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8/2/2019 Cleantech Matters FW0009[1]
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Cleantech mattersSizi trsrti rtuitisGlobal cleantech insights and trends report 2011
8/2/2019 Cleantech Matters FW0009[1]
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ForewordForeword
“First they ignore you, then they laugh at you, then they fight you,
then you win.” — Mahatma Gandhi
rst & u’s Gb Ctc Ctr s ps t prst
Seizing transformational opportunities, ur urt u b
ctc sts trs rprt. T rprt cuss t
pprtuts r cpttvss rwt, wtr t t
cpy r t v, r by t trsrt
t rsurc-ct w-crb cy. Ts tr s
crctrz by y bsrvrs s t xt ustr rvut.
Supprt ts vw s t rcr US$243 b vst
ctc by 2010, up 30 r 200 v
crs sc 2004.
s t trsrt ccrts, b crprts crss
ustrs r crsy c t t rzt tt ty ust
urst t pct ctc vp strtc ctps, wtr t prv tr tr prts, pt
r ct x ry rsurcs r pursu w
ctc-b rvu pprtuts.
W v s s yr pur-py ctc rt rs
r vr t pst v t sv yrs t t r
trsrt ry tcs.
t t s t, vrts ru t wr v uc
strtc ps t vp, pt py c tcs
s prt tr -tr bctvs. Ts cu b crt,
t stbst w vt-bs ustrs, cry scurty t ct c vrt
s. T tur sstr p t ptc stbty
t M st rct ts v y prv urtr
ptus t s ctc suts t rss suc ccrs.
s G’s sttt bv ustrts, t pt ts ctc-
rv trsrt s tr st r sy, r t s
t r t wr’s ry rstructur cts w
r cubt pyrs trsts. W r bups c
b xpct t r , crs b ry
rsurc csupt — t rt ccrs but rsurc
scrcty, prcs scurty, t t t ct — sur tt
t trsrt w ctu.
W p tt yu ts rprt surc vub ctc
st tt t sprs ustry u. W rwr t
wr wt yu t sz t trsrt pprtuts
wt us.
Ct: w ry rsur iiy
C tcy cpsss vrs r vtv pructs srvcs tt ptz t us tur rsurcs r ruc t tv
vrt pct tr us w crt vu by wr csts,
prv ccy r prv suprr prrc.
8/2/2019 Cleantech Matters FW0009[1]
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1Seizing transformational opportunities Gb ctc sts trs rprt 2011
Table of contents
Sizi trsrti rtuitis:rrtis br t rrvu rwt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
G Frr, Gb Ctc Lr, rst & u
b ubi t y br . . . . . . . . 6Sctt Srz, Mrts Lr, Gb Ctc Ctr, rst
& u
, Drctr, ccut bt,Gb Ctc Ctr, rst & u
Nti strtis r titivvt rwt tru t . . . . . . . . . 12
, Drctr, ccut bt,
Gb Ctc Ctr, rst & u
Prstiv: ssi b t itivs . . 16Pu Nu, Gb Ctc Ct C
Sustbty Srvcs Tx Lr, rst & u
Ct ustrs — t is —riv ti titivss . . . . . . . . . . . . . . . . . . 1
trvw wt Mr s, Cr, Ist
r stiuus ut: si t i 2011 . . . 18 Czws, C ry Pcy yst, BbrNw ry Fc
vrsti wit Bri K BB . . . . . . . . . . .20
EVs i ri ts: rtitrsrtti triiti . . . . . . . . . . . . . . . . . . . 22
scuss y pyrs t v twr
t ctrct
Etri vis: si vs. buyi . . . . . . . . . . . . . .25 , Gb uttv Mrts Lr,
rst & u
Prstiv: EVs, utiitis sur ri . . . 26D s, rcs Pwr & Utty vsry Lr,
rst & u
Fus ts i t r tr . . . . . . . . . . . . . . . . . 2 trvw wt S Or, Drctr Pcy,
ctrct Ct
Ky trs i t t it vu i . . . . . 28 scuss ctc vstrs
Prstiv: rwb ry ii . . . . . . . . . . 33B Wrr, vrt ry Irstructur vsry
Lr, rst & u
Prstiv: t i Ci . . . . . . . . . . . . . . . . . . 34Pu G, sPc Grtr C Ctc Lr,
rst & u
Ci: t w b r i t IPOs . . . . . . 35Pu G, sPc Grtr C Ctc Lr,
rst & u
r L-Ss, Gb ssct Drctr, Strtc Grwt
Mrts, rst & u
Sr rtuity i Ii. . . . . . . . . . . . . . . . . . . . . . . 38Sy Crbrt, I Ctc Lr, rst & u
Rbr Str, MI Ctc Lr, rst & u
T xt ivti wv:by r ri rts . . . . . . . . . . . . . . . . . . . . 41
trvw wt Prssr Mrt ,Sr vsr Vtur Cpt,
Str Uvrsty — SPRI
Fui t: ri r t UK’ssi it b . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
trvw wt Crs Myr, Fur CO, Nrv LLC
Mi Est Nrt ri ut . . . . . . . . . . . . . 43Nr bu, M st Ctc Lr, rst & u
Ts Crsts, MI Ctc Oprts Mr,
rst & u
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2
Gb crprts crss urus ustrs r v
ucy t pursu ctc rvu pprtuts. Dur t
c wtur, bussss t ctc r cst
svs ccy prvts. But wt ccy w
cpttv v, t crprt cus ctc s b
t st twr tp- rwt tru w pructs rts.
T rvu pprtuts r trsrt tw sss:
ty rs r st t rsurc-ct w-crb
cy, ty r c crprt busss strts.
rst & u’s tst Annual survey of global corporate cleantech
adoption prvs st t w crprts r trt
ctc t strty, sp, vt, prtrsps custs t sz suc trsrt pprtuts.
ubr ctrs r prp t b trsrt t
r rsurc-ct w-crb b cy. Ty
cu t rwt wr pput, t crs purcs
pwr t css r rts t crs
scrcty tur rsurcs wrw . T cssty r ry
scurty, rs ry cty prcs, t busss
rsps t ct c t w wrss t
r crprt sustbty strty r s prtt rvrs
c. r uty tr t wy wc
tur rsurcs — cu ry wtr — r pruc,
strbut, str, csu.
Gvrts v uc strtc ps t vp, py
pt c tcs s prt tr -tr t
strtc bctvs, wc cu bs w vt-bs
ustry crt, s w s ry scurty, ct c
vrt trts.
Fiur 1. b ry ivstt (USb)
201020020082007200620052004
$52
$76
$113
$151
$180 $186
$243
Surc: Bbr Nw ry Fc
Ovr, rcr US$243 b ws vst c ry
by 2010, up 30 r 200 v crs sc
2004, ccr t Bbr Nw ry Fc (s Fur 1).
My bsrvrs bv tt t pct ts tr cu v
t tu w ustr tcy rvut.
The path of transformationCrprts r pursu trsrtv pprtuts svr
prtt wys. O wy s t crprt c tcs t
xst pructs t prv tr vrt prrc.
xps cu Prctr & Gb’s truct trts t wr c wtr trby ruc t ut
ry rur t ws cts. tr xp s Dw
Cc’s prtrsp wt Szy t pruc s tt
c r rtr t ptru r sut ctrc
trsrrs.
tr rut t crprt trsrt s t tr ctc
sts tt r ct t xst bussss — t
scuctr cpy tt bs uctur sr cs,
r xp, r rt cpy tt vs t w.
Seizing transformational opportunities:
corporations embrace cleantech for revenue growth
Gil Forer, Global Cleantech Leader
Ernst & Young
Key insights
• Wt rsurc ccy w stbs s cpttv
bs, crprts r w sz trsrt
pprtuts t crt w ctc-b pructs,
vr cr cptcs t tr t ctc rt r
t tr try w rts, wt t bctv w
rvu rt.
• T bst sr ctc sp — 40 vr —
s ct t vp w ctc-b pructs srvcs.
• Ovr t xt v yrs, crprts w v wy r
t cust vu tcs vr cur
tcs s ty s brtru rvu
pprtuts.
• Sry, t sr t xp rvu busss tru
br ct, vt, rc w custrs
tr w rts s rv prtrsps wt r
ctc cps.
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3Seizing transformational opportunities Gb ctc sts trs rprt 2011
Csc’s srt-r ttvs tt rw ts twr
cucts cptcs c b s ts t.
W t trsrts bv vv ctc
wt xst cr cptcs, crt css, t r
vt c b v r pru, rsut try v
ctc-rv pruct r srvc rs. r, crprts
r vr tr br pwr t v t w ctc
rts prtcpt st-vv ctc csyst.
Ts bcs pt t r w custr rtsps,
suppt xst ustry rs r v crt cpty
w ustrs. T vts r busss s
rt t t w csyst ctrc vcs, r xp
— vv t y crrs, utts, bttry ucturrs
srt-r cps, but s brr csttucy
csur pructs, rtrs cuct crprts —
r rt suc ut crprt trsrts.
Widespread corporate cleantech adoptionOur survy rsuts sw tt ctc pt s wspr
t wr’s rst trprss. Fty-sv prct
rspts s tt ctc ws wy pt truut
tr rzts cp by tr sr t.
tr 31 s tt ctc ws prrty t t busss-ut
v. I , ctc ws r cus r 88 rspts
(s Fur 2).
T survy cts tt crprts r uc r t
ry t but ctc — ty’r ctt sct
uts cpt t t. u tr (34) crprts w
sp r t 3 tt u rvus ctc
pructs srvcs 2011.
Fiur 2. T wt xtt is yur y xri, rsri
r utiizi t
I its y: w r t ry
st pyt
12
I stbusiss uits:
ctc s y prrty
crt prts t cpy
31
Vry bry: t s bc
crprt-wttv
cp bysr t
57
I trs ctu sp, 44 xcutvs sy tr
crprts p t sp r t US$50 2011 ctc ttvs. subst ts rup, 12 t tt
pput, rprt tt tr ctc sp wu xc
US$250 . I t, 74 crprts p t crs
r scty crs ctc buts btw 2012
2014 (s Furs 3 4).
0 25 50 75 100
$5
$5–$.
$10–$4.
$50–$.
$100–$24.
$250–$4.
> $500
0 25 50 75 100
Af[j]Yk] ka_faÕ[Yfldq10 gj gj] YffmYddq!
Icrs
6 16
58
25
1
0
6
15
17
20
20
16
Ja rdlandqcgsll
Dcrs
Dcrs sa_aÕcldq10 gr gr mddq!
Fiur 3. Ct si i 2011 (US iis) Fiur 4. tiit i si 2012–2014
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4
Growing focus on revenue generationT st tb st ts yr’s survy ws t rw cus
ctc s wy t crs rvu w rspts wr
s t ty t st prtt ctr uc ctc
strts. W prv prt ccy t ruc csts
r t st ut ctr ct by rspts (38),
crs rvus v up t t sc pst (1) r
tr st yr. T pss ccy rvu rt
bcs r pruc w t yss s t t
rspss r xcutvs prt rs; ts, 45 syprt ccy s st prtt 24 sy tt rvu
rt s st prtt.
Fiur 5. T tr trs iui t ty
Mst irtt tr
rsts
Rstsi rti
rs
1. Iprv prt Õccy truc csts
38 45
2. Icrs rvus truxps cr pruct tcu c tcs
1 24
3. Mt tr bctvs rsustbty
14 11
Crprts rcz tt, wtut t ct us ry
tur rsurcs trt t strty prts,
ty w b cpttrs bcus rw rsurc
scrcty, rs ry prcs ry scurty ccrs.
Mr prtt, crprts r vw ctc vstts
s wy t b r cpttv t y tru prt
ccy but s tru rt w rvus crt
w rts s ustrs c, cubts r spc
vrts prv ctc ctvs t vp
t ustrs.
T ct sp ctc rcts t crprt
trsrt . W vr 27 rspt
ctc buts t tr prvts, ust vr 40
sp s rcty t rvu-rt ctvts — tr
rsrc vpt (R&D) t crt “r” pructs r
vp c tcs. I ccrc wt ts bctvs,
76 xcutvs s tt vr t xt tr yrs, ty xpct
t ctc cus tr R&D prtts tr t crs
(4) r t crs scty (27).
Transformation throughacquisition of cleantech innovationOur survy rvs tt t wr’s rst crprts r
pursu trsrt t y tru t tr R&D
vstts t bv but s tru ctv prr
ctc cpy custs. I ts stc, 73 t
cps t survy sy ty v cur ctc
cpy r t csr s t r utur.
It s t surprs t tt 68 rspts s rprttt crprt vpt xcutvs w bc crsy
cus ctc vr t xt tr yrs.
Fiur 6. w wi t t us rrt vt
xutivs vr t xt tr yrs
Ct ivvtCrrt vt
xutiv
SÕct crs 21
Icrs 47
Sty but t s 28
Dcrs 3
SÕcty crs 1
A shift to leading-edge technology acquisitionsT t, rspts v vr “vu” ctc
custs — .., s tt prv crt prvts
t xst tcs wt t rturs. wvr,
vr t xt v yrs, xcutvs ct tt ty w
crsy cur “-” tcs tt w prv
trsrt pprtuts, vstts wt t ptt r
brtru prrc /r ustry srupt. xcutvs
prt rs sw v strr prrc t t
vr rspt pput r custs -tcs vr t xt v yrs.
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5Seizing transformational opportunities Gb ctc sts trs rprt 2011
Fiur . Wt is t us yur t uisiti strty
xutivs NwNxt Õv
yrs C
Vu (crt prvt) 4 46 -3
L- tcs(brtru)
35 40 +5
Bt vu - 16 14 -2
Orti rs y
Vu (crt prvt) 50 42 -8
L- tcs(brtru)
37 48 +11
Bt vu - 13 10 -3
T currt prrc r vu custs s ss
t ctxt t rct cc wtur w srt-tr
strb ROI ws prut. s t cy sws ss
rcvry, wvr, xcutvs — spcy t sr xcutvs
prt rs — r r custs tt w prv
vt-rv brut pprtuts. I 2010, tr wr
US$1. b crprt ctc custs, ccr tBbr Nw ry Fc, ubr tt s st t rs s
crprts pursu trsrt .
Partnerships and the transformation agendaT trsrt c s b s cry crprt
prtr strts rt t r ctc cps,
vt t bst -us vt sz rt
pprtuts s t wr vs twr rsurc-ct
w-crb cy. T sr t xp rvus tru
br ct, vt, rc w custrs
tr w rts s currty rv prtrsps wt
r ctc cps. Fr r ctc
cpy, urst crprt’s trsrt strt bty t vc t w b crtc t
scur suc prtrsps.
Fiur 8. Wt r yur riry rivrs i rtri wit
ri t is
Priry rtrsi rivrs Rsts
Surc vt 3
c ur br 3
c tr vt cpbts 33
Rc w custrs 33
Grw t busss by tr w rt 32
F ps xst ctc pruct 26
Grw t busss by tr w rpy 24
Seizing transformational opportunitiesT rst st t crprt rsps t t trsrt
t r rsurc-ct w-crb b cy —
prvts rsurc ccy — s w urwy
ry sst prt crprt cpttv pst.
Nw, t xcutvs rt- cps r v
t t sc st — sz trsrt pprtutst crt w ctc-b pructs, vr cr
cptcs t tr t ctc rt r tr try w
rts, wt t bctv w rvu rt.
W crt cps wr ry t s pursu
trsrt pprtuts, w r w tr pr
yc strty rut, prtrsp rt
pst s t brr crprt pput ss t
tr ts py ctc. s w s r ur survy rsuts,
ts s prtt pcts r crprt sp, R&D,
custs, vt prtrsps. s rsut, r
ctc cps w y c crs cptt r
r crprt pyrs but w s bt r prtrsp cust pprtuts s t crprt r ctc
vt rws.
Ts s us t r pru trsrt —
pructs, cps ustrs — s t bc sts
b crprts r brut t br ctc-b
rvu pprtuts.
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6
rst & u s truc ur rst u bcr t
b pput prrc pur-py pubc ctc
cps. Ts r cps ws vu s prry rv
r c ry tt r r s w rt rs t
b trst t rsurc-ct w-crb cy,
rv c tcy busss vt. Fr ts
stuy, “pur-py” s s cps ws c ry
cus s st -1 M Drvr (50–100 vu) by
Bbr Nw ry Fc (BNF).
It s prtt t t tt t pubc pur-py pput
rprsts t sc t vr ctc pput, wc
rs r strt-ups bc by vtur cpt (VC) t r
prvt cps ut-ustry Frtu 1000 cps.
Tr r r t 600 tr pubc cps st
by BNF s v tr csrb (25–4 vu) r
rt (10–24 vu) c ry cus. Icu
ts r cps suc s BB, Scr ctrc s
Ctrs t “csrb” ctry G, Ss
Csc t “rt” ctry. Our rsrc sws ry
1,300 VC-bc cps wrw trt ctc t
s r.1
W r t t pubc pur-py pput bcus,
s ts st cus ctc, ts cps r
y wys t bwtr t ustry ctr t
ustry’s bty t crt w rt rs. T bctv
ur bcr s t prv u utttv surs t
pur-py ctc pput s t rws turs — cu
t ubr cps, cut, rvus, t c,
rt cptzt bt — r sts t uu
rpc ustry substs.
Cleantech growthW trc 3 pubc pur-py ctc cps wt
tt u rvus US$152.8 b t 12 ts
30 Sptbr 2010, t c US$5.1 b cb rt cptzt US$243.2 b. Ts urs
rprst str rwt cpr wt t s pr 200
(s Fur 1). t t s t, tt bt crs 23 t
US$100.8 b, sust tt rvu rwt s prv t
cc t crs c vr. T vbty cpt
r ctc xps s pstv s.
tu ts pput cps s ry yu — t ust
13 yrs sc crprt — t pys ry
1 Dw s VturSurc; rst & u’s Venture Insights, Mrc 2011
500,000 pp wrw, urscr t prtc
ctc s b crt. v t rwt w
r s t rvus IPO ctvty ts cps,
w c xpct t cut ur t crs.
Regional differentiationWt 14 pur-py pubc ctc cps, t s-Pcc
r sts t rst sr t pput. s t
b xpct, t r s s t st tt cut
rt cptzt (s Fur 2). R rvus
rw 44 t US$46.5 b wt sct crs t
c; bt s crs 2 t US$34.0 b. s-Pcc
cps r t yust bss — 12 yrs sc
crprt — wc rcts t w trts r
C, ustr Tw rct yrs. T
cut pr cpy s 412, r r t M r
Nrt rc, ry s t rsut t w-cst wrrc
Cs ucturrs.
M, wt 128 pur-py cps, s t sc-rst
r by ubr cps, cut rt
Fiur 1. b ubi ur-y t is
Nubr is 3
Mi (yrs) 13
Tt ut 46,311
Mi ut 203
2010 rt (USb) $243.2
u 27*
2010 u rvus (USb) $152.8
u 21
2010 t i (USb) $5.1
u 126
2010 bt (USb) $100.8
u 23
Nt: cus pubc cps st s c ry -1 M Drvr
(50–100 vu) by BNF, xcu st vstt us cust
vcs; 200 2010 u c t cprss t 12 ts
30 Sptbr s vb CptIQ; rt cptzt s
15 Fbrury 2011
* Icus t w trt rt cp; wtut w trts, rt cp
rwt uts t 7
Global public cleantech company benchmark
John de Yonge
Director, Account Enablement
Global Cleantech CenterErnst & Young
Scott Sarazen
Markets Leader
Global Cleantech CenterErnst & Young
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Seizing transformational opportunities Gb ctc sts trs rprt 2011
cptzt, but t r trs rvus, wc rc
US$72.8 b 2010. M M cpy rvus
wr US$120.3 . Supprtv urp vrt
pcs, suc s - trs r rwb ry pruct,
ctrbut t t r’s rvu strt. My cutrs r
t c t t t prvus vs suc
supprt, wvr, bcus t currt ustrty surs
ty r t. Csuty, U-bs cps r w
r t rvu surcs tr rts.
Nrt rc’s pur-py ctc cpy pput
ubrs 117. T r’s cps r t sst crss
t br, wt cut 130
rvus US$53.8 . Dbt vs r s t wst.
T cps Nrt rc s 15 yrs sc
crprt, t st t rs. Tr rtvy s
sz y b rt t t ct tt st pur-py cps
Nrt rc c r t vtur cpt r prvt uty
csyst rtr t r t rr y-w r stt-
w trprss s urp C.
T pur-py pput Ctr Sut rc s s —
ust v cps — t by r Brz t
prucrs suc s Cs. Nt c prv substty
2010, rs US$540 r tv vs t rc
US$368.1 , v s vr rvus c. T tt
cut r ts pput s , t rsut t
rcutur tur t pruct.
Dspt t r rcs, t rt cp pr
cut s sr t r rs, wt t xcpt
Ctr Sut rc — US$0.66 s Pcc,
US$0.66 M US$0.74 Nrt rc —
sust tt t cps r bry cprb trs
pructvty vu crt.
Fiur 2. b ur-y t ubi y s by ri
9kaYHY[aÕ[
Nubr is
Tt ut(i tuss)
2010 rvus(USb)
u
2010 t i(US)
u
2010 bt(USb)
u
Mrt *(USb)
u
M
Nrtrc
Ctr Sut
rc
5
14
128
117
50.8
21.7
156.7
6.1
$10.3 164 $0.3 0.5 $4.5 67 $6.0 47
$46.5 44 $3.0 $3.6 $34.0 2 $101.0 50
$72.8 0 $2.4 $0.6 $51.8 18 $85.5 7.0
$23.2 34 -$0.7 $0.4 $10.3 13 $50.7 27
k HcÕc
Mi (yrs)
* 15 Fbrury 2011
Mi ut
r y
2010 i
rvus(US)
Mi
i t i(US)
Mi bt
(US)
Mi rt
r ut(USb)
M
Nrtrc
Ctr Sut
rc
8
0200
11
13
15
N/
400
140
130
$286.7 $7.6 $128. $0.20
$0.2 $8.7 $52.1 $0.66
$120.3 $1.2 $46.2 $0.66
$53.8 -$4.1 $4.7 $0.74
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8
Market landscapeFurtr stcts c b t t rt v (s
Fur 3). C t US up rst rt tr
trs cpy pput rt cptzt. Wt US s t rst ubr cps (73), C s
t rtst rt cptzt (US$60.1 b). C’s
cpy cut s s svr ts rr t tt y
tr rt.
Gry C r tr tr trs cpy
pput, wt 44 pur-py ctc cps c.
tr tr s cps rts wt wr t 30 cps.
Sp s utr ts rup r ts rt rt
cptzt, u t Ibrr Rvbs, t pur-py
ctc cpy wt t st rt cptzt.
Dspt ts r cpy pput, t Ut Stts s t
yt pruc y rt- cps trs rt
cptzt. Oy rc cpy s t st tp
10 cps by rt cptzt (s Fur 4). I ctrst,
tr Cs cps r t st.
Cleantech companies by segment: solarpredominatesT rp sc t b sr ustry bcs vt
w yz t ctc cpy pput by st.
T 102 sr cps csttut t rst sr — ust vr
M C
UtStts
Gry
10
$10
$20
$30
$40
$50
$60
$70
20 30 40
Nubr is
M a r k e t c a p i t a
l i z a t i o n ( U S $ b )
50 60 70 80
C
Sp
Tw
p
FrcI
U ustrSwtzrSut r
Bu
Nt: cus pubc cps st s c ry -1 M Drvr (50–100 vu)
by BNF; rt cptzt t s 15 Fbrury 2011
Bubb vu rprsts ctc cpy cut
Mrt Cis
Mrt
(USb) ut
Ut Stts 73 $45.1 57.0
C 52 $60.1 133.2
Gry 44 $15.0 36.
C 44 $5.7 12.2
ustr 27 $1.4 0.8
Ut 22 $1.8 6.6
Tw 1 $15.1 21.7
I 17 $3.5 20.3
Frc 12 $4.7 7.0
Sut r 8 $4.1 1.
p 7 $1.2 10.6
8 $.7 16.4
Bu 6 $6.8 11.6
Swtzr 7 $2.1 3.3
Sp 5 $20.3 35.3
Fiur 3. Pur-y t y rt s — t 15 rts by t y uti
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9Seizing transformational opportunities Gb ctc sts trs rprt 2011
Fiur 4. T t ur-y t is by rt itizti
Cy Mrt
Ct
st
r
irrt
Mrt
(USB) St x IPO yr
Ibrr Rvbs S SpRwb
ryrt
2001 $15.4 BM: SIB 2007
First Sr I. Ut Stts Sr 1 $14.3NSDQ/OMX:
Nw r2006
E r Pwr S ItyRwb
ryrt
2008 $11.1 M S 2010
Xii wi Si & Ty C. Lt. C W 18 $7.6 S 2010
CL-Py Ery is Lt. Rwb
ryrt
2006 $6.8 S 2007
Ci Lyu Pwr ru Cr. Lt. C W 13 $6.6 S 200
Vsts Wi Systs /S Dr W 188 $6.4 NSDQ/OMX:Cp 18
Uir Bu vrt 104 $6.1NS/urx:
urxtPr-10
EP Rvvis S PrtuRwb
ryrt
2007 $5.3NS/urx:
urxt2008
S Ottris C. Lt. Cry Õccy
pructs13 $4.7 S S 16
Fiur 5. b ubi ur-y t is by st
Mrt itizti (USb) Rvus (USb) Nt i (US) bt (USb)
StNubr is
Miyrs si
irrti ut2010
rt u
Mirt /ut
2010rvus
u
2010 ti
Miu 2010 bt
u
Sr 102 12 161,280 $68.8 48 $0.45 $52.8 46 $1,422 $7.7 $31.8 1
Wi 52 13 81,64 $47.6 -18 $0.75 $31.8 -6 $1,121 $0.1 $25.4 46
Ery str 47 15 5,412 $13.5 63 $0.67 $7.5 16 -$22 -$0.4 $2.0 10
Ery Õiyruts 42 22 66,078 $2.3 3 $0.32 $12. 11 $842 $3.8 $3.5 -6
Bius 33 7 51,787 $10.5 58 $0.41 $15.5 82 $128 $2.3 $6.0 28
Rwb ryrti
23 14 23,174 $42.4 35 $1.13 $8.6 16 $1,25 $0.2 $23.5 27
Biss wstry
22 6,423 $3.7 -6 $0.57 $2.3 11 $42 -$0.8 $2.5 -12
tr 20 7 4,30 $5.2 -5 $1.71 $1.2 20 $8 -$0.8 $2.3 28
C trsrt 15 16 3,875 $4.4 152 $1.11 $1.0 26 -$175 $1.7 $0.2 87
Pwr iiyt srvis
14 18 ,56 $3.6 41 $0.45 $3.0 13 $67 $2.5 $0.5 -41
yr 11 12 4,728 $2.5 -12 $1.23 $0.5 25 $47 -$0.5 $1.4 0
Evirt 23 13,45 $8.6 64 $0.73 $12. 0 $25 $3.0 $1.0 -45
Wtr trtt srvti
21 10,100 $3.1 -2 $0.47 $2.8 8 $122 $2.6 $0.6 4
Nt: bs yss pubc cps st s c ry -1 M Drvr (50–100 vu) by BNF; rt cp t s 15 Fbrury 2011
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10
25 — t pput, py r t 160,000 pp
rt r t US$52.8 b rvus, yt t
t sc crprt ts cps s ust 12 yrs. Sr
sw str prvt c rwt 2010.
W, t sc-rst st t 52 cps, s s
rtvy yutu, wt t sc crprt 13 yrs, rvus US$31.8 b cut ry
82,000. Ts urs sust tt sr w v tur
urtr w t vu c — wt rtr vu crt
uctur stt t tr c tcs.
T yust t sts trs t sc
cpy crprt s bus, wt sv yrs.
Ntss, t 33 cps ts st py ry
52,000 pp rt rvus xcss US$15 b.
t t s t, t st yss ustrts tr
s ctc: y t cps xst br t wr ctc ws c. Fr xp, ry
ccy pructs csttuts t urt-rst st wt
42 cps wrw rt US$12. b rvus.
I ctrst t sr r w, t t sc crprt
Fiur 6. 2010 t ur-y IPOs by rt Fiur . 2010 ur-y t IPOs by st
C
Nubr is
US
Tw
I
Gry
Ity
Sw
ustr
S. r
Brz
52.6
Prct tt
10.5
7.
7.
7.
2.6
2.6
2.6
2.6
2.6
20
4
3
3
3
1
1
1
1
1
Tt vu (US)
48.8
Prct tt
5.4
3.2
3.7
3.0
32.6
0.8
0.2
1.3
0.
$526
$307
$360
$25
$3,158
$124
Nt: cus pubc cps st s c ry -1
M Drvr (50–100 vu) by BNF; prcts y t
u 100 u t ru.
$4,71
$82
$17
$1
Sr
Nubr is
W
ryÕccy pructs
rystr
Bss wst
Bus
vrt
yr
C trsprt
Rwbry rt
Pwr Õccyt
2.0
Prct tt
23.7
13.2
7.
7.
5.3
2.6
2.6
2.6
2.6
11
5
3
3
2
1
2.61
1
1
1
Tt vu (US)
16.6
Prct tt
31.6
6.0
2.0
3.3
1.8
1.1
2.7
32.6
1.3
Nt: cus pubc cps st s c ry -1
M Drvr (50–100 vu) by BNF; prcts y t
u 100 u t ru.
1.0
$3,057
$585
$14
$318
$176
$3158
$1,603
$10
$6
$260
$122
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11Seizing transformational opportunities Gb ctc sts trs rprt 2011
r ts st s 22 yrs. ccy ws spy srt busss
br t ws ctc.
New entrantsNw trts t t pur-py pput tru IPOs ubr
38 2010, crs t vr pput by ry 10. IPO
ctvty ws prp by spt sts by Cs cps.
T 20 Cs IPOs 2010 rs US$4.7 b, ccut
r 52.6 t ctvty 48.8 t cpt rs
(s Fur 5).2
T sr st sw t rst ubr IPOs 2010, wt
11 s rprst 2.0 ctvty 16.6 cpt rs
(s Fur 7). W rs, wvr, rs t st cpt —
US$3.1 b, 31.6 IPO prcs, ts t svr r
s r C.
T US$3.2 b IPO by Gr Pwr Sp t MStc xc ws t rst ctc IPO 2010. Sv
t tp 10 rs trs cpt rs wr cuct
2 Fr urtr scuss Cs IPO ctvty, s “C: t w b r ctc IPOs” p. 35 ts rprt
by Cs cps (s Fur 8), urscr t rp
rc prtc t ctc rt C.
Outlooks vc ur yss, t b pput pubc
pur-py cps cs t 2011 wt sct pstv
tu. W c xpct ctu rwt ts pput
prvt ts c prrc s cc
rcvry ctus, crs r ry rsurcs.
ry scurty ccrs, brut t r by rct ptc
vts t M st t sstrs p, w y
cus t vrts t ccrt r c ry-
substt ttvs t prt stc ctc ustrs.3
Wt b IPO ctvty v rtur t pr-wtur vs4
str pp ctc rs C, tr
w y b ubr w trts t t pubc pur-py
pput s vstrs rcz t ptt cps ttc b t trsrt t rsurc-ct w-
crb cy.
3 Fr scuss t ctc strts, s “Nt strts r cpttvvt rwt tru ctc” p 12 ts rprt.
4 ccr t t rst & u Global IPO trends report 2011
Fiur 8. T 10 t IPOs i 2010
Cy MrtCtst St x Prii t
Tt vuiui
- (US)Mrt
(US)
Gr Pwr Sp Ity Rwb ryrt
M S 1 Nv 10 $3,157.82 $11,158.38
X Gw Scc & Tcy C. Lt. C W S 8 Oct 10 $1,053.56 $6,107.58
C Dt Crp. Rwb Pwr C. Lt. C W S 16 Dc 10 $642.23 $2,140.3
C Sut Gr ry Crp. Lt. C W S 13 Oct 10 $424.74 $1,055.27
S Cr Srry Scc & Tcy C. Lt.
C SrSz: M
Br18 Nv 10 $355.6 $1,421.6
C M W Pwr Grup Lt. C WNS/urxt:
Nw r30 Sp 10 $350.00 $1,750.00
Rs ry C. Lt. C SrSz: M
Br2 Sp 10 $278.34 $1,082.44
Ts Mtrs Ic. US C trsprtNSDQ/OMX:
Nw r28 u 10 $260.02 $1,58.14
Try Sr s C. Lt. C Sr S 7 Oct 10 $256.81 $885.73
str Grup S Gryry Õccy
pructsNS/urxt:
Nw r2 Sp 10 $242.1 $1,2.76
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12
s t wr sts t rsurc-ct w-crb
cy t rss t rs csupt ry rw
trs, y cutrs r brc t ctc
strts t pst tsvs r cc cpttvss
rwt. Fr rss r r crt bs, t cubt
-vu ustrs, t cv ry scurty,
ccs r cbt vrt rt, y
vrts r ctc vt, pt
xprts tp prrty.
W c cutry s pursu rt pt t ctc
pt r t vt, tr vrts v py
pvt rs t sctr’s vpt. Fr Dr’s
pr brc w ry t C’s ssv ctc
vstt, r r svr spsts t prcsss
ps pursut ctc-rv vpt.
Denmark: an early cleantech adopter movesinto electric vehiclesDcs , Dr st ts prt by brc w s
ry, bs cc . Dr’s ry rwbs
succss sws tt v s cutrs c cv rt ts
wt crt ctc strty.
T 170s crss rst spr Dr’s trt t b
ry pt. Ty, w rts 20 Dr’s
ry r vr 5,000 turbs, prct p t rs
t 50 by 2020 wt rw prt r sr. T bst
sr w pruct, w vrt ctvs cu
ctz sr-prc purcss turbs, urts
scrpp sc wt pyts r wrs r turbs
w rtr t.
wt ruc Dr’s pc ss us,
ts ttvs v Dr t wr r t
w ustry, wt 40 sr t b w turb
rt. Ds cpy Vsts s t wr’s rst wturb ucturr. T cutry s bsts wr-css
cprtvy w-cst w rsrc vpt (R&D)
custrs tt rw vstts r b s cu Suz,
Ss W Pwr Gs. s rsut, sc 2000,
ctc xprts v rw tr ts str t tt
xprts t rc US$11.7 b 2008 — t rst utty
urp xprts tt ctry. Nw, r ct turbs
prt v rtr rwt.
T bu ts cvts ts ust r 100 ss u
pc by 2050, Dr’s Gvrt s ctt
US$2 b t ctc. T cutry’s btus s cu
py 400 wtts (MW) w sr w turbs
by 2012; rwbs c 10 tt ry r trsprt;
cutt rus s sss 20 r 2005 vs; ruc
ry us 4 by 2020 r vus csu 2006;
trp w cpcty by 2030.
I trsprtt, t Ds Gvrt s cur ctrc
vc (V) pt tru ss u txs, tx-r ss
yr vcs Vs tru 2012, t prvs
V rsrc us. s rsut, b s Mrcs-Bz,
Bttr Pc (wt DONG ry Rut Nss), Sb,
Vv, Ts BD p t tr Dr’s ybr V
rts. Subss r s w t ucpts, cps
ustry sscts r R&D tsts t rur
rstructur, t stuy t ptt str s
xcss V pwr bc t t r w w ry s.
Cctvy, Dr’s swcs ctc u ccy
prrs — wc rv csupt w r t 2 r
2007 t 2008 — v t b r ctc-
vpt.
China: the emerging clean energy leaderW t cs t sz, pput utput, C s
suprtvs. ry s xcpt. C’s ry
csupt s xpct t sur 75 by 2035, ccr t
t Itrt ry cy. Ty, ruy 75 C’s
ctrcty cs r c.
T t ts vst ry s, curb put r c, cut
r pc spr vt cc
rwt, C’s Gvrt s t rcstrt pprc
tru c ry-ry ws, us, ctvs
strs. Rwbs w r s y vpt sctr tt t s cutry tt s bt ustrz rpy
urbz rpy s ctzs rt r rur rs t
t rw csss ts sy pput cts. C’s
US$586 b cc stuus p rrs ruy
37 sp r ctc prcts, sty t rwb
ry srt r rs. s rsut suc ttvs, C
scr t ubr spt rst & u’s b Renewable
Energy Country Attractiveness Index 2010.
National strategies for competitive advantageand growth through cleantech
John de Yonge
Director, Account Enablement
Global Cleantech CenterErnst & Young
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13Seizing transformational opportunities Gb ctc sts trs rprt 2011
Drv -tr ct s C’s 12t Fv-r Rwb
ry P, wc cs r bst rwbs us, prv
ry ccy, str ctc R&D. T cutry’s
ry p trts rwbs s 15 C’s ry x
by 2020 33 by 2050, r ry 10 200, s w
s sr t cutry’s ry crb tsty 45 by
2020. Ruts w rur tt r cps purcs
rwb ry rt cy, prv w
stt ctvs us r ctc prcts suc s t
cstruct pt pwr systs rt rs ss, t wt ry pruc cry.
Tu C’s sr sctr cut t wr’s y svr yrs
, w s w t C’s bc. C ws t
wy prt w turbs wrw 2010 s ps
t rw ts st cpcty r w t 100 wtts (GW),
r sr t 20GW by 2020.
Osr w s prtcur prrty, b trs
r urwy 11 prvcs. Ntwrty prcts cu
C’s rst sr strt prct r t st C
S Br S, Sv’s p 5MW turb
uctur pt c r t cutry’s rst sr
w-pwr -tc ustr bs. Otr b w turb
rs, suc s CNOOC, Vsts Ss, r r
y pprtuts st r t cutry’s trt 5GW
sr cpcty by 2015.
Otr rw ctc cus rs cu ctrc vcs (Vs)
srt rs. US$15 b vrt p s t v
5 ctrc pu- vcs 15 cvt
ybrs t r by 2020. T bst t pruct cpcty
ybrs Vs t but 500,000, t stt w sp
US$1.4 b t c tr yrs . C’s Stt Gr
Crprt s ps US$586 b srt r R&D
rut vstts by 2020.
But sr s st cus. T cutry’s “G Su” prr
prvs subss r 500MW r r ptvtc (PV) pwr
prcts by 2011. Ty r rr r bu-ut, r-
cct PV, st- PV pwr, r-sc r-cct
PV sr rs tr prcts, wt tt PV prct
vstt trsss csts cvr cts 70
rur rs. C s s u but US$12.2 b t
sss ruct csrvt sp.
Cs c ry cps prcts rcv vstt
US$51.1 b 2010 — 21 b vstts c
ry, ccr t Bbr Nw ry Fc (BNF). Wt
xpct US$738 b sp c ry surcs vr
t xt c, C s t b ctc pprtuty.
India: a national solar missionRp up I’s pwr suppy t ccrt ustrzt,
crt w ctc ustry custrs, srv ts rw cts,
cut pvrty C02 sss rvs I’s trst
rwbs. T pwr ct t wr’s sc st-
pput cutry vr ry 13 ur p urs
t yr Mrc 2010. I s s t wr’s urt
st-put t.
I prts st 75 ts , wt rwbs ctrbut
ust 10 ts ry x. Ruc rwb ry tcy
csts s tus tp stt . Gv I’s succss wt stwr
busss prcss utsurc, ts ptt s prs,
prtcury sr, rtvy utpp ut rsurc.
Ivstrs s pprtuty. C ry sst c I
syrct t US$3.4 b 2010 r ust US$560
2004, ccr t BNF, r rbust 35 cpu urwt rt.
W ccuts r 70 t rwbs x I, w
by yr (16), wst-t-ry bss. But t ccrt
ctc pt t ts ctrs rs, t t rcty
s ut sr ry r vpt.
I’s Nt Sr Mss (NSM) trts twty rwt
ts st sr cpcty surc r t cutry’s but
sr rrc. s y s 330 vr suy ys yr
I t y sts sr ry ttrctv prpst.
T cutry’s vr y st 4–7 W/2 s up t
ptt r t 100GW.
I prtcur, t NSM ss 1GW st sr cpcty,
wc 60 wu b sr tr 40 PV, rspctvy. y
s t t tr cu prv sr c ccs by 15,
cv r prty by 2022 str trprursp
tcy trsr. S 1,100MW r I’s r-
cct pts s trt r t rst NSM ps tru
2013, cpss ruy 100MW rtp s
t- sr pts.
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14
Cps suc s Tt BP Sr, Wbs Tt ry
r y tcy uctur t vturs
prtrsps t prtcpt NSM prct cts.
Fy, I, C, s prrtz pwr r rtrur vs, v sr PV -t systs, s
yrpwr prcts, bss sct bs s.
It s ps t rpc s wt PV systs ustry
tcucts twrs. T Gvrt ps t ctry
10,000 vs by 2012.
South Korea: smart grid and electric vehiclespave the wayW t cs t s cutrs b vs, Sut
r s ty’s rt rur. Ts t-vr ctrcs
pwrus — wc rs 10t by r ry csupt
t r CO2 sss — ps t pw s US$36 b t
trtv ry by 2015, by t prvt sctr.
Drv trst vstt s’s urt-bst cy
r ts 50 pc ry prts, rw pput,
rs cs C02 sss. T cutry s ss t rw
ts b sr t rwbs rt by vp vtv
w, sr, yr u c, srt r V pructs.
Sut r’s btus Gr Grwt prr s t
Sut r t wr’s svt r pwr by 2020, ts
t by 2050. T Gvrt bvs s 500,000 w
bs, 230 ts ss crb x, 440 b wr
prt brrs w rsut r ts srt r rts by
2030 rt t vus t US$54 b. Otr xpct
bts cu 3 pwr csupt, 4 rp sss r 2005 vs by 2020, 15 c
csur ctrcty bs.
prtcur cus s Vs srt rs, wt stc rs
yu GM Dw cp Vs tru tr BuON
Lctt crs, rspctvy. T cutry ps t pruc
1 Vs st 2.2 cr pts by 2020,
cur by tx bts r V wrs.
Fy, Sut r’s US$24 b p r tw srt
r by 2030 — t wr’s rst — s r 30,000 cr
stts t s, pr ts, s stts pubc bus by
t. T Sut r Gvrt s vws srt rs s
strtc xprt ustry.
Brazil: diversifying its renewable energy supplySut rc’s bst cutry s bst w r ts sur c
t, wc r s ptru substtut ur t
170s crss. But Brz s b c ry pr.
Nry ts ry s rwb ty vrsus t wrw
vr 13, by yrpwr.
Fr Brz, ctc s sut t prbs wrut by st
cc pput rwt. T t r r
vr rtr vus ry surcs r ts rs
css, bur cts rpy ustrz rs, t
wr’s t st-ppuus t s py crt
trt rwbs-rv strty. Brz s t wr’s 10t
bst ry usr. Brz’s currt ctc surcs, ts 22 s
t st pr y t t wr’s sc-bst
prucr t ruy Brz’s stc u s.
yrpwr r t ssv z ts trbutrs s
prvs prssv 84 ts ctrcty. Brz trs y
C C yrpwr pruct.
But rstt, pput spct pwr srupt
r rut v pus Brz t vrsy t s yr,
w sr pwr, t rss stc by-pructs
sur c bss.
Fr ss t cutry’s ctt t trtv ry,
t Brz’s t ctc strty r 2022. Gvrt
trts cu bst Brz’s c ry rt cpcty
by 11.5GW by 201, wt w ss u pts css
tr 2013; st srt trs c ts ruy 62
s by 2020; cutt crb x sss 40,
crs bss w ry t; trp t
pruct t 75 b trs, by 2022.
T t, Brz s cptur ust ty rct ts tt w
ptt 143GW, prpt ts Gvrt t cus ts
ry utpp rsurc cctrt ts str cst.
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15Seizing transformational opportunities Gb ctc sts trs rprt 2011
W s tur cpt t yrpwr, prtcury ur
ry sss. T cutry’s Sptbr 2010 rwbs uct
su crs Brz’s st cpcty by 2.GW w,
yrctrc bss ry spr US$5.5 b
vstt, sty r t prvt sctr.
Emerging economies seize a transformativeopportunityDr r rrb st r ss us
stbs ts s t ctr t b w ustry
ust 30 yrs wt cus, -tr vrt supprt. T
Gvrts C, I, r Brz r pursu sr
bctvs wt ssv vstt btus ts.
Tr r st-rw tr rts r ctc
cprtvy wr pruct csts vrsus ts vp
cs r cr vt. I ts cutrs t tr
ctc s, t sc trsrt c w b r
rtr t Dr’s, pst t r rsp ur
rsurc-cstr w-crb utur.
Corporate views on the role of government
Response from the Ernst & Young annual global corporate cleantech adoption survey
Crprt survy rspts sy tt t st prttr r vrt supprt ctc s t prv
ctvs r ctc pt, cur csurs t us
ctc-b pructs st vrt strs
tt w rv ctc pt. Fr urtr sts tcrprt ctc pt, s “Sz trsrt
pprtuts” p. 2 ts rprt.
PrvÕfYf[aYd
af[]flan]kgjkmZka\a]k^gj
[d]Yfl][`Y\ghlagf
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lgmk][d]Yfl][`-
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gjk]jna[]k
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klYf\Yj\kl`Yl
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Prv^mf\af_^gj[d]Yfl][`
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fgf%j]f]oYZd]]f]j_qkgmj[]k
<]n]dghaf_Y[d]Yj
kljYl]_q^gj[d]Yfl][`
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EYf\Ylaf_eafaememkY_]g^
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Wi t wi yu biv r t st irtt rs vrt ys i surti t
33 32 322 28 27
24 24 22
8/2/2019 Cleantech Matters FW0009[1]
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16
Ctc ctus t py prtt r vrt
pcs ru t b, wt cutrs ctvy cur
t sctr tru vrus tx crts tr ctvs t
p ruc t pybc pr r vstts ctc
rwb ry.
I t US, Prst Ob rcty rstt s ctt t
t ctc sctr s Stt t U rss by prps
“c ry str” tt wu st prv
80 rc’s ctrcty r c ry surcs by 2035.
Ts w s cpt by xst US st tt
prvs r vstt pruct tx crts rts r
rwb ry surcs. T US Gvrt’s prt t
ctc sctr xts by t ptt rwb
ry t cu t rsrc vpt ssct
wt w ctc pructs tru t Fr Rsrc
xprtt tx crt, s w s t uctur
ctc pructs, tru tx crt r uctur
vc ry cpts pructs.
Ictvs t ssst t ctc ustry r t ust US tr,
but b ccurrc. T urp U’s FP7 prr
prvs u r rsrc, wt y t cs r prpss
ppcb t t ctc sctr. I t, y urp
ts r ctvs r rwb ry, tr s tx crts,
--trs r r-crtct prrs.
I C, ucpts v r cp tx ctvs,
w Cs stt bs r w-trst c r ctc
prcts. Furtrr, tru t Ut Nts, t C
Dvpt Mcs c prv ctv t vp
rwb ry prcts crt ss-vp ts.
Ctc sctr vstt s xpct t ttrct sct
trst uc t vrt ct t r
rts, subss tx ctvs s w vts
rwb ry pruct rts y t ut r ry
pc spur cc rwt wt y v cutry.
Rrss t rpy, cps t prtcpt
suc ctv prrs ust rst ty prcts tt y b
b. rst & u ctts ts by br ttr utp
prtts wt ur cts’ rzts tt t t
t trct wt c tr, suc s tx, prts, cts
sustbty, t scuss ptt prcts. Bs ts
scusss, w r b t rsrc ct vb ctv
ru t b. Oc t prcts rt ctvs v
b t, w ssst cts scur t ctvs by
vs t prct, p t wrt ppcts r ttwt vrt cs. tr t ctv s b scur,
rst & u ctus t wr wt cts t p t t
cpc rurts rz t u vu t ctv
Prspctv: ccss b ctc ctvs
Paul Naumoff
Global Cleantech and Climate Change and
Sustainability Services Tax Leader
Ernst & Young
8/2/2019 Cleantech Matters FW0009[1]
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1
Interview
Seizing transformational opportunities Gb ctc sts trs rprt 2011
Mark Johnson is chairman of Innosight, a strategic
innovation consulting and investing company with offices in
Massachusetts, Singapore and India, which he cofounded with
Harvard Business School professor Clayton M. Christensen.
He has consulted to the Global 1000 and start-up companies
in a wide range of industries and has advised Singapore’s
Government on innovation and entrepreneurship.
Ernst & Young: Wt s yur vw t ctc vstt
scp?Mark Johnson: ust but vry r cy s vststr sus vp c tcs ts ys.Ts vstt s wru t: t s wy bv ttctc s t y t rsurc-ct, sustb utur.T prb s tt uc t cpt s b vstcty.
T t Ut Stts. My ur ctc vsttsr urwrt vry wrty rc cpsvc spcc c tcs, suc s t CvyVt, t ctrc cr bttryr 123 Systs tr ct cpy Cr. Otr vstts supprt
prtt bsc rsrc ccurr bs uvrsts.But wt ts vstts ss s t ct tt ctcs t rbust ustry yt, but ust srs rtsts tt r prt sct rw ustry. W r t supprt r vu pyrs r utrsrc st; w supprt r csyst wc suc ustry c rs.
Sc Vy s ust suc csyst, rt vttr vt, w busss tr w busss. Tscsysts tury r ru cps vt. But t cu b pssb t ccrt tr vp
Ernst & Young: C yu v xp?
Mark Johnson: T vrt bu Db bvs s. Itvstt ctc s ctr t Msr Ittv btus prr t vc cstt c
tcs by bu cpty sustb cty.Tt cty, wc s w up wc w rtts w pwr rus rcyc ts w wst, suc r t tr spctcur cu Gu rstt vpt — t s r-wr cubtr st rw t wr-css custr ctc xprc,xprts vu, r tt t yvt t ctc t US stuus b. c, tcpttvss ctc w b rv by crtctc custrs tt w ccrt t vpt ctc cps.
Cleantech clusters —not companies — drive competitiveness
Mark Johnson
Chairman
Innosight
W r t surt riiviu yrs r ut
rsr i isti.
8/2/2019 Cleantech Matters FW0009[1]
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18
Green stimulus update: spending topeak in 2011
Tw yrs sc t rst ys t wr c
crss, t r stuus prrs vrts ru t
wr r st prtt ctrbut t t rwt
vstt c ry.
Bbr Nw ry Fc s b trc t prrss
ts stuus surs 12 r cs vr sc t
crss stts tt but t y — r r
rts r rwb pwr prcts t subss r us
ry ccy — s st t b spt.
Tt s ws r t c ry sctr, wc spt
y rcr vstt 2010, rs vurb t
cs subsy rrts ts r rts t
cptt r pwr prcts us w-prc tur s.
Lt st yr, w stt tt t 12 st prtt r
stuus prrs ru t wr, uc t w
t c crss, tt US$10.3 b, tt bt r
t 40 ts wu v rc prcts t ru by
t 2010. W rcst tt urtr 35 t tt, r
US$66 b, t b spt ur 2011.
trt t t stuus prrs r ur 2010. Grw
ccrs vr pubc bt, prtcury urp, but swr s
w, v rs t rs tt vrts y try t bctrc
ctts tt s t prs US$10.3 b
y t b spt.
Global overviewT r stuus prrs tt r r t c
crss t 2008 wr ttpt by t vrts
cs t tw brs wt st: t us tx
sp pcy t rt bs supprt cc rwt
w s ccrt tr cutrs’ trst t w-crb
ry utur.
I t 2008 ry 200, t US, C Sut ruc t tr bst r pcs s prt
tr rcvry ps (s Fur 1), wt US$64.4 b,
US$46. b US$2. b rspctvy.
Spending progressGby, w sw crs pc sp ur 2010—
prtcury C, p Sut r. S 77
t uc us b ct by yr-, but y
40 rc t ru (s Fur 2). T y ctu
sp s prt u t cuts tt t y ut t
r tru stt tr tr-prty prrs. Suc r
uts y rur rus strtv rts,
s st t prrs rst t b ct by ctr
strts t t spcc cs ts wt sburs t
y t vu rcpts.
O t pprxty US$64.4 b ry uc
t US pc, US$47 b b ct by t 2010
tru t Dprtt ry, t Dprtt Ds
tr cs. wvr, tt tt, y but -tr,
r pprxty US$15 b, s b spt. Ts ws r wr
t w rr tcpt, v tt t rc Rcvry
Rvstt ct ws pss Fbrury 200.
W t rc stuus prr s ry trsprt, t
Cs ws ss prcs. Our rsrc susts tt uc
t Cs stuus y s ct by t Nt
Rr Css t c tru r stt-
w cps. Tus, s 70 t Cs US$46.
b stuus s b ct t spcc prcts, 56
Anna Czajkowska
Clean Energy Policy Analyst
Bloomberg New Energy Finance
Fiur 1. r ts ti i stiui (USb)
Tt
US
C
S. r
Gry
p
Brz
Sp
U
Frc
C
U-27
ustr
$10.3
$64.4
$46.
$2.
$10.4
$3.7
$1.6
$0.8
$2.3
$14.6
$10.3
$3.3
$2.1
Source: Governments, Bloomberg New Energy Finance
8/2/2019 Cleantech Matters FW0009[1]
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19Seizing transformational opportunities Gb ctc sts trs rprt 2011
su v rc t by t 2010. W v s
r tt st t r us w b sburs by
c vrts /r t r s r c bs.
Tt s tr y b t rprt t s-ruct 30 t pc.
Spending outlookGv t prrss t trc cutrs ct t
r stuus us t spcc prrs, w xpct v r
y t rc c ry prcts 2011 t 2010 (s
Fur 3). Ts ssus, wvr, tt t stuus prrs r
t c, rsu r cc. Wt t rv r ustrty
surs y t r cs, t st s ts
prcts cu w b x r tprry rz.
ImpactT t uct t r stuus ttvs spr
x rct pts sb rt
prtcpts. s t s tur ut, bt rcts wr ust.
O t , y t prrs vr substt
t t c ry sctr t ucrt ts t c
crss. But t tr , strbut t us prv t b
uprct strtv c r t vrts.
I ct, st t y t t t cy strpp
sctr s rc t w t vr stut t rts
s prv.
Fiur 2. Fus t st (stits)
Ri
Ttt(US)
Prtt Tt st
Prtst
US 47,000 73 15,050 23
C 32,841 70 26,272 56
S. r 2,20 100 11,68 40
Gry 8,174 56 7,30 54
U 10,401 100 3,634 35
p 10,340 100 6,565 63
ustr 1,847 50 1,61 44
U 2,044 61 576 17
Brz 32 17 172 7Frc 2,111 100 2,111 100
Sp 738 46 627 3
C 57 77 137 18
Tt 145,94 % 6,034 40%
Source: Bloomberg New Energy Finance estimates
Nt: stts bs rt scs by t vrts /r
rcpts t us. Tt b r stuus us uc ut t
US$10.3b. Ts tt y v sty crs t st t 2010,
tr ts rsrc ws cpt.
Fiur 3. u ri vrt si ry
stiui (USb)
Tt2013201220112010200
$17.1 ()
$5.0 (31)$66.6 (35)
$13.3 (7)
$34.3 (18)
$10.3 (100)
Source: Bloomberg New Energy Finance
Scy, t stuus prrs v sts vt r
tr bctv tr t cs. I t US
prtcur, tr ws rt ctrvrsy vr t stuus
rts p Cs ucturrs supprt b crt
C’s c ry sctr, rtr t rc.
Gv t currt pubc bt ccrs y cs, w r
uy t s y r vrt sp prrs trt
t sctr cprb sc y t s. Nw surs
r y t b tr r cruy t supprt t
cs wtut st t cutry’s ctts t
t WTO rus r tr. Prtcts s cry uwc
pcy pprc t t sctr r b prspctv, but t
tptt s rt r t pcyrs t v tt rct.
Further details of Bloomberg New Energy Finance’s work on green stimulus
programs and other extensive research on clean energy and carbon can be found on
www.newenergyfinance.com.
Because of our methodology, the green stimulus numbers presented by Bloomberg
New Energy Finance often differ from the official government figures. This reflects
our strict definition. We include only those economic recovery plans (announced
in the form of emergency plans, packages, funds or simply as parts of national
budgets) unveiled between September 2008 and the end of 2009. We do not include
measures announced later than that, or programs unrelated to the recovery efforts
or earlier support for clean energy, such as feed-in tariffs or tax concessions. We
have also focused on measures targeting specific sectors — renewable energy
generation, energy efficiency, grid development and upgrades, clean transportation
and R&D within these sectors. Hence, our figures don’t include flood prevention, fast
railways or forestry measures, for example, sometimes counted by other analysts as
part of the green stimuli.
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20
Jay Spencer spoke with Dr. Brice Koch of ABB about the
current cleantech landscape. ABB is a global producer of power
and automation technologies that enable utility and industry
customers to improve their performance while lowering
environmental impact.
Jay Spencer: s yu crss t sts BB, wt
s t scc ctc r yur b strty?
Brice Koch: Ctc s t t rt ur b strty
pys ctr r ur ctvts, r R & D tru t
rt.
BB s rr tw cps, Swss Sws.
Bt ts cutrs v wys str ctt t
t cr t vrt.
S t s t DN t cpy t cus c tcs.
Rt r t strt, BB s cus tcs tt
p ruc vrt pct, prv upt r
t rb ct vry ctrcty t ,
tcy t utt ustr prcsss crs
pructvty t tr.
Ty, r prprt ur prt s t ry
ccy c tcy. I ct, r t
BB’s rvu s rt t ry ccy, wc s ur
custrs c s t cpttv rturs ty c by
st w tcs tt ruc tr ry csupt
csts, t t s t, ruc t pct tr
ctvts t vrt.
Jay Spencer: Wt yu s s s t ctrs
rv b r t ctc pructs srvcs
BB prucs?
Brice Koch: BB’s ctc pructs srvcs r bry
pp t w r custrs wt vrty s.wvr, t vr t s r wt ss. Wtr
tvt by t prc rw trs r t t ruc
vrt pct r t rs t str v ru t
b, t r rtr pructvty s rv r
BB’s ctc pructs.
t wtt pwr rt rt
rstructur — wc s ruy uvt t ucr pwr
stt ts r ccts — s try vry w
r t xt 20 yrs t stsy rw r ctrcty.
Mr t 80 ts w c r -OCD
cutrs, by C. Ts pputs wt t s uty
ry vbty s pp y ty’s tur
rts, wc s, t ucc, w c xpct CO2
sss t ctu t spr. Currty, pwr rt
ccuts r r t 40 ry-rt CO2 sss,
v w ruc sss t t vs tt wr rt
2000, w c xpct t s vr b tprtur crss
3°C by t ts ctury.
Ts cbt vrt prcpt ccs
rvs t r c tcs. ccr t t
Itrt ry cy, by pt rwb ry-
ct tcs, r t 75 t rur ss
ructs t prvt urtr tprtur crss c
b cv. T ’s sr ts wu b r crs
ry ccy.
Jay Spencer: Is t s t sy tt yu ry ccy
s, r tcy prspctv, t st prtt rwt
pprtuty rt w ctc?
Brice Koch: Dty. u prvts ryccy c b cv wt tcs vb ty.
u s t t pwr rt sctr, wc s by r t
rst ry-csu ustry. ru 5 t ctrcty
rt by ts pts s csu ur tr prts,
but by us spstct ctr systs st ry-
ct upt, btw 10 30 t pwr rur
t ru t cty c b sv.
Sry, but 8 t ctrcty tt vs pwr stt
s st ur ts trsss strbut. Ts s t b
vr, s cutrs, t y v b s s 35.
T u p btw t bst t wrst prrrs sws
wt c b wt vb tcy.It’s uc t s stry ustry. C yu tt 40
t wr’s ctrcty s us by ustry, tw-trs
tt s us t pwr ctrc trs? But t t s, y
ts trs r ru t u sp v w ty ’t
v t. Tr sp c b rut us rvs, ts
brs surprs svs. T st bs BB rvs
sv stt 220 wtt urs ctrcty
A conversation with Brice Koch of ABB
Brice Koch, PhD
Head of Marketing & Customer Solutions and
Member of Group Executive Committee
ABB, Ltd., Switzerland
Itrvw by Jay Spencer, Americas Cleantech Leader
Ernst & Young
8/2/2019 Cleantech Matters FW0009[1]
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21
Interview
Seizing transformational opportunities Gb ctc sts trs rprt 2011
200 . Ts s uvt t t ctrcty csupt
54 urp uss.
Ts r ust w xps, but t st ctc pructs
currty vb s wspr xts t rwys,
spp, bus utts suc s wtr, t t t
t rwb ustrs, suc s w, yr, sr wv
pwr. s yu c s, t rwt pprtuts r ctc r
vrywr.
Jay Spencer: BB tr cps v r ctupt ccy t systs r yrs. Wt
r t brrrs tt v prvt ts tcs r b
pt r ucy?
Brice Koch: O t y brrrs s c rt
but wt xsts, r bt csurs r bussss.
tr s ssct wt w purcss t w upt. T
r w cs wt tr t buy s ry cr
t cpt xpturs r t cpy, but t r w
ts t bt t rzt s cr t prt
xpturs. T buy t -ccy tr wu prbby
cst 5 r — wc cu strtc t cpx but — but t
r w s cr t px but cu sv tt5 vry sx ts r t prt t t tr.
T c s tt bussss t sur t r cst
pruct by t ts tr cyc, t t csrt
t y t purcs prc but s t ru csts. tr
brrr t pt — spcy r csurs — s t cst
ctrcty. L t yur ’s ctrc b. I I t y w, t
s r r ss uvt t r r ur vry t. Gv
t w cst, w I vr ccpt t utty tur s y
uss — yb y r ct — r 20 svs pr t?
s s w prc t tt wy, w w v ssu.
Jay Spencer: Wt yu s s C’s r t ctc
rt — s vstr, s usr, s str, r crss tw vu c?
Brice Koch: It’s r t C rstrct t y
ts s rs. It s ry prt vstr, usr
str ctc. u s, C s ub tvt t
r c tcs.
T rst s t wts t b b ctz. T Cs
Gvrt s tr t bc t wr’s r c
tcy s st rwb ry trts 20GW
w sr cpcty 150GW w by 2020. Its pcs stt
tt -ss u surcs ry su ccut r 30
t vr pwr suppy by 2020. Ts wu b r st
v tt 80 C’s currt suppy cs r c. Ts
trsrt rprsts u rt pprtuty.
T sc prbby t bst tvtr s tt C
wts t t 8–10 rwt rt, t s t ctu
t st vrty ry wy pssb. Wt 18
pp v t urb rs vry yr, C s s uc
ctc s pssb. T Cs uy urst tt tr
ry s put vs r usustb. Ty
w ty ct p tt rwt pt wt -
ctc ustry bs.
urtr tvt s tt C s t v s uc rw
tr s t s, ts w strt t v pct
rwt. Ctc vstt vpt s sst t ts
ps r t utur.
Jay Spencer: w yu s BB’s r pprtuts
supprt t cpt s crss t ctc scp?
Brice Koch: W sp 50 ur R&D but ry
ccy-rt ctvts v spc rsrc prcts
urwy wt tr cps t xpr prtt rs
ctrc vc rstructur. W r s ctvy wt
r ctc cps tru ur crprt vtur
cpt ctvts.
I t pst svr ts, BB Tcy Vturs s
vstts cps suc s Trt, prt srt r
cucts; Pwr ssur, wr t ctr pwr
ptzt; Ptu, wr w turb w r
ccy tcs; ur Pwr, wr wv
pwr tcy; COtty, wr ctrc vc
rstructur tcs.
W w supprt ts cps s ty pprc t rt by
prv ccss t custrs r prcts ty wu trws
t rc. It’s u bt: w t y prv
c vstt but s p s strty prtr —
tr cpy’s vpt t vu.
8/2/2019 Cleantech Matters FW0009[1]
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22
In 2010, for the fifth year, Ernst & Young’s Global Cleantech
Center hosted a series of executive roundtables that brought
together key stakeholders to discuss important cleantech issues.
The sessions, held in Munich, Shanghai and Silicon Valley,
focused on the “Electrification of Transportation — from Vision
to Reality.” Over the next five years, electric vehicles (EVs) are
expected to account for a growing portion of overall vehicle
sales. This transformational change in the industry cuts across
many sectors and will require new business models and new
partnerships.
One key subsegment of the vehicle market is already showing
growing adoption and is anticipated to continue as a catalyst
for market growth: the application of EVs in commercial
delivery fleets.
To better understand this new market, Ernst & Young’s Global
Cleantech and Automotive Centers assembled a panel of leading
experts to discuss some of the key issues. Highlights of the
discussion follow.
Scott Sarazen: M, cu yu sr wt us t tvt tt
Frt Ly/PpsC t purcs 176 ctrc vcs r yur
crc t?
Mike O’Connell: W v st s vry rssv s t ruc
ur vrt tprt wt strty w c “T Prs
PpsC.” O prt t s cus ru ur t prts
r cty. W w truc y w vc tcy,
w v t sur tt ur ss rc c vr pructs t
ur custrs c vry y. W t t pwr tr
t busss bt ssct wt tt vc. Wt Vs, t
s w-w — t bt ur busss s scty
prv ur vrt tprt. Our truct 176
St ctrc vcs w t s s uut ur t xt yr. S t s b w r us.
Jeff Henning: Bry, s yu sp t custrs rt
rts, wt s b st surprs but tr prcpts
ctrc vcs?
Bryan Hansel: Custrs r ty sc tt rb
ctrc trucs r ry pruct ry r vry.
t pp prcv Vs s b t utur r vs t
s crts. S v truy u-sz, prt utty vc
EVs in commercial fleets: accelerating
transportation electrification
Gb uttv Mrts Lr
rst & u
Sctt Srz
Gb Ctc Mrts Lr
rst & u
Db Fr
SVP C Strtst
G Cpt Ft Srvcs
Bry s
CO
St ctrc Vcs
M O’C
Drctr Ft Cpbty
Frt Ly/PpsC
Sc
Vc Prst, Mrt Dvpt
s Ctrs, Ic.
Moderator
Participants
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23Seizing transformational opportunities Gb ctc sts trs rprt 2011
Roundtable
vb pruct ty s surprs. W v but
vc t spcct suc tt wtr yu r rv s
truc ty r yu r rv ctrc, yu r t c yur
prt. W t s crtc tt ur custrs t b rur
t c tr busss t pt ts tcy.
W s surprs w w scuss t c
usts — pp ’t uy urst t v pct. Tru,
tr r cpt prus, but tr r u prt
svs tt c t rbty t tcy.
W w t t t rvrs, t bst “-” s tt ry,
t s t t rt r trt vc tr t tt
t s’t t s, t s’t put t s’t t
u t s wy. Ty v rv t vcs.
Scott Sarazen: M , t’s tt pr ts
cst--wrsp ust. w Frt Ly tr sr
custrs pprc t ccs Vs?
Mike O’Connell: Wvr w r t rpc vcs, w
t t vb suts — tr currt cst bts,
cu tt cst wrsp. Ts tc, u
cy, trs br wr r cpr wt ur t pr.
W w buy rpct vcs, w xpct crt v
vstt rtur. Wt ss strs tt
u prcs ctu t sct, t cc cs t swtc
t Vs s bc sr. T bts prt ctrc
vc r utw t ssct up-rt cust csts.
John Schaaf: Crty, ccs r trus ctr, s
r t spcc rstructur cs. S I wu rst swr
tt ust s t prtr. yz yur currt prt
t tr t swt spts t t wr, v t currt
ccs cstrts, tr s pprtuty r s v
V ptrt. Tr s pc wt st ts wr t
ccs wr — t s vry uc busss cs.
Jeff Henning: Db, csr t r up-rt cst, r tr
w c s tt cps r us r ts vcs?
r t prtrs rvtt twr s?
Deb Frodl: bsuty. O t ts w r s t ry
ys ts trsrt s r prpsty t s ctrc
vcs bcus t r cpt cst. t s vs t
custr r xbty t rtzt tt vc, s w
r s custrs s r but s bcus tr s
r prssur t cpx but. Wt prcs wr ty r
ty, custrs r ss b t buy vcs r rpc s y
s prvus yrs, s vs t r xbty. W
r s b s but w uu s r c
t bttry sprty r t vc. W r t ry sts
xpr ts pts suts, tr s
r bttry c suts, w w t t r.
r t US, w typcy v p- ss wr
custrs crry t bur t ups r ws t
rsu. I tr rs — urp, ustr p s
xps — G s tt rsu rs. Ts s w rt
w tcy , s suc, tr r w busss s
b ctpt. But w r strt t s custrs py,
tr s ty v trst vry r.
Jeff Henning: s yu t t rt t but ptt
rsu vus ssct wt V bttrs, w yu s t
ct t pr r yur cc ?
Deb Frodl: Rsu vus r vry prtt t w
yu r t tt cst wrsp. Ts s r
ustry tr r t uws. W w v v yrs
xprc wt ybr ctrcs. W v s tt ts
rsus ut-prr sty str. Us wt w’vr, w r w wr tru cprsv tt
cst--wrsp s r V custrs.
Mike O’Connell: t Frt Ly, w w prt ur
vcs t xz t V. W tcpt 10
yrs r t csss t st 5 yrs, yb 7 r 10, r t
bttrs. Wt t xt rt Vs, w xpct tr w b
scry rt tt w strt t stbz rsu vus
prv vrty suts t p rt-sz cps
t ccs V pt wr.
Bryan Hansel: Tr r s uu ts but ctrc
vc tt ct usu . Tr s vry xpctcy.
Tr r y tw v pcs wt ctrc tr, trs trsss, u syst xust syst. t
t csts tt pct vc s t s, tt wu rv
w rsu vu bcus rpct csts, spy ’t
xst. Fst rwr v yrs I c ru tt t vc s
t v wy t ts bcus t pwr tr, wc ts
t t trucs t r, s’t ctr r. t us truc
s st t b 80 cpr t prt. v w put w
st bttrs t yr v, t custr ctvy s
st-w vc tt w prv t prt svs.
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24
W s bv tt tr w b vry str scry rt
custrs tt ct r t t t Vs ty, but v
sr t r wu t try t ut r vrt r
busss rss.
Scott Sarazen: , csr tt CI s bu
t tr ptt bttry ppcts, yu s
scry rt r bttrs tt t prv t ptt
rsu vu?
John Schaaf: T uw s, curs, wt ts bttrscu b us r w t st t ptt vu. Tr
v b t pt prcts ubr rt uss.
t s Ctrs, w r t tr ppcts t
tr wt tt rt t b. I r wt Bry tt
crc t, t vcs w st r. It s strt t
t r ustry, wr ty rrs t p wt w
pwr pt.
Jeff Henning: M, wr s Frt Ly/PpsC xprc
vu crt rsut r t truct Vs t yur t?
Mike O’Connell: W v xprc prt prvts
ssct wt ruc u purcss t ssct
rpr tc. Tr r s bt tr
xtr trst xctt r vr ur pructs
V tt rcty supprts ur cr busss strty ru
sustbty, wc s p u pructvty prv
ur vrt tprt. Fr xp, w r t
ptty t ur cty sr prcts wt t Vs
cr t vcs t vb sr pwr. Ty’s
csurs r vry trst wt w r s
rzt — t y t pruct w r s t, but
wt w r r t vrt r t cuty.
Scott Sarazen: C Vs cpt wtut vrt subss
t srt tr, w w w rc tpp pt wr
pt w rw v subss r rv?
Bryan Hansel: t St ctrc, w rcv Dprtt
ry rt t put strt t t t rt. Frt
Ly s prt ts, w r tr t tt w p
t Dprtt ry ssss ts strty. W s us
ts rt t p cus s tt up-rt cpt cst r
ur custrs.
I trs uc V ustry, w r t but
urs vcs cpt wt cps tt v but
urs tuss. Ts rt s w us t r bttr
prc pt t ur custrs. W r ct tt v by t
2011, ur csts w c w s ur vus rw. W
w w c t t prc pt tt wrs r ur custrs
v wtut subss.
Deb Frodl: Gvrt u s substt pct
t suppy s; w w t sur tt tr s
pprprt s s w. T prt svs r
tr w ’t v t cvc t rs tt.
T t up-rt csts r ssu — subss p rv
pt, spcy s rrs rc 100 t 200 vcs. S I
t t s prtt t v ts prrs s w tr ts w
ustry ts w ps.
Mike O’Connell: It ws crtc t us tt w cu ppy ts
tcy vr t tr. W wr t trst buy
ts 176 vcs stpp. W csr t y w
t ustry cu vv r suppy c cst pr,
but wt w cu s rzt. W pprc ts s
prtrsp wt supprs, vrt cs ur w
rzts bv t cst curvs c c w w
wr ttr. I Bry s try ust t t cst ut suppy
c, y t t tr . But y rut pr, I y
t 80-wtt pc vry truc. Ttr, w c
prtr t rtsz t vp t ustry w
s t vu prpst. W stry tt
tr s t b busss prpst wtut subss
t utur.
John Schaaf: Tr s wu t wr b by t
bttry supprs t rv w cst. t s Ctrs, w
r sp t t ptt cst ructs. T
bst, st t bttry cst ructs w rsut
r sc — vrt subss p scty trs custrs b b t purcs r uts. W s rcz
tt t s t t tcc vcs t prv bttry
prrc wr csts.
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Roundtable
Etri vis: si vs. buyi Jeff Henning, Global Automotive Markets Leader, Ernst & Young
s ur psts t, tr s xpct t b rw
trst s ctrc vcs r svr rss, cu
t rtvy t cust cst t sr r r
xbty t pyt trs. s w t t prtcpts rut b ts r V csyst, w r s r
usts ccrs but trtv s s tt
t b uuy ppcb t Vs. S r csr s
tt vv sprt trsct strs, r t bttry
r t cr vc. Tr r s usts but t
pcts t uw scry rt r bttrs,
ucr rsu vus t tcpt uty cycs
tr cpts.
O prtcury ty ssu wt wc w r ssst ur
cts s t sssst t ccut, c rprt
tx pcts ts w s. T vv V ss
s trsct structurs v t ptt t cus sctpcts t csur, t vc ucturr t
c cpy. Ls trsct structurs r rty
c r rprt prspctv, v t c cr
V rsu vu stry, ts s urtr cpct by t
uu usts tt rs su t vc s b sprt
t bttry csss cpts. Rct ccut ru
prpss tt ct rvu rct s ccut
ust s b spccy csr w t
pcts V ss ty t utur.
Rrss t structur, t vut w ss r s
s ust b s t ts prtrs r
prts, t c surcs ust b cpttv u
t t t s t V rt custr.
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2Seizing transformational opportunities Gb ctc sts trs rprt 2011
Sam Ori is the Director of Policy for the Electrification Coalition
and a principal author of the ctrct Rp and the
Ft ctrct Rp. The Electrification Coalition is a
nonpartisan, not-for-profit group of business leaders committed
to promoting policies and actions that facilitate the deployment of
electric vehicles on a mass scale in order to combat the economic,
environmental and national security dangers caused by our
nation’s dependence on petroleum.
Ernst & Young: Wt r t st prtt ctrs cstr
ctrc vc pt?
Sam Ori: prssv rry utrs w truc t
rst wv r-b vcs t rc csurs
2011. Ts vcs s prtt prrss t succssu
cbrt utp prvt pubc sctr tts.
But t cptz t u cc scurty ptt
ctrct, bttr crt cus w b rur,
s w ptrt t vcs t pc str t currty
prct typc rcsts.
T st prtt cs cstr t rwt t
rt r r-b vcs r ry rt t t cst r ssct wt t rst rt r-rt
uttv bttrs. Csts v ry scty
s ucturrs v r pt-ps prcts t rt
rs. wvr, r vu bttry uctur
ctrc-cpt suppy cs w b rur t rv csts
w. t t s t, tcc vct c prv t
prrc bttrs, ruc wt crs r.
Ernst & Young: Wt pct c V pt by crprt
vrt ts v t vr rt?
Sam Ori: W ctrct t t-uty, prs-us
pssr vc rt s t st prtt -tr
bctv r strt ry scurty, t r-bvc ustry t ts ry st w bt r r
vrs rt. Dur t pr r 2011 t 2015, crc
vrt vc ts cu rprst r sr
t rt r pu- ybr uy ctrc vcs. Rct
ucts by crc vrt tts sust
tt tr t pt s ccurr rpy.
Ft prtrs su b w prpr t rss ubr
t ry cs cstr pt. By tc t
prpr vc, bttry rvtr tcy t py
rurts, rv cycs us prs, t prtrs c
z up-rt csts. Tt vstt pubc prvt
cr rstructur c s b r ct bttr
ptz. Prps st prtt, r-b vcs cu
pp t r ubr t prtrs srt pr
t. I tt cs, t prtrs wu crt sct
ry- vu t vpt t r-rtbttry ustry, t t ctyz t ctrc rvtr-
cpt suppy c.
Ernst & Young: Wt r su pubc pcy t prt
V pt?
Sam Ori: Pubc pcs c su py r supprt
ts prcss. Tr r r tx crts r t-uty vcs,
but currty purcs ctvs pc t supprt pt
r-b u- vy-uty trucs. Ts su b
rct. xst rstructur tx crts su b xp
s tt rr stts uy r ppcb
bts. r tx crts su b trsrb s
tt -prt pubc sctr tts c ccss t,
uy crts c bt csurs csr t t pt
s. Fy, t r vrt c ssst z rs
by ctt t vpt scry rt r r-
rt uttv bttrs.
T yss t ctrct Ct’s rcty rs
Fleet Electrification Roadmap susts tt v subst
ts pcs wu v u pct vc
ptrt rts. Cb wt ct vstt ct
by t prtrs, tprry pubc pcy surs cu rv
r t 200,000 r-b vcs t crc
vrt ts by 2015. Ptrt rts ts tu
wu v csrb pct bttry ctrcrvtr-cpt csts, prv rtr crtty r
supprs wr csts. Suc vpts, tur, wu
bt t brr csur rt p t sp pt.
Interview
Sam Ori
Director of Policy
Electrification Coalition
Focus on fleets in the near term
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28
The last issue of Ctc ttrs featured a roundtable
discussion among investors and market observers focused on key
trends in the cleantech marketplace. We reconvened our panel
for this year’s report to continue the conversation, discuss what’s
changed in the cleantech marketplace and exchange perspectives
on what is perhaps the most important issue in cleantech today —
the capital value chain.
Gil Forer: Wt s c t ctc rtpc scur st rutb scuss 18 ts ?
James Cameron: Ivstrs v bc xtry rs vrs
v strt t t ut prvt uty r tr cts —
t t btw t st cvrst w, w’v vry
pr cpt w ry.
I uy bv tt t c crss t rcssry
xprc st t vp wr — cup wt
uvrs sr t bttr rsurc ws, t b r
ct t us ss us, t b r tt but
t systs r pwr pruct csupt t
wys ct cpt t ruc pcy up ss u
prts — v p t ctc sctr bc r
t c.
wvr, w st v’t s cpt ws r u
uts t w wtr t sctr’s ry t t tt ut
cpt, bcus st vryt tt s ttrctv t
ctc spr — r rwb ry t ry ccy
r -br, ru-tr tcs — t’s b
t sc br.
I s ts ss r vstt ctc. I t t’s
s sctr t cctrt , but I’ vry wr w r
srt w r t sc cpt pyt cssry t
trsr t systs tt w v, r vr c ry, prtcur.
s, I’ r r ct w but t rsurc
ccy. I t t ctc sctr w b vry ttrctv
pc r cpt t b py spy vtv tcs
ru t rsurc pt ssu, tt w b t cs r
cs, t ust t yr .
Key trends in the cleantech capital value chain
G Frr
Gb Ctc Lr
rst & u
Mr Fut
M Drctr Gb ,
Ct C Ivstt Rsrc & Strty
Dutsc B
Mc Lbrc
C xcutv
Bbr Nw ry Fc
Br Bstr
M Drctr
trtv ry/Ctc Ivstt B
G Scs
s Cr
xcutv Drctr Vc Cr
Ct C Cpt
Stp Dz
M Drctr Grup Lr, CTc
VtPt Vtur Prtrs
Moderator
Participants
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29Seizing transformational opportunities Gb ctc sts trs rprt 2011
Roundtable
Mark Fulton: Tr s b ccr rts vr t pst
yr but t c wt w c TLC pcy: trsprcy,
vty crtty. I prtcur, w’v b sur
ucrtty ru t vty pcy s t
y rts rs. tt s wys prb r t
vstt rts.
Spcc xps cu t ur t cv y -v
b s r Cp tru t Ccu. T Ut
Stts ry ct pcy ws ucrt vr vry
tt ur 2010. W s v t rrv w Crss,
wc s r st t ct c ry. urp,
tr wr r cs rwb ry trs.
I yu cb t pcy ucrtty wt wt s bsrv
but t r ucrtty t vstt rt, t’s ut
brrr t t vr. wvr, t ct tt 2011 ws t
rst yr rcr r tt c ry vstt — t ct
tt tr s st y w t ctc rts — s vry
cur.
T ws s tt C ctus t v rwr st
pcy rts ts pyt ctc uctur
bss, s tur ut t b t wr r ctc. Ttr ws s tt Prpst 23 Cr ws t,
tt U r pcs c ut t Cprsv
Sp Rvw prtty sp.
Stephan Dolezalek: t t rst rst & u t vt
2006, s r t b rs s, swt
st, “yu rz tt t tr rt cptzt
ctc s ss t t prt r us, s buy
up ctc tt r t t b cpr t
v t wt t.” It ws rt bcus t ct ust
w s ss ctc t ppr t r
ry cubts. Wt’s c sc s tt ctc s
b uty rw t sz wr t c’t ust b pus sy r.
t t s t, w’r s crs ptc prssur t stp
supprt ctc — pubcs - trs stv
cuts t US. t spt w prssur, trs
pubc p ct c, pubcs pcy, sr
w, ts ts r uc r v w t
t xpct. I t t’s vry u tt ctc
s rw t ts w t pst wr t c ctu
t rw, rrss t vr ptc ct y v
cutry.
Michael Liebreich: I wu bu tt by sy, ubr ,
ctc s survv t crss ctuy bttr sp t
t v r. I yu t t vstt vus, w’r
rcr trrtry, tr r’t t rstructur
cpt s sctrs tt c sy tt. T sc t s tt
t crccs ctc bry, but prtcury ru
c ry, tr yr t prv tsvs — w r
s ctu prrss w t cst curv crs
w w tt t ctuy csts t wt s t
ws c ry vrsus rty ry. Ts s sctr tt
ry s t sc: ts s t r, t’s str w.
Mt G s, “Frst ty r yu, t ty u
t yu, t ty t yu, t yu w.” W’r st
t “t ty t yu” ps, tt’s wy — t Stp’s
pt — ty r try t ruc subss supprts bcus
crt csttucs w rz tt t ctc w
rtcy ur s cubcs.
t t tr t s tt wt ct c
s bc syyus wt b sss, wrs st tc ry s bc s wys syyus wt b
crt wt t vbrcy cs. yu s tt,
wtr t’s r wt t Gr Grwt Ittv r t
vrus pcs st t US. T u s ru
w w scur bs r t utur , r pruy, r
structur cpttv vt. But I t wt yu’r s
s tt yu’r w tt uc r urst tt t sv
ct, yu v t sv ry. tt s c ry
tt s ctc, wrs t pst, t tw s
wr y vry sy cct.
Gil Forer: Tr’s st p btw t cpt rur t
b t trsrt t rsurc-ct w-crb
cy t cpt tt s vb ty. w yu
t ts p w b cs r z? r w s
y bs cpt vt, wtr w s, w
pyrs r w rs r xst pyrs?
Stephan Dolezalek: I ’t w tt w’r s y w
pyrs, but w ctu t b surprs by t u ubr
pyrs prtcpt ctc wt w wu crctrz
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30
s bb s, trsct yr. T ubr
us tt r vry ctv st rs ty.
Wt tt s s, w t rty cps y w’t
t crss t cs, tr r s ubr cps
c ut t tr s t cs w r rw strr
by t y bcus ty v b b t t c, t t
tr prcts ctrs but. I t 2011 w b t yr
wc w w s rtr sprt btw wrs
srs. u’ b t s s ts wrs r t r
sc.
Brian Bolster: W’v s t prct c rts rtur, s
I t w’ strt t s r-sc sr w cs. But
wt w v’t s r yt s t surc cpt tt w
p us br t tcs tt US$300, $500, $600
t sw pr ccpt. W wu v p tt t
vrt wu stp r, but w’v t ss vrt
supprt t w xpct.
s I t Stp’s rt but t rc wrs
srs. t busss ps s t r cpt-
tsv rs r b rcrt ty wr’t b t t
ccss t suct cpt. I utty-sc sr, yu’ prbbyv 1 r 2 r 3 r pyrs ut rt 20 r
30 cps currty. I t u sctr, yu s t
t pyrs tur t t r crprts strtc
vstts t s supprt.
James Cameron: W’v wr vry r t U r
vstt b , wc I t s ws t s
c, t ust r t U. W v vr-r t cpt
rts prvt vstrs t vr t srt sct
c tt w w w w t wt ct c
rsurc pt. t w v pt vrt crs
st t vp ts, w t vp wr,
tr r rus s r cpt t rwt.Ts s t t bu sttut cpcty t c
cpt t sc t st tt vrs t pubc
rwrs t xprts, t ut t s ssct wt
vstt r c rturs.
W’r ps w wr w c’t crry v scusss
t s tt t prvt sctr w ts r t stt w
ts. W cry s cbt t tw.
Mark Fulton: I t tr’s ty ccr s t wtr
tr s u pubc prvt y t ry wt ss
t b rur. T tst t sws w’r ru t r
US$250 b, but t st ss tt utu p s rur
t s pt. W r srt cutus s t wtr t w
rt c stp up st u wt suct sz. W w
wys t but t pcyrs crt t rt vrt
t rt ctvs, w’v t t xz t vr
vry pubc r t prvt vstt.
Gil Forer: I 2010, w sw sct crs ctvty by
r crprts t ctc spc. Wtr custs,
prtrsps r vstts, wt v yu s trs
cs t crprt pprc, wt yu tcpt
t xt cup yrs?
Brian Bolster: Our cvrsts wt r crprts
but strtc pprtuts ctc ctu t crs.
Tw ts r prbby st pu tt rt. O s tt
vut xpctts v c bt s cps rz
tt ty y t crprt strtc vstrs w wt
rwt but r’t w t py bs rs r pr-rvu
cps. Sc, I t tt crprts v bc r
crtb wt ctc s t s prv cpb -tr
sustb rwt. tr pc s tt crprts r
bttr but tsvs crsy t but M&
r crss t spctru ustrs, cu ctc.
Stephan Dolezalek: W w rst strt vst utt
crprts 2002 t scuss ctc, w pt ru t
stuts wr r tw busss uts wr tusstc
wt t prtcpt s wy, w tr busss
uts t s cpy wr uy sptc. Wt w’r
w s s st v pr r c busss uts wt
v rzt, tr crprts r brc c
tcs s u rvr tr utur rsuts. W w
s ctv ctc strts b pursu by crt pyrs st vry r sctr ry tr ustrs
t trsprt tt ctc tucs. Tr s
rw v btw ts cps tt r btt ts
trsrt ts tt r btt t sttus u.
Mark Fulton: I t ts s ry sct. W’v t t s
crprt bc sts, w’v t t s cubts, w’v t
t s t b ustrs py vv ctc w’r
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31Seizing transformational opportunities Gb ctc sts trs rprt 2011
Roundtable
t t y ts ubrs. t ws s, yu
s t tr. I prct c, bc st ctvty s vry
sct. t’s c t, t , st ts w bc
prct c rstructur rut. S tt’s ws.
T ust s: wtr ty r ry cps, utts r
r upt ucturrs, w ty ctu t b ctv
pyrs t rut tt s t b ?
James Cameron: Crprt bc sts r crtc rt
w, t s ut ptstc. It s bc t t sc ssu.W ’t v u r ctc cps t rcv
sttut vstr cpt s tt pyts c t pc
pur pys.
I’ t s s r crs, t ust r
r ry. Tr r pty pp w c t t
cubts t utty sctr. But w t s vry
rt b crprts wt ctc t t s
w v currty. tt ts yu tt t cur vt
sur tr’s suct cpt pyt r r
cps, yu t v pubc pcy r tt supprts
cptt rwrs cpt pyt r vt,
t ust t pcy r ct c r c ry.
Michael Liebreich: I trs t c 12 ts, w’r
t s t ut cps rt t ustr
ry ccy ustr prcsss c t t sptt.
My ts wr u ’05–’06 r b tr
vstrs’ bs t csrvtvy w vus. I t xt 12 t
24 ts, w’r t s s ts cps
t ttt crprt strtc vstrs w w t
cptry t s spct tr prts. W ty r
bw t rr w, ts cps r t b ut
trst cust pp.
Gil Forer: W r wy tru st t vrt
stuus prrs prbby w s s t xt wv ry ps. Wt s b t pct s r wt s
? Wt c w xpct rwr?
Stephan Dolezalek: Tr ws ut bt pts tt
btw urts rts, t stuus wu prv
sct bts, but w v wys b t vw tt
yu’r bu busss, yu’r bst t p
-tr vrt subss. s s b tru st
cvt ry surcs, w’ t wt w c t,
prtcury bcus w’r t yt t pc, trs prct
c, bt r bu rr-sc ctrs, wr yu c
r vrt supprt. W r s b t s t
pct vrt supprt ttrctv crt trs
C stc b rwt b cptt ctc
I t tr w b sc b wv vrt supprt
tt s r b-cus t ct c-cus. Ts
w y prv r -tr bt t t surs
ty cus tt tru t cc crss rcus ct c.
Brian Bolster: I t t’s r t pr w
vrt w’t b ut s wy bcus t’s ust
ctr t t tur ry. u ry v t ustry
by ustry t ssss t rsuts t stuus bcus ts
pct ws vry rt sr, r xp, t t ws
s t srt r ppcts. S prps tr’s ss
pts t tr ws tw yrs . Tt s t sy, tr ws
rt ss pts tt s prbby bc t
rt pts.
Michael Liebreich: I t tt t ctc ustry s ry
spy t w bt t US rr t stuus. It
y v b tctc vctry, but t ws strtc st
ru t ss “v us t y r tr’s ur
tus bs .” I ’t ubt tt bs wr prtct
bussss wr prtct, but t st ry cr ss t
t sptcs tt s, “, wtut ts y, tt ustry s
t xst.” t’s t tru. W s t stu t t rs
ts ustry wu’t xst, tr’s st ustry, suppy
c, prcts tt ss, prcts tt v scur tr
rs supprt. W curs t’s wys bttr t v y
t t, t ss t ustry t US srv t ry
prz s t ppst.
Gil Forer: COP16 rcty ccu Ccu, wr tr ws cs t crt r ct u tu t ts
ctu ptt r st t b tr. Wt yu
tcpt w b t vr pct COP16 t ctc
rtpc?
Michael Liebreich: Fr , COP16 ws t tt ’t
br bcus t pp wr xpct r ruptur t
b prcss. S I t t ct tt tr s prcss tt
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32
t ctus t v s tu ctuy s prtty pstv.
But trs ctb c t ru r ctc
cps, prps st w c ut tt prcss
tr r ur yrs tt w b wrt wt, but rt
w, ty’r ust ppy tt t prcss s ctu.
tt’s prtty uc t sury wr w r.
Stephan Dolezalek: Fr US prspctv, I t tt
prtt t tt r s tt yu r v t
bty t ru tt tr’s r-rr prb r tt
sw, Wstr ts w v t py r st tt
t rst t wr w bt r. s w v wy
r pury ct-ctrc , yu v tw sprt
usts: 1) Wt s t -tr cc ups tt cs
r w s ts c tcs? 2) Is t
r t utty t b trs sustb cc
rwt, trs wc cutrs scur rb ry
utur? Ct c bcs utrwt bt, but
t r rvr s t s uc t t rss ct c
s t s t ct tt tr w b wrs srs ccy
ty.
Mark Fulton: I t t ws c ut Ccu s
tr r st rts t t wr. Tr’s t Gr Ct
Fu tt ty’r t but, tr s t p tt
vrts w ttpt t u t US$100 b by 2020.
Tt’s t vr, t vstrs ursvs r wr
ust t sp rts prct c -rs vp
cutrs, suc s Dutsc B’s Gb ry Trsr F-
Trs (GT FT) ttv.
James Cameron: W su s Ccu s bry pstv r
pcy vpts r rts. Ccu s, rst ,
b rt. It’s t t typ tt w xpct r wt
urp br Cp, but t s b rt. u
c r ru tt tr s trt rt
ct c. Nw tr s .
T tr t s tt yu c’t ru tt t s pp t vp wr ct c. Tr’s w t
pcy trvt spccy ct c, spccy
vr vstt ctc c ry y
vp cutrs, cu t rr r ppuus
vp cutrs. tt’s ry ut w
t Ppps, Is crty r C, but
s Lt rc Mxc.
Tr’s t t pc wt t r rts cus
c ry ct, tt s t crt pprtuty
r cpt pyt tr. t ust pyt
Wstr cpt, but cpt tt s r ts urscts,
cpt tt’s v btw svr wt us ts urscts, cpt tt’s s v r vpt b
c surcs tt’s t cur r vstt
ts rts.
yu i it irw t t t ii s
it-itsiv t is
yu i it irTs rct rst & u wt ppr scusss ur
rct tt r ctc cps su
csr t crt w xcutv r: t ccpt cr (CCO). T CCO wu pssss spcz
c ss cus xcusvy cpt rt
pyt, v t sc ctc cpy
cpt s t cpt s t CO
CFO st-rw cps. T vw ts pubct,
vst www.y.c/ctc.
8/2/2019 Cleantech Matters FW0009[1]
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33Seizing transformational opportunities Gb ctc sts trs rprt 2011
T rwb ry sctr s ssvy cpt ury. Wt
ry US$250 b vst wrw st yr rwb
ry, st r , w’r s b rc r
cpt, wt r ubr urscts ru t wr
cpt r r cr bs, strtc psts ru crt
tcy typs r ry, cc vrsct.
Ovr t st 12 t 24 ts, vrt pcy pprcs v
r t rpy rw rwb ry rts t
st — C, Tw Sut r — t tur
Wstr rts, suc s t US urp.
Pcy-sttrs t st r vry uc cus rv
cc rwt t sz vt r ts crsy
prtt sctr — prv ry pcy rwr
s t stut substt vs vstt, ttr
wt csy cc ustr pcy r
twrs rt bs uctur, cptur
tctu prprty r cst ructs s surc -tr
cpttv vt.
I t Wst, vrt pcy s cu ts s strtc
cus but wt t rzt tt uctur bs t t
b sustb t r ru. Wt w s w s t
r tur rwb ry rts r pcs cus
scurty ry suppy vr -crbz ry
t t wst pssb cst. Ts, t, s pcts r
tcy cpt ws. Muc t tctu prprty-
rv tcy vp urp r t US s y t b
trsrr, vr t r tr, t t vp rts r
crc pyt r ustr-sc uctur. t
t s t, cpt ws w bc truy b, wt r
rzts uttrs p py us r t
vp t t vp wr.
Fr urp r US prspctv, t ssu r pcyrs
s w t stut vstt rs wr vu s prtct
r tt c rt. S tctu prprty-bs tcycps, ry ccy, supprt srvcs t
t srvcs r prbby t b r cus r
t Wstr rts t t uctur upt suc
s sr ps r w turbs, r xp.
Dspt t rct rwt vstt, cpt scrcty
rs t s bst btr t rwt rwb
ry rstructur vstts. s rsut t rcss,
crprts utty cps r v t p
bc sts tt ty c br t br. wt t u
cpt rurts uty rts Bs III c t
py, bs r s busy rbu tr bc sts. t t
s t, vrt pcy supprt t US urp s
y t bc ss rus s t cus sts r stuus t
ustrty bt ruct.
Wt ts trt surcs cpt r rwb ry
rstructur y t r cstr r t rsb
utur, t sctr s w vstrs w cuts r
tr cpt. W t p btw vb cpt
rs r, tr r s cur ss tt w surcs
cuts w r.
Gv t vry -tr w-rs tur rwb ry
rstructur vstts, wt t bt ty rcv
r trsprt -tr - trs r tr rs
vrt bc, t sst css pprs w sut t ttrct
uty us, suc s bt ps scs t
. I t U, r xp, tr s b t bt but
t prps t crt r vstt b, ws r, r
xp, cu b t cst rpc xst prct
c bt. Ts wu r up bs’ bc sts,
suc sttut t bty t ssu bs, t cu b
ps us, surc us x c t vst
t sctr.
Spurr by vrt pcy bctvs, stt-w bs
uttr c sttuts r bc r ctv
pyrs ctc. Fr xp, Cs stt-w bs
v stpp up t rwb ry cps. Bt
t urp Ivstt B t urp B r
Rcstruct Dvpt r cus stut c
ry rts r ctvy t t sctr.
Outs t sst-c r, vtur rwt cpt
s sct r t py. r, t rtr ptcy strc
prrc st rwb ry r ctc cpy
stc c ur crtty xt r suc vstrs.
Prspctv: rwb ry c
Ben Warren
Environment and Energy Infrastructure
Advisory Leader
Ernst & Young
Rwb Ery Cutry ttrtivss Iis
Fr urtr prspctvs b rwb ry, vst
www.y.c/rwbs t vw t tst t
t urtry Ernst & Young Renewable Energy Country
Attractiveness Indices, wc prvs scrs t rtv
ttrctvss t rwb ry rts
rwb ry rstructur 30 cutrs.
8/2/2019 Cleantech Matters FW0009[1]
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34
I p wt C’s ctts t t trt
cuty, t t ry pcy s t cv y
strtc bctvs: t rt 15 t cutry’s tt
prry ry r rwb surcs by 2020 t wr
t ry tsty cc rwt by 16 trs
ry csupt 17 trs crb x
sss by 2015.1
I ts ctxt, t cus s vp w pwr
rsv crtc ssus rt t cct w pwr
rt t t r trsrr pwr r sr w
prcts t . Currty, y 31GW C’s tt 41GW
w rt cpcty r cct t t r.2 Dvp
ucr pwr s s surc w-crb ry s tr
prtt prrty.
C’s rwb ry trts w b t tru yrpwr,
ucr us, w pwr, sr ry, tr pwr, t
pwr bus. O ts, yrpwr s xpct t prv
t rst sr c ry rt tu t stst
rwt w ccur ucr w.
Nucr s xpct t ccut r 4 tt rt by
2020, up r 1 t prst. W pwr tr rwbscb w v 2 sr rt, up r t currt
0.5. yrpwr w prv pwr, up r ty’s 7.5.3
T cv t yrpwr trt w rur prrtz
yrpwr vpt pyt, v t wst
yr rsurcs ccrt u t r str
yrpwr prcts. Dvpt ts sctr w b supprt
by prt stc yrpwr tcy cstruct
cpcty t trt rt.
1 “y trts C’s 12t v-yr p,” Xu Nws cy, 3 Mrc 2011.2 “C ts r cct cpcty t 31 GW,” Windpower Monthly, 17 ury 2011.3 “C’s trtv Pwr Grt xps Wr-L:Tp ry xcutv,”
Xu Nws cy, 16 Sptbr 2010.
C’s rw rt r c, w-crb ry
surcs prvs prtt pprtuts r ctc
cps. s C ctus t pt ts strtc ry
pcy, cptry bctv s t ctc surc
cc rwt br - t -tr sustb
vpt. Fur t sv w prrty r ustrs
C r prt ctc — c ry, ry ccy,
vc trs ctrc vcs.
Fr b prspctv, C s t y st vpt.
ry s utpc cc rwt. Wt t
vr-crs r ry t cpxty t
trt ry suppy c, t s t t rss t
ry ssu — t stbz t cy prt cc
vpt tru c but s ry.
C rs s t ubr stt r c ry
tcy vstt. y rsrc vt rs
C cu c, -ccy c rt — 600MW t
1,000MW supr-crtc pt uts, r xp — yrpwr,
c ry vcs, w pwr, sr ry, ucr ry
r-sc vrt prcts.
Fur t sv wririty ri iustris iCi r rt t.
Prspctv: ctc C
Paul Go
AsiaPac and Greater China Cleantech Leader
Ernst & Young
8/2/2019 Cleantech Matters FW0009[1]
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35Seizing transformational opportunities Gb ctc sts trs rprt 2011
C’s ccrt strty t str ctc ustry
s rsut rt r wt pprtuts r ctc
cps: t t t ubr spt rst & u’s
Renewable Energy Attractiveness Index 2010. C ws
s t rst rcpt c ry vstt 2010,
rr US$51 b t US$243 b b tt.1
Cb wt str vstr trst C’s b
cy, ts ctrs v t rcr-br spt
Cs ctc IPOs tt s y t ctu.
C rt 20 t 38 b pur-py ctc IPOs
cpt 2010.2 Rs US$4.7 b, Cs trscts
ccut r 4 tt b ctc IPO prcs. Sr,
w, ry str ry ccy cps up
t rty rs, rct t r rs ctc
vpt C (s Fur 1).
A breakthrough year for windtu C’s sr cpy rs v rr t
st ttt rct yrs, 2010 ws tb s brut
yr r w cs. T sx Cs w rs rs
US$2.8 b, 5 t ctc tt (s Fur 2). Lrst
t ws t US$1.0 b r t
Stc xc by X Gw Scc & Tcy C.
Lt. Ts 2010 ctvty bus t tu rt by t
US$2.2 b IPO t w-pwr rtr C Lyu
Pwr Grup Crprt Dcbr 200.
T rt vw s tt ts r ust t b
w cpy IPOs. T bst s r s y t
c r w r prtrs vprs rtr t w
tcy cps. ysts pt t pp b w
rs tt cu cu sp-s t subsrs C’s
v r rt cps r t rwb uts tr
ry crts.
Ivstrs r bus w bcus t Cs vrts trt stp crss w ry pruct by 2015,
sust tt vrt c supprt r t ustry w
r stb, t st r t u tr. s, y t
r w pyrs r stt-w trprss, wc prvs
urtr ssurc tt ty w y ctu vrt
supprt. Fy, t Cs w ustry s ust b t
prcss t t tcc cpbts Wstr
1 BNF2 D s cps st s c ry -1 M Drvr (50–100 vu)
by BNF
cpttrs t bt t prc, sust str
utur s rt sr r Cs w cps.
Cs sr cps cuct sx IPOs rs tt
US$1.2 b. Ntb t wr t US$356
r by S Cr Sr ry Scc & Tcy
C. Lt. t US$278 r by Rs ry C. Lt.,
bt t Sz xc. W sr rs wr s
urus s w rs, ty rs ss t t cpt.
T rt vw ptt sr IPOs s ss bus. W srcps rv ctc IPO ctvty C by
ur t pr 2005–2007, t y Cs sr pyrs r
w st. Fw yrs sr u prcs
r ctrct, tr s y t b s cst
s-ut t sr ustry C swr. Furtr,
Cs sr cps v ry rz t r s t
b tru cv tcc prty wt tr Wstr
cutrprts t wr prc. It s r r w trts t xct
t rt suc vrt.
Growing mainland China cleantech listings2010 ws s brut yr r C stc
xcs — t Sz xc st IPOs rsUS$1.6 b (s Fur 3).
T ctc IPO ctvty xcs rcts t
prtc t stc ctc rt C. Cps
wt prry stc custr bs r sw prrc
r st t stc xcs rr t
sty cs t cts supprs. S stt-w trprss
v s c sts s ttr pcy. T
rty t Cs stc xc tr vus
c r rt (.., vu) vstrs. Ts vstrs v
prv t xcs wt xtr ptus rct
yrs s ty’v crs tr sts stc cps
t w t c crss t US urp.I ctrst, Cs ctc cps wt trt
rt bts st ruty st “sr” stc
xc, suc s t Stc xc, NSDQ r
NS, wr ty strt tr bty t prt ur t
st vs crprt vrc. s ctc cps
ctu t strt t bty t rs sct uts
cpt t xcs, s ry st sr
w y s t stbs sc stc st t sr
rt C.
Paul Go
AsiaPac and Greater China
Cleantech LeaderErnst & Young
Jennifer Lee-Sims
Global Associate Director
Strategic Growth MarketsErnst & Young
China: the new global leader in cleantech IPOs
8/2/2019 Cleantech Matters FW0009[1]
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36
Government policy sets the stageT rct sur Cs ctc IPO ctvty s t pruct
-tr Cs Gvrt strty t vp
ctc ustry py ctc bry crss t
cy.3 Fr xp, t 2010 Nt Rwb ry
ct P cts US$735 b vrt sp
rcty t sv ry, ruc sss tr ry
cy prcts r 2011–2020. T s t crs t
us rwb ry surcs (y w, yr sr) t
15 ts tt ry suppy by 2020, r 2008.
I t, y ctc cps y prrt tx
rt 15 (cpr wt 25 tx tr crprts).
Ctc rs r s r ry ccss t c tru
stt-w b s t w trst rts, s w s y
r rsrc vpt vrt pwr-purcs
rts tt urt .
s rsut vrt pcs suc s ts, Cs
ctc cps c rw ucy by tpp t sur
wt scty wr cpt utys, tus r
vstrs substt rturs. Ivstrs s v cc t
stbty vrt supprts.
Venture capital firms building the cleantechIPO pipelines tt s tr yrs , w y vtur cpt rs
py spcz ts t vst ctc C.
Ivstrs stts rt t tr urst
c tcs t sutbty vst cps
tt s t p vrt subss. wvr,
tr vws c w t bc cr tt t Cs
Gvrt ws tr t trsr t t’s cy
t rss crtc ssus wt rr t ry rsurc
scrcty, put crb sss, w ctc
surc vt bs.
Ty, bt trt stc vtur cpt rs s
pprtuts t vr vrt pcs tr ctc
vstts t p C’s ctc sctr trsr r
bs w-cst uctur t succ tru
vt. I 2010, Cs ctc cps rcv
US$410 vtur c, ccr t Dw s
VturSurc, C t tr-rst ctc vtur
rt tr t US urp.
3 Fr r t scuss Cs vrt pcy, s “Nt strts rcpttv vt rwt tru ctc,” p. 12 ts rprt.
Vtur vstrs r cus vtv cps wt
str r-tr IPO prspcts ctc sts suc s
ry ccy, srt rs, sr w, ctrc vcs
wtr trtt. rw tr s vtur vstrs wr
wt stbs uctur cps t cvrt t t
ctc cps, wt vw twr vtu IPOs
r t Ut Stts.
Chinese cleantech IPO outlook is
highly promisingT st w ctc IPOs r C s st t
ctu, brr r cc stbc r rvrs
vrt pcy.
Ctc s y t p bt r t currt
Cs IPOs crss ustrs. T sctr s prt prc
t C rwt stry tt s t cutry t
rtr IPOs r svr yrs ru. It ccut r 36
b IPO ctvty st yr, ccr t rst & u’s Global
IPO trends report 2011.
T upr vrt prvt sctr vstt
ctc C s crt ustry tt s br
p, cpss r sts wt prs rwtprspcts. Ts cu rwb ry t rt, c
wtr r, ctrc vcs, srt r, ry str, ry
ccy trs scc. s t IPO ww ps r
vrus c tcs, C w b b t r str
cps c.
T stc cs tt C’s ctc ustry s b
vp t rss — rw ry csupt, ry
scurty, rsurc scrcty, vrt rt crb
x sss — r s t wr’s. C, wvr, s t t
ts ssus trs tr sz urcy.
T ctc cps tt succ C w tus b w
pst t cpt b st.
8/2/2019 Cleantech Matters FW0009[1]
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3Seizing transformational opportunities Gb ctc sts trs rprt 2011
Fiur 1. 2010 Cis ur-y t IPOs
Issur Ct st Priry xIPO rs
(US)Mrt
(US)
X Gw Scc & Tcy C. Lt. W Stc xc $1,053.6 $6,107.6
C Dt Crp Rwb Pwr C. Lt. W Stc xc $642.2 $2,140.
C Sut Gr ry Crp. Lt. W Stc xc $424.7 $1,055.3
S Cr Sr ry Scc & Tcy C. Lt. Sr Sz $356.0 $1,421.7
C M W Pwr Grup Lt. W NS $350.0 $1,750.0
Rs ry C. Lt. Sr Sz $278.3 $1,082.4
Try Sr s C. Lt. Sr Stc xc $256.8 $885.7
X Ct C. Lt. ry ccy pructs Sz $15.8 $783.3
Tt W ry (Suzu) C. Lt. W Sz $14.5 $76.7
S Ts W Pwr upt C. Lt. W Sz $13.0 $555.
Suwr Lt ry Scc & Tcy C. Lt. Sr Sz $126.5 $1,262.4
D st Nw ry Dvpt C. Lt.Pwr ccyt srvcs
Sz $122.4 $481.5
Sz Gr c-uctur -tc C. Lt. vrt Sz $10.3 $437.3
B spr Mtr Tcy C. Lt. ry str Sz $105.5 $422.0
C yrctrc Crp. yr NS $6.0 $766.
D Nw ry Crp. Sr NS $87.4 $322.5
Cw Pwr s Lt. ry str Stc xc $71.5 $280.1
Fiur 2. 2010 Cis ur-y IPOs by st
Ct st IPOs Pt.Prs(US) Pt.
ry ccy pructs 3 15 $240.7 5
ry str 2 10 $177.0 4
vrt 1 5 $10.3 2
yr 1 5 $6.0 2
Pwr ccy t srvcs 1 5 $122.4 3
Sr 6 30 $1,16.2 25
W 6 30 $2,804.0 5
Tt 20 100% 4,18.6 100%
Fiur 3. 2010 Cis ur-y t IPOs by x
Ex IPOs Pt.Mrt .
(US)* Pt.
S 6 30 $10,51 5
NS 5 20 $118 4
Sz 45 $7,216 40
Tt 20 100% 1,925 100%
*Mrt cptzt t t cpy IPO t
Surc: CpIQ;BNF
8/2/2019 Cleantech Matters FW0009[1]
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38
I s csy w C ts cc rwt t st
c. cc prsprty, wt rw urbzt
c stys, s rsut st stb
r ry. I’s ctrcty rurt s xpct t rw
but 7 vr t xt 10 yrs. T t ts w rur
bt cvt rwb surcs ry. W I’s
currt ctrcty x s t by cvt ss-bs
rt, rwb ry s st r s sustb
trtv tt s bc t t vrt — t t
cy. I I, rwb ry s t y but rbut s s spurr by tr y csrt — ry scurty.
T rwb ry st cpcty I s rw t
CGR but 24 vr t st v yrs t rc pprxty
17,000MW t prst. Ty, rwb ry surcs ccut
r but 10 t tt st pwr rt cpcty
I.1 wvr, trs ctrcty uts (W) rt, t
ccuts r y 3–4. T I Gvrt s t crs
ts t 10 by 2015 15 by 2020. Ut w, w s
t rwb ry rt I, ccut r
sr but 70.
Solar potential in IndiaI s but sr ptt. My prts t cutry
rcv substt sut r r t 300 ys yr. T
vr u st rs r pprxty 1,460 W
pr sur tr t 2,555 W pr sur tr, p up
t ct. W t tt ptt GW trs wu p
t ut r tt c b us r sr stts, t
s stt t b rtr t 100GW. Tus, bs currt
stts, sr s t st ptt rwb
ry surcs I. wvr, t r-cct st
cpcty sts t r 10MW–15MW t prst. Csuty,
sr pwr s xprc t rtst p btw
ptt cvt. T rss ts ptt, t I
Gvrt uc t Nt Sr MssNational Solar Mission (NSM)I s t b sr. T NSM vss btus
trt cv 20,000MW 10 yrs’ t. T tu
t ss c b bttr urst vw t ct tt t
tr b sr stt 200 ws ust bv 20,000MW.
It s s wrt t tt t NSM s t ust uct
1 I I, y t s yrpwr prcts (ss t r u t 25MW) r ccutr ur rwb ry st rt cpcty r strtv ccut prspctv. I yrpwr cpcty s t t ccut, t sr rwb ry bcs but 32 tt st pwr rt cpcty.
tt but w-rt prt p. T ss cut
cprsvy cvrs vrus prtcurs, suc s prct
cts, uctur, rsrc vpt, ss
ct.
T NSM ws ry uc ury 2010. t t uc,
t Pr Mstr I, Dr. M S, psz t
prtc sr ry by stt tt I’s rwb
strty, t su su ccupy ctr st, try b
t r surc ry. stt tt t bctv
t sr ss s “t stbs I s b r
sr ry by crt t pcy cts r ts us
crss t cutry s ucy s pssb.” T ss s st
ut ps trts r -r s w s r-cct sr
pwr by 2022. ccr t rst & u stts, cv
ts bctvs w rur cuutv vstt t
r INR2,500 b t INR3,000 b (US$55 b t
US$66 b) by 2022.
Fiur 1. Cuutiv ist sr ity r
F22F17F13
2001000
O-r
1000
4000
2,000
20,000
Surc: Bbr Nw ry Fc
Gr cct
Fw t uc t sr ss, t Gvrt
rs t us ctvs r sr pwr
prcts bry cvr tr ctrs prcts: (1) -r
ctrz sr ppcts; (2) rtp ptvtc (PV)
stts s sr rt (RPSSGP); (3) r-
cct sr pwr prcts (PV s w s tr).
Solar opportunity in India
Sanjay Chakrabarti
India Cleantech Leader
Ernst & Young
Rober Seiter
EMEIA Cleantech Leader
Ernst & Young
8/2/2019 Cleantech Matters FW0009[1]
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39Seizing transformational opportunities Gb ctc sts trs rprt 2011
Fr t rst sc, t c supprt ts cbt
r bt 30 subsy 5 trst-br .
Sr PV systs up t xu cpcty 100 Wp pr
st -r ctrz sr tr ppctswu b b. Fr -rs r rur ctrct
ppcts, prcts up t xu 250W pr st wu
b csr. but 20MW wrt sr prcts v b
sct ur ts sc s r.
T sc sc, RPSSGP, s t prt rtp sr PV
tr s sr pwr pts cct t t strbut
twr t vt vs bw 33V. T Gvrt supprt
r wu b t r rt-bs ctvs (GBI).
T GBI wu b t rc btw t tr tr
by t Ctr ctrcty Rutry Css (CRC)
bs rt, wc s b x t INR5.5 pr W (US$0.12
pr W) r sc yr 2010–11. T RPSSG prr, wc sb str by t I Rwb ry Dvpt
cy (IRD), trts 100MW sr cpcty. ty prcts
tt but 8MW v b pprv t t.
T tr prr, wc s s t rst, s r r-cct
sr pwr prcts. r t vrt s put pc
cs r ssur -t sr pwr rt tru
t prcts. NTPC Vyut Vypr N Lt. (NVVN), pubc
sctr tty, w ct s t ctr cy w purcs
pwr r t sr pwr prct vprs. Ts w b
bu wt ctrcty r cvt surcs s t
strbut utts. F- trs (FITs) w b uc by t
CRC u bss. T trs r sc yr 2010–11 vb st t INR17. (US$0.3)/W r sr PV INR15.3
(US$0.34)/W r sr tr.
Dvrs sctrs crprt I v sw sct
trst prtcpt t r-cct prcts. T rst
ps b r suc prcts rcv 418 ppcts
r cuutv 150MW sr PV prcts 470MW
sr tr prcts. NVVN s sct 37 cps r
vpt sr pwr prcts, bs t rvrs
b. O t 37 cps, 30 w b vp 5MW sr
PV prcts c, tt 150MW, w sv w vp tt
470MW sr tr pts. T Gvrt prvusy
pprv t rt 16 prcts tt 84MW r rr
scs t t NSM. T w brs r scuts
30–40 r sr PV 20–30 r sr tr prcts
cpr t t rspctv CRC-tr bs trs. Tr
s pct p tt t Gvrt I w py
prtt r rv w t cst sr rt, s t
t tc sctr.
Ovr, t stt Rst s t cts s
r s t cr vrt prct vprs wt
571MW r vrw 81 t tt cts
704MW s r, cu t prcts tt v rt.
Fiur 2. ti sr rts by stt ur urrt s
NSM
Stt
Tt PVtis
(MW)
Tt CSPtis
(MW) Tt
Prtsr
tt
Rst 141 430 571 81
r Prs 15 50 65
Gurt 0 20 20 3
Mrstr 16 0 16 2
rt 10 0 10 1
Pub 7 0 7 1
UP 5 0 5 1
TN 5 0 5 1
Orss 5 0 5 1
Tt 204 500 04 100%
Surc: NVVN wbst, yss
Renewable purchase obligation (RPO) tofuel growthT Gvrt’s RPO pcy s s t sur tt ctrcty
strbut css purcs prt tr ctrcty r
rwb surcs. RPO trts w b uc by t r
stts p tr rwb ry ptt. Stts w
ruy ssu sr-spcc bts wt t vr RPO.
T NSM pcy cut vss sr-spcc RPO trt
3 by 2022. rst & u stts tt, wt trt r
2–3 sr RPO, I wu but 17.5GW–26.2GW sr
pwr by 2022, wc substtts t NSM trt 20GW.
Fiur 3. Sr itis ruir by 2022 t t t
RPO stits
Sr-sii RPOby 2022 (%)
Sr ist ityruirt (W)
Cs 1 2 17.5
Cs 2 3 26.2
Surc: yss
T RPO pcy w b supprt by rwb ry
crtct (RC) cs tt s sr t t crb crt
cs. T RC cs ws uc rcty wb stts wt rtvy wr rwb ry ptt t
t tr RPO trts by buy RCs r tr stts. c
RC w rprst 1MW ctrcty r rwb surcs,
wt x r prc INR12,000 (US$264) r sr RCs
INR1,500 (US$33) r -sr. T cs su
cur stts t tur tr ttt t rss tr
rwb ptt. R ut supprtv pcs, suc s ts
RPO RC, pszs t Gvrt’s trt t
prt rwb ry.
8/2/2019 Cleantech Matters FW0009[1]
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40
Enhancing domestic manufacturingT NSM s s t bst I’s stc uctur
cpbty wt rr t cpts upt rur
by sr pwr pts. T NSM trts 4GW–5GW uvt
uctur cpcty by 2020, cu py-sc r wc
I currty rs prts. s r s pssb, prct
vprs r xpct t prcur tr prct cpts
r stc ucturrs. T NSM s ys w crt
rurts wt rspct t stc ctt rur
sr prcts. Fr xp, r t rst btc t r-cct sr PV prcts (sct ur F 2010–11)
bs cryst sc tcy, t w b try
t us us uctur I. Sr tr prcts
ur t rst ps NSM r rur t py 30 c
ctt pts r stts. Ts rurts y b
crs subsut pss. T Gvrt s prv
subss, tx ctvs ct pprv css
t ctt uctur I. T cutry s tus st t
wtss sct prrss stc sr cpt
upt pruct.
I rt pcy ttv, t Gvrt rr uc
scuctr pcy t prt scuctr sr PV uctur. T pcy r cpt subsy
20 r uctur pts spc cc zs (Ss)
25 r ts uts Ss. T subsy s bs t
ct tt t t prst vu t vstt su b
t st INR10 b (US$220 ). My r pyrs v
xprss trst stt up cts ur ts pcy.
wvr, t pst yr, t Gvrt’s cctrt cus
prct vpt s t s r pt ts ttv
t bc burr.
State solar policiesI t t t sr ss t t t v, vrus
I stts v t pt stps twr rssstt sr ptt. ccr t stuy b cuct by
t I Isttut Scc (IISc), t stts Rst,
Gurt rt v b t s sutb r r
crc-sc sr pts wrs t stts r,
r, Uttr Prs r Prs r r sut
r sr ppcts.
t stts, t wstr stt Gurt s t t
. It uc ts stt sr pcy 200 sc tt
t, s ct but 700MW sr pwr prcts. It t
wt s t pwr purcs rts (PPs)
r prcurt pprxty 420MW sr pwr. T
Gurt stt vrt s s s Mru
Urst wt t Ct Ct Ittv t st up v
sr prs wt cuutv cpcty 3,000MW. I sprt
ttv, t ut st ws rcty r 500MW
sr PV pr t stt. I t rst ps, prcts ut
t 176MW r xpct t b css by 16 vprs
wt sx ts t. T stt s ps t st up cts r
sr pwr-rt uctur rsrc vpts prt t pr. tt vstt but INR100 b
(US$2.2 b) s vs r vp t pr.
swr, t stts Rst My Prs v
rs tr rt sr pcs, wc r y t b z
srty. Rst s t st sr ptts I,
ts 2010 rt sr pcy trts sr pwr cpcty
10GW–12GW vr t xt 10 t 12 yrs.
T stt Mrstr bc t rst stt t truc
sr-spcc cpt s prt ts RPO. T stt rct
pwr-strbut cs rs t bt 0.25 tr
ctrcty r sr pwr. Rutry utrts tr stts
r s xpct t truc suc sr-spcc bts.
T vr stt sr py s prtt s t prvs t
pprtuts r sr prct vprs pruct
ucturrs. T r-ut prcts ur stt pcs wu
b t t t NSM cu rsut t sr pwr
st cpcts xc t trt 20GW by 2022.
Focus shifts to financing and execution in 2011tr t substt ubr sr prct cts 2010,
t cus w sts t t c xcut ts
prcts. Ctrbut ctt r rur r
strs, cu t Gvrt, prct vprs,
r/prcurt/cstruct pyrs, uptsupprs c cs. T succssu xcut t
rst st prcts s prtv r t rp sc-up sr
cpcts rwr.
8/2/2019 Cleantech Matters FW0009[1]
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41
Interview
Seizing transformational opportunities Gb ctc sts trs rprt 2011
Dr. Martin Haemmig specializes as international innovation
and commercialization researcher, lecturer and advisor on the
globalization of venture capital. The Stanford Program on Regions
of Innovation and Entrepreneurship (SPRIE) is dedicated to
the understanding and practice of the nexus of innovation and
entrepreneurship in the leading regions around the world.
Ernst & Young: W r rt cutrs r
xprc st rwt, t cvt ws s tt c
vt s t prrss t t s pc. Is tt r
sssst?
Martin Haemmig: Nt y C, I, Brz, Russ
tr cutrs r cps st-rwt prspcts; ty s
rt pprtuts r vp w pructs, srvcs,
uctur tcus busss prcsss. Ivt
s’t pp bc bxs. It pps rts.
I t Wstr wr st, rsrc vt ts
t vrpsz ptts, vts sctc pubcts
c ut rsrc bs r utt rs. -
rwt bussss t BRIC tr cutrs cus t
yr t vt , wr pructs, prcsss
w-w cvr. I t, bussss rrts pt t t c rt vrt usr-v
s r y busss twst, wc s cpty
v t t y t vt.
T sprt st vrts rs trprurs
t w -rwt BRIC cutrs s t cur t Wstr
rts wt w pructs, srvcs, uctur tcus
busss prcsss. T rr crprts w y v
t s t ts vr t, s rt xps v ry
prv tsvs t b truy b pyrs tr Wstr
prs (uw, T, Tt, Isys, Brt rt, Rbxy,
brr, sprsy Lbrtrs, SB Mr s ).
wvr, t xt wv vt w st r wrt trprurs ts -rwt ts,
w w b vtv cps, rv by uu
pprtuts tr c rts. T rvrs r prv
by tr -rwt vrt, suc s t vpt
zs -cts r scrtc vr t xt cs t
pc wt wc Wstrrs v xprc. Nw ccpts
prcsss r wtr, ctrcty, trsprtt, ucp
wst s rt w v t b u. T tr r t
ssv prbs t trs, wr bsc rstructur,
uct r cuct r ss by y
s r svr ur pp. I t, tr
s ss r ut pructs srvcs r t
sss t t btt t pyr t rct t currt
rt prcs, c t ust s “r r ss r r,” t
wrs C.. Pr.
Ernst & Young: W’t Wstr trprurs s pursu t
s pprtuts?
Martin Haemmig: Wstr vtrs crprts r
t xps t suc prbs tus r y ub t
sp rb suts. c, t vt r t
pprtuts bv w v t c r cs w rw up
/r v suc vrts.
Pty w trprur strt-up cps wt sp
rb suts c x y t -prbs ts
-rwt ppuus ts, ty w bt r
cs sc tt r uprct. T stc rt
w rst b us t tst py w suts ss,
w by rut r tr w r rt t tr
r ts. Sc ts w rup trprurs y tb sucty tr t cpt t st vc r
rts, ty w v cc t r t trts trt
busss tr r ts rst, y t bsc
y srus cptt.
Wt Cs I ctzs sprs vr t wr
s, rc, t M st Lt rc, pruct
ptt czt, strbut cs, srvc
supprt w b w wy, wr Wstr utt
rs r v c pyrs w v tt r cc t cpt
v t cs sc t urst c
csur s by tr - cutry ws s
busss prtrs.
Ernst & Young: w wu yu crctrz ts r-
rt t r-rt vts wt pct w ty
v Wstr rts?
Martin Haemmig: Ts vts t yt vv
trsrt tcc sts — suc vts r
t prsrv t vp wr wt ts -stbs
The next innovation wave:by and for emerging markets
Professor Martin Haemmig
Senior Advisor on Venture Capital
Stanford University — SPRIE
Continues on page 42
8/2/2019 Cleantech Matters FW0009[1]
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42
uvrsts crc brtrs. But t r wr
s spw pruct prvts wt crc pcts
tt r c. Ty t w Nb przs but ty
y. T vts y b sp r crt, but
t cts r t.
I t pst, tcy ws vp t Wstr wr
py r rts, t s pruct- cyc
xtss. Ltr, wvr, ts rts v up t vu
c by prcss prvts vr s
tr rt strt, t wt bc t t Wstr
cutrs s rc cpttrs. Tr s prct: t
170s, ps rups vc wr rts wr t
sss s w-cst, w-uty cpycts. But tr, ty wr
rcz s vtrs, tby turzt ust--
t uctur. ps cps r tsvs w
ur prssur r rvv Wstr rups w s rvs
(rbr t ur trs?), ty, tr vts r
tt vrywr by t w -rwt ts — C,
I, Brz, Russ trs.
Continued from page 41
Wtc t “w rt” trprurs r tw
cs r w s ty t busss svvy tr r
rts s ty cc v s cs
vb. Ty’ ty c wr tr s r
rc vt t rpy truc cs strt
c pyrs t ctc up. T tp trprur
vtrs w bcr t bst tr bussss, s w
s t tr s busss. Ty’ cb s
tcs v wys, rtr t vp pructs r
scrtc. Ty r us t “prcp t prssur pt,”wc s t tctc xp strtcy v cst-vt
t t r wr t b pyrs r wr cpp
wy t ct sctrs. T st succssu t cus
-rwt pprtuts.
T r r y Wstr utts s tt ty ’t s
t r rt vts c bcus ty r t yt
c rcty t tr rts. wvr, ty w, s
stry s prv.
Christopher Meyer is a founder of Monitor Talent. Chris’ mission is
to anticipate and shape the future of business. He has pursued this
goal as entrepreneur, executive, consultant, author and as leader
of a think tank. Chris’ fourth book, St t Su, will be
published by Harvard Business School Press in November 2011.
Ernst & Young: ru t wr, t ctc ustry s
t vrt t py t r strt custr,
c ctv prvr r urt surc r
vtv suts. But w c vrt, by bt
strt cs ptc ctrvrsy but t vu
ctc, suc w r ctts?
Chris Meyer: T ust rss t ust ctc, but wt
rspct t y sc s. But vt c c
sc pct b s crt w pts. I t rst pt
ts rrt, ptrpc rzt c Sc
Fc cus t rcvs rt U prss. It prps
tt vst £50 rbtt wr wu cut t
r rt r 60 t 48, w ur prss t b
cs wt v yrs sv £62 u csts.
T ustc Mstry wu, curs, wc suc utc,
but ct u t prr. T b prvs tt , y
, t r rts by 10 r r, t Mstry w
pyuts t t brs. Ts wu rs prprt t t
rsuts, but t 10 ruct, t vstt wu rtur 7.5
uy, cpu vr t yrs.
T wrs r tr rss: (1) t spcs t utcs
sr surb trs; (2) t trsrs t rs tt t
prr w’t wr r t vrt t t vstrs, s tt
t y ctt vrt s s t py r bb
rsuts; (3) t rs ptrpsts, w r crsy y
trst u surb rsuts, wt ty r
r. bt: vr t, t sc vstrs w pc
ctv prrs t tr y bc t vst w t
ss su r pz.
w t ts ppy t ctc? , tr r sc s
wc prvt prts vrt bs sr trst,
uprv pprcs t rc t. Prps struts
cu b crt t tz vrt ctts t py
r rsuts; ts t -rs ctc vstts t ttrct
ptt, prvt cpt wtut s vrt t t r t
ct sust.
Funding cleantech: learningfrom the UK’s social impact bond
Chris Meyer
Founder and CEO
Nerve LLC
Interview
8/2/2019 Cleantech Matters FW0009[1]
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43Seizing transformational opportunities Gb ctc sts trs rprt 2011
rst & u c-st t rst u Prct V t t
2011 Wr Futur ry Sut (WFS) bu Db,
t t utur Msr Cty, t r cty b but t rsrc,
vp swcs c tcs. st by Msr, t
bu Db vrt-w cpy tt s vp Msr
Cty, WFS ttrct 26,000 tts r r t 100
cutrs. Prct V s s t v rwb ry
prct vprs ptr r prst tr prcts t
ptt vstrs.
T u stt rr ctc vpt t
M st Nrt rc (MN), rst & u survy 100
Prct V vstrs tr vws c tcs
tr ptt t r. T rty rspts
(54) wr rprsttvs ctc ucturrs;
rspts s cu xcutvs r ctc vstt
rs, vrt, utts srvc prvrs. T survy
prvs st t t ut ctv ctc pyrs
rr t MN r, s rprst by WFS prtcpts
xbtrs.
Key technologies: solar, green building, waterI r, t rspts wr y ptstc but t
rt prspcts r ubr tcs t MN
r. T rspts wr ry uus tr vw
tt t r wu bc b ctr r sr
tr ry ptvtc tcs, wt 7 4
rspctvy, ct str ptt r uctur
ptt vr t xt v yrs (s Fur 1). Gv tt
sr rrc vs ts r r t st t
wr, ts prct s vry pusb. wvr, tr tcy
s stbs t sc t r, sust tt rspts
xpct vry rp pt curv vr t c yrs.
Gr bu s tr tcy r wc rspts
s tt MN wu y t r. Ts pts
ss rstc v tt Msr Cty s t wr’s stbtus ps r t pyt r bu tcy
rctctur. My cutrs MN v rpy xp
pputs tt r spurr w bu ctvty. Ts rs
t cc r c tcs t b trt t wy
cstruct bus, brs v tr cts.
T MN r s s xpct t b r r
vp wtr tcs. T r s c wt rpy
xp pputs vrtx c wtr rsurcs. s
rsut, vrts utts r vst crs uts
t sur s wtr suppy r rsts. Ivtv w-
cst st, trt ccy tcs r b
truc rp rr.
Government: both driver and barriers t ty t r rvrs r t vpt
c tcs MN, u 88 rspts s tt
vrt pcy ws prry rvr r ctc rwt
(s Fur 2).
I, MN cutrs, bt rc pr ptrursurcs, r pursu sct ctc ttvs. O
xp s bu Db ts, wc psssss sct
s rsrvs, but s st vy prt c tcs s
t ss t vrsy ts ry-rt rvu surcs. tr
xp s r, wc s w cvt s
rsrvs xcpt r s. It s rssvy s t vrsy
ts stc ry suppy us sr ry.
t t s t, t rst prct rspts (3)
t suct vrt supprt s t s st
prtt brrr t t vpt rwb ry by
(s Fur 3). tr 31 s t prc cpttvss
Nimer AbuAli
Middle East Cleantech Leader
Ernst & Young
Thomas Christiansen
EMEIA Cleantech Operations Manager
Ernst & Young
Middle East and North Africa outlook
Fiur 1. Liy rs MEN t rsi
Sr trry
Ptvtcs
Gr bu
Wst t ry rcyc
Wtrtcs
W
Crb cptur str
58
83
85
8
4
7
52
Wt is t ii tt t MEN ri wi b
t i b ris i uturi r iti
l`]^gddgoaf_l][`fgdg_a]kgn]jl`]f]plÕn]q]Yjk7
8/2/2019 Cleantech Matters FW0009[1]
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44
rwb cpr t trt surcs ws t st prtt
brrr. Ts t s vrt s, v vrt’s
r stbs cpttv vrt r ry surcs.
Bullish on DesertecSurvy rspt wr bus prct wt vy
vrt vvt — t Dsrtc/Trsr/
Mtrr Sr P. Ivv r t 40 cutrs
ru t Mtrr, ts ttv cs r t crt
-vt suprr t pp sr pwr r t Sr t
t ry rts urp. Qur but t ttv, 8
rspts t tt t prr wu b rz, tr uy s
p r t ruc sc. Gv t tur t prcts
t v crt vv, t rspts survy t
WFS r xcpty pstv t U-MN ctrcty r.
Positive MENA investment outlookW t pct ptc vts t r
ctc rs t b s, ur sp WFS prtcpts
susts tt t prspcts r ctu MN ctc
vpt r , wt 65 rspts xpct
vstt t crs vr t xt v yrs tr 2
xpct t t crs stry ts pr.
Fiur 2. rivrs t vt i MEN
Gvrt
pcy
Wtr scrcty
Gb ctc rsps
Ruc us
Grw busssrvus
Srpprtuts 7
82
82
84
85
7
Wt wi t i rivrs t rwt i MEN b
50%
Mr rivr
21%
49% 33%
50% 32%
64% 20%
63% 23%
88% 9%
rivr
Fiur 3. Si st irtt brrir t vt
rwb ry
Afkm^Õ[a]fl_gn]jfe]flkmhhgjl39%
16%
31%
4%5%
4%
<gfÌlcfgo
?dgZYddq$o`Ylakl`]kaf_d]egklaehgjlYflZYjja]jlgl`]\]n]dghe]flg^j]f]oYZd]]f]j_q7
Hja[][geh]lalan]f]kk[gehYj]\lgljY\alagfYd
]f]j_qkgmj[]k
Afkm^Õ[a]flhjanYl]ÕfYf[af_
DY[cg^_dgZYd[YjZgfj]\m[lagfe][`Yfake
Gl`]jkDY[cg^YoYj]f]kkYf\l][`fgdg_q!
8/2/2019 Cleantech Matters FW0009[1]
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45Seizing transformational opportunities Gb ctc sts trs rprt 2011
b Ct CtrG Frr, Gb Ctc Lr. . . . . . . . . .Nw r. . . . . . .+1 212 773 0335 . . . . . . . . . . . . . . . . . . . . . [email protected]
Sctt Srz, Gb Mrts Lr. . . . . . .Bst . . . . . . . . .+1 617 585 3524 . . . . . . . . . . . . . . . . [email protected]
B Wrr, ry vrt . . . . .L . . . . . . . .+44 20 751 6024. . . . . . . . . . . . . . . . . [email protected] Lr
Pu Nu, Gb Ctc . . . . . . . .Cubus . . . . . .+1 614 232 7142 . . . . . . . . . . . . . . . . [email protected] Tx Lr
, Drctr, ccut . . . . . . . . . .Nw r. . . . . . .+1 201 872 1632 . . . . . . . . . . . . . . . [email protected]
risy Spcr. . . . . . . . . . . . . . . rcs . . . . . . . . . . . . . . . . . . .+1 617 585 1882 . . . . . . . . . . . . . . . . . . [email protected]
Cyt Orr . . . . . . . . . . . . . . .C . . . . . . . . . . . . . . . . . . . . .+1 604 643 5430 . . . . . . . . . . . . . . . . . [email protected]
Ry Mvts . . . . . . . . . . . . . .Fc Srvcs . . . . . . . . . . . .+1 212 773 8366 . . . . . . . . . . . . [email protected]
Ity ty . . . . . . . . . . . . . . . Isr . . . . . . . . . . . . . . . . . . . . . . .+72 627 6176. . . . . . . . . . . . . . . . . . . [email protected]
Gr uy . . . . . . . . . . . st Ctr. . . . . . . . . . . . . . . . . .+1 703 747 108 . . . . . . . . . . . . . . [email protected]
Pu Cvr . . . . . . . . . . . . .Mwst . . . . . . . . . . . . . . . . . . . .+1 313 628 8220 . . . . . . . . . . . . . . . [email protected]
S Rr . . . . . . . . . . . . . .Nrtst . . . . . . . . . . . . . . . . . . .+1 860 725 3820 . . . . . . . . . . . . . . . . [email protected]
Mttw Spp . . . . . . . . . . . . . Wst. . . . . . . . . . . . . . . . . . . . . . . .+1 408 47 5758 . . . . . . . . . . . . . . . [email protected]
Stv McCb . . . . . . . . . . . . Sutst . . . . . . . . . . . . . . . . . . .+1 404 817 5573 . . . . . . . . . . . . . . . . [email protected]
Ls Spr . . . . . . . . . . . . . .Sutwst . . . . . . . . . . . . . . . . . . .+1 713 750 8466 . . . . . . . . . . . . . . . . [email protected]
D Mrã . . . . . . . . . . .Sut rc: Brz . . . . . . . . .+55 11 3054 0000 . . . . . . . . . [email protected]
EMEI (Eur, Mi Est, Ii ri)Rbrt Str . . . . . . . . . . . . .MI/Gry . . . . . . . . . . . . . .+4 30 25471 21415. . . . . . . . . . . [email protected]
Ppp Gr . . . . . . . . . . . .Frc . . . . . . . . . . . . . . . . . . . . . .+33 4 7817 5732 . . . . . . . . . . . . . . [email protected]
xs Gzz . . . . . . . . . . . . . .Frc . . . . . . . . . . . . . . . . . . . . . .+33 1 463 638 . . . . . . . . . . . . . . [email protected]
Mrc Scwb . . . . . . . . . . . .Gry: Ctr/Frurt . . . .+4 616 6 27531 . . . . . . . . [email protected]
St Mr . . . . . . . . . .Gry: Nrtst . . . . . . . . . .+4 341 2526 23583 . . . . . . [email protected]
-M Grur . . . . . . .Gry: Nrtst . . . . . . . . . .+4 40 36132 11478. . . . . [email protected]
Ptr Lrtz . . . . . . . . . . . .Gry: Nrtst . . . . . . . . . .+4 30 25471 20631. . . . . . . . . . [email protected] v Brrs . . . . . . . . . . .Gry: Sut . . . . . . . . . . . . . .+4 8 14331 17200 . . . . . . . [email protected]
Dr. crt Wtz. . . . . . . . . . .Gry: Sutwst . . . . . . . . . .+4 761 1508 23131 . . . . . . . . . . [email protected]
Mrus Ss . . . . . . . . . .Gry: Wst . . . . . . . . . . . . . . .+4 221 277 25652 . . . . . . [email protected]
Lur W . . . . . . . . . . . . . Gry: vsry . . . . . . . . . . . .+4 40 36132 12456. . . . . . . . . . . [email protected]
Sy Crbrt . . . . . . . . . I. . . . . . . . . . . . . . . . . . . . . . . .+1 22 4035 6650. . . . . . . . [email protected]
r P . . . . . . . . . . . .Ity . . . . . . . . . . . . . . . . . . . . . . . .+3 02 8066761 . . . . . . . . . . . . . [email protected]
Mc sb . . . . . . . . . . . M st . . . . . . . . . . . . . . . . . .+7 1 4312141. . . . . . . . . . . . [email protected]
Nr bu . . . . . . . . . . . . .M st . . . . . . . . . . . . . . . . . .+7 1 24174566. . . . . . . . . . . . . . . [email protected]
W Prpr . . . .Ntrs . . . . . . . . . . . . . . . . .+31 10 406 815 . . . . . [email protected]
rst B . . . . . . . . . . . . Nrcs (Dr) . . . . . . . . . . . .+45 35 87 2 44. . . . . . . . . . . . . [email protected]
Rr Mür . . . . . . . . . . . . . . Swtzr . . . . . . . . . . . . . . . . . .+41 58 286 336 . . . . . . . . . . . . . . [email protected]
Stv L. . . . . . . . . . . . . . .U Ir . . . . . . . . . . . . . . .+44 207 51 475. . . . . . . . . . . . . . . . . . . . [email protected]
Ts Crsts . . . . . . .MI Oprts Mr . . . . .+4 711 881 14464. . . . . [email protected]
si PiiPu G . . . . . . . . . . . . . . . . . .Grtr C . . . . . . . . . . . . . . . .+86 10 5815 3688 . . . . . . . . . . . . . . . . . [email protected]
Drr Rs . . . . . . . . . . . . . . Brsb . . . . . . . . . . . . . . . . . . . .+61 7 3011 3550 . . . . . . . . . . . . . . . [email protected]
Ptrc Lvry . . . . . . . . . . . .Brsb . . . . . . . . . . . . . . . . . . . .+61 7 3243 364 . . . . . . . . . . . . ptrc.vry@ u.y.c
-Mr Prrt . . . . . . . . .Cbrr . . . . . . . . . . . . . . . . . . .+61 2 6267 3848 . . . . . . . . [email protected]
r Gbby . . . . . . . . . . . . . .Mbur . . . . . . . . . . . . . . . . . .+61 3 8650 7281 . . . . . . . . . . . . . [email protected]
Gr . . . . . . . . . . . . . .Mbur . . . . . . . . . . . . . . . . . .+61 3 655 271 . . . . . . . . . . . . . . [email protected]
Ptr Frus . . . . . . . . . . . .Prt . . . . . . . . . . . . . . . . . . . . . . .+61 8 42 2186 . . . . . . . . . . . [email protected]
Global cleantech leadership network
8/2/2019 Cleantech Matters FW0009[1]
http://slidepdf.com/reader/full/cleantech-matters-fw00091 48/48
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