1、Hi gher i nterest rates and l ower commodi ty pri ces conti nue to dri ve debates around the outl ook for Green Capex towards decarboni zati on,i nfrastructure and cl ean water goal s and catal ysts for stocks i n the Green Capex suppl y chai n.We refresh our anal ysi s of whats on track and conti n

2、ue to see pri vate sector Green Capex per year$0.9 tn hi gher thi s decade vs.the 2016-20 annual run rate,though wi th l ower but sti l l substanti al spare capaci ty among publ i cl y-traded compani es for addi ti onal i nvestment.Thi s sti l l means government,consumer and addi ti onal pri vate se

3、ctor i nvestment wi l l be cri ti cal to meet the$2.8 tn i ncreased annual Green Capex run rate needed gl obal l y,i n our vi ew.I nvestor feedback conti nues to focus on corporate rates of return resi l i ence,momentum and rel ati ve strength;we note ni ne sectors meet at l east two of these based

4、our refreshed anal ysi s.Sectors with favorable corporate returns trends We hi ghl i ght ni ne sectors for returns resi l i ence,strength and/or momentum,meeti ng at l east two of the three.Machi nery(al l three),Ai rl i nes,Di versi fied Tel ecom,Energy Equi pment&Servi ces,I PPs and Renewabl es,Tr

5、ansportati on I nfrastructure,El ectri cal Equi pment,El ectroni c Equi pment and Software.Brian Singer,CFA+1(212)902-8259|bri an.si Gol dman Sachs&Co.LLC Enrico Chinel l o,Ph.D.+1(212)357-3398|enri co.chi nel l Gol dman Sachs&Co.LLC Derek R.Bingham+1(415)249-7435|derek.bi Gol dman Sachs&Co.LLC Evan

6、 Tyl enda,CFA+44(20)7774-1153|evan.tyl Gol dman Sachs I nternati onalEmma Jones+61(2)9320-1041|emma.j Gol dman Sachs Austral i a Pty Ltd Keebum Kim+852-2978-6686|keebum.ki Gol dman Sachs(Asi a)L.L.C.Madel ine Meyer+44(20)7774-4593|madel i Gol dman Sachs I nternati onalBrendan Corbett+1(415)249-7440|