“The answer to your question, I think, in brief, is over the next 5 to 7 years, we'll continue to see this backlog grow.”

In context

“ximum backlog and what that may look like? And then what would kind of the CapEx shape look like over that decade long period, as those projects roll through the backlog? Sanjiv Lamba: Sure. So there are two parts to the backlog. I'll quickly cover the clean energy piece, which you are referring to on the IRA and other incentives we see around the world Duffy and then we'll briefly just talk about the traditional end market, which tends to get forgotten a little bit, but where we are also seeing interesting project pipeline and growth as well. But let's start with the clean energy piece. And really, the way I look at that backlog today is just looking at what is feeding into that potential backlog for the future and what are we currently developing that's likely to result in that backlog. The answer to your question, I think, in brief, is over the next 5 to 7 years, we'll continue to see this backlog grow. We'd like to see it grow at a relative pace increasing year-on-year, and I think that's on the basis of the amount of activity we see. I'd say to you, we are still pursuing about 200 projects that I've referenced before. We went out and told you in the U.S., we think the IRA is driving a potential project pipeline for us, where we make decisions on about $30 billion over the next 10 years. And I certainly see that backlog reflect as those decisions get made as we move forward. I'm also happy to say that we are actually seeing most of those projects progressing extremely well in the U.S., in Canada and even outside in the Middle East and Europe as well. These project development cycles kind of tend to take a little bit longer. I explained that in the last earnings call, there's a lead time”