{"id":6588,"date":"2023-12-18T11:55:38","date_gmt":"2023-12-18T10:55:38","guid":{"rendered":"https:\/\/lecercledeseconomistes.fr\/articles\/%cat-post-theme%\/climate-transition-and-private-equity-2\/"},"modified":"2024-04-17T12:37:13","modified_gmt":"2024-04-17T10:37:13","slug":"climate-transition-and-private-equity-2","status":"publish","type":"blog","link":"https:\/\/lecercledeseconomistes.fr\/en\/articles\/environment-energy\/climate-transition-and-private-equity-2\/","title":{"rendered":"Climate Transition and Private Equity"},"content":{"rendered":"\n<div class=\"wp-block-group section-content-layout-without-cover is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-not-stacked-on-mobile is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"block--post-meta\" >\n\n    <ul class=\"block--post-meta-list\">\n\n        \n            <li>\n                <p class=\"style-p-secondary-bold\">date<\/p>\n                <time datetime=\"2023-12-18T11:55:38+01:00\"class=\"style-p-secondary-normal\">18 d\u00e9cembre 2023<\/time>\n            <\/li>\n\n            <li>\n                <p class=\"style-p-secondary-bold\">update<\/p>\n                <time datetime=\"2024-04-17T12:37:13+02:00\" class=\"style-p-secondary-normal\">17 avril 2024 \u00e0 12:37<\/time>\n            <\/li>\n\n            \n            <li>\n                <p class=\"style-p-secondary-bold\">author<\/p>\n\n                <div class=\"container__authors\">\n\n                    \n                        <a class=\"style-p-secondary-normal\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/presentation\/members-and-authors\/members\/philippe-trainar\/\">Philippe Trainar<\/a>\n                     \n                    \n                <\/div>\n            <\/li>\n            \n        \n            \n            \n            \n\n            \n                <li>\n                    <p class=\"style-p-secondary-bold\">reading time<\/p>\n                                        <p class=\"style-p-secondary-normal\">3 minutes<\/p> \n                <\/li>\n\n            \n\n        \n        \n    <\/ul>\n\n    \n        \n        <div class=\"container-post-social-share\">\n\n            \n<div class=\"block--post-social-share\" >\n\n    \n    <ul class=\"container-socials\">\n\n        <li>\n            <a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Flecercledeseconomistes.fr%2Fen%2Farticles%2Fenvironment-energy%2Fclimate-transition-and-private-equity-2%2F\" title='Partager sur Facebook' target='_blank'>\n                \n                <svg class=\"facebook\" width=\"27\" height=\"26\" viewBox=\"0 0 27 26\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path class=\"one\" d=\"M25.6539 0.587891H0.814941V25.4269H25.6539V0.587891Z\" stroke=\"#5B5B5B\" stroke-miterlimit=\"10\"\/>\n<path class=\"two\" d=\"M14.272 18.7267V13.6327C14.772 13.6327 15.2328 13.6327 15.6958 13.6267C15.7718 13.6267 15.9031 13.5607 15.9131 13.5077C16.0281 12.8697 16.1249 12.2277 16.2339 11.5437H14.2671C14.2671 11.0247 14.2671 10.5437 14.2671 10.0627C14.2551 9.87274 14.308 9.68435 14.417 9.52832C14.526 9.37229 14.6847 9.25785 14.8672 9.20368C15.0801 9.14115 15.3001 9.10751 15.522 9.10368C15.776 9.08668 16.0332 9.10368 16.2852 9.10368V7.36868C15.8852 7.35068 15.5141 7.33168 15.1401 7.31668C14.8644 7.29425 14.5876 7.28624 14.311 7.29268C13.7675 7.30104 13.2455 7.50737 12.8433 7.87299C12.441 8.23862 12.186 8.73842 12.126 9.27868C12.0574 9.92597 12.0291 10.5769 12.041 11.2277C12.041 11.3277 12.0319 11.4277 12.0259 11.5567H10.1899V13.6347H12.0479V18.7267H14.272Z\" fill=\"#5B5B5B\"\/>\n<\/svg>            <\/a>\n        <\/li>\n        \n\n        <li>\n            <a href=\"https:\/\/twitter.com\/intent\/tweet?text=Climate Transition and Private Equity&#038;url=https%3A%2F%2Flecercledeseconomistes.fr%2Fen%2Farticles%2Fenvironment-energy%2Fclimate-transition-and-private-equity-2%2F&#038;hashtags=cde\" title='Partager sur Twitter' target='_blank'>\n                \n                <svg class=\"twitter\" width=\"26\" height=\"26\" viewBox=\"0 0 26 26\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g clip-path=\"url(#clip0_805_2)\">\n  <rect class=\"background\" width=\"100%\" height=\"100%\" fill=\"white\"\/>\n  <path class=\"one\" d=\"M0.5 0H0V25.839H25.839V0H0.5ZM24.839 24.839H1V1H24.839V24.839Z\" fill=\"#5C5B5C\"\/>\n  <path class=\"two\" d=\"M7.035 17.9391C6.863 18.1171 6.693 18.2961 6.5 18.4961C6.792 18.4961 7.05 18.4881 7.308 18.4991C7.445 18.5051 7.534 18.4591 7.624 18.3651C8.934 17.0021 10.25 15.6431 11.559 14.2791C11.649 14.1851 11.68 14.2091 11.745 14.2931C12.799 15.6621 13.856 17.0281 14.909 18.3971C14.965 18.4701 15.023 18.4971 15.116 18.4971C16.2 18.4941 17.285 18.4951 18.369 18.4941C18.41 18.4941 18.455 18.5081 18.5 18.4751C18.491 18.4601 18.484 18.4461 18.475 18.4331C17.967 17.7801 17.459 17.1271 16.95 16.4741C15.857 15.0701 14.764 13.6651 13.669 12.2631C13.615 12.1941 13.608 12.1541 13.676 12.0861C13.953 11.8081 14.221 11.5231 14.493 11.2411C15.534 10.1631 16.576 9.08512 17.617 8.00612C17.771 7.84612 17.924 7.68612 18.099 7.50212C17.814 7.50212 17.56 7.50912 17.308 7.49912C17.177 7.49412 17.091 7.53712 17.004 7.62812C15.749 8.93112 14.49 10.2301 13.235 11.5331C13.168 11.6031 13.146 11.5891 13.095 11.5221C12.077 10.2121 11.057 8.90312 10.04 7.59212C9.986 7.52212 9.93 7.50012 9.844 7.50012C8.777 7.50212 7.71 7.50112 6.643 7.50212C6.603 7.50212 6.557 7.48512 6.517 7.52512C6.53 7.54312 6.542 7.56012 6.554 7.57712C8.082 9.55512 9.609 11.5331 11.139 13.5091C11.198 13.5851 11.209 13.6261 11.133 13.7041C9.764 15.1131 8.399 16.5251 7.034 17.9371L7.035 17.9391ZM8.059 8.30412C8.043 8.28412 8.03 8.26212 8.014 8.24012C8.048 8.19612 8.095 8.21612 8.135 8.21612C8.596 8.21412 9.057 8.21812 9.518 8.21312C9.621 8.21212 9.685 8.24212 9.746 8.32212C10.664 9.50912 11.585 10.6941 12.505 11.8791C13.993 13.7961 15.482 15.7121 16.97 17.6291C16.99 17.6551 17.008 17.6831 17.044 17.7351C16.504 17.7351 15.991 17.7351 15.478 17.7351C15.413 17.7351 15.387 17.6921 15.356 17.6521C14.356 16.3711 13.357 15.0891 12.357 13.8081C10.925 11.9731 9.492 10.1391 8.059 8.30412Z\" fill=\"#5C5B5C\"\/>\n<\/g>\n<\/svg>\n            <\/a>\n        <\/li>\n        \n\n        <li>\n            <a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Flecercledeseconomistes.fr%2Fen%2Farticles%2Fenvironment-energy%2Fclimate-transition-and-private-equity-2%2F\" title='Partager sur Linkedin' target='_blank'>\n                \n                <svg class=\"linkedin\" width=\"25\" height=\"26\" viewBox=\"0 0 25 26\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path class=\"one\" d=\"M24.8649 0.587891H0.0258789V25.4269H24.8649V0.587891Z\" stroke=\"#5B5B5B\" stroke-miterlimit=\"10\"\/>\n<path class=\"two\" d=\"M18.1309 13.5412C18.1539 15.1962 18.144 16.8512 18.144 18.5062C18.1386 18.5827 18.1283 18.6588 18.1138 18.7342C17.4238 18.7342 16.743 18.7342 16.063 18.7342C15.826 18.7342 15.8902 18.5472 15.8892 18.4182C15.8892 17.2602 15.8892 16.1022 15.8892 14.9432C15.8892 14.8222 15.8892 14.7002 15.8892 14.5792C15.8913 14.3853 15.8548 14.1928 15.7817 14.0132C15.7087 13.8336 15.6002 13.6703 15.4634 13.5329C15.3265 13.3955 15.1637 13.2867 14.9844 13.2129C14.805 13.1391 14.6129 13.1018 14.4189 13.1032C14.005 13.0978 13.6058 13.2566 13.3086 13.5448C13.0114 13.833 12.8404 14.2272 12.833 14.6412C12.816 15.8412 12.8332 17.0412 12.8252 18.2482C12.8252 18.7912 12.8952 18.7332 12.3252 18.7362C11.7552 18.7392 11.1838 18.7362 10.5918 18.7362V11.1462H12.8198V12.1112C12.9688 11.9552 13.0519 11.8742 13.1279 11.7882C14.1279 10.6732 17.1092 10.5882 17.9092 12.5482C18.0427 12.863 18.1176 13.1994 18.1309 13.5412Z\" fill=\"#5B5B5B\"\/>\n<path class=\"three\"d=\"M8.09164 7.27812C8.36496 7.27255 8.63415 7.34853 8.86411 7.49635C9.09406 7.64417 9.27472 7.85713 9.38315 8.10808C9.49157 8.35903 9.52247 8.63659 9.4725 8.90535C9.42253 9.17412 9.29376 9.4219 9.10239 9.61711C8.91101 9.81232 8.66601 9.94611 8.39829 10.0014C8.13056 10.0567 7.85251 10.031 7.59946 9.92755C7.34641 9.82413 7.12974 9.64767 6.97739 9.42069C6.82504 9.19371 6.74385 8.92649 6.74399 8.65312C6.73999 8.47373 6.77175 8.29535 6.83774 8.12849C6.90373 7.96163 7.00265 7.80966 7.12827 7.68153C7.25388 7.5534 7.40367 7.4517 7.56918 7.38242C7.7347 7.31314 7.91221 7.27767 8.09164 7.27812Z\" fill=\"#5B5B5B\"\/>\n<path class=\"four\"d=\"M9.22314 11.1509V18.7169H7V11.1509H9.22314Z\" fill=\"#5B5B5B\"\/>\n<\/svg>            <\/a>\n\n        <\/li>\n        \n<\/ul>\n\n  \n    \n    \n<\/div>\n        <\/div>\n\n\n        \n\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p><strong>To finance the energy transition, one player stands out: Private Equity, reports Philippe Trainar.<\/strong><\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>Studies on the climate transition are multiplying, invariably repeating the message that this transition would require a significant investment. The very scholarly figures cited in these studies are dizzying. The Pisani-Ferry report thus evokes a consensus revolving around a total need for additional investment of around 2 to 3% of GDP per year until 2050 (\u20ac60-80 billion). However, in 2022, the European Union and its 27 Member States only contributed around thirty billion euros to finance the fight against climate change, to which must be added more than ten billion euros in private finance to help developing countries. Of course, these estimates of investment need are purely speculative. They are extremely fragile: who knows how much investment is needed to develop an economically viable decarbonisation technology? Who can quantify the investments needed to promote hydrogen as an alternative energy? etc. The only thing we can really be sure of is that we need a very large number of innovations to ensure a complete energy transition, which allows us to move away from non-renewable energies and ensure the success of the Net-Zero strategy.<\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Energy Outsiders<\/h2>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>Decision-makers and experts now give the impression that they expect this transition from the actors in place. NGO lobbying thus aims to put pressure on large established companies, especially listed companies, to put in place credible strategies for an unconditional exit from non-renewable energies. The European taxonomy goes even further by proposing a typology of companies in brown and green. But all this is an illusion and &#8220;smoke and mirrors&#8221;. Have we ever seen large-scale technological innovations made from incumbents? Regardless of the means used to encourage these companies to do so, this objective is not credible. Innovation has always been made from outsiders and energy innovation will be made from outsiders or it will not be done. In fact, the technological breakthroughs of recent years have been almost exclusively made by unlisted companies, in university laboratories or in start-ups, particularly in California. In addition, breakthroughs made by established firms, if any, have come from separate entities, organized like start-ups. This is the alchemical secret of innovation. To forget this is to set oneself up for failure.<\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>But how do we know today how much investment these start-ups will need to discover the low-carbon energy solutions of the future? This is indeed a question of bureaucrat or incumbent as the Anglo-Saxons nicely say, but not a question of innovator. We already don&#8217;t agree on what these solutions will be, how can we agree on the necessary financial amounts? This is why the climate transition does not involve the planned investment strategies of large companies and incumbents, any more than it does through traditional financing, in the form of reinvested earnings, the issuance of listed bonds or investment credits. It involves &#8220;private equity&#8221;, which is the only one capable of financing and then controlling risk-taking as significant as those presupposes by the climate transition, and this without any pre-established planning, which is by definition misleading. In a nutshell, private equity and its players are best placed to finance the climate transition and control its efficient management, while traditional finance and its players are unlikely to succeed.<\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Le Private Equity<\/h2>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacer-medium\"><\/div>\n\n\n\n<p>The various actors involved were not mistaken, unlike the States and the lobbies. According to a recent study by White &amp; Case, 40% of companies in the energy sector plan to finance their energy transition using private equity, while 45% admit that private equity would be their preferred option. They also consider that, far from being a long, quiet river, the climate transition constitutes a major risk in terms of competitiveness, which calls for specific modes of action, organisation and financing, adapted to the underlying technological challenges and the massive risk-taking that these challenges presuppose. It is clear that traditional savers and traditional shareholders, who are risk-averse, in line with their financial constraints, cannot be the financiers of the climate transition and the technological innovation that it presupposes. Rather, they belong to a narrower subset of investors, who not only like risk but also know how to control companies&#8217; technological risk-taking, and which corresponds to &#8220;private equity&#8221; funds.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"featured_media":3785,"parent":0,"template":"wp-custom-template-single-post-classic","cat-post-theme":[148],"cat-post-type":[135],"cat-blog-event-media-type-serie":[],"class_list":["post-6588","blog","type-blog","status-publish","has-post-thumbnail","hentry","cat-post-theme-environment-energy","cat-post-type-news"],"acf":{"is_featured_post":false,"display_twitter_hastags":false,"twitter_hastags":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Climate Transition and Private Equity - Le cercle des \u00e9conomistes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lecercledeseconomistes.fr\/en\/articles\/environment-energy\/climate-transition-and-private-equity-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate Transition and Private Equity - Le cercle des \u00e9conomistes\" \/>\n<meta property=\"og:description\" content=\"To finance the energy transition, one player stands out: Private Equity, reports Philippe Trainar. Studies on the climate transition are multiplying, invariably repeating the message that this transition would require a significant investment. The very scholarly figures cited in these studies are dizzying. 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