1、GREEN BONDS RENEWABLE ENERGY FINANCE Renewable Energy Finance Brief 03 January 2020 2 RENEWABLE ENERGY FINANCE BRIEF 03 Disclaimer This publication and the material herein are provided “as is”. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publ

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5、k unless otherwise indicated. IRENA 2020 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is a

6、ttributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need to be secured before any use of such material. ISBN 978-92-9260-187-4 Citation: IRENA (2020), Renewable energy finance: Green Bonds (Renewable Energy Fin

7、ance Brief 03, January 2020), International Renewable Energy Agency, Abu Dhabi Prepared by the Renewable Energy Finance team at IRENA. Available online: www.irena.org/publications Comments are welcome. Please write to: REFinanceTeamirena.org Reallocating global capital into sustainable solutions req

8、uires a greater supply of effective and desirable capital market instruments GREEN BONDS 3 The worlds transition to a low-carbon economy necessitates a massive shift in the allocation of financial capital. Green bonds are fixed- income securities whose proceeds are meant to be allocated to sustainab

9、le assets. The green bond market can serve as an important bridge between providers of capital, such as institutional investors, and sustainable assets, like renewable energy. From a slow start in 2007, and a market driven primarily by multilateral development banks, green bonds have experienced imp

10、ressive growth over the past decade. With annual issuances approaching USD 190 billion in 2019, the growth has also been marked by a greater diversification of issuer types. Although corporations and financial institutions are becoming dominant, sovereign issuances used to finance climate-aligned as

11、sets are also increasing. European issuers have been joined by issuers from North America and, increasingly, from Asia-Pacific. Renewable energy is the leading recipient of green bond proceeds, but most green bonds finance multiple sustainable solutions. While progress to date has been impressive, t

12、here is still opportunity for further growth and improvement. Cumulative issuances of green bonds are still below 1% of cumulative global bond issuances. To achieve further market growth, particularly as it relates to the renewable sector, co-ordinated actions among many stakeholders are needed. Pol

13、icy makers can help increase both the supply of green bonds (through the adoption of leading climate-aligned green bond standards) and the provision of enabling policies that grow the renewable energy sector. Public capital providers can do their part to help de- risk renewable assets and can suppor

14、t green bonds through provision of the seed capital, demonstration issuances and capacity building. Institutional investors can assist by aligning their internal capacities and investment targets with long-term sustainability mandates. Other stakeholders, such as rating agencies, financial instituti

15、ons and retail investors, also play a role in strengthening the green bond market and advancing the global energy transformation. RENEWABLE ENERGY FINANCE GREEN BONDS 4 RENEWABLE ENERGY FINANCE BRIEF 03 United StatesBrazilAMER (excl US and Brazil)EuropeMiddle East and Africa IndiaAsia-Oceania (excl.

16、 China and India)China 45 70 104 148 177 168 239 287 252 233 288 318 294 325 288 0 50 100 150 200 250 300 350 20042005200620072008200920001620172018 Annual investment in USD billion Figure 1Global renewable energy investment (excl. large hydropower), in USD billion, by region,

17、2004-2018 As renewables have become a compelling investment proposition, global investments in new renewable power have grown from less than USD 50 billion per year in 2004 to around USD 300 billion per year in recent years (Frankfurt School-UNEP Centre/BNEF, 2019), exceeding investments in new foss

18、il fuel power by a factor of three in 2018 (REN21, 2019). While hydropower still accounts for the largest share of the total renewable power capacity (50% of the 2018 total), solar and wind power have accounted for the largest shares of both annual capacity installations and annual investments in re

19、cent years (IRENA, 2018). Solar photovoltaics (PV) and wind power accounted for 90% of total renewable power investments in 2018 (Frankfurt School-UNEP Centre/BNEF, 2019). A forthcoming report from IRENA and the RENEWABLE ENERGY INVESTMENT TRENDS Source: Frankfurt School-UNEP Centre/BNEF, 2019 Note:

20、 The figure shows investment in renewable power excluding end-use and large-scale hydropower (since data are from the BloombergNEF database, which does not include large-scale hydropower as “new energy”), which amounted to USD 273 billion, plus renewable energy investments through public markets, ve

21、nture capital/private equity, and research and development. These investments together totalled USD 288 billion in 2018. Separately, large-scale hydropower investment in 2018 was around USD 16 billion, bringing the renewable energy power investment total to USD 289 billion and renewable energy inves

22、tment (excluding end-use) to USD 304 billion. Climate Policy Initiative (CPI) further examines the breakdown of capital flows, first between private and public sources, and then by institution type. Another defining trend of renewable energy investments has been a geographic shift towards emerging a

23、nd developing markets, which have been attracting most of the renewable investments each year since 2015, accounting for 63% of 2018 renewable power investments (Figure1). Besides China, which attracted 33% of total global renewable energy investments in 2018, other top emerging markets over the pas

24、t decade include India, Brazil, Mexico, South Africa and Chile (Frankfurt School-UNEP Centre/BNEF, 2019). Nevertheless, many developing and emerging countries in Africa, the Middle East, South-East Asia and South-East Europe still have a largely untapped renewables investment potential. GREEN BONDS

25、5 In addition to the growing technological and geographical diversity, the renewable energy investment landscape is also witnessing a proliferation of new business models and investment vehicles, which can activate different investors and finance all stages of a renewable assets life. Examples inclu

26、de the rise of the green bond market, growing interest in corporate procurement of renewable power and new business models for small-scale renewables such as the pay-as-you-go model. Despite generally positive investment trends, however, far more needs to be invested in renewables in order to meet s

27、ustainable development and climate goals and to realise the many benefits of the energy transformation. IRENA has estimated that investment in the energy system that puts the world on the path to limit global temperature increase to below 1.5 degrees Celsius (the “Energy Transformation” path) would

28、focus on renewables, energy efficiency and associated energy infrastructure, and needs to reach a cumulative USD 110 trillion for the 2016-2050 period. Of this amount, around 20%, or USD22.5trillion, will be needed for new renewable power capacity generation alone in the 2016-2050 period (IRENA, 201

29、9a). This implies an annual renewable power investment of around USD 662 billion, i.e., at least a doubling of annual renewable power investment compared to the current annual level. Innovative instruments like green bonds can channel substantial global capital into renewable energy 6 RENEWABLE ENER

30、GY FINANCE BRIEF 03 Green bonds help bridge the gap between providers of capital and green assets, helping governments raise finance for projects to meet climate targets and enabling investors to achieve sustainability objectives. Along with other innovative capital market instruments, green bonds c

31、an support new or existing green projects through access to long-term capital. A green bond is like a conventional bond in the sense that they both help the bond issuer to raise funds for specific projects or ongoing business needs in return for a fixed periodic interest payment and a full repayment

32、 of the principal at maturity. A green bond differs in the “green” label, which tells investors that the funds raised will be used to finance environmentally beneficial projects. The green bond market started about a decade ago and has undergone rapid growth in the past five years (2014-2018), as gl

33、obal efforts to scale up finance for environmentally beneficial assets intensified. From a market dominated by development banks, green bonds have experienced not only growth in the total amount issued, but also a diversification of issuer types and sectors financed, and a widening geographic spread

34、. The green bond market continues to offer enormous growth potential. The cumulative issuances of green bonds are below USD 1 trillion, while the global bond market is valued at around USD100 trillion. On an annual basis, green bonds raised USD 167 billion in 2018, while the total bond market raised

35、 around USD 21 trillion (CBI, 2019a; SIFMA, 2019), as seen in Figure 2. The need for further growth is equally large and urgent. The International Renewable Energy Agency (IRENA) has estimated the energy transition investments needed to meet international goals for a climate-safe future amount to US

36、D 110 trillion over 2016-2050, or USD 3.2 trillion per year (IRENA, 2019a). For renewable power alone, this implies a more than doubling of the current annual investment of USD 290 billion in 2018 to USD660billion through 2050 (Frankfurt School- UNEP/BNEF, 2019; IRENA, 2019a). Green bonds can help b

37、ridge some of this financing gap. Who defines “green” and attests to the appropriate use of green bond proceeds? There is no simple answer to this crucial question, although there is a convergence of market guidelines and standards. Some green bonds are self-labelled by the issuers, but multiple sta

38、ndards also exist at the international level (e.g., Green Bond Principles, Climate Bonds Standard), regional level (e.g., Association of Southeast Asian Nations (ASEAN), upcoming European Union Green Bond Standard) and national level (e.g., Brazil, China, India, Japan, Morocco). Complementing these

39、are third-party entities attesting to a bonds green credentials via a pre-issuance review, post-issuance review or green bond certification. Such entities include rating agencies, specialised consultancies and non-governmental organisations (NGOs), such as Moodys, Sustainalytics, CICERO and the Clim

40、ate Bonds Initiative. Two international standards have become dominant: the Green Bond Principles and the Climate Bonds Standard. While the Green Bond Principles set out voluntary guidelines on potentially eligible categories of green projects, the process for project evaluation/selection, the manag

41、ement of proceeds and reporting, the Climate Bonds Standard has more detailed criteria and requirements on what is green based on a categorys alignment with the Paris Agreement climate target, as well as on management of proceeds and reporting. These key standards are described at the back of this b

42、rief. WHY GREEN BONDS MATTER Green bonds remain well below their potential and too small to drive the global shift to renewables GREEN BONDS 7 USD 21 trillion USD 3.2 trillion USD 660 billion USD 290 billionUSD 167 billion Global bond annual issuances (2017)Renewable energy power annual investment (

43、2018) Renewable energy power annual investment need (through 2050) Low-carbon energy transformation annual investment need (through 2050) Green bond annual issuances (2018) Figure 2 Green bond issuances, renewable energy power investment, renewable energy power investment need, low-carbon energy tra

44、nsformation investment need and global bond issuances (USD, annual) Sources: Frankfurt School-UNEP Centre/BNEF (2019), IRENA (2019a), SIFMA (2019), along with IRENA analysis based on CBI (2019a) 8 RENEWABLE ENERGY FINANCE BRIEF 03 0 50 100 150 2014 $37 bn $42 bn $87 bn $162 bn $167 bn 200

45、18 USD Billions North America Latin America Europe Africa Global Asia-Pacifi c Figure 3Annual green bond issuances, per region, 2014-2018, USD billion Source: CBI, 2019a “Global” refers to issuances from supranational institutions such as the European Investment Bank, World Bank, Asian Development B

46、ank and others. The green bond market has taken off in the past five years, with 2019 issuances expected to reach USD 190 billion. Along with the growing amount of capital raised, the market also expanded in its geographic reach, diversification of issuers and currencies in which green bonds are off

47、ered. Renewable energy leads the use-of-proceeds categories and is present in around half of all green bonds issued. The green bond market started a little over a decade ago with the European Investment Banks first issuance of a Climate Awareness Bond in July 2007, which allocated EUR 600 million to

48、 14 renewable energy and energy efficiency projects (EIB, 2017). Over the past decade, such supranational institutions have taken a back seat to a growing variety of issuers from different regions firstly from Europe, then North America, and increasingly from Asia-Pacific and to a smaller extent fro

49、m Latin America and Africa. The top three countries to issue green bonds in 2018 were the United States (USD 34.2 billion), China (USD 31 billion) and France (USD 14.2 billion) (CBI, 2019a). Overall, annual global green bond issuances rose from EUR 600 million in 2007 to USD 37 billion in 2014 and USD 167 billion in 2018 (Figure 3) (CBI, 2019a). For 2019, a new high of USD 190billion is expected (CBI, 2019b). From a market driven primarily by multilateral development banks, green bonds are now issued by public and private institutions, including governments (local,