投资于绿色经济2024：绿色经济投资如何助力投资组合多元化研究报告

Investing in thegreen economy 2024 Growing in a fractured landscape Introduction Transitioning to a more sustainable economicsystem that balances economic development withmaintaining healthy global ecosystems requiressignificant investment, with estimates rangingfrom US$109 trillion to US$275 trillion by 2050 toaddress climate change alone.1These investmentsflow to products and services that help to reduceemissions and address other global environmentalAt LSEG, we have been developing proprietarydata, analytics and index solutions to measurecompany exposure to the green economysince 2008. Our approach includes a bottom-up assessment of more than 19,000 companiesglobally, with granular green revenue datacategorised across 133 green products andservices defined by the FTSE Russell Green Revenue Classification System (for more informationsee Green Revenues data model). These tools helpThis fifth edition of our annual Green Economy Report uses thesedatasets and insights to take stock of the growth, composition andfinancial performance of the global green economy across assetclasses. The report comprises five sections:12 Update on the state of the green economy,including its size and growth over the short and Investment characteristics of the green economy,such as performance, valuation and fund flows green bond issuance and allocation of proceeds demand for electricity, and interactions with thegreen economy economy across industries and global value chains Executive summary The global green economy, a market providingclimate and environmental solutions, has expandedconsiderably over the last decade, representing asignificant investment opportunity. In 2023 it made astrong recovery from a sharp decline in 2022, with to renewable energy equipment and electric vehicle (EV) manufacturing. Followingdownsizing at some large US green companies earlier this year, the share of the greeneconomy in the market2dropped slightly from 8.9% at the end of 2023 to 8.6% in Q12024. Despite market volatility and increasingly complex geopolitical risks (discussed inlast year’s report3), the green economy is expanding. Its long-term growth (10-year CAGRof 13.8%) outpaces the broader listed equities market. All Share (EOAS) Index) over the last 10 years, outpaced only by the stellar performance ofthe Technology sector (Figure 2). During 2023, the EOAS was up 32% versus the 22% of its benchmark FTSE Global All Cap Index.Between its inception in 20084and the end of March 2024, the EOAS outperformed the Energy Efficiency has been by far the best-performing green sector, as well as the largest(46% of the green economy and 30% of the proceeds from green bonds), covering, forexample, efficient IT equipment and green buildings. Renewable Energy, on the otherhand, has been lagging, and has underperformed in 2023. The green economy is diverse, spanning industries and global value chains.Almost allindustries generate green revenues. Technology is by far the largest sector (US$2.3 trillion of market capitalisation) and Automobiles has the highest green penetration rate (42%).While more than 50 developed and emerging markets contribute to the green economy,the US is the largest market in 2024 (due to the sheer size of the US equity market andlarge companies such as Tesla), followed by Taiwan (due to the semiconductor industry) US$540 billion issued in 2023despite high interest rates. Although green bond annualissuance in 2023 was still lower than the peak in 2021, it had bounced back from the weaker 2022 level. Newly issued green bonds now account for around 6% of the total bond offerings each year. However, outstanding green bonds only represent 2% of thebond market (US$2.5 trillion in Q1 2024); meanwhile carbon-intensive bond issuance isapproximately 2.5 times higher than green bond issuance each year.6There is potential and data centres, may become a new driverfor further growth and development of thegreen economy. Tech giants are concerned with their increasingly significant energy consumption and environmental footprints and are becoming the largest buyers of renewable energy. Microsoft recently set the record for the single largest corporateclean energy power purchase agreement (PPA)7– US$10 billion for 10.5GW of solar andwind energy.8In addition, more energy-efficiency improvement, which is another area ofpotentially rapid growth, is needed in areas including chips and servers, cooling systems, State of the greeneconomy opportunity. Our data shows that the global green economy,in terms of size, growth trajectory and financial performance,represents one of the biggest investment opportunities ofthe 21st century. –If viewed as a standalone sector, the listed part of the green economy wouldhave been an annual revenue pool of almost US$5 trillion in 2023, with a marketcapitalisation in excess of US$7 trillion. This amount would make it the fourth largestsector, ahead of Banks, Retail and Energy, and only surpassed by