1、Goldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making thei

2、r investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.EQUITY RESEARCH|March 22,2023|9:10 PM CETMichele Della

3、 Vigna,CFA+39 02 8022-2242 michel e.del l Gol dman Sachs Bank Eur ope SE-Mil an br anch Yulia Bocharnikova+971 4 214-9957 yul ia.bochar Gol dman Sachs Int er nat ionalThe t hir d Amer ican ener gy r evol ut ion The US shale revolution is entering its age of maturity and eventual decline.The US needs

4、 another energy revolution to maintain its energy cost leadership,unmatched outside the Middle East.We estimate that renewable technologies can deliver twice the scale of energy produced by shale,unlocking$3 trn of infrastructure investment over the coming decade.In this report,we leverage our Carbo

5、nomics framework to model this renewable revolution,and draw five key conclusions:1.The US IRA provides the most supportive regulatory environment in clean tech history,unlocking,on our estimates,$1.2 trn of incentives by 2032;2.We expect this to drive$3 trn of investments across renewable electrons

6、 and molecules,including the first deployment at large scale of green hydrogen and carbon capture;3.This renewables investment programme should save 22 Gt of emissions through to 2032at a cost to the government of$52/tonne of CO2.4.driving the US Carbonomics cost curve 75%lower over the period.5.and