PitchBook-新兴的可持续投资机会：碳利用（英）-2023_市场营销策划_重点报告202301.docx

rPitchBookPitchBook Data, Inc.John Gabbert Founder. CEONizar Tartiunl Vice President, Institutional Research and EditorialDaniel Cookz CFA Head of Quantitative ResearchInstitutional Research GroupAnalysis© Anikka VillegasAnalyst. Fund Strategies & Sustainable Investinganikka. 5llegasInsights developed in collaboration with John MacDonaghl Senior Analyst Emerging Technologyat PitchBook Data.DataAlyssa WilliamsSenior Data AnalystpbinstitutionalrcsearchPublishingDesigned by Caroline SuttiePublished on December 11.2023ContentsKey takeawaysIIntroduction2Financial return potential3Environmental and social Impact7potentialEmergingSustainableInvestingOpportunities:CarbonUtilizationHowcarbonutilizationcancreateadoublebottomlineoffinancialreturnsandpositivesocialandenvironmentalImpactPitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.KeytakeawaysAsusageofcarboncapturetechnologiescontinuestorise,thequestionofwhattodowithcapturedcarbonhasgrownmoreurgent,andcarbonutilizationispartoftheanswer.Thefinancialreturnpotentialofthisopportunityisdictatedinlargepartbycarboncapture'sproliferation,governmentfundingandregulatorysupport,challengesfacedbyitsmainalternative,andcorporatesustainabilitycommitments.CarbonutilizationhasthepotentialtocreatepositiveenvironmentalImpactsbyenablingamoresustainablelifecycleforcapturedcarbon,providinglower-carbonsubstitutesfortraditionalproducts,andreducingrelianceonanalternativethatpresentsenvironmentalrisksinadditiontosocialones,creatingaminorsocialImpactpotentialaswell.IntroductionVenturecapital,oftenservingastheincubatorofemergingtechnologies,iswellpositionedtoinvestwithpositivesocialandenvironmentalImpactgoalsinmind.VCscandrawontheirexpertiseandresourcestofosterthebusinessesthathavethegreatestpotentialforbothImpactandreturns,especiallywhenkeepinganeyetowardcompaniesforwhichsuccessnecessarilymarriesthetwo.ThisfacthasnotgoneunnoticedbyVCs1whichrepresent42.7%ofthetotalcountofImpactfundsraisedsince2007/Yet,thelandscapeofprospectiveopportunitiesisexpansiveandrapidlyevolving,makingitdifficulttokeeptrackofwhichoneshavethegreatestfinancialandImpactreturnpotential.Emergingopportunitiesoftengobeyondtheinvestmentareastraditionallyassociatedwithsustainability,suchassolarenergyorelectricvehicles,encompassingahostoflesser-knowntechnologies.Evenwithinthefamiliarthemes,therearenicheinvestmentopportunitiesdeveloping.Inthisanalystnoteseries,wesurfaceopportunitiesacrossemergingtechnologyverticalssuchasagtech,mobilitytech,andcarbon&emissionstechthatWebelievearepoisedtoperformwellwithinthenextdecade,frombothfinancial-returnandImpact-returnperspectives.Indoingso,WehopetohelpguideVCspursuingthe“doublebottomline"throughthecomplexlandscapetothemostfruitfulopportunities.Foreachanalystnoteintheseries,insightsaredevelopedincollaborationwithaPitchBookEmergingTechnologyAnalystcoveringtherelevantvertical,usingtheirsubjectmatterexpertiseandpreviousresearch,aswellassomeexternalresources,toinformourperspectiveonthespace.Wediscusstheopportunity'smajordriversofreturnpotentialaswellastheinvestmentrisksandobstaclesitfaces.WealsoexploreitssocialandenvironmentalImpactpotential,howtheopportunityfitsintovariousIRIS+Impactthemes, For more Impact fundraising data, read our Q4 2022 PitChBoOk AnM Note: knoact rwestinq UPdate The Impact Reporting and Investing Standards (1RJS+) frameworkz created by the Global Impact Investing Netwofk(GllN), Is an industryng etodo<ogy aling investors in sorting impact investments by the different types of Impact they are targeting. You can Ieam more abt the IRIS*Cdtegonesz what they mcludef and What they do not in "RIS+ ThemauC TaxonomyGlobal Impact【nvesongandpotentialmetricstohelpquantifythoseImpacts.Ultimately,theaimofthisresearchistogiveVCsandtheirLPsabetterunderstandingofhowtheopportunitiesaligntotheirreturnandsustainabilitygoalsandprovidecompaniesoperatinginthesespacesasenseofhowtooptimizeandcommunicatetheirsocialandenvironmentalImpact.Thisanalystnotefocusesoncarbonutilization,whichencompassesawiderangeofdevelopingapproachestomakinguseofcapturedcarbondioxide(CO2)andisthemainalternativetocarbonsequestration.Historically,CO2waslargelyusedinureaproductionandenhancedoilrecovery,thelatterofwhichinvolvedpumpingCO?intooilfieldstoincreasetheextractionofoilandextendthelifetimeoftheoilfields. For more dete on carbon Utiization approaches, read our Ol 2023 PitChBoOk Anaz巾 Note:However,theendproductsofup-and-comingcarbon-utilizationcompaniesfitintothreemajorcategories:industrialchemicals,fuels,andconstructionmaterials.WithdecarbonizationnowamajorinvestmentthemeinbothPEandVC,carboncapturecapacityisgrowing,andthequestionofwhattodowithcarbononceithasbeentrappedismorepressing.Since2013,46VC-backedcompanieshaveenteredthecarbon-utilizationspacewith$1.1billionininvestment.CarbonutilizationVCdealacti