China is positioning itself to dominate the global energy transition through massive investments and scale advantages in renewable energy, batteries, electric vehicles and other clean technologies. This includes over 80% market share in some areas like solar modules, batteries and EVs. The country is also innovating rapidly in areas like next-generation batteries, nuclear technology, hydrogen and integrating renewable energy into ultra high voltage transmission grids. Chronic underinvestment by other countries risks China establishing control over critical supply chains and technologies that will underpin the global transition to clean energy.
published in 2022
RMI views
(not necessarily EFOW point of view: check on facts, realities and views, and ways of going about change: urgencies (priorities), realities and our true opportunities!)
Download China nuclear power sector opportunity analysisKuicK Research
“China Nuclear Power Sector Opportunity Analysis” Report Highlight:
China Power Sector Overview
China Nuclear Power Sector Overview
China Nuclear Power Sector Installed & Projected Capacity
Nuclear Fuel Procurement Overview
Insight on Existing & Upcoming Nuclear Plants
China Nuclear Power Sector Regulatory Landscape
China Nuclear Power Plant Infrastructure & Technology
China Emerging Exporter of Nuclear Reactor Technology
China nuclear power sector opportunity analysisKuicK Research
“China Nuclear Power Sector Opportunity Analysis” Report Highlight:
China Power Sector Overview
China Nuclear Power Sector Overview
China Nuclear Power Sector Installed & Projected Capacity
Nuclear Fuel Procurement Overview
Insight on Existing & Upcoming Nuclear Plants
China Nuclear Power Sector Regulatory Landscape
China Nuclear Power Plant Infrastructure & Technology
China Emerging Exporter of Nuclear Reactor Technology
published in 2022
RMI views
(not necessarily EFOW point of view: check on facts, realities and views, and ways of going about change: urgencies (priorities), realities and our true opportunities!)
Download China nuclear power sector opportunity analysisKuicK Research
“China Nuclear Power Sector Opportunity Analysis” Report Highlight:
China Power Sector Overview
China Nuclear Power Sector Overview
China Nuclear Power Sector Installed & Projected Capacity
Nuclear Fuel Procurement Overview
Insight on Existing & Upcoming Nuclear Plants
China Nuclear Power Sector Regulatory Landscape
China Nuclear Power Plant Infrastructure & Technology
China Emerging Exporter of Nuclear Reactor Technology
China nuclear power sector opportunity analysisKuicK Research
“China Nuclear Power Sector Opportunity Analysis” Report Highlight:
China Power Sector Overview
China Nuclear Power Sector Overview
China Nuclear Power Sector Installed & Projected Capacity
Nuclear Fuel Procurement Overview
Insight on Existing & Upcoming Nuclear Plants
China Nuclear Power Sector Regulatory Landscape
China Nuclear Power Plant Infrastructure & Technology
China Emerging Exporter of Nuclear Reactor Technology
22 Million tonnes of copper at the core of a climate-neutral European 2050 ec...Leonardo ENERGY
This presentation provides a high-level scenario for the EU energy transition and estimates how much copper will be required. It then compares these requirements to available reserves, resources and the urban mine.
Anil_Chalamalasetty_New_India_New_Energy_The_India_Dialog_2024.pdfDr. Amit Kapoor
Presentation done by Anil Chalamalasetty, Founder, Group CEO and MD, Greenko Group on "New Energy for New India" at #TheIndiaDialog on March 1, 2024 at Stanford University. The #TheIndiaDialog was organised by Institute for Competitiveness and US Asia Technology Management Center at Stanford University.
#TheIndiaDialog looks at inviting the world’s leading experts and intellectuals in the areas of economics, business, policy, social development, science, technology, art and culture to provide their perspectives and foster an understanding of India. There would be a series of keynote addresses, panel discussions, and fireside chats during the dialog.
The Unscientific Fantasy: 100% RenewablesKarl Pauls
27-9-2017 at Ada's Technical Books, Jim Conca presents a lecture and answers questions on the Stanford University / Mark Z. Jacobson 100 Percent Renewables proposal.
Credits:
Speaker - Jim Conca
Host - Seattle Friends of Fission
Venue - Ada's Technical Books, Seattle, WA
Video, Audio - Karl Pauls
Audio - Charles H. / KBFG Radio 107.3 Seattle, WA
Video on YouTube:
https://youtu.be/8iQnMYGUwiE
Downloadable audio available on soundcloud:
https://soundcloud.com/karl-pauls/seattle-friends-of-fission-27-9-2017-jim-conca-unscientific-fantasy-100-percent-renewables
Senator the Honourable Kevin Ramnarine, Minister of Energy and Energy Affairs speech from the Energy Lecture Series 2015 hosted by the Arthur Lok Jack Graduate School of Business on Wed. 12th Auguster 2015.
August 12th 2015
Impact of the Financial Crisis on the Energy Sector
Dr. Fatih Birol
Chief Economist
International Energy Agency
World Energy Council
Rome, 19th March 2009
Energy power shift 04 2015 rallis vasilis Vasilis Rallis
Webinar, Manchester Business School, MBA Energy and Industry Club
A general outlook on the energy industry and changes shaping the future. The presentation describes the shifting trends in Oil, Gas, Power (Electricity and RES), Climate Change and emerging business models
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
22 Million tonnes of copper at the core of a climate-neutral European 2050 ec...Leonardo ENERGY
This presentation provides a high-level scenario for the EU energy transition and estimates how much copper will be required. It then compares these requirements to available reserves, resources and the urban mine.
Anil_Chalamalasetty_New_India_New_Energy_The_India_Dialog_2024.pdfDr. Amit Kapoor
Presentation done by Anil Chalamalasetty, Founder, Group CEO and MD, Greenko Group on "New Energy for New India" at #TheIndiaDialog on March 1, 2024 at Stanford University. The #TheIndiaDialog was organised by Institute for Competitiveness and US Asia Technology Management Center at Stanford University.
#TheIndiaDialog looks at inviting the world’s leading experts and intellectuals in the areas of economics, business, policy, social development, science, technology, art and culture to provide their perspectives and foster an understanding of India. There would be a series of keynote addresses, panel discussions, and fireside chats during the dialog.
The Unscientific Fantasy: 100% RenewablesKarl Pauls
27-9-2017 at Ada's Technical Books, Jim Conca presents a lecture and answers questions on the Stanford University / Mark Z. Jacobson 100 Percent Renewables proposal.
Credits:
Speaker - Jim Conca
Host - Seattle Friends of Fission
Venue - Ada's Technical Books, Seattle, WA
Video, Audio - Karl Pauls
Audio - Charles H. / KBFG Radio 107.3 Seattle, WA
Video on YouTube:
https://youtu.be/8iQnMYGUwiE
Downloadable audio available on soundcloud:
https://soundcloud.com/karl-pauls/seattle-friends-of-fission-27-9-2017-jim-conca-unscientific-fantasy-100-percent-renewables
Senator the Honourable Kevin Ramnarine, Minister of Energy and Energy Affairs speech from the Energy Lecture Series 2015 hosted by the Arthur Lok Jack Graduate School of Business on Wed. 12th Auguster 2015.
August 12th 2015
Impact of the Financial Crisis on the Energy Sector
Dr. Fatih Birol
Chief Economist
International Energy Agency
World Energy Council
Rome, 19th March 2009
Energy power shift 04 2015 rallis vasilis Vasilis Rallis
Webinar, Manchester Business School, MBA Energy and Industry Club
A general outlook on the energy industry and changes shaping the future. The presentation describes the shifting trends in Oil, Gas, Power (Electricity and RES), Climate Change and emerging business models
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
Entext- China Energy Transition Sept 22.pdf
1. Sean Maher
Will China’s ‘Green OPEC’ Ambitions Dominate Global Energy Transition?
As West Plays Catch-Up, Materials Science This Decade’s AI For Alpha Generation…
“The western companies have not invested (in lithium supply). They believe they are going to get the batteries from China. But what happensif the Chinese
say we are not going to export batteries, we are going to export EVs. Where are the batteries going to come from?” Glencore CEO
“From a U.S. perspective, this is something to be worried about – you are laying down the backbone of countries’ power systems, and there is a lot of hardware
and software involved. All of a sudden,you are in a Chinese ecosystem.” Phillip Cornell, energy specialist at the Atlantic Council
sean.maher@entext.com
ENTX on Bloomberg
Entext is an appointed representative of Messels Ltd, which is authorized and regulated by the UK FCA.
2. Sean Maher
Chronic Underinvestment in Energy Transition Ex China – Structural ‘Greenflation’ Trend
Most Raw Materials Face Physical Supply Deficit From Mid Decade - Copper to Oil and Lithium
China Scaling From Nuclear to Wind, Solar and Batteries/EVs – Already ~30% Cost Advantage in EVs/Wind
’…if understanding the rise of AI and data analytics was the biggest opportunity to generate alpha for active managers over the past
decade, understanding the nuances and material science bottlenecks of the energy transition will be for the next. Essentially,the
broadest and most liquid pool of green energy technology exposure is now increasingly Chinese – global ESG portfolios
have little if any exposure.’ Market Insight, June 30th 2022
We are reducing systemic energy intensity by pricing a negative externality in carbon – explicitly
via taxes ($100-150/mt+ by 2030?), implicitly via IRR on fossil fuel capex (15%+) vs. renewables (5%)
China adding another 25% wind/solar capacity (~160GW, or 4x US) on top of 2021 record –
creating dominant, vertically integrated clean energy manufacturing hub
US IRA bill/European Critical Raw Materials Act set high local content targets, but mid-stream
refining capacity for battery metals doesn’t exist – e.g. a single battery grade lithium hydroxide plant
ex China (IGO/Tianqi in Australia)
Renewables Create Less Energy/More Resource Intensive Grid, Offshore Wind Requires ~12x More
Materials Per MW Than Gas ‘Peaker’, EV ~6x More Than ICE
China’s Shift to Lithium Iron Phosphate (LFP) batteries was pivotal – lower density/range, but it pre-
empted looming metal shortages in nickel/cobalt and reduced fire safety risks – now going global
2
Energy
Transition
3. Sean Maher
Market Share of 60-80% From Solar Modules to Lithium Processing, Rare Earths and EVs
Official Target For 1200GW of Wind/Solar by 2030 - Implies >400GW of Annual New Capacity
LFP and Blade Designs From CATL/BYD Reflect Growing Innovation – Ambition to Export EVs, Not Just Batteries
• Over 80% of critical rare earth metals used in wind turbine motor magnets (e.g. Neodymium) – now beginning to
develop domestic lithium mining, but also key stakes in almost every major new mine ex China via Ganfeng/Tianqi
• China has deployed a record 31GW of new PV systems in H1 22 - cumulative capacity now at 340 GW
• Chinese transmission technology likely to dominate international renewables ‘supergrids’, setting global standards
Supply
Chains
3
0
200
400
600
800
1000
Lithium Nickel Cobalt Cathode Anode Battery
Cells
EV
IEA
-
%
Increase
from
2021
Level
Can Output of Key Inputs Soar 5-9x by 2030?
2030 - Stated Policies Scenario
2030 - Announced Pledges Scenario
0
20
40
60
80
100
Raw Materials Processed
Materials
Battery
Components
Cell Assembly
%
Battery
Market
Share
‘Full Stack’ Dominance of EV Supply Chain
Australia Chile China Argentina Korea
EU Japan US Others
4. Sean Maher
Aggregate Market Value of Chinese Energy Transition Sector Only Surpassed by US
Has Outperformed RoW (BYD/Tesla, CATL/LG Chem, Ming Yang/Vestas etc.) on Higher Margins, Faster Top Line
Unique Breadth of Transition Exposure From Raw Materials to Grid Software and Drives/Inverters
Green
Earnings
Tilt
East
4
40
100
160
220
280
340
400
20
60
100
140
180
220
Jan
21
=
100
Battery/Lithium Names Undervalued
Ganfeng Lithium EVE Energy
BYD CATL
Gotion Tianqi Lithium - RHS
60
80
100
120
140
160
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Jan
21
=
100
China New Energy Has Outperformed
S&P Global Clean Energy CSI New Energy Index
5. Sean Maher
Recurrent Energy Deficits/Volatility ‘New Normal’ on Demand Growth Underestimation
Trend Demand Boosted by Climate Change Negative Feedback Loops (Less Offshore Wind, Aircon Demand Up 3x by 2050 etc.)
Solar/Wind Have ‘Energy Return on Energy Invested’ of >2 years, Lifespan of 15-20 Max – Nuclear Whole Life Cycle Lower Carbon
‘Greenflation’
5
0 5 10 15
Natural gas
Coal
Nuclear
Solar PV
Onshore Wind
Offfshore Wind
mt/MW incremental grid capacity
Renewables Hugely Materials Intensive
Copper Nickel Manganese Cobalt
Chromium Molybdenum Zinc Rare earths
Silicon Others
0
100
200
300
400
500
600
700
Singapore
Canada
US
S.Korea
Australia
Taiwan
OECD
Germany
HK
France
Japan
EU
Malaysia
UK
China
S.
Africa
Thailand
World
Asia
Pacific
Brazil
Mexico
Indonesia
India
Philippines
GJ
per
Capita
Primary Energy Consumption, 2017-21 avg.
Singapore Less of An Outlier by 2040s?
6. Sean Maher
Utopian Dreams Colliding With Reality of Green Energy Physics and Economics
Global Oil Demand Back at 100m+ bpd – Spare Capacity Stressed Pre-Russia, Including Grid (broadly 2-4%)
Energy Spend Heading Back to Late 1970s Level of ~10% of Global GDP? Almost 15% in Europe…
6
Energy
Deficit
• Energy spending as a share of global GDP fell to ~5%
versus 8% in 2007/8, almost 10% in late 1970s
• Renewables led energy system is less predictable/intensive -
mass grid storage crucial to offset intermittency but
lithium-ion only 4hrs – need chemical storage via hydrogen
etc, pumped hydro impacted by recurring drought
• Scale of investment in renewables inadequate; $2-3 trillion
incremental annual capex needed to achieve Paris goals, EU
carbon to €120/mt+ by 2030 as CBAM ‘carbon tariffs’
introduced?
• Rising systemic cost of energy becoming inflation driver
via spill-over effects into intermediate goods (chemicals,
plastics, fertilizers etc
• Global Lithium Deficit by 2030 Will Be ~4-5x Total Market
in 2021, on 25-30m EVs
0
5
10
15
20
25
30
0
500
1000
1500
2000
2500
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022E
2023E
2024E
2025E
Clean
energy
as
a%
of
total
Energy
capex
(US$
bn)
Aggregate Capex Short By ~$1trn
Annually on IEA Projections
Power Networks Renewables
Nuclear Coal & Gas Power
Biofuels Coal Mining & Infra.
Downstream O&G Upstream O&G
Clean energy % total Capex - RHS
7. Sean Maher
China Will Reach ~700GW of Connected Wind Capacity by 2030, 65-70% Global Share
‘Hybrid’ Deployment Model Harnesses Private Innovation to State Resources to Create National Champions
World Leader in Ultra High Voltage DC Grids to Connect Wind/Solar to Tier 1 Cities
Scale
Economies
Matter
7
0
5,000
10,000
15,000
20,000
25,000
New
offshore
wind
MW
Wind Now Following Solar Scale Economies
Europe China Rest of World
0
200
400
600
800
1000
1200
Renewable
Energy
Generation,
TWh
China Tops Europe in Wind/Solar Deployment
Europe China US Rest of World
20
60
100
140
180
Jan
21
=
100
US Climate Bill Boosts Rooftop Solar
Jinko Solar Tongwei
Longi Green Energy Enphase
First Solar
8. Sean Maher
Rapid Innovation – Sodium Ion, BYD’s Blade Design, Swappable Battery Standards/Infrastructure
Solid State Polymer to Replace Lithium in 2030s? Long Duration Grid Storage Game Changer
Scaling From Lab to Mass Production in Solid State Huge Challenge – Ganfeng in China, Prologium in Taiwan
• To manufacture an EV battery:
• 11mt of brine for the lithium
• 13mt of ore for the cobalt
• 2.3mt of nickel ore, 11mt of copper
ore
• Average EV (using NMC battery)
contains:
• 11kg of lithium
• 27kg of nickel
• 20kg of manganese
• 14kg of cobalt
• 91kg of copper
• 180kg of aluminum, steel, and
plastic
8
Next
Generation
Batteries
9. Sean Maher
China Innovating Rapidly in Nuclear Tech - HTR-PM Online, First to Launch SMR?
18+ Nuclear Units Under Construction - Only Supplies 10% of Global Grid, 5% of China’s
Massive Influx of Engineering Talent to Deepen Domestic Supply Chain, Build Export Platform for HTR/SMRs
Nuclear
2.0
9
• China grid share is just under 5%, rising to 8% by
2030, including innovative indigenous ‘third and fourth
generation designs’ first of two units at high-temperature
gas-cooled modular pebble bed (HTR-PM) demo
project - major global milestone
• On whole life basis at 50yr plus lifespan, nuclear has
lower carbon footprint than wind and solar (15-20yr
span, huge waste issues with turbine blades etc.)
• The IEA upgraded upper-end expectations for global
nuclear generation capacity by 10%, could double to
792 GW by 2050 – EU now allows new plant building
through 2035, Japan planning big expansion
• Over 60% increase in uranium demand in the next 20
years - existing uranium demand is about 180m pounds
and primary newly mined supply is just 120m
• Nuclear power producers are living off depleting stockpile,
bullish miners like Kazatomprom, as plant lives
extended, new reactors come online
10. Sean Maher
Hydrogen ‘Chemical Battery’ Mainstream by 2035? China Biggest H2 Producer
Decarbonization of Steel, Cement etc. Using Existing Gas Pipeline Infrastructure ‘Holy Grail’ – But H2 Molecules ‘Too Small’
Green Hydrogen Uneconomic ~ $4-6 per kg in Germany, 1100 JPY in Japan – Costs Need to Fall 80%+
10
Hydrogen
• Takes ~60 kWh of Electricity to Produce 1kg of hydrogen -
radical new approach by Japan’s Eneos/Chiyoda – plant
with annual production of 300k mt, to make hydrogen at
33% of current cost, using proprietary electrolysis
technology
• China starting to scale hybrid fuel cell
vehicles/infrastructure to decarbonize mining trucks,
construction machinery
• Process Engineering Key Plays (Linde, Air Liquide,
Itochu, Marubeni, Chiyoda etc) – also makers of
catalysts/membranes for electrolysis
• Chemicals/Fertilizer Also Key Role in Hydrogen Transition
Via Ammonia/methanol - volumetric hydrogen density
about 45% higher than pure liquid hydrogen (Australian
solar/wind to Japan etc.).
• Gas pipelines will only be able to transport some form
of diluted hydrogen (maybe 20-30% with natural gas, as
planned in UK
11. Sean Maher
Hydrogen and Ammonia - Chemicals And Materials Science The New AI
Energy Conversion Efficiency Poor, Needs Better Catalysts/Electrolysers
Japan Using Ammonia To ‘Capture’ H2 - Volumetric Density ~45% Higher vs Liquid H2 (Mitsui, Itochu)
Hydrogen
11
“Up to this point, we have made a business by selling the nitrogen value of the molecule. What’s really exciting about this is
now there is an opportunity and a market that values the hydrogen portion of the molecule.” CEO of leading ammonia
producer CF Industries
60
100
140
180
220
260
300
340
380
420
460
Jan
21
=
100
LT Ammonia Tailwind for Fertilizer Names
K+S Group CF Industries Mosaic
60
80
100
120
140
160
180
200
220
240
Jan
21
=
100
Process Engineering Key to Scale Hydrogen
Iwatani Fluor Corp. Linde
Air Liquide Itochu Marubeni
12. Sean Maher
Thinking Systematically About Energy Transition/China Decoupling Will Add Thematic Alpha
Focus on Supply Side Mining Bottlenecks and Materials Science IP – Multiyear Bull Market Like AI/Cloud From 2014
O/W Process Engineering (Hydrogen/Carbon Capture), Closed Loop Recycling, Greenfield Mining and Related Capex Plays
• China’s renewables supply chain dominance has clear geopolitical implications – driving vast US/European
subsidies to replace it and associated investment opportunities in ‘secure’ local sourcing - Vertical Integration down
to raw materials level going mainstream for auto OEMs
• ‘Closed Loop’ Recycling One way to Reduce China Reliance, Next Big ESG Theme - Iridium Demand to Soar on
Electrolysis Sibanye Stillwater (PGMs), Furuya Metal (Iridium), Aurubis (Copper) Cheap Thematic Recycling Plays
• Big ramp in mining energy capex looming through 2030 – focus on miners weighted to green energy buildout
(copper/lithium), undervalued niche plays from truck tyres to conveyor systems (Bridgestone, Weir)
• More complex grid will drive massive growth in futures trading for hedging (e.g. IEX in India) – also tailwind for
backup generator demand (Cummins) and cables (Nexans)
• Also drive demand for grid infrastructure, super capacitators/inverters (ABB, Nippon Chemi-Con, Murata etc)
and other charging infrastructure – power management hardware/software both for EVs and to manage load
swapping across grid storage/renewables/baseload has secular tailwind (Eaton etc.)
• Structurally overweight Japanese materials/chemicals and electronics hardware – world class expertise and
manufacturing scale in low power chips/capacitators, LNG/hydrogen and next generation battery technology – US
needs Japanese IP to play catchup with China
12
Summary