GREEN WAR

 
Poster un nouveau sujet   Répondre au sujet    politikar Index du Forum -> politikar -> politikar
Sujet précédent :: Sujet suivant  
Auteur Message
MARIO KEKIC
Administrateur

Hors ligne

Inscrit le: 25 Mar 2009
Messages: 908
Localisation: PARIS
Masculin Bélier (21mar-19avr) 馬 Cheval
Point(s): 115
Moyenne de points: 0,13

MessagePosté le: Ven 23 Avr - 23:07 (2010)    Sujet du message: GREEN WAR Répondre en citant

The rise of ethical
or socially responsible  
investments  
 
By investing in Carbon Credit  
projects you can enjoy growth  
on your investments with the  
satisfaction that you are helping  
change the future of our planet
No-one can predict with any certainty what the energy mix will  
look like in 2030, let alone 2050. Fossil fuel generation will  
undoubtedly still be a substantial part of the equation. However, it  
is clear that any future low carbon energy infrastructure will have  
to include a significant proportion of energy generated from  
renewable sources – most scenarios showing the proportion of  
primary energy having to reach 40-50% by 2050. Some of the  
leading technology contenders are emerging and, in some cases  
have begun to build significant experience.  
In this section, we highlight eight renewable energy technologies  
which look particularly promising in terms of two factors:  
abatement potential and current state of competitiveness. In the  
next section we will look at some of the other technologies –  
principally around the digital/smart grid, energy efficiency, power  
storage and carbon capture and sequestration – which will be  
required if low carbon energy is to fulfill its full potential within  
the future energy mix.  
Onshore Wind  
The most mature of the renewable energy sectors, the onshore  
wind industry saw 21GW built in 2007, bringing installed capacity  
to over 100GW. In Germany, Spain and Denmark wind power now  
supplies 3%, 11% and 19% respectively of total electricity  
production during the course of the year, and in Denmark up to  
43% of the country’s electricity demand at times of peak wind  
supply. Electricity from onshore wind can be generated at prices  
of 9-13 c/kWh, making it only 32% more expensive than natural  
gas CCGT, even in the absence of a carbon price.  
Offshore Wind  
When the best sites for onshore wind have been snapped up, the  
next place to look for large quantities of renewable energy is  
offshore. Offshore wind offers enormous potential, with stronger  
more predictable winds and almost unlimited space for turbines.  
Planning permission can be easier to obtain than onshore, farms  
can be built at scales impossible on land, and the availability of  
space is almost unlimited if deep waters are mastered. At present,  
the cost of electricity from offshore wind is high – around 16-21  
c/kWh – but this will come down rapidly as more project  
experience is gained.  
Solar Photovoltaic Power  
Photovoltaic (PV) technology has made very rapid strides in the  
past four years, in terms of reducing the cost of crystalline silicon  
(its main component) and commercializing thin film technology,  
with investment volume growing to US$ 50 billion in 2007-2008.  
Although there has been a bottleneck in the production of solargrade  
silicon, new capacity is coming on line and costs are set to  
drop rapidly from US$ 4/W to US$ 2.60/W by the end of 2009,  
making unsubsidized solar PV generation costs comparable with  
daytime peak retail electricity prices in many sunny parts of the  
world.  
Key Renewable  
Energy Sectors  
It is clear that any future  
low carbon energy infrastructure  
will have to include a significant  
proportion of energy generated  
from renewable sources.  
 
 
In the efforts to reduce, control and (one day) eliminate harmful   
emissions, each member state of the EU currently receives an   
annual emission allocation that is then divided between its worst   
emissions-producing companies.   
These companies are then legally obliged to comply with their set   
emissions targets. If a company comes in under its set target, it   
can sell its excess as “carbon credits” allowance to other   
companies that have overshot their targets. If a company exceeds   
its permitted levels, it has to pay a penalty and buy credits to make   
up the difference.   
Right now, with an abundance of carbon credits available, their   
price is relatively low. However, with the second phase of the   
program, 2008-2012, now in play and a reduced amount of   
credits available and ever more stringent emissions targets, prices   
are set to rise. When the United States signs the Kyoto agreement   
and sets its own guidelines and targets, the price of carbon credits   
could potentially explode.   
The European Climate Exchange (ECX) is the leading marketplace
for trading carbon dioxide (CO2) emissions in Europe and
internationally.   
ECX currently trades two types of carbon credits: EU allowances   
(EUA’s) and Certified Emission Reductions (CERs).   
Trading on ECX began in April 2005, when futures contracts were   
launched on European carbon dioxide emissions, known as EU   
Allowances, with options on EUAs following in October 2006. Futures   
and Options on CERs were introduced in 2008, further cementing   
ECX’s position as the industry benchmark for carbon trading globally.   
In 2009, two new spot-like contracts were added, the EUA and CER   
Daily Futures contracts.   
ECX volumes are experiencing tremendous growth. The carbon   
market’s total value for 2008 was estimated at 92bn (US$125bn),
more than double the 40bn it was worth in 2007.
ECX carbon contracts are listed for trading on ICE Futures Europe   
(the former International Petroleum Exchange). ECX and ICE Futures   
Europe have a partnership whereby ECX manages the product   
development and marketing of its emissions contracts and ICE lists   
those contracts on its electronic trading platform. All contracts are   
cleared by ICE Clear Europe, enjoy standardised terms and are   
regulated by the UK’s Financial Services Authority (FSA).   
Over 100 leading global businesses have signed up for membership   
to trade ECX emissions products. In addition, several thousand traders   
around the world have access to the ECX emissions market on ICE   
Futures Europe via banks and brokers.   
ECX is a member of the Climate Exchange Plc group of companies.   
Other member companies include the Chicago Climate Exchange   
(CCX) and the Chicago Climate Futures Exchange (CCFE). Climate   
Exchange Plc (CLE) is listed on the AIM market of the London Stock   
Exchange. ECX offices are located in London.   
 
 
 
 
Carbon: the world’s next
biggest market   
 
The battle against climate change   
cannot be won without the World’s   
rainforests - this is now clear.
The rise of ethical  
or socially responsible  
investments  
 
By investing in Carbon Credit  
projects you can enjoy growth  
on your investments with the  
satisfaction that you are helping  
 
When we invest our money, the majority of us are looking for a  
degree of security, the anticipation of good returns and peace of  
mind: a combination rarely achieved. However, as stated before,  
we are living at a critical point in human history and, by any stretch  
of the imagination, interesting times. By investing in Carbon Credit  
projects, an investor can enjoy high returns on his investment plus  
satisfaction in the knowledge that they are truly helping to change  
our planet for the good.  
 
One question raised by critics is: Is it immoral to make profit from  
an investment that will be for the betterment of humankind and  
our planet? No, it is necessary. Charity, common sense and our  
conscience will only take environmental change so far. We live in  
a society where money is important. Achieving change requires  
the participation of businesses and governments around the  
World. Making profits is fundamental to achieving change on a  
scale that is necessary. According to a recent New York Times  
article, carbon trading is one of the “fastest-growing specialties  
in financial services.” Companies are scrambling to get “a slice of  
a market now worth about $30 billion and that could grow to $1  
trillion within a decade.”  
 
Another article, “In London’s Financial World, Carbon Trading Is  
the New Big Thing,” states that, “Carbon will be the world’s  
biggest commodity market, and it could become the world’s  
biggest market over all.”  
 
As more and more governments start to regulate their country’s  
emissions, and as more companies start to limit their emissions,  
either voluntarily or by legal requirement, the demand for available  
carbon credits will steadily rise - and so will the price!  
We need only refer to the law of supply and demand to see that  
this industry is on the brink of a major explosion. If increased  
demand dictates an increase in price, getting involved now could  
be one of the wisest investment moves in the first half of this  
century.  
 
Venture capital and private equity to a certain extent stepped in  
where the public markets stepped out during 2008. New  
investment – i.e. excluding buyouts – is estimated to have reached  
US$ 14.2 billion in 2008, 45% higher than a year earlier. Venture  
capitalists, those that have already raised funds and now need to  
put them to work, have continued to invest, particularly in the solar  
and digital power sectors. In the wake of decreased leverage,  
there is evidence that some private equity players have preferred  
to invest expansion capital with modest leverage rather than  
return money to their limited partners. Meanwhile, anecdote  
suggests that valuations have come down, though not quite to the  
extent of public market valuations, making this a good time to  
invest for those that have funds available.  
 
Even during the darkest weeks of October and November 2008,  
investment deals continued to close, including a rights issue by  
Brazilian bioethanol leader Cosan, which raised US$ 412m, and  
Chinese wind turbine manufacturer Dongfang Electric  
Corporation, which raised US$ 195m in a secondary offering. In  
addition, over 80 VC and PE deals were completed in Q4 2008.  
A repeat of the collapse in investment in clean energy which  
followed in the wake of previous spikes in energy prices in the  
1970s and 1980s, therefore, does not look likely. For one thing,  
there is a web of policy in place around the world which supports  
a mandated level of activity far in excess of previous levels.  
Secondly, no serious commentator expects oil prices to revert to  
the US$ 25 per barrel median price (in 2008 money) which  
prevailed throughout the 1990s. Growing demand for oil – much  
of it fuelled by the rising middle classes in China and India – is  
demanding the exploitation of ever more expensive sources of  
supply – deeper offshore fields, shale oils and tar sands – driving  
up the cost of marginal production.  
 
There is no question that the short-term priority for the world’s  
policy-makers is to do whatever is necessary to prevent the  
effects of the financial crisis turning from a recession to a  
depression. The good news for clean energy investors is that  
supporting the sector is seen by the leaders of many of the world’s  
major economies as consistent with achieving this goal. As they  
address the urgent problems and then the longer-term structural  
weaknesses of their economies, the clean energy sector stands  
to benefit as follows:  
Monetary stimulus  
 
An enormous monetary stimulus has already been applied in every  
major economy of the world – central bank rates have dropped to  
levels not seen for half a century. At the time of writing, this wall  
of cheap debt has not yet worked its way through the system, as  
banks steward their capital in fear of the levels of defaults which  
will emerge as the recession bites. However, at some point a flood  
of cheap money will begin to flow, and when it does, clean energy  
infrastructure – safe projects with reliable yields – will be among  
the first to benefit. Renewable energy projects generally have  
higher up-front costs but lower or no fuel costs, making them  
more than averagely sensitive to periods of higher interest rates  
or credit risk aversion – and more than averagely responsive as  
interest rates fall.  
 
Carbon trading may dwarf that  
of crude oil with five years  
- worth $2 trillion -  
Bart Chiltern,  
CFTC commissioner (Sept 09)  
The Impact of the Financial Crisis  
 
The global financial crisis of 2008, and the recession that is  
following in its wake, represents a serious threat to the clean  
energy sector. Short-term energy and carbon prices have fallen,  
making clean energy less competitive in immediate financial  
terms. At the same time risk has been re-priced, and finance is  
much harder to come by.  
 
The crisis may, however, also represent something of opportunity:  
as policy-makers take decisive action to refuel their economies,  
they are at least talking about ensuring the resulting fiscal and  
monetary stimuli benefit the clean energy sector. Beyond that, it  
remains to be seen whether the crisis will shake policy-makers’  
determination to shift to low-carbon energy and force embattled  
voters to take painful action to limit greenhouse gas emissions.  
Clean energy investment held up well during the early phase of  
the credit crunch, as did the valuations of publicly-quoted clean  
energy companies, only to be very hard hit during the closing  
months of 2008.  
 
The NEX index defied gravity for the first three quarters of 2008,  
trading mainly in the 350 to 450 range. The final quarter of 2008,  
however, saw the index collapse, touching a low of 135.15 in late  
November, a level not seen since September 2003 – before the  
ratification of the Kyoto Protocol, before Hurricane Katrina and  
President Bush’s statement that the US was “addicted” to oil,  
before the publication of the Stern Review, before the premiere  
of the film, “An Inconvenient Truth”.  
 
Since that low, however, the NEX index has bounced back, ending  
the year at a slightly more respectable 178 – perhaps in  
recognition that the sector’s sell-off had been overdone, perhaps  
as opportunistic investors began to pick up bargains, and perhaps  
on hope that the election of President Obama would create a floor  
through which the sector would not fall.  
 
There are three reasons why the sector was hit so hard. First, with  
energy prices collapsing by 70%, the sector was bound to suffer  
– these are, after all energy stocks. Second, investors were getting  
rid of stocks with any sort of technology or execution risk, in  
favour of longer established businesses. Third, in an era of sharply  
constrained credit, investors penalized companies with high capital  
requirements – even the more established, asset-based clean  
energy companies, which bear no technology risk, being highgrowth  
are capital-hungry.  
 
The collapse in valuations of clean energy companies effectively  
shut the door to further fund-raising in the public markets. New  
financings – IPOs, secondary offerings and convertible issues –  
dropped by 60% between 2007 and 2008 to US$ 9.4 billion,  
mainly because of turbulent market conditions and lower  
valuations. 2007’s total was boosted by Iberenova’s US$ 6.6  
billion IPO, the fourth largest in the world in any sector.  
 
Maybe money really  
does grow on trees...  
Camile Rebelo,  
Carbon forester
 
Venture Capital & Private Equity  
 
On the venture capital and private equity side, some spectacular  
returns were achieved during the period 2004 to 2007.  
 
For private equity players, one of the most successful strategies  
during this period was to identify clean energy companies which  
had been struggling to commercialize their products or services  
during the period of low energy prices, but which were now  
experiencing soaring demand. Allianz Private Equity and Apax  
Partners shared the private equity deal of the year in 2006. They  
bought Hansen Transmissions, a leading provider of gearboxes  
for wind turbines for 132m, and 22 months later they were able
to sell it for 465m to India’s Suzlon Energy, then the world’s
most valuable turbine manufacturer, recording an IRR of 101%  
on their investment. Other very successful deals of this nature  
included an investment made by Goldman Sachs in Zilkha  
Renewables (later renamed Horizon Wind Energy), which they  
were subsequently able to sell to Energias de Portugal at a  
substantially increased value.  
 
Meanwhile in venture capital, investors in clean technologies in  
Europe and the US were on track to achieve excellent returns on  
their investments up to mid- 2008, according to the third annual  
European Clean Energy Venture Returns Analysis (ECEVRA),  
completed by New Energy Finance in collaboration with the  
European Energy Venture Fair.  
 
The study, which is based on confidential returns by investors at  
the end of H1 2008, covered 302 clean technology portfolio  
companies, representing 1.77 billion of venture capital invested
in clean technology since 1997. Of these, 26 have so far resulted  
in public listing and 32 have been exited or partially exited via  
trade sale. The success rate to date has been reasonably high  
with a pooled gross IRR (at the portfolio company level, not the  
fund level) of over 60%, based on the limited number of exits and  
with only 23 companies being liquidated or written off at the time  
of the study,. These exceptional returns, were driven by the  
outstanding success of a small number of early investments in the  
solar sector – Q-Cells and REC in particular. Without these, the  
pooled return was closer to 14%. As of mid- 2008 there had been  
relatively few down-rounds (subsequent venture rounds at  
reduced valuations), but it is a very young sample with relatively  
few exits to date.  
 
 
 
 
Private Equity has taken up  
the challenge of funding  
the acquisition of deforested land  
returning its biodiversity and providing  
employment to the local population
Over the past few years, prior to the recent turmoil in the global  
financial markets, investors made good returns from clean energy  
investments at all stages of the value chain. While the exceptional  
gains of the past few years may have declined during 2008, the  
sector as a whole has fared better than any major benchmark over  
the past five years.  
 
Public Markets  
 
The WilderHill New Energy Global Innovation Index (ticker symbol  
NEX) tracks the performance of around 90 leading clean energy  
companies, spanning different sectors, geographies and business  
models. Over the period from the beginning of 2003 to the end  
of 2007, the NEX rose from its index value of 100 to a peak of  
549.08, a compound annual growth rate of over 40%.  
2007 was a particularly high-octane year, logging an increase of  
57.9%, and the index defied gravity for the first three quarters of  
2008, before succumbing to the credit crisis and ending the year  
at 178 (see Figure 1).  
 
Indeed, although historically clean energy stocks have been more  
volatile than those from other sectors, their returns have been  
consistently higher, making them an attractive investment  
proposition on a risk-adjusted basis despite their recent history  
(see Figure 2). Even after its tumultuous 2008, the NEX remained  
up 75% on six years ago – an annual return of 9.8%, unmatched  
by any of the major stock market indices.  
 
Over the past few years, prior to the recent turmoil in the global  
financial markets, investors made good returns from clean energy  
investments at all stages of the value chain. While the exceptional  
gains of the past few years may have declined during 2008, the  
sector as a whole has fared better than any major benchmark over  
the past five years.  
 
Public Markets  
 
The WilderHill New Energy Global Innovation Index (ticker symbol  
NEX) tracks the performance of around 90 leading clean energy  
companies, spanning different sectors, geographies and business  
models. Over the period from the beginning of 2003 to the end  
of 2007, the NEX rose from its index value of 100 to a peak of  
549.08, a compound annual growth rate of over 40%.  
2007 was a particularly high-octane year, logging an increase of  
57.9%, and the index defied gravity for the first three quarters of  
2008, before succumbing to the credit crisis and ending the year  
at 178 (see Figure 1).  
 
Indeed, although historically clean energy stocks have been more  
volatile than those from other sectors, their returns have been  
consistently higher, making them an attractive investment  
proposition on a risk-adjusted basis despite their recent history  
(see Figure 2). Even after its tumultuous 2008, the NEX remained  
up 75% on six years ago – an annual return of 9.8%, unmatched  
by any of the major stock market indices.  
Investment  
Performance  
 
Over the past few years, prior to the recent turmoil in the global  
financial markets, investors made good returns from clean energy  
investments at all stages of the value chain. While the exceptional  
gains of the past few years may have declined during 2008, the  
sector as a whole has fared better than any major benchmark over  
the past five years.  
 
Public Markets  
 
The WilderHill New Energy Global Innovation Index (ticker symbol  
NEX) tracks the performance of around 90 leading clean energy  
companies, spanning different sectors, geographies and business  
models. Over the period from the beginning of 2003 to the end  
of 2007, the NEX rose from its index value of 100 to a peak of  
549.08, a compound annual growth rate of over 40%.  
2007 was a particularly high-octane year, logging an increase of  
57.9%, and the index defied gravity for the first three quarters of  
2008, before succumbing to the credit crisis and ending the year  
at 178 (see Figure 1).
2%
 
Indeed, although historically clean energy stocks have been more  
volatile than those from other sectors, their returns have been  
consistently higher, making them an attractive investment  
proposition on a risk-adjusted basis despite their recent history  
(see Figure 2). Even after its tumultuous 2008, the NEX remained  
up 75% on six years ago – an annual return of 9.8%, unmatched  
by any of the major stock market indices.
Individuals and organisations produce CO2 gases through their
 
everyday activities such as air and car travel, burning of fossil fuels  
for energy, the production of cement, steel, textiles and fertilizers.  
The concept of carbon credits came into existence as a result of  
increasing awareness of the need for controlling emissions  
coupled with the understanding that to move forward, a monetary  
value needs to be placed alongside the environmental value.  
 
The great forests and rain forests are the lungs of the world,  
drawing in harmful CO2 gasses as they grow while producing the
air that we breathe. Unfortunately, for many years, while there has  
been no way to show a monetary value on the world’s rainforests,  
they have continued to be harvested at an alarming rate with their  
only monetary value to man being raw materials (timber) and the  
land they grow on for grazing cattle or growing crops.  
However, with the introduction of carbon credit trading a monetary  
value has been found and there is now a way for the cycle to be  
turned. Rainforests can finally be protected and also replanted  
allowing for an increase in the removal of CO2 gases from the
atmosphere whilst also rewarding enlightened businesses and  
investors in these projects.  
 
The good news is that the process of reducing pollution from CO2  
 
 
 
emissions is well under way. Until recently for example, the US  
government refused to believe that CO2 was responsible for all
global warming, with California its only state taking the opposite  
stance by aggressively promoting emission reduction policies and  
the use of renewable resources, now it is fast becoming a national  
concern. Russia however, agrees that CO2 is a major contributor
to global warming (it signed the Kyoto Protocol in 2004) and is  
already in process of upgrading its antiquated infrastructure to  
meet its emission targets.  
 
Emission reduction targets and ensuing discussions have to date  
been based around countries that have been identified as major  
polluters (from global CO2 emission statistics 1990). At the Kyoto
meeting in 1997, China and India were perceived as not being  
significant polluters. Other nations deemed responsible for  
significant CO2 emissions were given reduction targets. Until
recently, the US had used the non-inclusion of China and India as  
a reason to stay out of the Kyoto Protocol. Post George Bush,  
things look set to change.  
 
One fundamental feature to emerge from the Kyoto meeting is  
the requirement that each country that produces CO2 above set
targets must reduce the level of its emissions by offsetting by  
tree-planting or other processes that can absorb CO2, such as
sequestration and/or changing farming methods. If any country  
continues to produce more CO2 than it can absorb, it must
purchase an ‘absorption ability’ from another nation.  
 
This “absorption ability” is the Carbon Credit, with one Carbon  
Credit equal to one tonne of CO2. It is referred to as a “CO2  
 
 
 
 
 
 
 
equivalent” (CO2e). A nation might, for example, have a shortfall
in absorbing 500,000 tonnes of CO2 and according to the Kyoto
agreement it must seek to purchase an “offset” from another  
nation that has been planting trees for such a consideration. Costs  
currently are between US $10 – $15 per credit at the moment. 
 
 
 
“There is no better potential  
driver that pervades all aspects  
of our economy than a new energy  
economy... that’s going to be  
my number one priority when  
I get into office.”  
President Barack Obama




_________________
WEB MAK'S A BETTER WORLD


Revenir en haut
Visiter le site web du posteur ICQ AIM Yahoo Messenger MSN
Publicité






MessagePosté le: Ven 23 Avr - 23:07 (2010)    Sujet du message: Publicité

PublicitéSupprimer les publicités ?
Revenir en haut
Montrer les messages depuis:   
Poster un nouveau sujet   Répondre au sujet    politikar Index du Forum -> politikar -> politikar Toutes les heures sont au format GMT + 1 Heure
Page 1 sur 1

 
Sauter vers:  


Index | Panneau d’administration | creer un forum | Forum gratuit d’entraide | Annuaire des forums gratuits | Signaler une violation | Conditions générales d'utilisation
Digital Dementia © 2002 Christina Richards, phpBB 2.0.6 Version by phpBB-fr-themes
Powered by phpBB © 2001, 2017 phpBB Group
Traduction par : phpBB-fr.com