English transcript

So what do we tell countries?

Use measures that can economize energy.

And I have seen some countries doing exactly that.

Putting in place incentives like make public transport free,

incentivize people to take it, or work from home.

We did it during COVID.

I don't see a reason why not do more of it now.

Or switch to less energy intensive activities

over time.

So that is where we are.

I will give you just one example.

Jet fuel.

Something that I learned yesterday

is that Korea is a big producer of jet fuel.

They are an oil importer, but a jet fuel exporter.

And fortunately for the world, they

are one of the countries in Asia that

has strong reserves of oil and gas

that allows the economy to function well.

But they need new supplies.

And as I said, the tankers are slow to move.

In fact, what we have is a 20th century type of shock,

slower moving shock, in the 21st century.