One changing climate, one changing world - Have your investments changed? Presenter's Details - Gensler
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One changing climate, one changing world
Have your investments changed?
Presenter’s Details
Date
Agenda What is climate change? A new world of investment opportunities DWS Climate Change Fund
One changing climate, one changing world
What is climate change?
Presenter’s Details
Date
Climate change warning signs Heat waves and periods of unusually warm weather Ocean warming Arctic and Antarctic warming Glaciers melting Sea level rising Coastal flooding Increasingly random and extreme weather patterns Hurricanes Flooding Droughts Tsunamis
Climate change evidence The Earth is now at its highest temperature in the past 1,300 years1 Carbon dioxide levels are at an all-time high and are increasing 200 times faster than at any time in the last 650,000 years1 "Even if we halted all emissions, the climate would continue to warm up”2 "Greenhouse gases survive for more than 100 years in the atmosphere"2 1UN climate report, 2/3/07, 5/4/07 2Professor Martin Classen, Max Planck Institute for Meteorology
Reasons for climate change Changing world Rapidly growing population Industrialization of the developing world Increased burning of fossil fuels and deforestation Greenhouse gases increase Emissions thicken Earth’s greenhouse blanket Gases become trapped The surface temperature rises The ozone layer thins
The sources of greenhouse gas emmissions
60%-plus of greenhouse gas emissions come from CO2
75% of greenhouse gas emissions come from OECD countries
Industry
14%
Other energy
related Power
5% 24%
Waste
3%
Transport
Agriculture 14%
14%
Land use Buildings
18% 8%
Source: World Resources Institute, 2006. The Organisation for Economic Co-operation and Development (OECD) is an international organization
of 30 developed countries that accept the principles of representative democracy and a free market economy.
Rising temperatures could have a profound impact Source: Stern Review on the Economics of Climate Change, 2007
One changing climate, one changing world
A new world of investment opportunities
Presenter’s Details
Date
A new world of investment opportunities? The market for low-carbon energy products could range from $500 billion to $1 trillion per year over the next five years Could surpass $2 trillion per year by 2050 Largest private equity recipients in 2006—alternative energy New markets may be created as consumers and companies look for ways to decrease energy consumption Financial services firms could benefit from increased activity in designing instruments that tap into the growing demand in new markets Capital markets could play a critical role in raising funding for new businesses in emerging technologies Source: Stern Review on the Economics of Climate Change, 2007
Ways to invest in climate change
Finding companies responding to climate change
A clean technology company
Companies that manufacture “green” products
Companies that are improving their operations to lessen their negative environmental impact
A commercial forestry company that has engaged in a wide-scale reforestation effort, which is helping to
reduce the level of CO2 in the atmosphere
An energy-efficient company
A leading manufacturer of automotive interior equipment
Created a new type of foam pad used in the creation of vehicle seats
Decreases dependence on petroleum products
Less environmental impact
An environmental management / damage limitation company
One of the world’s largest consultancy firms
Operates across Europe, conducting major activities in the environmental sector, including projects
involving water, waste, land-use planning, nature conservation, railroad construction and renewable
energy
Helps protect against floodingOne changing climate, one changing world
DWS Climate Change Fund
Presenter’s Details
DateImportant risk information DWS Climate Change Fund is subject to stock market risk. Investing in foreign securities, particularly in emerging markets, presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic changes, including emerging markets and market risks. Stocks of small-cap companies involve greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be subject to more-erratic and more- abrupt market movements. Additionally, the fund concentrates its investments in climate-change-related companies, increasing its vulnerability to industry risks and regulatory developments. All of these factors may result in greater share price volatility. Please read the prospectus for specific details regarding the fund’s risk profile.
The DWS Investments difference Climate change asset management expertise Deutsche Asset Management manages $2.9 billion in climate change assets globally (as of November 2007) DWS Climate Change Fund's investment team is composed of a climate change investment committee, portfolio managers, global theme analysts and global sector analysts.
Investment process Incorporates both top-down and bottom-up approaches Top-down inputs include environmental and macroeconomic trends Stock selection based on fundamental, bottom-up research
Top-down analysis
Long-term trends
Macroeconomic trends
(energy, demographics, consumer
(GDP, interest rates,
needs, technological change, subsidies
consumption and investment,
for alternative energies, agro and water
currencies, commodity prices,
supply, carbon emisissions, crop
money flows, leading indicators,
reports, develpoment commodity
etc.)
marktes, etc.)
Political environment
Sector earnings (legal, fiscal and
dynamic economic certainty,
geopolitical tensions)
Valuations
(risk premium, dividend
and earnings yield to
Identification of trends bond and cash yield,
and themes credit spreads)
Asset, country and
sector allocation Market sentiment
(level of euphoria, risk
aversion, consensus)Bottom-up stock selection screening Companies with an established market share or at least 20% of their revenue derived from the fund’s investment themes (clean technology, energy efficiency, environmental management/damage limitation) Companies with a unique and promising approach to solutions in our investment universe A strategic or regional advantage in comparison to peer group Sound and proven management with an established track record in their area, close relationship to management
DWS Climate Change Fund characteristics Invests in global equities across the market-cap spectrum (small-cap, mid- cap, large-cap) No regional focus Actively managed—i.e., managers select stocks instead of mimicking a benchmark index Buy-and-hold strategy Fully invested Invests in almost all sectors of the MSCI World Index Broad diversification: 80 to120 stocks Performance driven by stock selection via fundamental, bottom-up research Maximum single-stock exposure 4% of net asset value (NAV) Benchmark index: MSCI World Index The MSCI World Index is a measure of stock markets around the world, including North America, Europe, Australia and Asia.
Important information
© 2008 DWS Investments Distributors, Inc. All rights reserved. (12/07) 52804
OBTAIN A PROSPECTUS
To obtain a prospectus, download one from www.dws-investments.com, talk to your financial
representative or call Shareholder Services at (800)-522-1441.
We advise you to carefully consider the product’s objectives, risks, charges and expenses before
investing. The prospectus contains this and other important information about the investment
product. Please read the prospectus carefully before you invest.
NOT FDIC/NCUA INSURED MAY LOSE VALUE
NO BANK GUARANTEE NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents
the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas,
Deutsche Investment Management Americas Inc. and DWS Trust Company.
DWS Investments Distributors, Inc.
222 South Riverside Plaza Chicago, IL 60606-5808
www.dws-investments.com rep@dws.com
Tel (800) 621-1148INVESTING WITH GREEN PRINCIPLES INVESTING WITH GREEN PRINCIPLES SUSTAINABLE DESIGN: Opportunity for Impact Presented by Nellie Reid at Mobius LA 10.16.08
INVESTING WITH GREEN PRINCIPLES
The “Triple Bottom Line” Of Sustainability
ECONOMIC
Become eligible for available incentives
Reduce hauling & disposal costs
Reduce annual energy and O&M costs
Increase productivity / reduce absenteeism
Improve financial performance / asset value
ENVIRONMENTAL SOICAL
Conserve limited resources Improve occupant health
(energy, water, materials) Enhance occupant comfort
Reduce pollution (air, water) Community education
Preserve natural habitats Boost public imageINVESTING WITH GREEN PRINCIPLES Increasing Cost of Energy
INVESTING WITH GREEN PRINCIPLES U.S. Average Natural Gas Price
INVESTING WITH GREEN PRINCIPLES Global Emissions of CO2 Continue to Grow Source: USGBC
INVESTING WITH GREEN PRINCIPLES
Cost Comparison of CO2 Reduction Strategies
Source: McKinsey Quarterly ReportINVESTING WITH GREEN PRINCIPLES U.S. Energy Consumption by Sector Source: SF Environment
INVESTING WITH GREEN PRINCIPLES
U.S. Buildings account for…
12% 30% 65% 70%
Water Use Greenhouse Waste Electricity
Gas Emissions Output Consumption
Source: USGBCINVESTING WITH GREEN PRINCIPLES Average Savings of Green Buildings
INVESTING WITH GREEN PRINCIPLES
Architecture 2030 Challenge
THE CHALLENGE By 2035, 3/4 of the
All new buildings and major renovations: U.S. building stock
will be either new or
60% fossil fuel reduction by 2010
renovated - AIA
80% fossil fuel reduction by 2020
Carbon neutral by 2030
U.S. Conference of Mayors and the American
Institute of Architects have partnered in this challenge
along with many other groups
THE SOLUTIONS
Passive Design Strategies
Active Technologies
Carbon Offsets
http://www.architecture2030.org/INVESTING WITH GREEN PRINCIPLES ENERGY STAR Ratings for buildings • Focus is on energy performance (and associated climate change impacts) • 7 step program • Looks for continuous improvements (annual performance assessments are encouraged) • Utilizes the Energy Star Portfolio Manager to track energy performance and benchmark building. • The facility's performance is rated on a scale from 1 to 100. A facility that scores 75 or higher is eligible to receive the ENERGY STAR label. http://www.energystar.gov
INVESTING WITH GREEN PRINCIPLES
LEED Rating System
LEADERSHIP IN ENERGY & ENVRONMENTAL DESIGN
5 Major Categories: Currently Available
Sustainable Sites LEED-NC (new construction and major
Water Efficiency renovations)
Energy & Atmosphere LEED-CI (commercial interiors)
Materials & Resources LEED-EB (existing buildings)
Indoor Environmental Quality LEED-CS (core & shell)
Plus:
Innovation Points Pilot Programs
LEED Accredited Professional LEED-H (homes)
4 Certification Levels: LEED Application Guides
Certified LEED-ND (neighborhood developments)
Silver LEED for Schools – K-12 (currently in public
Gold draft stage)
Platinum LEED PortfolioINVESTING WITH GREEN PRINCIPLES Initial Cost Premiums
INVESTING WITH GREEN PRINCIPLES
Financial Benefits
$16.00INVESTING WITH GREEN PRINCIPLES
LEED Registered & Certified Buildings
605 Certified Projects
4300 Registered Projects
78 Million GSF in 50 States & 13 CountriesINVESTING WITH GREEN PRINCIPLES
Green Building Incentive Programs
FEDERAL State (CA)
Savings by Design: up to $150,000
• Energy Efficient Commercial rebate applied towards energy modeling
Buildings Tax Deduction: $0.30- and applied energy efficiency
$1.80 per square foot, depending measures)
on technology and amount of
energy reduction. Emerging Renewables Program:
• Solar: 30% tax credit for the Cash incentives for grid-connected
small wind and fuel cell renewable
installation of qualifying solar
energy electric-generating systems.
equipment on buildings.
LOCAL (SO CAL) California Solar Initiative: $2.50 per
watt.
• Los Angeles, Pasadena, Santa
Monica, Beverly Hills, Santa Clara,
So Cal Gas Co’s Energy Efficiency
Anaheim, Burbank, Glendale
Program for commercial and industrial
large business customers provides up
to $1 million per eligible premise per
year.INVESTING WITH GREEN PRINCIPLES
State of Nevada Tax Incentives
• Assembly Bill 621 (signed into law June 15, 2007)
• Reduces property tax incentives from AB 3
• Superimposes minimum energy performance component
Min. Amount of
Level LEED Points Term of Abatement
EAc1 Pts Abatement
Certified 26-32 2 No property tax incentive
Silver 33-36 3 10 Years 25%
Gold 39-51 5 10 Years 30%
Platinum 52-69 8 10 Years 35%INVESTING WITH GREEN PRINCIPLES
Insurance Benefits for Sustainable Design
In October 2006, Fireman’s
Fund received regulatory
approval to offer a 5%
property insurance discount
on LEED or GreenGlobe
certified buildings.
“Fireman’s Fund Insurance Co. Website”
www.firemansfund.comINVESTING WITH GREEN PRINCIPLES
CITY CENTER Las Vegas, Nevada: Registered LEED Silver
Projected 30%
reduction in energy use
• High performance glazing and
cool roofing materials
• Centralized cogeneration plant
recovers waste heat (CHP)
• State-of-the-art building mgmt.
systems and controls for
optimized energy performance
Projected 30% reduction in
potable water use
• Studying use of greywater and/or
reclaimed water for make up
water in the cooling towers
• Water conserving plumbing fixtures
Goal is to minimize water use
for landscape irrigation by 50%
• Selection of plant types that require low amounts of water and high-efficiency irrigationINVESTING
CITYCENTER: WITH GREEN
MANDARIN ORIENTAL PRINCIPLES
BY KPF, THE HARMON BY FOSTERS + PARTNERSINVESTING WITH
CITYCENTER: VEER GREEN
TOWERS PRINCIPLES
BY MURPHY/JAHN, VDARA BY VINOLYINVESTING
INVESTINGWITH
WITHGREEN
GREENPRINCIPLES
PRINCIPLES
The “Triple Bottom Line”
Return on Investment (ROI) Analysis
• (0) Many strategies have no incremental capital cost
• (+) Initial capital cost premium (estimated at less than 1%) includes:
• Certain materials
• Certain building systems and controls
• Indoor air quality management and technologies
• (-) Nevada State Tax incentives and other savings:
• Property Tax abatement (up to 50% for up to10 years, depending on LEED
rating level)
• Sales Tax reduction (on construction materials purchased for project)
• Reduced energy and water bills and other long-term operational cost
savings
• (=) ROI for achieving LEED Silver….less than one year!INVESTING WITH GREEN PRINCIPLES BANK OF AMERICA Adelanto Marketplace This 5,022 sf adaptation of Bank of America’s prototypical retail banking center is a learning laboratory for ideas to roll out nationwide. It is attempting a LEED Platinum rating.
INVESTING WITH GREEN PRINCIPLES BANK OF AMERICA Adelanto Marketplace • Projected 60% reduction in energy use • Projected 40% reduction in potable water use
INVESTING WITH GREEN PRINCIPLES INVESTING WITH GREEN PRINCIPLES SUSTAINABLE DESIGN: The Most Cost-Effective Opportunity for Impact Presented by Nellie Reid at Mobius LA 10.16.08
The VALUE of Good Lighting
Kathy Pryzgoda
Principal Designer, Light Studio LA,
INC.
www.lightstudioLA.comDAYLIGHTING:
Our MOST efficient SOURCE-the SUN!
LIGHTING CONTROLS:
“The Lamp that saves the most energy is the one
that is switched OFF!”
Efficient LIGHT TECHNOLOGY:
Are LED’s the “Magic Bullet”?
www.lightstudioLA.comDAYLIGHTING:
DAYLIGHTING:
The
The SUN
SUN is
is our
our MOST
MOST efficient
efficient
SOURCE
SOURCE
www.lightstudioLA.comDAYLIGHTING-SITING
DAYLIGHTING-SITING the the
Building
Building
Take
Take advantage
advantage of
of Nature’s
Nature’s BEST
BEST
Luminaire!
Luminaire!
www.lightstudioLA.comDAYLIGHTING-FENESTRATION
DAYLIGHTING-FENESTRATION
Consider
Consider Clerestories
Clerestories instead
instead of
of Skylights
Skylights
-Allow
-Allow LIGHT
LIGHT impact
impact without
without HEAT
HEAT impact!
impact!
www.lightstudioLA.comDayLIGHTING:
DayLIGHTING: SOLUTION
SOLUTION
• Model light with the “HelioDome”, it’s free!
Local Source: Southern California Ed’s “CTAC”
www.sce.com/ctac
www.lightstudioLA.comDayLIGHTING:
DayLIGHTING: SOLUTION
SOLUTION
www.lightstudioLA.comLIGHTING
LIGHTING CONTROLS:
CONTROLS:
““The
The Lamp
Lamp that
that saves
saves the
the most
most energy
energy is
is the
the one
one that
that is
is switched
switched
OFF!”
OFF!”
www.lightstudioLA.comLIGHTING
LIGHTING
CONTROLS:SOLUTION
CONTROLS:SOLUTION
DAY
DAY LIGHT
LIGHT HARVESTING
HARVESTING
Take ADVANTAGE the SUN during the HOURS we
need to
CONSERVE the most!
www.lightstudioLA.comLIGHTING
LIGHTING CONTROLS:
CONTROLS:
SOLUTION
SOLUTION
CaseDAYLIGHT
Study: AIA-San
DAYLIGHT HARVESTING
Francisco
HARVESTING
www.lightstudioLA.comG G
CONTROLS:SOLUTION
CONTROLS:SOLUTION
Use
Use Occupancy
Occupancy Sensors
Sensors and
and
Dimmers
Dimmers
If you Dim your lights 25% you save 20% on electricity
And you extend the life of the bulb 4 times!
www.lightstudioLA.comEFFICIENT
EFFICIENT LIGHTING
LIGHTING
TECHNOLOGY:
TECHNOLOGY:
Are
Are LED’sLED’s the
Lumens per watt: ??
the “Magic
“Magic Bullet”?
Bullet”?
Color temperature?
Price?
Color rendering?
www.lightstudioLA.comEFFICIENT
EFFICIENT LIGHTING
LIGHTING
TECHNOLOGY:
TECHNOLOGY:
LED’s
LED’s are
are still
still evolving
evolving (70+
(70+ Lumens
Lumens per
per watt)
watt)
www.lightstudioLA.comEfficient
Efficient LIGHT
LIGHT TECHNOLOGY:
TECHNOLOGY:
SOLUTION
SOLUTION
AA (5watt)
(5watt) LED
LED Step
Step light
light is
is brighter
brighter than
than aa 20watt
20watt Halogen!
Halogen!
www.lightstudioLA.comEfficient
Efficient LIGHT
LIGHT TECHNOLOGY:
TECHNOLOGY:
SOLUTION
SOLUTION
FLUORESCENT
FLUORESCENT (90+
(90+ lumens
lumens per
per watt)
watt)
• Good Color Rendering
• Different Color Temps.
• Electronic Ballasts
• 20,000 hours
• It’s dimmable!
www.lightstudioLA.comEfficient
Efficient LIGHT
LIGHT TECHNOLOGY:
TECHNOLOGY:
SOLUTION
SOLUTION
METAL
METAL HALIDE
HALIDE (80+
(80+ Lumens
Lumens per
per Watt)
Watt)
Metal Halide isn’t just for Parking Lots anymore!
www.lightstudioLA.comEfficient
Efficient LIGHT
LIGHT TECHNOLOGY:
TECHNOLOGY:
SOLUTION
SOLUTION
Metal
Metal Halide
Halide is
is perfect
perfect for
for Retail
Retail (80+lumens
(80+lumens per
per watt)
watt)
• Good Color Rendering
• Warm Color Temp.
• Small Par20 Lamps
• 15,000 hours
Metal Halide 39watt Par 20= 2000 lumens
Halogen 50watt Par 20 = 500 lumens
www.lightstudioLA.comDAYLIGHTING:SOLUTION
DayLight Modeling
LIGHTING CONTROLS: SOLUTION
DayLIGHT Harvesting, Sensors and Dimmers
Efficient LIGHT TECHNOLOGY: SOLUTION
Use a variety of Energy efficient lamps including:
LED, Fluorescent, and Metal Halide
www.lightstudioLA.comThe VALUE of Good Lighting
Kathy Pryzgoda
Principal Designer, Light Studio LA,
INC.
www.lightstudioLA.cominvesting with green principles
eco-friendly nail salona warm welcome
eco-friendly nail saloncomfortable
eco-friendly nail salonhealthy & safe
eco-friendly nail salonholistic approach
eco-friendly nail salondowntown shopping district
eco-friendly nail salonembrace existing conditions
before after
eco-friendly nail salonpassive cooling
eco-friendly nail salonstunning eco surfaces
eco-friendly nail salonstriking countertops
eco-friendly nail salonattractive furniture & fabric
eco-friendly nail salonefficient & effective systems
eco-friendly nail salonmost effective things you can do
NO COST
•open curtains on south-facing windows during the day, close at night
•lower water heater temp to 120°: $12/yr
•set thermostat as low as comfortable: $18/yr for 3°
•turn thermostat back 10-15° while sleeping or away and save 10%
•wash clothes in cold water: $18/yr
•air dry clothes during summer: $43/yr
•turn off unneeded lights: $21/yr
•close fireplace damper when not using fireplace
•when using fireplace, open dampers in the bottom or open a nearby
window 1” and close nearby doors
•turn off unneeded lights: $21/yr
eco-friendly nail salonmost effective things you can do
LOW COST
•get a setback and save up to 15% on heating: $58/yr
•energy-saving appliance features, including power-down or sleep
mode on PC: $43/yr
•electronic power-controlling devices for older appliances
•stop air leaks: $80/yr
•insulate water heater: $15/yr
•add attic insulation: $116/yr
•install efficient showerheads: $21/yr
•weatherize windows: $34/yr
•faucet aerators: $6/yr
•seal and insulate ducts: $82/yr
•replace 6 interior incandescents: $32/yr
adapted from www.rmi.org and www.energysavers.gov
eco-friendly nail saloninvesting with green principles
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