德意志银行--全球环保与新能源产业研究报告2008

Mapping the landscape

Green technology – a broad universe
In order for investors to appreciate the technology landscape associated with
climate change (so-called “Greentech”) they must develop an understanding of
underlying themes. These themes defy the traditional investment taxonomy of
sectors or countries and so this report aims to help investors take the first steps in
this process, by drawing on Deutsche Bank’s expertise to introduce the
technologies that underlie the main Greentech investment movement. Some of
these technologies are surprisingly well established (from a scientific standpoint)
while others are still very much works in progress. This note aims to focus on the
economics and legislative framework underpinning the move to low
environmental-impact technology.
Presenting Deutsche Bank’s Global Greentech coverage
We also take the opportunity to present Deutsche Bank’s Global Green
Technology coverage. We have identified a total investable universe of almost 100
stocks with a combined market capitalisation of over US$650bn. Of these, the
Deutsche Bank team currently provides full research coverage for 38. The average
Greentech stock in the DB Greentech coverage universe has risen by 35% over
the last 12 months.
Risks: Investment potential requires more than just good technology
As veterans of the Internet boom will doubtlessly recall, superior technology is not
an automatic indicator of market domination. It does, however, provide a useful
starting point for the portfolio manager wishing to map the green investment
landscape.

Table of Contents
The investing landscape ................................................................... 4
Introduction ....................................................................................... 7
What is climate change?...........................................................................................................7
Comparing technologies................................................................. 12
Current state of play................................................................................................................12
Carbon capture ................................................................................ 14
Carbon capture .......................................................................................................................14
Emission control .....................................................................................................................15
FutureGen ...............................................................................................................................16
Carbon storage .......................................................................................................................17
Ocean storage........................................................................................................................18
Alternative energy ........................................................................... 20
Biomass .................................................................................................................................20
Anaerobic digestion ................................................................................................................25
Fuel cells ................................................................................................................................28
Hydropower technology .........................................................................................................29
Wind turbine technology.........................................................................................................30
Solar thermal technology ........................................................................................................32
Photo voltaic technology.........................................................................................................34
Geothermal technology...........................................................................................................41
Ocean thermal energy.............................................................................................................44
Plasma arc gas generation ......................................................................................................45
Alternative fuels............................................................................... 46
Hydrogen ...............................................................................................................................46
Biofuels ..................................................................................................................................47
Coal-to-liquid (CTL) ..................................................................................................................50
Other technologies .......................................................................... 54
Heat pumps ............................................................................................................................54
Geothermal systems...............................................................................................................54
Phase change materials (“PCM’s”) ........................................................................................55
Superconductivity ...................................................................................................................56
Electric vehicles (“EV’s”) ........................................................................................................58
Hybrid electric vehicles (“HEV’s”) ..........................................................................................59
Advanced materials.................................................................................................................60
“Green building” technologies ...............................................................................................61
Power management ...............................................................................................................65