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0:01
Cities generate something between 60 and 80%
0:04
of global economic output measured by
0:06
gross domestic product. Cities are responsible
0:08
for around 60% of
0:10
global waste output. They consume two-thirds
0:12
to three-fourths of global energy. They
0:14
also generate between 75 and 85%
0:17
of global greenhouse gas emissions. If
0:21
we really want all of these
0:23
national level commitments that we've made
0:25
for climate change, sustainability, and all
0:27
of that, to really get implemented,
0:29
we have to take that down
0:31
to the city level. That's where
0:34
the rubber hits the road. Every
0:36
second that we wait to take action
0:38
on climate change and sustainability issues is
0:41
time lost. And so we have to
0:43
think about how we can actually develop
0:45
solutions that can achieve both goals of
0:48
economic growth and productivity and also environmental
0:50
sustainability. From
0:56
PwC's management publication, Strategy in Business,
0:58
this is Take On Tomorrow, the
1:00
podcast that brings together experts from
1:02
around the globe to figure out
1:04
what business could and should be
1:06
doing to tackle some of the
1:08
biggest issues facing the world. I'm
1:11
Lizzie O'Leary, a podcaster and journalist in
1:13
New York. And I'm Ayesha
1:15
Hazarika, a broadcaster and writer in London.
1:18
Today, we're talking about the place
1:21
where more than half the world's
1:23
population lives, cities. By the
1:25
year 2050, the United Nations predict
1:27
that the figure will have risen
1:29
to 70%. A
1:32
change like that brings social, economic
1:34
and environmental challenges. How
1:36
can cities provide the housing, transit,
1:38
economic opportunities and all the other
1:41
amenities we need in a way
1:43
which is equitable and sustainable? To
1:45
find out more, we'll be talking
1:47
to climatologist Angel Xu. She's
1:50
founder of the Data Driven
1:52
EnviroLab, which uses satellites to
1:54
measure how environmentally sustainable and
1:56
how socially inclusive our cities really
1:59
are. But first, let's bring in
2:01
Hazem Ghilal, global leader for cities and
2:03
local government, and a partner with PwC
2:05
Middle East. Hazem, welcome to the show.
2:08
Thank you, Lizzie. Thank you, Aisha. Now,
2:10
Hazem, you work on smart mobility
2:13
and smart cities. Can you explain
2:15
to our listeners what those two
2:17
concepts mean? So let's
2:20
start with smart cities. A smart
2:22
city is a community that is
2:24
connected. It's a
2:26
community where technology enables
2:28
the delivery of smart
2:30
services that can
2:32
benefit the citizens, the residents,
2:34
and the businesses operating
2:37
in that city. On
2:39
the other hand, it is not
2:41
only about technology. Technology is an
2:43
enabler. Now, when we
2:45
think about smart mobility, smart
2:48
mobility is how we actually
2:50
move people, goods, in a
2:53
city, also enabled by technology
2:55
and data. What conversations are
2:57
you having with clients about smart
2:59
cities and smart mobility? We
3:01
can be talking to the
3:03
transport department within a city
3:05
how to introduce an integrated
3:07
transportation system within a city
3:09
that enables us to combine
3:11
different modes of transport and
3:13
to offer choices in that
3:15
city based on using data
3:17
in an intelligent way that
3:19
provides the end user with
3:21
all the different options for
3:23
mobility in that city. We
3:25
could be also having conversations
3:27
with solution providers, for
3:29
example, those providers that want to
3:31
establish an EV charging business in
3:34
a city. So they would be
3:37
asking us for support of how to
3:39
make the business case to show what
3:41
would be the benefits that a
3:44
city would get if they were
3:46
to adopt their solution of EV
3:48
charging. And can you tell us about
3:51
any particular innovations or
3:53
trends which you see as being
3:56
successful and working really well? In
3:59
the smart city space. we are
4:01
seeing a shift leveraging technology
4:03
and analytics into even a
4:05
further level, which is what
4:07
we call cognitive cities. A
4:09
cognitive city would be offering you a
4:12
lot of these decision-making
4:15
opportunities in a more
4:17
proactive way. So you would use
4:19
predictive analytics to analyze
4:21
data from the city and
4:24
again the service receiver, you
4:26
sort of like anticipating their
4:28
needs and offering the service
4:31
using AI, using cognitive thinking
4:33
in a proactive way. Hasem,
4:36
thank you for those thoughts and we're going to
4:38
come back to you in just a few minutes. But
4:41
first, Ayesha, you spoke to Angel
4:43
Shue about some of the key
4:45
issues. That's right, Lizzie. We had
4:47
an absolutely fascinating discussion and I
4:49
began by asking her, what makes
4:51
a city sustainable? Well,
4:53
this is a really tricky question because
4:55
there's not really a one-size-fits-all answer to
4:57
what makes a city sustainable. I think
5:00
there are three dimensions that you can
5:02
think about sustainability. One is
5:04
economic sustainability. So cities generate between
5:06
60 and 80 percent of global
5:09
economic output measured by gross domestic
5:11
product. I think another dimension is
5:13
environmental sustainability. Cities are responsible for
5:16
something around 60 percent of global
5:18
waste output. They consume two-thirds to
5:20
three-fourths of global energy. They also
5:23
generate between 75 and 85 percent
5:25
of global greenhouse gas emissions. And
5:27
they also contribute to higher temperatures compared
5:29
to rural areas. Also equally important is
5:32
the social equity dimension. You have some
5:34
of the wealthiest individuals that live within
5:36
cities as well as some of the poorest. And
5:39
this is one of the reasons why the United
5:41
Nations in 2015 started to
5:43
articulate a global vision for
5:45
what cities should be in
5:47
the future to be both
5:49
sustainable and inclusive. Now you've
5:51
done some really pioneering work
5:53
using satellite data to help
5:55
measure sustainability. Tell us about
5:57
that. How can I help
5:59
you? a satellite look at this
6:01
kind of measurement and work it
6:03
out. We can look at trees and
6:05
also where the location of water bodies
6:08
are, fresh water, oceans, and
6:10
then also environmental conditions. So environmental pollution
6:12
can also be measured and viewed from
6:14
space. So you can actually see algal
6:17
blooms in water bodies, for instance. Satellites,
6:20
because they have sensors, can actually detect
6:22
the degree to which pollutants in the
6:24
troposphere, which is a layer of the
6:26
Earth's atmosphere, actually prevent light
6:28
from penetrating. And then combining
6:30
those data with global circulation
6:33
models and other types of chemical
6:35
transport models that model how pollutants
6:37
move throughout the atmosphere, you
6:39
can actually estimate ground level concentrations to
6:41
air pollutants. And then also
6:44
carbon dioxide emissions and other greenhouse gases
6:46
are increasingly being monitored also by satellites.
6:48
Because satellites have a regular overpass time,
6:51
so they pass over the same position
6:53
on Earth the same time every single
6:55
day, you can actually start to get
6:57
a consistent and regular time series record
7:00
of these phenomenon of air pollution or
7:02
land cover, forest cover, carbon
7:04
dioxide emissions over that same
7:07
spot. And what about the
7:09
equity aspect of sustainability that
7:11
we discussed earlier and inclusion? Can
7:13
satellites give us a picture about
7:16
inequality? That's where satellites become increasingly
7:18
attractive and the promise of Earth
7:20
observation, because then you can get
7:22
this regular and consistent
7:24
record of these different types of
7:27
indicators. So when we combine that
7:29
with the socio demographic data, we
7:31
can start to answer questions like,
7:33
well, do all populations and all
7:35
demographic groups and all age groups,
7:37
do they have the same access
7:40
to green amenities like green space
7:42
and tree cover, and also
7:44
sustainable transit? And are they protected? Are
7:46
they afforded the same protections from air
7:48
pollution and urban heat
7:51
exposure? Let's now dig into
7:53
what you're discovering through your
7:55
data. What kinds of cities
7:58
are performing well? well,
8:00
what kind of regions of the
8:02
world are really leading the
8:04
way and which sort of areas, which cities
8:06
are not doing so well? We
8:08
find that there are generally four
8:10
types of cities. So one type
8:13
would be those Stockholms, Vancouver, London,
8:15
Copenhagen that are performing above average
8:17
on environmental quality, but then they're
8:19
not providing those benefits equally. And
8:21
in particular, they're burdening poorer populations
8:23
within their cities with these higher
8:26
levels of pollution and not the
8:28
same access to the amenities or
8:30
benefits. Then there's another type where
8:32
we're seeing there are some incredibly
8:34
dense cities. So these are Asian
8:36
cities like Tokyo and Kyoto city
8:38
in Japan, where they're performing better
8:40
than average on environmental indicators, but
8:43
they're burdening actually wealthier populations because
8:45
of the product of density, you
8:47
get more cars, you get more
8:49
buildings, and there's maybe not as
8:51
much room for green space in
8:54
dense urban areas. And then we've
8:56
got another type of city where
8:58
if you think about large Chinese
9:00
and Indian cities like Beijing and
9:02
Chengdu, Delhi, they are cities that
9:05
are not performing as well on
9:07
environmental quality. So they have high
9:09
levels of air pollution and
9:11
greenhouse gas emissions. They're performing
9:13
lower than average and also
9:15
burdening poorer populations and
9:18
wealthier populations actually alike. And
9:20
then the last type of city
9:22
would be those in primarily developing
9:25
countries, Monterey, Mexico, Johannesburg, South Africa,
9:27
where they're performing below average on
9:29
environmental conditions, but then also they
9:32
have huge amounts of income inequality
9:34
as well. Half of the cities
9:37
in our index are actually not
9:39
providing the same benefits equally amongst
9:41
all residents and are disproportionately burdening
9:44
poorer populations with greater burden of
9:46
air pollution exposure, urban heat island
9:48
exposure, and not the same benefit
9:50
and access to green space and sustainable transit.
9:53
So some of the amenities that cities should
9:55
be providing for all residents equally. What
9:57
is it about a city that allows it to be
10:00
sustainable. Is it
10:02
the way it's governed? Is
10:04
it specific policy decisions, whether
10:06
it's on housing or
10:08
things like limiting cars? Is
10:11
it geography? It has to be a
10:13
little bit of everything that you mentioned.
10:15
So I think some cities are just
10:17
initially dealt a shorter hand than others.
10:19
I think about Los Angeles, California, which
10:21
is located in the valley. And so
10:23
unfortunately, there's poor air quality and smog
10:25
has been a perennial issue. And
10:28
other cities, yeah, they are wealthier. And so
10:30
they have more economic resources and
10:32
they can invest in more sustainability
10:34
solutions. So I think there's a lot
10:36
of different varieties and reasons. And I
10:39
do think that governance and policies, urban
10:41
planning is certainly part of the solution. I'm
10:43
here in Singapore. And of course, you know,
10:45
they have the benefit of being a relatively
10:47
new nation. They just celebrated their 58th birthday.
10:50
And so they kind of, in a way, got to
10:52
think about how to design the city in a garden
10:55
and garden in a city from the ground up,
10:57
you know, the founders of modern Singapore, they were
11:00
thinking about that, recognizing that they had very limited
11:02
land area, and all these
11:04
different computing pressures of wanting to
11:06
grow GDP, but then also managing
11:08
resources really well. It's been
11:10
really interesting being here and
11:12
seeing the benefits of having
11:14
centralized planning and very thoughtful
11:16
urban design to combat urban
11:18
heat and to minimize pollution
11:20
and try to balance all
11:22
of these things together. There
11:24
were two very different schools
11:27
of thought on the impact
11:29
of sustainability. Some people think
11:31
taking climate or inclusion into
11:33
account can hold back your
11:35
chances of economic success. But
11:37
there are others who take a very
11:39
different view and they think that sustainability
11:41
enables economic success and
11:43
growth. What does your
11:46
data tell you? I think this
11:48
is a really tricky question to answer. At least
11:50
in our index, what we're finding is
11:52
that there are some cities that have
11:55
higher than average GDP and environmental performance.
11:57
So I think that that's evidence that you
11:59
can be... wealthy and you
12:01
can also be environmentally sustainable.
12:04
And then we're also saying that there are
12:06
some cities that are actually less wealthy, but
12:08
they punch above their weight in terms of
12:10
environmental sustainability. I think probably trying to say
12:13
which theory or which camp is right
12:15
is probably not productive. I think every
12:18
second that we wait to take action
12:20
on climate change and sustainability issues
12:22
is time lost. And so
12:24
we have to think about how
12:26
we can actually develop solutions that
12:28
can achieve both goals of economic
12:30
growth and productivity and also environmental
12:32
sustainability. Angel cities are
12:34
really diverse around the
12:37
world. Now there are some super
12:39
modern and innovations can be built
12:42
in, but there are
12:44
other cities which are a real
12:46
kind of jumble of the ancient
12:48
and the modern. How feasible and
12:50
how expensive is it
12:53
to retrofit some
12:55
of these older ancient cities?
12:58
Retrofitting buildings is a key indicator
13:00
for the building sector for urban areas if
13:02
we want to have any hope of staying
13:04
on track. So I think it's definitely feasible,
13:06
but it's also incredibly costly. But I think
13:08
there's a lot that can be done just
13:11
in simple terms of improving
13:13
installation and the ceiling and making sure
13:15
that these buildings are actually not allowing
13:17
a lot of airflow from leaking in
13:19
or out and improving lighting,
13:22
just upgrading to LEDs and more efficient
13:24
lighting sources. That's a huge focus. And
13:26
then improving obviously the air conditioning
13:29
and ventilation systems. I think that's
13:31
also an area where you can really
13:33
improve energy efficiency of buildings. And why
13:36
should business leaders care about this agenda,
13:38
particularly when they are facing very
13:40
difficult economic circumstances at the
13:42
moment? They should care because
13:44
it's kind of a do or die moment
13:46
where we now see that businesses are being
13:48
impacted by climate change. Last
13:51
year when China experienced a record setting
13:53
heat wave, so they had something like
13:55
70 days of temperatures over 100 degrees,
13:57
it hugely... The
14:00
affected supply chains: Because China lost
14:02
a lot of hydro power, a
14:04
lot of their waterways dried up
14:06
and they weren't able to transfer
14:08
goods as easily and that affected
14:10
supply chains that certainly drove up
14:12
inflation and affected businesses. Bottom line,
14:14
and if you're a business leader,
14:16
he is concerned about the sustainability
14:18
of as the the city where
14:20
you operates. Give us an example
14:22
of some practical things that the
14:25
to. Do I always say number
14:27
one know you're in fact is?
14:29
I think that's so incredibly critical
14:31
You can't. Manage what you don't measure
14:33
and you can't manage well. We don't measure
14:35
wealth And then I think once you know
14:37
what your baseline emissions are, it's important to
14:39
set a goal at. Also, as a mother
14:41
a suspect, the arms professor I know how
14:44
important it is to make their goal post
14:46
and the milestones very clearly defined if you
14:48
want to actually motivate action. And
14:50
then at the other piece is actually
14:52
developing a plan and then I would
14:54
say the fourth set as then to
14:57
actually take steps to implement number five,
14:59
you have to also monitor and report
15:01
your progress and us were saying a
15:03
lot of gaps so all of this
15:06
sounds really important, but it also signs
15:08
like it's quite a lot. Been really
15:10
honest. Is this gonna be harder if
15:12
your and I send me a small
15:15
or medium enterprise When we talk about
15:17
the companies are responsible for climate change?
15:19
two thirds. Of the companies that have
15:21
contributed the most of the climate, his
15:24
problem. For the very large companies that
15:26
you were death a large fossil fuel
15:28
companies, cement companies, oil and gas, and
15:30
really the we're not anybody estimates you
15:32
are filthy talking about major major companies
15:34
and and a lot of these I
15:36
were publicly own state owned enterprises. These
15:38
are the ones that are historically the
15:41
most responsible for the climate change problem
15:43
and they absolutely have no excuse. I
15:45
mean, they have the capacity to have
15:47
the resources to do all the things
15:49
that I. Mention, But absolutely For small
15:51
and medium sized enterprises, it's going to
15:54
be really challenging. everyone should be
15:56
aware at least and try to get educated about
15:58
what climate change is how to affects their
16:00
businesses. You can collect activity data on
16:02
how much electricity you consume, how much
16:05
fuel do you purchase. And
16:07
there are databases of emissions factors
16:09
that tell us how much emissions
16:12
are emitted through per unit of
16:14
these different activities. And so you
16:16
can start to develop these estimates
16:18
that don't require necessarily a huge
16:20
amount of technological resources. So Angel,
16:23
what is your ideal
16:25
vision of the sustainable,
16:27
equitable city of the future?
16:30
I'm drawn to an example just from a
16:32
few weeks ago. So my family, they really
16:35
like cruises, my parents are aging and they
16:37
really wanted to get everybody together. And my
16:40
husband made a remark, he said, to me,
16:43
this is what every American really wants.
16:45
They don't necessarily want to be on
16:47
a boat per se. And
16:49
it doesn't have to be on this
16:51
monstrosity of a ship. What they really
16:53
want is this connection with other people
16:55
because you have this self contained entertainment
16:58
center, you have walkability to
17:00
restaurants, to cafes, to bars, you have
17:02
these chance encounters with people. And it really
17:04
struck me that this is what a city
17:06
should be. I think that could actually help
17:08
us achieve a sustainable city
17:10
that's equitable because you would have
17:12
people who could have access to better
17:15
jobs and more economic
17:17
opportunity that cities provide, you could
17:19
have density and people not needing
17:21
to actually purchase their own car because they
17:24
would have public transit that they could access.
17:26
And then you could have these green spaces
17:28
that could actually bring people together. And if
17:30
everyone had the same access to these parks
17:32
and shaded areas, then they could
17:34
have protection from air pollution and
17:36
urban heat. My hope is that emerging
17:39
cities in other parts of the world
17:41
learn from our mistakes. And they think
17:44
about how to rebuild urban centers to
17:46
be vibrant communities that connect people together
17:48
and have a common shared vision of
17:50
sustainability because I think that's the only
17:52
way we're going to be able to
17:54
actually tackle climate change. Well, Angel, thank
17:56
you so much for your time. Thank
17:58
you. Thank you so much. It was
18:00
really a pleasure being here. We're
18:03
back with Hazem Ghulal. Hazem, Angel
18:05
laid out some reasons why she
18:07
thought businesses are to care about
18:09
whether cities are sustainable. Climate
18:12
change, disrupting operations and supply chains,
18:14
driving up inflation, as
18:16
well as reputational damage. To
18:19
what extent do your clients share
18:21
that perspective? Absolutely. I mean,
18:23
climate change is real. It's
18:25
here. The cost of
18:27
not dealing with climate change
18:29
is borne by the entire
18:32
society, including the companies, public
18:34
sector entities, private sector entities that
18:37
operate in a city. So
18:39
a lot of our clients,
18:41
especially the startups, are starting
18:43
right now to really think
18:46
about how can they provide
18:48
solutions that would help us
18:50
to deal with climate change, be
18:52
it mitigation or adaptation. Well, whose
18:54
responsibility is it to make our cities more sustainable?
18:56
I mean, is it the private
18:59
sector, is the government, what's the balance? So
19:01
it has to be driven by
19:04
the government, essentially. I mean, city
19:06
mayors and city regulators are the
19:08
ultimately responsible people for that. But
19:10
it's not only their responsibilities. The
19:12
private sector has to be part
19:14
of this. And the government has
19:16
a very solid set of regulations,
19:18
you know, in terms of making
19:20
sure that when they give the permits
19:22
to a master developer, they need to
19:25
make sure that the type of units
19:27
that they are developing are
19:29
catering for all different strata
19:31
within that society, right? So
19:33
it is the government's responsibility,
19:35
but it has to be
19:37
done in collaboration with the
19:39
private sector, with academia, and
19:42
with non-governmental organizations. What
19:45
would effective and valuable public-private
19:47
partnerships look like when it
19:50
comes to sustainable cities? And
19:52
what benefits do they provide?
19:55
We did a study actually with the World Economic
19:57
Forum a few years ago, and we looked at
19:59
the look that one of the
20:02
most important factors in making
20:04
those public-private partnerships a success
20:06
is to engage the private
20:08
sector early enough in the
20:10
process and to make sure that
20:13
they are an equal partner along the
20:16
way. Of course, you have to be
20:18
designing these partnerships so that
20:21
they are a win-win situation.
20:24
And you're taking the best of
20:26
the private sector but also making
20:28
sure that the regulations, the laws,
20:30
the procurement laws are catered to
20:33
incentivizing the private sector to participate
20:35
while keeping checks and balances to
20:37
make sure that the recipients of
20:39
the service are still getting the
20:42
best quality. I'm wondering
20:44
what uses you see for
20:46
policymakers and businesses in the
20:48
kind of data that Angel's work is
20:50
producing. It's great when
20:52
you actually have data that would allow
20:54
you to better plan and operate a
20:56
city. If they can
20:58
understand through sharing, car rights
21:01
sharing data, in a
21:03
better way, the use of different times
21:05
of the day, different modes of transportation,
21:08
you will be able to plan better
21:10
roads. You will be able to better
21:12
plan public transportation and your bus lines
21:15
to address those areas that need them
21:17
the most. So having this
21:19
dynamic data and being able
21:22
to process it, analyze it,
21:24
intelligently make decisions based on
21:27
that is what really a
21:29
smart city is all about. Looking
21:31
specifically at the region where you work,
21:33
the Middle East, it's got the second
21:35
fastest rate of urbanization on the planet after
21:37
Africa. What particular challenges
21:40
or opportunities do you see in the Middle
21:42
East? Oh, this is
21:44
an amazing time to be in the Middle
21:46
East. And I think, especially when it comes
21:48
to smart cities, now we
21:50
are seeing a big transition in
21:53
Saudi Arabia, for example, Riyadh has
21:55
really started to transition into a
21:57
cognitive city as a brand new
21:59
city. round field city that is
22:02
a city that is already existing,
22:04
that becomes very challenging because
22:06
in a way you have to
22:08
sail the boat as you are
22:10
rebuilding it. On the other
22:12
hand, we also have the likes of
22:14
NEOM, we have the likes of MOSDAR.
22:16
These are green fields, new cities that
22:18
are being designed from scratch
22:21
like the line, like OXOGON,
22:23
where from the beginning you
22:25
are inserting and investing in
22:28
smart infrastructure that would allow
22:30
you to offer these smart services.
22:33
And there is a renewed emphasis as
22:35
well on sustainability because at
22:37
the end of the day you
22:40
want to be able also to
22:42
leverage these technologies towards sustainability
22:44
and enhanced quality of life. I
22:47
would say if we really want
22:50
all of these national level
22:52
commitments that we've made for climate
22:54
change, sustainability and all of that,
22:56
to really get implemented, we have
22:59
to take that down to the city
23:01
level. That's where the rubber hits the road.
23:03
Hasem Galal, thank you so much for
23:05
talking with us and for sharing your reflections today.
23:08
It was a pleasure. Thank you very much. So
23:11
Lizzie, my big takeaway
23:13
is that justice and
23:15
inclusion is a really, really big
23:17
part of the story of
23:20
smart cities and smart
23:23
mobility. And particularly
23:25
as that collides with global
23:27
warming and climate change, we've
23:30
got these very, very dense
23:32
cities, but that also means
23:34
real challenges, particularly as our
23:36
cities get warmer in
23:38
terms of even things like
23:40
green spaces, planting trees for
23:42
shade, making sure as
23:45
well as being warm in winter are
23:48
sort of cool and ventilated when it
23:50
gets really hot. I was expecting to
23:52
hear, oh, some of these cities,
23:55
Copenhagen, Stockholm have done so well
23:57
on sustainability, But then, when she's.
24:00
Talked about. Actually, they're not
24:02
necessarily including poor people in
24:04
those benefits and in fact,
24:06
burdening them. I thought that
24:08
was incredibly interesting to think
24:11
about this intersection. Of
24:13
being inclusive and diverse with
24:15
being sustainable that these are
24:17
not values. That are opposition with
24:19
one another. They are in fact inextricably
24:22
linked. And. That we can do
24:24
that. using. Data to
24:26
drive this kind of decision making.
24:29
That's. All for this episode. Join
24:31
us next time on teeth and
24:33
moral when we'll be asking his
24:35
business is ladies that I generative
24:37
A I will transform side The
24:39
security is sleep A crime was
24:41
a country. It would be the
24:43
third richest country in the world
24:45
in terms of gross domestic product.
24:47
He would also be the fastest
24:50
growing economy and the wealth. Anything
24:52
about something money has been made
24:54
by that somewhere. Operators have some
24:56
of these organized crime gangs. they
24:58
got a lot. More money to
25:00
invest in Utah new technology with
25:02
me. Spoken about the potential for
25:05
generated. Believe.
25:09
That our ability to collaborate and
25:11
our ability to separate that scale
25:13
and you some I see some
25:15
of these technologies got sick the
25:17
that advantage in see their realm
25:19
of defenders. Take.
25:24
On Tomorrow is brought to you
25:26
by Pwc. The Strategy and business.
25:28
Pwc refers to the Pbc network
25:30
and or one or more of
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