The Role of the Traditional Energy Industry in the Energy Transition

The way we've thought about investing around traditional energy has been informed largely by our own companies, Net Zero Pledge. And so we look at all of our investments, again, primarily through a financial lens, a fiduciary lens, but we want all ofOur investments to have a decarbonization thing. ARRA is a great example of a business that we acquired just very recently in partnership with a European infrastructure player called ICAV. We acquired Shell and Exxon's position in California, a heavy oil position, and became the second largest producer of oil and gas in the state. As part of that, we announced at the time of the transaction, a very aggressive decarbonization plan

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