially in the US, Europe has also been lagging on permitting.

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So we just see that crystallizing even further, right, with this AI boom.

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And the last point I would say is also

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a planning horizon as well.

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Right now, there's a lot of urgency on time to market to really try to deploy as many machines as possible.

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But we know that this growth is here to stay.

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I think the kind of uncertainty still exists, but we know that it's going up.

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And so how are we more thoughtful in this long-term planning with a lot of those utilities because they need to make infrastructure investment decisions.

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And today, it's very hard for them to get those frameworks in place to do them at the scale and the speed that we need them to.

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I like that you both touched on really that kind of planning, the component of working with your utilities.

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This is not just isolated or boxed in to one company or one solution.

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There's no silver bullet.

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And I guess from sort of the other side of it, in terms of somebody who's seeing it who's not perhaps an owner-operator, Andrew, what are your thoughts about the comments that Chris and Maud are bringing up here in terms of this grid congestion and, of course, the kind of investments in the grid in terms of ensuring there's reliability,

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There's green sources.

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There's, again, a future path forward here.

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Yeah, exactly.

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Well, I think when it comes to the future path and really thinking what is coming, we know that currently group can shift, and there's a challenge.

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We know that we're going to -- electricity demand is going to grow.

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You'll hear crazy numbers as to the percentage of that and how data centers drives that.

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We'll talk a little bit more later, I think, around actually kind of products that we're doing, but something to help

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plan as to what's coming down the line is that Shell develops energy scenarios.

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And these aren't scenarios that are about business strategy.

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They don't form our business plans, what we're doing.

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But what they do is to help businesses like our partners on the panel today actually stretch their thinking to say, well, what if this happens?

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What would we do?

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How would you test your business reality?

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So we've just released the 2025 energy security scenarios.

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And in there, it paints three potential futures.

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One is what we call Surge, which is an era where we do have robust economic growth catalyzed by AI.

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There's one called Archipelagos, which is dominated by global concerns of resource and border and trade security.

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And then you have Horizons, which is a world where we reach a net zero by 2050.

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But these scenarios allow us to test

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our thinking and to shape what might come.

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If I look at Surge, which is a world where AI really drives that, you see AI driving up energy demand, but also it could potentially evolve the energy system.

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And that's so in this world, energy infrastructure is developed, moving away from large scale elements to modular solutions, customer by customer.

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And I think scenarios like this and testing them and discussing them in panels like this helps us sense check about the various solutions that may work in the future.

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Love it.

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I would love to see these energy security scenarios too if we're able to share those.

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And further, I love the descriptions too.

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Sam, any final thoughts on our first

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question here and the discussion that's gone on so far?

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You know, I think the only piece that is worth mentioning is really the supply chain resilience.

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We have to be able to get this infrastructure in place.

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It's not just the organization of where it's going to go or how it's going to transmit back and forth, but it's really the constraints that we have there on the equipment needed.

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A lot of that's 18, 24 months plus out.

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So proactively planning with that with our OEMs, working with our partners to ensure that we have that infrastructure

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in place and ready, ordered, and then we can actually get it to where it needs to go in a meaningful time is going to be really important.

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Music to my ears.

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As a sustainability person, we're always talking about how do we plan ahead, how do we look at these from the jump.

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We're not waiting until the last minute, realizing we're at a shortage, whether, again, it's power, it's materials, whatever's kind of coming along the supply chain on how we deliver these services.

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And Sam, you almost teed up the next question.

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Perfectly, so maybe you already were paying attention to what I was talking to you about in a little bit of prep here, but what are some of those opportunities, maybe with either the technologies or other things that you're seeing coming into that proactive planning?

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What does that look like to kind of decrease the pressure on some of the local power grids?

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Are there things that you are already looking at

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to your point, that 18 to 24 months kind of time that you're already seeing out further than that, you're starting to either invest in or, again, specify for.

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Tell us a little bit more on that front.

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I think preparing our workforce is a really big piece here.

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It's ensuring that we've got a good pipeline of talent coming in that understands the challenges.

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Again, meeting in these types of environments is really beneficial to sharing our wins, our losses, the challenges that we're all seeing in the industry.

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as we prepare our workforce, it's important that, we continue to look for new solutions.

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we don't know what we don't know.

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And that's been a lot of the challenges that we face is, as we run into these problems.

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There's solutions that we haven't thought of yet or even challenges we haven't thought of yet.

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So it creates a unique environment that's really exciting, actually.

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It's good to see the excitement back in the business, but it really pulls together all the greatest minds and the new ideas and thinking.

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So I think all the proactive solutioning and conversations that we can have really drive us forward in these conversations and will allow us to succeed as a business a lot better than individually approaching these in a siloed nature.

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Collective action, yes.

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It's part of this key opportunity here.

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Andrew, I know you had some thoughts too, kind of about the new technology coming, new strategies coming.

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Tell us more about that.

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So I think, I mean, from a strategy perspective, if we look at any energy consumption, the best electron in a constrained environment, certainly the greenest electron, is the one that you don't use.

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And so efficiency, and we will all say it, but looking for those efficiencies is really important.

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So how can we run the current data centers in a more efficient manner?

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How can we build more efficient data centers going forward and work across the horizontal around ideas?

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And I think then you look at cooling is 35% of the energy demand in our data center.

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So what new technologies can come from cooling?

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Can you move to things like liquid cooling?

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or also demand response.

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So once the electrons that you are using, are you using them in the most optimal manner at the right time?

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So how do you shift energy?

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Then once you've...

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once you're using the right energy in the most efficient manner, in the short term, and we'll talk about lots of long-term options, but in the short term, I think it's about how do we provide something that's reliable and affordable today and drive sustainability.

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And there we see a hybrid solutions, very, very unique and specific site by site, location by location.

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But how do you combine

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readily available energy like natural gas now and the integration of renewables, gas with CCUS in the future potentially, and then longer term out how you move to things like renewable natural gas and batteries for intermittency, maybe SMRs, genothermal down the line.

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But really, it's about, in the short term, about efficiencies and then that hybrid mix of your energy mix to have something that's reliable, affordable, and sustainable.

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Agreed.

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I couldn't agree more.

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It's really talking about kind of balancing the short-term solutions with long-term sustainability goals and, of course, power needs, and looking at that from that kind of, again, global perspective on where the different parts make sense, again, at present or into the future.

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Maud, thoughts on this kind of balance of the two and how we ensure that we have both current strategies and, again, our sustainability commitments and solutions

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that we're striving for?

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Yeah, for sure.

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I do think it's important to recognize the tension, right, between those different imperatives and be aware about it so that we can actively engage on solutioning.

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I do think the pressure actually spurs an opportunity for innovation and moving and most of the time accelerating some of the things that were already in flight from a sustainability perspective, but actually we

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organizing and not bringing business value from just a pure capacity perspective, right?

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Like we talked about new technologies, for instance, we are on our side, we've been working on what we call advanced clean technologies for a while now.

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We started with enhanced geothermal with a partnership with Sparbo a few years ago, and then last year we announced our, you know, SMR partnership with Skyrose as well.

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Those are long-term solutions when we look at, especially advanced nuclear, but those are best that we need to place today because we know that this capacity issue

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whether it's clean or not clean or sustainable or not, needs to be solved in the long-term horizon.

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And we're going to need different types of solutions, and in this case, high-power density type of solutions for the regions where we are limited on more traditional physical resources.

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So this has been a good catalyst for us from that technology innovation perspective.

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I think another point...

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that Andrew raised is things around flexibility and efficiency that are always part of the bottom line for us, but again, really help us in this perspective of time to market, like very short-term, because we talked a lot about natural gas right now.

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There's a lot of chatter on the market about such solutions.

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But again, I think the bottom challenge for natural gas and many other technologies on the generation side is supply chain, right?

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Your gas turbines are not readily available in 18 months at this point.

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So I think we just need to think outside of the box for electricity period.

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And that's where we can bring new things like flexibility, on-site or off-site storage, for instance.

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But we see much more innovation on hybrid or co-location sites.

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We're starting those kind of models in the US, for instance, with our partners, Intersect, to help accelerate some of these interconnection and setting and deployment timelines.

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But specifically, as well on-demand response, we do think that data centers should be a flexible asset, either because you can flex your compute load directly, which we do to some extent as well, depending on the type of load and compute.

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But even if you cannot flex your compute, you can still do on-site generation, capacity, flexibility, and so what does those models look like?

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So I think, again, I think it's less around carbon at this point.

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It's actually around capacity.

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And that's actually a very nice intersection that I see between the sustainability imperatives, but also the imperatives to sustain business growth, if that makes sense.

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And then really accelerate some of our business cases there.

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Yeah.

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Chris, other bottlenecks that you're seeing, other opportunities that you're seeing in what we've just heard from Lon?

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Yeah, I would echo the sentiment across the entire panel here.

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I mean, one of the things we've always looked at, we were the first and the largest green bond issuer in the market today, right?

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So $7.2 billion worth of green bond since 2015.

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You have to fund this, and you have to fund it early to have an impact on the market.

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So we've continued to press on that interest to make sure that we continually find the right types of projects to hit those different types of

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market conditions.

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I think what's also important to understand is how do you balance the different types of electron creation to the overall workload?

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Because one of the most important things we watch in the industry is workload, workload specificity, be it generative AI, cloud, whatever it may be, there's different types of requirements associated with not only that individual workload, but the ecosystem you're enabling.

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And I think that's why being one of the largest multi-tenancy operators, it's a unique foothold where we can balance out and alleviate

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a lot of that risk.

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So I think that's one of the biggest concerns for our listeners today is risk in the overall market where you don't want to build for the peak of something that won't be there in a couple of years.

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And I think that's where we always take a very balanced approach around how we finance these individual elements.

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But then to the second part, I think of the question is technology.

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And you heard Maude talk about it in the longer term, a firm believer for many years about SMRs, small modular reactors.

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Read about that.

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I think there's going to be a lot of benefit where it's one of the most elegant solutions where you can embed it in the

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where you can overcome both generation and transmission, but longer-term horizon associated with that.

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Shorter-term, we're one of the largest operators.

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We have 1.5 gigawatts of solar and wind already embedded in our portfolio today.

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So you have to continually balance those two elements going forward.

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But at the end of the day, you have to really enable

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a balanced approach towards what you're going to be able to support.

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And what I mean by that is we're always watching the market and working with our hyperscaler partners and making sure that we're foundational for their efforts.

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But how do you enable the next generation of some of these things?

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Because I think one of the things maybe missed on this webinar is

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We have 10 to 15 years engagements with our customers.

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So it's not just around, hey, what's happening today?

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What's happening in two years?

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You have to really be able to have a step function.

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So I think it may be warranted to talk about what's happening within the facility.

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Not only, as Sam referenced, talent.

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Talent's a big issue, and I know you know this, Miranda, with iMasons, they have a very strong foothold in making sure we're bringing new talent into the industry.

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But then how do you ideate a design of a data center, which best case, two years it takes to bring to market?

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So then you have to figure out how do you support all of that ideation of demand requirements associated with those workloads.

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So liquid coming into the facility is another critical factor.

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I'll echo Andrew's sentiment.

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It's all about efficiencies, right?

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You heard it at GTC with Jensen talking about what's the token production of your environment?

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And we are at the forefront of that.

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We always watch around not only how do you utilize our infrastructure in an efficient fashion from electricity, but other scarce resources.

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So I think one of the things I often am happy about is we talk about water.

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Water is another scarce element associated with a lot of our builds.

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So we have a lot of capabilities that we've brought to market.

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And

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126 million gallons every year we save on potable water.

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So it's an amalgamation of finding efficiencies with some of these capabilities coming to market.

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I love this.

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I'm kind of like, I don't know which way we want to pivot right now because two things have come from what you guys have commented on.

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One is the kind of conversation about the workforce development and the training and how do we look to the expertise of the future, again, in this vein of we don't know what we don't know.

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So I think we're going to get there.

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But I want to go back, because Maude said it and Chris, you said it too.

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And I know Sam has some thoughts on this.

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And actually, we've got a question from the audience about this.

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SMRs and nuclear, where does this fit into our picture?

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We know there's a longer-term timeline

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to get, whether it's an SMR or a larger-scale nuclear facility online.

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We know, though, too, in terms of carbon emissions, it has a bigger benefit than some other traditional sources.

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Again, it has much higher kind of outputs than what we're seeing from, say, a renewable sourcing, at least right now.

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So, Sam, let's go to the nuclear piece right now real quick.

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Thoughts on this one?

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Yeah, I mean, this is a really big innovation for the industry and it's, there's a lot of negative connotation, you know, historically that has come with nuclear power.

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And, you know, they're building these in a way now that, you know, they sit next to the data centers.

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They look like, you know, they look like homes that you would say.

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So they're, they're visually pleasing.

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It's a lot about educating the work, you know, educating the public.

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It's not, you know, the nuclear technology is ever changing.

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We're recycling nuclear waste and being able to reuse that sealed containers, you know, that's a better,

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provide the efficiencies that are needed there.

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Long-term, we're able to utilize the new technologies for set periods of time without having to maintain it very much.

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So there's a lot coming.

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I think I equate it a lot to COVID where it used to take us years to come up with vaccines.

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And now we're able to condense that with new technologies.

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AI is driving a lot of that, but it's allowing us to think about these things in a much different way than we have before.

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And the more we can get out and educate the public as to what this looks like, why it's important,

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Why not to be afraid of it?

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I think we're going to just kind of grease the skids for this to be introduced and welcomed into the market a lot more.

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Yeah.

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Chris, you said it nice.

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I just highlighted in a little note here.

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It's the ecosystem that we're enabling.

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And I mean, you're looking at a panel right now that are really the innovators of the future and how we're going to go there.

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Andrew, any kind of other thoughts on what's going on with SMRs and the nuclear conversation?

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Yeah, certainly.

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As Chris said as well, the timeline you have here is you've got to think long-term about what you're building and how you will power it in the future.

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But we have the congestion challenges today, and the pace and demand is there today.

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And so for me, it's about how do we balance that, back to how do we balance something that's affordable and reliable today and delivers on the pace that we need today and bring something that's sustainable.

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So at Shell, that's what we try to do.

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You know, we balance our gas is affordable and reliable today, and we supplement that with renewable generation.

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We have 3.4 gigawatts of renewable capacity in operation today, 4 gigawatts under construction or under contract.

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We have a large LNG footprint, but also looking at near-term future things as to what can and CCUS do, what can we do with renewable natural gas.

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and then optimizing that through trading.

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And as future technology comes in, whether it be ground source heat or whether it be SMR, these are all things that you need to bring in and look at how do we optimize this, how do we manage that and balance that so that we can move flexibly to meet the demand.

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Yeah.

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Yeah.

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I mean, there is not a silver bullet.

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This is really a conversation about an energy transition.

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We know that overnight, pretty much none of these solutions are going to come and meet the needs that we have as an industry, let alone the global demand from the communities that we're in.

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If we look to things like fire and life safety, I mean, any residential, this is all part of that entire ecosystem that we're looking at.

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So thank you.

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Those are really appreciate all those thoughts on that.

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So grid planning, operating, optimizing

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systems over the long-term part of our business, part of the larger piece.

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We've touched on this a little bit, but I'm going to go back to Chris, and I promise I didn't prime Chris to keep talking about the iMasons, but I appreciate it.

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staffing strategies and partnership strategies.

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How are those part of the solution to kind of get into and address the challenges?

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Yeah, having worked in the data center industry longer than I care to admit, and I've been at digital 10 years now, which is amazing to me, but the data center space is amazing because I absolutely love technology.

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The people required to make this work is

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an ever, ever scarce resource that we continually focus on.

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And so I think one of the things that we're always looking at, not only with iMasons, but how do we think about the overall requirements associated with

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with what needs to be brought to market.

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I joke that in the last year, year and a half, I've spent more time on electron production and distribution than I ever thought I would because of the sheer constraint.

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And also, it's black and white.

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It's binary.

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If you don't have power, you're not going to have a facility coming online.

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And so Andrew talked about a bunch of bridge solutions that are in the market today.

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I think Maude referenced it, but I want to also talk about if you're not planning way ahead, and we have a lot of resources around the supply chain that Sam

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mentioned, where we have one of the largest vendor-managed inventory programs on Earth, as you would imagine, because no two markets are alike, no two technologies are alike.

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But it takes a lot of investment from the data center operators that have a longer-term durability of being relevant to these overall technological trends, be it cloud, be it AI, but you have to watch that horizon and staff accordingly.

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So we have a large staff around VMI, making sure we have the supply chain.

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We have a large staff around how do we interact with utilities, because, again, you don't

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to build for the peak.

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You want to have a balance.

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And that's why we watch our customers, making sure they're top-tier credit, 10- to 15-year engagements with them.

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How do we support them over multiple generations and horizons?

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It takes a lot of talent to do that.

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One thing I didn't want to go into too much because I know it's not a super technical audience, but it's not just around electron production and distribution.

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It's how you deliver it into the infrastructure within the facility.

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These AI deployments are very, very power dense.

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And so, you know, don't whistle past that.

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So that's why I referenced liquid, new talent being required to handle liquid and how that comes to market.

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Keep watching that because that's where, you know, you need a unique expertise to handle that liquid in a very safe fashion.

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But more efficiencies come out of it.

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Liquid is 800 times denser than air.

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And so we're always working with iMasons and other local markets and also doing cross-pollinization.

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We are a global operator.

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We always invite our

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operational talent, data center talents to move to different markets where it may be underserved and propagate and do a little bit of stewardship and leadership and helping individuals learn a new path in life because data centers are here to stay, right?

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So it's an exciting time.

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Yeah, well, sharing your insights too, all of you, that helps, somebody calling in and joining.

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Chris, you mentioned maybe somebody's not as technical, but they're learning about this.

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I think the number of people that I have met at recent events or even in the last year are, Hey, I'm new to data centers.

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Where can I get trained up on this?

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How can I learn?

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iMasons is one of them, coming to Reuters events is another, Nomad Futurist.

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The list goes on and on in terms of those of us who are here to really work through these solutions together.

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I was mentioning to Maud, I'm sitting in the Google office today in Atlanta, and I know that Google has a number of things that they're working on, whether it's supply chain, whether it's, again, workforce training and development, or, again, what they're doing in terms of innovating on their facility.

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So, Maud, some thoughts from the Google side on what we've just been talking about here with the future, including people.

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It's not just AI is going to take it all over.

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There is really a workforce component going forward.

375
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Yeah, definitely.

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And I think the opportunity again is where you see this need for intersection developing between the energy world and the data center world that initially was really like a buyer-seller relationship, and today you realize that you have to work together.

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I have a lot of this theme around energy for AI and then AI for energy in the sense of how can we use AI in return for energy as well.

378
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And I think there's tons of applications on grid optimizations and planning and sighting.

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But I'm just going to make a quick plug for this is, I think we know less about AI and more about digitalization actually of the energy sector, because we realized that to do a lot of this optimization, planning, and citing, it's all about data and workflows and processes.

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And our power and energy sector has been working on digitalization for a while, but I think now is the real opportunity to actually come together, get those data cleaned up, interoperable, so that then we can really look at apps

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and innovations on top of that.

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And Google, we're a data company, so of course, we have a few projects going there, both from the data perspective, right, with the cloud business, but we have also some applications with our Tapestry team, who is really engaging with grids on those new initiatives.

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But I think that's really a big opportunity in general for the digital and the energy space to come together.

384
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And then the last piece I would make is

385
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It's less around technology, it's actually how do we change those commercial models, engagement, and partnerships, right?

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In the sense of, we talk about the need to build infrastructure, and one is for sure the demand signal, and again, the buyer responsibility and so on.

387
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But really it's about how do we, we have this like,

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immense interest right now in AI and all those investments being funneled into that sector.

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How do you catalyze or channel those investments into energy infrastructure that otherwise is not really receiving this like private investment that is needed, right?

390
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So I think there's a real opportunity to channel that and really see how the data center industry can take some collaborative approach there.

391
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On our side, we work with our utilities in the U.S.

392
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There are tariffs being developed around that point and cloud.

393
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clean transition tariff, if folks on the line want to do a bit of home study.

394
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And what that means is basically we have those dedicated tariffs where we can help build specific capacity assets on the grid.

395
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And so we can really channel some of our investments funds to really accelerate some of those assets.

396
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And I think it can take many different shapes, right, depending on the markets and the regions where you are.

397
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But generally, for me, it's more like what are those private-public partnerships opportunities?

398
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What are the market designs from an electricity perspective that incentivize the right signals and the right behavior from the seller and the buyer?

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We talked about flexibility.

400
00:33:37,399 --> 00:33:39,039
What is the value of flexibility?

401
00:33:39,039 --> 00:33:49,279
How do we create really this interface to send the signal to not just data centers, but also industrial loads in general to develop those flexibility capacities?

402
00:33:50,559 --> 00:33:51,839
I'm going to need to look that up.

403
00:33:51,839 --> 00:33:59,439
I would argue that CAS AI, tariff might be the word of 2025, although we're only four months into this right now.

404
00:33:59,439 --> 00:34:07,599
So to pivot a little bit here to talk about existing infrastructure and what we're looking at, again, we have existing facilities.

405
00:34:07,599 --> 00:34:09,679
We've got existing structures going on.

406
00:34:10,478 --> 00:34:16,279
We just got a question from the audience, too, in terms of actually generating our own power instead of relying on the grid.

407
00:34:16,279 --> 00:34:18,559
I think there's a combination of solutions.

408
00:34:18,559 --> 00:34:19,438
And me coming

409
00:34:19,639 --> 00:34:27,399
from kind of an AEC background and sustainability thing, the most efficient and the most sustainable facilities or infrastructure you have is the one that's already built.

410
00:34:27,399 --> 00:34:32,279
Again, how we use that, though, is going to be a challenge with all of this new tech coming online.

411
00:34:32,279 --> 00:34:37,239
So I'm going to go with Sam and then Andrew on this question of, you know, what are you seeing in that, again, the existing piece?

412
00:34:37,239 --> 00:34:45,279
And then also, what's the opportunity for us to generate on site, if that is an opportunity to kind of help alleviate what's going on with the gray?

413
00:34:46,958 --> 00:34:54,079
No, it's just really easy for us to get caught up in kind of the big solutions and the long-term things that need to happen in order to get us over this gap here.

414
00:34:54,079 --> 00:35:02,119
But there's a lot of bridging power strategies that we can implement that take use of the various layers of existing data center infrastructure in place.

415
00:35:02,119 --> 00:35:08,719
So I mean, starting at the core of it, it's how do we better utilize our server network infrastructure through consolidation, aggregation?

416
00:35:10,479 --> 00:35:14,239
The servers were never designed to peak optimize their energy usage.

417
00:35:14,879 --> 00:35:16,839
So using virtualization and cloud

418
00:35:17,119 --> 00:35:25,519
Those types of things, it allows us to really consolidate and better utilize the technology that's there, which frees up a lot of power and cooling that's already existing.

419
00:35:26,079 --> 00:35:30,559
We take a look at existing infrastructure and the MEP side of things, mechanical, electrical, plumbing.

420
00:35:31,359 --> 00:35:33,599
We're able to tie into those through...

421
00:35:34,759 --> 00:35:35,839
rear door heat exchangers.

422
00:35:36,479 --> 00:35:38,479
We're able to look at in-road cooling.

423
00:35:38,639 --> 00:35:41,119
We've talked a little bit about liquid and immersive cooling.

424
00:35:41,439 --> 00:35:46,479
We're seeing a lot of self-contained racks now that actually plug into them, and it's a self-contained data center, essentially.

425
00:35:46,479 --> 00:35:52,719
It's got everything it needs from an air or a liquid cooling to address the demands of that infrastructure at the moment.

426
00:35:53,679 --> 00:36:03,519
Stepping back even further from that, how do we generate more power on site, so local solar and wind farms, generation through natural gas or hydrogen?

427
00:36:03,999 --> 00:36:04,679
There's opportunities

428
00:36:04,799 --> 00:36:14,479
to generate more in local power, which is less reliant on the grid and allows us to peak shave and do a lot of those real unique things on site that save us energy there.

429
00:36:14,479 --> 00:36:24,799
And then orchestration from the outside, using AI BMS systems and energy monitoring systems, that allows us to kind of orchestrate and fine tune all that existing infrastructure.

430
00:36:24,799 --> 00:36:34,679
We're seeing customers, just by implementing those basic solutions, able to save 10% to 20% almost immediately with very low capital expenditures, which gives them an immediate opportunity

431
00:36:34,959 --> 00:36:38,719
to redeploy that towards AI and identity other solutions.

432
00:36:41,519 --> 00:36:42,599
Andrew, follow-up on that.

433
00:36:42,799 --> 00:36:46,599
Yeah, I'm going to pick up on something that Maude mentioned.

434
00:36:46,599 --> 00:36:53,839
And I think in the grid today, as electrification demand grows, how can we help it now?

435
00:36:53,879 --> 00:36:55,359
We have more renewables coming in.

436
00:36:55,599 --> 00:36:58,079
Well, then it's about how you introduce flexible solutions.

437
00:36:58,479 --> 00:37:03,439
How can we use flex to make sure that things are more reliable and sustainable?

438
00:37:04,879 --> 00:37:07,039
So, what do we mean by flex?

439
00:37:07,919 --> 00:37:09,359
Flex gets thrown around a lot.

440
00:37:09,359 --> 00:37:16,079
So, flexible generation assets are energy sources that you can adjust your output to match the demand of the grid.

441
00:37:16,079 --> 00:37:22,559
And so, here you need something that you can rate depending on the demand.

442
00:37:22,559 --> 00:37:33,599
And so, assets like that are crucial when you may be having, when there's a lot of wind or a lot of sun, or there isn't a lot of wind or sun, and you need to balance the grid.

443
00:37:34,479 --> 00:37:40,159
So every market is different, but we see a key role that batteries plays in this.

444
00:37:41,039 --> 00:37:56,719
With our partners, Macquarie Management in Australia, we've got an example of a utility-scale battery energy storage system that we use that adds flex to the grid in Victoria, but also combined cycle gas turbines.

445
00:37:58,719 --> 00:38:04,119
We're operating one in Rhode Island now, backed by trading and optimization capabilities.

446
00:38:04,359 --> 00:38:10,319
that really make sure that we can provide the energy and stability to the grid that requires at the moment.

447
00:38:10,319 --> 00:38:13,039
So you spoke about, I guess, words of the year.

448
00:38:13,959 --> 00:38:18,279
An important one as we look at the grid today for me is how do we manage the flexibility around it?

449
00:38:19,119 --> 00:38:19,439
Yeah.

450
00:38:19,759 --> 00:38:29,839
Maud, any response to that since it was your comment about flexibility that teed up Andrew's response right now and a very valid one on that on flexibility?

451
00:38:31,439 --> 00:38:36,199
Yeah, I think -- well, so it's interesting because I'm sitting across both U.S.

452
00:38:36,199 --> 00:38:40,879
and Europe, and we actually see different types of market approaches and so on.

453
00:38:40,879 --> 00:38:52,759
And right now, as some of you may know, like Europe is in a slightly different place, right, in the sense of energy security means something different from what we have in the U.S.

454
00:38:52,879 --> 00:38:54,559
because the conditions are different, right?

455
00:38:55,519 --> 00:38:59,759
Natural gas is not necessarily the resources where we have primary

456
00:39:00,319 --> 00:39:02,519
But we have a lot of renewable energy resources.

457
00:39:02,519 --> 00:39:04,479
And so that's why we have this deep penetration.

458
00:39:04,799 --> 00:39:07,639
But right now, we have a lot of those curtailed hours and negative hours.

459
00:39:07,639 --> 00:39:19,919
So flexibility really takes a whole new level, I would say, of criticity to, again, not just sustainability, but just being able to meet the demand from the region and the continent.

460
00:39:20,319 --> 00:39:29,359
I think the US has a little bit more differences on the needs for capacity, and that's why we need more needs for energy supply, and just getting the electrons in the first place.

461
00:39:30,399 --> 00:39:37,759
We are engaging with our partners at different levels when it's about flexibility.

462
00:39:37,999 --> 00:39:47,999
One is how can we be long-term planning or just planning with them, which is less about the market dynamics than what's the euro per megawatt hour or dollar per megawatt hour you get for your flexibility.

463
00:39:48,319 --> 00:39:59,879
And it's more like what is the flexibility that we should provide in order to make the interconnection or the grid that we're connecting to a little bit more efficient so that we can accelerate our

464
00:39:59,999 --> 00:40:05,639
own time to market or operate in a way that is less stressing, right, for the grid.

465
00:40:05,639 --> 00:40:14,399
And then you have the more like real-time operations or optimizations, and we were touching on a little bit as well as like orchestrating all those assets.

466
00:40:14,719 --> 00:40:19,359
And those are where you need really like, you know, real-time price signals and APIs and things like that as well.

467
00:40:19,359 --> 00:40:24,799
But I see applicability or flexibility at those two levels, like planning and real-time operations.

468
00:40:25,959 --> 00:40:28,559
And it's hard sometimes to reconciliate a bit of the two, right?

469
00:40:29,199 --> 00:40:36,079
because you're serving at different levels, but there's definitely a lot of collaboration coming through that.

470
00:40:36,319 --> 00:40:44,159
And the more we can be transparent around the market structures and the signals, the more it's going to be easy for new entrants to participate as well.

471
00:40:45,519 --> 00:40:45,759
Yes.

472
00:40:45,999 --> 00:40:46,559
Yes.

473
00:40:46,559 --> 00:40:49,759
It's really that collaborative piece of it, the transparency.

474
00:40:49,759 --> 00:40:51,919
I'm seeing Chris nodding along here.

475
00:40:51,919 --> 00:40:54,799
So Chris, you want to jump in on this flexibility conversation?

476
00:40:54,799 --> 00:40:56,879
Sam, I saw you nod too, so maybe we'll go to you next.

477
00:40:57,439 --> 00:40:58,519
Yeah, no, I absolutely love it.

478
00:40:59,279 --> 00:41:06,399
I'll be a bit pervasive in that the ability to get some of these turbines at this moment in time are very delayed.

479
00:41:06,399 --> 00:41:14,959
So it's nice to talk about variability and flexibility, but when you get down to the different market dynamics, which Maude touched on, I think everybody has an understanding.

480
00:41:14,959 --> 00:41:20,559
No two markets are alike, but the time it takes to bring some of this on and then also access to natural gas.

481
00:41:20,559 --> 00:41:28,839
I mean, if you're not planning for this stuff in a long-term kind of horizon and then also incentivizing, which I think was touched on and is called the right financial

482
00:41:28,919 --> 00:41:44,559
outcome, where it's a balanced approach, and finding the right workloads to utilize that at a high level so that everybody has a reduced amount of risk associated with bringing these electrons into the world, I think is an orchestration, right?

483
00:41:44,559 --> 00:41:46,159
It is not an easy thing.

484
00:41:46,159 --> 00:41:47,119
It's not repeatable.

485
00:41:47,119 --> 00:41:50,719
And that's where not only-- and I see some of the questions coming in.

486
00:41:51,559 --> 00:41:57,119
If you're not thinking that AI is being applied to every element of this supply chain, you are missing it.

487
00:41:57,439 --> 00:42:02,999
AI is so pervasive in a software mechanism that it is designing certain outcomes.

488
00:42:02,999 --> 00:42:19,079
Like I was pretty excited about a project where we, I think Sam, you referenced this, we were able to save 2.9 million metric tons of CO2 on an annual basis just by applying a couple of AI kind of methodologies against our infrastructure and how it operates.

489
00:42:19,079 --> 00:42:21,479
So these are real world returns that you can

490
00:42:21,599 --> 00:42:27,879
find efficiency factors, but how do you balance all this demand and balance these capabilities?

491
00:42:27,879 --> 00:42:38,639
And we want to align the electrons to the workload as much as possible, but you have to also watch how this is going to be affecting our overall customer base, right?

492
00:42:38,639 --> 00:42:47,839
So finding that not only flexible and peak demands, but then also, how do you find an economical rate to deliver these solutions?

493
00:42:48,399 --> 00:42:50,959
One of the questions I saw come across, I just wanted to touch on,

494
00:42:51,679 --> 00:42:58,879
If the technology can catch up from a hardware perspective, where we talked about SMRs and finding the right material, right?

495
00:42:58,879 --> 00:43:03,679
There's solutions out there that recycle existing radioactive materials to build fuel.

496
00:43:03,839 --> 00:43:05,319
Those things are exciting, right?

497
00:43:05,319 --> 00:43:08,159
Because the fuel, there's always constraints in every single one of these.

498
00:43:08,399 --> 00:43:10,239
But if some of that technology can come on,

499
00:43:10,639 --> 00:43:14,959
Absolutely, the data center providers can start to figure out how to generate their own power.

500
00:43:15,119 --> 00:43:16,399
We're very keen to that.

501
00:43:16,399 --> 00:43:23,439
We're constantly watching that market and investing in that, because that would then really not only support us, but support the local community.

502
00:43:23,679 --> 00:43:28,399
Because one case I'll touch on, which I think may be interesting to the audience, is South Africa.

503
00:43:28,399 --> 00:43:33,919
So with Terico, our partnership down there, we're bringing 120 megawatts of solar online.

504
00:43:33,919 --> 00:43:40,479
And it's a market where you want to be closer and closer to the data center, because there is so much shedding happening in that market.

505
00:43:40,719 --> 00:43:41,119
shedding.

506
00:43:41,119 --> 00:43:51,279
And so constantly finding those balances, I think you said this, Miranda, there's no one silver bullet that solves this, but you have to have good financial acumen and technical acumen to find that balance.

507
00:43:52,999 --> 00:43:53,439
I love it.

508
00:43:53,439 --> 00:43:55,759
And I mean, you touched on the customer.

509
00:43:55,759 --> 00:43:57,719
I mean, customers need their cat video.

510
00:43:57,719 --> 00:43:59,679
I don't know what they're going to do.

511
00:44:00,239 --> 00:44:02,239
We can't meet this demand for cat videos.

512
00:44:02,239 --> 00:44:04,079
I have a 16-year-old at home.

513
00:44:04,079 --> 00:44:05,839
He is on that phone all the time.

514
00:44:05,839 --> 00:44:08,879
I mean, yes, there's big applications that we need this for.

515
00:44:09,039 --> 00:44:11,639
We need to track, again, our health care records.

516
00:44:11,639 --> 00:44:12,599
We need to track banking.

517
00:44:12,599 --> 00:44:14,559
I mean, the list goes on, right?

518
00:44:14,559 --> 00:44:22,479
But we know that when it comes to the individual, their engagement with what we're doing and what we're delivering for is very visceral.

519
00:44:22,479 --> 00:44:23,279
It's very

520
00:44:25,199 --> 00:44:29,319
integral to their daily lives, more so than I think they know it.

521
00:44:29,359 --> 00:44:40,239
But that said, Sam, wrapping us up on this piece of this conversation, again, we're talking more about flexibility, pivoted a little bit, but, you know, last thoughts on this one.

522
00:44:41,839 --> 00:44:44,319
You know, necessity is the mother of all invention.

523
00:44:44,839 --> 00:44:47,919
You know, it's really going to be what drives us across the finish line.

524
00:44:48,799 --> 00:44:55,199
context, looking backwards to look forwards, we have to understand how do we get in this situation so we don't put ourselves here again.

525
00:44:55,519 --> 00:45:06,639
So utilizing these forums, utilizing data-driven energy optimization solutions, decentralizing our energy systems, understanding that we can't have everything

526
00:45:07,079 --> 00:45:10,239
transmitted out of one single source, we have to generate more on-site.

527
00:45:10,999 --> 00:45:13,199
And that allows us to focus on sustainability.

528
00:45:13,199 --> 00:45:15,599
It's kind of a three-tiered approach, and you only really get two, right?

529
00:45:15,839 --> 00:45:17,279
Do you want it cost-effectively?

530
00:45:17,279 --> 00:45:19,439
Do you want to offset your carbon, or do you want it quickly?

531
00:45:19,719 --> 00:45:20,639
And we have to choose.

532
00:45:20,799 --> 00:45:22,279
What do we want in the short term?

533
00:45:22,279 --> 00:45:23,919
And then what is the right decision in the long term?

534
00:45:23,919 --> 00:45:26,559
And that's going to drive a lot of decisions that our customers are going to make.

535
00:45:34,759 --> 00:45:37,679
I think, sorry, I think my internet glitched a second there.

536
00:45:37,679 --> 00:45:39,519
We were using too much power on this call.

537
00:45:39,519 --> 00:45:41,039
It didn't want to give me the thing.

538
00:45:41,199 --> 00:45:43,199
So we're closing in on our time here today.

539
00:45:43,199 --> 00:45:50,319
So I'm going to pivot a little here to how internally your organizations are looking towards innovation.

540
00:45:50,559 --> 00:45:57,759
We've talked a bit about kind of the technologies, again, workforce development, what successful partnerships look like.

541
00:45:57,919 --> 00:46:04,679
I'm going to start with Andrew on this one, but that intersection, Maude said this, energy, technology, infrastructure,

542
00:46:04,759 --> 00:46:12,079
How as leaders can we really bring this kind of full circle for our audience to lean into the solutions?

543
00:46:12,079 --> 00:46:17,839
And hopefully at some point, we don't have to make that choice that Sam just mentioned about, there's three and you only get two.

544
00:46:17,999 --> 00:46:20,719
Hopefully there's a future where we can do all three of these.

545
00:46:21,039 --> 00:46:22,399
Yeah, yeah.

546
00:46:22,479 --> 00:46:28,759
Well, I wrote down two great words of both Chris and Mordy's, which is orchestration and collaboration.

547
00:46:28,759 --> 00:46:30,799
And I think as we look at

548
00:46:31,479 --> 00:46:51,199
At real innovation, I think there's a huge opportunity that lies in strategic partnerships across the horizontal here, working much closer between real estate, data centers, hyperscalers, energy players on how do we plan, how do we, what's the sighting, what is the design choices?

549
00:46:52,079 --> 00:46:53,519
What innovation do we see?

550
00:46:53,679 --> 00:47:06,959
A key message here is it's not just about today, it's about what innovation is coming down the line, so that we can make choices together as to how do we drive accessible, timely, clean and affordable energy.

551
00:47:07,279 --> 00:47:12,279
But also, I think from a leadership point of view, what we should be doing is not partnering for partnering's sake.

552
00:47:13,079 --> 00:47:17,159
I think it's about how do we form strategic partnerships that really do drive scale.

553
00:47:17,159 --> 00:47:23,839
They drive decisions and speed and commercial alignment around sustainability goals.

554
00:47:24,719 --> 00:47:31,679
I spoke at the beginning about our kind of scenarios, and that's one area that we try to drive thought leadership in this.

555
00:47:31,919 --> 00:47:36,479
But then it's also about what we do internally is learning in-house.

556
00:47:38,959 --> 00:47:47,879
At Shell, we've partnered around one of our own data centers with DC partners with a facility called Skybox.

557
00:47:47,879 --> 00:47:53,519
So with Skybox, we've developed a data center for ourselves that's aiming to be as clean as possible.

558
00:47:54,639 --> 00:47:59,559
So it's using low-carbon electricity provided by Shell Energy North America.

559
00:47:59,559 --> 00:48:02,239
It has smart controls and visualization software.

560
00:48:02,639 --> 00:48:06,719
And we are using AI to manage workloads.

561
00:48:06,719 --> 00:48:07,439
And we're seeing

562
00:48:08,199 --> 00:48:21,199
you know, incredible results from that, but it gives us a test bed for, I see some of the questions around liquid cooling, gives us a test bed for how do we run liquid cooling and there's part of it that runs on liquids.

563
00:48:21,199 --> 00:48:32,639
It gives us an opportunity to test 24/7 so that we have something, we're not just talking about long-term scenarios, but solutions that we're testing in-house right now that we can then work with our partners.

564
00:48:32,879 --> 00:48:35,919
So that collaboration across the ecosystem for me is really key.

565
00:48:37,839 --> 00:48:38,359
Yeah, yeah.

566
00:48:38,399 --> 00:48:40,559
And that is some of the questions that we're seeing.

567
00:48:40,679 --> 00:48:50,399
Again, we're startups, where new technologies support the transition from short-term, more traditional solutions that we have, whether it's the energy or the technology itself.

568
00:48:50,639 --> 00:48:52,479
Chris, I'm going to go to you next on this.

569
00:48:52,479 --> 00:48:58,479
Again, this partnership idea, or again, this collaborative idea, where is digital getting involved with this?

570
00:48:58,479 --> 00:49:07,719
How are you, kind of taking what Andrew said, I love this, the kind of not a partnership for the sake of partnership, but really testbed an opportunity for everyone

571
00:49:07,799 --> 00:49:11,119
on this call, everyone listening, to really move forward with solutions.

572
00:49:12,159 --> 00:49:17,519
Yeah, we're constantly watching different elements on how do you innovate, how do you bring certain capabilities.

573
00:49:17,599 --> 00:49:21,039
If you're not pressing on all of these elements, you're going to have a bad time, right?

574
00:49:21,039 --> 00:49:23,279
Because they're so interdependent for success.

575
00:49:23,279 --> 00:49:26,079
I'll also be a bit pervasive at the end of the call.

576
00:49:26,639 --> 00:49:28,759
Buyer beware and partner beware, right?

577
00:49:28,759 --> 00:49:29,999
There's a lot of noise in the

578
00:49:30,039 --> 00:49:38,639
industry where there's so much hype, and you have to be cognizant of connecting the right kind of workload to the infrastructure to the long-term durability.

579
00:49:38,879 --> 00:49:50,239
I think there is a boom, and you constantly have to watch how you innovate around what's going to be the long-term durable solution for, quite frankly, not only our customers, but the community as well.

580
00:49:50,599 --> 00:49:59,959
It goes from not only the data center, what we're doing to be effective and efficient, we have innovation labs all over the world where we're watching those new technologies

581
00:50:00,039 --> 00:50:03,199
or heat exchangers, like direct liquid to chip.

582
00:50:04,319 --> 00:50:07,679
There's lots of dynamics playing out in the facility, then outside of the facility.

583
00:50:07,679 --> 00:50:17,119
How are electrons going to be made short-term, long-term, both wind, solar, a bit of the net gas generation, how that comes into play, and then long-term

584
00:50:17,359 --> 00:50:17,999
reactors.

585
00:50:17,999 --> 00:50:22,999
I mean, I'm a big proponent of it because I think I said it earlier, it's a very elegant solution.

586
00:50:22,999 --> 00:50:29,479
But then how do you equip the right people and set them up for success inside of this very dynamic landscape?

587
00:50:29,479 --> 00:50:36,959
And so it takes talent, it takes new talent, it takes ideas from everywhere to be successful, not only the data center industry, but the utility operators.

588
00:50:36,959 --> 00:50:37,719
We see them as a

589
00:50:38,199 --> 00:50:44,039
critical success in our partnership, and that's why we do a lot of the investment with our green bonds, but in our customers, right?

590
00:50:44,039 --> 00:50:54,639
Like one of the things with the hyperscalers on this call with Mod, always being foundational for how we can support them in their multi-tenancy of bringing their capabilities, both cloud, generative AI, to market.

591
00:50:55,039 --> 00:51:00,159
It's the culmination of all of this that you have to continually ideate and educate yourself on.

592
00:51:00,799 --> 00:51:05,279
Buyer beware, don't invest in the bubble, and make sure you have long-term durability associated with that.

593
00:51:06,559 --> 00:51:07,279
Fantastic.

594
00:51:07,439 --> 00:51:08,239
Thanks, Chris.

595
00:51:08,239 --> 00:51:15,839
Thanks, Andrew, for those really robust responses and answers to kind of what we can look forward to and again, what we can all bring to the table.

596
00:51:15,839 --> 00:51:22,999
I mean, this is really an opportunity for all of us to be there, to share lessons learned, to figure out how we can work together.

597
00:51:22,999 --> 00:51:26,639
What are the negotiating pieces that we do well and maybe we don't do as well?

598
00:51:26,799 --> 00:51:27,799
How do we work through that?

599
00:51:27,799 --> 00:51:31,039
So we're closing in right now, last couple of minutes here.

600
00:51:31,039 --> 00:51:35,319
I want to finish out for the audience on kind of our final question.

601
00:51:35,319 --> 00:51:36,439
That said, all the questions

602
00:51:36,519 --> 00:51:37,839
that you guys have posed to us.

603
00:51:37,999 --> 00:51:39,039
We hope we've answered.

604
00:51:39,039 --> 00:51:44,559
And if we haven't, we've taken note of them for either future sessions or other ways that we can address what you're asking.

605
00:51:44,559 --> 00:51:47,519
So thank you for being thoughtful participants in our webinar today.

606
00:51:47,519 --> 00:51:50,879
But lightning round for our panelists today.

607
00:51:52,399 --> 00:51:58,959
Most of us, or at least as an industry, we've got a lot of forward-facing and very public targets on sustainability.

608
00:51:59,719 --> 00:52:09,279
whether it's delivery of the services or facilities, are we going to hit those sustainability targets, or is this really we're up against too many headwinds with everything else that we've talked about today?

609
00:52:09,279 --> 00:52:12,519
So I'm going to go Sam, Ma, and Chris, and then finish this out with Andrew.

610
00:52:13,039 --> 00:52:13,599
So Sam.

611
00:52:14,519 --> 00:52:16,719
I'll be brief because I know we're on a time constraint here.

612
00:52:17,359 --> 00:52:20,799
One of the things I think is really unique about CBRE is how we partner with everybody.

613
00:52:21,039 --> 00:52:23,999
And I think we're partnering with everybody in this panel here.

614
00:52:24,319 --> 00:52:28,199
And it's a very unique position to be in because we get to see things from all sorts of different angles.

615
00:52:28,199 --> 00:52:35,919
And it allows us to build from an A to Z type of model that has opportunity and innovation built in each piece of it.

616
00:52:36,239 --> 00:52:44,359
So as we continue to work with Andrew and Chris and all the other large customers and players out there, we get a little bit of information from each

617
00:52:44,439 --> 00:52:45,279
a little bit of information.

618
00:52:45,279 --> 00:52:49,919
And I think that end-to-end integration really allows us to move this market and be a big player.

619
00:52:50,559 --> 00:52:51,519
So yes, I think we make it.

620
00:52:52,479 --> 00:52:54,279
Yes, positive attitude.

621
00:52:54,279 --> 00:52:54,959
That's why we're here.

622
00:52:54,959 --> 00:52:55,359
Maude.

623
00:52:56,399 --> 00:53:05,199
Yeah, I would say headwinds, yes, but even not slowing down the amount of efforts, I would say actually trying to even do better and faster.

624
00:53:06,239 --> 00:53:16,399
As Chris mentioned, there's a lot of hype and noise in the market right now, but I think actually it's an opportunity to, again, create this broader ecosystem, right?

625
00:53:16,719 --> 00:53:28,399
And for us, the principles on net zero and 24/7 carbon-free energy goals have always been to try to find solutions that works for everybody, because then we have a vested interest to gain faster access to such solutions.

626
00:53:28,559 --> 00:53:35,999
And so hopefully we can use a little bit of this dynamism around AI to really create the ecosystem so that it's not just about

627
00:53:36,159 --> 00:53:41,759
but it's really around the long-term goals and also be as transparent as possible along the way.

628
00:53:41,839 --> 00:53:54,559
As you said, it's about what are the hurdles, what are the progress, and that's what we're trying to do on our side in terms of carbon footprint transparency and other tools to try to educate and inform our own decisions, but also our customer decisions.

629
00:53:56,159 --> 00:53:56,559
Thank you.

630
00:53:56,559 --> 00:53:57,039
Chris.

631
00:53:57,679 --> 00:53:59,159
Yeah, I would echo the sentiment.

632
00:53:59,159 --> 00:54:00,519
We're absolutely dedicated to it.

633
00:54:00,519 --> 00:54:03,839
As you hear everybody on this call, which are our partners, it's important to all of us.

634
00:54:04,359 --> 00:54:16,239
I love it because it's not only important from a professional perspective, but personally, with a lot of the individuals we deal with, we're all trying to find a way, not only for electrons, as I mentioned, water, it takes a collective community to make successful.

635
00:54:16,239 --> 00:54:25,119
So absolutely, we're looking at the long-term commitment, not only for digital, but also the broader community at large, because we support a lot of their climate goals with our assets.

636
00:54:26,159 --> 00:54:26,919
Absolutely.

637
00:54:27,199 --> 00:54:28,799
Andrew, round us out here.

638
00:54:29,119 --> 00:54:30,599
Yeah, well, thank you.

639
00:54:30,639 --> 00:54:31,799
I think we all share

640
00:54:32,799 --> 00:54:33,919
net zero ambitions.

641
00:54:33,919 --> 00:54:44,159
And certainly, as you've heard, Shell is committed to working with our customers to help develop solutions that work today and solutions that work for the future to help us get there.

642
00:54:45,319 --> 00:54:56,239
And so I think it's continued to make sure that we innovate and develop new solutions that work for today, but develop affordable, reliable, and sustainable solutions for the future as well.

643
00:54:57,919 --> 00:54:58,479
Wonderful.

644
00:54:58,639 --> 00:54:59,959
Thank you so much for all

645
00:55:00,079 --> 00:55:02,159
your answers and in the dialogue today.

646
00:55:02,479 --> 00:55:12,239
Obviously, I'm coming from a very hopeful place too, so to hear this end on this note is really encouraging, and I hope it is for all of you listening and participating today.

647
00:55:12,239 --> 00:55:14,079
Thank you again to our panelists.

648
00:55:14,079 --> 00:55:15,279
Thank you again to our audience.