Deutsche BankDB Climate Change Advisors           Natural Gas and Renewables: A Secure           Low-Carbon Future Energy ...
2011 Key Energy Event: Japan’s Nuclear Crisis—      March 11 earthquake and tsunami wreaked havoc on Japan’s energy infras...
Energy Markets and Health, Safety, Security and theEnvironmentA comparative analysis of different energy fuel sources, bas...
Coal-to-Gas Switch Reduces Emissions of GHG andnon-GHG Pollutants                                                 100%    ...
Lifecycle GHG Analysis Shows Gas (with fracking)    Superior to Coal                                                      ...
Although Shale Has Water Footprint Issues…    Volumes Not Massive and Manageable With Best    Practices                   ...
US Future Energy Pathway: Fuel Switch Mix Ease ofDeployment in the Electricity and Power Sector                           ...
2010-2030: US Electricity Supply Mix BecomesGreener and More Gas-Intensive—       Assumes from 2010-2030 energy efficiency...
With Nuclear Side-Lined, New Capacity of Gas andRenewables Comes in as Coal Capacity Goes Out    Annual Generation Capacit...
And Pending EPA Regulatory Action Daunting forPolluting Energy Technologies Source: Exelon CorpDeutsche Bank              ...
Coal to Gas Fuel and Asset Switch Decision TreeMatrix and Commodity Price Sensitivity             Coal / Gas              ...
35 GW of “at risk” Coal – Over Half can be Replacedby Increasing Capacity Factors of Existing Gas Plants                  ...
Gas Generation is Increasing Relative to Coal in MostRegions of US                                                        ...
Gas Exceeds - and Wind is Catching up - with CoalPower Installations                                              2010 New...
Renewables Still Need Some Level of Policy Support    Transparency, Longevity and Certainty (TLC)                         ...
US Has History of Inconsistent Federal Policy Support                          for Renewables                             ...
Renewables are Trending Towards Grid Parity—                    Conventional technologies have started out at very high co...
~500,000 Net New Jobs in 2030 as Compared with 2010                                          Annual Net New Job Additions ...
Renewables Accounts for 81% of Net New Jobs by 2030                                            Breakdown of Employment Gai...
How Japan can Reduce Nuclear While Containing CO2Emissions – Ramp Gas, Efficiency, and Renewables                         ...
DisclaimerDB Climate Change Advisors is the brand name for the institutional climate change investment division of Deutsch...
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Mark fulton tbli presentation nov 10 2011 nat gas and re

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TBLI CONFERENCE™ EUROPE 2011- London - United Kingdom

TBLI CONFERENCE™ is the prime annual global networking and learning event on Environment, Social, Governance (ESG) and Impact Investing.

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Mark fulton tbli presentation nov 10 2011 nat gas and re

  1. 1. Deutsche BankDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. Presented by Mark Fulton Global Head of Climate Change Investment Research TBLI Conference November 10th, 2011
  2. 2. 2011 Key Energy Event: Japan’s Nuclear Crisis— March 11 earthquake and tsunami wreaked havoc on Japan’s energy infrastructure and triggered an industrial accident at the Fukushima nuclear facility— Prior to Fukushima, net nuclear power capacity additions had been forecast to increase until 2050, reversing a downward global trend that began after the Chernobyl incident in 1986 — Of the 64 GW of new nuclear capacity now under construction and 178 GW of planned capacity additions (as of September 2011), a substantial portion is now in question — 56% of this capacity located in China (36%), the EU (10%), and Russia (10%) — 56% of this capacity located in China (36%), the EU (10%), and Russia (10%) Source: “Fukushima: Entering the next phase”, HSBC, April 14 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 110/26/2011 2010 DB Blue template
  3. 3. Energy Markets and Health, Safety, Security and theEnvironmentA comparative analysis of different energy fuel sources, based oncurrent technology Energy Security Environmental Fuel Health Concerns Safety Concerns Concerns Concerns Oil / Petroleum High High Very High Very High Coal Very High High Low Very High Nuclear Moderate High Low Moderate Moderate / Natural Gas Low High Moderate Low Hydro Very Low Moderate Very Low Low Bioenergy Very Low Low Very Low Moderate Geothermal Very Low Low Very Low Low Wind Low Very Low Very Low Very Low Solar Very Low Very Low Very Low Low Source: DBCCA analysis 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S 210/26/2011 2010 DB Blue template
  4. 4. Coal-to-Gas Switch Reduces Emissions of GHG andnon-GHG Pollutants 100% 100% 100% 90% Reduced Emissions per KWh, 80% Switch from Coal to Gas 80% 70% 60% 60% 50% 40% 47% 30% 20% 10% 0% SOx PM NOx CO2 at CO2 LCA burner tipSources: Ventyx, EIA, DBCCA analysis 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 310/26/2011 2010 DB Blue template
  5. 5. Lifecycle GHG Analysis Shows Gas (with fracking) Superior to Coal Gas still 47% cleaner than 1,200 coal 1,103 +10% Revision 1,000 Methane Non-Combustion CO2 800 Upstream Combustion Fuel Combustion kg CO2e/MWh 53% less th an co al 47% less th an co al 600 582 523 400 200 0 Natural Gas 2010 Natural Gas 2011 Coal Note: 100 year global warming potential Source: EIA, ICF International, DBCCA analysis 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S4
  6. 6. Although Shale Has Water Footprint Issues… Volumes Not Massive and Manageable With Best Practices Water Intensity of Energy Production (Gal/MMBtu) Shale Gas 0.6 – 6 Coal (no slurry transport) 2–8 Coal (with slurry transport) 13 – 32 Nuclear 8 – 14 Sources: US EPA, US DOE, New York State Department of Environnemental Conservation Groundwater Protection Council (GWPC) Report, 2008. Source: US EPADeutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S5
  7. 7. US Future Energy Pathway: Fuel Switch Mix Ease ofDeployment in the Electricity and Power Sector CO2 Capex 2020 2030 DBCCA DBCCA Taxonomy Technology Financing Deployment Deployment Deployment Abatement Requirement Limitations Limitations RatingRenewable Power- Wind High High Moderate Moderate ModerateRenewable Power- Solar High High Moderate Moderate ModerateRenewable Power- Other* High High Moderate Moderate ModerateNuclear Energy High High Moderate High LowCoal Low High High High LowFossil Fuel Switching (coal to gas) Moderate Low Low Low High Source: DBCCA analysis 2010. * Other includes hydro, geothermal and biomassDeutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 610/26/2011 2010 DB Blue template
  8. 8. 2010-2030: US Electricity Supply Mix BecomesGreener and More Gas-Intensive— Assumes from 2010-2030 energy efficiency measures limit growth in electricity demand to 0.7% CAGR US Electricity Supply Mix US Electricity Supply Mix 2010A (% Total TWh) 2030E (% total TWh) 3% 8% 17% 20% Coal Coal CCS 1% 19% 45% 7% Natural Gas Nuclear Baseload Renewables 17% Wind and Solar 38% 24% 11% RE 24% RE 24% Nat Gas 38% Nat Gas Note: 2010 values sum to to 99% due to 1% electricity supply from petroleum (not shown), Sources: EIA; DBCCA Analysis 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S 710/26/2011 2010 DB Blue template
  9. 9. With Nuclear Side-Lined, New Capacity of Gas andRenewables Comes in as Coal Capacity Goes Out Annual Generation Capacity Additions/Removals by Technology in DBCCA Electric Power Forecast, 2010-2030 (MW) Note: Nuclear not shown prior to 2014 and coal not shown prior to 2015 because DBCCA’s Electric Power Forecast projects first addition/removal of installed capacity for these technologies in these years. Sources: UC-Berkeley Energy Resource Group’s “WPK Model,” DBCCA analysis 2011. The WPK model is named for Wei, Patadia, and Kammen, co-authors of the 2009 study “ Putting renewable and energy efficiency to work: How many jobs can the clean energy industry generate in the U.S.?”.Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 810/26/2011 2010 DB Blue template
  10. 10. And Pending EPA Regulatory Action Daunting forPolluting Energy Technologies Source: Exelon CorpDeutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 910/26/2011 2010 DB Blue template
  11. 11. Coal to Gas Fuel and Asset Switch Decision TreeMatrix and Commodity Price Sensitivity Coal / Gas 1 2 3 Scenarios Depreciated Coal New Build Coal/Gas DBCCA Comment Power Generation Existing Coal/Gas Plant EPA Retrofit Scrubbed EPA Type ($/mmBtu Plant LCOE Fully Loaded Cash Compliant Plant Fully Fuel) Cost Loaded Cash Cost Coal fully loaded cash costs rise with greater Coal @ $3.00 0.04-0.06 0.10-0.14 0.06-0.09 EPA compliance At $4/mmBtu, gas displaces coal across all Gas @ $4.00 0.05-0.07 0.03-0.05 N/A scenarios Fuel switch Yes Yes Yes Hedge a carbon price Hedge a carbon price; build new gas assets Asset switch Yes Yes Yes to replace inefficient coal At $6/mmBtu, only old unscrubbed coal beats Gas @ $6.00 0.05-0.07 N/A 0.06-0.10 gas on LCOE but not based on fully loaded cash cost Fuel switch No Yes Yes Hedge a carbon price; build new gas assets Asset switch No Yes Yes to replace inefficient coal At $8/mmBtu, old coal beats gas on LCOE Gas @ $8.00 0.06-0.08 N/A 0.07-0.09 and new EPA compliant builds are breakeven with gas Hedge a carbon price; dispatch efficient gas Fuel switch No Yes Selectively assets Hedge a carbon price; build new gas assets Asset switch No Yes Selectively to replace inefficient coalSource: DBCCA analysis 2010.Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 1010/26/2011 2010 DB Blue template
  12. 12. 35 GW of “at risk” Coal – Over Half can be Replacedby Increasing Capacity Factors of Existing Gas Plants Total “at risk” “at risk” Coal Proximate Coal with Proximate NGCC Plants NGCC # of plants 148 32 60 GW 35 19 38 2010 generation 306,000 32,000 113,000 (GWh) Sources: SNL Financial, NREL, DBCCA Analysis 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S 1110/26/2011 2010 DB Blue template
  13. 13. Gas Generation is Increasing Relative to Coal in MostRegions of US YOY Change in Generation (MWh) Jan-Apr 2010 vs. Jan-April 2011 Pacific Contiguous New England Middle Atlantic South Atlantic East North Central Mountain East South Central Coal West North Central Natural Gas West South Central GWh -20 -15 -10 -5 0 5 10Sources: Ventyx, EIA, DBCCA analysis 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 1210/26/2011 2010 DB Blue template
  14. 14. Gas Exceeds - and Wind is Catching up - with CoalPower Installations 2010 New Generation Capacity Additions (MW) 20,000 18,883 18,000 16,000 14,000 12,000 MW 10,000 8,000 6,441 5,461 6,000 4,343 4,000 2,000 0 Natural Gas Coal Wind US Total Source: EIA; DBCCA analysis 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 1310/26/2011 2010 DB Blue template
  15. 15. Renewables Still Need Some Level of Policy Support Transparency, Longevity and Certainty (TLC) Emissions Control Financial Support Grid Budget Capital Renewable Long-term Improve- Strength Investment Country Binding Feed-in Long-term Long-term Electricity Energy Tax ment (% of 2010 200 0-2010 Emissions Tariff ( Govt-based Funding Standard Efficiency Benefit Plan GDP) (USD Bn) Target FiT) ‘Green Bank’ Program (RES) PlanChina ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ -1.6% 148.3Germany ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ -3.6% 393.2United Kingdom ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ -11.5% 384.1 United States State-level State-level State-level  ✔ State-level State-level -10.0% 164.1 COP Acc California ✔ ✔ ✔ ✔ X ✔ ✔ ✔ -1.0% - Texas X ✔ ✔ X X ✔ ✔ ✔ -2.2% -Brazil ✔ ✔ ✔ X ✔ ✔ ✔ ✔ -2.2% 42.3 South Korea ✔ ✔ ✔ X ✔ ✔ ✔ -1.1% 31.2 COP Acc India ✔ ✔ State-level X ✔ ✔ ✔ -5.5% 27.1 COP AccAustralia ✔ ✔ ✔ State-level X ✔ ✔ State-level -4.2% 9.8 South Africa ✔ ✔ ✔ X X ✔  -5.3% 0.4 COP Acc Notes: COP Acc = policy is a submission to the Copenhagen Accord and is not a legally binding target;  = tentative / unconfirmed policy dependent on certain provisions such as funding; Source: DBCCA Analysis 2011 Deutsche Bank Mark Fulton DB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S 14
  16. 16. US Has History of Inconsistent Federal Policy Support for Renewables Production Tax Credit Expiration Years 12,000 Will wind market Forecasts / Estimates drop off again inAnnual Wind Capacity Additions (MW) 10,000 2012? • Section 1603 Treasury Cash Grant – Extended in 8,000 December 2010 for 1 year only 6,000 • Advanced Energy 76% 76% Manufacturing Tax Drop Drop Credit – Expired end-2010 4,000 92% Drop • Sections 1703 & 1705 Loan Guarantees – 2,000 Expiring in 2011 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Further extension of the Section 1603 Treasury cash grant program can help to create and preserve “green” jobs Sources: AWEA, 2011; Bloomberg New Energy Finance, 2011 Deutsche Bank Mark Fulton DB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 15 10/26/2011 2010 DB Blue template
  17. 17. Renewables are Trending Towards Grid Parity— Conventional technologies have started out at very high cost and have only achieved cost reduction with economies of scale— Solar and Wind are still more expensive than fossil generation and require interim support until adequate scale is reached U.S. Electricity Generation and Retail Cost by Energy Source 1930 – 2010 2,200 1.4 1.4 2200 Coal, Natural Gas, and 2,000 Nuclear required massive 2000 achievements in improving 1.2 1.2 1,800 1800 scale to achieve current favorable cost structures 1,600 1600 1.0 1.0 Generation (TWh) Retail Cost $/ kWh 1,400 Solar and Wind are 1400 Retail Cost ($/kWh) experiencing significant Generation (TWh) 0.8 0.8 1,200 improvements in their 1200 cost structure with small 1,000 increases in scale 1000 0.6 0.6 800 800 600 600 0.4 0.4 400 400 0.2 0.2 200 200 0 0 0.0 0.0 1930 1930 1935 1935 1940 1940 1945 1945 1950 1950 1955 1955 1960 1960 1965 1965 1970 1970 1975 1975 1980 1980 1985 1985 1990 1990 1995 1995 2000 2000 2005 2005 2010 2010 Coal Generation Coal Generation Gas Generation Gas Generation Nuclear Generation Nuclear Generation Solar Generation Solar Generation Wind Generation Wind Generation Coal Cost Trend Gas Cost Trend Nuclear Cost Trend Solar Cost Trend Wind Cost Trend Coal Cost-trend Gas Cost-trend Nuclear Cost-trend Solar Cost-trend Wind Cost-trendSource: Hudson Clean Energy Partners Analysis, 2011Deutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S.
  18. 18. ~500,000 Net New Jobs in 2030 as Compared with 2010 Annual Net New Job Additions by Sector and Type, 2010-2030 Sources: UC-Berkeley Energy Resource Group’s “WPK Model,” DBCCA analysis 2011. The WPK model is named for Wei, Patadia, and Kammen, co-authors of the 2009 study “ Putting renewable and energy efficiency to work: How many jobs can the clean energy industry generate in the U.S.?”. The model itself is derived from a meta-study of 15 key job studies and produces normalized direct employment multipliers per unit of energy that can be applied to an energy forecast scenario. Deutsche Bank Mark Fulton DB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 17 10/26/2011 2010 DB Blue template
  19. 19. Renewables Accounts for 81% of Net New Jobs by 2030 Breakdown of Employment Gains, 2030 vs. year-end 2009 Increase/ (decrease) CIM direct CIM O&M direct O&M Total direct Total Sum total % share in jobs, indirect indirect indirect 2030 vs. 2009 Geothermal 931 838 10,964 9,867 11,895 10,705 22,600 5% Solar PV 76,945 69,251 43,814 39,433 120,759 108,683 229,443 47% Solar Thermal 469 422 2,463 2,217 2,932 2,639 5,571 1% Wind 33,144 29,830 38,410 34,569 71,555 64,399 135,954 28% Subtotal – RE 111,489 100,340 95,651 86,086 207,141 186,427 393,567 81% Natural Gas 4,896 4,406 68,664 61,797 73,560 66,204 139,764 29% Pipelines & Electricity Grid 7,505 6,755 4,192 3,773 11,697 10,527 22,224 5% Coal , Oil, Coal CCS 0 0 (62,374) (56,136) (62,374) (56,136) (118,510) -24% Nuclear 0 0 (3,039) (2,735) (3,039) (2,735) (5,774) -1% Energy Efficiency 28,679 25,640 NA NA 28,679 25,640 54,319 11% Total Net 152,569 137,141 103,095 92,785 255,664 229,926 485,591 100% *CIM is Construction, Installation, and Manufacturing. Sources: WPK Model, DBCCA analysis 2011. Deutsche Bank Mark Fulton DB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 18 10/26/2011 2010 DB Blue template
  20. 20. How Japan can Reduce Nuclear While Containing CO2Emissions – Ramp Gas, Efficiency, and Renewables Japan’s “Practical Nuclear Reduction” Scenario: Net Changes in Generation Capacity Relative to Government Base Case, 2030 (%) 60% 50% 44% 40% 35% GW of Installed Capacity 20% 13% 0% -20% -17% -40% -35% -49% -60% Nuclear Coal Natural Gas Solar PV Wind Hydro Efficiency & Source: DBCCA estimates 2011. ConservationDeutsche Bank Mark FultonDB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S. 1910/26/2011 2010 DB Blue template
  21. 21. DisclaimerDB Climate Change Advisors is the brand name for the institutional climate change investment division of Deutsche Asset Management, the asset management arm of Deutsche Bank AG. In the US,Deutsche Asset Management relates to the asset management activities of Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company; inCanada, Deutsche Asset Management Canada Limited (Deutsche Asset Management Canada Limited is a wholly owned subsidiary of Deutsche Investment Management Americas Inc); in Germany andLuxembourg: DWS Investment GmbH, DWS Investment S.A., DWS Finanz-Service GmbH, Deutsche Asset Management Investmentgesellschaft mbH, and Deutsche Asset Management InternationalGmbH; in Denmark, Finland, Iceland, Norway and Sweden, Deutsche Asset Management International GmbH ; in Australia, Deutsche Asset Management (Australia) Limited (ABN 63 116 232 154); inHong Kong, Deutsche Asset Management (Hong Kong) Limited; in Japan, Deutsche Asset Management Limited (Japan); in Singapore, Deutsche Asset Management (Asia) Limited (Company Reg. No.198701485N) and in the United Kingdom, Deutsche Alternative Asset Management (UK) Limited (formerly known as RREEF Limited), Deutsche Alternative Asset Management (Global) Limited (formerlyknown as RREEF Global Advisers Limited), and Deutsche Asset Management (UK) Limited; in addition to other regional entities in the Deutsche Bank Group.This material is intended for informational purposes only and it is not intended that it be relied on to make any investment decision. It does not constitute investment advice or a recommendation or an offeror solicitation and is not the basis for any contract to purchase or sell any security or other instrument, or for Deutsche Bank AG and its affiliates to enter into or arrange any type of transaction as aconsequence of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates, gives any warranty as to the accuracy, reliability or completeness of information which is contained inthis document. Except insofar as liability under any statute cannot be excluded, no member of the Deutsche Bank Group, the Issuer or any officer, employee or associate of them accepts any liability(whether arising in contract, in tort or negligence or otherwise) for any error or omission in this document or for any resulting loss or damage whether direct, indirect, consequential or otherwise suffered bythe recipient of this document or any other person.The views expressed in this document constitute Deutsche Bank AG or its affiliates’ judgment at the time of issue and are subject to change. This document is only for professional investors. Thisdocument was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. The value of shares/units and their derived income may fall as wellas rise. Past performance or any prediction or forecast is not indicative of future results. No further distribution is allowed without prior written consent of the Issuer.The forecasts provided are based upon our opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on theeconomy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance.For Investors in the United Kingdom:Issued in the United Kingdom by Deutsche Asset Management (UK) Limited of One Appold Street, London, EC2A 2UU. Authorised and regulated by the Financial Services Authority. This document is a"non-retail communication" within the meaning of the FSA’s Rules and is directed only at persons satisfying the FSA’s client categorisation criteria for an eligible counterparty or a professional client. Thisdocument is not intended for and should not be relied upon by a retail client.When making an investment decision, potential investors should rely solely on the final documentation relating to the investment or service and not the information contained herein. The investments orservices mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made anindependent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. Youshould also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with us you do so in reliance on your own judgment.For Investors in Australia:In Australia, Issued by Deutsche Asset Management (Australia) Limited (ABN 63 116 232 154), holder of an Australian Financial Services License. An investment with Deutsche Asset Management is nota deposit with or any other type of liability of Deutsche Bank AG ARBN 064 165 162, Deutsche Asset Management (Australia) Limited or any other member of the Deutsche Bank AG Group. The capitalvalue of and performance of an investment with Deutsche Asset Management is not guaranteed by Deutsche Bank AG, Deutsche Asset Management (Australia) Limited or any other member of theDeutsche Bank Group. Investments are subject to investment risk, including possible delays in repayment and loss of income and principal invested.For Investors in Hong Kong:Interests in the funds may not be offered or sold in Hong Kong or other jurisdictions, by means of an advertisement, invitation or any other document, other than to Professional Investors or incircumstances that do not constitute an offering to the public. This document is therefore for the use of Professional Investors only and as such, is not approved under the Securities and FuturesOrdinance (SFO) or the Companies Ordinance and shall not be distributed to non-Professional Investors in Hong Kong or to anyone in any other jurisdiction in which such distribution is not authorised. Forthe purposes of this statement, a Professional investor is defined under the SFO.For Investors in MENA region:This information has been provided to you by Deutsche Bank AG Dubai (DIFC) branch, an Authorised Firm regulated by the Dubai Financial Services Authority. It is solely directed at MarketCounterparties or Professional Clients of Deutsche Bank AG Dubai (DIFC) branch, which meets the regulatory criteria as established by the Dubai Financial Services Authority and may not be delivered toor acted upon by any other person. I-024799-1.1 Deutsche Bank Mark Fulton DB Climate Change Advisors Natural Gas and Renewables: A Secure Low-Carbon Future Energy Plan for the U.S 20
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