They’re all on track and progressing well. The challenge, I think, for hydrogen development tends to be around the green projects where all of these factors that you mentioned are obviously taking a toll, given that the technology isn’t quite at scale and there isn’t fundamental competitiveness in the product that comes out of those projects. I said before, my expectation, 5 to 7 years until a point of inflection where you see green hydrogen technical technology solutions and available to renewable energy provide momentum in a lot more larger development on that front.
Operator: And we will now take our final question from Mike Sison with Wells Fargo. Your line is open.
Mike Sison: Hey, good morning, guys. Just curious, and if you would have told me you have negative volume growth in a given year, it seems like it’s tough to grow EPS but you’re growing now mid-teens. Can you maybe run through the growth algorithm, make sure I understand how you’re doing that? And if the environment stays the same in ’24, ’25, is this sort of a new range of EPS growth you guys can do given there’s not a lot of demand and volumes?
Sanjiv Lamba: So Mike, you know that we’ve gone out and made a commitment of 10-plus percent EPS growth. We referenced that earlier in our introductory remarks as well, and that’s what you should expect us to be doing as we move forward. The growth algorithm is fairly straightforward, and I’ll kind of walk you through that very quickly. No rocket science here, as you’d expect. There are 3 key levers that we pull in ensuring that that EPS growth is delivered and why we feel confident making that commitment of 10-plus percent. And obviously, we’ve beaten that over the track record of the last 4 to 5 years. Let’s start up with the backlog. Our expectation is as our backlog grows, and you’ve seen it grow in terms of the larger projects that we’re doing, our backlog has been growing annually.
As you see it grow, you will see that contribute between 1% to 3% of our EPS growth. So strong, contracted growth with high-quality customers, developing projects that we feel pretty good about. And as Matt has reminded you in his remarks as well, we have a very stringent definition. We do not put MOUs and LOIs into the backlog. Our backlog is only recognized when we have a signed contract in place with guaranteed cash flows for the future contracted in. So that’s our backlog, 1% to 3% in terms of EPS growth coming from there. The next big lever we have is a combination of pricing and productivity. That will give us between 4% to 6%. We flex that combination of pricing and productivity on pricing. I’ve said earlier in a response to a question that you should expect us to be slightly ahead of weighted global CPI, and again, we’ve demonstrated that consistently.
You know our track record on pricing. But just as a reminder, over the last 20-plus years, we always have positive pricing, and it’s a muscle we know well, that we’ve developed well, we’ve flexed well. And again, we’ve been applying that in high inflation environments. Obviously, we’ve also said previously, inflations, we are in inflation play. We’re happy when there is a bit of inflation. It gives us the opportunity to go and have that pricing conversation a little bit quicker and easier. And we’ve kind of — you’ve seen that track record play out over the last many years, so you will expect us to continue down that path. On productivity, deeply ingrained in the DNA of the organization. Every year, we run thousands of projects. We track them, we replicate them.
