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The week provides a forum to address some of the steps already taken, the steps that need
to be taken, and where we’re falling behind in climate action.
In conjunction with Climate Week 2023, Citywire Engage will host sponsors from the asset management industry, as well as those outside of the industry to drive relevant conversations, focusing on Climate Week themes.
Background
Be a part of the action
Register Here
Objectives & content
THEMES
Themes:
● Built Environment: Buildings contribute to 40% of greenhouse gas emissions and a
third of global energy demand, which is why there is an aim for net zero buildings
powered by renewable energy. What is the impact of buildings and infrastructure, and
how does the financial industry contribute/tackle it?
● Energy: Energy is the largest polluting sector globally. In the next decade, these
emissions need to be halved. How can we pursue a net zero future? Focus on clean
energy, decarbonization, green economic agendas, zero-emission pledges.
● Environmental Justice: Racial and socioeconomic justice plays a key part in
climate action. Black, Brown, Indigenous, and immigrant communities are constantly
impacted by climate change. How can we learn from their practices, and how do we
drive their participation at a broader level.
● Transport: The fastest-growing sector contributing to climate change, accounts for
23% of global emissions. Electrification of the transportation system will help
contribute to cleaner air. Focus on EV, ZEV, public transport
● Finance: Shifting to a low carbon economy can spark economic boost and create
millions of jobs. Focus on climate finance, investment, employment opps, and green
economic recovery
● Sustainable Living: Shifting to a sustainable lifestyle, are companies helping this?
Eco-friendly hotels? Flying? Sustainable eating, food waste, youth mobilization?
● Nature: Nature plays an essential role in wellbeing and livelihoods of all species.
How can we restore ecosystems and biodiversity?
● Policy: Imperative in accelerating and supporting climate action. Policy form
framework to influence business, states, and individuals to act on climate and transit
to net zero e.g. EV tax credits.
● Industry: Cement and steelmaking biggest emitters of carbon emissions globally,
with plastics and aluminium following. How can these industries reduce industrial
energy consumption and improve efficiency?
● Food: How can we cut greenhouse gas emissions from food production and
agriculture to focus on sustainable eating, land restoration, and more?
Built Environment
Buildings contribute 40% of greenhouse gas emissions and a third of global energy demand, which explains the race to net zero buildings powered by renewable energy. What impact do New York's buildings and infrastructure have on reaching Net Zero targets, and how does the financial industry contribute/tackle it?
Energy
Energy is the largest polluting sector globally. In
the next decade, these emissions need to be halved
How can we pursue a Net Zero future? Focus on clean
energy, decarbonization, green economic agendas,
zero-emission pledges.
Environmental Justice
Racial and socioeconomic justice plays a key part in climate action. Black, brown, indigenous, and immigrant communities are constantly impacted by climate change. How do we drive their participation at a broader level in the search for solutions?
Transport
The fastest-growing sector contributing to climate change, transport accounts for 23% of global emissions. Electrification of the transportation system will help contribute to cleaner air. Focus on EV, ZEV, public transport.
Finance
Shifting to a low carbon economy will create millions
of jobs. Focus on climate finance, investment, employment opps, and green economic recovery.
Sustainable Living
Shifting to a sustainable lifestyle, are companies helping this? Eco-friendly hotels? Flying? Sustainable eating, food waste, youth mobilization?
Nature
Nature plays an essential role in wellbeing and livelihoods of all species. How can we restore ecosystems and biodiversity?
Policy
Imperative in accelerating and supporting climate action. Policy forms the framework to influence business, states, and individuals to act on climate and transit to Net Zero e.g. EV tax credits.
Industry
Cement and steelmaking are the biggest emitters of carbon emissions globally, with plastics and aluminium following. How can these industries reduce energy consumption and improve efficiency?
Food
How can we cut greenhouse gas emissions from food production and agriculture to focus on sustainable eating, land restoration and more?
September 17 - 24
hashtage
● Flight Dates - September 17th - 24th 2023
The aim of this project is to:
● Drive conversations between investors and sponsors to generate authentic interactions
● Drive engagement between sponsors and our audiences, and explore how they tackle their relevant themes
● Investor Vox Pop Video
● Webinar
● Q&A Article
● Hub: All content to be housed on an editorially created hub.
Climate Week brings together the most influential leaders in the climate action business, government, and climate community.
Now in its 15th year, Citywire invites you to be a part of the action.
Head of business development • Engage
ewinterson@citywireusa.com
Elle Winterson
Head of Sales
mluthin@citywireusa.com
Michele Luthin
energy
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Privacy
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Themes:
● Built Environment: Buildings contribute to 40% of greenhouse gas emissions and a
third of global energy demand, which is why there is an aim for net zero buildings
powered by renewable energy. What is the impact of buildings and infrastructure, and
how does the financial industry contribute/tackle it?
● Energy: Energy is the largest polluting sector globally. In the next decade, these
emissions need to be halved. How can we pursue a net zero future? Focus on clean
energy, decarbonization, green economic agendas, zero-emission pledges.
● Environmental Justice: Racial and socioeconomic justice plays a key part in
climate action. Black, Brown, Indigenous, and immigrant communities are constantly
impacted by climate change. How can we learn from their practices, and how do we
drive their participation at a broader level.
● Transport: The fastest-growing sector contributing to climate change, accounts for
23% of global emissions. Electrification of the transportation system will help
contribute to cleaner air. Focus on EV, ZEV, public transport
● Finance: Shifting to a low carbon economy can spark economic boost and create
millions of jobs. Focus on climate finance, investment, employment opps, and green
economic recovery
● Sustainable Living: Shifting to a sustainable lifestyle, are companies helping this?
Eco-friendly hotels? Flying? Sustainable eating, food waste, youth mobilization?
● Nature: Nature plays an essential role in wellbeing and livelihoods of all species.
How can we restore ecosystems and biodiversity?
● Policy: Imperative in accelerating and supporting climate action. Policy form
framework to influence business, states, and individuals to act on climate and transit
to net zero e.g. EV tax credits.
● Industry: Cement and steelmaking biggest emitters of carbon emissions globally,
with plastics and aluminium following. How can these industries reduce industrial
energy consumption and improve efficiency?
● Food: How can we cut greenhouse gas emissions from food production and
agriculture to focus on sustainable eating, land restoration, and more?
The aim of this project is to:
● Drive conversations between investors and sponsors to generate authentic interactions
● Drive engagement between sponsors and our audiences, and explore how they tackle their relevant themes
● Flight Dates - September 17th - 24th 2023
● Investor Vox Pop Video
● Webinar
● Q&A Article
● Hub: All content to be housed on an editorially created hub.
Built Environment
Buildings contribute 40% of greenhouse gas emissions and a third of global energy demand, which explains the race to net zero buildings powered by renewable energy. What impact do New York's buildings and infrastructure have on reaching Net Zero targets, and how does the financial industry contribute/tackle it?
Energy
Energy is the largest polluting sector globally. In the next decade, these emissions need to be halved. How can we pursue a Net Zero future? Focus on clean energy, decarbonization, green economic agendas, zero-emission pledges.
Environmental Justice
Racial and socioeconomic justice plays a key part in climate action. Black, brown, indigenous, and immigrant communities are constantly impacted by climate change. How do we drive their participation at a broader level in the search for solutions?
Nature
Nature plays an essential role in wellbeing and livelihoods of all species. How can we restore ecosystems and biodiversity?
Industry
Cement and steelmaking are the biggest emitters of carbon emissions globally, with plastics and aluminium following. How can these industries reduce energy consumption and improve efficiency?
Transport
The fastest-growing sector contributing to climate change, transport accounts for 23% of global emissions. Electrification of the transportation system will help contribute to cleaner air. Focus on EV, ZEV, public transport.
Policy
Imperative in accelerating and supporting climate action. Policy forms the framework to influence business, states, and individuals to act on climate and transit to Net Zero e.g. EV tax credits.
Food
How can we cut greenhouse gas emissions from food production and agriculture to focus on sustainable eating, land restoration and more?
Head of business development • Engage
ewinterson@citywireusa.com
Elle Winterson
Head of Sales
mluthin@citywireusa.com
Michele Luthin
Finance
Shifting to a low carbon economy will create millions of jobs. Focus on climate finance, investment, employment opps, and green economic recovery.
Sustainable Living
Shifting to a sustainable lifestyle, are companies helping this? Eco-friendly hotels? Flying? Sustainable eating, food waste, youth mobilization?
September 17 - 24
hashtage
Climate Week brings together the most influential leaders in the climate action business, government, and climate community. Now in its 15th year, Citywire invites you to be a part of the action.
The week provides a forum to address the of
steps already taken, the steps that need to be taken, and where we’re falling behind in climate action.
In conjunction with Climate Week 2023, Citywire Engage will host sponsors from the asset management industry, as well as those outside
of the industry to drive relevant conversations, focusing on Climate Week themes.
Be a part of the action
Register Here
Terms
Privacy
Cookies
The week provides a forum to address some of the steps already taken, the steps that need
to be taken, and where we’re falling behind in climate action.
In conjunction with Climate Week 2023, Citywire Engage will host sponsors from the asset management industry, as well as those outside of the industry to drive relevant conversations, focusing on Climate Week themes.
Be a part of the action
Register Here
Themes:
● Built Environment: Buildings contribute to 40% of greenhouse gas emissions and a
third of global energy demand, which is why there is an aim for net zero buildings
powered by renewable energy. What is the impact of buildings and infrastructure, and
how does the financial industry contribute/tackle it?
● Energy: Energy is the largest polluting sector globally. In the next decade, these
emissions need to be halved. How can we pursue a net zero future? Focus on clean
energy, decarbonization, green economic agendas, zero-emission pledges.
● Environmental Justice: Racial and socioeconomic justice plays a key part in
climate action. Black, Brown, Indigenous, and immigrant communities are constantly
impacted by climate change. How can we learn from their practices, and how do we
drive their participation at a broader level.
● Transport: The fastest-growing sector contributing to climate change, accounts for
23% of global emissions. Electrification of the transportation system will help
contribute to cleaner air. Focus on EV, ZEV, public transport
● Finance: Shifting to a low carbon economy can spark economic boost and create
millions of jobs. Focus on climate finance, investment, employment opps, and green
economic recovery
● Sustainable Living: Shifting to a sustainable lifestyle, are companies helping this?
Eco-friendly hotels? Flying? Sustainable eating, food waste, youth mobilization?
● Nature: Nature plays an essential role in wellbeing and livelihoods of all species.
How can we restore ecosystems and biodiversity?
● Policy: Imperative in accelerating and supporting climate action. Policy form
framework to influence business, states, and individuals to act on climate and transit
to net zero e.g. EV tax credits.
● Industry: Cement and steelmaking biggest emitters of carbon emissions globally,
with plastics and aluminium following. How can these industries reduce industrial
energy consumption and improve efficiency?
● Food: How can we cut greenhouse gas emissions from food production and
agriculture to focus on sustainable eating, land restoration, and more?
September 17 - 24
hashtage
Climate Week brings together the most influential leaders in the climate action business, government, and climate community.
Now in its 15th year, Citywire invites you to be a part of the action.
Built Environment
Buildings contribute 40% of greenhouse gas emissions and a third of global energy demand, which explains the race to net zero buildings powered by renewable energy. What impact do New York's buildings and infrastructure have on reaching Net Zero targets, and how does the financial industry contribute/tackle it?
Background
Objectives & content
THEMES
Home
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Consectetur numquam noye accumsan neque class dis pretium aute turpis? Sociosqu dui proident!
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Consectetur numquam noye accumsan neque class dis pretium aute turpis? Sociosqu dui proident!
Header text
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Prospects for clean power in the US
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Impax
click here to watch the panel session
Opportunities in storing and transforming clean electricity
Energy
The transition
will not be televised
● The drive to reduce carbon emissions is likely to generate a sharp rise in total electricity demand. We see wind and solar power poised to become heavyweights in the new digital upstream of the US energy sector.
● It won’t be all smooth sailing. Uncertainty about the expansion of high voltage transmission capacity, potential renewal of trade conflicts with China, the prospects for permitting reform,
and industry adjustment to higher borrowing rates are concerns we’re monitoring.
● For the US to meet its net-zero goals, the transition to clean energy needs to happen more quickly. But it’s already moving faster than most people think.
Compelling economics are driving sustained growth in new renewable power generation, in the US and globally. But renewables need to be paired with complementary technologies to overcome two key challenges in building a cheaper, cleaner, and safer energy system.
1. Renewable power generation
is reliable but intermittent.
Even with more intelligent grids and demand side
management, electricity storage is needed to match
cheap renewable power supply with real-time patterns
of energy consumption.
Transforming surplus renewable power into hydrogen
opens pathways for lowering the carbon intensity in
industries like steelmaking and cement manufacturing.
2. Not all industrial processes can be electrified, so other opportunities
need to be pursued to decarbonize some of the biggest emitters.
Senior Economic Advisor
Charlie Donovan
SVP, Sustainable Investing
Julie Gorte, Ph.D
Executive summary
● The Inflation Reduction Act is stimulating a wave of new clean technology investment in the US. The potential has never been greater for technologies that store and transform surplus electricity to disrupt traditional energy value chains.
● Decarbonization targets, energy security concerns and falling technology costs are fundamental drivers for a rapid expansion of domestic clean energy. But despite favorable economics, a further evolution in the US regulatory landscape will be needed for renewables to expand at their highest potential.
● While end-use electrification, storage and hydrogen will all see rapid growth, the market share for each in the future energy system is far from settled. In this paper we explore the role for emerging electricity ‘midstream’ technologies in a cleaner, more efficient energy system.
Q&A
Electricity storage is needed to match cheap renewable power supply with real-time patterns of energy consumption
manager video
Q&A
We are seeing investors wake up to the fact that their investment dollar is shaping the world we have ahead
Electricity storage is needed to match cheap renewable power supply with real-time patterns of energy consumption
MANAGER VIDEO
q&A
PANel
Energy transition: who are the winners and losers?
The inevitable disruption as the world shifts to different energy sources will create significant investment opportunities. Charlie Donovan, Senior Economic Advisor at Impax, explains why clean energy is already winning on price and the wider repercussions for investors.
Why are wind and solar so important to the future of electricity generation?
To change the energy system, we need to start upstream. Rather than taking oil and gas out of the ground, combusting them to make heat and putting that heat to work, we must get the sun and the wind to do work for us directly by translating their energy into electrical power.
Wind and solar are not the only upstream sources we need to utilize, but they are very interesting because in recent years we have seen a miracle in the way that wind and solar technologies have advanced and become economically viable: we are at cost points now that most mainstream forecasters, including the International Energy Agency, did not think we would reach until the end of the decade at the very earliest.
Renewable power is now the cheapest way to generate electricity in most regions and nearly every country in the world; this is true even in the US, with its abundance of natural gas.
What can be done to decarbonise heavy industry and why is that so important to the overall energy transition?
Here’s a simple illustration: during the Covid shutdown in 2020, global carbon emissions fel0l by around 7% . That’s not such a big fall when you consider that nobody was flying, going to the office, or doing very much at all. The reason is that we still need products and services: the steel and cement that build our homes, the energy that runs our homes, and so forth.
These essential materials and services are the backbone of the global economy.
This problem can be addressed via technology: at present the technologies available are fairly limited, but there are interesting companies coming through that have solutions. It is possible to fundamentally change the way cement is made.
At the same time, policy needs to be pushing heavy industry to embrace these solutions. There will have to be continued advances in government policy. Most manufacturing sites in large industries face a carbon price in Europe, but they don’t in the US.
Investors need to factor in that while regulation for the industrial space has been slow-moving so far, there are likely to be potential disruptions ahead, and that is going to have an effect, even in these real behemoth industries.
Impax Asset Management Group plc includes Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, “Impax”). Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd and Impax Asset Management LLC are registered as investment advisers with the U.S. Securities and Exchange Commission (“SEC”), pursuant the Investment Advisers Act of 1940 (“Advisers Act”). Registration with the SEC does not imply a certain level of skill or training. Copies of the most recently filed Form ADV for Impax and additional information about registered investment advisers is available through the Investment Adviser Public Disclosure website at adviserinfo.sec.gov.
The views, opinions, and forecasts included or expressed herein are as of the date indicated and are subject to change without notice. You should not assume that such information, views and forward-looking statements would remain the same after the date indicated.
The information presented herein is provided for general informational purposes only and is not intended to provide legal, tax, investment, or financial planning advice. It does not constitute an offer, invitation, solicitation, recommendation, or advice to buy or sell any securities, financial instruments, investments; to follow a particular investment strategy; to engage in any other transaction; or to engage Impax to provide investment advisory or other services.
Certain content (including data) contained within may include, or be based on, data obtained from statistical services, company reports or communications, or other third-party sources, that Impax believes are reliable. However, Impax has generally not verified this information where Impax believes the third-party source is reliable and, therefore, there is a risk that information from such third-party sources are inaccurate or incomplete. You should not rely on the information presented here as a basis for investment decisions.
Impax is a trademark of Impax Asset Management Group Plc. Impax is a registered trademark in the EU, US, Hong Kong and Australia. © Impax Asset Management LLC, Impax Asset Management Limited and/or Impax Asset Management (Ireland) Limited. All rights reserved.
Important Information
What does the energy transition mean for investors, and for Impax’s investment approach?
The energy transition is about a lot more than just renewables. We see the transition as both a consequence of, and an input to, some of the biggest macro trends of shaping the world today. For example, Russia’s invasion of Ukraine has highlighted to the entire world the importance of energy security.
The energy transition is also about a global race for technological supremacy, and the competitive positioning of nations as they look to the future. Much of the clean energy value chain today is dominated by China.
The US has belatedly recognised it was asleep at the wheel while China built up dominance in a series of industries that are going to be crucial to the global economy. I see the Inflation Reduction Act - which was billed as a piece of climate legislation - as more of an economic and geopolitical tool to try to catch up.
The third thing I would highlight is that in order to deal with climate change, we must shift from hydrocarbons to electrons as the backbone of the energy system. That will entail a huge set of disruptions to traditional business models, unleashing consumers who have been captive to certain producers.
In terms of our own investment strategy, Impax was founded with the idea that there must be a transition to a more sustainable economy. Today, the changes created by technology, government policy, and what consumers are willing to tolerate in terms of the degradation of the natural world, mean the transition is having growing impact on markets. It is changing the way firms are valued.
If investors do not respond, we believe they are going to miss one of the biggest determinants of investment returns over the coming decades.
What are the key investment opportunities created by the transition?
At the top of many people’s mind is the question of energy storage. Consumers obviously do not just want power when the sun is shining, they need it at night or in winter. So how do we deal with the fact that supply is intermittent?
We need two things: short duration storage- which is balancing out daily usage, matching supply with demand- but also longer-term storage for those places that don’t see much sun for long periods. The shorter-term problem is pretty much solved, using lithium-ion and other forms of battery chemistry.
But the need for longer-term storage is bringing forward a host of technologies such as redox flow batteries, pumped hydroelectricity, and molten metal storage solutions.
However, when Impax thinks about investment opportunities, we do not just look at the upstream. On the downstream side, there are many thousands of companies, right across the spectrum of industrial, commercial and residential demand, that are responding to the changes in the energy system. Among them there will be both winners and losers.
What are the key investment opportunities created by the transition?
At the top of many people’s mind is the question of energy storage. Consumers obviously do not just want power when the sun is shining, they need it at night or in winter. So how do we deal with the fact that supply is intermittent?
We need two things: short duration storage- which is balancing out daily usage, matching supply with demand- but also longer-term storage for those places that don’t see much sun for long periods. The shorter-term problem is pretty much solved, using lithium-ion and other forms of battery chemistry.
But the need for longer-term storage is bringing forward a host of technologies such as redox flow batteries, pumped hydroelectricity, and molten metal storage solutions.
However, when Impax thinks about investment opportunities, we do not just look at the upstream. On the downstream side, there are many thousands of companies, right across the spectrum of industrial, commercial and residential demand, that are responding to the changes in the energy system. Among them there will be both winners and losers.
What kind of impact could these investment opportunities have on real world issues?
We are seeing investors wake up to the fact that their investment dollar is shaping the world we have ahead. Some well-established industries are going to be bad investments, given that the growth rates of fossil fuels are flattening out and at some point will decline. This contrasts with the very rapid growth we are seeing in the new industries I’ve been talking about.
Impax is marrying that macro picture with the day-to-day work of investment analysis: expected cashflows, dividends, cost of capital and so forth. We understand that people need to make good investment returns for their retirements, but many also want to shift portfolios towards things that are having positive outcomes for the planet. We think this is achievable because industries related to climate change and sustainability are going to grow and perform better over time.
COVID lockdown causes record drop in carbon emissions for 2020. Stanford University, Earth Matters, December 10, 2020.
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