WASHINGTON, DC - APRIL 15: Pedro Azagra (CEO - Iberdrola) and Tim McDonnell (Climate & Energy Editor - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: (L-R) Maverick Carter (Co-CEO, Fulwell Entertainment - Fulwell Entertainment) and Max Tani (Media Editor - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Max Tani (Media Editor - Semafor) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Alexander Wynaendts (Chairman of the Supervisory Board - Deutsche Bank AG speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Alexander Wynaendts (Chairman of the Supervisory Board - Deutsche Bank AG speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Alexander Wynaendts (Chairman of the Supervisory Board - Deutsche Bank AG speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: (L-R) Alexander Wynaendts (Chairman of the Supervisory Board - Deutsche Bank AG) and Thorold Barker (Former Editor for Europe, Middle East and Africa - The Wall Street Journal) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: (L-R) Alexander Wynaendts (Chairman of the Supervisory Board - Deutsche Bank AG) and Thorold Barker (Former Editor for Europe, Middle East and Africa - The Wall Street Journal) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)