Global Trends in Sustainable Energy Investment
- Investment by Technology
- Asset Financing
- Green Stimulus Packages
Green Stimulus Packages – Their Effect on Energy 2009
The new political climate that has arisen out of the global financial crisis examines in particular the green stimuli packages that governments have been announcing. In addition, the current impact of the financial crisis on the sector is detailed, based on recent research undertaken by UNEP SEFI and New Energy Finance.
GREEN STIMULI PACKAGES
There are three main reasons why low-carbon measures have been included
in national as well as multilateral recovery plans. First, global leaders
realize that the clean energy sector is likely to help their economies revive,
as it has the potential to create hundreds of thousands of “green collar”
jobs. Second, last year’s turmoil in the oil market, combined with gas supply
problems in Eastern Europe, put energy security high on the political agenda.
Third, with climate change as a broadly accepted phenomena and December’s
UNFCCC conference in Copenhagen marking the deadline for reaching a global
“Green New Deal”, clean energy packages help to underline that their countries
are already making the right efforts.
Governments are not the only public institutions capable of injecting additional funds into the sector. Various development banks around the world, both national and international, have signaled increased lending in programs generally much greener than those announced by the governments. Japan Bank of International Cooperation (JBIC) has already dedicated $5 billion for environmental projects in Asian developing countries. European and Inter-American development banks have also dedicated large sums for the sector and the French national development bank has made €8 billion available in loans for infrastructure projects, including the modernisation of the country’s energy infrastructure. These programs carry a lower administrative burden than national stimuli and hence their effects are likely to be seen sooner.
Source: New Energy Finance; Global Trends In Sustainable Energy Investment 2009
