降低资金成本释放新兴经济体和发展中经济体清洁能源投资的战略

ReducingtheCostofCapital Strategiestounlockclean energyinvestmentinemerginganddevelopingeconomies WorldEnergyInvestmentSpecialReport INTERNATIONALENERGYAGENCY TheIEAexaminesthefullspectrum ofenergyissuesincludingoil,gasandcoalsupplyanddemand,renewableenergytechnologies,electricitymarkets,energyefficiency,accesstoenergy,demandsidemanagementand muchmore.Throughitswork,theIEAadvocatespoliciesthatwillenhancethereliability,affordabilityandsustainabilityofenergyinits 31membercountries, 13associationcountriesandbeyond. Thispublicationandanymapincludedhereinarewithoutprejudicetothestatusoforsovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundariesandtothenameofanyterritory,cityorarea. Source:IEA. InternationalEnergyAgencyWebsite:www.iea.org IEAmembercountries: AustraliaAustriaBelgiumCanada CzechRepublicDenmarkEstonia FinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuania LuxembourgMexicoNetherlandsNewZealandNorwayPolandPortugal SlovakRepublicSpain SwedenSwitzerlandRepublicofTürkiyeUnitedKingdomUnitedStates TheEuropeanCommissionalsoparticipatesintheworkoftheIEA IEAassociationcountries: ArgentinaBrazilChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingaporeSouthAfricaThailandUkraine Acknowledgements ThisreportwaspreparedbytheEnergyInvestmentUnitintheOfficeoftheChiefEnergyEconomist(OCEE)DivisionoftheDirectorateofSustainability,TechnologyandOutlooks(STO).ItwasdesignedanddirectedbyTimGould,ChiefEnergyEconomist,andCeciliaTam,ActingHeadoftheEnergyInvestmentUnit.LucilaArboleyaSarazolasupportedthedesignofthereportandledco-ordinationofthereporttogetherwithSiddharthSingh.Chapter1wasco-ledbyLucilaArboleyaSarazolaandCeciliaTam.Chapter2wasco-ledbySiddharthSinghandLucilaArboleyaSarazola. OtherprincipalauthorsofthereportwereTanguydeBienassis(ledbuildingsandenduse);MusaErdogan(co-ledstorageandChapter1);DavidFischer(co-ledstorage);EmmaGordon(ledhydro);AlanaRawlinsBilbao(ledelectricitygrids);andPeterZeniewski(ledadvancedfuels).EmileBelin-BourgogneandRyszardPospiechprovidedsupportacrosssectors. EleniTsoukalaprovidedessentialsupportandErinCrumwasthecopyeditor. ThereportalsobenefitedfrominputprovidedbynumerousIEAcolleagues,inparticularHeymiBahar,TrevorCriswell,ChristopheMcGlade,MichaelWaldronandBrentWanner. AdditionalthanksgototheIEACommunicationsandDigitalOffice(CDO)Divisionfortheirhelpproducingthereportandwebsitematerials,particularlytoJethroMullen,ActingHeadofCDO,andCurtisBrainard,AstridDumond,LucileWall,ThereseWalsh,IsabelleNonain-Semelin,OliverJoyandPoeliBojorquez. SpecialthanksalsogototheIEAFinanceIndustryAdvisoryBoardfortheirvaluableinputs. Peerreviewers Manyseniorgovernmentofficialsandinternationalexpertsprovidedinputandreviewedpreliminarydraftsofthereport.Theircommentsandsuggestionswereofgreatvalue.Theyinclude: CharlieDonovanImpaxAssetManagement LucyHeintzActis SeanKidneyClimateBondsInitiative BradHandlerPayneInstitute HaraldHirschhoferTheCurrencyExchangeFund(‘TCX’)GautamJainColumbiaUniversity AriolaMbistrovaOrganisationforEconomicCo-operationandDevelopmentSoniaMedinaChildren’sInvestmentFundFoundation WaleShonibareAfricanDevelopmentBank BjarneSteffenETHZurich IEA.CCBY4.0. KelvinWongDBSBankJoseA.OmaechevarriaIberdrola Acknowledgements3 ThispublicationhasbeenproducedwiththefinancialassistanceoftheEuropeanUnionaspartofitsfundingoftheCleanEnergyTransitionsinEmergingEconomiesprogramme(CETEE-2)withintheCleanEnergyTransitionsProgramme,theIEA’sflagshipinitiativetotransformtheworld’senergysystemtoachieveasecureandsustainablefutureforall. TheworkreflectstheviewsoftheInternationalEnergyAgencySecretariatbutdoesnotnecessarilyreflectthoseofindividualIEAmembercountriesorofanyparticularfunder,supporterorcollaborator.NoneoftheIEAoranyfunder,supporterorcollaboratorthatcontributedtothisworkmakesanyrepresentationorwarranty,expressorimplied,inrespectofthework’scontents(includingitscompletenessoraccuracy)andshallnotberesponsibleforanyuseof,orrelianceon,thework. IEA.CCBY4.0. 4InternationalEnergyAgency|ReducingtheCostofCapital TableofContents Acknowledgements3 Executivesummary7 1 Unlockingcleanenergyinvestment11 1.1Thecleanenergyinvestmentgap12 1.1.1Today’sinvestmenttrendsandfutureneeds13 1.1.2Investmentprioritiesto203515 1.1.3Sourcesoffinance18 1.2Thecostofcapital19 1.2.1Whatisthecostofcapital?19 1.2.2WhydoesthecostofcapitalmatterforEMDEenergytransitions?25 1.3Bringingdownthecostofcapital27 2 Identifyingrisksthatinfluencethecostofcapital33 2.1Introduction34 2.2Utility-scalesolarPVandwind35 2.2.1Utility-scalesolarandwindingrowingmarkets39 2.2.2Utility-scalesolarandwindinmaturingmarkets41 2.3Grids46 2.3.1Publiclyledgridfinancing48 2.3.2Privatelyledgridfinancing50 2.4Energyefficiencyinbuildings54 2.5Electricmobility58 2.6Advancedbiofuels62 2.7Utility-scalehydro65 2.8Batterystorage69 Annexes AnnexA.Definitions75 AnnexB.References85 IEA.CCBY4.0. TableofContents5 IEA.CCBY4.0. Executivesummary Cleanenergyinvestmentinmostemerginganddevelopingeconomieshasyettotakeoff:Ahighcostofcapitalisamajorreasonwhy Howemergi