Credit Suisse Underscores The Importance of Alternative Energy Through its Sponsorship of the World Future Energy Summit 2009Abu Dhabi, United Arab Emirates, January X, 2009 – Credit Suisse research forecasts that the share of alternative energies in the worldwide energy supply is expected to grow significantly within forthcoming decades. This increase will be primarily driven by the political risk of relying on declining oil reserves and concerns about global warming, which has inspired many countries to enact renewable energy standards.
As a result of increasing demand, various industries within the alternative energy sector are currently experiencing rapid double digit growth, most noticeably the dynamic wind and solar industries. Whilst these energies today make up a small portion of the total renewable energy market (7.3%) some industry exponents expect wind and solar to contribute more than 25% to renewable energy by 2030.
“Alternative Energy is a long-term theme. Driven by rising energy costs and regulatory mandates in many countries, it is rapidly gaining share in the global energy supply”. said Miroslav Durana, Head Alternative Energy Research for Credit Suisse. However, as these young industries quickly increase their capacity, component supply shortages and execution problems are likely. As a result, many alternative energy companies show high earnings growth but also relatively high earnings risk. Therefore, Credit Suisse recommends a diversified investment in selected stocks across all alternative energy themes or in an alternative energy index.
“It is an exciting time for alternative energy with market dislocation likely and heavy competition for investment” said Jeffrey Culpepper, Vice-Chairman of the Investment Banking Department in the EMEA region and Head of the Investment Banking Department for Credit Suisse in the MENA region. He added: “We are therefore delighted to partner with the World Future Energy Summit and be strategically positioned when the renewable business gathers for the 1st time in 2009”.
Credit Suisse is proud to sponsor the World Future Energy Summit for the second consecutive year. With over 15,000 attendees expected to attend in 2009, the WFES will be the largest meeting of influential figures within the renewable energy industry. As principal sponsor, Bassam Yammine, Co-CEO of Credit Suisse Middle East and Head of Investment Banking and Asset Management for Credit Suisse in the Middle East said: “This unique event is very important for the Middle East and its future growth. Credit Suisse’s partnership with the Summit underscores the Bank’s strong commitment both to the region, and to the advancement of sustainable energy overall.”
Credit Suisse, has for many years, been a leader in environmental management within the banking sector as well as a pioneer in the development of structured products, financing facilities and innovative client services with a focus on environmental and climate change themes. This applies particularly to areas such as alternative energies, clean technologies and the carbon sector.
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