generation investment management sustainability trends report · © generation investment...

Generation Investment Management

Sustainability Trends Report

2 0 1 7

© Generation Investment Management LLP

Important information

This presentation has been prepared by Generation Investment Management LLP ("Generation") for discussion purposes only and reflects the views of Generation as of October 2017. It is not to be reproduced or copied or made available to others without the consent of Generation. The information presented herein is intended to reflect Generation's present thoughts regarding trends and opportunities towards a more sustainable economy and should not be construed as investment research, advice or the making of any recommendation. References to any companies must not be construed as a recommendation to buy securities of such companies.

The information presented herein is based on Generation’s analysis of publicly available data and intended to present a global perspective of the different areas that Generation believes represent a sustainable economy. The jurisdictions and time periods presented herein may vary, as the data shown is what Generation used in its own assessment and believes to be the most complete view to support each identified area of sustainability and associated trends. 2016 and other historic estimates made throughout the report were extrapolated from cited research and based on previous trends and known current data. While the data is from sources Generation believes to be reliable, Generation makes no representation as to the completeness or accuracy of the data.

© GENERATION INVESTMENT MANAGEMENT LLP 2017


Commercial indicators capturing significant trends and

opportunities towards a more sustainable economy.

Foreword

We are pleased to introduce Generation Investment Management’s first Sustainability Trends Report, which documents the progress towards a more sustainable global economy.

Generation was founded in 2004 on the principle that long-term investing is best practice for investors and society alike. We believe it is critical for businesses and markets to understand the nature and magnitude of our sustainability challenges, as well as the related opportunities. To support that endeavour, we have created this compendium of commercial opportunities in sectors which we believe are central to the move towards a low carbon, prosperous, equitable, healthy and safe society.

The trends in this report capture only the early stages of the ”Sustainability Revolution”. The risks posed by our many

environmental and social challenges, from climate change to inequality, remain significant. Our journey to a fully sustainable economy will require considerable changes in attitudes and behaviors from all stakeholders, and supportive policies at local, national and international levels. We do not pretend business alone can provide all the answers.

However, it is clear to us that many businesses are embarking on the journey, and are bringing new, more sustainable technologies to market and to ever greater scale. Such businesses are delivering growth, profits and employment, while shifting society and the planet to a more sustainable footing.

Progress is underway. Yet the magnitude of opportunity remains vast.

Al Gore David BloodChairman Senior Partner

3


We are in the early stages of a Sustainability Revolution.

The opportunities are vast.

Introduction

Since our founding, Generation’s investment process has been based on long-term research in which we combine assessment of conventional business and economic factors with analysis of relevant sustainability trends. Over the past 13 years, it has been encouraging to witness the emergence of sustainable goods and services, produced more efficiently and from sustainable inputs.

In this report, we present a broad set of metrics to convey this systems-wide transition. All of the data herein comes from publicly available sources. Because many of these trends represent new developments, data can be limited in quality and historical duration. We expect this to improve as these trends become more central to economic growth, and we will update accordingly.

In this 2017 report, we have investigated five areas where there are clear signs of advance:

Mobility

Energy

Built Environment

Food Systems

Wellbeing

We will add more areas of coverage in the future, as further trends appear. We hope you enjoy the report and we welcome your feedback.

4

Mobility

Food Systems

Energy

Wellbeing

Built Environment

An enduring and equitable economy is

characterised by sustainable...

MOBILITY


We believe a sustainable system of personal

mobility is centred around:

Reduced road congestion from fewer privately owned vehicles

On demandservices leading

to betteruse of idle assets

Electrification & decreased

emissions

Improved roadsafety catalysed

by autonomy

Enhancedsynergy amongst

more efficient modes of transport

Transport solutionswith positive

societalexternalities


The market for electric vehicles is gaining momentum

As of January 2017, the number of electric vehicles (EVs) on the road worldwide surpassed 2 million

8Source: International Energy Agency, Global EV Outlook 2016; The International Council on Clean Transportation

20152014201320122011 2016

1m

0

2m

Electric car stock (battery and plug-in hybrid electric vehicles)



The global battery-powered bus stock doubled in 2016, and further marketgrowth was evidenced globally in the two- and three-wheeler markets

9Source: IEA 2017

20150

400,000

200,000

2016

EV bus stock worldwide



Progress has been catalysed by ambitious government targets around vehicle emissions:6 countries have seen EVs surpass 1% of total market share

10Source: The International Council on Clean Transportation

China

Europe

Japan

US

20252020201520100

200

100

Target g of CO2 per km



Progress has also been facilitated by the declining price of electric-car batteries

11Source: Bloomberg New Energy Finance

20152014201320122010 2016E

800

0

1,200

1,000

600

400

200

2011

Average EV battery costs ($ per Kwh)



Consumer demand for EVs is being matched by innovation and greater supply from battery producers

12Source: CleanTechnica 2016

SK Group

Air Lithium

Beijing Pride Power

Wanxiang

Samsung

LG Chem

Mitsubuishi/GS Yuasa

BYD

AESC

Panasonic

0 500 1000 1500 2000 2500 3000

First half 2015 (MWh)

First half 2016 (MWh)

EV battery production by top 10 producers



Advanced infrastructure developments, such as charging sites, draw users in

13Source: IEA, 2017 Note: EVSE—Electric-vehicle supply equipment

Global EVSE charging outlets

2,500

1,500

500

0

2,000

1,000

2010 2011 2012 2013 2014 2015 2016

(thousands)


Early signs suggest private car ownership may beon track to decline, leading to reduced congestion

Is “peak car” – defined by a plateau in sales – imminent in developed markets?

14Source: Autodata Corporation; Tradingeconomics.com

US total vehicle sales

1996 2000 2004 2008 2012 2016

22m

18m

14m

8m

10m

12m

16m

20m



Younger cohorts exhibit less interest in acquiring a driving licence

15Source: University of Michigan Transportation Research Institute

100%

80%

60%

0%16

20%

17 18 19 20-24 25-29 30-34 35-39 40-44

40%

19832008

2014

Licenced drivers as percentage of population in the US, by age group



This trend is especially pronounced in millennials

16Source: The Atlantic

1976 1990 1995 2000 2005 2010 2015 2016E

90%

85%

80%

70%

75%

Percentage of 12th-graders who drive

19851980

Drove at all in the past year

Have a driver’s license


Increased connectivity has facilitated ‘mobility-as-a-service’ models

People are more connected than ever before…

17Source: Statista; eMarketer

2010 2011 2012 2013 2014 2015

1.5bn

0

0.5bn

1.0bn

2016E2009200820072006

Global smartphone shipments


Increased connectivity has facilitated‘mobility-as-a-service’ models

…allowing the emergence of disruptive operational models thathave efficiency propositions relative to private car usage

18Source: Uber

2,000m

0

500

1,500m

1,000m

2013 2014 2015 2016

20m

0

5m

15m

10m

Uber: total global trips taken Didi: daily number of daily rides


Increased connectivity has facilitated‘mobility-as-a-service’ models

Similarly, global car-sharing membership has grown dramatically

19Source: TSRC, Winter 2016 Carsharing Outlook Note: Numbers reflect business-to-consumer (B2C) carsharing only, including one-way operations

Members

6,000,000

0

5,000,000

120,000

0

20,000

100,000

60,000

Vehicles

4,000,000

3,000,000

2,000,000

1,000,000

80,000

40,000

2006 2008 2010 2012 2014 2016E


Digitisation of the travel experience is enhancingaccess to more efficient modes of transportation

Travel sales – including bus and rail – by mobile devices aregrowing as more people turn to a digital booking experience

20Source: Euromonitor International; Skift Research

0

70

35

Western Europe

North America

Asia Pacific

Australasia

Middle East and Africa

Latin America

Eastern Europe

20162014

Mobile travel sales to residents by region (US$ billion)



Innovations in ticketing and other infrastructure havecorresponded to an uptick in use of public transport

21Source: BRTData Note: BRT is a bus-based public transport system designed to improve capacity and reliability

1970 1980 1990 2000 2010

0

20

15

10

5

200

150

100

0

50

New cities employing bus rapid transit (BRT*) Cumulative number of cities

1965 1975 1985 1995 2005 2016E



Improvements in access to public transport via digitisation are also seen in emerging markets

22Source: Indian Railway Catering and Tourism Corporation

2014-152013-142012-132011-122010-110

20,000

15,000

10,000

5,000

2015-16E

Indian railway e-ticketing revenue (in Cr Rs)



Further enhancements in multimodal booking is helped by thegrowth of location-based services

23Source: Pew Research Center

Share of US smartphone owners using location-based information services

2016E20142010

100%

0

50%

2012



And all of this is made feasible by an increased focus on city-levelpolicy innovation and smart infrastructure investment

24Source: IHS Technology Note: *Denotes an effort to use urban information and technology to improve efficiency of services

201520142013 2016

0

40

20

Number of smart cities worldwide, as per IHS Technology’s definition of a “smart city”*


Improving computational efficiency has led toincreased vehicular connectivity and autonomy

Complete with CPUs, GPUs, cameras, sensors, and networking hardware, cars continue to take advantage of increases in computing efficiency

25Source: Jonathan Koomey; The Economist Note: 2010-2016 estimates based on extrapolation from line of best fit

1e+16

1e+12

1e+8

1e+0

1e+4

ENIAC

Univac-I

1945 1980 19951960 2010 2015

SDS 920

Cray I

IBM PC

Apple Macintosh Compaq Deskpro

386/20e

Dell OptiPlex GXI

SiCortex SC5832

2016E

Computations per kilowatt-hour (log scale)



This is evident through growing semiconductor revenuesfor Advanced Driver Assistance Systems (ADAS)…

26Source: IHS ADAS Semiconductor Intelligence Service; McKinsey & Company

3

2

1

0

2010 2012 20132011 2014 2015 2016E

Global semiconductor and sensor revenues for ADAS applications ($ billion)



…and the growing number of car models whichnow have automated driver assistance technologies

27Source: Securities and Exchange Commission Mobileye 2015 Annual Filing

250

0

2007 2016

125

2008 2009 2010 2011 2012 2013 2014 2015

Global number of contracted models



Companies are announcing fully autonomouscapabilities for the very near future

28Source: Yahoo News; Business Insider; Tech Crunch

Tesla aims for the Model 3 to be the first mass-market autonomous car

Uber released its autonomous cars in Pittsburgh as part of a pilot programme in September 2016

Google’s Waymo released the first

images of its autonomous trucks

in early 2017



Connectivity and autonomy have significant implications on various sustainability considerations, including congestion and fuel consumption

29Source: University of Michigan Center for Sustainable Systems 2016 *Note: Right-sizing is the ability to match the utility of a vehicle to a given need; full benefits only likely when paired with aride-sharing on-demand model **Note: Refers to vehicle performance, such as fast acceleration, which is likely to become de-emphasized when comfort and productivity become travel priorities

Range of estimated change in energy consumption as a result of autonomy, %

CongestionEco-driving PlatooningDe-emphasizedperformance**

Improvedcrash

avoidanceVehicle

right-sizing*

Changedtransportation

services

0%

-10%

-20%

-30%

-40%

-50%

25

25

25

2525 25


The transportation trends also extend to the two-wheel market

Bicycling continues to become a more popular form of commuting to work across the US

30Sources: US Census Bureau American Community Survey and Decennial Census

PortlandMinneapolisSan FranciscoDCSeattle

2000 2016E2004 2008 2012

0

8%

6%

4%

2%

Share of workers commuting by bike10%



Sales of electric bikes are also on the rise

31Source: Confederation of the European Bicycle Industry

2006 2007 2008 2010 2011 2012 2013 20142009 2015 2016E

1500

1000

500

0

Sales of ebikes in Europe (x1000 units)



Bike-share ridership in the US has grown over time

32Source: National Association of City Transportation Officials

2010 2011 2012 2013 2014 20162015

30

20

10

0

Total trips taken (m)



And this trend proves to be far-reaching as the numberof global bike-sharing schemes continue to increase

33Source: MetroBike

2006 2007 2008 2010 2011 2012 2013 20142001 2002 2003 2004 2005 2009 2016E2015E

900

600

300

0

Bike sharing schemes

Increased global usage of efficient means of public transport and improved access for all

Growth in EV car registrations as a proportion of total cars on the road (plug-in EVs <1% in 2016 according to the IEA), and complementary grid support

Innovation around lithium and cobalt constraints and other sustainable supply-chain considerations

Comprehensive improvements in freight transportation

…among others

Mobility

trends to monitor:

ENERGY

We believe a sustainable system of energy

production is rooted in:

Reliable and cost-competitive wind

power

Substantial storage capacity

for all renewables

Efficient and scalable solar

power

Innovations in off-grid global energy

access

Positive associated

implications for human capital

A united global commitment to

responsible investment

An effective price on carbon for industry and governments


Despite its maturity relative to other renewables, global wind capacity continues to grow at double-digit rates annually

The wind market is more mature than the solar market: wind’s capacity levels in 2003 were only matched by solar in 2011

37Source: REN21, European Photovoltaic Industry Association, BP Statistical Review of World Energy 2017 Note: Projections based on EPIA medium scenario

Gigawatts

2016

Wind

Solar

400

300

200

100

02003 2007 2009 20132005 2011 2015

500

600

Energy Capacity Levels



The cost of wind energy continues to decrease due to cheaper components and significant efficiency improvements

38Source: Lazard Levelised Cost of Energy Analysis

200

150

100

50

0

Wind levelised cost of energy (LCOE), mean

2009 2011 2012 20142010 2013 2015

$/MWh

2016

Cost of wind energy



As a result, wind power continues to see year-on-year capacity growth, including a 12.5% increase between 2015 and 2016

39Source: Ren21 Renewables 2016 Global Status Report; Global Wind Energy Council

500

450

300

100

0

2005 2007 2008 20102006 2009 2015

200

2011 2012 2013 2014

Annual additions

Capacity

2016

Gigawatts Wind power capacity



Offshore installations have been an increasing contributor, especially in Europe

40Source: WindEurope 2016 European Statistics

14

12

10

2

0

2005 2007 2008 20102006 2009 2015

6

2011 2012 2013 2014

Offshore

Onshore

2016

Gigawatts Annual onshore and offshore wind installations in the EU

8

4


Installed capacity of solar energy has grown at a 50% CAGR*over the last eight years

The cost of solar continues to decline as production volumes increase: cost is no longer the major barrier to growth

41Source: Lazard *Note: Compound annual growth rate (CAGR) is a measure of growth over multiple time periods

LCOE $/MWh

20102009 20152011 2012 2013 2014 2016

Solar photovoltaic LCOE

0

50

100

150

200

250

300

350

400

450Crystalline Utility-Scale Solar LCOE Mean

Crystalline Utility-Scale Solar LCOE Range

Rooftop C&I Solar LCOE Range

Rooftop C&I Solar LCOE Mean



The total installed capacity at the end of 2016 amounted to more than 300 GW globally

42Source: IEA 2016 Snapshot of Global Photovoltaic Markets *Note: Compound annual growth rate (CAGR) is a measure of growth over multiple time periods

200

02000 2002 2004 2006 2008 2010 2012 2014

50

100

150

350

GW Total installed capacity

2016

250

300



This is due in part to substantial growth in PV installations in Asia

43Source: IEA 2016 Snapshot of Global Photovoltaic Markets *Note: Compound annual growth rate (CAGR) is a measure of growth over multiple time periods

MEA

Europe

America

Asia Pacific

Rest of World

2000 2002 2004 2006 2008 2010 2012 2014

GW

2016

200

0

50

100

150

350

250

300

PV Installs



Today, we are at an inflection point where solar is competitive without subsidies

44Source: Lazard 2016 *Note: Compound annual growth rate (CAGR) is a measure of growth over multiple time periods

Levelised costs ($ /Mwh, global)

Solar PV –Rooftop Residential

$0

Natural Gas Reciprocating Engine

Solar PV - Community

Solar PV – Thin Film Utility Scale

$50 $100 $150 $200 $250 $300

Solar PV – Rooftop C&I

Solar PV – Crystalline Utility Scale

Diesel Reciprocating Engine

Nuclear

Coal

$138 $222

$88 $193

$78 $135

$212 $281

$68 $101

$97 $136

$60 $143

$49 $61

$46 $56REN

EWA

BLE

EN

ERG

YC

ON

VEN

TIO

NA

L


The cost of storage is generally a bigger bottleneck than the cost of production, but capacity is growing and costs are declining

The energy-storage industry is rapidly innovating, with 2016 exhibiting significant growth

45Source: GTM Research; US Energy Storage Monitor; Energy Storage Association

340

0

US energy storage deployments (MWh)

20162013 2014 2015

Non-residential

Residential

Utility



The global lithium market continues to grow as lithium-ion battery exports see new heights

46Source: Benchmark Mineral Intelligence

South Korea

Japan

Tonnes

H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015 H1 201615,000

20,000

25,000

30,000

35,000

Lithium-ion battery exports



And lithium-ion mega-factories continue to increase capacity worldwide

47Source: Benchmark Mineral Intelligence

Tesla Motors Nevada

0

80,000

20,000

60,000

40,000

MWh

LG Chem

Michigan

LG Chem

Nanjing

LG Chem

Poland

LG Chem Korea

BYD China

Boston Power China

Boston Power China 1

Samsung SDI Xian

Samsung SDI

Korea

Panasonic Dalian

Lishen CATL CALB SK Innovation

100,000

120,000

Capacities of lithium-ion mega-factories

Annual Capacity 2016 (MWh) Expanded Capacity (MWh)


Lower costs mean renewable technologies are becoming increasingly affordable in emerging markets

The number of known pico-solar* manufacturers continue to grow with new financing schemes emerging

48Source: BNEF; Dalberg; Lighting Global *Note: pico-solar systems are smaller and cheaper thanconventional solar systems, but can provide energy for low-power gadgets, such as cell phones

80

02008-10 2012 2015

Number of recorded pico-solar manufacturers

2016E

Other known manufacturers

Manufacturers of lightingglobal quality-verified products



The off-grid renewables market continues to penetrate a space previously dominated by unsustainable and dangerous energy sources

49Source: Global Off-Grid Lightning Association

5.0

0

2011H1 H2

2012H1 H2

2013H1 H2

2014H1 H2

(m units)

2015H1 H2

2016H1

2010H2 H2E

2.0

3.0

1.0

4.0

Sales of portable solar kits by GOGLA members and lighting global associates



Solar lanterns are becoming cheaper due to decreasing energy and storage costs

50Source: Lawrence Berkeley National Laboratory, BNEF

50

02009 – CFL & lead acid

2009 – LED & lead acid

2014 – CFL & lithium

2014 – LED & lithium

($)

2017 – LED & lithium

Balance of system

Light

Battery

PV Panel

Solar lantern costs


Renewable energy also represents significant employment potential

Solar now employs more people in US electricity generation than oil, coal and gas combined

51Source: US Department of Energy

Solar Wind Geothermal Low Impact Hydro

Nuclear Fossil0

400,000

100,000

Bioenergy/CHP

Traditional Hydro

Advanced Gas

Other

300,000

200,000

20162015

Number of employees



There has been strong growth in employment figures, which are increasing across all segments of the US solar industry

52Source: US DOE

300%

200%

100%

0%

100%ManufacturingOther

InstallationProject Developers

OverallSales & Distribution

2010 2011 2013 2014 2015 20162012

US solar employment growth (%)



An upsurge in employment in renewable energy is also holding true on a global scale

53Source: International Renewable Energy Agency, 2017

2012 2013 2014 2015 20160

10Global renewable-energy employment, 2012-2016Million jobs

8

6

4

2

Large Hydropower

Other technologies

Solar Heating / Cooling

Wind Energy

Bioenergy

Solar Photovoltaic


Capital continues to flow to clean energy and broader sustainability-oriented projects

New investment in renewable energy is seen across asset classes…

54Source: UNEP, BNEF

0

CorporateR&D

Govt R&D

VC/PE

Publicmarkets

Smalldistributed capacity

Assetfinance

$bn

$350bn

2004 2005 2006 2012 2014 20162007 2008 2009 2010 2011 2013 2015

$300bn

$250bn

$200bn

$150bn

$100bn

$50bn

Investment in renewable energy



…and across regions

55Source: BNEF

$bn

$350bn

02004 2005 2006 2012 2014 20162007 2008 2009 2010 2011 2013 2015

$300bn

$250bn

$200bn

$150bn

$100bn

$50bn

Investment in Renewable Energy

EMEA

AMER

APAC



The movement towards divestment of fossil fuels is growing quickly…

56Source: Arabella Advisors, The Global Fossil Fuel Divestment and Clean Energy Investment Movement, December 2016

700

600

Institutions

400

500

300

200

100

0

50K

40K

1KIndividuals

20K

30K

10K

60K

Thousands

‘5T

‘4T

‘0TAssets

‘2T

‘3T

‘1T

‘6T

$ Trillions

September 2015 December 2016



…while divesting institutions are more diverse

57Source: Arabella Advisors

For profit asset manager

Health care institution

Pension funds

Educational institution

Non governmental organisation

Faith based organisation

Philanthropic foundation

Local government

14%

12%

6%

3% 2%

Proportion of commitment to total divestment amount by type of institution, US

23%

17%

23%



The green-bond market has also taken off

58Source: Climate Bond Initiative, Moody’s

80

2007

US$bn

2008 2009 2010 2011 2012 2013 2014 2015 2016

40

60

20

Green-bond issuance by year



Global companies committed to solving social and environmentalproblems are certifying as “B Corporations”

59Source: B Corps

Number of Certified B Corporations

Founders 2010 2011 2012 2013 2014 2015 2016

2,500

2,000

1,500

500

1,000

200920080


Traction towards decarbonisation is evidenced in pervasive support for carbon pricing

While the range of national carbon prices is broad, the share of global greenhouse gas emissions covered by pricing initiatives continues to expand

60Source: World Bank Group, Ecofys, VividEconomics

Regional national and subnational carbon pricing initiatives: share of global GHG emissions covered

0%

20

04

20

05

20

06

20

12

20

14

20

16

20

07

20

08

20

09

20

10

20

11

20

13

20

15

15%

10%

5%

20

03

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

Share of global GHG emissions



This trend is also true across the corporate world, where commitment to an internal price on carbon has increased more than threefold since 2014

61Source: CDP, UN PRI, Global Counsel

Number of corporates reporting use of an internal carbon price

2014 2015 20160

1,400

1,000

600

400

200

1,200

800

Existing carbon price

Undergoing implementation



Regulatory tailwinds are further demonstrated by growth in the global stock of climate legislation, which stands at over 1,200 laws across 164 countries

62Source: Climate Change Laws of the World

Total executive

Total legislative

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

800

0

200

400

600

1,400

1,000

1,200

Legislative and Executive Acts up to 2016Total laws and executive policies

1994&Before

The contribution of renewables to total energy consumption, which sat at just over 5% in 2016 (source: IEA)

Adherence to global renewable policy commitments, including Paris COP21, and a movement towards a global price on carbon

Cybersecurity solutions to enable resilient energy networks

Reduction in habitat-destruction risk of certain renewable infrastructure

…among others

Energy

trends to monitor:

BUILT ENVIRONMENT


We believe a sustainable built environment

is characterised by:

A physical world that is enabled and optimised

through digitisation

Materials and infrastructure that consume

minimal amounts of energy

Affordable industrial appliances that offer a superior return on

investment to the consumer

Significant capital commitments to efficiency efforts

by both the public and private sector

A functioning circular economy enabling better use of materials

CO2

A sharing economy which paves the way for improved

fixed asset utilisation


The physical world is becoming evermore connected to the digital world

The global sensor market has beengrowing over the past few years

66Source: BCC Research, Global Markets and Technologies for sensors

$02011 2012 2013 2016E2014

$150b

$100b

$50b

2015

Global revenue for sensor market



This market growth is visible across all types of sensors, includingthose measuring particulate matter, CO2 and other emissions

67Source: BCC Research, Global Markets and Technologies for sensors

Image and motion sensors

Bio and chemical sensors

Position sensorsTemperature and pressure sensors

2011

2016

$0

$30b

$20b

$10b

Global revenue for different types of sensors



Smart-meter installations were estimated tohave hit 70m in the US by the end of 2016

68Source: Edison Foundation

Number of meters

0Dec

2007

90m

70m

50m

30m

10m

20m

40m

60m

80m

Dec 2009

Sep 2011

May 2012

Dec 2012

Jul 2013

Jul 2014

Jul 2015

Dec 2015

Dec 2016E



More US electricity consumers are using smart meters

69Source: BNEF, EIA

0%2011 2012 2013 2016E2014

40%

2015E201020092008

30%

20%

10%

% of US electricity customers


An increasingly populated built environment demands efficient materials

More than 28,000 buildings in the UShave earned EPA’s Energy Star since 1999

70Source: Environmental Protection Agency

020162014

10,000

20,000

30,000

2012201020082006200420022000

Number of buildings



There are more than 1,755 LEED* certified industrial facilities globally, comprising just under 500m square feet

71Source: US Green Building Council *Note: LEED – Leadership in Energy and Environmental Design

2006

80

02016E

60

40

20

2007 2008 2009 2010 2011 2012 2013 2014 2015

Silver

Certified

Gold

Platinum

Certification achievement trend



Efficiency enhancements across sectors havesignificantly reduced energy demands globally

72Source: IEA Energy Efficiency Indicators Database

70%2000 2016E2005 2010

130%

120%

110%

100%

90%

80%

Industry and services

Passenger transport

Residential

Effect of efficiency improvements on energy consumptionEnergy consumption



Substantial growth has also been seen in theconstruction of zero-net-energy (ZNE) buildings

73Source: New Buildings Institute, 2016

02000 20162005 2010

400

300

200

100

Number of ZNE and ultra-low-energy buildings, US

ZNE-verified

ZNE-emerging

Ultra-low-energy



Green buildings result in quantifiable savings such as energy savings and maintenance labour

74Source: US Green Building Council *Note: Savings estimates from green buildings are a calculation of reduced operational expenditures (e.g., electricity savings)

Savings from green construction

2006

$1,200m

$0

2016E2008 2010 2012 2014

$1,000m

$800m

$600m

$400m

$200m


Capital commitments are increasingly being made towards energy efficiency enhancements

The market size for total building efficiency andsub-components continues to grow globally

75Source: Navigant Research

0

2011 2012 2016E2013 2014 2015

20,000

40,000

60,000

80,000

100,000

120,000

Building design

Building envelope

HVAC

Lighting

Demand response and enabling IT

Appliances and electronic equipment

District energy and CCHP

Water heating

Revenue from different sources of improved building efficiency ($m)



Global demand for home energy management systems, which allow households to manage energy usage, has also taken off

76Source: Navigant Research

$0

$2.5b

$2.0b

$1.0b

$1.5b

$0.5b

2011 2012 20162013 2014 2015

Global revenue from home-energy-management systems



Estimates of US investment in energy efficiency have seen significant increase over time

77Source: ACEEE, NAESCO, LBNL, CEE, IAEE, Bloomberg New Energy Finance

$0

$14b

$12b

$10b

$8b

$6b

$4b

$2b

2000 2003 2016E2006 2009 20112001 2002 2004 2005 2007 2008 2010 2012 2013 2014 2015

Other

Public buildings

Commercial and industrial

Residential

US estimated investment in energy efficiency



This is likely to continue globally as more and more energy consumption is covered by mandatory energy-efficiency policies

78Source: OECD/IEA Energy Efficiency Market Report 2016

World China BrazilUSA EU India0%

60%

40%

20%

10%

30%

50%Residential buildings

Non-residential buildings

Industry

Transport

Share of energy consumption covered by mandatory energy-efficiency policies


Greater value is being extracted from resourcesas the global economy becomes more circular

The annual tonnage of post-consumer plastic packagingwaste collected for the recycling sector has scaled rapidly

79Source: Recoup, British Plastics Federation

02000 2016E2004 20102002 2006 2008 2012 20142001 2003 2005 2007 2015201320112009

500k

Quantity collected in tonnes, UK

400k

200k

300k

100k



The volume of recycled plastics use in end-markets has seen substantial growth since 2010 across product categories

80Source: NAPCOR, APR, Waste360

02016E2004 20102002 2006 2008 2012 20142003 2005 2007 2009 2011 2013 2015

1.5b

RPET used by product category, US

1b

0.5b

Fibre

Sheet and film

Strapping

Engineered resin

Food and beverage bottles

Non-food bottles

Other

Pounds



Material consumption appears to be on adownward trend across many developed markets

81Source: Eurostat, SERI and WU Global material flows database

102000 20162004 20102002 2006 2008 2012 2014

20

Tonnes per capita Material consumption in EU-28

18

14

16

12


Specific industrial efficiencies are derived from a variety of sources

3D printing will continue to reshape the built environment, playing a key role in the reduction of CO2 emissions

82Source: European Patent Office

CO2

£

£

1,800

1,400

1,000

02010 20152012

400

2011 2013 2014 2016E

1,600

1,200

200

600

800

Number of 3D printing patents filed



Adoption in use and improvement in technologywill be made feasible through declining prices

83Source: IBISWorld

CO2

£

£

14,000

10,000

12,000

6,000

8,000

2007 20112009 2013 2015 2016E

$ per machine 3D printing machines - benchmark price



Similar cost-down curves areappearing across the LED market

84Source: US DoE

CO2

£

£

180

160

140

120

100

80

60

40

20

02008 2016E2009 2010 2011 2012 2013 2014 2015

LED A-Type cost$ per kilolumen



Which has manifested in impressive LED penetration of the global lighting market

85Source: Goldman Sachs; Statista

CO2

£

£

40%

0%20122011 2014 20152013

30%

20%

10%

2016E2010

Penetration rate


The improved use of assets is facilitatedby a shift towards a sharing economy

Airbnb continues to scale, offering value to both hostsand guests through the use of otherwise empty spaces

86Source: CBRE Hotels’ Americas Research

Supply

Demand

Revenue

5%

4%

3%

2%

1%

0%2015 2016

Airbnb volume as a percent of the traditional hotel industry, US

2014



This shift towards the maximisation of asset values is alsoseen in the growth of co-working spaces globally

87Source: Knoll

2007-08 2009-10 2011-12 2013-14

8,000

6,000

4,000

2,000

0

Number of co-working spaces worldwide

2015-16



Consumers and companies appear increasinglyamenable to this model of space utilisation

88Source: Knoll

2011-120

2012-13 2013-14 2014-15

600,000

400,000

200,000

Number of co-working members worldwide

2015-16



Capital continues to flow to these models which promote efficiencyand reduce the need for resource-intensive infrastructure

89Source: CB Insights

02013 2014 2015 2016

0.8b

0.4b

Financings in co-working space start-ups

50

40

30

20

10

0

Funding amount ($) Number of deals

1.0b

0.6b

0.2b

The move to a zero-waste economy and a reduction in pollution (including noise pollution) across markets

Global increase in the use of efficient and renewable materials in buildings

Resilient cybersecurity solutions addressing needs of an increasingly connected society

Universal access to sustainable housing and infrastructure

…among others

Built environment

trends to monitor:

90

FOOD SYSTEMS


We believe sustainable food systems

are centred around:

Improved information

access around best-practice sourcing and

farming

A clear focus on nutritional

value and health

Last mile and infrastructure

efficiencies facilitated by a move online

Focus by the restaurant industry on food-waste reduction

Optimisations in sourcing

and agriculture

The displacement

of animal protein by superior

alternatives

Conscientious consumer

choices aligned with sustainability

Enhanced earth

observation tools and

analytics for environmental

monitoring


Plant-based protein sources are emergingas a viable alternative in protein-heavy diets

While consumption of animal-based protein continues to rise globally…

93Source: USDA, US National Chicken Council, FAOSTAT

1984 1992 2000 2008 2016E

40

20

0

China consumption per capita of poultry and livestock (in pounds)

Total red meat and poultry consumedper capita in the US (in pounds)

1984 1992 2000 2008 2016

200

100

0



Alternative proteins and meat substitutes aregaining market share in many markets

94Source: Euromonitor Blog

2012 2014 2016E

25

20

15

10

5

0

-5 2011 20152013

Meat substitutes

Processed poultry

Processed red meat

Western Europe: Retail volume growth 2011-2016 (% y-o-y)



Non-dairy milk product innovations are also on the rise

95Source: Mintel

Soy-based drinks

2011 2012 2013 2014 2015 2016E

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Drinks based on rice/nut/grain/seed

Dairy milk

Milk launches by type, North America/Europe/Australasia (%)



The US non-dairy milk market is estimated to represent well over 10%of the total milk market, and sales continue to outpace regular milk

96Source: Atlas, Euromonitor, Quarts, Mintel

2006 2008 2010 2012 2014 2016

20%

10%

0%

-10%

-20%

Milk alternatives

Milk

Non-dairy milk sales growth is outpacing regular milk


Certification schemes inform consumers and galvanise sustainability-oriented consumer purchases

The number of USDA certified organic operations is nearly triple what it was in 2002

97Source: USDA Note: Foreign operations may also be certified to the USDA organic standards

20,000

0

10,000

15,000

5,000

20142005200420032002 20152006 2007 2008 2009 2010 2011 2012 2013 2016E

USDA certified organic operations



Suppliers are meeting consumer demandfor more sustainable fishing practices

98Source: Marine Stewardship Council

20,000

0

10,000

15,000

5,000

20142008 20152009 2010 2011 2012 2013 2016E

Number of products globally with the MSC label



Free-range eggs are also gaining rapid market share

99Source: DEFRA

UK egg throughput by production method

4,000

0

2,000

3,000

1,000

2014 20152006 2007 2008 2009 2010 2011 2012 2013 2016

Enriched [intensive]

Free-range

Barn



“Free-from” products are also rapidly gaining shelf space worldwide

100Source: Mintel *Gluten-free covers only bakery, cereals, snacks, pasta & noodles

12%

0%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

10%

8%

6%

4%

2%

% of new food products introduced to the market labelled as gluten-free*, global


Trends in consumer purchasing are driven by environmental and social considerations

Sales of “ethical” food and drink have risen overtime in the UK as a proportion of all sales of household food

101Source: Triodos Bank and Ethical Consumer; SustainWeb

0

4,000

9,000

8,000

6,000

2000

7,000

5,000

3000

1000

1994 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20152012 2013 2014

Others

Vegetarian meat alternatives

Fairtrade

Rainforest Alliance

Organic

2016

Spend £million



Veganism is becoming more popular as a concept and dietary practice

102Source: Google Trends

100

2005 2007 2009 2011 2013 2015 2016

Web searches related to veganism worldwide

80

60

40

20

0



There is an increasing emphasis on “buying local”as exemplified by a rising trend in farmers’ markets

103Source: USDA, Economic Research Service using USDA, Agricultural Marketing Service, Farmers’ Market Surveys

4,000

10,000

0

1994

8,000

6,000

2000

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Number of farmers’ markets, US



Consumers continue to say that they are willing to pay for sustainable features

104Source: Euromonitor International Global Consumer Trends Survey 2016

Try to have a positive effect on the environment

Worried about climate change

I can make a difference to the world

Willing to pay more for “natural” features

Buying eco-conscious products makes me feel good

Willing to pay more for organic

Willing to pay more for eco-friendly features

Willing to pay more for non-GMO

Willing to pay more for sustainable production

Willing to pay more for recyclable products

0% 10% 20% 30% 40% 50% 60% 70%

Environmental concerns and willingness to pay for green features

Climate concerns and level of empowerment

Willingness to pay for “good-for-me” features

Willingness to pay for “good-for-the-environment” features


Consumers are forging their own nutritional diets,with increased focus on microorganisms and health

While sugar intake far exceeds recommended amounts,trends suggest a gradual shift away from its consumption in the US

105Source: USDA ERS FADS; NPD Group, RBC Capital Markets, UK Business Insiders, NPD Group

19

87

19

88

19

89

20

15

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

55

50

45

US per-capita consumption ofsoft drinks (gallons)

0

40

35

30

25

20

15

10

5

2016

60

50

40

30

20

0

US per-capita annual consumptionof high-fructose syrup (pounds)

2001 2006 2011

10


Consumers are forging their own nutritional diets,with increased focus on microorganisms and health

There is an increasing focus on understanding the role of themicrobiome in human development, immunity and nutrition

106Source: PubMed

5,000

3,000

1,000

0

4,000

2,000

Published incidences of "microbiome" or "microbiota" or "microbial communities"

2000 2004 20082002 2006 2010 2012 2014 2016

6,000

7,000

8,000

9,000


30,000

50,000

75,000

70,000

60,000

40,000

65,000

55,000

45,000

35,000

0

20

40

30

10

35

25

15

5

Median Income ($)

Income Obesity Rate(%)

Obesity Rates (%)

Consumers are also forging their own nutritional diets,with increased focus on microorganisms and health

However, health inequities linked to socioeconomicstatus remain pervasive and still need to be redressed

107Source: Planetizen


Traditional bricks-and-mortar shops are making way for online options offering logistical and operational efficiencies

The online grocery market continues to gain scale, reducing the need for individual store trips

108Source: Euromonitor International, Kantar Worldpanel, IGB

US online food and drink sales $b (exc. sales tax)

8

6

4

2

02010 2012 2014 2016E

UK online grocery spend £b

12

10

8

6

4

2

02010 2012 2014 2015 20162011 2013

Non-food

Grocery



Meal-kit offerings and online retailers such asAmazon will continue to drive online growth

109Source: Hitwise as published on Marketingcharts.com

Number of visits to sites offering food-subscription boxes (m), US

20

0

15

10

5

Jun 2014 Jun 2015 Jun 2016Dec 2014 Dec 2015 Dec 2016



These new models of cooking at home are rooted in a drive towards enhanced efficiencies and a desire to reduce the levels of waste associated with food consumption

110Source: Business for Social Responsibility survey, USDA, Blue Apron, Sun Basket

While the USDA suggests grocery stores in the US throw out 10.5% of their food, Blue

Apron’s facility discarded 5.5%

In 2016, Sun Basket launched one of the first 100%

recyclable and compostable packaging solutions for the

meal-kit industry

Cooks threw out 7.6% of the food in Blue Apron kits,

relative to an estimated 23.9% to make the same

meal otherwise


Technological innovations in the restaurant industry are making it more sustainable to eat away from home

As consumers increase their eating habits away from the home, there is need for innovation and improvement in the restaurant industry

111Source: USDA

01950

80%

60%

40%

20%

1960 1970 1980 1990 2000 2010 2016

Spending on food away from home is higher than spending on food at home, US

Food at home

Food away from home



Investment in restaurant innovation enables restaurants to optimise operations and reduce food waste


2014 2015 201620130

$400

$200

$800

$600

0

20

10

40

30

Disclosed funding (m) Number of private deals

Restaurant tech quarterly global financing history



Restaurants say that they are committed to investmentin reducing food waste across their supply chains

113Source: Food Waste Alliance 2016, National Restaurant Association

50%

40%

30%

20%

10%

0%Regeneration of food waste

Disposal of food waste

Fooddonations

Recycling of food waste

Turning food wasteinto animal feed

Restaurants identifying investment area, US (%)



And perceived barriers to repurposing of food waste in US restaurants have also seen significant reduction over time

114Source: Food Waste Alliance 2016, National Restaurant Association

0% 20% 40% 60% 80% 100%

Insufficientrefrigeration/storage

Liabilityconcerns

Transportationconstraints

Insufficientrecycling options

Managementconstraints

20142016


Precision services, facilitated through the use ofdrones, have become a critical part of agriculture

The percentage of market area usingprecision-agricultural services is getting larger…

115Source: Adapted from Erickson and Widmar 2015; Farmdoc Daily

70%

50%

30%

0%

20%

60%

40%

10%

2000 2005 20072002 2011 2016E2001 2003 2004 2006 2008 2009 2013 2015

Grill or zone soil sampling

Satellite imagery

UAVs

Yield monitor w/GPS

GPS guidance system auto

Average % of market area



Users are increasingly diversifyingthe precision services employed

116Source: Adapted from Erickson and Widmar 2015; Farmdoc Daily

PSS & VR

YM & VR

YM & PSS

Variable rate (VR)

Precision soil sampling (PSS)

Yield monitor (YM)

YM, PSS & VR

% of users

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20152016E

0%

20%

60%

40%



The scaling opportunity set in AgTech is evidenced throughthe emergence of AgTech-focused investment funds

117Source: AgFunder

2008-10 2011-13 2014-16

+1 +7 +8

Cultivian Fund

Avrio Ventures LP II

Greensoil Agro & Food I

Middleland Capital

Closed Loop Cap Evergreen

Fall Line Farms Fund I

Cultivian Sandbox Fund II

Omnivore Partners Fund I

$92m

$12m

-

-

$127m

$115m

$40m

$34m

$125m Anterra Capital I

$125m Seed to Growth Ventures

Avrio Ventures Fund III$110m

$47m CapAgro Innovation Fund

$42m PowerPlant Ventures

$25m New Crop Capital

$20m Lewis & Clark Ventures

$19m Greensoil Agro & Food II


Earth observation is also becoming a core partof how we understand the world

The adoption rate of satellite use has increasedto over 50% amongst US agriculture dealers

118Source: CropLife “Precision Agricultural Services Dealership Survey Results”

50%

30%

0%

20%

60%

40%

10%

2003 20112006 20152005 2008 2009 2013 2016E

Rates of satellite adoption among US agricultural dealers



The launch of microsatellites has proliferated over time

119Source: SpaceWorks Enterprises Inc

0

100

300

200

Full market potential

20132010 20152011 2012 2014 2016

Number of nano- or micro-satellites under 50kg

SpaceWorks forecast

Historical launches



The market for commercial data related to earth observation has alsoincreased significantly in the US, including outside of a defence focus

120Source: Euroconsult, National Ocean and Atmospheric Administration

0

200

1,800

1,200

Non-US defence

20132006 20152011 2012 2014 2016E

Sales of commercial data relating to earth observation

US defence

2007 2008 2009 2010

Non defence

400

600

800

1,000

1,400

1,600

2,000

Evidence of a fully informed customer making decisions based on fact over marketing

Key agricultural demarcations of improvement including reduction in topsoil depletion, etc.

Improvements around food waste, both at home and at restaurants

Proof that health inequities associated with food consumption are being reduced

…among others

Food systems

trends to monitor:

121

WELLBEING


We believe a sustainable consideration of wellbeing

is inclusive of:

Increasingfocus on

physical health

Growing globalaccess to basic

needs andopportunities

Collectiveawareness of the

importance ofholistic wellbeing

Workplace wellnessembraced as a

driver of retentionand performance

Ubiquitoushealthcare services

enabled bydigitalisation


People are increasinglyfocused on physical fitness

The number of people in the US who are exercising on a regular basis has seen a marginal uptick

124Source: Gallup-Healthways Well-Being Index

% of Americans who report they exercised for30 minutes or more, three or more days in the last week

2008 2012 201640%

60%

50%



This is reflected in infrastructuregrowth around physical health

125Source: Leisure Database Company/ Berenberg

Number of health clubs (thousands) in the UK

2011 2012 2013 2014 2015 20160

6

5

4

3

2

1

Low-cost

Traditional



Further evidence of this trend is manifest in increased consumer spending on athleisure apparel

126Source: Euromonitor

3%

0%2011 2012 2013 2014 2015

Apparel and footwear by product category, global

2016

7%

6%

5%

4%

2%

1%

Year-on-year growth

Childrenswear

Womenswear

Apparel Accessories

Menswear

Footwear

Hosiery

Sportswear


Awareness of the importanceof holistic wellbeing is growing

More people are interested in mental health and wellbeing

127Source: Google Trends

Interest over time on Google for “mindfulness”

2005 2009 2011 2013 2015 20162007

75

50

0

100



The number of yoga practitioners in the US is increasing rapidly as people are drawn to both its physical and mental benefits

128Source: IPSOS Public Affairs 2016, USA

Yoga practitioners

2008 2012 2016

15m

20m

35m

30m

25m

40m



Wellness benefits of engaging with the naturalenvironment are better understood

129Source: 2016 Monitor of Engagement with the Natural Environment, UK*Visits to outside spaces in and around cities, countryside and coastlines, such as parks, cycle-ways, forests, etc.

% of UK population who claim to visit the natural environmentat least once a week, and % motivated to do so by health and exercise

70%

60%

50%

50%

40%

30%

20%

2010 20162011 2012 2013 2014 2015

% motivated byhealth & exercise

Frequentvisitors



Travel and free time are increasingly being usedas an opportunity to focus on one’s wellbeing

130Source: Global Wellness Institute *Wellness tourism is defined as travel for the purpose of promoting health and wellbeing through physical, psychological or spiritual activities

120

80

40

0

Spa economy, global, $bn

160k

0

120k

80k

40k

2007 2013 2015 2016E

Number of spas

800

600

400

200

0

2013 2014E 2015 ‘16E2010

Wellness tourism, global, $bn*

Number of trips



The importance of strong social networksis more appreciated than in the past

131Source: McKinsey 2016 China Consumer Report

75%

50%

25%

0%

% of Chinese consumers who agree that being successful means having

a happy family

2009 2012 2015 2009 2012 2015

75%

50%

25%

0%

% of Chinese consumers who agree that being successful

means being rich


Employers increasingly recognise theimportance of workplace wellness

More attention and resources are beingallocated towards wellbeing benefits for employees

132Source: Society for Human Resources Management, 2017 survey of US employers

Employers who changed their benefits offering in the past 12 months, 2017

Wellness

Health-related

Career development

Employee services

Flexible working

Retirement

Leave

Family-friendly

Housing/relocation

Business travel

0%

Gross increase

5% 10% 15% 20% 25% 30%



40% of organisations cite flexible work arrangementsas one of their most effective recruiting strategies


% of surveyed firms providing employee benefit

Casualdress

Telecommuting

Flextime

Mealtimeflexibility

Shiftflexibility

Alternatinglocation

Unlimitedpaid leave

100%

0

80%

60%

40%

20%

2013

2016



Improvements in flexibility through remote working also has a positive impact on work-life balance

134Source: Gallup – State of the American Workplace; REPL Group

80%

60%

0

40%

20%

Work-lifebalance

Family

Timesavings

Commutestress

Reasons supporting a flexible workforce

1995 2005 2016E

40%

35%

30%

25%

20%

15%

10%

5%

% of workers who have ever telecommuted



Employer consideration of wellness provisions isalso reflected in office design and infrastructure


% of employers who offered standing desk as a benefit, US

2013 2014 20162015

20%

40%

30%

10%

0%


Ubiquitous healthcare services, enabled throughtechnology, help alleviate resource constraints

The desire to monitor health and wellness, and apply metrics toprogress, is evidenced in the growing market for consumer wearables


Wearables units shipments (in millions, global)

0

20m

40m

60m

80m

100m

120m

2014 2015 2016

Fitbit Xiaomi Apple Garmin Samsung Other



The digitisation of health provision further enables remoteaccess, which is increasingly receiving consumer buy-in

137Source: Accenture 2017 Survey on Virtual Health

Track health stats

Get a follow-up appointment

Get follow-up care services at home

Get reminders to take health-promoting actions

Discuss health concern with professionals

Get daily support to manage health issues

Get reminders to take medication

Get an exam for a non-urgent condition

Get an annual physical

Get an exam by specialist for urgent concern

Receive mental health therapy

0% 100%75%50%25%

% who would probably or definitely do virtually:



Capital continues to flow into this new model of healthcare provision


2010 2011 2012 2013 2014 20150

US

Non-US

2016E

800

400

Digital health deals by geography



While mental health in particular is seeing increased investment activity


Mental health and wellness techannual global financing history

0

300

100

0

100

50

2013 2014 2015 2016

200

75

25

DealsDisclosed funding ($m)



But innovation and capital allocation will need to acceleratein order to keep up with increasing demands on the global system

140Source: World Health Organisation

3 out of 4 peoplesuffering from

major depressiondo not receive

adequate treatment

Depression alone affects 350 million

people and isthe single largest

contributor toyears lived with

disability globally

350m

Depression is estimated to cost over US $1.6tn in

lost economic output by 2030

$1.6tn


Yet improvements in global societal wellbeing are apparent in increased rates of access to basic needs and opportunities

Global educational attainment has seen markedimprovement, particularly over the past decade

141Source: Simon Marginson; UNESCO Note: Data for 1971-79 not available for Sub-Saharan Africa

0%

19

71

19

73

19

75

19

77

19

79

19

81

19

83

19

85

19

87

19

89

19

91

19

93

19

95

19

97

19

99

20

01

20

03

20

05

20

07

20

09

20

11

20

13

20

15

E

20

16

E

20%

40%

World

Latin America and Caribbean

Sub-Saharan Africa

Gross tertiary enrolment ratio (%)

60%



Access has improved because of innovations in educationprovision, including through the emergence of e-learning tools

142Source: Boost eLearning, a Google for Work and Google for Education partner Note: Includes teachers, students and administrators

02010 2011 2012 2013 2014 2015 2016E

80

60

40

20

Number of users of Google apps for education (m), global



In part because of big-data analysis, less developed countries are becoming more financialised

143Source: World Bank Group Global Payment Systems Survey

Deposit transaction accounts in World BankUniversal Financial Access (UFA) focus countries (m)

0

10,000

8,000

6,000

4,000

2,000

12,000

2010 2011 2012 2013 2014 2015 2016E



E-money accounts are further enabling access

144Source: World Bank Group Global Payment Systems Survey

0

200

100

300

400

500

E-money accounts

New e-money accounts

New e-money accounts created in UFA focus countries (m)

2010 2011 2012 2013 2014 2015 2016E



Much of this progress is made possible by tools leveraginggrowing internet penetration in developing markets

145Source: ITU World Telecommunication/ICT Indicators database

Trends in mobile-cellular telephone subscriptions and individual internet usage

75%

50%

25%

0%

100%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Mobile-cellular telephonesubscriptions (Africa)

Individuals usingthe internet (Africa)

Mobile-cellular telephonesubscriptions (world average)

Individuals usingthe internet (world average)

Social cohesion, the reconstruction of social capital across all levels of society, and the role of technology therein

Erosion of stigma and misconceptions attached to mental health

The genomics market and implications around healthcare provision and access

Equality of opportunity and of wellbeing trends across different demographic groups

…among others

Wellbeing

trends to monitor:

146

A sustainable economy includes

increased innovation in:

Mobility

Energy

Food Systems

Built Environment

Wellbeing

CO2


Image sources

148

Proterra electric buswww.insideevs.com/proterra-catalyst-xr-bus-gets-new-330-kwh-battery-pack

Citymapper’s transit appwww.macrumors.com/2015/03/27/citymapper-and-transit-app

Volvo’s autonomous car designwww.futurism.com/volvo-unveils-autonomous-car-design-set-to-hit-the-roads-by-2017

Viaduct-embedded wind turbine conceptwww.popsci.com/technology/article/2011-02/wind-turbines-embedded-italian-viaduct-would-preserve-architecture-and-generate-power

8 372520

Grocery store free-from aislewww.dairyfreebabyandme.blogspot.co.uk/2015/01/shopping-with-food-allergies-in-uk.html

Desktop Metal’s Studio System 3D printerwww.computerworld.com/article/3192127/computer-hardware/startup-claims-3d-printers-create-metal-parts-faster-more-cheaply.html

Impossible Burger as advertised at Momofukuwww.ny.eater.com/2016/9/2/12691348/nyc-david-chang-impossible-burger-review

Sun Basket’s 100% recyclable meal kit boxwww.sunbasket.com

OLPC XO $100 laptop in use in Ulaanbaatarwww.techenet.com/2014/01/gadgets-de-tecnologia-para-o-aprendizado-do-seu-filho

Descartes Labs’ 2015 Cropland Data Layer mapwww.medium.com/planet-stories/this-company-is-using-timely-satellite-imagery-and-deep-learning-to-predict-a-67-billion-u-s-7346bd0f3643

Toast’s point-of-sale systemwww.oneclickroot.com/android-apps/new-android-point-of-sale-system-toast-raises-30-million-wants-to-bring-android-tablets-to-your-favorite-restaurant

Tesla’s solar roofwww.cadintentions.com/cool-tech-tesla-solar-roof-tiles-are-available-to-order

M-Kopa’s solar systemwww.m-kopa.com/category/updates

60

979382

70

111108

105

141115

Carbon Pricing Leadership Coalition, World Bankwww.blogs.worldbank.org/climatechange/reaffirming-our-commitment-carbon-pricing-and-climate-action

Kingspan’s “Passive House”www.kingspaninsulation.co.uk/Knowledge-Base/Passivhaus.aspx

Visual depiction of the microbiomewww.naturalhealth365.com/microbiome-gut-inflammation-1857.html

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