B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
ACCOUNTING AND ALLOWANCES:
TO DEVELOP A COMPLIANCE
STRATEGY
从核算与配额到企业合规战略开发
B-PMR SHANGHAI MISSION
市场准备伙伴关系-上海
2013/10/23
CHARLIE CAO 曹晓磊
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 2 / / / /
BLOOMBERG & BLOOMBERG NEW ENERGY FINANCE
彭博与彭博新能源财经简介
Founded in 1982, Bloomberg is the leader in global business and financial information
Bloomberg connects more than 300,000 influential decision makers to a dynamic network
of information, people and ideas
Bloomberg has over 15,000 employees in 192 locations, with over 2,300 media & news
professionals, across TV, BusinessWeek, Mobile, Digital and Radio
Founded in 2004 and acquired by Bloomberg in 2009, Bloomberg New Energy
Finance (BNEF) is the definitive source of insight, data and news on the
transformation of the energy sector
BNEF provides analysis and research to help business leaders make smart
decisions in over 700 client organisations
BNEF has over 200 people in 15 locations across 5 continents
BNEF helps its clients stay abreast of developments across the energy
spectrum with unrivalled breadth and depth of sector coverage
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 3 / / / /
GLOBAL SPECIALIST COVERAGE, FROM KEY LOCATIONS
全球分布
San Francisco Washington
New York
London
Cape Town
Singapore
Beijing
Sydney
Sao Paulo
New Delhi
NORTH AMERICA (40)
SOUTH AMERICA (5)
EUROPE (90)
AFRICA (30)
Hong Kong
Tokyo
Zurich
ASIA PACIFIC (35)
Munich
Seoul
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 4 / / / /
WHO WE SERVE: 700+ LEADING PLAYERS GLOBALLY
我们的客户
GOVERNMENT & AGENCIES SUPPLY CHAIN &TECHNOLOGY
UTILITIES & ENERGY FINANCE & INVESTMENT
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 5 / / / /
INTEGRATED COVERAGE OF THE TRANSFORMATION OF ENERGY SECTOR
能源转型的全面覆盖
POWER MARKETS
(Europe, US)
RENEWABLE ENERGY
(Wind, Solar, Bioenergy)
WATER
(Scarcity, Energy consumption,
Corporate risk)
CARBON & REC MARKETS
(EU, US, California, Australia, Global)
NATURAL GAS MARKETS
(Global Supply /Demand, Upstream
economics)
NON-INTERMITTENT
CLEAN ENERGY
(Geothermal, Hydro, Marine, Nuclear, CCS)
ENERGY SMART
TECHNOLOGY
(Efficiency, Storage, Digital
energy, Advanced transportation)
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 6 / / / /
CONTENTS
目录
1. Accounting and allowance management
碳核算与配额管理
2. Factors that influence the carbon price
碳价的影响因素
3. Strategy development case study: China power sector
合规战略开发案例分析:中国电力行业
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 7 / / / /
ACCOUNTING: TO UNDERSTAND YOUR CARBON LIABILITY
核算:摸清你的“碳债”
WHAT TO ACCOUNT?
做什么?
HOW TO ACCOUNT?
怎么做?
• GHG coverage
温室气体范围
• Emissions scope
排放范围
• The boundaries
核算界限
• Data collection
数据收集
• Accounting standards
核算标准
• Calculation tools
计算工具
WHY TO ACCOUNT?
为什么?
• Emissions trading
碳排放权交易
• Tax implications
税收影响
• Financial reporting
财务报告影响
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 8 / / / /
ACCOUNTING: TO UNDERSTAND YOUR CARBON LIABILITY
核算:摸清你的“碳债”
WHAT TO ACCOUNT?
做什么?
HOW TO ACCOUNT?
怎么做?
• GHG coverage
温室气体范围
• Emissions scope
排放范围
• The boundaries
核算界限
• Data collection
数据收集
• Accounting standards
核算标准
• Calculation tools
计算工具
WHY TO ACCOUNT?
为什么?
• Emissions trading
碳排放权交易
• Tax implications
税收影响
• Financial reporting
财务报告影响
Accounting is the base for allowance
allocation and management
核算是配额分配与管理的基础
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 9 / / / /
ALLOWANCE MANAGEMENT: TO DEVELOP A COMPLIANCE STRATEGY
配额管理:开发你的合规战略
THE EXECUTION PROCESS WILL DIFFER DEPENDING ON THE SIZE AND TYPE OF
BUSINESS, BUT ALL COMPANIES WILL NEED TO FORECAST THEIR LIABILIY
战略执行过程取决于企业规模和类型,但所有企业都需要摸清和预测自己的“碳债”
• Market horizon 市场远见
• Policy uncertainty 政策不确定性
• Cost pass through 成本转嫁
• Investment planning 投资规划
• Hedging 风险对冲
• Speculation 投机性交易
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 10 / / / /
ALLOWANCE MANAGEMENT: PRICING FORECAST IS KEY
配额管理:价格预测是关键
THE AIM FOR COMPANIES IS TO MINIMISE OVERALL COMPLIANCE COSTS PROVIDING
ALL OF THE VARIOUS COMPLIANCE OPTIONS AVAILABLE
利用各种合规机制,最小化合规成本
• Allowances 配额
• Offsets 抵消额
• Abatement 减排
‒ Operational 运营减排
‒ Long-term 长期减排
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 11 / / / /
ALLOWANCE MANAGEMENT: PRICING FORECAST IS KEY
配额管理:价格预测是关键
THE AIM FOR COMPANIES IS TO MINIMISE OVERALL COMPLIANCE COSTS PROVIDING
ALL OF THE VARIOUS COMPLIANCE OPTIONS AVAILABLE
利用各种合规机制,最小化合规成本
• Allowances 配额
• Offsets 抵消额
• Abatement 减排
‒ Operational 运营减排
‒ Long-term 长期减排
Forecasting the carbon price for allowances
and offsets is key to managing allowances
碳价预测是配额管理的关键
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 12 / / / /
CONTENTS
目录
1. Accounting and allowance management
碳核算与配额管理
2. Factors that influence the carbon price
碳价的影响因素
3. Strategy development case study: China power sector
合规战略开发案例分析:中国电力行业
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 13 / / / /
WHAT DRIVES THE CARBON PRICING?
什么因素在驱动碳价?
Source: Bloomberg
ICE ECX EMISSION Dec13
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 14 / / / /
CARBON PRICES ARE DETERMINED IN A COMPLEX ENVIRONMENT
碳价由多种因素决定
Source: Bloomberg New Energy Finance
Carbon costs are determined by a complex interaction of economic, political, technological and carbon-specific drivers – all
of which need consideration when forecasting the cost of emitting carbon.
Energy economics 经济
• Power demand
• GDP growth
• Renewables costs
• Fuel costs
• Exchange rates
• Business cycles
Technology 技术
• Emissions abatement
technologies
• Energy efficiency
• Electric vehicles
• Smart meters
• Smart grid
• Energy storage
• New technologies
• CCS
• Direct emissions
regulation
• Energy policy
• Energy efficiency policy
• Nuclear new build
• Government revenue
needs
• Renewables policy
• Carbon market
intervention
• Energy security
Policy 政策 Carbon pricing 碳价
• Carbon targets
• Tax vs. trading system
• Sectoral coverage
• Offset rules
• Linkages to other ETS
• Hedging strategy
• Industry advocacy
• International
agreements
• Global coal prices fall
• Solar cell overcapacity
leads to falling solar
costs
• A breakthrough
invention leads to
cheaper energy
storage
• Smart meter roll-outs
reduce power demand
• Nations legislate
nuclear phase-outs
• Energy efficiency
requirements
• Minimum standards for
thermal plants
• EU and Australia link
carbon trading
schemes
• EU curbs access to
international offsets
Drivers
E
xa
mple
s
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 15 / / / /
IMPACT OF CARBON PRICING ON DIFFERENT COMPANIES
碳价对不同类型企业的影响
• Long-term stability
• Capital intensive businesses like utilities tend to demand predictable financing costs
• Significant existing exposure to uncertain commodity markets
… many carbon-
intensive
thermal plants
Carbon prices tend to
devalue these assets and
narrow profit margins
…many
renewable
assets
May be less sensitive to
carbon pricing as
producers with large
renewable exposure
typically have other
revenue sources beyond
power sales (ie.
subsidies, RECs, etc)
…a large
nuclear fleet
Carbon pricing typically
boosts competitiveness
of low-carbon generation
Typically benefit from low
carbon prices
Typically benefit from
high carbon prices
Bloomberg New Energy Finance
Common
power sector
concerns
Utilities with…
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 16 / / / /
IMPACT OF CARBON PRICING ON BUSINESS OPERATIONS
碳价对企业运营的影响
Bloomberg New Energy Finance
Investment decisions
Capital raising
Dispatching
Sales/ marketing tactics
Maintenance planning
Back-office and accounting
• Carbon pricing impacts profitability calculations
• Market-driven carbon pricing increases long-term uncertainty
• Investors may demand risk premiums for carbon exposure
• Shareholders may prefer risk mitigation through carbon hedging
• Carbon pricing can affect the merit order (of operating profitability)
• This can move plants in or out of the money and impact if and when plants run
• Retail prices can differ from wholesale power prices. Fluctuating carbon prices need to be considered in retail offerings
• Carbon intensive utilities may come under public pressure from activist groups
• Plant usage changes if carbon prices affect the merit order. This can shorten or extend maintenance cycles
• Carbon exposure needs to be allocated internally to incentivize optimal management (ie. between the generation and retail business units)
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 17 / / / /
CORPORATE REACTION TO THE UNCERTAINTY IN CARBON MARKETS
企业对碳市场不确定性的应对
Bloomberg New Energy Finance
Medium term
(next 1-5 years)
Long term
(5+ years ahead)
Short term
(next 5-10 days)
Mature
carbon
markets
Carbon
markets
in
planning
• Active trading and
portfolio optimization
• Forward purchases of
carbon as part of
power sales hedging
• Offset origination (if
possible)
• Active involvement in
detail of policy and
regulation
development process
• Advocacy in favour of
stable, predictable
carbon prices
• Adjust generation
fleet
• Advocacy in favour of
stable, predictable
carbon prices
• Consider shadow
carbon pricing in
investment decisions
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 18 / / / /
OUR APPROACH TO CARBON MARKETS INSIGHT
彭博新能源财经碳市场研究方法
SHORT-TERM
(5-10 DAYS)
MEDIUM-TERM
(1-5 YRS)
LONG-TERM
(+5 YEARS)
BUSINESS
UNIT
News
Commodity markets
Timing of supply
and demand into
the secondary
market
Supply and demand
fundamentals
Daily trading
Compliance
Product sales
Investment planning
Technicals
Price direction and
volatility Absolute price level
Impact of key
market events
MARKET
DRIVERS
FORECAST
OUTPUT
TOOLS Correlations Medium-Term-
Model (MTM)
Global Energy &
Emissions Model
(GE2M)
Risk management
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 19 / / / /
SHORT-TERM CARBON PRICING
短期碳价
Source: Bloomberg New Energy Finace Source: Bloomberg New Energy Finance
EUA PRICE MOVEMENTS OVER THE LAST MONTH (€/T)
EUA上月价格变动
RELATED INDEX INDICATORS (START DATE = 100)
相关指数的变动
3.50
4.00
4.50
5.00
5.50
6.00
6.50
02 Sep 09 Sep 16 Sep 23 Sep 30 Sep
5.92
4.38
90
95
100
105
110
115
120
125
130
02 Sep 09 Sep 16 Sep 23 Sep 30 Sep
EUA Brent German power
UK NBP gas ARA coal DAX
euro Fuel switch
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 20 / / / /
MID-TERM CARBON SUPPLY AND DEMAND BALANCE, 2010-16E (MT/MONTH)
碳市场的中期供给与需求
Source: Bloomberg New Energy Finance
Supply
Demand
-1,600
-1,100
-600
-100
400
900
1,400
-200
-180
-160
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010 2011 2012 2013 2014 2015 2016
Net demand last month
Net demand this month
Cumulative demand(Y2)
Cumulative demandwithout backloading(Y2)
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 21 / / / /
LONG-TERM CARBON SUPPLY AND DEMAND BALANCE, 2008-28E (MT/YR)
碳市场的长期供给与需求
Source: Bloomberg New Energy Finance
34
-247 -288-434
-842
-167
42215 238
-89 -56
-339
-616
74 131 208 261 300 361 416 465
-2,000
-1,000
0
1,000
2,000
3,000
2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028
Annual balance
Emissions at current EUA
Cap based on 45% reduction target by 2030 + imports *
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 22 / / / /
CONTENTS
目录
1. Accounting and allowance management
碳核算与配额管理
2. Factors that influence the carbon price
碳价的影响因素
3. Strategy development case study: China power sector
合规战略开发案例分析:中国电力行业
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 23 / / / /
METHODOLOGY
研究方法
Fore
casts
CO2 emissions
CO2 prices
Investment by
technology
Abatement cost
curvesInputs
GDP
Fossil fuel prices
Carbon caps
Interest rates
Technology
learning
Population
Support policies
GE2M
x yearX sector
X tech
Government Policy
Technology Factors
Carbon Market
Dynamics
Fuel Prices
Electricity Generation
& Grid
Macroeconomics
Climate
Energy Demand
SectoralCapacity
SectoralTrade & Demand
Source: Bloomberg New Energy Finance
The analysis uses Bloomberg New Energy Finance's proprietary model of the energy system and clean energy technologies – the
Global Energy and Emissions Model (GE²M) – together with expert interpretation of current and proposed policies and targets.
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 24 / / / /
KEY ASSUMPTIONS OF CHINA’S POWER SECTOR’S ETS
中国电力行业碳排放权交易机制的关键假设
Source: Bloomberg New Energy Finance
Element Details
Trading phase 2017-30
Carbon intensity
reduction targets &
emissions caps
Emissions caps (MtCO2e) will be translated from carbon intensity reduction targets (tCO2e per unit of output)
Carbon intensity reduction targets have been or will be set for the following three periods
Period Base year Carbon intensity reduction targets
2011-15 2010 17%
2016-20 2005 45%
2021-30 2005 55%
GHG coverage CO2
Emissions scope Direct emissions from energy combustion
Technology coverage Coal: conventional, subcritical, supercritical and ultra-supercritical plants
Gas: OCGT and CCGT plants
All oil plants
Allocation Allowances will be allocated on installation level
100% of allowances will be allocated for free before 2020
The free allocation percentage will be reduced by 10% per year post 2020
New entrants will be covered and the newly closed plants can obtain 50% of allowances
Pass-through rate of
freely allocated
credits
The regulators will not completely ease the control of retail electricity prices despite carbon pricing mechanisms
until 2030
The government will make up for 50% of the carbon costs through subsidies until 2025
Offsets Offsets may be used for up to 10% of compliance obligations
Only domestic offsets generated from renewable power generation technologies can be used in the scheme
Credits can be created one-to-one for solar and wind generation, but 50% discount for biomass and waste-to-
energy generation and 85% discount for hydro generation
Banking & borrowing Unlimited banking of allowances between compliance years is permitted
Borrowing is prohibited
Linkage No linkage assumed to other trading schemes
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 25 / / / /
EMISSIONS AND ABATEMENT DEMAND, 2010-30E (MTCO2E)
碳排放情景与减排需求
Source: Bloomberg New Energy Finance
0
120
240
360
480
600
0
1,000
2,000
3,000
4,000
5,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Emissions - Barrier Busting
Targeted emissions
Total emissions Annual abatement demand
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 26 / / / /
MARGINAL ABATEMENT COST CURVE OF CHINA’S POWER SECTOR, 2030E
2030年中国电力行业的边际减排成本曲线
Source: Bloomberg New Energy Finance
-
50
100
150
200
250
300
350
- 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000
Abatement (MtCO2e)
Wind onshore, strong
NuclearFuel switching
Solar, very abundant region
Waste-to-energy
Solar, abundant region
STEG
Wind offshore
Wind onshore, weak
Coal+CCS
Gas+CCS
Hydro (New build)
0 100 200 300 400 500
2,100
1,800
1,500
1,200
900
600
300
0
Abatement
demand
$/tCO2e CNY/tCO2e
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 27 / / / /
CARBON PRICING FORECAST OF CHINA’S POWER SECTOR ETS, 2017-30E
中国电力行业碳排放权交易机制碳价预测
Source: Bloomberg New Energy Finance
0
5
10
15
20
25
30
0
30
60
90
120
150
1802
01
7
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
CNY/tCO2 $/tCO2
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 28 / / / /
IMPACT OF ETS ON GENERATION CAPACITY ADDITIONS, 2013-30E (GW)
碳交易对电力新增装机的影响
Source: Bloomberg New Energy Finance
+45.6
+48.9
+69.4 +0.1 +11.2 -74.5
+100.6
0
20
40
60
80
100
120
140
160
180
200
BarrierBusting
Windonshore
SPV -utility
SPV -distributed
Biomass Gas Coal CarbonETS
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 29 / / / /
IMPACT OF ETS ON POWER GENERATION & CAPACITY
碳交易对电力行业装机及发电结构的影响
Source: Bloomberg New Energy Finance
Note: Pumped hydro excluded.
Source: Bloomberg New Energy Finance
Note: Pumped hydro excluded.
POWER GENERATION CAPACITY MIX UNDER
DIFFERENT SCENARIOS, 2012 VS. 2030E (%, GW)
对装机结构的影响
POWER GENERATION MIX UNDER DIFFERENT
SCENARIOS, 2012 VS. 2030E (%, TWH)
对发电结构的影响
67%
45% 44% 43%38%
3%
8%6%
6%6%
6%6%
6%6%
20%
14%14%
14%
13%
5%
11%12%
12%13%
4% 5% 6%7%
7% 8% 8% 10%
2012 2030:TraditionalTerritory
2030:New
Normal
2030:BarrierBusting
2030:BB+ETS
Geothermal
Waste
Biomass
STEG
SPV -distributedSPV - utility
Wind offshore
Wind onshore
Hydro
Nuclear
Oil
Gas
Coal
1,124 2,675 2,707 2,766 2,867
72%
54%58% 56%
52%
3%
8% 2%1%
2%
12%12%
12%
12%
17%
11%11%
11%
11%
3%
9%10%
10%11%
2% 2% 3%5%
3% 3% 3% 4%
4,841 10,259 10,259 10,259 10,259
2012 2030:TraditionalTerritory
2030:New
Normal
2030:BarrierBusting
2030:BB+Carbon
ETS
Geothermal
Waste
Biomass
STEG
SPV - distributed
SPV - utility
Wind offshore
Wind onshore
Hydro
Nuclear
Oil
Gas
Coal
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 30 / / / /
IMPACT OF ETS ON POWER SECTOR INVESTMENTS
碳交易对电力行业投资的影响
TOTAL CAPITAL INVESTMENT REQUIREMENTS FOR
POWER GENERATION CAPACITY ADDITIONS
UNDER DIFFERENT SCENARIOS, 2013-30E ($BN)
对电力装机投资的影响
ADDITIONAL INVESTMENT REQUIREMENTS FOR
SUPPORTING INFRASTRUCTURE UNDER
DIFFERENT SCENARIOS, 2013-30E ($BN)
对电力基础设施投资的影响
316 317 317 255
100 70 64 70
1,092 1,092 1,092 1,092
297 297 298 298
309 354 375 434
146 202 273 273 131 137
174 296 223 225 255
353 2,714 2,863
3,033
3,256
TraditionalTerritory
New Normal BarrierBusting
BB+ETS
Waste
Biomass
STEG
SPV - distributed
SPV - utility
Wind offshore
Wind onshore
Hydro
Nuclear
Gas
Coal
429 442 458 491
355 360 364 375
164 166 174
192 53 56 59
65
TraditionalTerritory
New Normal BarrierBusting
BB+ETS
Demand response
Storage
Smart grid
Transmission
1,0011,024
1,055
1,123
Source: Bloomberg New Energy Finance
Note: Pumped hydro excluded.
Source: Bloomberg New Energy Finance
Note: Pumped hydro excluded.
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 31 / / / /
CHINA’S POWER SECTOR’S EMISSIONS, 2010-30E (MTCO2E)
中国电力行业的碳排放情景
Source: Bloomberg New Energy Finance
2,500
3,000
3,500
4,000
4,500
5,000
201
0
201
1
2012
201
3
201
4
201
5
201
6
201
7
201
8
201
9
202
0
202
1
202
2
2023
202
4
202
5
202
6
202
7
202
8
202
9
203
0
Historical Forecast
New Normal
基准情景
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 32 / / / /
CHINA’S POWER SECTOR’S EMISSIONS, 2010-30E (MTCO2E)
中国电力行业的碳排放情景
Source: Bloomberg New Energy Finance
2,500
3,000
3,500
4,000
4,500
5,000
201
0
201
1
2012
201
3
201
4
201
5
201
6
201
7
201
8
201
9
202
0
202
1
202
2
2023
202
4
202
5
202
6
202
7
202
8
202
9
203
0
Historical Forecast
Barrier Busting
快速发展
New Normal
基准情景
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 33 / / / /
CHINA’S POWER SECTOR’S EMISSIONS, 2010-30E (MTCO2E)
中国电力行业的碳排放情景
Source: Bloomberg New Energy Finance
2,500
3,000
3,500
4,000
4,500
5,000
201
0
201
1
201
2
201
3
201
4
201
5
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
202
5
202
6
202
7
202
8
202
9
203
0
Historical Forecast
Barrier Busting
+ ETS
快速发展/碳交易
Barrier Busting
快速发展
New Normal
基准情景
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 34 / / / /
To develop a compliance
strategy for your company
开发您的合规战略
B-PMR SHANGHAI MISSION, 29 OCTOBER 2013 35 / / / /
COPYRIGHT AND DISCLAIMER
版权与免责声明
This publication is the copyright of Bloomberg New Energy Finance. No portion of this document may be
photocopied, reproduced, scanned into an electronic system or transmitted, forwarded or distributed in any
way without prior consent of Bloomberg New Energy Finance.
The information contained in this publication is derived from carefully selected sources we believe are
reasonable. We do not guarantee its accuracy or completeness and nothing in this document shall be
construed to be a representation of such a guarantee. Any opinions expressed reflect the current judgment of
the author of the relevant article or features, and does not necessarily reflect the opinion of Bloomberg New
Energy Finance, Bloomberg Finance L.P., Bloomberg L.P. or any of their affiliates ("Bloomberg"). The opinions
presented are subject to change without notice. Bloomberg accepts no responsibility for any liability arising
from use of this document or its contents. Nothing herein shall constitute or be construed as an offering of
financial instruments, or as investment advice or recommendations by Bloomberg of an investment strategy or
whether or not to "buy," "sell" or "hold" an investment.
/ / / / / / / / / / / / / / / / / / / / / / / / / / / /
Subscription-based news, data
and analysis to support your
decisions in clean energy, power
and water and the carbon markets
MARKETS Renewable Energy
Carbon Markets
Energy Smart Technologies
Renewable Energy Certificates
Carbon Capture & Storage
Power
Water
Nuclear
SERVICES Insight: research, analysis & forecasting
Industry Intelligence: data & analytics
News & Briefing: daily, weekly & monthly
Applied Research: custom research & data mining
Knowledge Services: Summit, Leadership Forums, Executive Briefings &
workshops
B-PMR SHANGHAI MISSION
CHARLIE CAO, [email protected]
Top Related