1、While investing in climate solutions has been one of the most dominant themes among Sustainability investors in recent years,ESG ownership still continues to be largely concentrated in a subset of more-obvious pure play solution providers,mainly solar/wind/water.We believe this has been in part driv

2、en by relative lack of metrics available to help investors quantify the impact of less-obvious enablers across multiple industries ranging from Industrials,Materials to Technology.However,our analysis suggests that since 2010,Energy Efficiency has helped to reduce 50%more carbon emissions than renew

3、ables generation additions.We believe as Sustainable Investing continues to shift From Aspiration to Action,investors will look to quantify impact,with rising interest in Avoided Emissions for relevant sectors.In this report,we discuss why we bel ieve incorporating Avoided Emissions into investment

4、decisions coul d hel p identify underappreciated enabl ers in the ecosystem of Green Sol utions.Avoided emissions impact of Building Insulat ion and Semiconduct ors Both Buil ding Insul ation and Semiconductors can contribute to Avoided Emissions by enabling end-consumers to save more energy.Our new

5、 anal ysis suggests Buil ding Insul ation coul d hel p avoid 20X-100X more emissions than they emit.As per our prior analysis,we believe Semiconductors coul d hel p avoid at l east 5X their own footprint.Met hodology and applicat ion of Avoided Emissions analysis likely t o see increased focus Despi

6、te the challenging data landscape and lack of conclusive methodologies,we believe preliminary analysis of Avoided Emissions can still be additive to the investment process when applied to industries with strong ties to energy efficiency,which has played a critical role in enabling global Avoided Emi