为可再生能源调动机构资本

1、CONTENTS HYPERLINK l _bookmark0 FIGURES 4 HYPERLINK l _bookmark1 TABLES, BOXES AND ABBREVIATIONS 5 HYPERLINK l _bookmark2 EXECUTIVE SUMMARY 601 HYPERLINK l _bookmark4 RENEWABLE ENERGY INVESTMENTS 11 HYPERLINK l _bookmark4 Renewable energy investment trends 11 HYPERLINK l _bookmark7 Renewable energy

2、investment needs 1502 HYPERLINK l _bookmark9 INSTITUTIONAL INVESTORS AND RENEWABLES 19 HYPERLINK l _bookmark9 Understanding institutional investors 19 HYPERLINK l _bookmark12 How much do institutional investors currently invest in renewables? 24 HYPERLINK l _bookmark23 2.3. Why raise institutional c

3、apital for renewables? 3703 HYPERLINK l _bookmark26 ACTIONS TO MOBILISE INSTITUTIONAL CAPITAL 43 HYPERLINK l _bookmark26 Building supportive policy and regulatory frameworks 43 HYPERLINK l _bookmark30 Creating capital market solutions 51 HYPERLINK l _bookmark33 Supporting project pipeline developmen

4、t 55 HYPERLINK l _bookmark37 Enhancing internal capacities 60 HYPERLINK l _bookmark39 Reaping the benefits: Selected renewable investments by institutional investors 62 HYPERLINK l _bookmark44 CONCLUSIONS 68 HYPERLINK l _bookmark46 REFERENCES 703FIGURES HYPERLINK l _bookmark3 Figure ES.1: Recommende

5、d actions to mobilise HYPERLINK l _bookmark3 institutional capital in renewable HYPERLINK l _bookmark3 energy 8 HYPERLINK l _bookmark5 Figure 1.1: Global renewable energy investment HYPERLINK l _bookmark5 and renewable power capacity HYPERLINK l _bookmark5 additions, 2004-2018 12 HYPERLINK l _bookma

6、rk6 Figure 1.2: Global renewable investment, excl. HYPERLINK l _bookmark6 large-scale hydro ( 50 MW), by HYPERLINK l _bookmark6 region, 2004-2018 13 HYPERLINK l _bookmark8 Figure 1.3: Cumulative energy sector investment HYPERLINK l _bookmark8 needs: Planned Energy Scenario HYPERLINK l _bookmark8 and

7、 Transforming Energy Scenario, HYPERLINK l _bookmark8 2016-2050, USD trillion 17 HYPERLINK l _bookmark11 Figure 2.1: Assets under management of HYPERLINK l _bookmark11 institutional investors, 2018-2019 22 HYPERLINK l _bookmark13 Figure 2.2: Traditional and ESG investing HYPERLINK l _bookmark13 stra

8、tegies 25 HYPERLINK l _bookmark15 Figure 2.3: Number of institutional investors HYPERLINK l _bookmark15 with investments in renewables HYPERLINK l _bookmark15 (directly in projects and/or indirectly HYPERLINK l _bookmark15 via renewable energy funds), HYPERLINK l _bookmark15 1990-Q2 2019, by investo

9、r type 29 HYPERLINK l _bookmark17 Figure 2.4: Average AUM of institutional HYPERLINK l _bookmark17 investors in the sample, by renewable HYPERLINK l _bookmark17 investment mode, USD billion 31 HYPERLINK l _bookmark18 Figure 2.5: Number of renewable energy project HYPERLINK l _bookmark18 transactions

10、 involving institutional HYPERLINK l _bookmark18 investors, by technology, HYPERLINK l _bookmark18 2009-Q2 2019 32 HYPERLINK l _bookmark19 Figure 2.6: Share of new renewable energy HYPERLINK l _bookmark19 transactions involving institutional HYPERLINK l _bookmark19 investors, by technology, HYPERLIN

11、K l _bookmark19 2009-Q2 2019 33 HYPERLINK l _bookmark20 Figure 2.7: Share of new renewable energy HYPERLINK l _bookmark20 transactions involving institutional HYPERLINK l _bookmark20 investors, by project stage, HYPERLINK l _bookmark20 2009-Q2 2019 34 HYPERLINK l _bookmark21 Figure 2.8: Number of ne

12、w investments in HYPERLINK l _bookmark21 renewable energy funds, by investor HYPERLINK l _bookmark21 type, 2009-Q2 2019 35 HYPERLINK l _bookmark22 Figure 2.9: Share of new investments in HYPERLINK l _bookmark22 renewable energy funds, by investor HYPERLINK l _bookmark22 location, 2009-Q2 2019 36 HYP

13、ERLINK l _bookmark23 Figure 2.10: Drivers of mobilisation of HYPERLINK l _bookmark23 institutional capital in HYPERLINK l _bookmark23 renewables 37 HYPERLINK l _bookmark24 Figure 2.11: Comparison of the levelized cost HYPERLINK l _bookmark24 of utility-scale wind and gas in HYPERLINK l _bookmark24 h

14、igh and low financing cost HYPERLINK l _bookmark24 environments 38 HYPERLINK l _bookmark26 Figure 3.1: Policy and regulatory actions to HYPERLINK l _bookmark26 mobilise institutional capital 43 HYPERLINK l _bookmark27 Figure 3.2: Factors affecting investment HYPERLINK l _bookmark27 decisions, share

15、of respondents 44 HYPERLINK l _bookmark30 Figure 3.3: Capital market actions to mobilise HYPERLINK l _bookmark30 institutional capital 51 HYPERLINK l _bookmark32 Figure 3.4: Annual global green bond issuance, HYPERLINK l _bookmark32 by region, 2014-2019 53 HYPERLINK l _bookmark33 Figure 3.5: Actions

16、 to create renewable energy HYPERLINK l _bookmark33 project pipelines 55 HYPERLINK l _bookmark36 Figure 3.6: Blended finance approaches 59 HYPERLINK l _bookmark37 Figure 3.7: Internal actions to be taken HYPERLINK l _bookmark37 by institutional investors 60 HYPERLINK l _bookmark40 Figure 3.8: Projec

17、t structure, El Naranjal and HYPERLINK l _bookmark40 Del Litoral solar PV projects 63 HYPERLINK l _bookmark42 Figure 3.9: Project structure, Sindicatum HYPERLINK l _bookmark42 green bond 65 HYPERLINK l _bookmark43 Figure 3.10: Project structure, Kahone and HYPERLINK l _bookmark43 Kal solar plants 66

18、 HYPERLINK l _bookmark45 Figure C.1: Recommended actions to mobilise HYPERLINK l _bookmark45 institutional capital in renewable HYPERLINK l _bookmark45 energy, by stakeholder 6944MOBILISING INSTITUTIONAL CAPITAL FOR RENEWABLE ENERGYTABLES HYPERLINK l _bookmark10 Table 2.1: Institutional investor cat

19、egories HYPERLINK l _bookmark10 and their characteristics 21 HYPERLINK l _bookmark14 Table 2.2: Primary vehicles for institutional HYPERLINK l _bookmark14 investments in renewable energy HYPERLINK l _bookmark14 and their key attributes 26 HYPERLINK l _bookmark15 Table 2.3: Institutional investors in

20、 the sample, HYPERLINK l _bookmark15 with investments in infrastructure, HYPERLINK l _bookmark15 energy and renewable energy, by HYPERLINK l _bookmark15 investor type 29 HYPERLINK l _bookmark16 Table 2.4: Institutional investors in the sample, HYPERLINK l _bookmark16 with indirect and/or direct rene

21、wable HYPERLINK l _bookmark16 energy investments, by investor HYPERLINK l _bookmark16 location 30 HYPERLINK l _bookmark28 Table 3.1: Policies that support the energy HYPERLINK l _bookmark28 transition 45 HYPERLINK l _bookmark29 Table 3.2: TCFD recommendations 48 HYPERLINK l _bookmark34 Table 3.3: Ke

22、y investment risks and financial HYPERLINK l _bookmark34 risk mitigation tools to address HYPERLINK l _bookmark34 them 56 HYPERLINK l _bookmark39 Table 3.4: Project snapshot, El Naranjal and HYPERLINK l _bookmark39 Del Litoral solar PV projects 62 HYPERLINK l _bookmark41 Table 3.5: Project snapshot,

23、 Sindicatum HYPERLINK l _bookmark41 green bond 64 HYPERLINK l _bookmark42 Table 3.6: Project snapshot, Kahone and HYPERLINK l _bookmark42 Kal solar plants 65BOXES HYPERLINK l _bookmark7 Box 1.1:How the COVID-19 crisis has HYPERLINK l _bookmark7 accelerated the global energy HYPERLINK l _bookmark7 tr

24、ansition 15 HYPERLINK l _bookmark13 Box 2.1:ESG investing 25 HYPERLINK l _bookmark25 Box 2.2:Fiduciary duty 40 HYPERLINK l _bookmark29 Box 3.1:Task Force on Climate-Related HYPERLINK l _bookmark29 Financial Disclosures 48 HYPERLINK l _bookmark31 Box 3.2:Green bonds 52 HYPERLINK l _bookmark35 Box 3.3

25、:Open Solar Contracts 58 HYPERLINK l _bookmark38 Box 3.4:Institutional investors groups 61ABBREVIATIONSADFDAbu Dhabi Fund for Development AFDAgence Franaise de Dveloppement AUMassets under managementCAGRcompound annual growth rateCBIClimate Bonds Initiative CEOchief executive officer COVID-19 Corona

26、virus disease CPIClimate Policy InitiativeDFIdevelopment finance institutionESGenvironmental, social and governanceEUEuropean UnionEUREU EuroFONSISSenegalese Sovereign Wealth Fund (Fonds Souverain dInvestissements Stratgiques)GBPGreen Bond PrinciplesGtgigatonGWgigawattIDBInter-American Development B

27、ank IFCInternational Finance Corporation IGCCInvestor Group on Climate ChangeIIGCCInstitutional Investors Group on Climate ChangeINRIndian rupeeIRENAInternational Renewable Energy AgencyIRRinternal rate of returnkWhkilowatt hourLCOElevelised cost of electricityMWmegawattNGFSNetwork for Greening the

28、Financial SystemOECDOrganisation for Economic Co-operation and DevelopmentPHPPhilippine pesoPPApower purchase agreementPRIPrinciples for Responsible InvestmentPVphotovoltaicSWFsovereign wealth fundTCFDTask Force on Climate-Related Financial DisclosureTWITerawatt InitiativeUKUnited KingdomUNDPUnited

29、Nations Development ProgrammeUSUnited StatesUSDUS dollarCdegree Celsius5FIGURES, TABLES, BOXES AND ABBREVIATIONS5EXECUTIVE SUMMARYInstitutional investors represent one of the largest capital pools in the world. As such, they should be part of the ongoing discussion on how to align the financial syst

30、em with the transition to a sustainable, low-carbon economy. This report provides insight into this investors group, focusing on pension plans, insurance companies, sovereign wealth funds, and foundations and endowments. It relies on information collected directly from investors, transactional data

31、collected from online databases and an extensive literature review. It highlights the untapped potential of institutional investors in the financing of renewable energy, analyses the challenges they face and provides actionable recommendations to policy makers and other stakeholders on how to harnes

32、s the financial might of this important group.Renewable energy is a rapidly evolving sector marked by steady growth in annual investments over the past decade to the present level of about USD 300 billion per year. Other salientcharacteristics of the sectors evolution are the dominance of solar phot

33、ovoltaic and wind in the technology mix, and the growing clout of developing and emerging markets. Private sector involvement and new business and investment instruments, such as corporate sourcing and green bonds, are gaining ground. However, despite the generally positive investment trends, curren

34、t capital inflows remain far below the amounts required to reach global climate goals. Capital inflows to the power sector must at least double if agreed climate goals are to be reached. These facts point to an urgent need to tap into all underutilised sources of capital.The group of institutional i

35、nvestors analysed in this report manages about USD 87 trillion in assets split between pension plans (51% of assets), insurance companies (38%), sovereign wealth funds (9%) and endowments and foundations (2%). They form a heterogeneous group operating within very different sectoral and national circ

36、umstances. Theyare subject to a wide range of investment-related mandates and restrictions, and they differ greatly in their ability to invest in renewable energy assets. Nevertheless, commonalities do exist. As a group, institutional investors, already large, are becoming even larger thanks to thei

37、r healthy asset growth rate, with markedly faster growth occurring in emerging and developing markets both now and for the foreseeable future. Other trends affecting the group also favour a larger role in the financing of renewables, notably their search for asset diversification and higher yields,

38、as well as mounting demands for good governance and better social and environmental stewardship.Institutional investment in renewables has a great potential that so far is largely underutilised. Our analysis of a sample of over 5 800 institutional investors and their investments over the past two de

39、cades reveals that about 20% of them have made some renewable energy investments indirectly through funds, while only 1% have invested directlyin renewable projects. While direct investments have increased fairly steadily over time, in 2018 they amounted to no more than USD 6 billion just 2% of tota

40、l global investments in renewable energy projects. Similarly, institutional investment in renewable-focused funds is estimated at about USD 6 billion per year. Together, such renewable investments represent a minuscule share of the capital held by the worlds institutional investors.In addition to th

41、eir strong preference for indirect investments over direct project investments, institutional investors have shown an equally strong preference for projects that are already operating over new ones, which carry construction and structuring risks. Mirroring global trends, solar and wind dominate thei

42、r preferred technological mix, with wind favouring more strongly than solar owing to its larger transaction sizes. In general, larger transactions are more likely to attract institutional capital because they imply lower transaction costs than smaller projects. At the same time,larger institutional

43、investors are more likely than smaller ones to develop internal capacities and invest in renewables. Such capacities are especially important for direct investments. Somewhat counter-intuitively, institutional investors from developing markets are more likely to invest directly compared with those f

44、rom developed markets. This is probably due to the scarcity in the former markets of instruments for indirect investments, such as project bonds or funds.The investment opportunity for institutional investors represented by renewable energy assets is large and growing. From the social perspective, r

45、edirecting institutional investors capital toward renewables is important for environmental, social and development reasons. This is true globally but most acute in emerging and developing countries, with large gaps in funding for green infrastructure. More institutional investment in renewables can

46、create a positive feedback loop by lowering the overall cost of financing, thereby attracting other sources of capital to the sector. For institutional investors, renewables present a good economic opportunity to diversify assets and benefit from strong, stable, long-term cashflows that match their

47、liabilities, while minimising the risk of stranded assets. Social sentiment also increasingly favours including considerations of sustainability in fiduciary standards, while regulation of institutional investors is slowly starting to incorporate environmental, social and governance issues into the

48、investment mandates of institutional investors.Unlocking institutional capital for renewables requires a range of coordinated actions that includes regulatory and policy actions, capital market solutions, creation of bankable project pipelines, and a host of internal changes on the part of instituti

49、onal investors (Figure ES.1).Figure ES.1 Recommended actions to mobilise institutional capital in renewable energyMain stakeholder(s): Institutional investorsRecommended actions:Engage in internal education on renewables and climate risksReview long-term investment goals and adopt sustainability tar

50、getsBuild internal capacities in financial, legal and technical structuringInvest initially indirectly via funds, bonds and co-investment tradesJoin groups of institutional investors to share best practicesMain stakeholder(s): Policy makers, public capital providers (e.g., DFIs)Recommended actions:L

51、ower project risks through instruments such as guarantees, political risk insurance, currency hedges, insurance productsStandardise contractual agreements, aggregate projects to create scaleDeploy blended finance mechanisms between public and private providersof capital such as co-financing transact

52、ionsINTERNAL CAPACITY BUILDINGRENEWABLE PROJECTS PIPELINESPOLICY AND REGULATORY ACTIONSCAPITAL MARKET SOLUTIONSMain stakeholder(s): Policy makersRecommended actions:Deploy direct, integrating and enabling policies to support the growth and integration of renewablesReview regulation of institutional

53、investorsIncorporate sustainability into fiduciary standards and investment mandates that apply to institutional investorsAdopt sustainable finance principles:Take up new investment principles including sustainability/ ESGJoin sustainable finance co-operation initiativesRequire climate risk analysis

54、 and disclosureMain stakeholder(s):Policy makers, capital market regulators, green standard-setters, public capital providers (e.g.,DFIs)Recommended actions:Develop desirable capital market instruments, such as project bonds/funds, green bonds/funds:Develop a green bond framework via collaboration b

55、etween policy makers, green standard-setters, capital markets and issuersAlign with leading green standardsStandardise and streamline the issuance processIncentivise issuance and certification, co-fund demonstration issuancesSource: IRENA analysis.Note: DFI = development finance institution; ESG = e

56、nvironmental, social and governance.-Policy and regulatory solutions that can steer institutional capital toward renewables include policies that support the overall growth of renewable energy and its integration into the economy. Reviews of the investment restrictions faced by institutional investo

57、rs, the addition of long-term sustainability mandates, development of the sustainable finance sector, and the adoption of frameworks for analysis and disclosure of climate change risks are other important policy levers.Capital market solutions can link institutional capital with renewable assets by

58、delivering efficient investment vehicles, such as project bonds, project funds and green bonds, thereby providing investors with a desirable scale, simplicity, credit assurance and liquidity. The supply of such instruments can be increased through stakeholder co-operation, adoption of green bond fra

59、meworks aligned with climate objectives, and economic incentives to lower the transaction costs of new instruments.Barriers to renewable energy projects can be lowered and a pipeline of investable renewable assets created through expanded use of risk- mitigation instruments, standardisation of contr

60、actual agreements, and blended finance initiatives that enable the sharing of know-how and returns between institutional investors and providers of public capital (such as development finance institutions).-Building internal capacities within institutional investors in the areas of governance, finan