Investment Ideas (AO) | Environmental themes monitor - July edition

研报英文原文证据摘录

Investment Ideas (AO) | Environmental themes monitor - July edition

News comment

01 July 2026

Josep Pujal

Head of Sustainability Research

+33 1 53 65 35 26Investment Ideas

Environmental themes monitor - July edition

Key points:

Our monthly environmental themes monitor tracks the performance and valuation multiples of eight “environmental themes”:

Carbon Capture, Circular Economy, Clean Mobility, Energy Efficiency, Energy Storage, Green Substitution, Renewables, and

Transition Minerals.

Performances in June were weak overall, at -2.0% on average, with only two topics up: Energy efficiency and Green substitution.

The worst two topics were Transition minerals and Circular economy.

On a three-month basis, though, the trend remained strongly positive, thanks to the rebound of April-May. All topics but carbon

capture are up, +9.1% on average, with energy efficiency and energy storage being the best topics.

Taking a step back, the longer-term picture shows that while a majority of topics continue to trade at low or average levels

compared to the historical multiples.

There are two exceptions, though: Energy storage and Transition minerals. After a massive rebound, they now trade above the

historical top.

The short-term view

The one- and three-month absolute performances are probably a good proxy for the new “hot topics” and disappointments.

June was a weak month for the performances of these environmental baskets. Six out of the eight topics were down, with only

Energy efficiency and Green substitution in positive territory, up +2.4% and +1.5% respectively.

In Energy efficiency, Zumtobel and Atlas Copco had the best performances, up +12% and +11% respectively. At Green

substitution, the best performers were Givaudan (+18%) and Symrise (+11%).