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DB-Climatechange Full Paper

DB-Climatechange Full Paper

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Published by agrachina

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Published by: agrachina on Sep 22, 2009
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Investing in Climate Change 2009
NECESSITY AND OPPORTUNITY IN TURBULENT TIMES
OCTOBER 2008
http://dbadvisors.com/climatechange
 
Climate Change Investment Research
We would like to thank the following Deutsche Bank contributors: Jed Brawley, Paul Buchwitz, Loretta Dennett,Gem Dematas, Josh Feinman, Suleyman Gokcan, Theresa Gusman, Mark C. Lewis, Nektarios Kessidis, MichaelMarcus, Sabine Miltner, Adam Sieminski, Michele Shehata, John Willis, Joe Wong, and Muttasif Zaidi.Mark Fulton
Managing Director 
Global Head of Climate Change Investment Research: New Yorkmark.fulton@db.com+1(212) 454-7881
Bruce M. Kahn, PhD
Director 
Senior Investment Analyst: New Yorkbruce.kahn@db.com+1(212) 454-3017
Mark Dominik
Vice President 
Senior Research Analyst: Londonmark.dominik@db.com+44(20) 754-78943
Emily Soong
Research Analyst 
New Yorkemily-a.soong@db.com+1(212) 454-9227
Jake Baker
Research Analyst 
New Yorkjake.baker@db.com+1(212) 454-2675
Lucy Cotter
Research Analyst 
Londonlucy.cotter@db.com+44(20) 754-75822
*Bar chart in cover image sourced from New Energy Finance.
 
The necessity: Tackling carbon.
One year ago, we published
Investing in Climate Change: An Asset Management Perspective.
We argued that the growing investment opportunities in climate change were driven by long-termmega-trends that would continue into the oreseeable uture.One year on, the absolute necessity to act now to mitigate and adapt to climate change is even moreurgent, and the opportunities generated by the sector continue to increase. New evidence hasestablished that carbon in the atmosphere has reached an 800,000 year high (see graph below).The leading scientic research shows that we are careening towards the tipping point where averageglobal temperatures are likely to rise by 2°C or more. Beyond 450 ppm CO
2
e, it is increasingly likely thata series o macro-climatic shits will set up a sel-sustaining cycle o rapid global warming. Withoutsignicant and immediate action, or some unoreseen miracle, this tipping point stands no more than15 to 20 years away.The research in this report is driven by these two imperatives o necessity and opportunity. We havea new challenge, however, added to the mix: how to nd the nancing to develop and deploy thetechnologies we need to mitigate and adapt to climate change. Trillions o dollars have already beenwiped o the global balance sheet by alling asset values, and the world’s major economies areheading into recession. Investors understandably lack condence at the moment and governments,who are dealing with the contingencies o the banking challenge, will be reluctant to commiturther capital to the climate change sector or the oreseeable uture.
Investing in Climate Change, One Year On
Kevin Parker
Member o the Group Executive CommitteeGlobal Head o Asset Management
400380360340320300280260240220200180160800,000
   A   t  m  o  s  p   h  e  r   i  c   C   O
   2
  c  o  n  c  e  n   t  r  a   t   i  o  n ,  p  p  m
Years before present
700,000 600,000 500,000 400,000 300,000 200,000 100,000 0
Concentration in 2008: 385 ppm
i Investing in Climate Change 2009
Today’s atmospheric CO
2
concentrations are higher than they have been or at least 800,000 years
Source: D. Lüthi,“High-resolution carbon dioxide concentration record 650,000-800,000 years beore present,” Nature, 15 May 2008.
Continued on next page.

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