This is exchanges at Goldman Sachs where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Seawert, Global Head of Corporate Communications here at the firm.

My guest today, Gonzalo Garcia, wears two hats at the firm. The first is as global co-head of natural

resources in our investment banking division and the second is as co-head of our

business in Latin America. We'll be chatting about key issues across all of his

responsibilities today. Gonzalo, welcome to the program. Thank you very much.

Pleasure to be here. So you've got a big job. Let's start with one piece of it.

Natural Resources, that's a sector

that's undergoing significant change. A large part of your job is advising CEOs of global

power and utility companies. What are the key trends that CEOs are focused on right now?

It's a good place to start on a very good question. I think we are looking at a

once in a generation secular change in the way we produce power.

And that's having very profound implications to the industry worldwide.

Ever since humanity started to use electricity as a convenient way of delivering energy to homes,

we've been producing it mainly by burning fossil fields.

If you take a snapshot, say a couple of years ago,

around 70% of the power that we consume

is produced by burning fossil fuels, that is oil, gas and coal. A few years back, led by Europe mainly, politicians and

regulators decided to encourage the migration towards renewable energy, mainly wind and solar, basically driven by climate change concerns.

And we're now looking at a very different picture, so by some estimates in the next two or three years the

share of renewable energy would have increased significantly around 10% in a

five-year period 10% of the world electricity consumption is a lot of megawatts. It's a lot of megawatts. It's all of Europe, right? Just to put that in perspective. I think there were some people that resisted the change. By now I don't think anybody is

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