汇丰全球新能源行业.docVIP

汇丰全球新能源行业2007 By Robert Clover and James Magness Green is the new Black An introduction to the Global Alternative Energy sector Employed by non-US affiliate of HSBC Securities USA Inc and is not registeredqualified pursuant to NYSE andor NASD regulations Printed by Sterling Financial Print Ltd London on Revive 100 Matt paper using vegetable oil-based inks Made in France the paper comprises 100 de-inked post-consumer waste Pulps used are totally chlorine-free Global Alternative Energy March 2007 Disclosures and DisclaimerThis report must be read with the disclosures and analyst certifications in the Disclosure appendix and with the Disclaimer that form part of it We are initiating coverage of the Global Alternative Energy sector In this report we examine the drivers of the extraordinary long-term growth potential that we expect for the sector We forecast that demand for alternative energy will grow at a 9 CAGR to 2030 with near-term growth rates considerably higher We examine the core drivers of this growth –energy security emission reductions growing energy demand depleting fossil fuels technology improvements –and we analyse the potential and cost position of each of the key alternative energy technologies Overall we are most optimistic on the outlook for wind solar and marine but much less so for the hydrogen economyfuel cells We believe that biofuels and synthetic fuels from coal face challenges as well as opportunities James Magness Analyst 44 20 7991 3464 jamesmagnesshsbcibcom James is an Analyst in the Alternative Energy team based in London He joined HSBC in August 2005 from a large accounting firm where he qualified as a Chartered Accountant and worked in the Valuation and Strategy team Prior to that he studied physics at university graduating with a BAPhys Robert Clover Analyst 44 20 7991 6741 robertcloverhsbcibcom Robert Clover is the Global Head of Alternative Energy Research in the Global Resources Team He joined HSBC in