MERCHANDISER
Fresh Approach Needed on Climate Finance
Contrary to popular opinion, Cancún did not end in deadlock. Instead it saw agreement on the creation of a Green Climate Fund to manage “a significant proportion” of the funding committed in Copenhagen. Private money would be involved, although there was no agreement on what the “significant portion” of public money would mean – of the $100 billion in annual climate related investment from the developed to the developing world by 2020. A Transitional Committee was charged with recommending
how the fund should be set up, and this year its 40 members were appointed. But not a single member is from the world of private investment, according to Bloomberg New Energy Finance (BNEF) in a new White Paper published last month. Not surprisingly, now that the Transitional Committee has begun its work, its direction of travel is towards the creation of a single multilateral institution designed to administer mainly public funds. BNEF argues that a single Green Climate Fund will
not succeed in routing $100 bn per annum of funding as demanded by commitments made in Copenhagen and reinforced in last year’s Cancún negotiations. The report: Towards a Green Climate Finance Framework,
argues that what is needed instead is a set of instruments to provide a range of different forms of support including soft
Chinese & US Renewable Energy Markets: ACORE
The US-China Program (USCP) of the American
Council on Renewable Energy (ACORE) and the Chinese Renewable Energy Industries Association (CREIA) have released the Summer 2011 edition of the US-China Quarterly Market Review (QMR). The Summer Review provides analysis on the renewable energy market, finance and policy developments in Q2 2011 as seen in the two major renewable energy hubs in the world, and also provides an update on collaboration between the two countries. The QMR is designed as a resource for companies and individuals seeking to navigate and succeed in the US and China’s promising, yet complex, renewable energy markets. With expert contributions from leading firms in the US and China, the QMR breaks down the array of activities in the field of renewable energy, with foresight on what is expected to happen in the midst of recent financial and regulatory uncertainties. Topics covered in the Summer 2011 edition include:
– Recent developments in Chinese foreign investment
policy-making and how clean energy companies backed by foreign investors will benefit;
– The projected impact of recently updated transmission regulations on the market integration of 18 September 2011
loans, grants to cover the extra cost of clean solutions, and skills-building. Each instrument would be offered by any number of public and private institutions in competition with each other – keeping costs down and providing for good governance and transparency. The bulk of the required finance would be provided by the private sector directly to individual projects, rather than as government-to- government transfers. Michael Liebreich, BNEF Chief Executive, contends that,
“The current UNFCCC negotiations over the creation of the Green Climate Fund are heading down a dead-end. The Transitional Committee charged with the design of the fund is dominated by figures from government with no private sector experience. They are looking to create yet another multilateral institution for managing pools of public money. But even if they succeed in creating a fund, there is no earthly way developed world governments will resource it to the tune of $100 bn per annum. We need a far more nuanced approach, one which works with the grain of the capital markets – not against it – and one which is designed from the start to reach the required scale.”
Download the White Paper from the BNEF Website:
www.bnef.com
renewable energy resources in the US; – The newly established venture capital and private
equity fund structures designated for cleantech investments in China and how foreign firms can make use of them;
– China’s 12th Five Year Plan requirement for a
dramatic increase in nuclear energy alongside renewables to meet non-fossil energy goals – despite the Fukushima disaster;
– How solar leasing is revolutionizing the market for
residential solar in America; – An update on financial markets in the US and an
overview of financing trends for each renewable energy sector; and,
– Sub-national government collaboration between the
US and China and a listing of significant collaborations between US and Chinese companies that are driving forward renewable energy development.
ACORE is a membership-based organization dedicated
to advancing renewable energy in the US through policy, finance and education – working in all sectors of the renewable energy markets – providing a common platform for thought leadership through member engagement, conferences, programs, research and communications.
For more information contact ACORE:
www.acore.org
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