Cleantech Matters FW0009[1]

48
Cleantech matters Sizi tr s rti rtuiti s Global cleantech insights and trends report 2011

Transcript of Cleantech Matters FW0009[1]

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Cleantech mattersSizi trsrti rtuitisGlobal cleantech insights and trends report 2011

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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.

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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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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

<]n]dghaf_Y[d]Yj

kljYl]_q^gj]f[gmjY_af_[gfkme]jk

lgmk][d]Yfl][`-

]fYZd]\hjg\m[lk

gjk]jna[]k

K]llaf_]fnajgfe]flYd

klYf\Yj\kl`Yl

]f[gmjY_][d]Yfl][`Y\ghlagf

Prv^mf\af_^gj[d]Yfl][`

\]n]dghe]fl

Hmllaf_afhdY[]

\akaf[]flan]k^gjmkaf_

^gkkad^m]dkgjgl`]j

fgf%j]f]oYZd]]f]j_qkgmj[]k

<]n]dghaf_Y[d]Yj

kljYl]_q^gj[d]Yfl][`

Y\ghlagfZqZmkaf]kk]k

EYf\Ylaf_eafaememkY_]g^

j]f]oYZd]]f]j_q

K]llaf_l][`fgdg_q

klYf\Yj\klg]f[gmjY_][d]Yfl][`

\]n]dghe]fl

J]imajaf_mk]g^

[d]Yfl][`-ZYk]\

hjg\m[lkaf_gn]jfe]fl

[gfljY[lk

Wi t wi yu biv r t st irtt rs vrt ys i surti t

33 32 322 28 27

24 24 22

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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

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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.

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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

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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

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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.

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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.

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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.

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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

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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

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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.

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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

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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

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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.

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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.

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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

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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

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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

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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!

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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

Page 48: Cleantech Matters FW0009[1]

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http://slidepdf.com/reader/full/cleantech-matters-fw00091 48/48

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