US – China Cooperation on Energy and Clean Technologies

美中在能源和清洁技术领域的合作

Todd GlassWilson Sonsini Goodrich & Rosati, PC

托德•格拉斯威尔逊•桑西尼•古奇•罗沙迪律师事务所

Presented to the

3rd China Energy and Environment Summit第三届中国能源环境高峰论坛致辞

The Great Hall of the People, Beijing, China中国北京人民大会堂

20 August 2010 2010 年 8 月 20 日

DOC#5049157 2

An Overview概述

• China and US are Inextricably Linked and Share a Common Future中国和美国有着密不可分的联系，两国有着共同的未来

• Common Catalysts Giving Rise To Energy and Clean Technologies in the US and China在美国和中国促进能源和清洁技术产生的常见因素

• A Call for Greater Cooperation 加强合作的呼吁

DOC#5049157 3

China and US are Inextricably Linked in a Common Energy Future - 1

中美两国在能源领域有着密不可分的联系和共同的未来 – 1

• China and the US are #1 and #2 in the world:中国和美国在下列方面分列全球第一和第二：

– Economic might经济实力

– Industrial capacity工业生产能力

– Energy production and usage能源生产和消耗

– Need for new generation新能源的需求

– Coal usage (US – ~54%; China – ~80%)煤炭消耗 (美国 --~54%；中国 --~80%)

– Carbon emissions碳排放

DOC#5049157 4

China and US are Inextricably Linked in a Common Energy Future - 2

中美两国在能源领域有着密不可分的联系和共同的未来 – 2• China and US also share a golden opportunity for political and

economic leadership regarding climate change中国和美国还共同拥有在气候变化方面起到政治和经济主导作用的难得契机

• China and the US must work together to accelerate innovation and commercialization of energy and clean technologies:中国和美国务必携手加快能源和清洁技术的创新和商业化：

– Drive technology innovation促进技术创新

– Finance R&D, facilities, and projects 资助研发、设施及项目

– Build pilot and first commercial projects建立试点和首批商业化项目

– Reduce cost降低成本

DOC#5049157 5

Significant Catalysts Driving Commercialization of Energy & Clean Technologies in the US促进美国能源和清洁技术商业化的重要因素

1. Energy market fundamentals能源市场基本状况

2. Need for new generation resources新一代资源的需求

3. Climate change risk气候变化风险

4. Energy security能源安全

5. Serial entrepreneurs: accelerating development, financing and commercialization of energy technologies 连续创业者：能源技术的加速发展、融资及商业化

6. Financing: from traditional banks to private equity to venture capital to governments, money is flowing and growing 融资：从传统银行到私募股权，从风险投资到政府，资金不断流动和增长

7. Federal and State policy initiatives 联邦和州的政策计划

DOC#5049157 6

The Energy & Clean Technologies Landscape能源和清洁技术总览

Alternative Energy替代能源

• Wind风• Solar太阳• Biofuels/Biomass生物燃料 /生物质

• Geothermal地热• Clean coal清洁煤• Coal to liquid煤转油• Hydrokinetics流体动力学

• Storage存储

Energy/Carbon Management能源 /碳排放管理

• Smart grid智能电网

• Demand response需求响应

• Demand management需求管理

• Carbon offsets碳抵消

• Carbon trading碳交易

• Carbon utilization碳利用

• Carbon sequestration碳吸收

Transportation运输

• Propulsion推进剂

• Components零件

• Vehicles车辆• Batteries电池• Related

Infrastucture相关基础设施

Built Environment建成环境

• Materials材料• Design technologies设计技术• Heating / cooling加热 /制冷• Lighting照明• Sensors / software / controls

传感器 /软件 /控制器• Project development项目开发

Water/Air水 /空气

• Desalinization脱盐

• Water treatment水处理

• Water efficiency用水效率

• Emissions control排放控制

Miscellaneous其他

• Industrial processes工业过程

• Server farms服务器群

• Televisions电视

• Motors汽车

• Packaging 包装

• Other consumer goods其他消费品

DOC#5049157 7

Market Fundamentals Are Driving Change市场基本状况促进变化的产生

Cost of Fuel at US Electricity Generators 1993 thru Q4 2009

0

2

4

6

8

10

12

Year

$ p

er

mil

lio

n B

TU

Coal

Petroleum

Natural Gas

Renewables

1993年至 2009年 4季度美国发电厂燃料成本煤

石油

天然气

可再生能源

美元每百万英国热量单位

年

DOC#5049157 8

A Carbon Constrained World低碳的世界

Energy Security World能源安全的世界

Fuel Cells

Nuclear

Storage/ Batteries

Wind

Solar

Hydro-kenetics

Energy Efficiency/

Conservation

2nd Gen Biofuels

Clean Coal/ Gasification

1st Gen Biofuels

Coal-to-Liquids

Conventional Coal

Oil Shale

Carbon Sequestration

Hydrates

Energy Technologies: Carbon-Constraints and Energy Security

能源技术：低碳和能源安全

核

燃料电池

风

太阳第一代生物燃料

第二代生物燃料

流体动力学

水化物

能源效率 /节能

存储 /电池

清洁煤 /煤气化

碳吸收

煤转油

传统煤

油页岩

DOC#5049157 9

Personal Computing/Software

Microprocessors Home Computer Apple II IBM PC Windows/ & RAM MAC PCI, etc.

Mid-70’s 1976 1977-1980 1981-1984 1990’s

Internet & Web Technology and Commerce Academics DARPANET/ DEC Net/ Mosaic/Browsers Portals ebay & Dial up ARPANET SNA/XNS Netscape/Yahoo e-Commerce Amazon NetWare 1960’s 1968-1970’s 1980’s early 90’s late 90’s 2000+

E&CT and Technology Industry Life Cycles能源及清洁技术与高科技行业生命周期

E&CT Today

Bac

kgro

und

Env

iron

men

tal

Dev

elop

men

tsD

abbl

ing/

Hob

byis

t

Cot

tage

Firs

t Gen

erat

ion/

Pro

prie

tary

Sec

ond

Gen

erat

ion/

S

peci

aliz

atio

n

Sta

ndar

ds

Mas

s M

arke

t

Phase

Do

llars

/ #

of

Inve

stm

ents

Capital

Transactions

Revenues

Disputes

资本

交易

收入

争议

美元

/ 投资项目数量

背景

环境

开发

阶段

休闲

/业余爱好者

第一代

/ 专有 第二代

专业化

标准

大众市场

互联网及网络技术和商务 学术 DARPANET/ DEC Net/ Mosaic/ 浏览器 门户网站 ebay 及拨号 ARPANET SNA/XNS Netscape/Yahoo 电子商务 Amazon NetWare 1960’s 1968-1970’s 1980’s early 90’s late 90’s 2000+

当今的能源及清洁技术

家庭手工业

DOC#5049157 10

Source: Cleantech Group Venture Investment Database; Cleantech Investment Monitor资料来源： Cleantech Group Venture Investment Database; Cleantech Investment Monitor

Venture Capital In E&CT Continues to Rise………能源及清洁技术领域的风险投资继续增加

全球清洁技术风险资本投资

10

亿美元

已披露交易数

DOC#5049157 11

But venture capital and private equity is but a small slice of the pie

但风险投资和私募股权不过是整张饼中的一小块

Global Clean Energy Investment Types 2009, US$ billions2009 年全球清洁能源投资类型， 10 亿美元

$9BN

$11BN

$20BN

$13BN

Public Markets

AssetFinancing

GovernmentR&D

Corporate R&D

Small Scale Projects

VC & PE

$92BN

$6BN

Source: “Green Investing 2010: Policy Mechanisms to Bridge the Financing Gap,” World Economic Forum“资料来源： 绿色投资 2010 ”：弥补融资缺口的政策机制 ，世界经济论坛

公开市场 风投及私募

小规模项目

企业研发

政府研发

资产融资

DOC#5049157 12

US Federal Policies Stimulating Renewable Energy and Clean Technologies

刺激可再生能源和清洁技术的美国联邦政策• Federal Tax Credits and Treasury Grants联邦税收抵免和财政部资助

• Stimulus Package Is Pushing Billions of Dollars into the Clean Technology Arena一揽子刺激方案促使数十亿美元流入清洁技术领域

• Renewable Fuel Standard可再生燃料标准

• Legislative Priorities Could Increase Speed of Deployment立法上的优先可能加快布局速度

• To date, however, the US has no federal carbon regulation or federal renewable portfolio standard然而，美国至今没有联邦碳法规或联邦可再生能源配额标准

DOC#5049157 13

An Overview Of US State Policy Incentives美国州政策激励措施概述

• State Renewable Portfolio Standards (RPSs) are creating unique markets: but varying standards, complexity and risk 州可再生能源配额标准 (RPS)将创造独特的市场：但这些市场的标准、复杂程度和风险各不相同• Renewable markets are characterized by power purchase agreements with independent power producers using non-recourse project finance可再生能源市场的特征是：与利用无追索权项目融资的独立电厂签订的电力购买协议• Other state incentives are available: see the Database of State Incentives for Renewables and Efficiency: http://www.dsireusa.org/其他州激励措施也可查到：请参见可再生能源和效率州激励措施数据库：http://www.dsireusa.org/

Renewable Portfolio Standards可再生能源配额标准

State renewable portfolio standard州可再生能源配额标准State renewable portfolio goal州可再生能源目标

www.dsireusa.org / April 2010www.dsireusa.org/2010年 4月

Solar water heating eligible符合太阳能热水系统要求

*† Extra credit for solar or customer-sited renewables太阳能或客户场所可再生能源额外额度Includes non-renewable alternative resources包括不可再生的替代性资源

WA: 15% x 2020*

CA: 33% x 2020

NV: 25% x 2025*

AZ: 15% x 2025

NM: 20% x 2020 (IOUs) 10% x 2020 (co-ops)

HI: 40% x 2030

Minimum solar or customer-sited requirement最低太阳能或客户场所要求

TX: 5,880 MW x 2015

UT: 20% by 2025*

CO: 30% by 2020 (IOUs)10% by 2020 (co-ops & large

munis)*

MT: 15% x 2015 ND: 10% x

2015

SD: 10% x 2015

IA: 105 MW

MN: 25% x 2025

(Xcel: 30% x 2020)

MO: 15% x 2021

WI: Varies by utility;

10% x 2015 statewide

MI: 10% + 1,100 MW x 2015*

OH: 25% x 2025†

ME: 30% x 2000New RE: 10% x 2017

NH: 23.8% x 2025

MA: 22.1% x 2020 New RE: 15% x 2020

(+1% annually thereafter)

RI: 16% x 2020

CT: 23% x 2020

NY: 29% x 2015

NJ: 22.5% x 2021

PA: ~18% x 2021†

MD: 20% x 2022

DE: 20% x 2020*

DC: 20% x 2020

VA: 15% x 2025*

NC: 12.5% x 2021 (IOUs)10% x 2018 (co-ops & munis)

VT: (1) RE meets any increase in retail sales x

2012; (2) 20% RE & CHP x 2017

KS: 20% x 2020

OR: 25% x 2025 (large utilities)*

5% - 10% x 2025 (smaller utilities)

IL: 25% x 2025

WV: 25% x 2025*†

29 states + DC have an

RPS(6 states have goals)

29 states + DC have an

RPS(6 states have goals)

DC

29 个州 + 华盛顿特区有可再生能源配额标准

(6 个州有目标 )

29 个州 + 华盛顿特区有可再生能源配额标准

(6 个州有目标 )

DOC#5049157 15

Four Trends That Will Shape the Chinese and US Energy Systems of this Century

构筑本世纪中美能源体系的四大趋势• Electrification 电气化

– electricity will become the principle form of energy delivery and use电力将成为能源供给和使用的主要形式

• De-carbonization 去碳化– easier to cut carbon dioxide emissions from power generation than from

transport fuels减少发电产生的二氧化碳排放比减少运输产生的二氧化碳排放更容易

• Localization 本地化– local control, more micro-generation and local heat production 本地控制，更加细化的操作和本地热能生产

• Optimization 优化– more efficient and productive use of cheapest form of energy is the

energy you save 更有效更好地使用最经济形式的能源，即你节省的能源

Source: Ed Crooks, Energy Editor, Financial Times, 3 November 2009 资料来源： 能源编辑 Ed Crooks，金融时报， 2009年 11月 3 日，

DOC#5049157 16

An Opportunity for Greater Cooperation – 1加强合作的机遇 – 1

To accelerate the commercialization of energy and clean technologies, the US and China should:为加快能源和清洁技术的商业化，美中两国应当：1. Create stable legal and regulatory environments创造稳定的法律和监管环境

2. Price carbon对碳排放定价

3. Create markets for renewable energy and energy efficiency为可再生能源和能源效率创造市场

4. Advance smarter energy infrastructure推广更加智能的能源基础设施

5. Invest in first commercialization projects投资首批商业化项目

DOC#5049157 17

An Opportunity for Greater Cooperation – 2加强合作的机遇 – 2

6. Incentivize innovation and allow for return of profits激励创新，允许利润回归

7. Protect intellectual property – both US and Chinese 保护知识产权—美国和中国共同的任务

8. Encourage and ensure fair and open competition between private enterprises, not governments鼓励并确保私营企业 (而非政府 ) 间公平公开的竞争

9. Reject economic nationalism (“Buy American” is stupid)拒绝经济民族主义 (“购买美国货”政策是愚蠢的 )

10. Encourage cross-border joint ventures (contractual and equity)鼓励创办跨国合资企业 (合资经营和合作经营 )

Todd Glass

tglass@wsgr.com

+1.206.883.2571

+1.415.947.2071