Long-term strategy is influenced by climate-related considerations in a number of ways. In the medium term, some strategic decisions are made in
direct response to existing or proposed legislation and regulation. Probably the best example of this is policy-driven deployment of renewable energy, where a number of governments are providing support of one kind or another (obligations, tariff support, tax incentives) to bring near-commercial
renewable energy technologies such as biofuels and wind power to full commercialisation. In those situations we seek to invest where we believe the
policy regime is stable and enduring, where other risks, such as technology and planning, are manageable, and where the scale of the opportunity is
substantial. One example would be our significant investment in the biofuels business.