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GlobalResearch
May2021
J.P.MorganPerspectives
ESGinvesting2021:Goingfaster,deeper,broader
ESGandSustainabilityResearch
ESGandSustainabilityResearch
GlobalQuantitativeStrategy
ChairofGlobalResearch
Jean-XavierHeckerAC
HugoDubourgAC
KhuramChaudhryAC
JoyceChangAC
jean-xavier.hecker@
hugo.dubourg@
khuram.chaudhry@
joyce.chang@
J.P.MorganSecuritiesplc
J.P.MorganSecuritiesplc
J.P.MorganSecuritiesplc
J.P.MorganSecuritiesLLC
ESGandUtilitiesEquityResearch
ITHardware,AlternativeEnergyEquity
GlobalIndexResearch
StrategicResearch
ElaineWuAC
Research
GloriaKimAC
KimberlyHaranoAC
elaine.wu@
PaulCoster,CFAAC
gloria.m.kim@
kimberly.l.harano@
J.P.MorganSecurities(AsiaPacific)Limited/
paul.coster@
J.P.MorganSecuritiesLLC
J.P.MorganSecuritiesLLC
J.P.MorganBroking(HongKong)Limited
J.P.MorganSecuritiesLLC
USFixedIncomeStrategy
GlobalCreditResearch
SecuritizedProductsResearch
Currencies,CommoditiesandEMResearch
JoshuaYoungerAC
StephenDulakeAC
AmySze,CFAAC
LuisOganesAC
joshua.d.younger@
stephen.dulake@
amy.sze@
luis.oganes@
J.P.MorganSecuritiesLLC
J.P.MorganSecuritiesLLC
J.P.MorganSecuritiesLLC
J.P.MorganSecuritiesplc
Seeendpagesforanalystcertificationandimportantdisclosures,includinginvestmentbankingrelationshipsAdditionalcontactdetailsalsoincludedinthebackofthepresentation
Executivesummary
Biden'sClimateSummitbringsalignmentofglobalgoals
TheBidenClimateSummitsendsaclearmessagethattheUShasraiseditsambitionstojoinandleadaglobalalliancetoaccelerateclimateaction.
First100daysofBidenadministrationacceleratesclimateactionsatboththedomesticandgloballevelsbutlacksaroadmaporclearfinancingplansdespitethehighcostestimatesforUSinaction.
EUremainstheleaderininstitutionalizingESGwithSustainableFinanceDisclosureRegulation(SFDR)fosteringtransparencyinESGintegrationpractices.
EMisincreasingclimatechangeengagementbutfaceshugehurdlestoadaptationandmitigation,giventherelianceontheutilizationandexportoffossilfuels.
‘E’becomingmorefinanciallymaterialwithgrowinginterestinAltEnergy
COVID-19continuestoacceleratechangeas2030isthenew2050asDMcountriesaremovinguptimelinestodecarbonize,withgrowinginterestinAlternativeEnergy,especiallyHydrogen(H2)…
…butwecautionthatrealismisnecessaryonthedemandsidegiventhechallengestoH2adoption,particularlyrelatedtocost,transportationandstoragechallenges.
RegulationismovingfasterinallgeographieswithEuropeclearlyinthelead,asESGfundstherearelikelytobecomethemajorityoffunds,whileAsiaandtheUSarecatchingupthroughlocalizedinitiatives.
ESGreportinglagsmarketdemand,anddataqualityandthelackofaglobalreportingstandardforcorporatedisclosuresraisetheriskofgreenwashingandremainmajorconstraintstoinvestment.
ACOVID-19legacyistheriseofthe'S'andthe'G'
ESGadoptionisoccurringatthecompanylevelacrossallsectors,notjustthemacrolevel,asCOVID-19hasbroughtincreasedfocusonthe‘S’andthe‘G’andincreasedshareholderactivism.
Integrationofsustainabilityissuesintodisclosurescouldtransformbusinessmodels,andweextendanalysistothe‘humancapitalfactor’andcybersecurityrisks.
ESGinvesting:OpportunitiesandChallenges
LongexcessreturnsfromESGQcontinuetooutperform,andassetsbenchmarkedtotheJESGIndexSuiteincreasedby25%in1Q21alone,andnowexceed$30bn,despiteweakreturns.
DemandforESGfixedincomeproductexceedssupplywithbest-in-classESGissuersinDMcreditgeneratingalpha,butmixedperformancebyEMESGissuersandgreenbondsYTD.
WealsointroduceaJ.P.MorganGreen&SocialthematicscreenerandanAsiaex-JapanSecuritySoftwareScreentohelpinvestorsidentifycompaniesthatwillbenefitfromBiden’sgreenrecoveryproposalsandcompaniesthatgeneraterevenuefromcybersecurityproductsorservices.
1
Agenda
Page
1
Biden'sClimateSummitbringsalignmentofglobalgoals
2
2
2030isthenew2050:IsHydrogenthesolutionfortheenergytransition?
11
3
‘E’becomingmorefinanciallymaterialandbroadeningbeyondclimatechange
16
4
ACOVID-19legacy:Theriseofthe'S'andthe'G'
19
5
ESGinvesting:OpportunitiesandChallenges
26
Biden’sClimateSummitbringsaglobalandsynchronizedapproachtoclimateaction
StatusofNDCsandlatestemissiontargetsfor2030
Country
NDCStatus
Updated/ProposedNDCTarget
UK
SubmittedastrongerNDCtarget
Emissionreductionvs.1990
68%
EU-27
SubmittedastrongerNDCtarget
Emissionreductionvs.1990
55%
US
Emissionreductionvs.2005
50-52%
SubmittedastrongerNDCtarget
Argentina
SubmittedastrongerNDCtarget
Emissioncap
359Mt
Canada
ProposedastrongerNDCtarget
Emissionreductionvs.2005
40-45%
Japan
ProposedastrongerNDCtarget
Emissionreductionvs.2013
46-50%
China
Emissionintensity
65%
ProposedastrongerNDCtarget
SouthAfrica
ProposedastrongerNDCtarget
Emissioncap
398-440Mt
Indonesia
Willnotincreaseambition
Emissionreductionvs.BAU
29%
SouthKorea
Didnotincreaseambition
Emissionreductionvs.2017
24.40%
Australia
Emissionreductionvs.2005
26-28%
Didnotincreaseambition
Brazil
Didnotincreaseambition
Emissionreductionvs.2005
43%
Russia
Emissionreductionvs.1990
25-30%
Didnotincreaseambition
Mexico
Didnotincreaseambition
Emissionreductionvs.BAU
22%
India
DidnotupdatetheNDC
N/A
SaudiArabia
DidnotupdatetheNDC
N/A
Turkey
DidnotupdatetheNDC
N/A
Source:J.P.MorganbasedonClimateActionTrackerandBloombergFinanceL.P.;asofApril30th2021.
TheUShadmadeitclearthatitisaleaderonclimateissuesbyrejoiningtheParisAgreement,conveningaglobalClimateSummit,andaligningUSclimateambitiongoalswiththeEUandUK,followingfouryearsofdisengagementbytheTrumpAdministration.
AttheClimateSummit,JapanandCanadaacceleratedlong-termtargetstodecarbonize.InEmergingMarkets,whilesomekeymarketssuchasChinaandBrazildidnotformallyincreasetheirambitions,positivemessagespavingthewayforincreasedcollaborationataninternationallevelwereobserved.
2
FinancingroadmapforBidenclimateactioninitiativesstillundefinedwhilethefullamountofthe$2.3trnAmericanJobsPlanisunlikelytobeapproved
Fromitsfirstdayinoffice,theBidenadministrationhasreversedmanyofTrump’srollbacksofObama-eraclimateandenvironmentalpolicies.
WiththeAmericanJobsPlanandtheMadeinAmericaTaxPlan,theBidenadministrationoutlinesa“fairtransition”approach,proposing$2.3trnininfrastructurespending.
TheAmericanJobsPlanincludesproposalstomakeelectricvehiclesandchargingstationsmoreaffordableandaccessible,retrofitbuildings,replaceleadpipesandmodernizethenation’selectricalgridaswellastaxcreditstoincentivizegreeninvestments.
TheMadeinAmericaTaxPlanproposeseliminatingsubsidiesforfossilfuelcompanies,andtargetsgenerating~$35bninthenextdecade.
J.P.Morganexpectsaninfrastructurebilltotaling~$1trntopassthroughbudgetreconciliationinSeptemberfor2022implementation.
TheWhiteHousehasoutlinedaUSInternationalClimateFinancePlanwiththegoaltodoubleitsannualclimatefinancingtoEMcountriesby2024,
tobetterequipEMcountriestotackleclimate
3
changeissues,subjecttoCongressionalapproval.
BreakdownofproposedspendingundertheAmericanJobsPlan($bn)
100
28
Transportationinfrastructure
100
100
Careeconomy
111
621
Manufacturing
Affordablehousing
137
Researchanddevelopment
Educationandchildcare
180
Waterinfrastructure
400
Digitalinfrastructure
213
Energyinfrastructure
300
Workforcedevelopment
Federalbuildings
Source:J.P.MorganbasedonFACTSHEET:TheAmericanJobsPlan
Thepresentvalueofeconomicdamagefromglobalwarmingdependsonthetemperaturechangescenarioandchoiceofdiscountrate
Dependingonthepathofemissions,theoutlookforglobalwarmingstartstodivergedramaticallyoverthenextfewyears…
Projectionsforchangeinglobalmeanaveragetemperatures(LHS;C)versuscumulativeCO2emissions(RHS;Gt)
5
Cumulativeemissions(RHS;GtCO2)
4000
4
Changeinglobalmeantempearture(LHS;C)
3000
3
RCP8.5
2000
2
1
1000
RCP4.5
0
0
00
10
20
30
40
50
60
70
80
90
00
Note:ProjectionforchangeinglobalmeanaveragetemperaturefromRasmussenetal.(2016;availablehere),andcumulativeemissionsfromtheRCPScenarioGroupatPotsdam(availablehere).Source:J.P.Morgan,GlobalPolicyLab,RCPScenarioGroup(Potsdam)
theeconomicimpactofwhichisexacerbatedbyanon-linearincreaseinmonetarydamagesforeachincrementaldegreeofglobalmeanaveragetemperatureincrease
MonetaryeconomicdamagetotheUS;%ofGDP
16
14
12
10
8
6
4
2
0
0 1 2 3 4 5 6 7 8
Changeinglobalmeantermperature(Celsius)
Note:FromHsiangetal.(2017),whichcanbeaccessedhere.
Source:J.P.Morgan,GlobalPolicyLab
TheBidenAdministrationisclearlyputtingafocusonclimatepolicy,relyinginlargepartonestimatesofthesocialcostofcarbon(SCC)intheirdecision-making.TheSCCaimstocapturetheaggregateeconomicharmcausedbyanadditionalincrementofcarbon-dioxideemissions.
MeasuringSCCiscomplexandsubjecttoseveralsourcesofuncertainty,notleastamongthemthechoiceofdiscountrate.TheBidenadministrationhassetanestimatefortheinterimSCCat$51perton.
Inaworldbesetbysecularstagnation,weaklonger-termpotentialgrowthanddecliningreturnsonfinancialassetsandeconomicactivitysignificantlyincreasethecostsofinaction.OurUSinterestratederivativesteamfindsthatusingmarketstoestimatediscountratesforsimplifiedSCCestimatesinflatesthepresentvalueofmonetary
damagesfromclimatechangemorethanseven-fold. 4
COVID-19acceleratessecularstagnationandraisesthesocialcostofcarbon
Decliningandnownegativediscountingrateshavedramaticallyincreasedthepresentvalueofeconomicdamageduetoclimatechange…
Estimated*cumulativemonetarydamagefromclimatechangeoverthenext100years,usingdiscountingcurvesasofearly-2010,2015,2020,and2/12/21aswellasaconstantrateof2%forcomparison;trillionsof2020USD
1000
RCP4.5
800
RCP6.0
600
RCP8.5
400
High
200
Median
0
DF2%
DF2010
DF2015
DF2020
DF2021
First,weassumeabaselineGDPwithrealgrowthof2%peryear(consistentwithPhiladelphiaFederalReservemediansurveyestimatesfor10-yearaverages),anchoredtoQ42020BEAdata.Wethencalculateinflation-adjustedmonetarydamagesasa%ofGDPbyapplyingthedamagefunctionsofHsiangetal.(2017)forlow,high,andoverallfits,andglobalmeantemperatureprojectionsfromRasmussenetal.(2016).Discountingratesaretakenfromforward-starting1-yearrealratesfromEFFR-linkedOISminusinflationswapyields,assumingaflatcurvebeyond60-yearmaturities.
Source:J.P.Morgan,GlobalPolicyLab,BEA
andsimilarlyresultinamuchhigheraveragesocialcostofcarbon
Ratioofthedifferenceincumulativeinflation-adjustedmonetarydamagesbetweenRCP4.5and8.5tothedifferenceincumulativeemissions,bothoverthenext100years;$permetrictonofCO2
150
125
Median
High
100
75
50
25
0
DF2%
DF2010
DF2015
DF2020
DF2021
Source:J.P.Morgan,GlobalPolicyLab,BEA,RCPScenarioGroup(Potsdam)
5
Green&SocialthematicscreenerlaunchedtoidentifycompaniesthatwillbenefitfromBidengreenrecovery
Relativeperformanceofthefourstrategiesvs.S&P500sincethelaunchoftheBiden-HarrisPlatform
Baskets'price-rebasedat100fromJuly8th
160
150
140
130
120
110
100
.AJPALLUIndex(USD)(R3)
.AJPOWUIndex(USD)(L2)
.AJPBDUIndex(USD)
(L1)
.AJPBDMUIndex(USD)(R1)
SPXIndex(USD)(R2)
Source:J.P.Morgan,basedonBloombergFinanceL.P.
TheBidenClimateSummitwasacatalystofNorthAmericanmarkets
Baskets'price-rebasedat100fromApril12th
104
103
102
101
100
99
98
4/12/2021
4/13/2021
4/14/2021
4/15/2021
4/16/2021
4/17/2021
4/18/2021
4/19/2021
4/20/2021
4/21/2021
4/22/2021
4/23/2021
4/24/2021
4/25/2021
4/26/2021
4/27/2021
4/28/2021
4/29/2021
.AJPALLUIndex(USD)(R3)
.AJPOWUIndex(USD)(L1)
.AJPBDUIndex(USD)(L2)
.AJPBDMUIndex(USD)(R1)
SPXIndex(USD)(R2)
Source:J.P.Morgan,basedonBloombergFinanceL.P.
J.P.MorganEquityResearchhascreatedaGreen&Socialthematicscreenertoidentifycompanieswithrevenuessignificantlyexposed(>33%)toeconomicactivitiesthatarelikelytobenefitfromtheBidenadministrationpublicinvestmentboostthroughAJP.Wederived4differentstrategiesfromourscreener:
“AJPAllStocks”(AJPALLU):the122stocksflaggedbyourscreenerashaving>33%ofrevenuesexposedtotheAmericanJobsPlan,weightedbymarketcap;
“AJPOverweights”(AJPOWU):the28stocksrated“OW”byJPManalystsoutofthe122above.
“AJPBestESGDisclosure”(AJPBDU):the25stockswithanESGdisclosurescorebetween8and10,amongthe122stocks.
“AJPBestESGDisclosureMomentum”(AJPBDMU):the29stockswithanESGdisclosuremomentum
scorebetween8and10,amongthe122stocks. 6
MainstreamingSustainableFinanceDisclosureRegulationintheEU–ArevolutionforESGinvesting
Entityleveldisclosure
Financialmarketparticipants
Financialadvisers
Sustainabilityriskpolicy
Informationaboutpoliciesontheintegrationof
Informationaboutpoliciesonthe
sustainabilityrisksintotheinvestmentdecision-
integrationofsustainabilityrisksintothe
makingprocess
investmentadviceorinsuranceadvice
ConsiderationofPAIofinvestmentdecisionson
Considerationofprincipaladverse
sustainabilityfactors
impactsonsustainabilityfactorsinthe
Adversesustainabilityimpact
Statementonduediligencepolicies
investmentadviceorinsuranceadvice
Mandatoryforlargeentitiesandlargeholdings
Complyorexplain
Complyorexplainforotherentities
Remunerationpolicies
Informationonhowremunerationpoliciesare
consistentwiththeintegrationofsustainabilityrisks
Source:J.P.MorganbasedonPwC&EU.
SFDRcameintoapplicationonMarch10,2021,withtheaimoffosteringtransparencyinESGintegrationpractices.
ThisambitiousregulationrepresentsasignificantsteptowardsmainstreamingESGinvestingintheEU,aswellasincreasingthetransparencyoffunds.
7
MajorinvestmentsforJapan’senvironmentalpoliciesandESGinvestingsetinmotion
Imageoftransitiontocarbonneutralunder“GreenGrowthStrategythroughAchievingCarbonNeutrality”
NonElectric
Electric
Carbonremoval
2018(1.06bntons)
Public:110mntons
Industry:300mntons
Transportation:200mntons
450mntons
2030(960mntons)
Public:90mntons
Industry:330mntons
Transportation:150mntons
360mntons
2050
Emission+Absorption=0)
Electrification
Hydrogen,Metanation,
Syntheticfuel,BioMass
FossilFuels
DecarbonizedPower
Re-Energy 50~60%
NuclearEnergy
Thermal+CCUS/
30~40%
CarbonRecycle
Hydrogen/Ammonia
10%
Afforestation,DACCS,etc.
Note:Valuesareenergy-basedCO2.Source:METI,J.P.Morgan
Japan’sgovernmentannouncedinOctober2020apledgetobecarbonneutralby2050andtheninDecemberaGreenGrowthStrategyforachievingthecarbonneutralitygoal.
Japan’sstepped-upenvironmentalpolicydevelopments,alongwithworldwidetrends,arelikelytoaffectESG
investingsubstantially.
8
EMinvestorsseebetterESGfundamentalsasloweringsovereigncreditriskbutexpressconcernsthatimplementingESGwillsacrificereturns
Towhatextentdoyouagreewiththestatement“sovereignESGapproachesshouldsupportthoseissuerswhohavethegreatestsustainabledevelopmentjourneytoaccomplishratherthanthosethatarebestESGperformers?”
Unsure
Stronglydisagree
Somewhatdisagree
Neitheragreenordisagree
Somewhatagree
Stronglyagree
0% 20% 40% 60% 80% 100%
Source:J.P.Morgan
Whichpillar(ifany)ofESGisunderrepresentedduetodatachallengesattheEMsovereignlevel?
Environment
Governance
Social
Source:J.P.Morgan
Towhatextentdoyouagreethatthe“useofproceeds”of
Howmanythird-partyESGvendorsdoyoulicense?
sustainableinstrumentsachievestheintendedimpactisvery
16
important?
100%
14
80%
12
US
10
Europe
60%
Asia
8
40%
6
20%
4
0%
2
Strongly
Somewhat
Neither
Somewhat
StronglyUnsure
agree
agree
agreenor
disagree
disagree
0
Source:J.P.Morgan
disagree
9
1
2
3
4+
None
(blank)
Source:J.P.Morgan
NavigatingGreenhouseGasEmissionsData:Buildingtrustinthedatasources
J.P.MorganIndexResearchhavepartneredwithVigeoEiris(V.E)andtheInternationalEnergyAgency(IEA)forGHGemissionsandfossilfueldata.V.EwillbeutilizedforcorporatelevelstatisticswhileIEAprovidesthebestfiguresforsovereigns.
TheIndexResearchteamconductedanRFPto10third-partydatavendorsfocusingonGHGemissionsandfossilfueldata.TheextensiveRFPcomprisedof66questionsencompassingdatacoverage,datahistory,estimationmethodology,qualityassuranceprocess,datasources,updatefrequenciesandmore.
GHGemissionsdatafromV.EandtheIEAwillunderpinJ.P.Morgan’sdevelopmentofadditionalcarbonanalyticsandtemperaturealignedindexmethodologies,inresponsetogrowingclientdemandandcurrent/approachingsustainablefinanceregulation.
10
Third-partyvendorsummary
Vendor
1
2
3
4
5
6
7
JPMTiers
1
2
3
GHGdata
Corporate
Sovereign
Private
FossilFueldata
Corporate
Sovereign
Private
Coverage
Coverageof
2,848fixed
100%
90%
90%
95%
91%
83%
97%
income
issuers
%of
coverage
40%
33%
22%
56%
23%
16%
62%
thatis
estimated
History
Latestyear
GHGdata
2020
2019/20
2019
2019/20
2019/20
2019/20
2020
available
Historyof
2013
2005
2013
2013
2002
2015
2005
GHGdata
Historyof
FossilFuel
2016
2005
2016
2015
n/a
2015
1998
data
QualityAssurance
Isdisclosed
datarun
thoughthe
estimation
model?
Source:J.P.Morgan
Agenda
Page
1
Biden'sClimateSummitbringsalignmentofglobalgoals
2
2
2030isthenew2050:IsHydrogenthesolutionfortheenergytransition?
11
3
‘E’becomingmorefinanciallymaterialandbroadeningbeyondclimatechange
16
4
ACOVID-19legacy:Theriseofthe'S'andthe'G'
19
5
ESGinvesting:OpportunitiesandChallenges
26
Oil&Gas:ExtendingJPMEnergyTransitionScorecardtotheUSmajors–Rankingsscoreinthelowerhalfofthepeergroup
JPMEnergyTransitionCorporateScorecard–quantifyingEUandUSmajorscomparatives;Equinor,REP,TOTALbestplaced
AggregateJPMEnergy
Capallocation;2021/22
NewEnergyfinancial
UpstreamGHG
RefiningGHG
TransitionRank
NewEnergiescapex%
materiality
intensity
intensity
Top
Equinor
Repsol
TOTAL
Galp
Exxon
TOTAL
BP
Equinor
Equinor
Repsol
Bucket
Repsol
Equinor
Repsol
Eni
TOTAL
Middle
Galp
Galp
Galp
Shell
Eni
Eni
Eni
Shell
TOTAL
Chevron
Bucket
BP
Total
Eni
BP
Equinor*
Shell
Shell
BP
Chevron
BP
Bottom
Exxon
OMV
OMV
Exxon
OMV
Chevron
Chevron
Exxon
OMV
Shell
Bucket
OMV
Exxon
Chevron
Repsol
Galp
Source:J.P.Morganestimates.Note:*Equinorexcludedfromrefiningmetricduetonegligibleexposure;weallocateaneutralmid-quartilevalueintherankingsaggregation
WeextendourJPMETCorporateScorecardtoincorporatetheUSmajorsandcomparetheircarbonfootprintstartingpointwiththatoftheEUOils.ThekeytakeawayismodestcapitalrotationtowardnewenergiestodatecombinedwithindifferentprevailingGHGintensities(XOMrefiningtheexception)seestheUSmajorsrankinthelowerhalfofthepeergroup.
Ourscorecardassessesthecompaniesonfourspecificmetrics;(1)Capitalallocation;2021/22NewEnergiescapex%;(2)Lowcarbonfinancialmaterialityby2025(%NI);(3)UpstreamdirectGHGandflaringintensity;and
(4)RefiningGHGintensity(alsodirect).
WemodelNewEnergiescapexashavingrisento15%ofEUOilstotalcapex.ThiscomparestotheUSmajorsatbelow5%,initiallyfocusedonCCSinitiatives.
11
AHydrogen(H2)revolutionisquicklygatheringmomentumtodriveenergytransitionacrosshard-to-abatesectors,butwecautionagainstover-optimismgiventhecost,transportationandstoragechallengesofH2adoption
15countrieshavealreadypublishedaHydrogenstrategyand
13moreareinpreparation
Source:J.P.Morgan;LatestupdatedonApril6th2021
US,Europe,Chinacanallachieverelativelylowall-ingreenH2costs
$/kgAll-ingreenLOCH,2030E
4.5
4.0
3.5
3.0
2.11
2.5
0.16
0.06
0.21
2.0
1.5
2.00
2.26
2.29
1.0
1.73
0.5
0.0
UnitedStates
Europe
China
Japan(importedas
NH3)
Production
Transportation&Conversion
Source:J.P.Morganestimates,companydata
Hydrogenversatilitymakesitanidealenergyvector
Source:J.P.MorganbasedonH2Europe
Electrificationvs.“Hydrogenization”:whichapproachforwhichsector?
Electrificationpossible?
Yes
No
Possible?
Bothcouldcompete:home
H2sweetspot:Steel,Heavy
Yes
heating,energystorage,light
dutyvehicles,aerospace,
vehicles
shipping
H2Solution
loadpowergeneration
likelyneeded:Cement
NoopportunityforH2likely:
Neitheroffersalargescale
No
aluminumsmelting,mostbase
solution,soCCSdevelopment
Source:J.P.Morgan,companydata
12
WeestimatetheH2addressablemarketinChinacanreachRmb12trnby2050Eandgreenhydrogencostcanbecommerciallycompetitiveby2030E
AnnualhydrogendemandinChina(mntonnes)
Hydrogenasa%ofenergymixinChina
70
CAGR
60
60
4%
50
CAGR
40
10%
35
12%
10%
8%
10%
6% 5%
22
10
0
4%
2%
0%
2%
2025
2030
2050
AnnualdemandofhydrogeninChina(mntonne)
Source:ChinaHydrogenAlliance
HydrogenproductionmixinChina
100%
0%
2%
3%
5%
10%
90%
30%
15%
80%
23%
45%
70%
60%
70%
50%
5%
40%
67%
30%
60%
45%
20%
0%
10%
20%
0%
2020
2030
2040
2050
Fossilfuel
Industrialby-product
Greenhydrogen
Biofuel
13
Source:ChinaHydrogenAlliance
2020 20302060Hydrogenas%ofenergymixinChina
Source:ChinaHydrogenAlliance
JPMforecastofChinaFCEVsales
0.6
0.4
unitsMn 0.2
0.0
2035E2034E2033E2032E2031E2030E2029E2028E2027E2026E2025E2024E2023E2022E2021E202020192018201720162015
Annualsales
Source:CAAM,J.P.Morganestimates
Korea:Hydrogentodrive2050carbonneutrality,withthegovernmentsettinglong-termHydrogenandFCEVsupplytargets
FCEVfleetandsalestarget
'000units
200
100
0
2020
2025
2030
FCEVsales
FCEVfleet(RHS)
Source:MOTIE.
HMC:FCEVproductiontarget
'000units,Wtrn(RHS)
600
7
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