2024擴(kuò)大地球觀測(cè)的全球價(jià)值報(bào)告

IncollaborationwithDeloitte

AmplifyingtheGlobal

ValueofEarthObservation

INSIGHTREPORTMAY2024

Images:GettyImages,Shutterstock,AdobeStock

Contents

Foreword3

Executivesummary4

Introduction5

1

TheglobalvalueofEOdata12

1.1Economicopportunityin203014

1.2Theclimateandnatureopportunity16

2

Industrieswiththemostvaluetogain20

2.1Agriculture22

2.2Electricityandutilities23

2.3Government,publicandemergencyservices24

2.4Insuranceandfinancialservices25

2.5Mining,oilandgas26

2.6Supplychainandtransport27

3

Cross-industryusesofEOtoamplifyclimateandnatureimpact28

3.1Environmentalimpactmonitoringanddisclosure30

3.2Vulnerabilityanalysis31

3.3Supplychainmonitoring32

4

StrategiestoactivateEO’spotential33

Conclusion37

Appendices38

A1Methodologyandapproach38

A2TaxonomyofEOusesandapplications44

A3EOdatatypesandtheiruses48

Contributors51

Endnotes53

Disclaimer

ThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.

ThedocumentwascreatedincollaborationwithDeloitteConsultingLLP,anentitywithintheDeloitteorganization.The

findings,interpretationsandconclusionsexpressedhereindonotnecessarilyrepresenttheviewsofanyDeloitteentityoritsemployeesandnoDeloitteentityoremployeeshallbeliableforanylossinconnectionwiththisdocument.

DeloittereferstooneormoreofDeloitteToucheTohmatsuLimited(DTTL),itsglobalnetworkofmemberfirms,andtheir

relatedentities(collectively,the“Deloitteorganization”).DTTL(alsoreferredtoas“DeloitteGlobal”)andeachofitsmemberfirmsandrelatedentitiesarelegallyseparateandindependententities,whichcannotobligateorbindeachotherinrespectofthirdparties.DTTLandeachDTTLmemberfirmandrelatedentityisliableonlyforitsownactsandomissions,andnotthoseofeachother.DTTLdoesnotprovideservicestoclients.Pleasesee

/about

tolearnmore.

?2024WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.

AmplifyingtheGlobalValueofEarthObservation2

May2024

AmplifyingtheGlobal

ValueofEarthObservation

Foreword

JeremyJurgens

ManagingDirector,WorldEconomicForum

Ourcollectiveabilitytoobservenatureandthe

builtenvironmentisgreaternowthanever,inlargepartduetoexponentialgrowthinthecapabilitiesofEarth-observingsatellites.Inrecentyears,

severalcommercialandnon-profitorganizations

havejoinedtheranksofnationalgovernmentstoobserveEarthfromorbitasaresultofmoreflexibleregulationsandlower-costaccesstospace.

Throughdetailed,dailymeasurements,modernsatellitesandsensorscandomuchmorethanproduceimpressiveimagesofEarth.They

allowustomonitorEarth’svitalsigns,elucidate

relationshipsbetweenpeopleandtheplanetand

providevaluableinsightsforleadersacrosssectors.

Renewablesproduction,disasterresponseandsustainablesourcingarejustafewoftheareasthatEarthinsightscanenhance.Inconcertwithcomplementaryin-situdatasources,analytics

toolsandagrowingmarketplaceofuser-focusedservices,Earthdataisquicklyapproaching

mainstreamaccessibility.

Thisstudyestimatesthatby2030,theeconomicvalueofEarthinsightscouldexceed$700billion(nominalUSdollars)andhelpreducegreenhouse

JenSteinmann

GlobalSustainability

Practiceleader,Deloitte

gasemissionsby2gigatonnesannually.This

isaninspiringtimetoexplorethetransformative

opportunitythatEarthobservation(EO)presents.Asavitalcomponentofthefourthindustrialrevolution,EOconvergeswithartificialintelligence(AI),digitaltwinsandclimatetechnologytoofferapowerfultoolset

foreconomicprosperityandsustainablegrowth.

AdvancesinEOtechnologyhelpilluminateour

pathwaystonetzeroandcaninformactiononnatureandbiodiversityprotection.

ThisreportbytheWorldEconomicForum,in

collaborationwithDeloitte,showcasesthedual

economicandenvironmentalvaluepropositionofEarthobservationdata.ItintegratesperspectivesfromtheEOcommunity,agroupof40industry,

technologyandclimateleaderscommittedto

drivingsustainablevaluethroughEOapplications.Together,wehighlightopportunitiesforbothprovenandpromisingEOapplications,quantifytheirvalueandofferstrategiestoamplifytheirglobalimpact.Wehopethispublicationprovidesinsightsfor

thoseintheEOecosystem–andthepotential

beneficiariesofEarthdataacrossindustries–tobuildtowardsamoreprosperous,sustainableandresilientfuturefortheplanet.

AmplifyingtheGlobalValueofEarthObservation3

Executivesummary

Earthobservationhasthepotentialtodrive$3.8trillionineconomicbenefitfrom2023-2030whilepositively

impactingclimateandnature.

Today,Earthobservation(EO)isnotonlya

focalpointofthespaceindustryandscientificcommunitybutalsoanengineforeconomicdevelopment.Datacollectedfromspaceand

othersensorscanbenefitawiderangeof

businessinterests,bothbystrengtheningfinancialperformanceandbysupportingcompliancewithenvironmentalregulations.EOcanplayahelpfulroleinsupportingorganizationstoadvance

climateandnaturegoalsthroughverifyingcarbonreduction,understandingorganizations’impactsanddependenciesonnature,andidentifying

strategiesthatcontributetoanature-positiveandnet-zeroeconomy.

Withpromisingmarkettrendsandhundredsof

possibleapplications,theglobalpotentialofEO

isimmense,buttheextentofthispotentialhas

notyetbeenrealized.Asfoundinthisstudy,the

potentialvalue-addedfromEarthdataisestimatedat$266billion(nominalUSdollarsareused

throughoutthisreport)in2023,afigurethatis

poisedtogrowtomorethan$700billionin2030

withacumulative$3.8trillioncontributionto

globalgrossdomesticproduct(GDP)between

2023-2030.Mostofthatvaluecomesfrom

downstreamapplicationsinindustry;approximately94%ofthetotalvaluepossibleby2030derives

fromapplicationsinagriculture,electricityandutilities,government,publicandemergency

services,insuranceandfinancialservices,mining,oilandgas,andsupplychainandtransport.

Atthesametime,EOcaninforminterventionsthatstandtoreducegreenhousegas(GHG)emissionsbymorethan2gigatonnesannually–measuredincarbondioxideequivalent(CO2e).Thisfigureislikelyanunderestimate,asitconsidersfiveleadingEO

applicationswithademonstrateddirectimpactonGHGemissions,whilenumerousothersexistwithindirecteffects.Yet,itstillequatestoapproximately3.6%ofannualglobalemissionstoday

1

Importantly,applicationsforbusinessgoalsand

environmentalgoalsarenotmutuallyexclusive.Infact,theyoftengohand-in-hand.Activatingthe

economicco-benefitsofdualvalueapplicationsforenvironmentalmonitoring,vulnerabilityanalysisandsupplychainmonitoringisapromisingmechanismtoamplifytheclimateandnatureimpactofEO.

WhileEOisanextraordinarytoolforcreatingboth

economicvalueandpositiveenvironmentalimpact,maximizingitsvaluedependsonadramaticincreaseinend-useradoption.Achievingthatcallsforresolutestrategiesandinvestmentstoincreaseawareness

ofwhatispossiblewithEO,encourageinnovation,advancecoreandenablingtechnologies,ensure

equityinaccesstoEOinsightsandbridgethegapbetweenEOdataandend-usersolutionsworldwide.

AmplifyingtheGlobalValueofEarthObservation4

Introduction

UnderstandingEarth’ssystems–andhuman

dependenciesandimpactsonthem–isintegraltosustainableeconomicdevelopmentworldwide.

Earthobservation(EO)hascontributedtotheglobaleconomyfordecades.Initiallyunderpinnedby

strongpublicsectorcontributions(particularlydrivenbydefenceandsecurityinterests),thereisnowanestablishedandgrowingcommercialEOindustry.Injusttwoyears,from2021to2023,theEOindustrygrewbymorethan21%

.2

Drivenbytechnology

andbusinessmodelinnovation,thestageissetforcontinuedgrowth–notonlyintheEOindustrybutalsoinEO’smultitudeofdownstreamapplications.

Novelmodellingundertakeninthisstudyhas

illuminatedthescaleofopportunitythatEO

presents.By2030,thepotentialeconomicvalueofEOcouldexceed$700billion(nominalUS

dollars)globally,withapplicationsacrossnearly

allindustries.Itcanalsosupportinitiativesthat

generateenvironmentalbenefits.Specifically,EO

isacriticaltooltoinformpolicies,decisionsand

interventionsthatcouldeliminateupto2gigatonnes(Gt)ofgreenhousegas(GHG)emissionseveryyearwhilesupportingahostofnature-positivestrategies.

Increasinguptakeacrossallregionsand

industriesiskeytounlockingEO’seconomicand

environmentalbenefits.ThescaleofEO’sdualvalueiscompelling,butintegratingEOintotheglobal

economywilldependontheinnovation,investment

andthecollectiveactionsoforganizationsthroughouttheEOvaluechain.

BOX1

Why2030?

Overthesameperiod,environmentaldisclosure

requirementsandemissionsregulationswilltake

effect,thousandsofnewEOsatellitesareforecastedtolaunchandenablingtechnologiessuchasartificialintelligence(AI)maycatalyseadoption.Asaresult,globaladoptionofEOcouldincreaseby30%ormoreby2030,accordingtoasurveyofEOindustryleaders.

Theperiodfrom2024to2030isavitalwindowofopportunitytoadvanceEOforclimateandnaturepurposes.Majorinternationalcommitments

linkedtotheUNSustainableDevelopmentGoals(SDGs),GlobalBiodiversityFramework,Paris

Agreement,RioConventions,DubaiConsensusandothersculminatein2030targets.

AmplifyingtheGlobalValueofEarthObservation5

FIGURE1TheglobalEOopportunity

DownstreamMidstreamUpstream

EOdata

EOdatacomesfromavarietyofsensorsandsources,bothremotelysensedandin-situ.

Atraditionalview

oftheEOvaluechainfocusesonthedata,platformsand

analyticsprovidersthatmakeuptheEOindustry

FunctionalusesofEO

Ninefunctionaluses,enabledbydataplatformsandanalytics,

helpmultiplyEOdata'svalue.

Environmental

impactmonitoring

Consumerexperience

Earlywarning

Route

optimization

Post-eventanalysis

Precisionagri/aquaculture

Vulnerabilityanalysis

Supplychainmonitoring

Site

selection

Anexpandedview

includesdownstreamapplicationswherethevastmajorityofEO

data’svalueisrealized

Industryapplications

EOdatacanbeusedinnearlyallindustries,withawide

varietyofvalue-addingapplications.

Agriculture

Electricityandutilities

Construction

Government,publicandemergencyservices

Information,

mediaandtechnology

Health

Insuranceand?nancialservices

Mining,oilandgas

Manufacturing

Professionalservices

Supplychainandtransport

Tourismandserviceindustry

$703

billion

Potentialyearly

value-addedby2030

Dualvalueproposition

EO'scombinedeconomicandenvironmentalbene?tspresent

acompellingcaseforadoption.

$3.8

trillion

Cumulativepotentialvaluefrom2023-2030

Economic

Environmental

Revenueincrease

Climatechangemitigation

2Gt

AnnualGHGemissionsthatcanbeavoided

Cost

avoidance

Nature-positiveimpacts

by2030withactionsbasedonEOinsights

AmplifyingtheGlobalValueofEarthObservation6

Thisstudyprimarilyfocusesonremotesensing

sinceitisadrivingforceforscalingEOaroundtheworld.In-situdataisconsideredwhenitisusedtoenrich,calibrateorvalidateremotesensingdataorwhenitcannotbedifferentiatedfromit.With

dailyglobalcoverage,satellitesareakeypartofthatadvantage.NearlyeverythingonthesurfaceoftheEarth,andmanyphenomenaabovethe

surface,canbemeasuredwithremotely-sensedEO(seeFigure2).

WhatisEO?

InJulyof1972,theUSDepartmentoftheInterior

launchedthefirstofthesatellitesthatwouldbecometheLandsatprogram.Providingnever-before-seenimagesoftheEarthtoscientistsaroundtheworld,Landsat1fundamentallychangedgeographic,

cartographicandotherEarthsciencedisciplineswhilealsopavingthewayforsatellite-basedEOdatauseinawiderangeofotherfields.

BOX2Definitions

EOreferstocollectinginformationaboutactivitiesandcharacteristicsonEarth,bothnaturaland

artificial,includingphysical,chemical,biological

andanthropogenic(human)systems.EOincludesbothremotesensingtechnologiesand“in-situ”

datasources.Remotesensingusesavariety

ofsensorstomeasurereflectedoremitted

energyfromdistantenvironments.In-situdataiscollectedadjacenttothemeasuringinstrument,liketemperaturereadingsbyathermometer.

AdditionalinformationonthetypesandattributesofEOdatacanbefoundinAppendix3.

FIGURE2Examplesofwhatremotesensingcanmeasure

Remotely-sensedEOcan…

Classifylandcoverageand

useincludingchangeovertime

Identifyanddifferentiatespeciesofvegetation

Identifythechemicalspresentinland,

waterandatmosphere(includingGHGs)

Classifyhumanmadeinfrastructureandmonitorchangesovertime

Measureradio,microwaveandultravioletradiation

Delineateshorelinesand

measuresoilmoisturecontent

Assessatmosphericconditions

Measuretemperatureanddetectheatsourcesintheinfraredspectrum

Measurethegeometryofnaturalandhumanmadeobjects(dayornight)

Captureimagesinthevisiblespectrum

Additionally,theinternetofthings(IoT),mobile

phonesandotherglobalnavigationsatellite

system(GNSS)enableddevicesarerichsources

toenhanceEO.Thesesourcesnotonlyhelpto

Inmanycases,insightsfromthisdataaresufficienttoinformdata-drivenactionontheirown.Yet,fusingdatasetsandcomparingmeasurementsovertime

unlocksfarmore.Forexample,theabilitytoanalyseamultitudeofenvironmentalvariablesovertime

makesitpossibletoforecastweatherandmeasureclimatechange,whileaddingsocioeconomicdata,suchaspopulationstatistics,canhelpassess

climateimpactsonhumanpopulations.

calibrateandvalidateremotelysenseddatabutalsocanbefusedtoimproveprecisionorgeneratenewinsights.Forexample,Wazepioneeredtheuseof

crowdsourcedGNSSdatafromconsumerdevicestoimprovemapsandenabledynamicrouting.

AmplifyingtheGlobalValueofEarthObservation7

TheEOvaluechain

AbasicframeworkfortheEOvaluechain

mirrorstheprocessforgeneratinginsights

fromdata,wherebyrawdataisfirstcollected,thenprocessedtoproduceusefulinformation,andfinallyexploitedforavarietyofend-userapplications(seeFigure3).

Acrossthevaluechain,adiversemixof

commercial,government,academicandcivilsocietyorganizationsplaydifferentroles.Businessmodelsvary,withsomefocusingonnarrowindustryverticalsornicheapplicationsandothersprovidingbroad

platformsthatsupportawiderangeofapplications.

Integrationupanddownthevaluechainisnot

uncommon,withsomedataprovidersoperating

acrossupstreamandmidstreamsegmentsand

someendusersintegratingmidstreamcapabilities.

FIGURE3

ComponentsoftheEOvaluechain

1

2Crewedaircraft

3Oceandatabuoy

4High-altitudeballoon

(e.g.weatherstation)

5

Mobilephones,otherconsumerdevicesandIoTdevices

1Satellite

6

7Ground-basedradar

8Fixedwingandrotarydrones

2

9Automaticsensorstation

5Satellitegroundstation

4

8

3

6

9

7

Dataacquisition

TheEOvaluechainbeginswithdata

acquisitionfromavarietyofsensors

andsources.Remotely-senseddataiscollectedfromsatellites,pilotedaircraft,high-altitudeballoons,dronesandotherplatforms.In-situdataisgatheredfromGPS-enableddevices,IoTsensorsandotherhuman-collectedorautomated

measurementsinthefield.

Dataprocessingandanalytics

Themidstreamsegment,data

processingandanalytics,aimstomakevastEOdatasetsmorediscoverable,

accessibleandultimatelyactionable.RawEOdataneedstobecalibrated,refined,contextualized,curatedandfusedwithotherdatasourcesrelevanttospecificapplications

.3

Datause

ThedownstreamsegmentoftheEO

valuechainisdatause.UnlikedepictionsoftheEOvaluechainthatfocusontheEOindustryalone,thissegmentation

capturestheroleofendusersin

realizingthefullvalueofEOdataandtheimportanceofstimulatingdownstreamusetorealizeEO’sfullpotential.

AmplifyingtheGlobalValueofEarthObservation8

HowEOdataisused

Withvarioustypesofmeasurementsthatcan

beadaptedtospecificregions,industriesand

organizationalobjectives,thedepthanddiversityofusecasescanbeinspiringbutmayalsoobfuscate

thesimplicityofthefundamentalvaluepropositionforEO:betterdatacaninformdecision-making,optimizesolutionsandenableinnovation.

Highlevel,industry-agnosticcategoriesarehelpfultograspthatfundamentalvalueproposition.EachcategoryshowninFigure4isframedintermsofthefunctionitservesandcomprisesarangeofunique

applicationsanddiversedatasources,across

industries.Forexample,“routeoptimization”includesparticulatemattermonitoring,hazardousweather

identification,marinesurveyingandotherapplications.

Thesecategoriesarenotmeanttobeexhaustive.Instead,theyrepresentsomeoftheprimarywaysinwhichorganizationscanuseEOtocreatevalue.ExampleapplicationswithinthesecategoriesaredetailedinAppendix2.

Eachofthefunctionalusecategorieshasuniqueapplicationsacrossseveralindustries.Figure4

illustratestherelevanceandapplicabilityofthenineusecategoriesacrossmajorindustries.

FIGURE4

CurrentcategoriesofEOdatauseindownstreamapplications

Earlywarning:Detectingdisasters–like?oodsandwild?res–withmorespeedandaccuracytobolster

planning,responseandrecovery.

Environmentalimpactmonitoring:

Providingatrusted,third-partysourcetomeasureenvironmentalimpactsandhelpverifycertainenvironmental

commitmentsandmandates.

Consumerexperience:

Providingindividualusersvaluethroughinformationsuchasairqualityorweatherforecasts.

Precisionagri/aquaculture:

Enhancingregenerativepractices,reducinginputcostsandmonitoringin-seasonperformanceandyield.

Routeoptimization:Optimizing

transportroutesinconcertwithGNSS

databydetectingpotentialenvironmentaldisruptionsandofferingalternativesbasedonenvironmentalimpact.

Post-eventanalysis:Analysingenvironmentalchangestobetterdirectemergencyresponseandmeasuretheextentofdamages.

Supplychainmonitoring:Detecting

changestophysicalgoodssupply

chainsandtheirimpactsoninternationalcommerceandecologicalindicators.

Vulnerabilityanalysis:Characterizing

andassessingtherisksposedbyclimateandnaturechangesandotherhazardsthatmaymateriallyimpactpeople,

infrastructureandoperations.

Siteselection:Identifyingoperationalsitesforlarge-scaleinfrastructurewiththebestyield,ef?ciencyand/orrelativeenvironmentalimpact.

Functionalusecategories

Post-event

Precisionagri/

Route

Site

Supplychain

analysis

aquaculture

optimization

selection

monitoring

Agriculture

Construction

Electricityandutilities

Government,public

andemergencyservices

Health

Information,mediaandtechnology

Insuranceand

financialservices

Manufacturing

Mining,oilandgas

Professionalservices

Tourismand

serviceindustry

Supplychainandtransport

Environmentalimpact

monitoring

Vulnerabilityanalysis

Consumerexperience

Early

warning

Industries

Limitedornoapplicability

Demonstratedapplications

Emergingorplausibleapplications

Note:CommonusesofEOindefence,intelligenceandothernationalsecurityapplicationsarenotincludedinthisstudy.

AmplifyingtheGlobalValueofEarthObservation9

awarenessofEOapplications,ashortageof

specializedtalent,fragmentedstandards,and

oIfsuccessful,

AI-enabledservicesstandtomake

EOaccessibletonon-expertsanddramaticallylowerthedemand-sidebarrierstoentry.

EOmarkettrendsanddynamics

difficultynavigatingthecomplexEOdataand

servicesmarketplace.Therearelikelymanyreasonsthesebarriershavepersisted,includingthatthe

commercialEOindustrywasinfluencedheavilybygovernment–particularlydefence.Thebusinessmodelstoenablecommercialadoptionmaylookquitedifferent.

4

OptimismamongEOindustryprofessionals

persistsregardingtheroleAIcanplayindriving

marketgrowth.

5

NotonlyarenewAImodels

expectedtosuperchargetheabilitytoanalyse

immensecataloguesofEOdata,butitisalso

expectedtopowernewwaysofinteractingwithit.Ifsuccessful,AI-enabledservicesstandtomakeEOaccessibletonon-expertsanddramatically

lowerthedemand-sidebarrierstoentry.

Lookingbackatmarketstudiesfromthepasttwodecades,it’scommontofindoptimisticoutlooksfromEOindustryinsiders.EO’sabilitytoansweranincreasingnumberofvitalquestionslends

itselftoaperceptionthattheindustryisnearinganinflexionpointforgrowth.Consultations

heldaspartofthisstudyprovideanup-to-dateperspectiveonthedynamicsinfluencingthe

industry’sfuture.Supply-anddemand-sidedynamicsaresummarizedinTable1.

Thesupply-sideoutlookislargelypositive:newEOsatellites,advancedsensorsandcomplementarycomputingcapabilitiesarecontinuingtopush

theenvelopeofwhatispossiblewithEOdata.However,servicingthepotentialdemandforEOremainsachallenge.Keybarriersincludelimited

Summaryofsupply-anddemand-sidedynamics

TABLE1

Supply-sidedynamics:ArevolutioninEOandsupportingtechnologiesisunlockingnewpossibilitiesforvalue-addedservices

Dataacquisition(upstream)

Commercialcompetition

Consolidationandintegration

AdvancementsinEOdataquality

Agrowingcommercialmarketforsatellite-basedEO,enabledbylowercoststobuildanddeploysmallsatellites,iscomplementingpublicly-availabledatabyofferingmoredetailanddatatypes.

ThecommercialEOindustryhasseenconsolidationthroughacquisitions,includingverticalintegrationdownthevaluechain.

Newsatellitesandsensorsareimprovingtherangeandqualityofinformationavailable.

Advancedcomputing,cloudandAIarecomplementarycapabilitiesthatincreaseefficiency,helpextractmoreinformationfromsatelliteimagesandreducethetimefromdatatoinsight.

AdditionalmidstreamservicesareneededtomakeEOaccessibletoawiderrangeofusers.

Advancementsincomputing

Value-addedservices

Dataprocessingandanalytics

(midstream)

Demand-sidedynamics:EOcanhelpmeetbusinessandclimateimperatives,butitstechnicalcomplexityandalackofawarenessareholdingbackdemand

Consumerawareness

Government-drivenmarket

Solutions,notpixels

Theenvironmental

Datause

(downstream)

Awarenessisincreasinginindustrieswithmoreestablishedusecasesbutremainsasubstantialbarrier.

SpendingoncommercialEOdataiscurrentlydominatedbydefenceandother

governmentagencies,leadingsupplierstoprioritizethemoverotherindustryusers.

Buyingpatternsareshifting;newcustomersareseekingactionableinsightsratherthanrawdata.

Thegrowingfocusonclimatemonitoringanddisclosuresstrengthenstherelevanceof

imperativeEarthdataacrosssectors.

AmplifyingtheGlobalValueofEarthObservation10

EOtooptimizefisheryharvests,orindirect,suchastheoverallhealthandwelfareofthecommunities

thatdependonthem.Thisstudyisfocusedonthe

directbenefitsshowninTable2andquantifiesthe

economicandclimatebenefitshighlightedinFigure5.Whilesocialbenefitslikepublichealth,securityandequityareanintegralpartofEO’svalueproposition,theyarenotafocusofthisanalysis.

HowtheeconomicandenvironmentalbenefitsofEOareclassified

Downstreamapplicatio