《PitchBook-新兴的可持续投资机会：碳利用（英）-2023_市场营销策划_重点报告202301.docx》由会员分享，可在线阅读，更多相关《PitchBook-新兴的可持续投资机会：碳利用（英）-2023_市场营销策划_重点报告202301.docx（10页珍藏版）》请在课桌文档上搜索。
1、rPitchBookPitchBook Data, Inc.John Gabbert Founder. CEONizar Tartiunl Vice President, Institutional Research and EditorialDaniel Cookz CFA Head of Quantitative ResearchInstitutional Research GroupAnalysis Anikka VillegasAnalyst. Fund Strategies & Sustainable Investinganikka. 5llegasInsights develope
2、d in collaboration with John MacDonaghl Senior Analyst Emerging Technologyat PitchBook Data.DataAlyssa WilliamsSenior Data AnalystpbinstitutionalrcsearchPublishingDesigned by Caroline SuttiePublished on December 11.2023ContentsKey takeawaysIIntroduction2Financial return potential3Environmental and s
3、ocial Impact7potentialEmergingSustainableInvestingOpportunities:CarbonUtilizationHowcarbonutilizationcancreateadoublebottomlineoffinancialreturnsandpositivesocialandenvironmentalImpactPitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbus
4、inessintheprivatemarkets.KeytakeawaysAsusageofcarboncapturetechnologiescontinuestorise,thequestionofwhattodowithcapturedcarbonhasgrownmoreurgent,andcarbonutilizationispartoftheanswer.Thefinancialreturnpotentialofthisopportunityisdictatedinlargepartbycarboncapturesproliferation,governmentfundingandre
5、gulatorysupport,challengesfacedbyitsmainalternative,andcorporatesustainabilitycommitments.CarbonutilizationhasthepotentialtocreatepositiveenvironmentalImpactsbyenablingamoresustainablelifecycleforcapturedcarbon,providinglower-carbonsubstitutesfortraditionalproducts,andreducingrelianceonanalternative
6、thatpresentsenvironmentalrisksinadditiontosocialones,creatingaminorsocialImpactpotentialaswell.IntroductionVenturecapital,oftenservingastheincubatorofemergingtechnologies,iswellpositionedtoinvestwithpositivesocialandenvironmentalImpactgoalsinmind.VCscandrawontheirexpertiseandresourcestofosterthebusi
7、nessesthathavethegreatestpotentialforbothImpactandreturns,especiallywhenkeepinganeyetowardcompaniesforwhichsuccessnecessarilymarriesthetwo.ThisfacthasnotgoneunnoticedbyVCs1whichrepresent42.7%ofthetotalcountofImpactfundsraisedsince2007/Yet,thelandscapeofprospectiveopportunitiesisexpansiveandrapidlyev
8、olving,makingitdifficulttokeeptrackofwhichoneshavethegreatestfinancialandImpactreturnpotential.Emergingopportunitiesoftengobeyondtheinvestmentareastraditionallyassociatedwithsustainability,suchassolarenergyorelectricvehicles,encompassingahostoflesser-knowntechnologies.Evenwithinthefamiliarthemes,the
9、rearenicheinvestmentopportunitiesdeveloping.Inthisanalystnoteseries,wesurfaceopportunitiesacrossemergingtechnologyverticalssuchasagtech,mobilitytech,andcarbon&emissionstechthatWebelievearepoisedtoperformwellwithinthenextdecade,frombothfinancial-returnandImpact-returnperspectives.Indoingso,Wehopetohe
10、lpguideVCspursuingthe“doublebottomlinethroughthecomplexlandscapetothemostfruitfulopportunities.Foreachanalystnoteintheseries,insightsaredevelopedincollaborationwithaPitchBookEmergingTechnologyAnalystcoveringtherelevantvertical,usingtheirsubjectmatterexpertiseandpreviousresearch,aswellassomeexternalr
11、esources,toinformourperspectiveonthespace.Wediscusstheopportunitysmajordriversofreturnpotentialaswellastheinvestmentrisksandobstaclesitfaces.WealsoexploreitssocialandenvironmentalImpactpotential,howtheopportunityfitsintovariousIRIS+Impactthemes, For more Impact fundraising data, read our Q4 2022 Pit
12、ChBoOk AnM Note: knoact rwestinq UPdate The Impact Reporting and Investing Standards (1RJS+) frameworkz created by the Global Impact Investing Netwofk(GllN), Is an industryng etodoogy aling investors in sorting impact investments by the different types of Impact they are targeting. You can Ieam more
13、 abt the IRIS*Cdtegonesz what they mcludef and What they do not in RIS+ ThemauC TaxonomyGlobal Impact【nvesongandpotentialmetricstohelpquantifythoseImpacts.Ultimately,theaimofthisresearchistogiveVCsandtheirLPsabetterunderstandingofhowtheopportunitiesaligntotheirreturnandsustainabilitygoalsandprovidec
14、ompaniesoperatinginthesespacesasenseofhowtooptimizeandcommunicatetheirsocialandenvironmentalImpact.Thisanalystnotefocusesoncarbonutilization,whichencompassesawiderangeofdevelopingapproachestomakinguseofcapturedcarbondioxide(CO2)andisthemainalternativetocarbonsequestration.Historically,CO2waslargelyu
15、sedinureaproductionandenhancedoilrecovery,thelatterofwhichinvolvedpumpingCO?intooilfieldstoincreasetheextractionofoilandextendthelifetimeoftheoilfields. For more dete on carbon Utiization approaches, read our Ol 2023 PitChBoOk Anaz巾 Note:However,theendproductsofup-and-comingcarbon-utilizationcompani
16、esfitintothreemajorcategories:industrialchemicals,fuels,andconstructionmaterials.WithdecarbonizationnowamajorinvestmentthemeinbothPEandVC,carboncapturecapacityisgrowing,andthequestionofwhattodowithcarbononceithasbeentrappedismorepressing.Since2013,46VC-backedcompanieshaveenteredthecarbon-utilization
17、spacewith$1.1billionininvestment.CarbonutilizationVCdealactivitySource:PitchBookGeography:Global*AsofNovember22,2023FinancialreturnpotentialAtmosphericcarbondioxideistheprimarycontributortoanthropogenicglobalwarming,4; 3efvw Of Qeenouse GaSeSF US ErWOffnend PnXex Agency, OCr 10,2023.5： cQnate 6即Qe 2
18、022: Mqatn Of Qgte Chanqe/ IPCC 2022, accessed NOVenibef 29.2023. *C02 RemMaI IS ESsenti Aky0 With Emissions Cuts, S Lim GtobalWarnHppfJOf OXford, January 19, 2023.whichhasfar-reachingeffectsonthewelfareandcontinuityoftheenvironmentandsociety.Inordertohalt,letalonereverse,climatechange,itwillbeneces
19、sarytopreventcontinuedemissionsofcarbonintotheatmosphereinadditiontoremovingaportionofwhathasalreadybeenreleased.5,6Carboncapturetechnologiesareanimperfectsolutiontothesemonumentalproblems.Althoughtheyhaveawaystogotoreachtheefficiencylevelsnecessarytojustifywidespreadimplementation,therehasbeensigni
20、ficantinvestmentintheirdevelopmentanduse,withbroadsupportfromthefossilfuelsindustry,whichstandstobenefitenormouslyfromproofoftheirfeasibility.Asusageincreases,theneedforaplacetoputcapturedcarbonwillaswell,andcarbonutilizationcanhelpmeetthisneed,reapingtherewardsofheightenedandgrowingdemand.Despiteof
21、tenbeinggroupedasone,carboncapture,utilization,andstorage(CCUS)involvedifferenttechnologiesandbusinessmodels.CarboncaptureisthetechnologythattrapsCOi1eitherthroughpoint-sourcecaptureatthelocationofemissions,suchasanindustrialfacility,ordirectaircapturefromtheatmosphere. nWhat Is Carbon CaotUrg and S
22、tOraqe and How DoeS R V/ork? Qca CCS Institute, accessed NoveEber 29, 2023.Oncecarboniscaptured,thecapturermustfindsomethingtodowithit,andtherearetwooptions:carbonstorageorcarbonutilization.Thecapturercaneitherdotheseitselformorefrequentlyoutsourcetoanothercompany.Carbonstorageinvolvesthetransportat
23、ionofcarbontositeswhereitisinjectedintoundergroundrockformationsforpermanentstorage.Asthesesitesrequireacertaingeologyandeconomicviability,whichmaynotexistatornearthelocationofcapture,transportationcostscanbesubstantial.Themainsourceofrevenueforcarbon-storage-focusedcompaniesisthepaymenttheyreceivef
24、romcarboncapturerstotaketheircapturedcarbon,althoughgovernmentincentivessuchastaxcreditspermetrictonstoredcanalsoplayaroleinthebusinessmodel.Carbonutilization,whichinvolvescreatingandsellingproductsusingcapturedcarbon,oftenrequireslesscarbontransportation,asutilizerscanlocalizetheiroperationscloseto
25、thesourceofthecapturedcarbon.Themainrevenuesourceforcarbonutilizersisthesaleoftheirendproducts,butaswithcarbonstorage,governmentincentivesmayalsobeacomponent.Whilechargingcarboncapturersforcarbonofftakemaynotbetheprimaryrevenuesourceformanycarbon-utilizationbusinessestoday,thisdoesnotmeanthatitwilln
26、otbecomeamorecommonpracticeinthefuture.Itisalsoworthnotingthatcarbonutilizersmustcompetewithotherproducersofthesameorsimilarendproductsastheirs.Forexample,intheconstructionmaterialscategory,acement-producingcarbon-utilizationcompanymustcompetewithothercementproducers,carbon-utilizingornot.Similarly,
27、afuel-producingcarbon-utilizationcompanywillhavetocompetewithotherfuelproducers.Assuch,carbon-utilizationcompanieswithendproductsindifferentcategoriesexperiencevarying,market-specificreturndrivers.Thecompanieswiththestrongestreturnpotentialarethosethatcancompeteonpriceandqualityinadditiontobenefitin
28、gfromtheothertailwindsdiscussedinthisreportandpositivemarketdynamics.With more captured carbon, demand for carbon utilization and storage will increase, and carbon- utilization companies may be able to earn more through government incentives or by charging to take it off the capturer,s hands, positi
29、vely impacting the bottom line.Therearefourcentralfactorsinfluencingthereturnpotentialofthecarbon-utilizationspaceasawhole:carboncapture,sproliferation,governmentfundingandregulatorysupport,challengesfacedbyitsmainalternative,andcorporatesustainabilitycommitments.Onthefirstpoint,carboncaptureisonthe
30、rise.Atpresent,carboncaptureandremoval-relatedtechisresponsiblefor0.1%oftheroughly2billiontonsofCO?removedfromtheatmosphereeachyear. Guest Postrbe StalR d QlbOn Ooxide RefnOTar in SeVen SansJ CartxxiBUM hnuar 19,2023.9:中曲酒 CarbQn CaPtUre CaPc DUe S R& Sixfad bvBIoomberqNEE OCtQber 1& 2022.However,li
31、mitingglobaltemperatureincreasesto1.5to2.0degreesCelsiuswilllikelyrequiremoresubstantialimplementationofthesetechnologies.Usageisanticipatedtogrowdramaticallyinthecomingyears,potentiallysixfoldby2030?Withmorecapturedcarbon,demandforcarbonutilizationandstoragewillincrease,andcarbon-utilizationcompani
32、esmaybeabletoearnmorethroughgovernmentincentivesorbychargingtotakeitoffthecapturer,shands,positivelyimpactingthebottomline.Ofcourse,thecostofotherinputsinproductionwillalsoinfluenceprofitability,butascarbon-utilizationtechnologiesgrowmoresophisticatedandefficient,morecarbonwilllikelybeabletobeutiliz
33、edrelativetothecostsoftheseotherinputs,atleastforsometypesofcarbonutilization.Second,governmentfundingandregulatorysupportforCCUShasbeenrobustandexpanding.Thisfundingprovidesanedgeforcarbonutilizersincompetitionwithproducersofthesametypeofproductwithoutthecarbon-utilizationcomponent,asitcanallowutil
34、izerstochargelessfortheirproductorreinvestinoperationalimprovements.IntheUS,theInfrastructureInvestmentandJobsActallocated$12.0billiontoCCUStechnology, Mlnfrastnjcture and Jobs Ad: Carbon Capture, UHization and Storage Invest IE May 25, 2023.IkHnfefon Reduction Ad 2022: Sec. 13104 EXtefiSion and Mo1
35、“ OctOber 28f 2022. MTbe WOdd Has Vst Capacity to Store 82: Net Zero Means Wel Need IL EAr Raimund Malischek and Samaitha McCulloch. April lr 2021.Shouldtheseaspectschangeduetotechnologicaldevelopments,labormarketshifts,orsupplementalgovernmentsupport,theneedforcarbonutilizationmaydecrease.However,i
36、tisprobablethatbothcarbonstorageandcarbonutilizationwillbeneededtoaccommodatethelargeamountsofcarbonprojectedtobecapturedinthecomingyears.Regardless,carbonstoragewillnotbeviableforallgeographiesandlocations,andthelandinwhichitcanbestoredisalimitedresource.Rockmusthavesufficientporousspaceforliquefie
37、dcarbontobeinjected,buttoomanyvoids,suchascavernsorholes,increasethelikelihoodofaleak.Thefurtherthecarbonmustbetransportedtobestored,themoreexpensiveitis,andasthenumberofsuitablesitesbecomesmorelimited,itwillhavetobemovedgreaterdistances,increasingcosts.Althoughtheglobalpotentialcapacityforstoragefa
38、rexceedswhatisnecessarytoachievenetzero,6accessibilityandcommercialviabilitywillcreateconstraints.1.astly,corporatecommitmentstosustainabilityandthetransitiontonetzerohelppromotedemandfortheendproductsofcarbon-utilizationcompaniesandmayallowthemtochargeagreenpremium.Makingtheshifttoutilizingmoresust
39、ainableproductsisaconcretestepthatcompaniescantaketoreducenegativeenvironmentalimpact,aidingtheminavoidinggreenwashingclaims.Forexample,CaDtUredCarbonCanbeUSedtoCreateaviationfuel,providingalower-carbonenergysolutioninasectorthatisnotoriouslydifficulttodecarbonize.Airlinesutilizingthisfuelcanbrandar
40、oundthesustainabilityoftheiroperations,whichmayimprovetheirstandingamongpotentialpassengers,asconsumersincreasinglycareabouttheclimateimpactofthecompaniesfromwhichtheymaketheirpurchases.Theabilitytochargeagreenpremiumwillbepresentonlyforsomeproductsusedinsomeindustries,though,soitwillnotbenefitallty
41、pesofcarbonutilizationuniformly.Fromariskviewpoint,carbonutilizationhasafewvulnerabilities.First,itissubjecttopoliticalandregulatoryrisks,whichtakeseveralforms.Lossofgovernmentfundingorharshregulationofcarboncapturecouldconstrainthesupplyofcarbonfeedstocks,eliminatingamortailwindforthespace.Addition
42、ally,materiallydisproportionategovernmentsupportforcarbonstorageovercarbonutilization,thusimprovingthecostofcarbonstoragecomparedtoitsalternative,wouldlikelydrivedowndemandforcarbonutilization.Similarly,lossoffundingandregulatorysupportforcarbonutilizationwouldhaveanegativeimpactonreturnsinthespace,
43、12: “GoVemEentProVMeSaSpringboardtoUKCCUSIrMiUStryWith20BilionforEarDePloymenC/CCSArMyCh15,2023.13: GtobalCdrbOnCaPtUreandStOmge网由gs:ADr腐orBarrieftoCCSProtectDeVetoPmeNrNOrtOnROSeFufertghtzAktaIrBdeKelal”SePtember2023.14: ftZgOIndUStryArt:CaJSilEJUne12,2023.Given it possesses the approval of the fos
44、sil fuel industry, CCUS has more buy-in from conservatives than most other sustainability-related investments, and very few governments are taking an either-or,z approach when it comes to carbon utilization versus carbon storage.giventheaforementionedadvantagesitconfers.Theseoutcomesareunlikely,thou
45、gh.Givenitpossessestheapprovalofthefossilfuelindustry,CCUShasmorebuy-infromconservativesthanmostothersustainability-relatedinvestments,andveryfewgovernmentsaretakinganueither-orapproachwhenitcomestocarbonutilizationversuscarbonstorage.Italsobearsreiteratingthatcarbon-utilizationcompaniesproducingdifferentendproductsaresubjecttosomedistinctrisks,includingregulatoryones.Forexample,whilesomeconstructionmaterialssuchasconcretearethoughttobenefitfromtheinjectionofcarbonduringthemixingprocess,creatingatheoreticallystrongerproduct,thesetypesofmaterialsaresubjecttogreaterregulatoryscr
