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Photovoltaics ReportFraunhofer Institute for Solar Energy Systems,ISEwith the support of PSE Projects GmbHFreiburg,29 July 2024www.ise.fraunhofer.deFraunhofer ISECONTENT Quick Facts Topics:PV Market Solar Cells/Modules/System Efficiency Life cycle assessment(LCA)and sustainability aspects Price Development Abbreviations Further Studies and Analyses Acknowledgementspublic2Fraunhofer ISEIntroduction Preliminary Remarks The intention of this presentation is to provide up-to-date information.However,facts and figures change rapidly,and the given information may soon be outdated again.This work has been carried out under the responsibility of Dr.Simon Philipps(Fraunhofer ISE)and Werner Warmuth(PSE Projects GmbH).Price indications are always to be understood as nominal,unless this is stated explicitly.For example,prices in the learning curves are inflation adjusted.The slides have been made as accurate as possible and we would be grateful to receive any comments or suggestions for improvement.Please send your feedback to both simon.philippsise.fraunhofer.de and warmuthpse-projects.de Please quote the information presented in these slides as follows:Fraunhofer ISE:Photovoltaics Report,updated:30 July 2024public3Fraunhofer ISEQuick Factspublic4ParameterValueStatusReferenceDate of dataGermany/EU27/WorldwidePV installation market GW7.5/41.4/240 GW15.1/55.9/407 GWEnd of 2022End of 2023BNA/SPE/IEABNA/SPE/IEA03/2023;01/2023;04/202306/2024;12/2023;04/2024Cumulative installation GW67.6/207/1,185 GW82.7/263/1,581 GWEnd of 2022End of 2023ISE/SPE/IEAISE/SPE/IEA03/2023;12/2023;04/202306/2024;12/2023;04/2024PV power generation TWh54.3net/209.1gross/1,321.9gross53.9net/246.8gross/1,641.6gross 20222023ISE/EI/EIISE/EI/EI06/2024;06/2024;06/202406/2024;06/2024;06/2024PV electricity share11.0%net/7.4%gross/4.5%gross12.5%net/9.0%gross/5.5%gross20222023ISE/EI/EIISE/EI/EI06/2024;06/2024;06/202406/2024;06/2024;06/2024Worldwidec-Si share of production 97 23ITRPV04/2024Record solar cell efficiency:III-V MJ(conc.)/mono-Si/CIGS/multi-Si/CdTe47.6/27.3/23.4/24.4/21.0/2024Green et al.06/2024GermanyPrice PV rooftop system(3 to 10 kWp)1,450 to 2,000/kWp2023BSW11/2023LCOE PV power plant3.1 to 5.7 ct/kWh2021ISELowest/Latest PV-Tender Price(average,volume-weighted value)4.33/5.17 ct/kWh02/2018;12/2023BNA12/2023Fraunhofer ISEExecutive SummaryPV Market:Global Photovoltaics is a fast-growing market:The Compound Annual Growth Rate(CAGR)of cumulative PV installations was about 26tween year 2013 to 2023.In 2023 producers from Asia count for 94%of total PV module production.China(mainland)holds the lead with a share of about 86%.Europe and USA/CAN each contributed 2%.Wafer size increased and by keeping the number of cells larger PV module sizes are realized allowing a power range beyond 700 W per module.In 2023,Europes contribution to the total cumulative PV installations amounted to 20%.In contrast,installations in China accounted for 43%(previous year 37%)and North America for 10%.Si-wafer based PV technology accounted for about 97%of the total production in 2023.Mono-crystalline technology became the dominant technology in c-Si production while multi-crystalline technology is phasing out.Market shifts from subsidy driven to competitive pricing model(Power Purchase Agreements PPA).In addition to PV systems on buildings(Rooftop or Building-Integrated)and ground-mounted systems,more and more systems are being installed on agricultural land(Agrivoltaics)and bodies of water(Floating PV).Furthermore,vehicle-integrated PV enters the market.public5Fraunhofer ISEExecutive SummaryPV Market:Focus Germany In year 2023,Germany accounted for about 5.2%(82.7 GWp)of the cumulative PV capacity installed worldwide(1581 GWp)with about 3.7 million PV systems installed in Germany.In 2023 the newly installed capacity in Germany was about 15 GWp according to BNA;in 2022 it was 7.5 GWp.In 2023,PV accounts for 12.5%of net electricity generation and all renewable energies together for around 60%.In 2023 about 42 Mio.t CO2equivalent GHG emissions have been avoided due to 61 TWh PV electricity consumed in Germany.PV system performance has strongly improved.Before year 2000 the typical Performance Ratio was about 70%,while today it is in the range of 80%to 90%.Often residential and small commercial PV systems are installed with a battery storage and a charging station for electric mobility.Due to relative high electricity tariffs in Germany,self consumption is the prevailing business model.Another trend is the increased installation of balcony solar systems.With the increasing generation capacity from solar and wind,the integration of volatile electricity into the grids is becoming ever more important.Grid expansion,load management,smart grids,bidirectional charging of vehicle batteries etc.must be promoted to avoid temporary switching off of renewable power plants(curtailment).public6Fraunhofer ISEExecutive SummarySolar Cell/Module Efficiencies The record lab cell efficiency*is 27.3%for mono-crystalline and 24.4%for multi-crystalline silicon wafer-based technology.The highest lab efficiency in thin film technology is 23.4%for CIGS and 21.0%for CdTe solar cells.Record lab cell efficiency for Perovskite is 25.2%.In the last 10 years,the efficiency of commercial mono-crystalline wafer-based silicon modules increased from about 16%to 22%and more.At the same time,the efficiency of CdTe module increased from 9%to nearly 20%.In the laboratory,the best performing modules are based on mono-crystalline silicon with 24.9ficiency.Record efficiencies demonstrate the potential for further efficiency increases at the production level.In the laboratory,high concentration multi-junction solar cells achieve an efficiency of up to 47.6%today.With concentrator technology,module efficiencies of up to 38.9%have been reached.public7*Only official lab record efficiencies with minimum cell area of 1 cm2 are listed.Latest reference:Solar Cell Efficiency Tables(Version 64),Progress in Photovoltaics:Research and Applications,06/2024 Fraunhofer ISEExecutive SummaryEnergy Payback Time Material usage for silicon cells has been reduced significantly during the last 18 years from around 16 g/Wp(in 2004)to about 2.2 g/Wp in 2023 due to increased efficiencies,thinner wafers(150m)using diamond wire saws,and larger ingots.The Energy Payback Time of PV systems is dependent on the geographical location:PV systems manufactured in Europe and installed in Northern Europe require approximately 1.1 years to pay back the energy input,while PV systems installed in the South require 0.9 years to pay back the energy input,depending on the technology installed and the grid efficiency.A PV system located in Sicily using wafer-based Silicon modules has an Energy Payback Time of about one year.Assuming a 20-year lifetime,this type of system can produce twenty times the energy required to produce it.PV modules can be recycled to recover rare and valuable materials.Further research and development is needed to make these recycling processes even more in-depth and cost-effective.public8Fraunhofer ISEExecutive SummaryPrice Development Due to the coronavirus crisis and the associated disruptions to supply and trade chains,market prices rose noticeably in 2022 and at times some products were not available in sufficient quantities.In 2023 prices fell again.In Germany prices for a typical 10 to 100 kWp PV rooftop-system were around 14,000/kWp in 1990.At the end of 2023,such systems cost only 10%of the price in 1990.The compound annual growth rate(CAGR)of net prices has been-6.8%over the past 33 years.The Experience Curve also called Learning Curve-shows that in the last 43 years the module price decreased by 24.4%with each doubling of the cumulated global module production.Cost reduction results from economies of scale and technological improvements.Global average Selling price(ASP)was about 0.20 US$/Wp in 2023.public9Fraunhofer ISE1.PV Market By region By technologypublic10Fraunhofer ISEPV Module Production by Region 1990-2023Percentage of Total MWp Producedpublic11Data:from 2000 to 2009:Navigant;from 2010 to 2021 IHS Markit;from 2022 estimates based on IEA and other sources.Graph:PSE Projects GmbH 2024.Date of data:04/2024Fraunhofer ISEPV Module Production by RegionGlobal Annual Productionpublic12Annual Production TodayAnnual production has increased 13-fold over the past decade.In 2023,approximately 95%of solar modules and their components came from Asia,primarily from China with a module production share of about 80%,which also controls more than 95%of the market for certain components such as ingots and wafers.Data from 2000 to 2009:Navigant;from 2010 to 2021 IHS Markit;from 2022 estimates basaed on IEA and other sources.Graph:PSE Projects GmbH 2024.Date of data 04/2024Fraunhofer ISEOverview of PV production along the value chain July 2024public13EU PV Manufacturing Landscape Status Quo*Currently 2,100 kg/MWp poly-Si required for Ingot production*Most of the available poly-Si capacity is held in reserve for the semiconductor industryNominal Production-Capacities in the region GWp/a:Module 8.6 Solar Cells 1.4Ingot&Wafer 0.0 Poly-Si 29*,*mg-Si 58VoltecSonnenstromfabrikAleoHeckertSoliTekELKEMpcc SEWackerSoluxtecPeimarBiSolTenkaSonnenkraftSolvisBruk-BetStakksbergSolarweltWacker Norway 100 MWp 500 MWp 1 GWpFerroglobeFerroglobeValue ChainSolar CellModuleIngot/Wafermg-Si Poly-SiFab SizeSource:iS NovokhatniaDomi EkoPiKCellRECOMMeyerBurgerStatus 07/24MegasolSunergEscelco3SKarpatSolarSilicon ValenExiomMetSolarAgora SolarASWSEXEEU27 CH,NO,UKNameplate Production Capacity Module Ingot(MWp/a)Nameplate Prod.Capacity mg-Si/poly-Si(*1000 10 kg/a)ModuleSolar cellIngot&Waferpoly-Simg-SiFraunhofer ISEPV Production in Germany-Status QuoPV module supplier July 2024public14CompanyLocationCapacity MWWebsiteASWSMettmann800https:/www.asws-solar.de/SoluxtecBitburg550https:/www.soluxtec.de/SonnenstromfabrikWismar525https:/ SolarChemnitz400https:/Aleo SolarBerlin300https:/www.aleo-solar.de/AvancisTorgau100https:/www.avancis.de/AxSunLaupheim50https:/www.axsun.de/SunmaxxOttendorf-Okrilla50https:/sunmaxx- and Graph:Jochen Rentsch,Fraunhofer ISE 2024;last update:07/2024SonnenstromfabrikAleo SolarHeckertWackerSoluxtecMeyerBurgerSource:iS NovokhatniaAxSunSolarweltWackerAntecSunmaxxOxford PVNexWafeAvancisASWSStatus 05/07/24 50 MWp 100 MWp 500 MWp 1 GWpValue-added stageSolarzelleModuleIngot/Wafermg-Si Poly-SiFactory sizeThe production capacity for PV modules in Germany amounted to about 3.2 GWp in July 2024.Fraunhofer ISEGlobal Cumulative PV Installationby Regionpublic15 Fraunhofer ISENote:The IRENA data shown here differs from that of the IEA PVPS:IRENA:1,412 GWpIEA-PVPS:1,581 GWpData:IRENA 2024.Graph:PSE Projects GmbH 2024.Date of data:April-2024Fraunhofer ISEGlobal Cumulative PV Installationby on-grid&off-grid installation typeApproximately 99.6%of todays installed PV capacity is connected to the grid.The proportion of off-grid systems compared to the total cumulative systems has roughly halved over time from just under 1%in 2010 to 0.43%in 2023.public16Data:IRENA 2024.Graph:PSE Projects GmbH 2024.Date of data:04/2024Fraunhofer ISEGlobal Cumulative PV Installation by RegionStatus 2023The total cumulative installations amounted to about 1,581 GWp according to IEA-PVPS at the end of year 2023;IRENA reports 1,412 GWp.All percentages are related to global installed PV capacity,including off-grid systems.public17 Fraunhofer ISEData:IEA-PVPS Snapshot of Global Market;IRENA 2024.Graph:PSE Projects GmbH 2024;Date of data:04/2024Fraunhofer ISEAnnually Installed PV System Capacity in GermanyPercentage of Annual Capacity by System SizeThe annual distribution of PV system size classes strongly depends on:Regulations Market incentives(like EEG)Tender procedures Bankability(trust of investors)public18Source until year 2020:Fraunhofer ISE,own calculations based on EEG-master and-flow data(netztransparenz.de,Sept.2021)Source since 2021:Fraunhofer ISE,own calculations based on MaStR(Date:18.03.2024)and data validation algorithm0 0%Share of capacity additionsYearsGround-mounted(x 1000 kWp)Ground-mounted(750 1000 kWp)Building(750 x 1000 kWp)Building(500 x 750 kWp)Building(100 x 500 kWp)Building(30 x 100 kWp)Building(20 x 30 kWp)Building(10 x 20 kWp)Building(x 10 kWp)The“Building”category includes roofs,facades and plug-in systemsThe“Ground-mounted”category includes bodies of water,parking lots and other structuresFraunhofer ISEShare of Number of PV Systems InstalledPercentage of Cumulative Installations by System Size in Germany in 2023public19End of 2023 about 3.7 million grid-connected PV-Systems were installed in Germany.In 2023,around 500,000 plug-in systems(up to 600 W feed-in power),so-called balcony solar systems,were installed in Germany 1.Source:Fraunhofer ISE,own calculations based on MaStR(Date:18.03.2024)and data validation algorithm1 Includes reported plug-in systems and systems assigned to this category according to MaStR(Date:18.03.2024)and additional estimates by Fraunhofer ISENumber of PV-Systems larger than 500 kWpTotal number of all grid-connected PV-Systems Fraunhofer ISE2.456.71366,08p2.10818,89&2.7807,070.9614,87E.3331,22%5.7350,1500,0300,02V.3251,52x60,02%5.0070,13%Building(x 10 kWp)Building(10 x 20 kWp)Building(20 x 30 kWp)Building(30 x 100 kWp)Building(100 x 500 kWp)Building(500 x 750 kWp)Building(750 1000 kWp)Ground-mounted(x 750 kWp)Ground-mounted(750 1000 kWp)Fraunhofer ISE14.45317%9.46011%6.8188%9.93412%9.61212%3.791511%1.4432%3.2604q31!.99327%Building(x 10 kWp)Building(10 x 20 kWp)Building(20 x 30 kWp)Building(30 x 100 kWp)Building(100 x 500 kWp)Building(500 x 750 kWp)Building(750 x 1000 kWp)Share of Capacity of PV-Systems Installed Percentage of Cumulative Installations by System Size in Germany in 2023public20Source:Fraunhofer ISE,own calculations based on MaStR(Date:18.03.2024)and data validation algorithm1 Includes reported plug-in systems and systems assigned to this category according to MaStR(Date:18.03.2024)and additional estimates by Fraunhofer ISEPV Capacity in MWpand percentageof Systems larger than 500 kWpPV Capacity in MWpand percentageof all grid-connected PV-Systems Fraunhofer ISEEnd of 2023 a total cumulated PV capacity of about 82.4 GWp was installed in Germany.Mostly within the building PV system class(x 10 kWp),balcony solar systems(up to 600 W feed-in power)accounted for 380 MWpin 2023 in Germany 1.Fraunhofer ISEShare of PV-Installations with Battery Energy Storage Systems(BESS)Residential Rooftop Systems in Germanypublic21Source:Marktstammdatenregister-MaStR(Date:01.04.2024)Fraunhofer ISEBy the end of 2023 over 40%(1.2 million units)of all residential PV-systems are combined with a BESS.The share of residential rooftop PV-systems with a BESS increased from below 20%for commissioning in 2014 to almost 80%in 2023.Residential rooftop PV systems are defined as all systems on buildings with a maximum capacity of 30 kWp according to MaStR-Data.40X%2%PV systems with battery storagePV system without battery storageUnknown1.2 Millionresidential rooftop PV systems are combined with a battery storage system0 0Pp0 14201520162017201820192020202120222023ShareYear of commissioningUntil the end of 2023:By year of commissioning:Fraunhofer ISEShare of PV-Installations with Battery Energy Storage Systems(BESS)Commercial and Utility-Scale Systems in Germanypublic22Source:Marktstammdatenregister-MaStR(Date:01.04.2024)Fraunhofer ISECommercial rooftop systemsUtility-scale ground-mounted systems0 0 14 2015 2016 2017 2018 2019 2020 2021 2022 2023ShareYear of commissioningPV systems with battery storagePV system without battery storageUnknown0 0 14 2015 2016 2017 2018 2019 2020 2021 2022 2023ShareYear of commissioningPV systems with battery storagePV system without battery storageUnknownThe share of PV installations with BESS increased from 5%for commissioning in 2014 to 20%in 2023 in the commercial rooftop sector.Commercial rooftop PV systems are defined as all systems on buildings with a capacity greater than 30 kWp according to MaStR-Data.There is a significant increase in PV with BESS shares in 2022 and 2023 to around 7%in the utility-scale PV power plant sector.Utility-scale ground-mounted PV systems are defined as all ground-mounted systems with a capacity greater than 1 MWp according to MaStR-Data.Fraunhofer ISEElectrical Capacity of Renewable Energy Sources(RES)Germanypublic23165.6 GW of total 261.6 GW net installed electricity generation capacity in Germany were from renewable energy sources(RES)in Germany in year 2023.This results in a RE share of 63.3%of total capacity.Data:Energy Charts by Prof.Dr.Bruno Burger.Date of data:03/2024Fraunhofer ISEPV Energy Generated and Resulting GHG Avoided EmissionsGermanypublic24In 2023 Greenhouse Gas emissions of about 42 Mio.t CO-equivalent were avoided due to 61 TWh PV electricity consumed in Germany.Data:BMU,BDEW,BMWi,Federal Environmental Agency(UBA)02/2024.Graph:PSE Projects GmbH 2024Fraunhofer ISE Fraunhofer ISEAbout 500*GWp PV module production in 2023Thin filmMono-SiMulti-Si20102005201520002020Annual PV Production by TechnologyWorldwide(in GWp)*2023 production numbers reported by different analysts vary to some extent.About 410 GW have been installed in 2023 globally.The TOP10 module producer together shipped about 375 GW PV panels in 2023.Total PV module shipments are estimated to be between 460 and 502 GW in 2023.public25Data:from 2000 to 2009:Navigant;from 2010 to 2021 IHS Markit;from 2022 estimates based on IEA and other sources.Graph:PSE Projects GmbH 2024.Date of data:04/2024Fraunhofer ISETechnology OverviewDifferent crystalline-Silicon Cell Technology Market Sharespublic26Source:based on ITRPV 2013-2024 Fraunhofer ISEPV Production by TechnologyPercentage of Global Annual Productionpublic27Production 2023*(GWp)Thin film 13Multi-Si 4Mono-Si 485 Total 502(ITRPV)Data:from 2000 to 2009:Navigant;from 2010 to 2021 IHS Markit;from 2022 estimates based on IEA and other sources.Graph:PSE Projects GmbH 2024.Date of data:04/2024*estimatedFraunhofer ISEMarket Share of Thin-Film TechnologiesPercentage of Total Global PV Productionpublic28Thin-Film technology contributed in year 2023 with about 2.5%to the total PV-market.Data:from 2000 to 2009:Navigant;from 2010 to 2021 IHS Markit;from 2022 estimates based on IEA and other sources.Graph:PSE Projects GmbH 2024.Date of data:04/2024Fraunhofer ISEThin-Film TechnologiesAnnual Global PV Module Productionpublic29Data:from 2000 to 2009:Navigant;from 2010 to 2021 IHS Markit;from 2022 estimates based on IEA and other sources.Graph:PSE Projects GmbH 2024.Date of data:04/2024Fraunhofer ISE2.Solar Cells/Modules/System Efficiency Development in the Laboratories Development in the PV Industry Performance Ratio(PR)public30Fraunhofer ISEDevelopment of Laboratory Solar Cell Efficienciespublic31Data:Solar Cell Efficiency Tables(Versions 1 to 64),Progress in Photovoltaics:Research and Applications,1993-2024.Graph:Fraunhofer ISE 2024.Date of data:06/2024Only official lab record efficiencies published in the Solar Cell Efficiency Tables,Progress in Photovoltaics:Research and Applications are included in the graph.Fraunhofer ISEEfficiency Comparison of TechnologiesBest Lab Cells vs.Best Lab ModulesNote:In mass production,the cell-to-module ratio(CTM)improved in past years by reducing losses and using possible gains when integrating solar cells in modules.Fraunhofer ISE provides SmartCalc.CTMsoftware suite for precise Cell-to-Module(CTM)power loss analysis.It considers geometrical losses,optical losses and gains as well as electrical losses.www.cell-to-public32Data:Green et al.:Solar Cell Efficiency Tables(Version 64),Progress in PV:Research and Applications 2024.Graph:PSE Projects GmbH 2024.Date of data:06/2024Fraunhofer ISECurrent Efficiencies and Power of Commercial PV ModulesSorted by technology TotalweightedaverageefficiencyofcrystallineSilicon(c-Si)wafer-basedmodulesis21.6%inQ4-2023(was 20.9%in Q4-2022);weighting factoris total shipments in year 2023.Lowest moduleefficiency in this group is 17.4%(was 17.2%oneyear before)and highest value is 23.3%(was 23.2%in 2022).Top 10 manufacturers represent about 75%of totalshipment volume and origin mainly in Asia.Predominant c-Si technology is mono-PERC withhalf-cut cells and Multi-Busbar.public33Data Source:company product data sheets;Graph:PSE Projects GmbH 2024;Date of data:02/2024Note:The selection is based on modules from the top 10 manufacturers in 2023(except CIGS),with module data sheets available worldwide at the end of January 2024.For CIGS technology,only a very limited amount of supplier data was available,and the products indicated are manufactured for niche markets such as building integrated PV(BIPV)or flexible module applications,so comparability with the other two technologies is limited.Fraunhofer ISEPerformance Ratio Development for PV SystemsGermany In the 1990s Typical PR 70%Widely ranging PR values Today Typical PR 83%Less variance in PR as compared to 1990spublic34Source:Fraunhofer ISE“1000 Dcher Jahresbericht“1994 and 1997;2011 system evaluation,CPIA 2021Fraunhofer ISE3.Life Cycle Assessment(LCA)and Sustainability Aspects Silicon usage,wafer thickness and kerf loss for c-Si EPBT:Development and comparisonpublic35Fraunhofer ISEc-Si Solar Cell DevelopmentWafer Thickness m&Silicon Usage g/Wppublic36Data:until 2012:EU PV Technology Platform Strategic Research Agenda,from 2012:ITRPV;from 2016 ISE without;2017 ongoing with recycling of Si.Graph:PSE Projects GmbH 2024;date of data:04/2024Fraunhofer ISEHistoric Trend in Energy Payback TimeHarmonized study data for mono-crystalline silicon rooftop PV systemsLearning Rate:Each time the cumulative production doubled,the EPBT went down by 12.8%for the last 24 years.public37*Koppelaar(2016)-Solar-PV energy payback and net energy:Meta-assessment of study quality,reproducibility,and results harmonization,Renewable and Sustainable Energy Reviews Leccidi et al.(2016)-The Energy and Environmental Performance of Ground-Mounted Photovoltaic SystemsA Timely Update,EnergiesLouwen et al.(2014)-Life-cycle greenhouse gas emissions and energy payback time of current and prospective silicon heterojunction solar cell designs,Progress in PhotovoltaicsFriedrich et al.(2020)-Global Warming Potential and Energy Payback Time Analysis of Photovoltaic Electricity by Passivated Emitter and Rear Cell(PERC)Solar Modules,submitted JPVHarmonization methodologybased on Koppelaar(2016)harmonized results and harmonization parameters1)Performance Ratiobased on average annual PV yield during lifetimePV system lifetime25Degradation0.70%PR(initial)80%PR(incl.average degradation during lifetime)73.6%2)Grid efficiencyfor converting PV yield in primary energy equivalentsgrid efficiency35%EPBT of Leccisi(2016),Louwen(2014)and Friedrich(2020)were harmonized with 1)PR(incl.average degradation)and 2)grid efficiency to results of Koppelaar(2016)*Data:Fraunhofer ISE.Graph:PSE Projects GmbH 2021Irradiation:1700 kWh/m/a at an optimized tilt angle;Years:Estimated average year of original dataFraunhofer ISEEnergy Pay-Back Time of Silicon PV Rooftop SystemsGeographical Comparison Rooftop PV system using mono-crystalline silicon cells*produced in China EPBT is dependent on irradiation,but also on other factors like grid efficiency*.Better grid efficiency in Europe may decrease the EPBT by typically 9.5%compared to PV modules produced in China.public38Irradiation(GTI,kWh/m/a)EPBT2200 1.3 years1.0 yearData source:Fraunhofer ISE.Image:JRC European Commission.Graph:PSE Projects GmbH 2020(Modified scale with updated data from Fraunhofer ISE)*Cz PERC cells module with 19.9ficiency*relation between primary energy to produced electricity in the grid used for manufacturing of the PV systemFraunhofer ISEWorld Map EPBT of Silicon PV Rooftop SystemsComparison of EPBT ChinaInfluencing Factors and Interpretation EPBT:the lower,the better Irradiation:the higher,the better Grid efficiency:the higher,the better in countries where upstream production is located;(better energy mix to generate electrical power;less losses in the electrical transmission network).At downstream(where PV is installed)a low grid efficiency reduces the EPBT.public39EPBTEPBT=Energy Pay Back Time in years:Calculated for PV-system with Cz PERC 60 cells modules with 19.9ficiency produced in ChinaData source:Fraunhofer ISE.Fraunhofer ISEEnergy Pay-Back Time of Silicon PV Rooftop Systems Comparison of EPBT China/EU,local Irradiation and Grid Efficiency 2021public40EPBT for PV systems produced in Europe is shorter than for those produced in China because of better grid efficiency in Europe.Data source:Fraunhofer ISE.Calculations for year 2021 made at 22-July 2022 Fraunhofer ISEPV-ModuleMaterials and Componentspublic41Source:Fraunhofer ISE 2024Mass fraction of substance in relation to total module mass of 11.6 kg/m(100%)given in brackets;Date of data:2021Solar cellsSi(2.7%)Ag/PbO(0.04%)Ag/Al/PbO(0.01%)Al(0.07%)11.6 kg/m 3.3 kWh/m2(Module)80.9 kWh/m2(Solar cells)Al FrameAlMg3(12.7%)InterconnectorCu(1.3%)Sn(0.09%)/Pb(0.09%)J-BoxGRP,Polyamide(1.6%)Silicones(1.2%)Diodes/Cables(0.02%)Glass(67.5%)SbEthylene-vinyl acetate(6.7%)BacksheetPVF/Glue/PET/Glue/PVF(3.7%)FPlease note:Highly transparent glass can also be produced without antimony(Sb),and some European suppliers are doing so.It is technically feasible to recycle and reuse almost 100%of the materials used in PV modules.The European WEEE Directive stipulates that at least 80%of the module mass of old modules must be processed and recycled for reuse.For economic reasons,however,only the glass,frame and junction box(J-Box)are recycled today.Color legend:Available/harmless materialsRare/valuable materialsHazardous substancesRecycling takes placeDowncycling takes placeFraunhofer ISE4.Price Development Electricity costs Market incentives in Germany Costs for PV systems Price Learning Curvepublic42Fraunhofer ISEElectricity Prices,PV Feed-In Tariffs(FIT)and Bidding Scheme in GermanyWith Photovoltaic Rooftop Systems Partial Feed-In Tariffpublic43Data:BNA;energy-charts.info;Design:B.Burger-Fraunhofer ISE.Graph:PSE Projects GmbH 2024;Date of data:04/2024Rooftop Systems Partial Feed-In TariffFraunhofer ISEPV Market Development and Incentive Schemes in Germanypublic44Market IncentiveStartEnd1000 Roofs Program19901995Cost-covering remuneration19931999100000 Roofs-Program19992003EEG2000ongoingPV Tendering scheme2015ongoingThe EEG 2023 law relies on a massive expansion of renewable energies with total installed PV capacity targets of 215 GW in year 2030 and 400 GW in 2040.In 2023,new PV systems totaling around 15 GW capacity have been connected to the grid.9 GW capacity was announced for 2024.From 2026 on,the expansion target is 22 GW of new installations on an annual basis.Data:BNA.Graph:B.Burger,Fraunhofer ISE Energy-Charts.Date of Data:03/2024Fraunhofer ISEPV Tender Scheme in Germany for Free-Standing SystemsAverage,quantity weighted award value The PV tender scheme for large ground-mounted systems started in April 2015.The total capacity of this scheme amounted to 14.1 GW in Dec.2023 with 5.2 ct/kWh as latest average quantity weighted award price.PV-rooftop and special tenders are not displayed in the graph.public45Data:BNA.Graph:PSE Projects GmbH 2024 Date of data:Feb-2024Fraunhofer ISEPV-Tender in Germany for Large Rooftop-SystemsAverage,quantity weighted award value PV-Tender scheme for large rooftop systems(750 kW)started in June 2021 and total capacity of this scheme accumulates to 1.66 GW by Feb-2024 with 8.9 ct/kWh as latest average quantity weighted award price.Lowest PV-Tender Round was in June 2021 with 6.88 ct/kWh as average quantity weighted award price.public46Data:BNA.Graph:PSE Projects GmbH 2024 Date of data:03/2024Fraunhofer ISEGlobal Weighted Average Levelised Costs of Electricity for Large PV Systems(with 5th percentile and 95th percentile)The global weighted average LCoE was in year 2022 for large PV systems 0.047/kWh(=47/MWh).The 5th percentile is a value associated with the location within the data where 5%of data is below that value.In year 2022 the 5th percentile was 0.029/kWh(=29/MWh).The 95th percentile is the value where 5%of the data has a larger value.In year 2022 the 95th percentile was 0.114/kWh(=114/MWh).The LCoE decreased by about 15%on year-to-year basis in the last 12 years.public47Data:IRENA(2023),Renewable Power Generation Costs in 2022,International Renewable Energy Agency,Abu Dhabi.Currency converted from USD to EUR.Date of data:Sep-2023Fraunhofer ISEGlobal Weighted Average Total Installed Costs For Large PV Systems(with 5th percentile and 95th percentile)The global weighted average total cost for large PV systems was 833/kWp in year 2022.The 5th percentile is a value associated with the location within the data where 5%of data is below that value.In year 2022 the 5th percentile was 541/kWp.The 95th percentile is the value where 5%of the data has a larger value.In year 2022 the 95th percentile was 1786/kWp.Total installed cost for large PV systems decreased by about 12%on year-to-year basis in the last 12 years.public48Data:IRENA(2023),Renewable Power Generation Costs in 2022,International Renewable Energy Agency,Abu Dhabi.Currency converted from USD to EUR.Date of data:Sep-2023Fraunhofer ISEPrice Development for PV Rooftop Systems in Germany(10kWp-100kWp)Balance of System(BOS)encompasses all components of a PV system excluding the PV modules.These are the inverter,mounting system,switches,wiring and installation work,for example.public49BOS incl.InverterModulesPercentage of the Total CostData:BSW-Solar.Graph:PSE Projects GmbH 2024.Date of data:11/2023Fraunhofer ISEBreakdown of Utility-scale PV Total Installed CostsBy Country in 2022public50Breakdown of cost components(average of available country data):Data:IRENA(2023),Renewable Power Generation Costs in 2022,International Renewable Energy Agency,Abu Dhabi.Currency converted from USD to EUR.Date of data:Sep-2023Fraunhofer ISEBreakdown of Total Installation Costs of Utility-Scale PV Germany 2019 to 2022public51Supply bottlenecks due to the coronavirus crisis led to price turbulence in 2022.Data:IRENA(2023),Renewable Power Generation Costs in 2022,International Renewable Energy Agency,Abu Dhabi.Currency converted from USD to EUR.Date of data:Sep-2023Fraunhofer ISEPrice Learning CurveIncludes all Commercially Available PV TechnologiesLearning Rate:Each time the cumulative PV module production doubled,the module price dropped about 24.4%over the past 43 years.public52Data:from 1980 to 2010 estimation from different sources:Strategies Unlimited,Navigant Consulting,EUPD,pvXchange;from 2011:IHS Markit;from 2022:ISE;Graph:PSE Projects GmbH 2024Fraunhofer ISEPrice Learning CurveIncludes all Commercially Available PV Technologiespublic53Learning Rate:Each time the cumulative PV module production doubled,the module price dropped about 24.4%over the past 43 years.Fraunhofer ISEFurther ReadingSelected studies and analysesfraunhofer-ISE Energy ChartsStudy:Levelized Cost of Electricity-Renewable Energy TechnologiesRecent facts about photovoltaics in GermanyPower Generation from Renewable Energy in Germany What will the Energy Transformation Cost?Pathways for Transforming the German Energy System by 2050Sustainable PV Manufacturing in Europe An Initiative for a 10 GW Green Fab Meta Study:Future Crosssectoral Decarbonization Target Systems in Comparison to Current Status of Technologiespublic54Fraunhofer ISEAbbreviationspublic55AbbreviationExplanationAbbreviationExplanationACAlternating CurrentHCPVHigh Concentrator PhotovoltaicAl-BSFAluminum Back Surface FieldHJT(also HIT)Heterojunction with Intrinsic Thin-LayerBESSBattery Energy Storage SystemsIBCInterdigitated Back Contact(solar cells)BIPVBuilding Integrated PVLCOELevelized Cost of EnergyBOSBalance of SystemLCPVLow Concentrator PhotovoltaicCdTeCadmium-TellurideMJMulti JunctionCI(G)SCopper Indium(Gallium)DiselenideMPPMaximum Power PointCPVConcentrating Photovoltaicn-typeNegatively doped wafer(with phosphorous)c-SICrystalline SiliconPERXPassivated emitter and rear cellCTMCell-to-ModulePRPerformance RatioCzCzochralski Methodp-typePositively doped wafer(with boron or gallium)DCDirect currentPVPhotovoltaicEEGRenewable Energy Source Act(Erneuerbare-Energien-Gesetz,EEG)RERenewable EnergiesEIThe Energy InstituteROIReturn on InvestmentEPBTEnergy Payback TimeSISiliconEROIEnergy Return of Invest SICSilicon carbideFZFloating ZoneTOPConTunnel Oxide Passivated ContactGaAsGallium ArsenideVATValue Added TaxGaNGallium nitrideFraunhofer ISEAcknowledgementsThis work has been carried out with contributions from:The information provided in this Photovoltaics Report is very concise by its nature.Its principal purpose is to provide a rough overview about the current solar PV market,the technologies and the environmental impact.However,there are many more aspects.These and further details can be provided by Fraunhofer ISE upon request.Please contact us if you are interested in receiving a tailor-made offer.simon.philippsise.fraunhofer.de warmuthpse-projects.depublic56NameInstitutionAndreas BettISEBruno BurgerISEChristoph KostISESebastian NoldISEDominik PeperISESimon PhilippsISERalf PreuISEChristian ReichelISEJochen RentschISEGerhard Stryi-HippISETobias ReuterISEHarry WirthISEWerner WarmuthPSE Projects GmbHThank You for Your Interest Contactsimon.philippsise.fraunhofer.de warmuthpse-projects.de

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2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG TA BLE OF CONTENTSExecutive Summary and Key Findings 3Review of Findings 8Environmental 15Social 18Governance 21Average Market Return Expectations 26Demographics 27Methodology 30About the Authors 31About Us 33Contact Information 343EXECUTIVE SUMMARY AND KEY FINDINGSOLDER INVESTORS WHO RELY ON RETIREMENT SAVINGS TO PAY FOR LIVING EXPENSES ARE LARGELY OPPOSED TO ESG INITIATIVES AND UNWILLING TO SUFFER FINANCIAL LOSS TO ADVANCE ENVIRONMENTAL AND SOCIAL GOALS.ESG IS OVERWHELMINGLY SUPPORTED BY YOUNG INVESTORS WHO WANT INVESTMENT MANAGERS TO TAKE AN ACTIVE STANCE ON CLIMATE CHANGE,DIVERSITY,AND OTHER STAKEHOLDER INITIATIVES.THE STARK DIFFERENCE ACROSS AGE GROUPS UNDERSCORES THE CHALLENGE INVESTMENT MANAGERS FACE IN BALANCING THE GOALS OF INVESTORS WITH DIFFERENT VIEWS AND FINANCIAL NEEDS.“We see extreme differences in investor support for ESG driven largely by age and stage of life,”says Professor David F.Larcker,Stanford Graduate School of Business and Rock Center for Corporate Governance.“Older investors who are living off their retirement savings are much less concerned with environmental and social issues and much more concerned with making sure fund managers focus on generating financial returns to support their spending needs.Older investors oppose fund managers taking activist positions on ESG issues and are unwilling to see their investment balances decline to advance these objectives.”“ESG activism is clearly driven by younger investors,”adds Professor Amit Seru,Stanford Graduate School of Business and the Hoover Working Group on Corporate Governance at Stanford University.“Investors under 40 want to see companies make progress across a broad range of environmental and social initiatives and claim to be willing to suffer personal financial losssometimes very large lossto see those changes realized.The many years they have until retirement and high expectations for future stock market growth might encourage them that any cost to ESG activism can be recovered.”“The vast differences across age demographics means that institutional managers are going to have to think hard about the stances they take on environmental 2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESGand social proxy proposals,”observes Professor Stephen Haber,School of Humanities and Sciences Stanford University and Hoover Working Group on Corporate Governance at Stanford University.“While some investors favor these,many others strongly oppose them.More and more fund managers might find that the best solution is to poll their investor base on how to vote and split votes to reflect the divergent views of various groups.”In summer 2022,Stanford Graduate School of Business,the Hoover Working Group on Corporate Governance at Stanford University,and Rock Center for Corporate Governance at Stanford University jointly conducted a nationwide survey of 2,470 investorsdistributed by gender,race,age,household income,and state residenceto understand how American investors view environmental,social,and governance(ESG)priorities among the companies in their investment portfolio.Respondents run the spectrum of personal investment assets from less than$10,000 to more than$500,000(average$200,000)in retirement and personal savings accounts.Their investments are held through a variety of major institutional investors,including Fidelity(47 percent),American Funds(40 percent),Vanguard(31 percent),Invesco(18 percent),BlackRock(16 percent),and State Street(16 percent),among others.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 4KEY FINDINGS INCLUDE THE FOLLOWING:INVESTORS HAVE DIAMETRICALLY OPPOSED VIEWS OF ESG BASED ON THEIR AGE.Young investors(41 years and younger)express high concern about environmental issues.70 percent say they are very concerned about issues such as carbon emissions and renewable energy sourcing,while 30 percent are somewhat or not at all concerned about these.By contrast,older investors(58 years and older)have almost the exact opposite view.Only 35 percent are very concerned about environmental issues,while 65 percent are somewhat or not at all concerned.The same pattern is true for social issues.Two-thirds(65 percent)of young investors are very concerned about issues such as workplace diversity,income inequality,and workplace conditions,compared with only 30 percent of older investors.70 percent of older investors express little or no concern for these.Reflecting these preferences,most young investors(78 percent)own at least one mutual fund or exchange-traded fund that restricts itself to socially responsible investing,while only 19 percent of older investors are invested in such a fund.Importantly,wealth differences only seem to account for the differences in preferences for ESG among younger investors.While the views of older investors are uniformly opposed to ESG without regard to their savings,the preferences of younger investors change significantly with wealth.Younger investors with very high investment balances express the most support for ESG initiatives,while support among those with little savings is much lower.“There are clearly generational differences when it comes to perceptions of ESG,”says Professor Seru.“Young investors express high levels of concern for social and environmental causesparticularly young investors who are very wealthywhile older investors express very little concern for these.These differences pose challenges to fund managers and corporate executives alike when it comes to deciding which stakeholder interests to pursue or support,and how much to invest in them.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 5YOUNG INVESTORS WANT FUND MANAGERS TO ADVOCATE FOR ENVIRONMENTAL AND SOCIAL CAUSES.OLDER INVESTORS WANT THEM TO STICK WITH GENERATING FINANCIAL RETURNS.Investors express a strong preference for fund managers to use their size and voting power to maximize the economic value of their investments.Over three-quarters(77 percent)say this is extremely or very important,while only 8 percent say it is slightly or not at all important.Most young investors also want investment companies to use their size and voting power to influence the environmental practices of the companies they are invested in.Almost 80 percent of young investors say this is extremely or very important.By contrast,only 42 percent of older investors say it is important that fund managers influence the environmental practices of companies.In this same vein,85 percent of Millennial and Gen Z investors(41 years and younger)say they support fund managers advocating for environmental causes even if it decreases the value of their investment.By contrast,only 35 percent of older investors support fund managers doing so,and 65 percent oppose it.This pattern is the same when it comes to social issues,with 82 percent of young investors wanting to see investment managers use their size and voting power to influence the social policies and practices of the companies they are invested in,while only 35 percent of older investors want to see this.80 percent of Millennial and Gen Z investors are willing to suffer a decrease in investment value in support of social activism.Only 29 percent of older investors are willing to suffer losses,and 71 percent are not.YOUNG INVESTORS CLAIM TO BE WILLING TO LOSE BETWEEN 6 AND 10 PERCENT OF THEIR RETIREMENT SAVINGS TO SUPPORT ESG CAUSES.OLDER INVESTORS DO NOT WANT TO LOSE ANYTHING.When asked about a number of prominent environmental issuesincluding reduction in carbon emissions,renewable energy,and product sustainabilitythe average Millennial and Gen Z investor says they are willing to lose between 6 and 10 percent of their investment dollars in order to see companies improve their current practices to industry-leading levels.Approximately one-third say they are willing to lose more than 10 percent of their wealth to bring about environmental improvements.Baby Boomer investors(ages 58 and older),on the other hand,overwhelmingly oppose the idea of forfeiting large portions of their retirement savings to bring about environmental change.The average Baby Boomer is unwilling to lose any investment savings for environmental improvements and only 5 percent are willing to lose more than 10 percent of their wealth.Baby Boomers are similarly unwilling to realize investment losses to bring about change to the social practices of the companies they are invested in.Over half(57 percent)are unwilling to lose any retirement savings to fund a significant expansion in employment benefits,66 percent are unwilling to lose retirement savings to bring about gender wage equality,and 70 percent oppose losing money to increase racial and gender diversity among the companies they are invested in.By contrast,Millennial and Gen Z investors claim to be highly willing to incur significant investment losses to bring about these social changes,with approximately a third willing to lose more than 10 or 15 percent of their retirement savings.“The cost of ESG initiatives is,and will continue to be,the largest sticking point,”says Professor Haber.“No one really knows the cost-benefit trade-off of environmental or social initiatives.What is clear from our study is that older investors are not willing to bear the risk of having to pay the cost of these,while younger investors say that they are.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 6YOUNG INVESTORS CLAIM TO BE MUCH MORE KNOWLEDGEABLE THAN OLDER INVESTORS ABOUT THE STOCK MARKET.THEY ALSO HAVE HIGHER EXPECTATIONS FOR FUTURE GROWTH.The eagerness that young investors express in support of ESG might be due in part to their optimistic expectations for future stock market growth.Young investors claim to have higher knowledge about markets than older investors and higher expectations for future returns.Most young investors(78 percent)describe themselves as extremely or very knowledgeable about the stock market;only 8 percent say they are slightly or not at all knowledgeable.By contrast,only 20 percent of older investors say they are extremely or very knowledgeable and 40 percent say they are slightly or not at all knowledgeable about markets.Young investors expect the stock market to generate significantly higher returns than older investors.Young investors expect to realize,on average,15.9 percent over the next year and 16.8 percent annually over the coming decade.Older investors expect only 4.6 percent over the next year and 10.7 percent annually over the next decade.INVESTORS INVEST WITH MANAGERS WHO SHARE THEIR VIEWS.The largest institutional investorsthose that have taken public stances to advance ESG initiatives among portfolio companieshave an investor base that supports environmental and social activism.For example,BlackRock,which vocally advocates for environmental sustainability among its portfolio companies,has an investor base that is highly concerned about environmental issues,with 76 percent saying so.Similarly,State Street,which has supported boardroom diversity,has an investor base(76 percent)that is very concerned about social issues.These figures are far higher than even the most concerned age demographic groups and higher than our respondent pool overall.Investors in large funds also support their fund managers decision to vote against the directors of companies that are not doing enough to advance ESG.86 percent of BlackRock investors agree with the firms decision to vote against the directors of a company that is not moving fast enough to address climate change,without regard to the financial success of that company.By comparison,only 39 percent of investors that do not invest with the largest institutional fund managers agree with this decision.Similarly,79 percent of BlackRock investors support that firms decision to vote against certain directors if the board of that company does not have at least one director from an“underrepresented group”(in terms of racial background or sexual orientation).By contrast,among investors that do not invest with the largest institutional fund managers,only 35 percent support this decision.It might be the case that investors are attracted to these funds because of their recent activism toward ESG.Alternatively,it might be that these fund managers are reacting to the interests of their investor base in taking these stances.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 7WITHOUT REGARD TO THEIR VIEW OF ESG,INVESTORS WANT FUND MANAGERS TO TAKE THEIR PERSONAL VIEWS INTO ACCOUNT WHEN VOTING SHARES.Over 80 percent of investors believe that fund managers should take into account their views of environmental and social issues when voting on proxy proposals regarding these topics.This view is fairly consistent across age demographics,with 89 percent of Millennial and Gen Z investors,80 percent of Gen X investors,and 76 percent of Baby Boomers saying so.This does not seem to be influenced by a perception of the political leanings of fund managers.Investors across all age demographics tend to have a balanced view of the political preferences of their fund managers,with fairly even numbers thinking that the average fund manager is conservative or liberal.“This points to the fact that investment managers should spend more time soliciting the opinions of their investor base before making important decisions on how to vote proxy proposals involving ESG,”says Professor Larcker.“The likely solution for fund managers is to start splitting votes to reflect the preferences and investment objectives of their investor base.Fund managers have a fiduciary duty,and part of that duty is to put the interests of their investors first.Its hard to see how they can do so if they are making one-sided decisions when it comes to tricky environmental or social proposals.”2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 8REVIEW OF FINDINGSDistribution of Respondants by AgeDo you have money invested in mutual funds or exchange-traded funds managed by the following investment firms?(select all that apply)53606982848478471%None of theseState Street(SPDRs)BlackRock(iShares)InvescoVanguardAmerican FundsFidelitybgmMILLENNIAL GEN ZGEN XBOOMERS bgmbgm52$# 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 9Approximately how much money in total do you have invested in the stock market,across all of your accounts?ALL RESPONDANTS84838478848616%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000MILLENNIAL GEN Z85848277848815#%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000GEN X81818779848819!%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000BOOMERS 88828579858112!%More than$500,000Between$250,000 and$500,000Between$100,000 and$250,000Between$50,000 and$100,000Between$10,000 and$50,000Less than$10,000$198,856.28MEAN$125,000.00MEDIAN2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 10How knowledgeable are you about the stock market and the companies you are invested in through the stock market?MILLENNIAL GEN Z5468879398462%7%2%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableGEN X677576869633%$%4%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableBOOMERS 96855971894A)%Not at all knowledgeableSlightly knowledgeableModerately knowledgeableVery knowledgeableExtremely knowledgeableAMERICAN FUNDS21829779%3%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)24819576%5%FIDELITY33729567(%5%INVESCO20839780%3%STATE STREET19839781%3%VANGUARD30769470$%6%NONE OF THESE65558035E %How concerned are you about environmental issues(e.g.,carbon emissions goals,renewable energy sourcing)?MILLENNIAL GEN Z70%4%Not concernedSomewhat concernedVery concernedGEN X436790573%Not concernedSomewhat concernedVery concernedBOOMERS 65548135F%Not concernedSomewhat concernedVery concerned2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 11AMERICAN FUNDS27779673#%4%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)35719465)%6%FIDELITY386993621%7%INVESCO27769773$%3%STATE STREET24809776 %3%VANGUARD377093630%7%NONE OF THESE68567632D$%How concerned are you about social issues(e.g.,workplace diversity,income inequality,workplace conditions)?MILLENNIAL GEN Z357094650%6%Not concernedSomewhat concernedVery concernedGEN X466589545%Not concernedSomewhat concernedVery concernedBOOMERS 70547530F%Not concernedSomewhat concernedVery concernedAMERICAN FUNDS24799676!%4%Not concernedSomewhat concernedVery concernedBLACKROCK(ISHARES)28779472#%6%FIDELITY376994631%6%INVESCO22829678%4%STATE STREET20829780%3%VANGUARD357095650%5%NONE OF THESE73477927S!%How concerned are you about governance issues(e.g.,CEO also serving as board chair,independence of the board,and board members not overly busy in terms of outside obligations)?MILLENNIAL GEN Z36719464)%6%Not concernedSomewhat concernedVery concernedGEN X476390537%Not concernedSomewhat concernedVery concernedBOOMERS 72468228T%Not concernedSomewhat concernedVery concerned2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 12How important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to maximize the economic value of your investment?576684959742.64.0.9%4.5%3.0%Not at all importantSlightly importantModerately importantVery importantExtremely importantHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to influence the environmental practices of the companies it invests in for you?MILLENNIAL GEN Z5665859698445%4%2%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X617379939439!%7%6%Not at all importantSlightly importantModerately importantVery importantExtremely importantBOOMERS 8473708884160%Not at all importantSlightly importantModerately importantVery importantExtremely importantShould the investment company use its size and power to influence the environmental practices of these companies,if doing so decreases the value of your investment?MILLENNIAL GEN Z158585%NoYesGEN X3763637%NoYesBOOMERS 653535e%NoYes2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 13Should the investment company use its size and power to influence the social policies or practices of these companies,if doing so decreases the value of your investment?MILLENNIAL GEN Z208080 %NoYesGEN X406060%NoYesBOOMERS 712929q%NoYesHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to influence the social policies or practices(e.g.,management diversity,income disparity between top management and workers)of the companies it invests in for you?MILLENNIAL GEN Z5365879799475%3%1%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X617279949339(!%6%7%Not at all importantSlightly importantModerately importantVery importantExtremely importantBOOMERS 877771867913#)!%Not at all importantSlightly importantModerately importantVery importantExtremely importantHow important is it to you that an investment company that purchases stocks for you(through a mutual fund or ETF)uses its size and voting power to influence the governance practices of the companies it invests in for you?MILLENNIAL GEN Z5465869699465%4%1%Not at all importantSlightly importantModerately importantVery importantExtremely importantGEN X637377939437#%7%6%Not at all importantSlightly importantModerately importantVery importantExtremely importantBOOMERS 897767858111#3%Not at all importantSlightly importantModerately importantVery importantExtremely important2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 14Should the investment company use its size and voting power to influence the governance practices of these companies,if doing so decreases the value of your investment?MILLENNIAL GEN Z208080 %NoYesGEN X415959A%NoYesBOOMERS 742626t%NoYesPublic companies in the United States are required to hold an annual vote with shareholders on certain proposals that shareholders would like management to implement at the company.Should a mutual fund manager take into account your personal views when it uses shares owned by you to vote on environmental or social issues?MILLENNIAL GEN Z118989%NoYesGEN X208080 %NoYesBOOMERS 267476$%NoYes178383%NoYesALL RESPONDENTS In general,what do you think are the political leanings of the individuals who manage most mutual funds?MILLENNIAL GEN Z606377407#%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservativeGEN X676171339)%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservativeBOOMERS 676171339)%They tend to be evenly balancedbetween conservative and liberalThey tend to be liberalThey tend to be conservative2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 15Environmental Carbon emission reductionsAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard carbon emission levels to a“net zero”by 2050?MILLENNIAL GEN Z91757078859%0%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X717281849229(%8%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS 437291979857(%9%3%2%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000None2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 16Renewable energy sourcing in supply chainAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard levels of renewable energy usage by suppliers to requiring 100%renewable energy?MILLENNIAL GEN Z91756980879%1 %More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X717183829329)%7%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS 417193979859)%7%3%2%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneProduct sustainabilityAssume you have retirement savings of$100,000.How much would you be willing to lose in retirement savings to have the companies you are invested in change from industry-standard levels of product sustainability to requiring 100%sustainable products?MILLENNIAL GEN Z897571798711%)!%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneGEN X697182849431)%6%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000NoneBOOMERS 4270929799580%8%3%1%More than$15,000Between$11,000 and$15,000Between$6,000 and$10,000Between$1,000 and$5,000None2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 17Wealth&AgePercentages represent average percent respondents are willing to lose,based on midpoints.Carbon emission reductionsMILLENNIAL GEN Z9491866%9%$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$250K$50K$250K$50K2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 24Recently,a large investment firm said it will vote against the directors of companies that are not moving fast enough to address climate change,without regard to the financial success of that company.Do you agree with this decision?MILLENNIAL GEN Z5167889697493%4%3%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeGEN X607285939040(%7%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBOOMERS 837778887417#&%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeAMERICAN FUNDS407393979760%7%3%3%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBLACKROCK(ISHARES)417393979659%7%3%4%FIDELITY5269899594481%5%6%INVESCO407193989860)%7%2%2%STATE STREET367593979864%7%3%2%VANGUARD4862919693528%9%4%7%NONE OF THESE847773887716# 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 25Recently,a large investment firm said it will vote against certain members of the board of directors if the board does not have at least one director from an underrepresented community,meaning a director who self-identifies as Black,African American,Hispanic,Latino,Asian,Pacific Islander,Native American,Native Hawaiian,Alaska Native,gay,lesbian,bisexual,or transgender.They will vote this way without regard to the financial success of that company.Do you agree with this decision?MILLENNIAL GEN Z5966859496414%6%4%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeGEN X657781908735#%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBOOMERS 848177877116#)%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeAMERICAN FUNDS5168899695492%4%5%Strongly disagreeModerately disagreeNeither agree nor disagreeModerately agreeStrongly agreeBLACKROCK(ISHARES)5368899495472%6%5%FIDELITY6068869293402%8%7%INVESCO5068899597502%5%3%STATE STREET4967929597513%8%5%3%VANGUARD5870889292420%8%8%NONE OF THESE848172897416(&%Do you currently own any mutual funds or exchange-traded funds that restrict themselves to socially responsible investing(or ESGe.g.,iShares Global Clean Energy,Vanguard FTSE Social Index Fund)?MILLENNIAL GEN Z227878%NoYesGEN X3862628%NoYesBOOMERS 811919%NoYes2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 26Average Market Return ExpectationsExpected market returnMILLENNIAL GEN ZGEN XBOOMERS Over the next 12 months16%5%Over the next 12 months,excluding so-called“sin”stocks16%6%Over the next 12 months,for“sin”stocks only16%7%Average annual market return expectedMILLENNIAL GEN ZGEN XBOOMERS Over the next 10 years17%Over the next 10 years,excluding so-called“sin”stocks17%9%Over the next 10 years,for“sin”stocks only17%9 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 27DemographicsAge50AVERAGE 49MEDIANGenderOtherFemaleMaleMALEFEMALEOTHEROtherFemaleMaleOtherFemaleMale57C%0 22 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 28What state do you live in?Political Affiliation467582999854%1%2%NoneOtherIndependentRepublicanDemocrat2.3%0.4.7%0.8%0.3%0.1%0.3%0.7%0.1%1.1%2.5%0.2%0.9%0.3.9%0.6%1.5%0.3%NA0.2%0.9%2.7%2.4%2.7%1.5%7.5%3.4%1.6%0.7%0.8%0.2%1.8%1.3%2.9%1.9%4.4%0.8%7.2%0.6%2.5%0.4%1.8%0.2%0.2%0.4%1.1%0.6%1.3%0.3%NA2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 29Education998786897069101%Graduate or professional degreeBachelors degreeAssociate or technical degreeSome college but no degreeHigh school diploma or GEDSome high school or lessHousehold Income949393939193858889826%7%7%7%9%7%$150,000 $125,000 but less than$150,000$100,000 but less than$125,000$75,000 but less than$100,000$60,000 but less than$75,000$50,000 but less than$60,000$40,000 but less than$50,000$30,000 but less than$40,000$20,000 but less than$30,000Less than$20,0002022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 30METHODOLOGYIn summer 2022,Stanford Graduate School of Business,the Hoover Working Group on Corporate Governance at Stanford University,and the Rock Center for Corporate Governance at Stanford University.hired Lucid Theorem to conduct a nationwide survey of 2,470 individual investorsbroadly distributed by gender,race,age,household income,and state residenceto understand how American investors view environmental,social,and governance(ESG)priorities among the companies in their investment portfolio.Respondents were screened to include only individuals with investments in the stock market through retirement or taxable accounts.Stanford University is solely responsible for the contents of this survey.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 31ABOUT THE AUTHORSSTEPHEN HABERStephen Haber is the A.A.and Jeanne Welch Milligan Professor in the School of Humanities and Sciences and Peter and Helen Bing Senior Fellow of the Hoover Institution at Stanford University;Professor of Political Science,Professor of History,and Professor of Economics(by courtesy);a senior fellow of the Stanford Institute for Economic Policy Research;and a senior fellow of the Stanford Center for International Development.Habers research spans a number of academic disciplines,including comparative politics,financial economics,and economic history.Email:haberstanford.edu Full Bio:https:/politicalscience.stanford.edu/people/stephen-haberJOHN D.KEPLERJohn Kepler is Assistant Professor of Accounting at Stanford Graduate School of Business.His research focuses on the interrelated nature that firms explicit and implicit contracts play in shaping firms financial reporting and corporate governance practices.Other recent work has examined the role of executive bonus plans in facilitating cooperation among management team members and how corporate insiders exploit their private information advantage about corporate audit findings for personal gain.Email:jdkeplerstanford.edu Full Bio:https:/www.gsb.stanford.edu/faculty-research/faculty/john-d-keplerDAVID F.LARCKERDavid F.Larcker is the James Irvin Miller Professor of Accounting,Emeritus,at Stanford Graduate School of Business;director of the Corporate Governance Research Initiative;distinguished visiting fellow at the Hoover Institution;and senior faculty of the Arthur and Toni Rembe Rock Center for Corporate Governance.His research focuses on executive compensation and corporate governance.He presently serves on the Board of Trustees for Allspring Funds.He is coauthor of the books A Real Look at Real World Corporate Governance and Corporate Governance Matters.Email:dlarckerstanford.edu Twitter:stanfordcorpgov Full Bio:http:/www.gsb.stanford.edu/faculty-research/faculty/david-f-larcker2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 32AMIT SERUAmit Seru is the Steven and Roberta Denning Professor of Finance at Stanford Graduate School of Business;a senior fellow at the Hoover Institution and Stanford Institute for Economic Policy Research(SIEPR);and a research associate at the National Bureau of Economic Research(NBER).His research focuses on corporate finance with an emphasis on financial intermediation and regulation,technological innovation and incentive provision,and financing in firms.Email:aserustanford.edu Full Bio:https:/www.gsb.stanford.edu/faculty-research/faculty/amit-seruBRIAN TAYANBrian Tayan is a member of the Corporate Governance Research Initiative at Stanford Graduate School of Business.He has written broadly on the subject of corporate governance,including boards of directors,succession planning,compensation,financial accounting,and shareholder relations.He is coauthor with David Larcker of the books A Real Look at Real World Corporate Governance and Corporate Governance Matters.Email:btayanstanford.edu Full Bio:http:/www.gsb.stanford.edu/contact/brian-tayanACKNOWLEDGEMENTSThe authors would like to thank Shannon Fries and Erin Do of the Research Hub at Stanford Graduate School of Business for design and layout assistance in the preparation of these materials.2022 SURVEY OF INVESTORS,RETIREMENT SAVINGS,AND ESG 33ABOUT USCORPORATE GOVERNANCE RESEARCH INITIATIVE The Corporate Governance Research Initiative at Stanford Graduate School of Business focuses on research to advance the intellectual understanding of corporate governance,both domestically and abroad.By collaborating with academics and practitioners from the public and private sectors,we seek to generate insights into critical issues and bridge the gap between theory and practice.Our research covers a broad range of topics that include executive compensation,board governance,CEO succession,and proxy voting.Website:gsb.stanford.edu/cgriTHE ROCK CENTER FOR CORPORATE GOVERNANCEThe Arthur and Toni Rembe Rock Center for Corporate Governance is a joint initiative of Stanford Law School and Stanford Graduate School of Business.The center was created to advance the understanding and practice of corporate governance in a cross-disciplinary environment where leading academics,business leaders,policy makers,practitioners,and regulators can meet and work together.Website:rockcenter.stanford.eduTHE HOOVER WORKING GROUP ON CORPORATE GOVERNANCEThe Hoover Working Group on Corporate Governance brings together scholars,industry practitioners,and policymakers to engage in constructive and open debate about the logical consistency,treatment of evidence,and policy implications of proposed reforms to the regulatory systems that impact corporations.It also generates and disseminates research investigating the optimal conditions that allow corporations to sustain their crucial role in contributing to American economic growth and innovation.Website:https:/www.hoover.org/research-teams/working-group-corporate-governanceCONTACT INFORMATIONFor more information on this report,please contact:Elizabeth Lee Associate Director of CommunicationsStanford Graduate School of Business Knight Management Center Stanford University 655 Knight Way Stanford,CA 94305-7298 eslee123stanford.edue123stanford.

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