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Key risks
Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. It should be noted that diversification is no guarantee against a loss in a declining market.
L&G Battery Value-Chain UCITS ETF
L&G Clean Water UCITS ETF
L&G Hydrogen Economy UCITS ETF
L&G Clean Energy UCITS ETF
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The ETFs
Click on the pins to learn how technology is driving progress in four key areas
A changing landscape:
Battery value chain
Clean water
Hydrogen economy
Clean energy
Discover how the electric car revolution began in the 1870s, but took until the new millennium to gain traction.
The first European fund available in Europe offering exposure to the end-to-end value chain of battery technology, this ETF seeks to provide exposure to both established and emerging players in the industry through its equal weighting methodology.
Key features:
Learn more about the
L&G Battery Value-Chain UCITS ETF
Global exposure to a select basket of battery technology and mining companies
Diversified portfolio of companies spanning multiple geographies, sectors and market caps
Rebalancing on a semi-annual basis to maintain diversification and enable market responsiveness
L&G Battery Value-Chain UCITS ETF
Key risks: The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested. It should be noted that diversification is no guarantee against a loss in a declining market.
This is an SFDR Article 8 fund. The SFDR product summary can be accessed here.
The increasing energy density of batteries, together with a significant fall in prices, has led to rapid growth of the battery sector. Batteries now play an essential role not only in the automotive sector, but also in the grid storage industry, allowing the transition towards renewable energy by storing energy produced from sustainable sources and ensuring a reliable supply of power.
L&G Battery Value-Chain UCITS ETF
The ETF:
Battery value chain
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The rise of EVs illustrates the transformative potential of battery technology, but it doesn’t tell the whole story.
A combination of shifting economics and political will has led to huge investment in renewables. Because the availability of renewables is intrinsically variable, grid storage plays an essential role in facilitating the transition to clean sources of energy.
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“Energy storage, in particular battery energy storage, is set to play an increasingly important role in system flexibility. Battery storage is projected to be the fastest growing source of power system flexibility in all scenarios over the outlook period”
IEA World Energy Outlook 2022
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In 2012, 120,000 electric cars were sold worldwide. In 2021, a greater number were sold each week
Sales of electric vehicles doubled in 2021 compared to 2020
Nearly 10% of global car sales were electric in 2021, four times the market share in 2019
Source: IEA 2022 Global EV Outlook
Electric cars have been around since the 1870s, and at the turn of the century electric cars accounted for around a third of all vehicles on US roads.
The discovery of crude oil in Texas, improvements in internal combustion engine technology and better roads, however, led electric cars to fall out of favour, virtually disappearing by the middle of the 1930s.
In the 1990s, new federal and state regulations in the US led to a surge of research and development spending from automakers. This spending led to huge improvements in the performance and range of electric vehicles (EVs).
Key milestones on the road to electric vehicle adoption included Toyota’s Prius in 2000, which was the first mass-produced hybrid car, and Chevy’s Volt in 2010, the first commercially available plug-in hybrid.
Show forecast
Source: IEA data. APS = Announced Policies Scenario, which aims to show to what extent the announced ambitions and targets, including the most recent ones, are on the path to deliver emissions reductions required to achieve net zero emissions by 2050. Assumptions, opinions and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass.
Over the past decade, EV numbers have risen rapidly
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As electric vehicles steadily displace petrol and diesel cars, the vast number of batteries used in the transportation sector will draw increasing scrutiny.
One way that the life of vehicle batteries could be extended is by using them as components of stationary energy storage systems, which can be used to capture renewable sources of energy.
The chart on the left shows that by 2030 the capacity of EV batteries available for repurposing or recycling will far outstrip the current capacity of grid storage systems.
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Ultimately, EVs could become just one part of a wider circular economy in which maximum utility is extracted from the raw inputs of the entire battery value chain.
Source: IEA (2020), Global EV Outlook 2020, IEA, Paris. Assumptions, opinions and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass.
Automotive battery capacity available for repurposing or recycling 2019 - 2030 in GWh/year
Return to the map to discover how another transformative technology is powering the clean energy revolution
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Explore the landscape below to discover how these forces are reshaping vital industries, and where the experts believe we’re headed in the years to come.
These four factors have led to sweeping changes in energy and natural resources – and the revolution has only just begun.
Innovative digital technologies
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Rising acceptance of the need to avert a climate crisis
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Making solar and wind power cheaper than coal
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Rapid falls in the cost of renewable energy
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The clean energy and natural resources revolution
For investment professionals only. Capital at risk.
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The underlying technologies are well established, providing visibility for investment decisions
Technological advances have led to efficiency gains in both solar and wind installations
The cost of both of these options has declined significantly, despite a temporary rise in prices in 2021-2022
Comparatively short lead times and modular solar installations make these options easier to realise than renewables involving longer-term project commitments
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Today, solar power is leading the way in renewable energy sources. In 2022 it accounted for an estimated 62% of the annual renewable power investment globally, continuing a steady upward trend that began in 2019.
Wind installations account for the bulk of the remaining renewable power investment, accounting for 25% of the total in 2022.
Several factors help explain why solar and wind power have accounted for an increasing share of renewable power investment:
Note: CSP = concentrated solar power. PV = photovoltaic.
Source: CPI (2022a). Investments for 2021 and 2022 represent preliminary estimates based on data from Bloomberg New Energy Finance (BNEF) (2023b). As BNEF data has limited coverage of large hydropower investments, these were assumed to be $7 billion per year, equivalent to the annual average investment over 2019-2020.
Share of annual renewable energy investments, by technology
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1. CPI (2022)
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The past decade has seen significant falls in the price of renewable energy, fundamentally changing the economics of power generation. This has led to a change in how the world is generating its power.
Until less than a decade ago, fossil fuels represented the majority of new power generation capacity, reflecting the price premium that was historically attached to renewables.
2015 marked a turning point, with more than half of new power generation capacity coming from renewables.
Global weighted average levelised cost of electricity, 2010-2020
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Source: IRENA data: Global Trends (irena.org)
Source: IRENA 2022
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Return to the map to discover how another transformative technology is powering the clean energy revolution
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The future of clean energy is not set in stone, and will depend on the ability of politicians, decisionmakers from the corporate world and ordinary individuals to take the steps necessary to avoid climate catastrophe.
Across the world, government policies are accelerating adoption of renewable sources of energy. Below is a snapshot of some of the policies driving progress today.
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Explored all four areas of this interactive communication and want to know more? Contact us or read about our ETFs to discover how our funds align with the clean energy and natural resources revolution.
The country’s 14th Five-Year Plan announced in 2022 included a goal of having 1,200GW of installed wind and solar capacity by 2030. Policies including value added tax exemptions for renewable energy generation, income tax exemptions for renewable energy developers and purchase guarantees for renewable energy by utilities have built on the success of the feed-in tariff for offshore wind announced in 2014.
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The US Senate finally passed the Inflation Reduction Act, a package including $369 billion worth of funding for clean technologies, $260 billion of which is allocated to tax credits, grants, loans and support for wind, solar and nuclear, as well as new technologies such as hydrogen and CCUS. The approval of the act, which is key for the US to achieve its energy security ambitions, benefitted solar stocks with a US based manufacturing capacity. Rising demand from Europe to offset high energy prices also supported revenues for solar companies, which benefit from shorter lead times than companies installing wind power plants.
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To further develop offshore wind, during COP27, nine countries across Europe, Asia and the Americas signed up to the Global Offshore Wind Alliance (GOWA), initially started off by the International Renewable Energy Agency (IRENA), Denmark and the Global Wind Energy Council.
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The Contract for Difference mechanism, the successor of the earlier Renewables Obligation, has driven renewables investment in the UK by lowering investor risk and reducing the cost of capital. 2022’s British Energy Security Strategy, which lays out plans to reduce dependence on Russian oil and gas, includes plans to generate 50GW of energy by 2030 from offshore wind and government pledges to speed up the approvals process for these installations. The strategy also plans to increase the country’s solar capacity fivefold by 2025.
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Net-zero commitments and policy support are driving investment in renewables across the continent. The Green New Deal commits EU members to cutting net emissions by at least 55% by 2030 compared with 1990. Amid the excitement over the US Inflation Reduction Act, the proposed Green Deal Industrial Plan for the Net-Zero Age would see the deployment of €225 billion of existing Recovery and Resilience Facility loans to develop the region’s green capability, plus an additional €20 billion in grants. The proposal introduced by the European Commission to cap the price of electricity from non-gas electricity producers benefitted renewable energy stocks.
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Sources:
1. Global Offshore Wind Alliance (GOWA)
2. Inflation Reduction Act
3. 1,200GW of installed wind and solar capacity by 2030
4. Contracts for Difference - GOV.UK (www.gov.uk)
5. British energy security strategy - GOV.UK (www.gov.uk)
6. The European Green Deal: What to know and what comes next | World Economic Forum (weforum.org)
7. The Green Deal Industrial Plan (europa.eu)
Policy support: global momentum behind the transition to renewable power
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L&G Clean Energy UCITS ETF
The ETF:
Discover how the economics of fossil fuels and renewables has reversed in recent years, meaning deployment of clean energy solutions is no longer dependent on government subsidies.
Learn more about the
L&G Clean Energy UCITS ETF
This is an SFDR Article 9 fund. The SFDR product summary can be accessed here.
This ETF is aimed at investors looking to capture the growth potential of increasing demand for greener energy solutions.
Key features:
Specialised portfolio of clean energy companies that has low overlap with traditional fossil fuel-dominated energy sector
Investment in select companies at the forefront of Sustainable Development Goal 7: Affordable and Clean Energy
Access to the entire value chain of the clean energy ecosystem
Dynamic approach that leverages real-time data on more than 120,000 power-related tenders and contracts worldwide to respond to new entrants and clean energy trends
L&G Clean Energy UCITS ETF
Key risks: The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested.
It should be noted that diversification is no guarantee against a loss in a declining market.
Clean energy
Energy generation decarbonisation is the central pillar of the mission to halt climate change before it’s too late. Although the eventual outcome of these efforts remains to be seen, a combination of political consensus and rapid technological progress has laid the groundwork for a clean energy revolution.
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In a world where water stress is impossible to ignore, water utilities are coming under pressure to make the best possible use of this most precious resource.
As well as updating ageing water infrastructure, utility companies must prepare for increasingly frequent extreme weather events brought about by climate change.
This is leading to innovation across the sector, and capital flows into technologies and water digital solutions.
Water utility providers are actively leveraging digital solutions and water technology providers, using high-tech equipment such as sensors, cloud platform monitoring of water quality and chemical composition.
Source: GWI, March 2022. Assumptions, opinions and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass.
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Spending in the utility market on digital technologies by region
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Sources:
1. Guha-Sapir, D. et al., 2021
2. Guha-Sapir, D. et al., 2021; European Environment Agency, 2017
3. www.unccd.int
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In 2022 the UN published Drought in Numbers, providing an unparalleled analysis of the human cost of water stress. Here are just a few headline findings from the report:
More than 10 million people lost their lives due to major drought events in the past century, causing several hundred billion dollars in economic losses worldwide, and the numbers are rising.
In the past century, 45 major drought events occurred in Europe, affecting millions of people and resulting in more than $27.8 billion in economic losses.
In 2022, more than 2.3 billion people faced water stress and almost 160 million children were exposed to severe and prolonged droughts.
www.nationalgeographic.com
“We are standing at a crossroads… We must deal with drought urgently, using every tool we can.”
Ibrahim Thiaw, Under-Secretary-General and Executive Secretary of the United Nations Convention to Combat Desertification
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Return to the map to discover how another transformative technology is powering the clean energy revolution
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The water sector is experiencing a boom in digital adoption, with several overlapping streams of innovation:
Source: Global Water Intelligence, The digital future of the water sector, 2022
Monitoring contaminants:
Tracking ownership with blockchain:
Anticipating sewer blockages with artificial intelligence (AI):
Tackling carbon emissions with asset investment planning (AIP):
Innovations in biotechnology are helping utilities meet demand for higher quality water and increased reuse rates. Examples include fluorescent spectroscopy, which has been adopted by Anglian Water
Using a digital ledger like that employed by cryptocurrencies can provide clarity on water use in industry. The same data can also be used to highlight potential usage efficiencies
As a result of increasingly frequent extreme weather incidents, preparing for stormwater is more essential than ever. In 2020 and 2021, Siemens worked with Yorkshire Water and the University of Sheffield to use AI to predict problems before they occur. The system now covers almost 2,000 sewers, serving 5 million people
This software is already used by utilities to evaluate the impact of their spending, but it’s also able to help assess long-term carbon costs
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Discover how innovative technology could bring our ageing water infrastructure into the digital age, and mitigate the threat of climate change.
Learn more about the
L&G Clean Water UCITS ETF
This is an SFDR Article 9 fund. The SFDR product summary can be accessed here.
This ETF seeks to offer investors exposure to a diverse basket of companies integral to the global fresh water management and distribution industry, leveraging the potential of water technologies and digital solutions.
Key features:
Exposure to the clean water industry through a basket of companies specialised in the provision of technological, digital, engineering, utility and other services with the collaboration of Global Water Intelligence, a research expert in the water industry
Diversification across geography, market cap and sub-sectors
Semi-annual rebalancing maintains diversification and provides responsiveness to new entrants and market trends
Key risks: The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested. It should be noted that diversification is no guarantee against a loss in a declining market.
L&G Clean Water UCITS ETF
A rising global population and the increase of floods and droughts as a result of climate change are leading to increasing demand for clean water. Technology can help us make the best possible use of this scarce and most precious of resources.
L&G Clean Water UCITS ETF
The ETF:
Clean water
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Today, the hydrogen market is worth around $130 billion per year , with production having doubled over the past 20 years.
Currently, almost all hydrogen production is based on fossil fuels.
However, the rapidly falling cost of renewables thanks to technological advances and government support of the transition away from fossil fuels is fundamentally changing the outlook.
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Sources:
1. www.grandviewresearch.com
2. www.kpmg.com
3. www.woodmac.com
4. www.lazard.com
5. www.kpmg.com
6. www.kpmg.com
7. www.thundersaidenergy.com
8. www.kpmg.com
9. LGIM analysis based on 50kWh per kg H2 and grid intensity of 600kg/MWh
The L&G Hydrogen Economy UCITS ETF seeks to gain exposure to companies that are contributing to the transition to a lower-carbon world through their involvement in the green hydrogen value chain.
Green hydrogen
Green hydrogen is made through electrolysis, is around 80% efficient and is produced today at roughly $3-7/kg.
The carbon intensity can vary from zero if the electricity comes from renewables to 30kg CO2/kg H2 if a global average grid power carbon intensity is used.
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Blue hydrogen is essentially grey hydrogen with carbon capture and storage.
A longer-term reference price of $2-3/kg is reasonable. Only 80-90% of carbon emissions are captured, resulting in 1-2kg CO2/kg H2.
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Grey and brown hydrogen accounts for around 96.6% of hydrogen production today. Grey hydrogen is produced via a carbon-intensive process producing roughly as much carbon dioxide as using natural gas itself. Brown hydrogen sources the natural gas feedstock via gasification of coal. Grey hydrogen is produced today at $1-2/kg and 9kg CO2/kg H2.
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First recognised as a distinct substance by Henry Cavendish in 1766, hydrogen captured the public imagination thanks to its use in air balloons from the middle of the 1800s.
Hydrogen can produce the high temperatures needed for steel production – this is an example of a ‘hard to abate’ sector where hydrogen offers decarbonisation potential
Steel production:
Hydrogen can be used as a ‘carrier’ of energy
Power:
Hydrogen can be added to unsaturated oils and fats. Margarine is one familiar product made in this way
Food industry:
Hydrogen is used to ‘upgrade’ fossil fuels into refined fuels
Petrochemical industry:
Hydrogen is used to manufacture ammonia, which can be used to increase crop yields
Fertiliser:
In the modern era, hydrogen has played a pivotal role in a number of industries:
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Return to the map to discover how another transformative technology is powering the clean energy revolution
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Hydrogen production costs from solar and wind coupled with storage
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Although green hydrogen costs more to produce than brown or blue hydrogen today, research suggests renewable energy could provide an economical option in regions with significant solar or wind power resources
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They are derived by determining the least-cost ammonia production costs for each location by optimising the mix of solar PV, onshore wind, electrolyser, ammonia synthesis, battery and hydrogen storage tank capacities, with an hourly minimum load of 40% for the ammonia synthesis process. The supply curves consider only locations less than 200 km from a coast. Sources: Based on hourly wind data from Copernicus Climate Change Service and hourly solar data from Renewables.ninja. Land-use data from GlobCover 2009, World Database on Protected areas, Global Lakes and Wetlands Database and FAO Digital Soil Map of the World.
Notes: In the map, the grey colour represents areas that are excluded due to being protected areas or other land uses, though hydrogen projects may not be precluded in practice. The right figure shows hydrogen production costs.
Source: IEA Global Hydrogen Review 2022
Discover the ins and outs of the hydrogen economy, and how it could help to cut emissions in hard-to-abate industrial sectors.
Learn more about the
L&G Hydrogen Economy UCITS ETF
This is an SFDR Article 9 fund. The SFDR product summary can be accessed here.
Key risks: The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested. It should be noted that diversification is no guarantee against a loss in a declining market.
The first fund available in Europe offering global exposure to the growth potential of green hydrogen in the transition to a lower-carbon world.
Key features:
Exposure to a specialised basket of companies critical to the full hydrogen value chain including hydrogen producers, fuel-cell manufacturers and component suppliers, industrial and utility companies, and more
Investment strategy designed in collaboration with power industry experts at GlobalData
Diversification across geography, market cap and sub-sectors
L&G Hydrogen Economy UCITS ETF
What connects oil refining and fertilisers? Both make extensive use of hydrogen. Green hydrogen has gained visibility in recent years thanks to its potential role in decarbonising the global economy.
L&G Hydrogen Economy UCITS ETF
Hydrogen economy
The ETF:
Click on the pin to learn how energy technology is reshaping our lives and discover the synergies among these three interconnected themes
Click on the pin to learn how hydrogen technology is reshaping our lives and discover the synergies among these three interconnected themes
Click on the pin to learn how battery technology is reshaping our lives and discover the synergies among these three interconnected themes
Clean water is the definition of a vital resource – yet it’s often overlooked. Click on the pin to learn how water technology is reshaping our lives
To continue exploring the clean energy and natural resources revolution, please complete this form:
To continue exploring the clean energy and natural resources revolution, please complete this form:
To continue exploring the clean energy and natural resources revolution, please complete this form:
To continue exploring the clean energy and natural resources revolution, please complete this form:
For professional clients only. Not to be distributed to retail clients. Capital at risk. This is a marketing communication. Please refer to the prospectus of the fund and to the key investor information document before making any final investment decisions
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Clean energy
Clean water
Hydrogen economy
Battery value chain
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