WEBVTT 00:00:00.000 --> 00:00:04.000 Believe me or not, I come offering a solution 00:00:04.000 --> 00:00:08.000 to a very important part of this larger problem, 00:00:08.000 --> 00:00:10.000 with the requisite focus on climate. 00:00:10.000 --> 00:00:12.000 And the solution I offer 00:00:12.000 --> 00:00:14.000 is to the biggest culprit 00:00:14.000 --> 00:00:18.000 in this massive mistreatment of the earth 00:00:18.000 --> 00:00:20.000 by humankind, 00:00:20.000 --> 00:00:23.000 and the resulting decline of the biosphere. 00:00:23.000 --> 00:00:26.000 That culprit is business and industry, 00:00:26.000 --> 00:00:29.000 which happens to be where I have spent the last 52 years 00:00:29.000 --> 00:00:33.000 since my graduation from Georgia Tech in 1956. 00:00:33.000 --> 00:00:35.000 As an industrial engineer, 00:00:35.000 --> 00:00:39.000 cum aspiring and then successful entrepreneur. 00:00:39.000 --> 00:00:42.000 After founding my company, Interface, from scratch 00:00:42.000 --> 00:00:45.000 in 1973, 36 years ago, 00:00:45.000 --> 00:00:47.000 to produce carpet tiles in America 00:00:47.000 --> 00:00:50.000 for the business and institution markets, 00:00:50.000 --> 00:00:53.000 and shepherding it through start-up and survival 00:00:53.000 --> 00:00:56.000 to prosperity and global dominance in its field, 00:00:56.000 --> 00:00:58.000 I read Paul Hawken's book, 00:00:58.000 --> 00:01:00.000 "The Ecology of Commerce," 00:01:00.000 --> 00:01:03.000 the summer of 1994. 00:01:03.000 --> 00:01:06.000 In his book, Paul charges business and industry 00:01:06.000 --> 00:01:09.000 as, one, the major culprit 00:01:09.000 --> 00:01:11.000 in causing the decline of the biosphere, 00:01:11.000 --> 00:01:14.000 and, two, the only institution that is large enough, 00:01:14.000 --> 00:01:16.000 and pervasive enough, and powerful enough, 00:01:16.000 --> 00:01:20.000 to really lead humankind out of this mess. 00:01:20.000 --> 00:01:23.000 And by the way he convicted me 00:01:23.000 --> 00:01:25.000 as a plunderer of the earth. NOTE Paragraph 00:01:25.000 --> 00:01:28.000 And I then challenged the people of Interface, my company, 00:01:28.000 --> 00:01:32.000 to lead our company and the entire industrial world to sustainability, 00:01:32.000 --> 00:01:34.000 which we defined as eventually operating 00:01:34.000 --> 00:01:37.000 our petroleum-intensive company in such a way 00:01:37.000 --> 00:01:39.000 as to take from the earth 00:01:39.000 --> 00:01:43.000 only what can be renewed by the earth, naturally and rapidly -- 00:01:43.000 --> 00:01:45.000 not another fresh drop of oil -- 00:01:45.000 --> 00:01:49.000 and to do no harm to the biosphere. 00:01:49.000 --> 00:01:51.000 Take nothing: do no harm. 00:01:51.000 --> 00:01:53.000 I simply said, "If Hawken is right 00:01:53.000 --> 00:01:55.000 and business and industry must lead, 00:01:55.000 --> 00:01:57.000 who will lead business and industry? 00:01:57.000 --> 00:02:00.000 Unless somebody leads, nobody will." 00:02:00.000 --> 00:02:03.000 It's axiomatic. Why not us? 00:02:03.000 --> 00:02:05.000 And thanks to the people of Interface, 00:02:05.000 --> 00:02:08.000 I have become a recovering plunderer. NOTE Paragraph 00:02:08.000 --> 00:02:09.000 (Laughter) NOTE Paragraph 00:02:09.000 --> 00:02:14.000 (Applause) NOTE Paragraph 00:02:14.000 --> 00:02:18.000 I once told a Fortune Magazine writer 00:02:18.000 --> 00:02:21.000 that someday people like me would go to jail. 00:02:21.000 --> 00:02:23.000 And that became the headline of a Fortune article. 00:02:23.000 --> 00:02:27.000 They went on to describe me as America's greenest CEO. 00:02:27.000 --> 00:02:30.000 From plunderer to recovering plunderer, 00:02:30.000 --> 00:02:33.000 to America's greenest CEO in five years -- 00:02:33.000 --> 00:02:35.000 that, frankly, was a pretty sad commentary 00:02:35.000 --> 00:02:40.000 on American CEOs in 1999. 00:02:40.000 --> 00:02:43.000 Asked later in the Canadian documentary, "The Corporation," 00:02:43.000 --> 00:02:46.000 what I meant by the "go to jail" remark, 00:02:46.000 --> 00:02:50.000 I offered that theft is a crime. 00:02:50.000 --> 00:02:55.000 And theft of our children's future would someday be a crime. 00:02:55.000 --> 00:02:57.000 But I realized, for that to be true -- 00:02:57.000 --> 00:03:00.000 for theft of our children's future to be a crime -- 00:03:00.000 --> 00:03:03.000 there must be a clear, demonstrable alternative 00:03:03.000 --> 00:03:06.000 to the take-make-waste industrial system 00:03:06.000 --> 00:03:09.000 that so dominates our civilization, 00:03:09.000 --> 00:03:12.000 and is the major culprit, stealing our children's future, 00:03:12.000 --> 00:03:14.000 by digging up the earth 00:03:14.000 --> 00:03:18.000 and converting it to products that quickly become waste 00:03:18.000 --> 00:03:20.000 in a landfill or an incinerator -- 00:03:20.000 --> 00:03:25.000 in short, digging up the earth and converting it to pollution. NOTE Paragraph 00:03:25.000 --> 00:03:27.000 According to Paul and Anne Ehrlich 00:03:27.000 --> 00:03:30.000 and a well-known environmental impact equation, 00:03:30.000 --> 00:03:32.000 impact -- a bad thing -- 00:03:32.000 --> 00:03:36.000 is the product of population, affluence and technology. 00:03:36.000 --> 00:03:40.000 That is, impact is generated by people, 00:03:40.000 --> 00:03:42.000 what they consume in their affluence, 00:03:42.000 --> 00:03:45.000 and how it is produced. 00:03:45.000 --> 00:03:47.000 And though the equation is largely subjective, 00:03:47.000 --> 00:03:51.000 you can perhaps quantify people, and perhaps quantify affluence, 00:03:51.000 --> 00:03:55.000 but technology is abusive in too many ways to quantify. 00:03:55.000 --> 00:03:57.000 So the equation is conceptual. 00:03:57.000 --> 00:04:00.000 Still it works to help us understand the problem. NOTE Paragraph 00:04:00.000 --> 00:04:05.000 So we set out at Interface, in 1994, 00:04:05.000 --> 00:04:07.000 to create an example: 00:04:07.000 --> 00:04:09.000 to transform the way we made carpet, 00:04:09.000 --> 00:04:13.000 a petroleum-intensive product for materials as well as energy, 00:04:13.000 --> 00:04:15.000 and to transform our technologies 00:04:15.000 --> 00:04:18.000 so they diminished environmental impact, 00:04:18.000 --> 00:04:21.000 rather than multiplied it. 00:04:21.000 --> 00:04:24.000 Paul and Anne Ehrlich's environmental impact equation: 00:04:24.000 --> 00:04:27.000 I is equal to P times A times T: 00:04:27.000 --> 00:04:30.000 population, affluence and technology. 00:04:30.000 --> 00:04:36.000 I wanted Interface to rewrite that equation so that it read 00:04:36.000 --> 00:04:39.000 I equals P times A divided by T. 00:04:39.000 --> 00:04:42.000 Now, the mathematically-minded will see immediately 00:04:42.000 --> 00:04:45.000 that T in the numerator increases impact -- a bad thing -- 00:04:45.000 --> 00:04:49.000 but T in the denominator decreases impact. 00:04:49.000 --> 00:04:53.000 So I ask, "What would move T, technology, 00:04:53.000 --> 00:04:55.000 from the numerator -- call it T1 -- 00:04:55.000 --> 00:04:57.000 where it increases impact, 00:04:57.000 --> 00:05:00.000 to the denominator -- call it T2 -- 00:05:00.000 --> 00:05:03.000 where it reduces impact? NOTE Paragraph 00:05:03.000 --> 00:05:07.000 I thought about the characteristics 00:05:07.000 --> 00:05:09.000 of first industrial revolution, 00:05:09.000 --> 00:05:12.000 T1, as we practiced it at Interface, 00:05:12.000 --> 00:05:16.000 and it had the following characteristics. 00:05:16.000 --> 00:05:20.000 Extractive: taking raw materials from the earth. 00:05:20.000 --> 00:05:23.000 Linear: take, make, waste. 00:05:23.000 --> 00:05:25.000 Powered by fossil fuel-derived energy. 00:05:25.000 --> 00:05:29.000 Wasteful: abusive and focused on labor productivity. 00:05:29.000 --> 00:05:32.000 More carpet per man-hour. 00:05:32.000 --> 00:05:35.000 Thinking it through, I realized that all those attributes 00:05:35.000 --> 00:05:40.000 must be changed to move T to the denominator. 00:05:40.000 --> 00:05:45.000 In the new industrial revolution extractive must be replaced by renewable; 00:05:45.000 --> 00:05:47.000 linear by cyclical; 00:05:47.000 --> 00:05:51.000 fossil fuel energy by renewable energy, sunlight; 00:05:51.000 --> 00:05:53.000 wasteful by waste-free; 00:05:53.000 --> 00:05:55.000 and abusive by benign; 00:05:55.000 --> 00:05:59.000 and labor productivity by resource productivity. 00:05:59.000 --> 00:06:03.000 And I reasoned that if we could make those transformative changes, 00:06:03.000 --> 00:06:05.000 and get rid of T1 altogether, 00:06:05.000 --> 00:06:08.000 we could reduce our impact to zero, 00:06:08.000 --> 00:06:11.000 including our impact on the climate. 00:06:11.000 --> 00:06:14.000 And that became the Interface plan in 1995, 00:06:14.000 --> 00:06:17.000 and has been the plan ever since. NOTE Paragraph 00:06:17.000 --> 00:06:21.000 We have measured our progress very rigorously. 00:06:21.000 --> 00:06:25.000 So I can tell you how far we have come in the ensuing 12 years. 00:06:25.000 --> 00:06:27.000 Net greenhouse gas emissions 00:06:27.000 --> 00:06:31.000 down 82 percent in absolute tonnage. 00:06:31.000 --> 00:06:35.000 (Applause) 00:06:35.000 --> 00:06:37.000 Over the same span of time 00:06:37.000 --> 00:06:40.000 sales have increased by two-thirds and profits have doubled. 00:06:40.000 --> 00:06:43.000 So an 82 percent absolute reduction 00:06:43.000 --> 00:06:45.000 translates into a 90 percent reduction 00:06:45.000 --> 00:06:49.000 in greenhouse gas intensity relative to sales. 00:06:49.000 --> 00:06:51.000 This is the magnitude 00:06:51.000 --> 00:06:54.000 of the reduction the entire global technosphere 00:06:54.000 --> 00:06:57.000 must realize by 2050 00:06:57.000 --> 00:07:00.000 to avoid catastrophic climate disruption -- 00:07:00.000 --> 00:07:03.000 so the scientists are telling us. 00:07:03.000 --> 00:07:07.000 Fossil fuel usage is down 60 percent per unit of production, 00:07:07.000 --> 00:07:09.000 due to efficiencies in renewables. 00:07:09.000 --> 00:07:12.000 The cheapest, most secure barrel of oil there is 00:07:12.000 --> 00:07:15.000 is the one not used through efficiencies. 00:07:15.000 --> 00:07:18.000 Water usage is down 75 percent 00:07:18.000 --> 00:07:20.000 in our worldwide carpet tile business. 00:07:20.000 --> 00:07:23.000 Down 40 percent in our broadloom carpet business, 00:07:23.000 --> 00:07:25.000 which we acquired in 1993 00:07:25.000 --> 00:07:27.000 right here in California, City of Industry, 00:07:27.000 --> 00:07:30.000 where water is so precious. 00:07:30.000 --> 00:07:34.000 Renewable or recyclable materials are 25 percent of the total, and growing rapidly. 00:07:34.000 --> 00:07:37.000 Renewable energy is 27 percent of our total, 00:07:37.000 --> 00:07:39.000 going for 100 percent. 00:07:39.000 --> 00:07:42.000 We have diverted 148 million pounds -- 00:07:42.000 --> 00:07:44.000 that's 74,000 tons -- 00:07:44.000 --> 00:07:47.000 of used carpet from landfills, 00:07:47.000 --> 00:07:49.000 closing the loop on material flows 00:07:49.000 --> 00:07:51.000 through reverse logistics 00:07:51.000 --> 00:07:54.000 and post-consumer recycling technologies 00:07:54.000 --> 00:07:58.000 that did not exist when we started 14 years ago. NOTE Paragraph 00:07:58.000 --> 00:08:00.000 Those new cyclical technologies 00:08:00.000 --> 00:08:03.000 have contributed mightily to the fact that we have produced and sold 00:08:03.000 --> 00:08:07.000 85 million square yards of climate-neutral carpet 00:08:07.000 --> 00:08:09.000 since 2004, 00:08:09.000 --> 00:08:13.000 meaning no net contribution to global climate disruption 00:08:13.000 --> 00:08:15.000 in producing the carpet throughout the supply chain, 00:08:15.000 --> 00:08:20.000 from mine and well head clear to end-of-life reclamation -- 00:08:20.000 --> 00:08:22.000 independent third-party certified. 00:08:22.000 --> 00:08:25.000 We call it Cool Carpet. 00:08:25.000 --> 00:08:28.000 And it has been a powerful marketplace differentiator, 00:08:28.000 --> 00:08:30.000 increasing sales and profits. 00:08:30.000 --> 00:08:34.000 Three years ago we launched carpet tile for the home, 00:08:34.000 --> 00:08:36.000 under the brand Flor, 00:08:36.000 --> 00:08:39.000 misspelled F-L-O-R. 00:08:39.000 --> 00:08:41.000 You can point and click today at Flor.com 00:08:41.000 --> 00:08:45.000 and have Cool Carpet delivered to your front door in five days. 00:08:45.000 --> 00:08:48.000 It is practical, and pretty too. NOTE Paragraph 00:08:48.000 --> 00:08:49.000 (Laughter) NOTE Paragraph 00:08:49.000 --> 00:08:55.000 (Applause) NOTE Paragraph 00:08:55.000 --> 00:08:57.000 We reckon that we are a bit over halfway 00:08:57.000 --> 00:09:02.000 to our goal: zero impact, zero footprint. 00:09:02.000 --> 00:09:05.000 We've set 2020 as our target year for zero, 00:09:05.000 --> 00:09:10.000 for reaching the top, the summit of Mount Sustainability. 00:09:10.000 --> 00:09:12.000 We call this Mission Zero. 00:09:12.000 --> 00:09:15.000 And this is perhaps the most important facet: 00:09:15.000 --> 00:09:19.000 we have found Mission Zero to be incredibly good for business. 00:09:19.000 --> 00:09:22.000 A better business model, 00:09:22.000 --> 00:09:24.000 a better way to bigger profits. 00:09:24.000 --> 00:09:27.000 Here is the business case for sustainability. 00:09:27.000 --> 00:09:31.000 From real life experience, costs are down, not up, 00:09:31.000 --> 00:09:33.000 reflecting some 400 million dollars 00:09:33.000 --> 00:09:37.000 of avoided costs in pursuit of zero waste -- 00:09:37.000 --> 00:09:40.000 the first face of Mount Sustainability. 00:09:40.000 --> 00:09:44.000 This has paid all the costs for the transformation of Interface. NOTE Paragraph 00:09:44.000 --> 00:09:46.000 And this dispels a myth too, 00:09:46.000 --> 00:09:50.000 this false choice between the environment and the economy. 00:09:50.000 --> 00:09:52.000 Our products are the best they've ever been, 00:09:52.000 --> 00:09:54.000 inspired by design for sustainability, 00:09:54.000 --> 00:09:58.000 an unexpected wellspring of innovation. 00:09:58.000 --> 00:10:01.000 Our people are galvanized around this shared higher purpose. 00:10:01.000 --> 00:10:03.000 You cannot beat it for attracting the best people 00:10:03.000 --> 00:10:06.000 and bringing them together. 00:10:06.000 --> 00:10:09.000 And the goodwill of the marketplace is astonishing. 00:10:09.000 --> 00:10:13.000 No amount of advertising, no clever marketing campaign, 00:10:13.000 --> 00:10:16.000 at any price, could have produced or created 00:10:16.000 --> 00:10:19.000 this much goodwill. 00:10:19.000 --> 00:10:21.000 Costs, products, people, marketplaces -- 00:10:21.000 --> 00:10:23.000 what else is there? 00:10:23.000 --> 00:10:25.000 It is a better business model. NOTE Paragraph 00:10:25.000 --> 00:10:30.000 And here is our 14-year record of sales and profits. 00:10:30.000 --> 00:10:33.000 There is a dip there, from 2001 to 2003: 00:10:33.000 --> 00:10:35.000 a dip when our sales, over a three-year period, 00:10:35.000 --> 00:10:37.000 were down 17 percent. 00:10:37.000 --> 00:10:40.000 But the marketplace was down 36 percent. 00:10:40.000 --> 00:10:42.000 We literally gained market share. 00:10:42.000 --> 00:10:45.000 We might not have survived that recession 00:10:45.000 --> 00:10:48.000 but for the advantages of sustainability. 00:10:48.000 --> 00:10:52.000 If every business were pursuing Interface plans, 00:10:52.000 --> 00:10:54.000 would that solve all our problems? 00:10:54.000 --> 00:10:56.000 I don't think so. 00:10:56.000 --> 00:10:59.000 I remain troubled by the revised Ehrlich equation, 00:10:59.000 --> 00:11:03.000 I equals P times A divided by T2. 00:11:03.000 --> 00:11:05.000 That A is a capital A, 00:11:05.000 --> 00:11:10.000 suggesting that affluence is an end in itself. 00:11:10.000 --> 00:11:14.000 But what if we reframed Ehrlich further? 00:11:14.000 --> 00:11:17.000 And what if we made A a lowercase 'a,' 00:11:17.000 --> 00:11:19.000 suggesting that it is a means to an end, 00:11:19.000 --> 00:11:22.000 and that end is happiness -- 00:11:22.000 --> 00:11:25.000 more happiness with less stuff. NOTE Paragraph 00:11:25.000 --> 00:11:28.000 You know that would reframe civilization itself -- 00:11:28.000 --> 00:11:36.000 (Applause) -- 00:11:36.000 --> 00:11:39.000 and our whole system of economics, 00:11:39.000 --> 00:11:45.000 if not for our species, then perhaps for the one that succeeds us: 00:11:45.000 --> 00:11:48.000 the sustainable species, living on a finite earth, 00:11:48.000 --> 00:11:51.000 ethically, happily and ecologically 00:11:51.000 --> 00:11:53.000 in balance with nature 00:11:53.000 --> 00:11:56.000 and all her natural systems for a thousand generations, 00:11:56.000 --> 00:11:58.000 or 10,000 generations -- 00:11:58.000 --> 00:12:01.000 that is to say, into the indefinite future. 00:12:01.000 --> 00:12:06.000 But does the earth have to wait for our extinction as a species? 00:12:06.000 --> 00:12:09.000 Well maybe so. But I don't think so. NOTE Paragraph 00:12:09.000 --> 00:12:12.000 At Interface we really intend to bring this prototypical 00:12:12.000 --> 00:12:15.000 sustainable, zero-footprint industrial company 00:12:15.000 --> 00:12:18.000 fully into existence by 2020. 00:12:18.000 --> 00:12:20.000 We can see our way now, 00:12:20.000 --> 00:12:22.000 clear to the top of that mountain. 00:12:22.000 --> 00:12:25.000 And now the challenge is in execution. 00:12:25.000 --> 00:12:28.000 And as my good friend and adviser Amory Lovins says, 00:12:28.000 --> 00:12:32.000 "If something exists, it must be possible." 00:12:32.000 --> 00:12:35.000 (Laughter) 00:12:35.000 --> 00:12:38.000 If we can actually do it, it must be possible. 00:12:38.000 --> 00:12:42.000 If we, a petro-intensive company can do it, anybody can. 00:12:42.000 --> 00:12:46.000 And if anybody can, it follows that everybody can. NOTE Paragraph 00:12:46.000 --> 00:12:49.000 Hawken fulfilled business and industry, 00:12:49.000 --> 00:12:53.000 leading humankind away from the abyss 00:12:53.000 --> 00:12:58.000 because, with continued unchecked decline of the biosphere, 00:12:58.000 --> 00:13:01.000 a very dear person is at risk here -- 00:13:01.000 --> 00:13:03.000 frankly, an unacceptable risk. 00:13:03.000 --> 00:13:05.000 Who is that person? 00:13:05.000 --> 00:13:07.000 Not you. Not I. 00:13:07.000 --> 00:13:10.000 But let me introduce you to the one who is most at risk here. 00:13:10.000 --> 00:13:14.000 And I myself met this person in the early days of this mountain climb. 00:13:14.000 --> 00:13:18.000 On a Tuesday morning in March of 1996, 00:13:18.000 --> 00:13:21.000 I was talking to people, as I did at every opportunity back then, 00:13:21.000 --> 00:13:25.000 bringing them along and often not knowing whether I was connecting. 00:13:25.000 --> 00:13:28.000 But about five days later back in Atlanta, 00:13:28.000 --> 00:13:31.000 I received an email from Glenn Thomas, 00:13:31.000 --> 00:13:33.000 one of my people in the California meeting. 00:13:33.000 --> 00:13:35.000 He was sending me an original poem 00:13:35.000 --> 00:13:38.000 that he had composed after our Tuesday morning together. 00:13:38.000 --> 00:13:42.000 And when I read it it was one of the most uplifting moments of my life. 00:13:42.000 --> 00:13:46.000 Because it told me, by God, one person got it. 00:13:46.000 --> 00:13:50.000 Here is what Glenn wrote. And here is that person, most at risk. 00:13:50.000 --> 00:13:54.000 Please meet "Tomorrow's Child." NOTE Paragraph 00:13:54.000 --> 00:13:58.000 "Without a name, an unseen face, and knowing not your time or place, NOTE Paragraph 00:13:58.000 --> 00:14:01.000 Tomorrow's child, though yet unborn, 00:14:01.000 --> 00:14:04.000 I met you first last Tuesday morn. NOTE Paragraph 00:14:04.000 --> 00:14:06.000 A wise friend introduced us two. 00:14:06.000 --> 00:14:08.000 And through his sobering point of view NOTE Paragraph 00:14:08.000 --> 00:14:13.000 I saw a day that you would see, a day for you but not for me. NOTE Paragraph 00:14:13.000 --> 00:14:15.000 Knowing you has changed my thinking. 00:14:15.000 --> 00:14:17.000 For I never had an inkling NOTE Paragraph 00:14:17.000 --> 00:14:20.000 that perhaps the things I do might someday, 00:14:20.000 --> 00:14:23.000 somehow threaten you. NOTE Paragraph 00:14:23.000 --> 00:14:25.000 Tomorrow's child, my daughter, son, NOTE Paragraph 00:14:25.000 --> 00:14:27.000 I'm afraid I've just begun to think of you and of your good, NOTE Paragraph 00:14:27.000 --> 00:14:31.000 though always having known I should. NOTE Paragraph 00:14:31.000 --> 00:14:33.000 Begin, I will. NOTE Paragraph 00:14:33.000 --> 00:14:36.000 The way the cost of what I squander, what is lost, NOTE Paragraph 00:14:36.000 --> 00:14:38.000 if ever I forget that you 00:14:38.000 --> 00:14:42.000 will someday come and live here too." NOTE Paragraph 00:14:42.000 --> 00:14:44.000 Well, every day of my life since, 00:14:44.000 --> 00:14:46.000 "Tomorrow's Child" has spoken to me 00:14:46.000 --> 00:14:48.000 with one simple but profound message, 00:14:48.000 --> 00:14:50.000 which I presume to share with you. 00:14:50.000 --> 00:14:52.000 We are, each and every one, 00:14:52.000 --> 00:14:55.000 a part of the web of life. 00:14:55.000 --> 00:14:59.000 The continuum of humanity, sure, but in a larger sense, the web of life itself. 00:14:59.000 --> 00:15:01.000 And we have a choice to make 00:15:01.000 --> 00:15:03.000 during our brief, brief visit 00:15:03.000 --> 00:15:07.000 to this beautiful blue and green living planet: 00:15:07.000 --> 00:15:10.000 to hurt it or to help it. 00:15:10.000 --> 00:15:13.000 For you, it's your call. NOTE Paragraph 00:15:13.000 --> 00:15:15.000 Thank you. NOTE Paragraph 00:15:15.000 --> 00:15:30.000 (Applause)