Scenario analysis and resilience (continued) • Electricity prices drive our exposure, but we have mechanisms in place to control electricity growth: Our simulated carbon price exposure is primarily driven not by a direct price on carbon to actual emissions, but by the resulting increase in electricity prices from the grid transitioning to renewable sources through 2030. As renewables capacity grows nearly 140% by 2030, there is assumed to be a large associated cost with the build out of new plants and supporting infrastructure, such as transmission lines and other technology innovation. IEA estimates invest- ments in the global power sector will total $77 billion per year on average through 2040 (around