Hello, and welcome to Yara's Capital Markets Day 2023. The last time we presented to you outside of our regular quarterly presentations was at the ESG seminar in December 2020. A lot has happened since then, and today, we will take a deep dive into our strategic progress and the way forward. This is today's agenda, and we invite you to follow us for approximately 1 hour and 40 minutes. With that, let's kick off for the first part of the presentation, and I'm delighted to introduce to you Yara President and CEO, Svein Tore Holsether.
Thank you, Kristin. Today, we will update you on our strategy, prospects, and opportunities. We have delivered strong returns and strategic progress in the past years. The establishment of Yara Clean Ammonia has been a game changer. The value potential has been further strengthened by strong product economics in the US, coupled with geopolitical uncertainty. Clean ammonia in the US also enables profitable decarbonization in Europe. Regarding funding, we believe the value of the product portfolio surpasses the current estimated IPO valuation. The planned IPO will be postponed one to two years, while we continue to mature the product portfolio and commercial opportunities. This fits well with our focus on capital discipline, as the cash outlays are mainly from 2025 and onwards. Alternative Yara Clean Ammonia ownership and funding routes remain under evaluation.
Our capital discipline will be maintained with focused capital allocation, guided by strategic priorities. We will optimize our assets with increased focus on divestment opportunities for non-core assets, especially where we see opportunities to redirect financial and organizational resources into prioritized growth segments. We will also assess our European footprint, prioritizing assets that are fit for future. To incentivize this focus, we will consider our CapEx targets net of any divestment proceeds. The past year, I've been in the field together with farmers across the world, in the US, Spain, Colombia, India, Brazil, Norway, and Sweden, and I could go on and on. There are many commonalities, for example, the complexity of the work they do and the lack of financial reward for producing in a more environmentally friendly way. However, there is no one-size-fits-all type of solution for this.
It all depends on the crops and the soil in the geographic area that they produce. I'm convinced that regenerative agriculture is the answer to these challenges. It addresses a range of topics such as soil health, farmer profitability, biodiversity, and we will make a huge step forward with solutions already available today. Transforming agriculture should not be viewed as just an extra cost. It is, in fact, an investment we need to make to avoid a climate disaster. When, and I say when, not if, externalities such as water consumption, emissions, and biodiversity is factored into the real cost of food, our solutions are ready to get the job done. You will get a deep dive into this a bit later today. Let's first have a look at our strategic progress and way forward. This year, Yara is celebrating the 10-year anniversary of our Safe by Choice program.
What started out as a program to increase the safety for our employees and contractors is now an integrated part of our culture. Our injury frequency has reached industry-leading lows compared with our own industry and with that of our wider peer group of industrial companies. Despite the significant improvements achieved since the start of Safe by Choice, we still can and must improve further going forward. Any accident, big or small, is avoidable, and our long-term ambition remains zero accidents, an ambition we believe is achievable and that we're working towards every day. We owe it to the injured colleague, their families, and friends to learn about every accident and avoid repeating them. I go through every accident in detail together with the line organization, employee representatives, and the operational managers in order to listen, to learn, and help prevent.
In 2020, we presented the main value drivers for Yara, as presented on this slide. This represented the key ways our strategy will contribute to our target of a return on capital of more than 10% through the cycle. The past years have, however, demonstrated unprecedented macroeconomic and geopolitical volatility. A key factor in this has been the understanding of the strong interdependencies between these value pools and the need to actively reprioritize, focusing on total value generation for the company. While there are many things we would have liked to do even better, we believe that Yara, in total, has successfully navigated a challenging business environment. Never before in Yara's history have we had to respond so forcefully to external events as we did in the past one and a half years.
The strong results we have delivered during a time of extreme volatility demonstrate the flexibility and the robustness of Yara's business model. The basis for our business is our production of fertilizer products. If we don't produce, we don't sell, and with potential severe consequences for our customers and also for global food security. That's why our key focus has been on keeping our plants running. Our long-term efforts on the production side are mainly aimed at improving reliability. However, during the last couple of years, we have shifted the emphasis towards two other issues. The first is increased flexibility, meaning being able to handle new raw material grades and sources, and to adjust operating patterns in response to raw material price volatility. The second is managing operational risk. In some cases, postponing or de-scoping plant turnarounds and improvement projects.
In a volatile and challenging operating environment, these have been highly value-creating actions, laying the foundation for strong financial returns. We have entered a new normal, but it's characterized by volatility. Continuous improvement will play a vital role in the time to come to provide resilience and increased value creation. In addition to production, we have not achieved the desired progress with our KPIs for new business offerings. Yara has almost doubled its digital hectares reach last year, although from a low base. Further scale-up is needed to meet the ambitious target. While we have made progress, we have also learned that growth and monetization take time. Make no mistake, we will get there. We have to. If we don't get agriculture right globally, we will not reach the Paris Agreement.
Since 2020, we have created a solid foundation for future growth and strengthened our ability to re- realize premiums in our core product offering. Yara will continue investing in transformation to grow and monetize new business areas, and to position Yara as the number one crop nutrition choice for farmers and food companies globally. Yara's transformation success stories include new services, including several digital services, as well as the Agoro and Varida businesses, launching new products within biostimulants and our own organic fertilizer product line, and signing commercial contracts for the sale of green fertilizers. Last month, I visited Svalöv Farm in Sweden.
This is Lantmännen's farm of the future, and together with Lantmännen, we are creating the world's first fossil-free food value chain. The visit confirmed what we said so many times, the solutions exist, they just need to be implemented at scale. I believe more food companies will follow Lantmännen's example during the next 12 months. As part of our platform to sustain and strengthen our core products offering, Yara is building partnerships with food chain companies. Let's take a look at how we are doing this in practice.
For me, it's a very important trip. We came to see the whole procedure of the green fertilizers, a very ambitious project, very important for the future of agriculture, and which will be a win-win, both for the companies, for the producers, and for the environment. We have been using Yara fertilizers for many years. They come with a very important low carbon emission, and our bet on green fertilizers is because we are committed to reducing them even more. At the beginning of this project, it is going to be something obviously more expensive, in which we need governments to commit themselves to give a boost so that this is sustainable and viable over time.
Now, let's take a look at Agoro, one of our portfolio units, which was launched at the 2020 ESG seminar. For the planet, it's not enough to only reduce emissions now, we need to sequester carbon to reach our goals. The best tool for carbon sequestration is nature. Agoro Carbon positions Yara for increased participation in the growing market for carbon footprint and Scope 3 emission reductions. Corporations continue to pledge their commitments to science-based targets and net zero, recognizing their role in mitigating the effects of climate change. These companies value the science-based monitoring, reporting, and verification capabilities that Agoro has developed to understand their baseline carbon footprint and track changes over time. Agoro Carbon is working hand-in-hand with farmers and ranchers across the United States to support their transition to regenerative agricultural practices.
Not only will these practices improve soil health and offer additional income for the growers, but they will also generate high-quality, nature-based ag credits, which are in demand in the market. Agoro Carbon recently hit its two-year milestone, and already anticipates more than 5 million tons of CO2 equivalents sequestered over the next 10 years from existing signed contracts with American farmers and ranchers. Enrollment will continue to grow. The next expansion market for Agoro Carbon will be in Brazil. Industrial Solutions has demonstrated very strong performance, delivering strong profitability and maintaining volumes despite high and volatile gas costs in Europe. Our industrial products and solutions are critical for many applications, including emissions abatement in transportation, chemical production, and other industrial applications. Through optimization and close cooperation with the regions and plants, Industrial Solutions has proven to be a strong asset in Yara's portfolio.
This is vital infrastructure. Without AdBlue, trucks will not run. AdBlue reduces NOx emissions by up to 90%. In the volatile 2022, we were a reliable partner for our industrial customers, with the industrial commercial team acting quickly in response to changed market conditions to ensure continued supply of these vital products. As we promised in 2020, we've reported our progress transparently every quarter through our scorecard, and we're pleased to see the strong external recognition we have received for our integrated reporting. In 2022, we delivered very strong results, with record performance in ROIC and EBITDA, together with solid shareholder returns. In addition to financial performance, Yara has demonstrated progress within other priorities, performance metrics.
We have seen steady progress since 2019 on our key people development dimensions, and across most KPIs, we are on track to reach our 2025 targets. Yara has also continued to drive significant reductions in total greenhouse gas emissions from 2019, even though last year, the progress was also positively impacted by curtailments at our European plants. While our reliability performance within ammonia has improved since 2019, reliability within finished products has been lagging over the past year and returned to 2019 levels, which in turn impacted greenhouse gas emission intensity. This has been driven, to a large extent, by significant turnaround project delays. Multiple ramp downs and ramp ups due to energy prices and new raw material sources being phased in, this has also contributed to lower reliability performance.
Continuous improvement remains a key focus area going forward, with Yara taking action to further improve reliability. The main attention in 2023 and onwards will be on improving execution in maintenance turnarounds projects, on execution of these, and on competence building. In Yara, performance and long-term value creation is at the core of our DNA. Following a challenging period with too low returns and too weak project performance, Yara took strong measures and have since 2018, step by step, rebuilt a robust growth platform through strong focus on capital discipline, and focus on free cash flow generation, and through leveraging our resilient business model, both operationally and commercially, through challenging markets. Since 2015, Yara has accumulated free cash flow of $5.4 billion.
Total return to Yara shareholders of 35%, at the same time, creating a robust platform for leveraging highly attractive products and opportunities ahead. Yara's long-term success is closely tied to its partners and stakeholders. Even through the pandemic and geopolitical crisis, we have witnessed a strengthened resolve to deliver on the Paris Agreement. The more recent global biodiversity framework firmly puts nature on the agenda. While we still believe that scaling and urgency must pick up, we have seen increased regulatory responses, that ESG has become a mainstream contributor for the finance sector. We cannot fundamentally change the food system alone. It requires partnerships and cooperation with regulators, governments, and their value chain partners, and more.
Recent global developments have created a significant geopolitical uncertainty, trending towards increased protectionism and re-regionalization, higher focus on resource security, and an increasing need for resilient global supply chains. This strengthens the business case to further improve operational flexibility and resilience. While these risks must be managed, they also represent significant opportunities. As a response, our strategy will create value in three dimensions: growing volumes, driving profitability through improved margins, and sustaining and increasing commercial premiums for Yara's products in the market. In the markets that we operate in, the most fundamental shift is happening in ammonia. This is driven in part by ammonia's unique properties, which make it ideally suited to decarbonize hard-to-abate sectors beyond fertilizers. The other driver is regulatory, where the US has taken the lead in creating incentives, which will channel investments toward climate-friendly solutions.
As this illustration shows, in most gas price scenarios, the full cost for new production facilities eligible for the 45Q carbon capture tax credit in the US, including the CapEx needed to build it, is below the cost of production from existing plants in Europe. Yara Clean Ammonia is uniquely positioned to capitalize on these opportunities. Yara's corporate strategy is guided by 7 key megatrends, which will continue to shape the environment in which we operate going forward. These trends include agri and food industry integration, dietary shifts, climate change, zero waste and circular economy, water safety and reliability, soil health, and the digital technology revolution in farming, production, and supply chains. Out of these megatrends, climate change and the need for decarbonization remains the key driving force, shaping our industry and Yara's strategy, respectively.
It is the most urgent nature challenge to address, due to the more mature regulatory frameworks and pipeline of commitments and investments across industries. It therefore presents both opportunities and risks to Yara, in particular in Europe and the US Given the current stress on the planet, expectations on businesses are increasing to focus more broadly on other nature dimensions like land use, soil health, water, and biodiversity. However, industry and regulatory frameworks to define, address, and enable change within these dimensions are still immature compared to those addressing decarbonization. The longer-term agricultural growth fundamentals remain in place, driven by population growth and dietary changes. The outlook continues to be for an underlying growth trend across all nutrients. Global grain stocks-to-use ratios are at a significantly lower level than five years ago. Food security is a top priority globally.
Higher food prices, coupled with lower fertilizer prices, are also highly supportive for incentives to apply nitrogen fertilizer. Our ambition of growing a nature positive food future was launched in 2021, and it is the headline of our strategy. It has two very concrete business objectives: to secure our business for the future, and to capture new value opportunities that you will see examples of in this presentation. The ambition is focused around three pillars: climate neutrality, regenerative farming, prosperity. We are already engaged in and working on each pillar, and we're working systematically to implement the ambition. We have looked at the science-based targets for nature to define nature positive. A high-level goal and concept describing a future state of nature, which is greater than the current state.
What we can do in Yara is to set ambitious targets to significantly reduce our negative impacts on nature across the five drivers of nature loss on the right-hand side, while working together with our partners in the food value chain to restore and regenerate nature. This is not something we can do alone, and that is why we state that we are growing a nature positive food future. This is something we need to grow together with farmers and food companies over time. Growing a nature positive food future is a journey that we will need to work on systematically over time. We have completed the first step in setting the ambition, and we're working on assessing our nature impact, prioritize impact areas, define targets, and work to reduce impacts to reach these targets. We're already working to reduce our impacts.
For example, we've taken the lead within clean and ammonia. We're a leader in nitrogen use efficiency, which is a powerful tool to improve soil health and reduce pollution. We've halved our greenhouse gas emissions since 2004, and are continuing to drive further emissions reductions. We have solutions for reducing emissions for players in the value chain, and we are expanding our reach with our agronomic knowledge. Even if we would like to, we cannot do everything at the same time. We have defined a clear prioritization and sequencing to focus our resources where we can have the biggest impact.
Over the next 1 to 2 years, we will accelerate our nature positive journey by focusing on decarbonization across all Scopes, evaluating nature impact in our plants, and defining baselines and initiatives for farm-level impact, as well as mapping our impact within raw material extraction. Growing a nature positive food future is a transformation of the company that will make Yara fit for the future. To guide our transformation, we have defined a target state for where we need to be in 2030 and 2050 across all pillars, as well as a roadmap encompassing current and future initiatives to transform the company. The roadmap translates our ambition into action, and it consists of more than 100 ongoing and new initiatives that will guide our efforts over the next years.
Concrete examples of ongoing projects are, and investments are within climate neutrality, such as green fertilizers, clean ammonia, carbon management, and Carbon Watch, the sustainable use of biomass and biomethane. We have AdBlue, circular economy related to low carbon fertilizers and biofuels. Within regenerative agriculture, expanding the toolbox and offerings, Agoro, better soil lines, biostimulants, fertigation, agtech platforms, YaraMila, NutriLine. I could go on and on. Within prosperity, it's about digital farmer connectivity, myCrop, carbon footprint monitoring, and learning academy in Africa and Asia, to name some. We will actively manage and prioritize our portfolio of assets to increase performance and also long-term competitiveness of core businesses, while developing and investing into new growth platforms.
In line with our strategic priorities, Yara aims to increase exposure to higher return and future fit core assets, and to new business areas with higher growth potential across regions. Some of Yara's existing assets require significant capital and provide limited contribution to the overall company financial performance. At the same time, they demand considerable investments and resources. Yara's portfolio decisions will be driven by proactive capital allocation that accounts for the outlook of the investment pipeline. We will prioritize investments to preserve the competitiveness of top-performing assets and to develop growth areas. We have already significantly reduced our emissions since 2005, and we're well positioned to meet the European Union's targets for a 55% reduction from 1990.
If we look at our Sluiskil plant from 1990 to today, we have cut roughly 65% of greenhouse gas emissions, which is beyond the Paris Agreement, but we will not rest until we have reached climate neutrality. Our climate roadmap is divided into targets for 2025, 2030, and a 2050 ambition of climate neutrality. We've made good progress on the projects to achieve a 10% reduction of the emissions per ton from 2019 to 2025. These are also highly value-creating investments as they prepare Yara for a future with its increasingly strict regulations and carbon costs. Some of the changes that must be done cannot be done by us in isolation. A full value chain approach is needed to make sure it makes sense economically.
We already know that it makes sense for the planet. We're not doing anyone a favor over the long term by draining our balance sheet if the results are not appreciated by others. We therefore call on players in both the public and private sector to help secure the low-carbon solution we know are needed. We will always be business case driven. We have a pipeline of mature and profitable plant optimization projects to partially meet our 2030 target. However, there is a remaining gap of 2-3 million tons of CO2 in our decarbonization roadmap. Let me give an example of how we think about the transition model. Yara currently imports approximately 1.5 million tons of grey ammonia to our European system. By switching grey ammonia to clean ammonia imports, emissions can be significantly reduced.
Imports from the US are today the most economic route to close the remaining gap and can be supplemented with select conversions to blue or green ammonia in Europe if government support and economics improve. To reach our 2050 climate neutrality ambition, we will likely need to pursue a net zero approach, removing all emissions possible to abate and offsetting the residual hard-to-abate emissions. In practice, this means all conventional grey ammonia will need to be converted to a cleaner technology or closed. The ambition should be to optimize the share of green ammonia on the condition that it develops a competitive economic, sufficient scale, and better climate impact and nature impact. Blue ammonia is an important and profitable transition lever towards 2030, but its share in 2050 should be optimized, given feasible scale and economics of green ammonia.
Blue ammonia, as of today, can reduce at least 70% of emissions across all three scopes when replacing grey ammonia production. Remaining blue ammonia emissions, mostly pertaining to Scope 3 and upstream gas production, can likely be further mitigated towards 2050. These emissions would need to be abated over time through cleaner natural gas, renewable natural gas, or offset if Yara is to reach net zero by 2050. In addition to existing emission reduction targets, a new target for Scope 3 reduction, focusing on reducing emissions in the field of the farmers, has been communicated and submitted for validation to Science Based Targets initiative. Validation is taking longer than expected due to complexities in the scopes of reporting, and it's Yara's position that the CO2 in urea should be accounted for in Scope 1, hence, being the producer's direct responsibility.
Yara strongly supports an SBA for our industry, where we collaborate with the Nutrien, the World Business Council for Sustainable Development, and International Fertilizer Association to support the SBTI process. This will determine the 1.5 degree aligned emissions reduction pathways for the chemical industry, including fertilizer. While we work on this, we continue our activities to reduce Scope 3 emissions in agriculture through working on basic scientific research, more accounting of in-field emissions, development of innovative fertilizer products, and developing fertilizer management recommendations for farmers. Improving the efficiency in use of nitrogen is a key decarbonization lever for the whole fertilizer industry. Under current disclosure methodologies, improved use phase efficiency cannot be accounted as a climate solution in Yara's greenhouse gas accounting. If external...
standard setters cannot support nitrogen use efficiency as a climate solution, Yara will develop own methodologies aligned with scientifically recognized climate solutions. Yara pursues alignment on scientific realities and real climate solutions with external standard setters on this and also on other topics. To conclude this section, I want to summarize what climate neutrality means for Yara. US investment in blue ammonia is a standalone, profitable opportunity with attractive economics under different market scenarios. Through these investments, Yara will improve its energy position, increase energy exposure to the US, and reduce exposure to the structurally challenged European energy market. These investments will secure ammonia, both for Yara's potential increased ammonia needs in Europe, and for Yara Clean Ammonia to capture opportunities in new market segments in line with our strategy. It will enable Yara to deliver on our 2030 decarbonization targets with profitable low-carbon ammonia.
Such investment has synergistic value creation with Yara's nitrate upgrade position in Europe. Through these investments, Yara is securing the option to shift to a low carbon and cost competitive position in the US. This can support competitive revenue generation of our European nitrate-based production, which can create a structural step change in the future. I will hand back to Kristin.
Thank you, Svein Tore. Yara's strategic ambition, growing a nature-positive food future, is based on three pillars: climate neutrality, regenerative agriculture, and prosperity. Yara's strategy on climate neutrality has the potential to contribute to decarbonize several sectors, including Yara's own operation. To explain more about the opportunities and priorities in this area, please welcome on stage CEO, Yara Clean Ammonia, Magnus Ankarstrand.
Thank you, Kirstin. It's a pleasure for me to present Yara Clean Ammonia and Yara's ammonia ambitions today. Yara Clean Ammonia deals with all of Yara's ammonia, our ammonia imports, our ammonia procurement, and our ammonia sales. Over time, Yara's global plant system has built a global network of importing terminals, of importing plants, and export plants, which puts us in a position where we today represent roughly 20% of the global market for traded ammonia. This unique capabilities provides Yara Clean Ammonia and Yara with scale and flexibility in a global system. We have integration across the value chain from production through midstream handling and downstream sales. We are reliable and asset-backed. That provides us a lot of flexibility and makes us an attractive offtaker.
We have long experience in ammonia, and we have a fleet of 14 ships that we control ourselves, in combination of our global network of 18 ammonia terminals. Most importantly, we have a platform that is scalable and a business model that is scalable and very well suited to undertake the market growth that we believe is ahead of us. Our ambition is to be the leading midstream player across green, blue, and gray ammonia production, both for decarbonized fertilizer and for Yara Clean Ammonia customer segments, such as shipping and energy. Yara and Yara Clean Ammonia will decarbonize its existing ammonia production, where technically and commercially viable, and develop attractive, new, low-carbon ammonia sources.
This combination of our existing portfolio and the market opportunities puts Yara and Yara Clean Ammonia in a unique position to tackle both the growth challenges linked to decarbonization, but also the significant market opportunity that we have ahead of us. Yara Clean Ammonia, in particular, we are creating demand pool for clean ammonia from new segments, particularly through partnerships and collaborations. The growth perspectives for ammonia in a decarbonized world are significant, and Yara is uniquely positioned. First of all, through decarbonizing fertilizers and the agriculture value chain, in which our existing production system represents a significant opportunity and also significant balancing of our new ammonia position. We have taken significant steps, for example, through our agreement with Lantmännen to supply green fertilizer, but also our MOU with El Parque to deliver green fertilizer in Argentina.
We are constructing one of the world's first green ammonia plants. Also, the shipping fuel market represents a significant growth opportunities that is not present today, and we are monitoring and also actively participating in this market today. We have several partnerships all over the world. We have a partnership with Azane Fuel Solutions, as an example, moving and developing the last mile concept and the fueling concept for ammonia as a fuel. You also have very deep customer relationship in the shipping industry, with large shipping companies looking to decarbonize their portfolio. This is a market where developments happen very fast, and particularly now with the FuelEU Maritime, we see a lot of movement and fast movement in this very interesting market.
In addition, ammonia has a potential as a hydrogen carrier, where the end consumption is not ammonia, but hydrogen, and where ammonia can be cracked back into hydrogen. This exploratory market, we have entered several interesting collaborations, for instance, with VNG in Germany, looking at using our existing import terminals to import ammonia for their cracking units, this way, supporting the German energy situation and the need to develop offshore hydrogen sources. Last but not least, the power generation market also opens a significant opportunity for ammonia, particularly in some countries, such as Japan and Korea. Ammonia offers one of the few opportunities to decarbonize, for instance, the coal gasification, electricity generation. Yara Clean Ammonia has a collaboration with JERA, for decarbonizing their coal gasification plant, very much driven by the Japanese government and their mandate to decarbonize.
All in all, this offers a significant opportunity space for new application in addition to our existing markets and our existing offtake, and in some, this provides Yara and Yara Clean Ammonia with significant flexibility to tackle the demand growth and also the uncertainty related to that demand growth. In total, looking at 2050, the market demand for ammonia, taking the new segment into account, but also existing uses of ammonia, could potentially triple in terms of demand, and this represents a significant opportunity. In fact, to contextualize it, this would mean building 10 new world-scale plants every year between now and 2050. Even if there's uncertainty on the 2050 forecast, it clearly indicates that ammonia as a solution has a significant demand potential.
Yara and Yara Clean Ammonia is uniquely positioned and with distinct competitive edges to take part in this market growth. We are present today across the entire value chain, and the integration of that value chain is particularly important. Ammonia is a specialized market. It requires specialized competence. It is a market with significant barriers to entry, and it is a market where integration is critical, and that's something that Yara represents.
Starting out with our global midstream position, which is unique, and as mentioned, our fleet of ammonia vessels under our control, but also the significant flexibility of our system to handle fluctuations in demand and supply, which has been thoroughly tested over the last two years, both in the extreme case of COVID with no demand, and in the extreme case of the Russian invasion in Ukraine, where significant supply disappeared from the market overnight. This platform is scalable, and we can grow it as the market grows, and it's an extension of what we currently do and our current strengths.
In addition, with our global system and integration with our offtake possibilities and consumption of ammonia, Yara also has a unique opportunity and unique possibility to develop upstream projects, particularly focusing on large-gauge projects in the US, but also the flexibility to add capacity anywhere in the world. This is particularly important as the market growth will require new molecules in the market, and we are well positioned to develop that.
Finally, with the system that we have, we also have a very advantageous position into the new downstream markets, both in terms of being a very reliable supplier with the flexibility to supply worldwide, which makes us an attractive partner for new project development on the downstream side and market development of new applications, both contributing with ammonia, naturally, but also contributing with our safety knowledge and ammonia knowledge that is required to develop pilot projects in shipping and pilot projects in power production, just to mention some. Our strategy is to grow along these three dimensions, ensuring that we take advantage of the integration that we represent and the scale and the flexibility that Yara's global system represents. Moving to the upstream side, the United States has, over the last, 6 to 12 months, become a significant opportunity space for ammonia.
Yara has, for a long time, looked at developing upstream assets in the US with our Freeport plant with BASF being the last one established in 2018. Also for clean ammonia and decarbonized ammonia with CCS, we have been looking for this for quite a time. The combination of low-cost gas, the opportunity for significant scale, and in relative terms, affordable CCS alone makes this a significant opportunity that a company like Yara and Yara Clean Ammonia can benefit from. In addition, this has been amplified by the Inflation Reduction Act, which, through the 45Q incentives, represents a significant benefit up to $140 million, excuse me, $140 US dollar per ton.
of ammonia over a 12-year period, representing a significant number in potential nominal accumulated tax credit, which in comparison with the capital expenditure, turns these into very value-creative opportunities for Yara and Yara Clean Ammonia, and where our global system has the ability to secure offtake from these projects like no other company can. Yara will prioritize strategic and value-creating investments in the US, in clean ammonia as a part of our total portfolio. As mentioned, we are developing projects where we believe that the value creation will be high, and we have a structured and diverse portfolio of both blue and green projects, both looking into new builds, as well as looking into conversion of some of our existing large-scale plants, such as Løvskind.
Clearly, the US project opportunities, where we now are pursuing two projects, in collaboration with partners, represents a significant value creation opportunity for Yara and Yara Clean Ammonia. It also represents a significant opportunity to decarbonize Yara's ammonia footprint and achieve scale at a relatively fast pace, and certainly the fastest route to acquiring clean ammonia molecules and decarbonizing our company. In addition, we also work very actively on a green ammonia portfolio, although with smaller projects, more tailored to the development of technology and availability of renewable electricity that this represents.
As an example, Yara is, as we speak, constructing our first green ammonia facility, green hydrogen and ammonia facility at Porsgrunn. 24 megawatts, which will, and is giving us significant technological knowledge and learnings, as well as market knowledge and market experience as these tons are sold into the fertilizer market and the shipping market. In addition, the ammonia investments in the US are very complementary to Yara's European footprint. Yara can today import ammonia to roughly 70% of our production plants in Europe. This is a significant outlet for our new ammonia molecules, but also importantly, this is a significant opportunity to decarbonize Yara's existing plant footprint. In addition, this is an opportunity for Yara to avoid significant costs surrounded.
significant costs in connection with EU Emissions Trading System, ETS, and CBAM, which is the second strong opportunity stemming from our US projects. Finally, this is in addition to an opportunity to decarbonize our production footprint, a significant opportunity to reduce costs in our European system, making our European nitrate-based fertilizer system very competitive and diversifying our energy position from Europe towards the US markets. This will enable us to have decarbonized nitrates and NPK products on the market in this decade. This is another example where Yara's global footprint and global assets plays an important role into making this totality very attractive. Nitrates and compost NPK are the only, based on nitrates, are the only nitrogen fertilizers that can be produced without CO2.
Yara has a significant footprint of nitric acid and nitrate plants in Europe, which enables us to take advantage of this. This again, puts us in a very strong competitive position towards other products that contain CO2 and cannot be decarbonized as easily, and is a very strong attribute to our European portfolio, but also our other nitrate plants around the world. The value creation potential of this and our European nitrate upgrade position is quite unique. Already, Yara today achieves a premium on our nitrates products compared to, for example, urea. With the introduction of CBAM and with the expansion of ETS, this will add another cost and another element to the cost of urea, which again, will increase the value of a decarbonized nitrogen fertilizers, such as our nitrate products.
This comes in addition to the reduced ammonia cost that we achieve from our US projects. In totality, the combination of these two offers a significant value creation opportunity for Yara, not only on the ammonia side, but as well on the fertilizer side. It is a rejuvenation of our European asset portfolio. It would make it very competitive for the future and will bring Yara a long step towards our 2030 decarbonization goals. To summarize, in Yara Clean Ammonia, we have a strong focus both on new market application, as well as serving our existing system. The combination of the two is important. This enables us to develop projects knowing that we have existing offtake. It gives us a lot of scale and flexibility that no other project developer in clean ammonia has. Finally, it provides Yara with a very bright future in terms of reaching our decarbonization goals, diversifying our energy position, increasing the profitability of our asset portfolio tremendously. With that, I give the word back to you, Kristin.
Thank you, Magnus. Let's move to regenerative agriculture. This is high on the world agenda, and is seen as one of the enablers of food systems transformation. It is also one of three pillars in our strategy. Regiane Souza is leading global innovation in Yara, and she's an agronomist herself. She is here to tell us more about how we work with regenerative agriculture, but first, a short video.
We're all aware of the growing challenges of hunger, soil degradation, climate change, and supply chain disruptions. It is not an option to use more land to produce more food. Our planet resources are limited. The food we eat is responsible for nearly 25% of the world's total CO2 emissions, some of that comes from the production and use of fertilizers. By combining our knowledge and our experience, we have developed a systematic outcome-based approach to adopt the best sustainable farming practices that positively affect nature and climate across 5 recurring themes: climate, soil health, resource use efficiency, biodiversity, and prosperity. This is, for us, regenerative agriculture. Our fertilizers are produced using the best available technology to reduce greenhouse gas emissions, our next generation of green fertilizers are fossil-free. At Yara, we know that balanced and optimized crop nutrition contributes to overall soil health.
The use of our precision farming tools ensures that essential nutrients are applied exactly where and when they're needed, avoiding soil mining and nutrient leaching, and resulting in optimal yield on existing land. Our fertigation solutions ensure that crops have a better water use efficiency, meaning more crop per drop. The world's greatest food challenges cannot be solved by one company alone. Yara invites all actors of the food value chain to work together on concrete actions, which positively impact nature and society.
Thank you, Kristin. It's lovely to be here today. Yara has always been a purpose-driven company, and we are now leveraging our more than 100 years of agronomic knowledge to transform the agriculture and grow sustainable profits. Today, it is my pleasure to present Yara's approach and solutions in the field of regenerative agriculture. At Yara, we define regenerative agriculture as a systematic, outcome-based approach to adopt the best sustainable farming practices that positively will affect the nature and the climate. We do this across five recurring themes, which are climate, soil health, resource use, biodiversity, and prosperity. We emphasize the systematic nature of this transition because we believe that the change has to be sustainable over time, so a stepwise approach is important.
We also understand that one size does not fit all, hence, the outcome-based approach focus on the main themes, whereas the practices may differ depending on geography and crops we work with. A simple way of putting is regenerative agriculture equals knowledge as efficiency, which means producing as much food as possible with a positive effect on nature and the climate. Our definition is, of course, aligned with external organizations such as OP2B and the SAI Platform, organization we collaborate with. We are not starting from the scratch. We already have an extensive portfolio of products and solutions that can benefit the identified regenerative agriculture themes. For climate, as an example, our solutions can not only mitigate emissions, but also improve crop resilience against the climate stresses. One example is our green and low carbon fertilizers.
The first 8,000 tons of green fertilizers will be produced and delivered in 2023 from our factory in Porsgrunn, Norway, and have the potential to reduce the carbon footprint of the bread we eat every day up to 15%-20%. For soil health, our solutions can improve soil fertility, soil structure, and also soil biodiversity, what prevents soil degradation. I can mention our range of organic-based fertilizers, which improves soil organic matter, as well as our biostimulants, which stimulate the root and the shoot growth of crops. Coupled with practices like no-till, a balanced crop nutrition program can ensure soil health longevity. For resource use efficiency, our solutions promote the efficient use of all necessary resources required for crop growth.
A good example is nitrogen use efficiency and our digital tools, such as AtFarm, which can help calibrate the correct amount of nitrogen, which should be applied. Not more, to avoid negative impact and unnecessary costs for farmers. Also not less, so we can maintain the soil health over time without mining our soils. For biodiversity, our aim is to reduce the pressure on land use change, which will result in protecting natural habitat. In addition to our solutions improving soil biodiversity, we have an extensive network of agronomists recommending good practices like adoption of cover crops, crop rotation, which is also important to increase the number of vegetal species in a given field. For prosperity, our contribution comes from increasing the yield and the quality that the crops that the farmers grow, resulting in increasing farmer profitability and prosperity.
As a farmer-centric company, all the solutions we create in Yara have the return on investment for farmers as a key outcome. Our innovations are science-based, coming from our strong R&D capabilities. We execute hundreds of scientific trials on our own R&D centers. We have 3 in Europe, but also we have other centers across the globe, and we have this global footprint being connected to almost 100 universities worldwide. On top of the scientific program, we also execute annually more than 5,000 demonstration trials at field level to validate our solutions, which is important because this leads to continuous innovation and improvements of our solutions. I would like to share with you one of our innovative solutions being scaled to global markets. YaraRega is the first water-soluble granular NPK, and better than many words, let's watch a video of the launch we recently had in India.
As the weather and water systems become more unpredictable, and the local population continues to increase, Indian farmers are now placed in the difficult position of having to grow more with less. Farmers are now having to innovate to find more ingenious ways to protect their businesses and grow the food we need. With fertigation through drip line, water and fertilizers are applied directly to the roots of the plant, meaning there is less use of water and more efficient use of water and nutrients. In fact, drip irrigation offers a 90% water use efficiency. Now, Yara has developed YaraRega, the world's first water-soluble granular NPK. Now making fertigation simple, affordable, and efficient, with a much better cost to benefit ratio compared to other solutions.
YaraRega has a non-urea N form with appropriate phosphate levels and is highly water soluble, making it a perfect solution for any irrigation system, from the most basic to the most technologically advanced. YaraRega, in combination with YaraTera Calcinit, provides a total nutrition solution for all crops in all growth stages, as long as the crop is grown in the soil. In tomato, for example, Yara has shown that using our fertigation products means farmers can reduce their water use per ton of crop by up to 36%, while increasing yield by 19%. By using this unique fertigation solution developed by Yara, farmers can increase yield and profit by lowering inputs compared to commodity fertilizers. Together, we can grow a nature positive food future.
As a continuous innovation focus, we are now expanding our value proposition for fertigation. On top of YaraRega, we are also adding our digital recommendation tools and hardware that can support the farmers to better manage their fertigation at field level. We are creating what we call easy feed system, a great way for farmers to produce more crop per drop in open field fertigation. Of course, moving forward, Yara has also identified further growth opportunities within the regenerative agriculture space, and those are gonna be focused on biologicals growth, where Yara will aim to expand our portfolio with new products such as biostimulants, that help to improve crop resilience and also improve nutrient use efficiency.
Besides launching unique new products, we are also focusing on developing business models to de-risk the youth, by using agtech capabilities to predict the stress and to mitigate the losses before they occur. For water and fertigation field, our objective is to keep developing innovative solutions and build a leading position in open field fertigation market, increasing agricultural water use efficiency. Our revenue streams are gonna be the sales of fertigation products portfolio in a growing business segment, but also the creation of integrated business models, such as the easy feed concept that I just talked about. Evolving to an outcome-based approach, where we can also measure water footprint per ton of food produced.
When it comes to carbon, this is extremely important to us. We are not gonna be aiming at reducing the carbon footprint of food produced by scaling up, on one hand, the adoption of green and low carbon fertilizers, where the reductions are made at factory level. We will also, on the other hand, support a scaling up in-field best practices to reduce the in-field emissions, such as using digital tools that can ensure the best conditions for fertilizers applications, such as giving the right timing, the right rates, and also the right place that this fertilizer should be applied.
The idea is that we not only grow through sales of green and low-carbon fertilizers, but also sales of carbon reduction documented through fertilizer certificates, sales of carbon credits through the Agoro Carbon Alliance as an example, and also to develop outcome-based business models to sell the carbon reductions based on the lower carbon intensity, which means reducing the carbon footprint per ton of food produced. For the soil health, Yara will expand both our services and also the portfolio to improve soil health and create additional revenue for the company. One of the plans is to expand the soil analysis services access through not only organic growth, but also partnering with other labs, identify the most relevant soil health indexes, and develop digital tools that can monitor, report, and validate those indexes.
Those could act as a proof point for the services and the right crop nutrition recommendations. AgTech, we are not really decreasing the focus. Actually, we are improving the focus, because we're gonna be expanding the agronomic features in our digital applications and hardwares portfolio. While we are also going to accelerate our agronomic APIs, application programming interface, integration into other farm management systems with other players in the market, because the idea is to scale up the data acquisition and farmer connectivity as well. The objective is simple, is to meet the farmers where they are. Farm and field data and connectivity are key enablers for our outcome-based business models approach, which are extremely dependent on report, verification, and of course, measurement. We call this MRV capabilities, which is the example we will demonstrate right now.
The outcome-based business models, development is gonna be based on the risk in the adoption of those sustainable farming practices, and/or sometimes sharing additional value with the farmers. The revenue streams for Yara are gonna be based on replacing low-efficiency sources by nitrate-based products, for example, but also demonstrating the holistic benefits within the regenerative agriculture indicators, and prepare our company for the business models related to based on regenerative agriculture certificates on the long term. I'm proud to say that our outcome-based business has already started with successful pilots. My colleague, Chrystel Monthean , the EVP for Americas, will now share more with us on this topic.
Thank you, Rejane. In Yara, we pursue shared value across the value chain through our offerings. Over the years, we have developed our product portfolio, our agronomical knowledge, and recently, more digital tools. Why so? To support farmers on the decision-making process over the crop cycle. We know that agriculture is not always efficient. We know that it's not always profitable to the farmers neither, and we also know that it can have an adverse impact on water, on soil, and on air. It's very few countries in the world that are achieving nitrogen use efficiency above 70%. That's what we want to work on. Some may think, "Let's stop farming." How do we feed the world? Our drive is to tackle both.
We want to produce more nutritious food, and we want to have no impact on the environment, and even to contribute positively to the environment. This is what we mean with nature positive food future. One way we are working on to help farmers to move towards more efficient and sustainable practices is outcome business model. Sometimes we say OBM. This is based on years of downstream presence, on research, on data that we have collected. This has built our knowledge, and therefore, we are comfortable to claim that with our solutions, farmers can both increase their harvest, improve the quality of it, and reduce the carbon footprint. Practically, we are guaranteeing farmers of those outcome. We are de-risking them to speed up the adoption.
We do that by either charging extra cost only when they have seen the extra results, or reimbursing them if they do not find our promise. To scale this up and to limit the amount of touch points in the field, we are also developing MRV, which means measurement, reporting, and verification, the digital tools. We apply this thinking on different crops, but here, to be more concrete, I'm coming with an example we are working on in the Americas, and those two crops are wheat and barley. Wheat is a staple food, while barley is a key ingredient to beer production. In Argentina, we are packing our offering under a program called Cereal+, and we are targeting those two crops.
We have accumulated data over the years in Argentina on those two crops, and we know that farmers adopting Cereal+ will get higher yield, will get consistent quality, in this case, quality means protein, and lower carbon footprint for the crop. We guarantee those results to the farmers, and meanings we move the risk from them to us, and we are comfortable to do this because this is at small scale. It's 26 farmers that I'm showing here. Ultimately, what you need to understand is that nature positive food future is about tackling the agriculture dilemma. It's about food production and being nature positive. OBM is one of the tool to support farmers to change the practices faster. To scale up, we need to digitalize further with our MRV .
To further scale up, we also need engagement of other stakeholders, such as the off-takers and food companies, who should share that risk that we are taking now as Yara, from the farmer, to help the farmers to speed up the transformation and the adoption of more sustainable practices. Thank you, and we are heading back to Oslo.
As you can see, our unique position and offerings for balanced crop nutrition is the foundation for sustainable agricultural practices. With our strong R&D and AgTech capabilities, we are equipped to grow even more in the field of regenerative agriculture, and we have clearly identified interesting value pools to grow a nature positive food future. It's my time to thank you very much and hand over back to you, Kristin.
Thank you, Rejane, and thank you, Christelle. The third pillar of our ambition is prosperity. To tell us more about how we work with prosperity, let's go to Singapore and our EVP, Africa and Asia, Fernanda Lopes Larsen.
Thank you, Kristin. Smallholder farmers are the backbone of food production and food security across Africa and globally. While Yara works closely to support smallholder farmers and commercial farmers, smallholder farmers make up the bulk of the continent's farming population. 80% of Africa's farmers, or 51 million people, are smallholders. They are usually involved in subsistence farming, which is done on less than 1 hectare or 2.2 acres of land. Yet, they only live on roughly $2 per day. Smallholder farmers in Africa and globally are often challenged by four factors: First, a lack of access to knowledge and how to maintain soil health and maximize crop yields. Second, smallholder farmers often cannot secure loans and insurance to help with risk mitigation. Third, they also lack access to technology.
Fourth, smallholders often cannot find regional and global off-takers for their products due to limited physical and digital infrastructure. By helping smallholders and micro, small, and medium-sized enterprises achieve enhanced livelihoods, especially women and youth, we believe that this can lead to greater local and regional economic development opportunities, including job creation. Our history and commitment to Africa goes back to our first fertilizer shipment to the continent in 1929. Africa is one of the last remaining fertilizer growth regions in the world. It has large, long-term potential to 2050 and beyond. Yet, Africa is also a very challenging and fragmented region. There is a critical need for food systems transformation on the continent. We need a transformation that can systematically move millions of smallholder farmers out of subsistence farming and into emerging commercial scale farming.
We have been able to achieve this in certain crop segments, like coffee, potatoes, and horticulture, and we will continue to scale up these commercial segments. While 60% of Africa's land is arable and holds huge promise, under application of fertilizers customized to local soil, crop, and climate types, has led to suboptimal soil health. 20% of Africa's lands are degraded, and the yields for broad acre food staples like maize and rice, only reach 25% of their full potential. One in five Africans are malnourished, and the continent's population is expected to increase by 1 billion additional people by 2050. As a result, Africa's net food exports are expected to double from $50 billion now, to $100 billion by 2030.
Over the last three to four years, we have sought to lower the barriers for entry so that African smallholder farmers can get access to high-quality fertilizers and crop nutrition solutions. This has been particularly critical with the geopolitical insecurity in recent years, where the risks inherent to traditionally long supply chains have become more prevalent, further driving up fertilizer and food prices globally. We have developed differentiated, affordable solutions based on raw materials sourced directly from the African continent and nearby regions. These fertilizers are combined with our premium products to deliver optimal yields, resulting in enhanced incomes for smallholders across Africa. We are also investing heavily in knowledge and partnerships creation through our agronomic and digital farming technologies in the communities where we operate. To achieve food systems transformation, we need to scale our solutions into broader food systems, such as maize and rice.
This can be only achieved through increased coalition platforms in geographies that have enabling ecosystems for growth, as we have identified in East Africa. These partnerships and similar multilateral economic integration frameworks, like the African Continental Free Trade Area, can serve as foundation for Africa's food systems transformation and increase prosperity over the next 25 years. For Yara to help Africa achieve food systems transformation, we cannot rely solely on measuring product volume sold or earnings. We need to reset. We need to measure ourselves by a new set of metrics. How can we help create a nature positive food future for our communities in Africa and in the world? The answer is by embedding prosperity in our commercial strategy.
Such a future focused on regenerative farming, climate neutrality, and prosperity aligned to the United Nations Sustainable Development Goals, is being integrated into all aspects of Yara's business across the Africa and Asia region. Yara's integrated prosperity strategy will lead to significant long-term value creation. This dual strategy combines traditional commercial goals with food systems transformation metrics. It's not enough to merely say that we are producing certain volumes, that we are achieving a specific revenue level, or that we have so many million customers. Rather, as Yara aims to achieve these goals, how will this contribute to increased levels of healthier soil, higher yields, and greater numbers of people fed? Through the strategy I have presented today, Yara has the potential to drive long-term profitability throughout the value chain. Thank you. Back to you, Kristine.
Thank you, Fernanda. Now to another highlight. Thor Gjærum, our EVP and CFO, will take you through some of the key aspects of our capital allocation. Thor, the floor is yours.
Thank you, Kristine. Capital discipline and efficient capital allocation remain core components in Yara's strategy, and are essential to realizing profitable growth. Our capital allocation policy is maintained with some smaller adjustments that I will take you through shortly, together with updates on YCA ownership and funding routes, and on our focus areas within M&A and divestments. The near-term context for our capital allocation is a challenging operating environment, with high energy price volatility and significant urea supply additions in recent years. In this situation, European commodity nitrogen margins are impacted by structurally high gas prices, tightening carbon regulations, and competition from imports. However, farmer incentives are strong, and global urea capacity growth is projected to be significantly below trend demand growth after this year.
As you've seen earlier in the presentation, decarbonization opportunities for urea are fundamentally limited, while for Yara's nitrates and NPK operations in Europe, premiums are sustainable and profitable decarbonization can be achieved based on clean ammonia. The cornerstone of our financial policy is our investment grade credit rating, with BBB and Baa2 ratings from respectively S&P Global Ratings and Moody's credit rating agencies. We have maintained these ratings since Yara's IPO in 2004. By balancing the cyclical earnings exposure in our business with a conservative financial policy, maintaining a mid to long-term net debt to EBITDA ratio of 1.5-2x, and a debt equity ratio below 60%. Maintaining strict frames for fixed costs and CapEx are the other key elements in our financial policy.
For capital expenditure, we maintain our target of an average annual spend of $1.2 billion. As you can see from the chart, this means we can be below this number in some years and above in others, but keeping within $1.2 billion average over time. The target is in real 2022 terms and on a net basis, including portfolio optimization and equity funding. This means that profitable growth investments above the $1.2 billion level can be accommodated, but that they would be funded by divestments or new equity, or a combination of these. Our strategy will shape our investments in the coming years. To accelerate operational excellence and grow margins, we will invest in reliability and decarbonization of prioritized core operations, while at the same time actively optimizing our asset portfolio.
To expand our reach and offering, we will focus capital allocation towards building clean ammonia capacity in the US We will also allocate capital to expand our offerings within regenerative agriculture and digital solutions, but with a focus here on organic growth and smaller bolt-on M&A. We will have an increased focus on structural opportunities, including divesting non-core assets, where we see accretive opportunities to reallocate capital into our priority growth areas. We are also assessing our European footprint to prioritize assets which are fit for future, and with a focus on profitable decarbonization opportunities based on clean ammonia. As covered earlier in the presentation, we see a highly accretive project portfolio within YCA that we consider is not yet fully valued, and have therefore postponed the timing of a potential minority divestment, also as limited cash outlays are needed for these investments before 2025.
Our capital allocation has delivered a track record of strong shareholder returns, paying a total of NOK 175 per share in the last three years, representing 47% of our market cap as of last week. We maintain our dividend policy, subject to the targeted capital structure, and with an ordinary dividend target of 50% of net income, with further distributions considered in line with policy. We'll continue to pay the majority of shareholder returns as dividends. We have refreshed our scorecards to reflect the updated strategy, the operating environment, and lessons learned since the scorecard was launched in 2020. The overall change is that we have reduced the number of KPIs, but several former profit KPIs remain as enablers, as they are key to succeed with the strategy, but primarily as supporting factors.
Based on our learning that new revenue streams are more likely to monetize through product premiums than as separate income streams, several KPIs have been taken out and will be captured within the premium generated KPI. The definition of the KPI on hectares covered by Yara's solutions has also been adjusted to make it easier to measure and verify. For the improvement program targets, during recent years' challenging market conditions, we have actively prioritized resilience and cash flow over continuous improvement.
However, we believe these production targets are still achievable, but with timing extended from 2023 to 2025. Finally, on a more qualitative note, we've renamed prosperity to profit, simply to avoid confusion with the prosperity pillar of our strategy. This updated scorecard will enable us to report progress on our strategy in the coming years, accelerating operational excellence, and expanding our reach and offering with strong capital discipline and competitive shareholder returns. I will now hand you back to Svein Tore for his closing remarks.
Thank you, Thor. To recap some of our key messages today, since our 2020 ESG seminar, the resilience of our global ammonia position, flexible production assets, and leading market presence has been demonstrated in a highly challenging market. The establishment of Yara Clean Ammonia represents a game changer for Yara. Going forward, clean ammonia projects in the US will enable highly profitable decarbonization and use of our global ammonia position to serve new market segments. The value of the Yara Clean Ammonia portfolio surpasses the current estimated IPO valuation. As a result, we are delaying the potential Yara Clean Ammonia IPO 1-2 years, while still progressing with our strong project pipeline, with major cash outlays planned from 2025. We maintain strong capital discipline with a focused capital allocation, guided by our strategy and further portfolio optimization.
We reiterate the CapEx target of max $1.2 billion on average in real terms, however, on a net basis, including portfolio optimization and potential equity funding. In conclusion, Yara's fundamentals are attractive. Yara is set to play a leading role in the tackling of the food crisis and climate change, while enabling the energy transition. We have a focused strategy building on our resilient and flexible business model. We will create value through our strategic pillars: climate neutrality, regenerative agriculture, and prosperity. We see significant profitable growth opportunities building on our leading ammonia position to serve new market segments and profitably decarbonize our own production. Finally, we are positioned to generate strong shareholder returns through focused capital allocation and portfolio optimization. Thank you for watching our Capital Markets Day today. I'll hand back to Kristin.
Thank you, Svein Tore. This concludes Yara's Capital Markets Day 2023. We will host a conference call at 12:30 PM Oslo time. For call-in details, please check the investor relations pages on yara.com. With that, thank you all, and take care.