II.1. LA PROBLEMÁTICA DE LOS RESIDUOS INDUSTRIALES PELIGROSOS
II.1.6. Residuos de combustión, co-combustión y gasificación de carbón
II.1.6.2. Características principales de las cenizas volantes
The last 20 years have seen an unprecedented increase in the global interconnectedness of business networks, capital markets and information. During this period, trade has grown 50% faster than world GDP and international investment growth has reached three times that of GDP—an acceleration that will continue with the growing importance of Asian sovereign wealth funds and petro- dollar funds in global capital markets.
This interconnectedness is a double-edged sword. Generally, the global integration of capital markets leads to greater stability. For example, inflation and volatility decrease, financial and trade flows increase and capital costs decline. The recent crisis, however, has shown that this interconnectedness can also amplify financial system shocks worldwide. In the long term, capital markets may experience long periods of stability, punctuated by the occasional large bubble and ensuing collapse. Foreign exchange markets will be affected by the emergence of a multipolar world where certain benchmark currencies will coexist. In the short term, there remains much uncertainty over recovery scenarios—for instance, whether inflation or deflation is the real threat and whether the most recent recession will indeed have lasting implications.
CONCLUSION
The fi ve trends above will have a signifi cant impact on the global economy and create a range of new investment opportunities for institutional investors. The ability to effectively and fl exibly allocate assets around the world will be a major advantage. Increasingly globalized sectors require a more global approach to security selection, in which winners and losers will be chosen at the global level. In addition, middle class expansion in emerging economies will give birth to industries that follow patterns previously identifi ed in more developed countries.
In some emerging economies, fi nancial markets are not mature enough to provide long-term capital and fi nance long-term assets (such as infrastructure and real estate). Consequently, private equity will have an increasing place alongside liquid markets in fi nancing the economy. The number and extent of co-investment opportunities with governments and public sector organizations seems likely to increase rapidly.
in-depth understanding of the underlying risks, considerable investment discipline and agility to be able to adjust investment strategies to align them with changes in the Québec, Canada and global economies.
The Caisse’s structure and core capabilities put it in a strong position to take advantage of these trends. Its depositors have a long-term investment horizon, enabling the Caisse to invest for the long term based on its expertise—in a way that most market participants with a short-term orientation cannot. The Caisse has a proven track record of successful investments in sectors that will be deeply affected by these global trends—such as natural resources. It has solid investment expertise in mining, traditional energy and renewable energy. In addition, the Caisse has a dedicated team of infrastructure specialists, specialized across multiple types of assets. Through real estate and private equity investments, the Caisse has also begun to build a network of strategic partners worldwide, including in emerging markets.
Moreover, these structural trends will have a signifi cant impact on the evolution of fi nancial and economic markets, well beyond emerging countries. The Caisse will have to consider these trends in all its investment strategies, whether it is investing in Québec, Canada’s energy sector, the U.S. consumer sector or Europe’s infrastructure.
Of course, this environment presents some challenges to the Caisse. The level of global economic risk and volatility will remain high, which is why we made strengthening our risk management capabilities one of our core priorities. This will enable us to make future investment decisions with a more complete and deeper understanding of the underlying risks. The magnitude of the coming changes illustrates once again the importance of greater collaboration with the depositors, another priority of the Caisse. In effect, the Caisse will have to ensure that investment opportunities are consistent with the risk tolerance of its depositors and generate the risk-adjusted returns they need to meet their long-term obliga- tions. Furthermore, our support of promising Québec companies will enable them to take full advantage of these trends through the Caisse’s expertise, networks and partnerships.
Strengthening the Caisse’s research capabilities to develop •
critical insights, make more informed decisions and generate superior risk-adjusted returns.
Increasing the number of partnerships with like-minded insti- •
tutional investors who share the Caisse’s goals and investment philosophy to gain greater access to the investment opportunities and returns of various asset classes and regions.
Developing the Caisse’s monitoring capabilities and propri- •
etary insights capabilities by expanding its global network of relationships and partners to mitigate the risks of investing abroad, create a stream of proprietary deal flow, improve deal execution and increase the operational performance of its portfolio companies.
These are just some of the challenges that the Caisse must face to continue competing locally and internationally.
As the Caisse executes its five priorities in the short term, it will initiate a rigorous process that allows its teams to build the right capabilities, step by step, before launching any investment projects that will capitalize on these long-term trends.
It is this discipline and systematic approach to developing new capabilities that will enable the Caisse to realize its full potential and fulfill its mission to deliver optimal returns to its depositors while respecting their investment policies.