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1、JUNE 2023Investors Can Measure and Maximize Their Climate ImpactContext and objectivesSource:BCG and GenZero analysis.GenZero partnered with BCG to develop a robust and practical framework that incorporates climate impact into the strategy and measurement of decarbonization investments.The framework

2、 also facilitates GenZero to achieve its double bottom-line mandate.We hope that this study will galvanize greater discussions and action on climate impact measurement among the investment community,as well as foster further convergence on the topic in the market.This study highlights the importance

3、 of climate impact measurement,shares the key considerations when measuring climate impact,and introduces the GenZero Climate Impact Measurement Framework.2Source:BCG and GenZero analysis.Why climate impact measurement mattersFrom framework to practiceFour key aspects to consider 3More than$1.5 tril

4、lion of private investments went toward climate finance over the past five yearsSources:Climate Policy Initiative;BCG analysis.Yet,many investors dont know if they are funding the right opportunitiesPRIVATE CAPITAL INVESTMENTS IN DECARBONIZATION SOLUTIONS($BILLIONS)2662803033334252021202020192018201

5、74Climate impact measurement can help private capital investors make informed decisions at each step of the investment process Source:BCG and GenZero analysis.Portfolio constructionInvestment decisionsPerformance measurementReportingAssess the potential climate impact of individual investment opport

6、unities or a portfolioMeasure the realized climate impact of individual investments or a portfolio5Climate impact measurement is distinct from carbon accounting because it assesses the amount of carbon removed,reduced,or avoidedSource:BCG and GenZero analysis.Assesses the carbon emissions of a compa

7、ny or an investor Tracks the carbon produced Focuses on Scope 1,Scope 2,and Scope 3 emissions Assesses the positive carbon impact of a company or an investor Tracks the carbon removed,reduced,or avoided Focuses on the direct,indirect,and transformational impactsCarbon accountingClimate impact measur

8、ement 6Climate impact measurement is still a nascent topic in the investor community,but it is gaining importanceSource:BCG and GenZero analysis.Note:This is a sample only.Multiple parties are working on climate impact measurement,but there is no clear convergence on guidance yetInvestorsStandard se

9、ttersGreenhouse GasProtocolGlobal ImpactInvesting NetworkIndustry bodiesProject FrameMission InnovationCDP Worldwide7Source:BCG and GenZero analysis.Why climate impact measurement mattersFrom framework to practiceFour key aspects to consider 8Source:BCG and GenZero analysis.Four key aspects to consi

10、der when measuring climate impactIs all impact created equal?How much impact should we claim?What is the right time frame to use?Are larger volumes always better?1234Direct climate impactIndirect climate impactTransformationalclimate impactOwnership shareValue chaincontributionHolding period versusl

11、ifetime valueTradeoffs betweenquality,quantity,and cost over time9Source:BCG and GenZero analysis.Three distinct types of climate impact1.IS ALL IMPACT CREATED EQUAL?Investments in companies whose solutions(products or services)directly reduce or avoid emissionsReforestation projects and solar power

12、 plantsInvestments in companies that develop next-wave technologies or solutions or in companies that contribute to a more favorable market for these solutionsMore effective soil-carbon monitoring solutions or more efficient photovoltaic cells Investments in companies that provide enabling infrastru

13、cture or technology An exchange that helps transact carbon credits from a reforestation project or a company that distributes solar panel componentsDirect climate impactIndirect climate impactTransformational climate impactDESCRIPTIONEXAMPLEMARKET CONSENSUSMore well definedLess well defined10Three d

14、istinct types of climate impact investmentSource:BCG and GenZero analysis.Voices fromthe industry1.IS ALL IMPACT CREATED EQUAL?We have a similar approach where we distinguish between direct,enabling,and systematic climate impact.As an organization,we think its crucial to have a standardized structur

15、e in place on definitions.By nature,measuring and assessing impact becomes more complex as you move from direct to enabling to systematic impact.LIGHTROCK CLIMATE IMPACT FUND11Ownership shareSource:BCG and GenZero analysis.Taking into account ownership share2.HOW MUCH IMPACT SHOULD WE CLAIM?What is

16、the fair share of impact to claim given the level of investment in a company?Example:Five private equity funds invest in a solar panel operator;each has a 20%ownership shareApproach 1:Impact claim is based on investment contributionExample:Each private equity fund claims 20%of the climate impact of

17、the company+Captures a more defensible and attributable share of the impact+Aligns with industry best practices and with where the market is moving+Reduces double counting in the climate impact universe Requires calculation;can be complex depending on the ownership model For forward-looking calculat

18、ions,requires projecting changes in ownership share Approach 2:Impact claim is based on total impact without adjustmentExample:Each private equity fund claims 100%of the climate impact of the company+Simpler,with no need for additional adjustment from the reported impact+Fewer assumptions are needed

19、 when projecting a forward-looking view Does not capture the attributable share of impact Is not aligned with industry best practices and with where the market is moving Contributes to the global double-counting issue in the climate impact landscapeGenZero approach12Example:Three stakeholders are in

20、volved in the solar panel value chainSource:BCG and GenZero analysis.Taking into account value chain contribution(1/2)2.HOW MUCH IMPACT SHOULD WE CLAIM?Value chain contribution is key to measuring indirect climate impact,but there is no consensus on the approach Our approach considers varying degree

21、s of attribution along the value chain Evaluate and report indirect climate impact separately from direct climate impact Calculate indirect climate impact by applying different value chain attribution factors Assess what value chain attribution is required for the investment to be attractive Conside

22、r if that value chain attribution is realisticThere is alignment in the market about the need to distribute impact among stakeholders,but there is no consensus on the approachHow much climate impact should be attributed to each stakeholder?Raw materialminerSolar panelmanufacturerDistributor andinsta

23、ller13Voices fromthe industryWe do not allocate the impact of our enabled impact between actors along the value chainall of them play an enabling role and all are needed.However,within our portion of the value chainproviding financingwe allocate enabled savings proportionate to our ownership share.E

24、NERGY IMPACT PARTNERSSource:BCG and GenZero analysis.Taking into account value chain contribution(2/2)2.HOW MUCH IMPACT SHOULD WE CLAIM?14Y1 Y2 Y3 Y4 Y5Y1 Y2 Y3 Y4 Y5Source:BCG and GenZero analysis.Note:Y=year.Opportunity to anchor around holding period or lifetime impact(1/2)3.WHAT IS THE RIGHT TIM

25、E FRAME TO USE?EXAMPLEHolding period impactLifetime impact of productssold during the holding period Lifetime impactClimate impact of solar panels generated during the holding periodLifetime impact of all solar panels sold during the holding periodImpact of all solar panels sold during the lifetime

26、of the companyLifetime=ten yearsLifetime=ten yearsLifetime=ten yearsLifetime=ten yearsLifetime=ten years Holding periodAfter exitingGenZero approachHolding periodAfter exitingHolding periodAfter exitingY1 Y2 Y3 Y4 Y515Voices fromthe industryBy investing in the climate solutions of the future,Decarbo

27、nization Partners aims to make a long-lasting contribution to the global energy transition on behalf of our clients.We forecast a companys potential decarbonization outcome during the fund life as well as its longer-term impact as the company grows in scale.This measurement framework helps us to put

28、 our growth capital to use by supporting early-stage companies that we have strong conviction will successfully evolve through pilot to commercial scale and in doing so contribute materially to global decarbonization efforts.DECARBONIZATION PARTNERSOpportunity to anchor around holding period or life

29、time impact(2/2)3.WHAT IS THE RIGHT TIME FRAME TO USE?Source:BCG and GenZero analysis.16Source:BCG and GenZero analysis.Note:t=tonne;CO2e=carbon dioxide equivalent;Mt=megatonne.Implications of moving up the abatement cost curve4.ARE LARGER VOLUMES ALWAYS BETTER?Marginal costs of achieving positive c

30、limate impact may increase over time This rising cost curve will decrease an investors incremental climate-impact volumes if capital is kept constantThe idea that carbon mitigation is getting more costly over time is a well-established fact in the investor community and a common feature of investing

31、 in carbon solutions,rather than a bug.LEADING CLIMATE IMPACT INVESTORAchieving incremental carbon reductions or removals over time requires progressively more complex and costly solutions,which are reflected in the increase of carbon prices over time Example:Marginal abatement cost curveCost of cli

32、mate impact($/t CO2e)Climate impact potential(Mt CO2e)Use of solutions over timeCapitaldeployed($)Average cost of climate impact($/t CO2e)Investors climate impact(t CO2e)Constant=Decreasesover timeIncreasesover time17Source:BCG and GenZero analysis.Why climate impact measurement mattersFrom framewor

33、k to practiceFour key aspects to consider 18Source:BCG and GenZero analysis.Four guiding principles for the GenZero Climate Impact Measurement FrameworkAdaptabilityEasy to adjust to evolving industry consensusDefensibilityFair and transparent methodology that holds up to public scrutinySimplicityCan

34、 be calculated by investment teams themselvesExplainableUnderstood and used by investment committees and stakeholders to make better decisions19Voices fromthe industryWe all have a role to play to ensure a livable climate.Today,investors around the world have heard this call to action and are workin

35、g to update their decision making processes in service to the planet.However,assessing how the decisions we make today will impact the future is difficult,complex work.Thats why Project Frame is dedicated to working together to tackle forward-looking GHG impact with humility,while prioritizing trans

36、parency and accountability.KERI BROWDER,DIRECTOR OF PROJECT FRAME AT PRIME COALITIONActions and progress over perfectionSource:BCG and GenZero analysis.Note:GHG=greenhouse gas.20Source:BCG and GenZero analysis.A distinct measurement approach for each impact type Qualitative impact assessment Quantit

37、ative impact measurementQualitative impact assessment Qualitative impact assessment Quantitative impact measurement based on sensitivity analysisTargets are used as a reference for decision makingEnsure the transformational potential of the opportunity;decision making is led by the investment thesis

38、Sense check the quantitative impacts;decision making is led by the investment thesisDirect climateimpactIndirect climate impactTransformationalclimate impactImpactmeasurementDecisionmakingImpactreporting21Source:BCG and GenZero analysis.Note:t=tonne;CO2e=carbon dioxide equivalent.Direct climate impa

39、ct:Measurement approachQualitative assessment of quality standards;quality criteria specific to the sector and subsector For example,for nature-based solutions,ensure that projects are in line with core carbon principles(CCPs)Expected cost of climate impact of an individual investment over the holdi

40、ng period($/t CO2e)Expected capital investment($)Climate impact(t CO2e)Expected volume of a product or service(units)over the holding periodBased on financial or commercial forecasts of a company,vetted by the deal teamCalculated on the basis of carbon savings of the product or service versus the al

41、ternative or baseline,leveraging the life cycle assessment(LCA)of climate impact from the company and external sourcesExpected climate impact per unit(t CO2e/unit)Expected ownership share(%)=2223Source:BCG and GenZero analysis.Note:CO2e=carbon dioxide equivalent;Mt=megatonne.The example is for illus

42、trative purposes only.Direct climate impact:Example(1/2)Expected cost of climate impact over a ten-year holding periodCapital investment:$30 millionClimate impact:2 Mt CO2eExpected climate impact over the holding period:2.5 Mt CO2eOwnership share:80%=$15 per tonne of CO2ePotential investment in a de

43、veloper of reforestation projects Investment amount:$30 million Ownership share:80%Planned holding period:ten years Expected climate impact during the holding period:2.5 MtInvestment opportunity Climate impact calculation24Source:BCG and GenZero analysis.Note:t=tonne;CO2e=carbon dioxide equivalent;G

44、Wh=gigawatt hours;PV=photovoltaic.The example is for illustrative purposes only.Direct climate impact:Example(2/2)Expected cost of climate impact over a ten-year holding periodCapital investment:$18 millionClimate impact:216,000 t CO2e=Expected solar power produced during the holding period:450 GWhA

45、voided emissions from solar power vs.the current power mix:600 t CO2e/GWhOwnership share:80%$83 per tonne of CO2ePotential investment in an operator of solar power plants Investment amount:$18 million Ownership share:80%Planned holding period:ten years Expected solar power produced during the holdin

46、g period:450 GWh Cradle-to-grave emissions from producing 1 GWh of power through solar PV:50 tonnes of CO2e Cradle-to-grave emissions from producing 1 GWh of power in the current power mix:650 tonnes of CO2eInvestment opportunity Climate impact calculationIndirect climate impact:Measurement approach

47、25VALUE CHAINATTRIBUTIONEXPECTED CLIMATEIMPACT ATTRIBUTIONTotal impact50%of total impact25%of total impact10%of total impact100%50%25%10%Is it still an attractive investment with only a 10%to 25%climate impact attribution?Source:BCG and GenZero analysis.Our approach assesses indirect climate impacts

48、 using sensitivity analysis and considers varying degrees of attribution26Source:BCG and GenZero analysis.Note:t=tonne;CO2e=carbon dioxide equivalent;Mt=megatonne.The example is for illustrative purposes only.Indirect climate impact:ExampleExpected cost of climate impact over a ten-year holding peri

49、od$5 per tonne of CO2eCapital investment:$20 millionExpected climate impact over holding period:20 Mt CO2eOwnership share:20%=Potential investment in an exchange and marketplace for voluntary carbon credits Investment amount:$20 million Ownership share:20%Planned holding period:ten years Expected vo

50、lume of voluntary carbon credits traded on the platform over the holding period(the equivalent to enabled climate impact):20 MtInvestment opportunity Climate impact calculation(at 100%value chain attribution)Sensitivity analysis(at different value chain attributions)VALUE CHAINATTRIBUTIONEXPECTED CO

51、STSOF CLIMATE IMPACT($/t CO2e)5102050100%50%25%10%At 10%to 25%value chain attribution,the expected costs of climate impact over a ten-year period are$20 to$50 per tonne of CO2e.Is this still an attractive investment?27Source:BCG and GenZero analysis.Note:Gt=gigatonne;CO2e=carbon dioxide equivalent.1

52、Project Drawdowns steady state estimate as 1/15 of cumulative 20222050 impact.Transformational climate impact:Measurement approachTransformational climate impact criteriaTotal addressable carbon emissionsKey questionIs the investment truly transformational in nature?Key questionWhat is the potential

53、 climate impact of the market that the investment is aiming to accelerate?Three key assessment criteria:Intentionally transformational Strictly additional Novel marketCalculation of total addressable carbon emissions of technology in a steady stateExamplesPotential climate impact at a steady state(G

54、t CO2e per year)13.8Refrigerant management3.6Tropical forest restoration1.3Methane leak management1.2Concentrated solar power28Transformational climate impact:Example(1/2)Potential investment in a startup that develops a novel measurement,reporting,and verification technology for soil carbon sequest

55、ration Investment amount:$5 million Planned holding period:five years Technology aims to measure the carbon content of soil in a more accurate and cost-effective manner,which will increase viability of soil carbon projects The technology will likely take eight to ten years to matureInvestment opport

56、unity Intentionally transformationalAn investment in the startup is intended to significantly accelerate the market for soil carbon projects by improving the measurement and credibility of such projectsStrictly additionalAs a first of its kind technology,the technology removes a key market-growth ba

57、rrier(monitoring,reporting,and verification in this sector)Novel marketThe company supports the development of the novel market of soil carbon projectsThe technology has the potential to enable a market with 2 to 6.5 gigatonnes of CO2e per year in a steady stateSource:BCG and GenZero analysis.Note:C

58、O2e=carbon dioxide equivalent.The example is for illustrative purposes only.Transformational climateimpact criteriaTotal addressable carbonemissions estimation29Source:BCG and GenZero analysis.Note:CO2e=carbon dioxide equivalent.The example is for illustrative purposes only.Transformational climate

59、impact:Example(2/2)Potential investment in a startup that develops new,more efficient photovoltaic cells Investment amount:$5 million Planned holding period:ten years Technology will increase the power output of solar panels by 20%Technology is still at a nascent stage and will only be market ready

60、in 10 to 15 yearsInvestment opportunity Transformational climateimpact criteriaIntentionally transformationalThe startup has been founded and fully focused on developing more efficient photovoltaic cells;the company needs external funding to continue its R&DStrictly additionalThe company is the firs

61、t and only of its kind that develops such a technology;no other technology can unlock similar types of improvementsNovel marketThe company supports the research and development of a new technology under developmentThe technology has the potential to avoid 0.6 to 1.2 gigatonnes of CO2e per year in a

62、steady stateTotal addressable carbonemissions estimation30Ashley ChanDirector,Investment Strategy&Business Development Groupashleychangenzero.coRui HuangVice President,Investment Strategy&Business Development Groupruihuanggenzero.coAbout GenZero GenZero is an investment platform company focused on a

63、ccelerating decarbonisation globally.Founded by Temasek,we seek to deliver positive climate impact alongside long-term sustainable financial returns by investing in opportunities with the potential to be nurtured into impactful and scalable solutions.Driven by a common purpose to decarbonise for fut

64、ure generations,we recognise the need for a holistic and integrated approach to achieve a net zero world.At GenZero,we adopt a flexible investment approach across three focus areas to drive climate impact:(i)nature-based solutions that help protect and restore our natural ecosystems while benefiting

65、 local communities and biodiversity;(ii)technology-based solutions that deliver deep decarbonisation impact;and(iii)carbon ecosystem enablers which refer to companies and solutions that support the development of an effective,efficient,and credible carbon ecosystem.For more information on GenZero,vi

66、sit https:/genzero.co/Daniel OehlingPBen SheridanManaging Director and Senior PAbout BCG Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was found

67、ed in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise a

68、nd a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client organi

69、zation,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.To find the latest BCG content and register to receive e-alerts on this topic or others,please visit .Greg FischerPartner and D31Disclaimer BCG and Carbon Solutions Platform Pte.Ltd.2023.All Ri

70、ghts Reserved.The companies in which Carbon Solutions Platform Pte.Ltd.directly and indirectly owns investments are separate legal entities.In this presentation“GenZero”is sometimes used for convenience where references are made to Carbon Solutions Platform Pte.Ltd.and its subsidiaries in general.BC

71、G and GenZero have used data from various sources and assumptions provided to BCG and GenZero from other sources.The data and assumptions from these sources used in these analyses have not been independently verified.Changes in the underlying data or operating assumptions will clearly impact the ana

72、lyses and conclusions.BCG and GenZero do not guarantee or make any representation or warranty as to the accuracy,reliability,completeness,or currency of the information in this document nor its usefulness in achieving any purpose.Readers are responsible for assessing the relevance and accuracy of th

73、e content of this document.It is unreasonable for any party to rely on this document for any purpose.BCG and GenZero will not be liable for any loss,damage,cost,or expense incurred or arising by reason of any person using or relying on information in this document.To the fullest extent permitted by

74、law(and except to the extent otherwise agreed in a signed writing by BCG and GenZero),BCG and GenZero shall have no liability whatsoever to any party,and any person using this document hereby waives any rights and claims it may have at any time against BCG and GenZero with regard to the document.Rec

75、eipt and review of this document shall be deemed agreement with and consideration for the foregoing.BCG and GenZero do not provide legal,accounting,or tax advice.Parties are responsible for obtaining independent advice concerning these matters.This advice may affect the guidance in the document.Furt

76、her,BCG and GenZero have made no undertaking to update the document after the date hereof,notwithstanding that such information may become outdated or inaccurate.BCG and GenZero do not provide fairness opinions or valuations of market transactions,and this document should not be relied on or constru

77、ed as such.Further,any evaluations,projected market information,and conclusions contained in this document are based upon standard valuation methodologies,are not definitive forecasts,and are not guaranteed by BCG and GenZero.This document is not intended to make or influence any recommendation and

78、should not be construed as such by the reader or any other entity.This document is co-authored by BCG and GenZero and reflects GenZeros and BCGs perspectives.While BCG was not paid by a client to write this document for the purpose of publication,the content included herein stems from an engagement

79、for a commissioned study whereby BCG was compensated by GenZero.This document does not purport to represent the views of the companies mentioned in the document.Reference herein to any specific commercial product,process,or service by trade name,trademark,manufacturer,or otherwise,does not necessarily constitute or imply its endorsement,recommendation,or favoring by BCG and GenZero.Apart from any use as permitted under the Singapore Copyright Act 2021,no part may be reproduced in any form without the express prior written consent of BCG and GenZero.