全球-可持续产业-ESG趋势：乐购供应商访谈，二氧化碳排放，太阳能与可视化AQI.docxVIP

Global Research 19 February 2019Equities Equities EquitiesESG TrendsGlobal Equities Global Global Sustainability GlobalGlobal Sustainability Global Global Sustainability Charts in focusFigure 1: 10-year change in emission rate renewable penetration Change in CO2t/MWhSource: Governmentdata, UBS research. Timeframe is 2006-2016. (CO2 Emissions, Windham, CFA, 6 Feb 2019) (％) UOLP匕①u①d ①-qBM①u①」￡①SubFigure 2: Attribution of CO2 reduction Julie Hudson, CFAAnalyst +44-20-7568 4632 Victoria KalbSource: Gallup Poll, U.S. government data, UBS research. (CO2 Emissions, Windham, CFA, 6 Feb 2019) ESG Trends Op Ed: What Do Our Tesco Supplier Interviews Mean for ESG? We return to our ongoing exploration of how ESG factors get into a DCF. (See also (Un)strarded Assets”: the RWE “ESG in DCFs“ case study continued, and MOff-Market ESG Assets in DCFs.) We consider Tesco as a company potentially in competitive transition** towards a more sustainable model on the basis of the significant change in the companys relationship with suppliers as described by UBS analyst Dan Ekstein. North America Alternative Energy: The State of U.S. electricity CO2 emissions Total CO2 emissions from U.S. electricity generation peaked in 2007 and have declined by approximately 26% through 2017, primarily driven by the displacement of coal generation. Renewables were attributable for the majority of the CO2 reductions (52%) with natural gas (44%) and decline in load (4%) comprising the balance. (CO2 Emissions, Windham, CFA, 6 Feb 2019). Solar energy: Solar revolution is propelling European smallcapsWe expect solar generation in Europe to experience exponential growth in the next decade, driven by highly competitive costs and very attractive returns. Globally, the scale of investment in renewables is overwhelming (c 500bn/year) and growing, with solar accounting for more than 50% of this. (Solar Energy, Ojeda, 7 Feb 2019). Global Sustainability: UBS Evidence Lab inside: Visualising AQIAs discussed in our la