Ladies and gentlemen: It gives me great pleasure to be here today, sharing your very interesting discussions on climate change and renewable energy. For this is a fundamental issue in today’s world. It is certainly an important topic for Europe and for Spain where we keep stringent targets for 2020 and beyond. This question will probably become even more important for our children and grandchildren. Let me tell you that we are proud, as Europeans, that the EU is playing a leading role in the world climate negotiations. We sincerely hope that the next conference in Warsaw and its follow up in Lima next year will pave the way to conclude an ambitious world climate agreement by 2015. For the same reasons, in my opinion, climate change and renewable energy should also be important for Australia. By the way, I have just read a very recent interesting report on “Climate Change. The story so far” signed by Dr Will Howard and Dr Joanne Banks from the Office of the Chief Scientist of Australia whose conclusions are not very different than the ones sustained in Europe. In a moment of political transition, as the present one here, it is very timely to promote a discussion like this one. For that, I am very thankful to La Cámara for once again coming forward, grasping this opportunity to foster exchange of ideas and experiences by government representatives, public institutions as well as private companies on this hot topic which is also of great interest for some of its associates members. For me, the key issue right now is to know whether Australia will reach its stated emissions reduction targets under the Direct Action policy of the incoming government. The Coalition has been clear the funding will be capped, and it seems highly unlikely the present Australian government would use international market mechanisms to meet Australia's targets, if Direct Action is unable to realise sufficient emissions reductions domestically. But these are just short term speculation. Anyway, let me share with you just one data to mark the importance of this question for my country: In the first half of the year, more than half of all the electricity produced in Spain came from renewable sources. I see here representatives of leading renewal energy companies from Spain, like Abengoa, Fotowatio, Unión Fenosa, Acciona and others. I have an important long term message for them: please keep investing in Australia. In my view, the political change in regional or in the federal government should not necessarily entail a fundamental change in business opportunities. Although it may look understandable to be more cautious in a moment of political change, I remain convinced that we will start to see a much clearer picture as times goes by. Because no matter what the fate of the carbon tax will be or the Direct Action policy will be able to reach, in the long run the objective conditions for the blossoming of renewal energies in Australia will prevail. Some may say that in a country like Australia, because the fossil fuel sector is particularly strong –and may become even stronger when the fabulous investments in the gas sector will mature- the resistances to really promote renewals may make a longer transition than elsewhere to a less dependant fossil fuel economy. In my view, the abundance of fossil fuel should is not necesarily an excuse for the development of renewable energies. Take the case of some of the Persian Gulf countries, some of them are among the most important fossil fuels producers in the world but they are today most determined investors in solar thermal energy for example. Somebody, very highly placed in the renewable corporate sector in Spain, told me before taking office as Ambassador here -and I will never forget it- that Australia is perhaps the most fortunate country of the world for the expansion of renewable energy because it combines more renewal resources -sun, wind and water- than any other nation worldwide. I agree. But like in mining, you also need other things to harvest it. Besides the best resources in the world, I would also add to the comment of my friend four additional assets that I have also perceived during my two years stay here, which may drive Australia into a renewal world leader in the future: An excellent legal and judiciary systems, which are of paramount importance for giving security to the very long term investments needed for renewals; increasing financial means to invest, as a result of the mining activities and the mandatory saving scheme a larger number of companies and a strong research and development activity both in the private and public sectors dealing with renewal energy issues a pragmatic political class that may also see good opportunities and grasp it whenever it would be necessary, both at regional and national level So, I firmly believe that the business opportunities for international companies to be present in the Australian market in renewable energy will arise, in a natural way, as a result of these circumstances, the logic maturity of technologies in renewals and the increasing consciousness of the international public opinion, and subsequently parliaments and governments around the globe, including the Australian, about the potential threats to mankind of unending fossil fuel consumption. (I am of the view that business opportunities for renewal energies companies will come not only in the regulated public energy sector, but also in the private sector, including in mining, only because they would also be obliged to see its high expenditures on fossil fuel based energy reduced! I have even witnessed here, in a recent trip to Broken Hill, the town where one of the biggest world mining corporations was founded, how renewal energy (solar and wind) has been embraced by the political leaders of a community whose economic reality only some years back turned around on mining activities almost exclusively. I think we, Spaniards, should also learn from this experience.) Last, but not least, let me inform you that as a follow up of a recent trip to Australia of Prof Cayetano López, Director of CIEMAT (the leading research and development public institution on solar energy), I have just learned about the signature of a MOU between CIEMAT and the ANU Energy Change Institute that will further enhance the close relations between our two nations in these matters, particularly in solar energy. This institutional cooperation follows the already fruitful links with CSIRO and the different activities done by Spanish private companies with different universities across Australia. So, let me thank all experts, politicians, journalists, representatives of the public institutions as well as from the private sector for participating in this event. I would also thank La Camara members and corporate members, the sponsors of this conference, particularly EY, for making this conference possible and once again to La Cámara for its timely initiative and also for inviting me. It gave me the opportunity to update my knowledge and my personal interest for this fascinating world of renewable energies. Thank you to all of you, we have learn a lot from your very valuable contributions. Thank you very much!