Capital Markets Autumn 2020

I

Emission Reductions Beyond the Election

• The rate of CO 2

emissions is not sustainable in our view

I

• Reducing emissions may provide opportunities in alternative energy sources and in electric vehicles and related products and services

II

CO

Emissions

2

Actual

Needed To Limit Warming

III

45

40

35

30

IV

25

20

15

V

10

Billions of Annual Tonnes

5

0

VI

1850

1857

1864

1871

1878

1885

1892

1899

1906

1913

1920

1927

1934

1941

1948

1955

1962

1969

1976

1983

1990

1997

2004

2011

2018

2026

2033

2040

2047

2054

2061

2068

2075

2082

2089

2096

Source: Robbie Andrews (2019) based on Global Carbon Project & IPPC SR15. Carbon budget based on >66% probability of staying below 2 o C warming, beginning in 2020.

10

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