Speaker 4
So what about you, Michael? What are you hearing from your clients in terms of their top concerns?
Speaker 3
Sure, Sean, so I mean, one is, I think they're saying first and then the things that Eda's also hearing, I work as you introduced with a number of clients who've been thinking about the energy transition, right? And that has been a crucial part of their strategic context over the last few years. And I would say it has, to some extent, it's been perhaps one step back, two steps forwards, right? So a sort of sense that, right now, and again, you think Europe, but it's also true globally with respect to energy, it's kind of all of the above, right? So rather than everything we can possibly do to green, it's like do that. But also there is value and frankly, imperative, societal imperative in some of the in some of the brown, right? So that sort of somewhat calibration of look long term, I expect the transition to be quite aggressive, but short to medium term, there are actually some things I might have moderated. So that's one thing I'm seeing is the sort of the context that that has for the energy transition.
Speaker 4
Great. Thank you, Michael. So the way we like to approach uncertainty of McKinsey is through scenarios. And we did that in analyzing the impact of COVID-19, we created a three by three grid on the severity of the pandemic and robustness of the response. And you did that here when looking at this period of volatility. Ezra, can you take us through this sort of three by three matrix?