You, Ralph?

Yeah, I think it's growing.

I think it's growing.

I think I saw in a report that 2024 was the fastest growing in terms of technology investments, faster than software as a class.

We'll wait and see what it's like in 2025, but it was back then.

We're really, and you can see it because of, I guess, the Climate Lab accelerator, the amount of applications we get, they're growing every year and the quality of the applicants and the cohorts are increasing.

They're getting much stronger and more sophisticated.

For those who are listening who don't know much about climate tech, are there any companies that you could speak to that could give us like an idea of the, I don't know, different types of companies working in New Zealand or exited or...

So you've got a dual mandate, haven't you? You invest both for value but also for sort of a social gain, if you like, or for well-being or for strong ESG flavour there in climate?

Yeah, that's right.

I mean, our investment thesis at Motion Capital is to invest in businesses, technology businesses, that make it cheaper to save the world than to destroy it.

So what that really means is we lean into the economics.

We look at the commercial models, we think superior economics drive adoption, and adoption at scale then drives that decarbonisation.

So we don't see any trade-off between returns and impact.

So, I mean, does that sort of narrow the field a wee bit for an outfit like Motion?

I don't think so.