Oekom research provided the research for this Eurosif theme report. It outlines the major

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1 Energy Efficiency Theme Report 6th in a series Oekom research provided the research for this Eurosif theme report. It outlines the major environmental, social and governance (ESG) challenges that energy efficiency poses to industries and relevant actions that can optimise consumption levels. This report is published in association with EU Sustainable Energy Week ENERGY EFFICIENCY BACKGROUND AND POLITICAL FRAMEWORK Energy efficiency is the accomplishment of or the ability to accomplish a task with a minimum expenditure of energy. Improved energy efficiency can result in cost and emissions savings and reduce the dependency on non-renewable energy sources. Efficient energy use is one key strategy in combating climate change and other environmental impacts created by the energy sector. Seizing energy efficiency opportunities proves important when addressing challenges related to economic development and energy security. Energy efficiency can further contribute to decoupling energy consumption from economic growth. Article 2 of the Kyoto Protocol identifies the improvement of energy efficiency in relevant sectors as a key measure helping countries achieving their national reduction commitments. 1 Climate protection and energy-efficiency targets are thus closely linked. In 2006, the EU pledged to cut its annual consumption of primary energy, based on the projected energy consumption, by 20% by The initiative aims to reduce Europe s dependency on fossil fuel imports and to achieve cost reductions of approximately 60 billion a year. The EU Commission s Action Plan for Energy Efficiency ( ) includes measures aimed at improving the energy efficiency of products, buildings and services, and at increasing the efficiency of power generation and distribution systems. The EU Commission considers that the greatest energy-saving potential lies in the areas of residential housing and commercial buildings (with potential savings of approximately 27% and 30% respectively), the manufacturing industry (approx. 25%) and the transportation sector (approx. 26%). 2 Further relevant EU Directives and other regulations specific to some industries will be examined below. THE BUSINESS CASE FOR ENERGY EFFICIENCY In most cases, improving energy-efficiency is cost-effective. Both legislation and market signals further contribute to the business case for energy efficiency. The following two aspects are of particular significance: 1. Energy costs in Europe have risen sharply over the past few years. According to Eurostat, the average net electricity price for industrial customers surged from 9.4 per 100 kwh in 2007 to 10.4 in A further rise in energy is anticipated in the coming years, partly on account of the pricing-in of CO2 costs in a growing number of industries under the EU emissions trading scheme. In many sectors, energy costs already represent a significant part of the production costs: in paper production, they account for over 14% and for approximately 9% in the chemicals industry. 3 In light of rising energy, savings in energy consumption can increase competitiveness and profitability. However, the energy price sensitivity differs between sectors. 2. The energy consumption of electrical equipment, cars and buildings is becoming an increasingly important factor in the purchasing decisions of business and private customers, as well as the public sector. For example, 95% of car purchasers claim that fuel consumption is a very important or important criterion, 4 while 86% take energy consumption into account when buying a TV set. 5 Increasing transparency about the energy consumption of appliances, through the wider use of appropriate labelling, will further increase the attention paid to this issue. Companies offering appropriate products will be able to consolidate or even strengthen their market positions. Nevertheless, in many cases, energy efficiency improvements are not adopted as quickly or as extensively as might be expected. The International Energy Agency (IEA) identifies the following barriers to energy efficiency measures: Barriers to Energy Efficiency Information & awareness Regulatory & institutional Technical Lack of sufficient information and understanding, on the part of consumers, to make rational consumption and investment decisions Energy tariffs discourage energy efficiency investments (e.g. declining block ) Incentive structures encourage providers to sell energy rather than invest in cost-effective energy efficiency Institutional bias towards supply-side investments Lack of affordable energy efficiency technologies suitable to local conditions Insufficient capacity to identify, develop, implement and maintain energy efficiency investments Source: International Energy Agency, Energy Efficiency Governance Handbook, The lack of sensitivity towards energy price increases for sectors where energy costs are a negligible share of total production costs. Moreover, the business case for energy efficiency measures is not equally clear in all industries. For example, in the building sector, although the potential for savings is extraordinarily high, the considerate start-up investments necessary for retrofitting will only pay off in the long run. Where owner and tenant are different parties, only the tenant will profit from the owners investments as long as there is no apportionment of costs (i.e. higher rents). 1 United Nations, Kyoto Protocol to the United Nations Framework Convention on Climate Change, 1998, p European Commission, Action Plan for Energy Efficiency ( ), 19 October Financial Times Deutschland, Gewinnbringender Kampf, 21 December Deutsche Energieagentur, Umfrage: Autofahrer wollen sparsame Autos. Mit der richtigen Wahl beim Autokauf dauerhaft Spritkosten senken, Press release, 29 March Bitkom, Kaufkriterien bei TV-Geräten, Press release, 14 July

2 BUSINESS RISKS AND OPPORTUNITIES FOR INDUSTRIES Characterised below are industries with a high potential for reducing energy intensity and thus able to contribute to enhancing energy efficiency. For each industry, sector-specific challenges, achievements and expected future developments are outlined. MACHINERY METALS DRIVERS Regulation Energy low Customer high DRIVERS Regulation Energy low Customer high The machinery sector plays a key role in energy efficiency as many other industries rely on the efficiency of machines and facilities to meet their own energy efficiency goals. In the EU, these industries jointly account for about 30% of total energy consumption. 6 Therefore, the basic challenge for this sector is to supply energy-efficient machines, both stationary and mobile, with minimal consumption of energy or fuel. Energy-efficient machines alone could help avoid up to 25% of Germany's yearly CO2 emissions until The sector works towards improving the efficiency of its products through process optimisation, enhancement of system controls and optimisation of product design. The increasing for energyefficient products has also given rise to product Life Cycle Assessments (LCAs) which measure the overall environmental impacts of a product. The modernisation of factories and plants is one of the major fields of activity in this regard. Further examples are the supply of efficient technology for energy transformation or the efficiency of pumps or cooling and air-conditioning technology. The machinery industry also has to meet tighter regulations for its products. Examples include the phasing out of inefficient electric motors in the EU from 2011 onwards, or stricter regulations on emissions of stationary engines. However, in 2008, only 12% of electric motors in European factories were efficient variable-speed motors. Faced with the rising by all industries to meet their energy efficiency goals, the use of energy-efficient equipment will continue to grow. In the coming years, existing technologies and newly developed technologies are expected to contribute in equal measure to energy efficiency improvements. 8 The most important technological aspects will remain the following: process optimisation, enhancement of system controls and optimisation of product design. Metal production is highly energy-intensive and many metals are produced in very large quantities. The world s steel production is currently 1.4 million tonnes/annum. 9 Current energy intensities commonly range from Gigajoules/tonne (steel), GJ/t (aluminium) and 6-75 GJ/t (copper), depending on the applied technology and the extent to which secondary material is used. 10 While some aluminium and steelmakers already use 60% to 80% of secondary raw materials in their production processes, others still exclusively produce from metal ores. CO2 intensities of large aluminium and steel producers range from 0.5 to 2.2 tonnes of CO2/tonne, depending on various factors, including the energy sources used. 11 Metals producers have already taken numerous measures to improve energy efficiency, including modernisation of plants, investment in new technologies, heat recovery and minimisation of energy losses. Large potential savings can be generated by optimising processes and by using secondary raw materials. The processing of aluminium scrap, for example, only requires 5% of the energy for production based on primary raw materials. ULCOS (Ultra Low CO2 Steelmaking), a consortium of 48 European companies and organisations, launched a voluntary initiative to enable drastic reduction in CO2 emissions from steel production by improving energy efficiency and applying low-carbon technologies. Steel Production levels are expected to double by and thus may compensate voluntary efficiency improvements. The wide range in energy intensities shows the potential for further improvements. Recycling will become increasingly important in order to lower energy within the sector. The reduction of carbon intensity through greater use of renewable energy sources will also have to be considered. Key Issue: Measures to reduce energy and fuel consumption of products Frontrunners: Volvo AB (Sweden), Atlas Copco AB (Sweden), ABB Ltd (Switzerland) Key Issue: Secondary raw material use Frontrunners: Outokumpu (Finland), Norsk Hydro (Norway), Aurubis (Germany) 6 Eurostat Pocketbook: Energy, Transport and Environment Indicators, Luxembourg: Publications Office of the European Union, VDMA Verband Deutscher Maschinen- und Anlagenbau, Roland Berger Strategy Consultants (Hrsg.): Dr. Torsten Henzelmann, Ralph Büchele, Der Beitrag des Maschinen- und Anlagenbaus zur Energieeffizienz, Ibid. 9 World Steel Association, 2010 Statistics Table: World Crude Steel Production, 21 January oekom research AG, Corporate Industry Report Metals & Mining, September Ibid. 12 Wellmet50, Steel, Aluminium and the Carbon Targets , University of Cambridge, 2011.

3 MOBILITY & LOGISTICS POWER GENERATION DRIVERS Regulation Energy Customer DRIVERS Regulation high Energy Customer The fast growing transport sector already consumes almost 20% of the global final energy and is expected to be responsible for 97% of the increase in world primary oil use between 2007 and Buses and cars account for the major part of fuel use, followed by road freight, aviation, shipping and rail. 14 The projected doubling of passenger and freight transport by 2050 is based on trade growth and drastically expanding car fleets in developing countries, led by China and India. 15 Climate change-related regulation puts increasing pressure on the sector: carmakers are facing targets for average CO2 emissions of new vehicles, aviation will be included in the EU Emissions Trading Scheme from 2012 onwards and energy-efficient design standards for ships are under consideration. With energy increasingly affecting profitability, transportation and logistics companies aim at cost savings, primarily through fleet renewal and modernisation, route and capacity optimisation, as well as operational changes (such as speed adjustment and eco-driving supported by fuel monitoring systems). Vehicle design offers opportunities for substantial reductions if optimised for fuel economy instead of speed, but carmakers have been slow to promote smaller cars and continue to serve the high-performance segment. Companies also use intermodal systems to choose the most fuel-efficient transport combination for a particular route. Sound policy frameworks, economic incentives (i.e. taxes) and government investment into sustainable transport infrastructure are needed to accelerate and support industry efforts. Behavioural changes must also be urged in order to abate the projected growth in transport volumes over the next decades. Besides energy efficiency, alternative propulsion systems are crucial for climate change management, where the global transport sector, despite its huge impact, is still lagging behind. Relevant energy-efficiency schemes offer transportation companies immediate payback through lower operating costs. The Global Fuel Economy Initiative, for instance, aims at doubling energy-efficiency levels for the global car and light duty vehicle fleet by According to the IEA, power generation in 2008 accounted for 32% of total global fossil fuel use. The global average efficiency of fossilfuelled power plants at about 36% (34% for coal, 40% for natural gas and 37% for oil) illustrates that much energy is lost during the conversion process. 17 In the European Union, efficiency rose to a level of 48.3% in 2007, mainly due to the replacement of older plants. 18 A contributing factor was the growth of the use of combined cycle gas turbine plants (CCGT), with efficiencies of up to 60%. Energy efficiency represents a huge challenge for this sector, given that carbon capture and storage (CCS) technology at such plants can create energy reduction of up to 30%. Savings can also be achieved during power transmission and distribution. Grid losses are low in most industrialised countries, but can reach over 80% in developing nations. 19 Increasingly, companies explore new business opportunities related to energy efficiency services. Transport losses may be reduced by promoting a decentralised energy supply, grid modernisation and by introducing automated electricity meters as part of smart grid solutions. As of yet, only few smart grid projects have been rolled out on a large scale. Great potential also lies in combined heat and power (CHP) systems with efficiency rates of up to 90%. The feasibility of district heating and cooling, however, depends on the local infrastructure. Overall fossil fuel savings potential could reach between 21 and 29 exajoules (EJ)/year, an equivalent of 11.4% to 15.9% of fossil fuel used for electricity production, mainly through improving the efficiency of coal-fired plants. 20 Most fossil-fuelled power plants were built in the s and are now reaching the end of their operational life. The rising price of fossil fuels may not only lead to a shift from electric utilities to non-fossil energy sources, but also to an improvement of conversion efficiency. As coal-fired plants are among the least efficient, the expected rise in the use of coal for electricity generation will pose significant challenges. Given current forecasts on rising energy s, it will be all the more significant to promote -side reductions in energy consumption. Key Issue: Fuel efficiency Frontrunners: Fiat (Italy), Canadian Pacific Railway (Canada), Air France (France) Key Issue: Thermal efficiency of power plants Frontrunners: EDP SA (Portugal), Iberdrola SA (Spain), Fortum OYJ (Finland) 13 International Energy Agency, Transport Energy Efficiency: Implementation of IEA Recommendations Since 2009 and Next Steps, International Energy Agency, Transport, Energy and CO2 Moving Toward Sustainability, United Nations Environment Programme, Transport: Investing in Energy and Resource Efficiency, Global Fuel Economy Initiative, 50 by 50 Prospects and Progress, International Energy Agency, Energy Efficiency Indicators for Public Electricity Production from Fossil Fuels, European Environment Agency, Efficiency of Conventional Thermal Electricity Generation, World Bank, Electric Power Transmission and Distribution Losses, International Energy Agency, Energy Efficiency Indicators for Public Electricity Production from Fossil Fuels, 2008.

4 REAL ESTATE DRIVERS Regulation high Energy Customer With buildings being responsible for 40%-45% of total energy use in Europe, the real estate sector offers the greatest potential for improving energy efficiency in Europe. Most of the energy consumption in a building s life cycle occurs during the building s operational phase for heating, cooling, ventilation and lighting. 21 Governmental targets regarding energy efficiency refer mostly to new developments. According to the EU Energy Performance of Buildings Directive (EPBD), new public buildings from 2018 on and all new homes and offices from 2020 onwards must be built as passive houses, using very little energy in general and renewable energies to cover residual energy. include the implementation of guidelines and measures to improve energy-efficiency in lighting, cooling, heating and ventilation. Besides the provision of technical solutions, tenants should be made aware of possibilities and encouraged to save energy. Energy performance certificates, for example, provide potential tenants or buyers with information on energetic qualities of buildings. Having identified the high-energy savings potential of older buildings, the German government aims at increasing the low refurbishment rate from 1% to 2% per year, applying fiscal and financial incentives. 22 Still, existing buildings offer the highest savings potential, especially those older than 30 years. 23 If home energy retrofits, such as better insulation, are implemented, energy can be reduced by 50% on average, and by as much as 90% in some cases. 24 The real estate sector has not yet fully explored its energy savings potential. Besides government incentives, rising energy will stimulate real estate companies to implement measures to improve the energy efficiency of existing stock and to switch to renewable heating sources. In this context, the question of who bears the retrofitting costs may be a future challenge for the sector. OTHER SECTORS AT A GLANCE CEMENT World cement production amounted to mega tonnes (Mt) in At an average energy intensity of 4-5 GJ/t, the total energy consumption of the sector reaches between 12 and 15 million GJ. 26 Energy efficiency can be improved mainly by applying state-of-theart technology. Due to their long lifespan (30-50 years) and high investment costs, the replacement of old kilns is likely to be a long process. Both the use of alternative raw materials and alternative fuels are not considered to have significant potential to improve energy efficiency for this sector. Through state-of-the-art technology, the average energy intensity is expected to decrease to 3.9 GJ/t in 2012 and 3.2 GJ/t in Cement production is unique as CO2 emissions are not exclusively linked to energy consumption: CO2 emissions are also directly released as a result of the calcinations process of limestone to clinker. CHEMICALS With a share of more than 30% of the total industrial energy used worldwide, the chemical and petrochemical sector is by far the largest industrial energy user. Its energy saving potential is smaller than many other energy-intensive industries due to the high share of feedstock (non-energy use). Therefore, in addition to energy efficiency improvements, other possible developments including recycling, energy recovery, enhanced implementation of combined heat and power (CHP), the use of latest technology (e.g. chlorine production) and the use of biomass (renewable) feedstock should be explored. Results in potential savings in energy use may reach up to 35%. 28 INFORMATION & COMMUNICATION TECHNOLOGY In 2005, the use of products and services from the ICT sector accounted for 8% of global electricity use (EU-25). 29 The sector has taken a whole series of measures to improve the energy efficiency of hardware equipment ( Green IT ). National and regional regulations like the Japanese Top-Runner-Programme and the European Directive on Eco-Design of Energy-Using Products have accelerated these efforts. The implementation of ICT applications can translate into efficiency gains in other areas, for instance in the buildings sector ( smart buildings ) or energy sector ( smart grids ). In Europe, this enabling effect could represent over 7 times the ICT sector s direct impacts in terms of energy use. 30 Key Issue: Energy-efficiency guidelines and measures Frontrunners: British Land Co PLC (United Kingdom), Capital Shopping Centres Group (United Kingdom), JM AB (Sweden) 21 United Nations Environmental Programme, Buildings and Climate Change: Status, and Opportunities, Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (Germany), Energy Concept for an Environmentally Sound, Reliable and Affordable Energy Supply, Magazin für Wirtschaft und Finanzen, Sparen ist unsere größte Energiequelle, No. 87, October Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (Germany), Energie Effizient Nutzen Tipps zum Klimaschützen und Geldsparen, US Geological Survey, Cement Statistics, 13 December Taylor, Michael, Cecilia Tam and Dolf Gielen, Energy Efficiency and CO2 Emissions from the Global Cement Industry, International Energy Agency, International Energy Agency & World Business Council for Sustainable Development, Cement Technology Roadmap 2009: Carbon Emissions Reductions up to 2050, International Energy Agency, Chemical and Petrochemical Sector, September European Commission, DG INFSO: Impacts of Information and Communication Technologies on Energy Efficiency, Final Report, September 2008, p Ibid, pg. 407.

5 RELEVANCE FOR THE FINANCIAL SECTOR Risks occur primarily through involvement whether in the form of a loan or an investment in shares or bonds - in companies that are at a cost and competitive disadvantage due to inadequate measures to reduce energy consumption, and whose economic success is threatened as a result. At the same time, market opportunities are opening for the financial sector: Cooperation with development banks lending programmes for investments in energy efficiency; In-house loan schemes for small and enterprises to improve energy efficiency; Provision of venture capital for the development of innovative technologies; Cooperation with energy suppliers on consultancy services and finance for energy contracting; Performance guarantee cover for equipment acquired in order to improve energy efficiency; Analysis of regulatory frameworks and company performance in terms of energy efficiency; Creation of investment funds focussing on energy efficiency. There are various instruments available for investors aiming to benefit from and/or contribute to energy efficiency: Stock-picking of the most energy-efficient companies (in a sector); Selection of companies providing energy-efficient products and services for investments; Engagement / active ownership activities in the field of energy efficiency; Exclusion from investment universe of companies operating highly inefficient power plants and/or offering energy-intensive services or products. Focus regions, countries and sectors for activities include: Those with a strong business case for energy efficiency, for instance sectors to be included in the European Union s Emission Trading Scheme (airlines, metals, chemicals, etc.) and sectors/companies with high energy price sensitivity; Companies driving energy efficiency, such as LED producers or companies offering cloud computing services; Sectors in emerging and developing economies with great energy efficiency potential and strong growth; Countries with high energy intensity per capita (for instance, the United States and Australia) and countries with high energy intensity per GDP (for instance, Russia and South Africa); 31 Countries/sectors with abundant potential for improving energy efficiency, such as retrofitting of old buildings in Europe and energy efficiency improvements in Central and Eastern Europe s industrial sector. 31 International Energy Agency, World Energy Balances,

6 Eurosif wishes to acknowledge the support and direction provided by the Energy Efficiency Report Steering Committee: La Ruche 84 quai de Jemmapes Paris, France Tel: Bank Sarasin & Co. Ltd CM-CIC Asset Management Henderson Global Investors Robeco This sector report has been compiled by: Goethestr. 28 D Munich Germany Tel: April 2011 Designer: Catsaï - / The views in this document do not necessarily represent the views of all Eurosif member affiliates. This publication should not be taken as financial advice or seen as an endorsement of any particular company, organisation or individual.

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