If you look at it from a security of supply perspective, the US will not accept anything which undermines its coal in the power generation sector.

When you look at the US, energy and climate policy are really framed in a security of supply context. In Europe, it is framed in an environmental context.

If you look at the targets that need to be achieved under the UNFCCC, then you will need breakthrough technologies by 2050. And you don’t get these without putting money into research and collaboration projects....

We always knew there was a risk associated with Russia. But more than a political risk, it’s a transit risk and a development risk.