DITLEV ENGEL I think let me start by quoting the Director of the IEA, Fatih Birol, who very recently said that renewables have shown extreme resilience to the COVID-19 situation and will continue to do so in the future. However, the biggest threat is actually uncertainty on regulation, which has nothing to do with COVID-19 and I have to say in March this year, when COVID-19 really hit, we were very concerned about the outlook for our business, the industry, and we took a lot of measures due to that.
But I have to say here now, as we are getting to the end of November, that fortunately our customers continued to focus on it, and so did we. We found new ways of doing things in a digital sense, we found ways to get things installed, work together in different ways. So, I think we managed to work around the COVID-19 situation and continue the pace. So, I think that is something we have definitely learnt from and we will also build on in the future.
But I think the regulatory uncertainty is probably the biggest threat and, just to give the two insights to this in our daily lives. One of our key accounts, Iberdrola, had a market capital day the other day and mentioned that in the next five years they are going to invest €75 billion in building out their activities, which, of course, is a very big amount and showing how much money is at the table now. So, we see the interest in investing more, scaling more, is very much there from businesses, not just in the energy sector but also financial investors and others who want to get engaged.
So, we really see money chasing projects and making the projects available is very much dependent upon the regulation. So, we can scale it fast, we can produce the technology fast, we can deploy it fast. The question that we cannot, in business control is in which frame the governments are putting it in and that’s really where we need to work. So, that’s why, when I said in the beginning we are technology optimistic but regulatory pessimistic, and therefore what we are going to focus on is how can we help governments make the right plans to build faster, to expand faster and what are the hindrances today?
Because it doesn’t create any value that we sit and say to each other you should do differently. But then you need to say you should do differently and this is how we suggest you do it differently. That will be much more proactive, and I think also much more value contributing going forward.