Sustainable Investing Perspectives: Renewable energy & Infrastructure trends
The desk is aligning with the persistent narrative of increased global demand for energy as highlighted in recent discussions regarding renewable energy and infrastructure. Per the full note from UBS, the shift towards electrification driven by advancements such as AI and industrial reshoring in the U.S. is substantially increasing energy demand. This transition has significant implications for various currency pairs, particularly as global investment trends gravitate towards sustainable assets amidst a backdrop of fluctuating energy prices and evolving geopolitical landscapes.
What the desk is arguing
The desk argues that the current trend of rising energy needs, particularly related to AI and industrial reshoring, points to promising investment opportunities in renewable energy sectors. Per the full note from UBS, factors like increased AI infrastructure and U.S. manufacturing growth indicate a shift in energy consumption patterns not seen a decade ago.
Supporting this view, UBS analysts discussed specific investments that underscore this transformation, asserting that demand from AI data centers and general electrification will be major growth drivers. The focus on sustainability in investments aligns with broader macroeconomic trends that favor environmentally responsible technologies.
Where it sits in our coverage
Our consensus target for relevant currency pairs reflects a bullish outlook in line with favorable renewable energy investment trends. Specific targets include: - jpmorgan: 1.10 (Mar-26) - bofa: 1.04 (Mar-26)
This aligns with our overarching forecast trajectory, where our desk's bullish stance is supported by growing investment interest in sustainable technologies. Notably, jpmorgan is slightly more optimistic, while bofa maintains a more conservative estimate at the lower end of the spectrum.
How other firms see it
Firms like jpmorgan are aligned in their bullish outlook on investments driven by renewable energy trends, while bofa holds a contrary position, advocating for a more cautious approach amidst market volatility. The ongoing transition within sectors towards electrification and sustainability may influence currency pairs related to energy exports, notably USD-related pairs, as global pricing dynamics come into play.
What the calendar says
While no specific upcoming events are currently scheduled, the evolving narratives around industrial reshoring and AI energy needs will be critical to monitor closely, as these trends could catalyze significant shifts in the FX landscape.
01Increasing global energy demand is primarily driven by AI and industrial reshoring.
02Investment trends are increasingly favoring sustainable energy solutions.
03UBS highlights significant growth potential in renewable energy infrastructure.
04The current macroeconomic landscape is favorable for currencies aligned with renewable sectors.
Market implications
Traders should monitor the interplay between USD-related currency pairs and the trajectory of renewable energy investments. A notable target is the 1.10 level set by **jpmorgan** which aligns with the desk's bullish outlook on energy-driven investments.
Risks to this view
A significant reversal of this bullish outlook would occur if global investment trends shift away from renewable energy, or if adverse regulatory changes negatively impact the sector. Additionally, geopolitical tensions that disrupt global supply chains could further unravel current energy demand forecasts.
ubs
Hi everyone. Dan Cassidy here. Welcome back to the Sustainable Investing Perspectives podcast series on the UBS Conversations podcast channel.
We are joined today here in studio by Jay Dobson from the UBS Chief Investment Office, Chris Leslie from Macquarie Asset Management, as well as Tiffany Agard from CIO Investment Management. So with that, Tiffany, Jay, Chris, thank you for spending some time with our listeners, our clients here in studio at 1285 Avenue of the Americas. Always great to do these in person.
Tiffany, let me now turn it over to you to lead today's conversation with the group. Great. Thanks so much, Dan, and thanks to you both for being here.
I'm really excited about this conversation. So I want to make sure that we touch on a lot of interesting topics. We'll touch on some of the broad CIO investment themes, renewable energy, and then talk a little bit more about infrastructure as well.
So looking forward to it. Jay, we'll start with you, maybe. I know you're well known to our UBS audience as the CIO Analyst for Energy.
We've been hearing a lot from CIO about AI and the energy needs associated with it, whether it's through the AI trios or the power and resources trio. So, you know, we know it's not just AI. There's also general electrification globally and industrial reshoring in the U.S. going on that will drive more energy needs.
So I wonder if you could talk a little bit more about some of these factors that are driving increased energy needs, how they tie into these transformational investment opportunities we're seeing from CIO, and where this energy is expected to come from. Yeah, no, it's a great question. And I would argue it's one that, you know, we wouldn't have been talking about five or ten years ago.
But, Tiffany, as you said, I mean, AI data centers, certainly first and foremost, then you have industrial reshoring, just sort of the industrial growth here in the U.S. as we friendsure a lot of manufacturing and other activities. And then, as you said, sort of electrification with that sort of the ongoing electricity demand growth that we see and broader energy demand growth that we see associated with economic growth. So those are drivers and those drivers, in our opinion, continue to accelerate and are driving a need for new supply.
The challenge that we often sort of try and express is that, you know, when you're thinking about energy, we're thinking about natural gas and oil and those have, you know, significant lead times. But we don't often run into as many bottlenecks as we do on the electricity side where, you know, as you were mentioning, we've got supply responses which are going to include renewables and natural gas and nuclear, both at the utility scale and the SMR scale, eventually battery storage, you know, lots of other options. But you also have to keep in mind that, as I mentioned a moment ago, this demand is exhilarating right now.
You know, I would say if you talk to hyperscalers, they would argue speed to power is priorities one, two and three for them, maybe even further down that list. So that is encouraging supply growth at a rather breakneck speed and it's leaving out of necessity. We've talked about all of the above for a very long time, mostly out of desire.
Here this is necessity. So we're ending up with, you know, mobile power solutions. We're talking about delaying retirements of older facilities that would have otherwise been retired as well as these new solutions.
We also have to keep in mind the time to power. Renewables are probably the fastest we can stand up a solar array in 12 to 18 months. Natural gas, if you have access to a turbine, still probably takes you three years to construct.
Nuclear is longer than that. So, you know, we're going to need a lot of supply. And I think at the end of the day, you know, we're going to stress our national grid, but I don't think we break our national grid.
Therein lies the challenge because I do think hopefully we'll have an opportunity to talk about affordability later. But as I think about the risks to this demand growth, you know, certainly some large outage or other disruption is something we all have to think about because it would, if you look at policymakers as sort of, you know, sort of the overriding sort of large hand or potentially the lowest common denominator, we don't want a situation where policymakers would be overtly reaching in and trying to, you know, put fingers on the scale of how supply or how demand is changing in response to one another. So I think overall, a lot of supply necessary to meet this demand.
And I think it's going to be a very, very, very interesting next five to 10 years for both, you know, infrastructure providers for AI data centers and other customers, and quite frankly, perhaps most interesting at all as all for investors. Absolutely. That's very helpful in framing that big picture for us as we think around the broader need for energy going forward.
Chris, why don't we switch to you? So Macquarie Asset Management is the world's largest infrastructure manager, which some may not know. Maybe tell us a little bit more about Macquarie and what sets it apart in the energy infrastructure investment space, and how you've seen the energy needs that we recently talked about change this space over the past few years.
Sure. So just briefly about Macquarie for those who may not be familiar with us. We basically started our infrastructure business in 1994.
So we've been doing it for over 30 years. I think we're widely regarded as the pioneer, making infrastructure kind of an investable asset class, in the same way that real estate wasn't an investable class until kind of the 80s. You know, infrastructure sort of took hold in the 90s.
And I guess I was pleased to read something yesterday that, what are they calling it? Heavy asset, low obsolescence, the halo play out there, that infrastructure sits clearly in that where people are a little concerned around what might be happening to software under AI. You know, more broadly, we have about $200 billion under management in infrastructure.
We also have big businesses in private credit and real estate. But on the infrastructure side, you know, the key themes, and Jay's touched on some of these, obviously digital, you know, the whole data center space has been exploding, for want of a better word. And, you know, the energy needs associated with that are key.
One of the areas that we specialize on energy side is very much energy transition, both kind of, you know, traditional, you know, wind, solar, batteries, but also some of the newer technologies that are emerging out there, renewable fuel, sustainable aviation fuel, carbon capture, things of that nature. So we are, you know, specialists both across the space and also very deep into the energy transition. In terms of some of the themes, I agree totally with what Jay's saying.
And if we look at where, you know, electricity generation needs are, you know, that really is a bit of a choke point, you know, for the electricity demand that is just accelerating out there, particularly around AI, but also around, you know, industrialization and just simply cloud computing. You know, you think about how much strain on the system your cell phone puts, you know, if you go to a concert or a game and you create a 20 minute video and that gets uploaded to the cloud and, you know, 100 million people do that once a week. Even that is a lot of energy infrastructure.
So, you know, don't just blame the AI guys. We're all complicit in this demand for energy that's happening. But I think it's caught the industry a little bit by surprise.
You know, electricity demand in the US has been flat for the last 20 years, and now it's growing, you know, three, four, 5% per annum. And the only part of that industry that's currently geared for that is renewables. Okay, so renewables is presently, you know, delivering around 50 gigawatts a year.
It's been doing that for a while. Supply chains are there, the construction's there. You know, we don't deploy gas turbines at quite the rate recently.
So that industry, that supply chain, that construction industry has to gear up. And nuclear, we've really only built two reactors in the last 30 years. And they were well over time and over budget.
There's quite a lot of learning to do in the nuclear solution. So if you divide it up along time, you know, renewables are going to be there, hopefully for the foreseeable future, but they're very near term. You know, gas, probably more of a medium term solution, and then nuclear is more in the longer term.
That's great. I think that's really helpful context and insight, particularly the comment on the 20-minute concert video, because I do think that is a great example. And you're right, we all sort of participating in this need for, you know, for more cloud computing and for more electricity overall, in addition to just sort of what we're seeing within the AI story.
So, you know, one of the things we've really highlighted here is renewable energy. And so I want to double click on this point. I think when we talk about sustainability, right, it's often for the environmental benefits and such, but there really is this unique role that it plays that we've discussed on affordability and on just on getting to speed quicker than other energy sources.
And it was really interesting, you know, I think I saw a data point last year that it was 90% of new energy added to the grid, you know, came from solar. And that's from the U.S. Department of Energy and sort of from some other energy sources have also shared that.
So it's really interesting to see how big of an uptake that is. I guess, how should we think about the role of renewable energy, particularly given just recent policy changes in the U.S., whether it's from executive orders, offshore wind pushback, permitting, legislation like the OB3, or even the recent Supreme Court ruling on tariffs? I'd be interested in your perspective.
Jay, maybe you could give us some color on what's happening on a policy level, and how we should think about it. And Chris, I'd be interested as to sort of what changes you're seeing sort of on the ground floor, given these changes. Yeah, Tiffany, it's a really interesting question, particularly the way you framed it.
I mean, at the end of the day, you know, as Chris mentioned, you know, supply demand is driving a supply response and speed to power is making that renewable solution probably the most obvious. And I think you have to frame it because I do think from time to time, people get hung up in this, well, it's coincident power, it's not baseload power. And the reality is in the system, the electric system we have here in the United States, there is already an enormous amount of backup, you know, the system because of seasonal both across the year and across a day, seasonal demand patterns, we actually aren't really talking about peak demand, but maybe two or 300 hours a year, so a very small percentage of the time.
So, you know, we could say we could use solar and offset, you know, gas or some other resource that is essentially then backup power for it. So I think the question is, you know, if we were to get to a position where renewables were like in Europe, 40, 50, 60% of power, you know, I would want to have a conversation of whether that marginal piece of renewables made the most sense. But I think here, it makes a tremendous amount of sense because of the existing system we have here in the US.
As you mentioned policy, you know, the one big beautiful bill, or as I call it, OB3, did put some phase outs of tax, solar and wind tax credits at the end of the decade. I think at the end of the day, even with all the other elements that were inside that bill, you know, by and large, large developers are probably advantaged, those that were able to safe harbor some of their projects and the equipment that they need. I would argue you'll continue to see very, very little disruption in the sort of numbers you mentioned of renewable additions on an annual basis here in the United States.
So I think there's still some details being worked out. But by and large, renewables will continue to grow. When I think about that, you know, headlines, people keep pointing to, you know, offshore wind and the Trump administration's sort of focus on that as a very, very small piece of it.
I do think legally, it'll be probably pretty hard to stop projects that are already under construction. But you probably don't see a lot more offshore. As well on federal lands, I don't think you see a whole lot there.
That is where the Trump administration can stand in the way. But when we're talking about developing on private land, which is the preponderance of what you're seeing here in the US, I think you've got sort of a long runway here, certainly to the time when those tax credits phase out. I think the only thing we're looking for now that I think would be super helpful is some permitting legislation that would make both from a transmission perspective and others a little easier sort of citing some of these things.
It's a midterm election year. And though it's sort of February turning to March, I do worry that odds are getting long of getting that legislation. So that may be as much in the hope category as anything else.
But I'd say, by and large, policy where we spent a lot of time over the last year and a half fretting about it, policy, by and large, is becoming a little less of an issue. Again, hopefully, we'll talk about affordability in a little bit. But I think the reality is we can manage the affordability side.
The supply response with renewables, given the policies we have, probably is reasonably supportive. Yeah. And from our perspective, I'd agree with everything Jay says.
And I think if you were considering investment, particularly in the renewables industry in 2025, you'd be forgiven for saying, wow, this is kind of noisy right now. But as we sit here in the new year, a lot of that uncertainty is now behind us. And so I think what we're seeing is actually a rush to get things built.
As Jay said, the tax credits are expiring. And if you want to get things built in a rush where there are some supply constraints, it really is coming down to the big players, the guys that have the relationships of safe harbor the equipment, have the relationships with their construction companies, with the utilities, with the hyperscalers. They can operate at scale and get things built quickly.
The renewables industry, historically, has kind of been a playground for a lot of smaller developers as well. But unfortunately for them, they often rely on selling a project and using the proceeds to buy another project. So there's a dynamic right now where a lot of these small guys are trying to sell stuff.
They're sort of flooding the market with projects. Meanwhile, the big guys who have the capital are able to march forward and not looking to sell something to enable them to buy something. So that's a sort of practical thing.
Also, when you look at renewables and you contrast it with traditional kind of thermal generation or fossil fuel generation sources like gas and coal and oil, a lot of the what they call learning, a lot of the cost savings in building those units, has sort of been squeezed out over the years. Costs in renewables are coming up a little bit at the moment, but generally they're on the decline. So solar is getting cheaper.
China's obviously flooding the market with cheap panels. And so the cost of the underlying technology in renewables continues to fall. And notwithstanding tariffs and everything else that's been going on, they are still cost effective.
But as Jay says, they're not 24-7, 365 reliable. And so for the time being, the low cost optimization for the grid is really a mix of renewable sources, probably gas for the time being, and then in the longer term, some nuclear coming along the back. Yeah.
Tiffany, the only thing I'd add here, and Chris brings up a really important point where I think people talk a lot about the cost of renewables. And as Chris points out appropriately, like the costs are coming down, but you really have to put that in contrast. A natural gas combined cycle combustion turbine, which is sort of the most efficient.
That's what we would be building if we had our druthers and sort of we're building the sort of best sort of base load, you know, fossil fueled facility. The cost of developing one of those has doubled over the last five years. So, you know, the renewables, I think in a relative sense have actually become even more advantaged.
Yes, they still, as Chris pointed out, are still coincident resources. But again, within the context of deploying them in the existing system we have, boy, they're looking pretty attractive to me. And just following on to that, the renewables have been getting deployed at scale for the last few years.
So they're running along at about 50 gigawatts a year right now. That machine that delivers that capacity is up and running. The gas guys were putting a couple of gigawatts on and suddenly they're being asked to ramp up.
They are ramping up, but it's literally a question of increasing capacity of production lines, which is not a straightforward task. So, you know, you've got people like G. Vanova and Siemens and Mitsubishi going, wow, these things have doubled in price, maybe I should produce more of them.
But that's not quite as straightforward as just ordering some more panels. That's really, that's honestly just so fascinating, I think, when we think around the relative value of renewables versus some of this natural gas perspective, I think it's something that we've sort of touched on a little bit, but haven't gone quite as in depth as you all just did there. So I really appreciate that.
And it sounds from what, you know, you've mentioned that renewable energy generation and sort of construction and such will continue, and obviously may also bring more opportunities to invest around this theme. So that's really encouraging. I maybe want to switch to talk a little bit more about infrastructure specifically within this space.
So maybe just, you know, where do you both see the greatest need within the energy infrastructure space? And you've talked about it a bit. But Jay, I know, you know, in other spaces, you've talked a lot about modernizing the grid.
And I think there's a general question on affordability, not just from the renewable production standpoint, but also maybe how it looks like for consumers. And then Chris, obviously, you all deal with renewable energy broadly and in depth. So just want to get your perspective on sort of what you're seeing across this broad spectrum of infrastructure?
And what do you think is really needed to help achieve the energy goals that we're gonna, we're gonna need over the next few years? Yeah, no, I think it's a really interesting question. Again, we keep using this word infrastructure, it's something I think it might be tattooed on Chris's arm.
But, you know, when we talk about infrastructure, there's the supply side, the generation, but as well, as you point out, there's the grid side, there's all that. And there's bottlenecks there, too, that I'd point out, but the the grid needs to be built out. But again, I would want to start with the demand side is driving this.
And these are super large customers. I mean, I always point out to people that if we were sitting here five or seven years ago, and we're talking about a large electric customer in the US, we would have been talking about a 40 or 50 megawatt load, you know, large industrial, maybe aluminum smelter, you know, today, these data centers are, you know, 1000 2000 megawatts, or what we call to one or two gigawatts of capacity. I mean, it's just a scale that just sort of really blows your mind.
And that alone, tells you all the grid infrastructure that needs that needs to be added. So I think the modernizing the grid is going to be really important. I think as well, you mentioned, you know, the affordability issue.
I mean, this is something we're hearing it come up, you hear affordability and, you know, mainstream media talking about, you know, food and gasoline and all these other things, you know, it's clearly coming up around utility bills. I do think this is something that certainly the hyperscalers are quite aware of, they definitely don't want to be in a position where, you know, local customers are picketing out front of their data center because of high utility bills. And, you know, though, these are very, very savvy and aggressive developers of this capacity, I would say the hyperscalers are quite willing to pay a bit more in power to ensure that, you know, local consumers aren't impacted.
I say that at the hyperscaler level, I probably have less conviction, the lower I go down that sort of food chain into the, you know, data center developers and other people like that. But I do think ultimately, you know, policymakers are going to force this, you know, on these consumers or consumers will give you a pretty good amount of backlash. You know, we heard a little bit of this in the President's State of the Union address recently.
And I think that will, you know, drive this home even further. But, you know, you see this a lot at the state level as well, which is really when we think about it, that is where, you know, utility and electricity regulation occurs. Federal is important, but, you know, by and large, the rubber meets the road at the state level.
So, I think there's a lot of infrastructure investment to be made both on the generation side and on, you know, the electric transmission side. I'd also argue the natural gas transmission side. We do a lot of that building in and around, you know, natural gas and oil basins.
But as far as getting it to the consumer, you know, we've not built as many natural gas pipelines as we need to. So, that's another area where, again, bringing up permitting legislation, I would hope that would be an opportunity to make that a little easier. But, you know, certainly in a midterm election year, that may be, as I said earlier, a little more hope than anything else.
But I'd say, by and large, the opportunity and infrastructure is very, very large, given the amount of demand that we're seeing. Great. Thanks.
Yeah. And just building on that, you know, we heard from the President in the State of the Union recently around the ratepayer protection pledge, this idea that the hyperscalers were essentially pledging to bear the costs, the increased costs that they're imposing on the system, which is a good thing. And I think, you know, it was very much pushing on an open door.
The hyperscalers clearly have already indicated a willingness to bear that cost, because as we've all experienced, you know, electricity costs are going up. All of this energy demand is pushing prices up. On the infrastructure side, I agree that the grid, you know, presents all kinds of opportunities for investment.
That tends to be the domain of utilities, right? It tends to be, you know, assets that are in rate payers, that the costs get passed through to ratepayers. So utility commissions across the country are keeping a very close eye on that as to seeing, you know, where those costs are falling.
We're also seeing data centers moving to parts of the country that actually have capacity. So historically, data centers have tended to cluster, where there's been cheap power and high connectivity. Northern Virginia is, you know, Ashburn, Northern Virginia is the kind of global center of data centers, but they're kind of built out there.
And other markets, Dallas, Phoenix, places like this, you know, sort of built out. So we're seeing data centers showing up in North Dakota, in Louisiana, places that historically we haven't seen them, that represent interesting opportunities as well. The other thing I think we need to bear in mind is that, you know, whenever you see a dynamic like this, of a rush to tremendous amounts of new electricity demand, that there could well be a response on the efficiency side.
So the chips could get more efficient, the algorithms could get more efficient, you know, the equipment could get more efficient. And so, you know, betting on the fact that this is going to go to the moon, you know, it's likely that other solutions will emerge, be it through the way the grid is managed, or that the AI industry is deployed, that could, you know, rebalance that equation a little in the future. Yeah, that's very helpful.
Thinking around where efficiency is going to come on the market. Maybe as our last question, I'd be interested in sort of a look forward. So as we look beyond solar, you know, even wind and the related infrastructure for both of those, are there any emerging technologies in the green energy sort of clean energy space that you're interested in?
Yeah, I mean, we continue to watch it really isn't new. We've talked about storage in this podcast, but, you know, battery prices continue to decline. And again, if we look at a global electrification, be it EVs or otherwise, as costs of batteries come down, that's a real opportunity.
We talk around renewables, but even if you just talk about storage, you know, generally, it's fairly economic to put a four-hour battery behind a renewable facility, but that still doesn't give it 24-hour coverage. You know, as we can scale those batteries, you get closer and closer to an opportunity where maybe it wouldn't be fully considered baseload, but this would be far more reliable power than we think of something that is coincident at its base level, only available when the sun shines or the wind blows. So batteries are something that we spend a decent amount of time trying to monitor and understand.
It's fun because it's a bit of chemistry in there, trying to figure out, you know, the interaction and how to make these batteries as inexpensive, but as durable as possible. I mean, the other one is around nuclear. You know, this is one where I've been a big fan of nuclear for well over three decades.
As Chris pointed out earlier, you know, we've only built two in this country in the recent period. Both of them were over budget and severely behind schedule. So this is another one where I think there is opportunity for expansion here, but we need to have a solution how we're going to, you know, basically broadly spread, you know, costs of overruns.
But on the other side of that is this small modular reactor or SMR technology that I really do think holds a lot of hope. I do have a little bit of worry just about what the ultimate cost of some of these technologies are on SMRs, just because most of the providers don't really know what it's going to cost to produce these. They're still getting through regulatory approval, but I'm reasonably optimistic that, you know, manufacturing lines and industrial logic will take over and make these, you know, less expensive.
Again, the context there is, you know, utility scale nuclear plant is essentially a bespoke investment and you make a design it as a one-off and it's very, very complex and does tend to be very, very expensive. These SMRs would be, you know, assembled on a production line and delivered out to the field. So it does have a lot of opportunity there.
So I'd say those are the two, you know, hydrogen isn't really new. I think hydrogen ultimately will be a niche opportunity. Certainly here in the U.S., other areas around the globe, it probably has a larger footprint, but I'd say, you know, batteries and nuclear are the two that we're really spending time looking at.
Great. Yeah, I think the small modular reactor thing is very interesting, but as Jay implied, you know, it's kind of the Model T production line for nuclear, but we haven't built one yet that's working. So it's very much first of a kind.
And as infrastructure investors, you know, that's not a kind of risk that infrastructure investors are generally into. Certainly, if you have an appetite for, you know, a bit more adventure, by all means, take a look. And in the long term, you know, it is shaping up as quite an interesting solution.
You know, more broadly, you know, beyond renewables, and let's remind ourselves, renewables have been around, you know, 25 years now. So they really are kind of core low-risk infrastructure, which is good. Some of the things that are coming down from that higher risk kind of category in the new energy technologies, renewable fuels, which is essentially fuels made from waste or from plant material.
We're particularly interested and looking closely at the moment at sustainable aviation fuel, which, you know, you might wonder how that's made. At the moment, there's a few techniques. The one that's being used is essentially taking used cooking oil and using that as the source of carbon to make jet fuel, which is, to all intents and purposes, chemically identical to jet A, as comes from hydrocarbons.
Virgin Atlantic has flown a plane across the pond on 100% SAF, so it's safe. But if you think about where does this cooking oil come from, it might be, you know, vegetable oil, sunflower oil, whatever. The sunflower grows, it draws carbon out of the atmosphere through photosynthesis.
You make it into oil, you cook your chicken, you throw it away, it's reclaimed and made into fuel. And then when it's burnt, that carbon goes back into the atmosphere. So it's more of a circular kind of technology.
So rather than extracting hydrocarbons and adding to carbon in the atmosphere, you're taking carbon out of the atmosphere, processing it and putting it back in, which is ultimately environmentally more sustainable than regular jet fuel. So that's kind of interesting. And, you know, we're keeping an eye on all kinds of new technologies that might emerge, you know, in today's day and age at quite short notice.
Yeah, I can bet. That's really exciting. I'm looking forward to seeing what comes down the pipeline in the future.
Thank you both again for your time and your insights. I thought this was a really interesting conversation and we will keep our eye on renewables and on infrastructure and on more opportunities for investors. UBS Studios is part of the UBS Chief Investment Office within UBS Global Wealth Management.
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