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and through our offer to customers – we believe it is possible to build consensus on how to achieve low carbon growth. So what exactly have we promised? And with hindsight, what have we delivered to date?Ten years ago, Philips called for a global ban on incandescent lamps – the product on which today’s global technology company was founded. In December 2006, these bulbs accounted for two-thirds of our sales volume in a global market that was stable at 12 billion units per year. Today, the logic of switching from incandescent to energy-efficient LED is widely accepted. By end-2016, the global incandescent lamp market is forecast to be at just 4 billion units, a two-thirds (and ongoing) decline in just a decade.In 2012 we made our first call for the renovation of street lighting at the Rio+20 summit on a theme of sustainable development – a call renewed by our partners at Climate Week NYC this year. In 2016, we answered a Global Lighting Challenge from the 7th Clean Energy Ministerial in San Francisco, with a pledge to sell 2 billion LED light points by 2020. To set these statements in context, our record should not be seen in isolation. In lighting, the transition to connected products, systems and services brings new opportunities to address an urgent global imperative. Digitalization of light means new ways to live, work and relax; to grow crops, heal the sick, power industry and build cities. My point is that we have risen to tough challenges before, and we can do so again. Technology evolves, but the innovation we need is already with us. By 2020, 80 per cent of Philips Lighting revenues will come from sustainable products, systems and services; our global operations will be carbon neutral, and 100 per cent of our energy will be from sustainable sources. These and other commitments lie at the heart of our Brighter Lives, Better Planet sustainability strategy. For the private sector at large, it is important to share the lessons of experience. In the connected world, bringing innovation to scale is really a matter of shared purpose and creative partnerships. For example, our partnership with Cisco Systems to deliver Power Over Ethernet has made possible office lighting powered by data cables. For smart cities, our go-to-market alliance with Vodafone has transformed humble street poles into a new form of digital real estate, loaded with sensors and multi-tasking connectivity. 020 INDUSTRY INTRODUCTION