Renewable energy

Stage 1 R&D

Stage 2 Demonstration

Stage 3 Deployment

Stage 4 Diffusion

Stage 5 Commercial maturity

Guarantees and insurance products/ risk mitigation instruments

Public/private VC funds

Soft loans Mezzanine debt R&D support Grants Loan facilities Public/private equity funds Incubators Credit lines Project development assistance Carbon

Of greatest interest to institutional investors Other PFMs

PFMs to engage institutional investors

Figure 11 : Public finance mechanisms across stages of technological development Source: UNEP SEFI (2009)

Insurance companies Commercial/postal banks FX/remittance

Micro finance institutions Saving & credit cooperatives

Community-based organizations Rotating saving & credit associations

Very poor Poor

Figure 12: Illustrative financing options for the poor Source: UNDP (2009)

Less poor

231

Less formal

More formal