资源描述
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 publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The information contained herein does not necessarily represent the views of the Members of IRENA. The mention of specific companies or certain projects or products does not imply that they are endorsed or recommended by IRENA in preference to others of a similar nature that are not mentioned. The designations employed and the presentation of material herein do not imply the expression of any opinion on the part of IRENA concerning the legal status of any region, country, territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries.All photographs are from Shutterstock unless otherwise indicated.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 attributed 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. Citation: IRENA and CPI (2018), Global Landscape of Renewable Energy Finance, 2018, International Renewable Energy Agency, Abu Dhabi. IRENA 2018ISBN: 978-92-9260-054-9ABOUT IRENAThe International Renewable Energy Agency (IRENA) is an intergovernmental organisation that supports countries in their transition to a sustainable energy future and serves as the principal platform for international co-operation, a centre of excellence and a repository of policy, technology, resource and financial knowledge on renewable energy. IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.irena ACKNOWLEDGEMENTSThis report was jointly prepared by the Climate Policy Initiative (CPI) and the International Renewable Energy Agency (IRENA). The contributing authors are Barbara Buchner, Cameron Carswell, Chavi Meattle, Padraig Oliver and Xueying Wang (CPI) and Henning Wuester and Costanza Strinati (IRENA) with additional contributions by Caroline Dreyer, Elysha Davila and Federico Mazza (CPI) and Rabia Ferroukhi and Diala Hawila (IRENA).The report benefited from the reviews and comments of experts as well as CPI and IRENA colleagues.For further information or to provide feedback: publicationsirenaABOUT CPI Climate Policy Initiative works to improve the most important energy and land use policies around the world, with a particular focus on finance. An independent organization supported in part by a grant from the Open Society Foundations, CPI works in places that provide the most potential for policy impact including Brazil, China, Europe, India, Indonesia, and the United States. CPIs work helps nations grow while addressing increasingly scarce resources and climate risk. This is a complex challenge in which policy plays a crucial role.climatepolicyinitiative4GLOBAL LANDSCAPE OF RENEWABLE ENERGY FINANCE5Figures, tables and boxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7KEY FINDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 EXECUTIVE SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111. OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171.1 Falling costs and record capacity in 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181.2 Explaining the 2016 decline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192. INVESTMENT BY TECHNOLOGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203. INVESTMENT BY REGION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214. INVESTMENT BY FINANCIAL INSTRUMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245. INVESTMENT BY SOURCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285.1 Private investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305.2 Public investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315.3 Regional investment by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346. OUTLOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39Annex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41CONTENTS6GLOBAL LANDSCAPE OF RENEWABLE ENERGY FINANCEFIGURESFigure 1. Renewable energy annual investment by technology type, 2013-2016 .17Figure 2. Solar PV and wind power annual investment and capacity additions, 2013-2016 .18Figure 3. Breakdown of declining investment in solar and wind power between 2015 and 2016 .19Figure 4. Investment in solar PV and solar thermal including concentrated solar power, 2013-2016 .20Figure 5. Investment in onshore and offshore wind power, 2013-2016 .20Figure 6. Annual investment in marine energy, geothermal power, biomass-fired power, hydropower, biofuels and concentrated solar power, 2013-2016 .21Figure 7. Annual renewable energy investment by region of destination, 2013-2016 .22Figure 8. Solar PV investment by region of destination, 2013-2016 .23Figure 9. Onshore wind investment by region of destination, 2013-2016 .24Figure 10. Top five offshore wind investment destinations, 2013-2016 .25Figure 11. Global average reported debt-to-equity ratios for solar PV and onshore wind, 2015-2016 .27Figure 12. Average reported debt-to-equity ratios for solar PV and onshore wind by country, 2015-2016 .27Figure 13. Public and private investment in renewable energy finance, 2013-2016 .28Figure 14. Number of countries adopting renewable energy policies, by policy type, 2005, 2010 and 2016 .29Figure 15. Total expenditures for renewable energy support in the European Union and Norway by support scheme, 2015 .30Figure 16. Private investment in renewable energy by investment source, 2013-2016 .31Figure 17. Public investment in renewable energy by investment source, 2013-2016 .32Figure 18. Annual renewable energy investment by state-owned enterprises, 2013-2016 .33Figure 19. Public and private investment in renewable energy by region of origin, 2013-2016 .34Figure 20. Public and private investment in renewable energy by region of destination, 2013-2016 . 35Figure 21. Domestic and international investment in renewable energy by source, 2013-2016 .35Figure 22. Public and private investment in renewable energy by technology, 2013-2016 .36Figure 23. DFI preferred financing instrument by share of total finance deployed, 2013-2016 .37Figure 24. Policies, tools and instruments that reduce renewable energy barriers and mitigate risks .38FIGURES, TABLES AND BOXESTABLESTable 1 Average difference between date of financing and commissioning for renewable energy projects .19Table 2 Regional grouping used for the analysis in this report .40BOXESBox 1 Renewable energy finance and electricity access .26Box 2 Policies in support of renewable energy: status and trends .29Box 3 The role of state-owned enterprises in mobilising renewable energy finance .33Box 4 Unlocking renewable energy investment .387FIGURES, TABLES AND BOXES - ABBREVIATIONSBNEF Bloomberg New Energy FinanceCPI Climate Policy InitiativeCSP Concentrated solar powerDFI Development finance institutionEUR EuroGBP British pound sterlingGW GigawattsIEA International Energy AgencyIRENA International Renewable Energy AgencykWh Kilowatt-hourMWh Megawatt-hourOECD Organisation for Economic Co-operation and DevelopmentPV PhotovoltaicREC Renewable energy certificate UK United KingdomUS United StatesUSD United States dollarABBREVIATIONS 20162013PublicPrivate8GLOBAL LANDSCAPE OF RENEWABLE ENERGY FINANCEKEYFINDINGS Renewable energy capacity has grown at record-high levels, even as investment has dipped in dollar terms in 2016. Investment levels are highly responsive to policy changes. Offshore wind investment has risen steadily quadrupling in 2013-2016 and is poised for further growth. Private sources provide the bulk of renewable energy investment globally over 90% in 2016. But public finance can play a key enabling role covering early-stage project risk and getting new markets to maturity. Public spending on policy implementation far outweighs direct public investments. Project developers account for about two-fifths of private investment in the sector. Institutional investors pension funds, insurance companies, sovereign wealth funds and others only make up less than 5% of new investments. Private investors overwhelmingly favour domestic renewable energy projects (93% of the private portfolio in 2013-2015), whereas public investment is more balanced between in-country and international financing.9KEY FINDINGS10GLOBAL LANDSCAPE OF RENEWABLE ENERGY FINANCEEXECUTIVE SUMMARY11EXECUTIVE SUMMARYThe landscape of renewable energy finance has evolved rapidly. Since 2012, renewable power capacity installations have exceeded non-renewables by a rising margin, representing about 60% of all new power-generating capacity added worldwide in 2016 (IRENA, 2017a). Investment reached a comparable milestone in 2015, when renewable power technologies for the first time attracted more finance than non-renewable power technologies (Buchner et al., 2017), a trend that has continued subsequently. This report analyses the renewable energy finance landscape. It outlines key trends globally in 2013-2016, regionally and by technology, examines the differing roles and approaches of private and public finance, highlights the important role of risk mitigation instruments, and provides an outlook for renewable energy finance in 2018 and beyond. EMERGING TRENDSGlobal overview Global annual investment in renewable energy rose steadily in 2013-2015, peaking at USD 330 billion in 2015 before falling to USD 263 billion in 2016. While annual investment declined in 2016, capacity additions in the same year were up from 2015. This is partially due to declining costs and partially to the time lag between financial closure (i.e., the time of investment) and the completion of construction, after which an installation becomes operational. Cost declines for key technologies have influenced finance flows. Lower solar and wind power costs, in particular, reduced the total value of renewable energy investment in 2015 and 2016, as each dollar of investment financed more capacity than in previous years. Policy changes contributed significantly to global investment trends. The peak in 2015 was partially driven by a rush to complete projects before an expected fall in policy support in key markets. Examples included cuts in feed-in-tariffs in China, Germany, Japan and the UK.Technology trends Investment in solar power (both photovoltaic, or PV, and thermal) and wind power (both onshore and offshore) dominated spending in the sector globally. Investment in these technologies rose from 82% of total renewable energy finance in 2013 to 93% in 2016. 12GLOBAL LANDSCAPE OF RENEWABLE ENERGY FINANCE Offshore wind investment saw an almost fourfold increase in the same period, with its share of total wind investment rising steadily from 10% in 2013 to 25% in 2016. Offshore wind kept growing in absolute terms in 2016 while investment in other technologies declined. Investment in biomass-fired power peaked at USD 9 billion in 2014, before trending downwards to USD 5 billion in 2016. Investment in geothermal power was stable, averaging USD 2 billion per year over 2013-2016. Investment in biofuels averaged USD 1.7 billion per year in 2013-2015, but fell by 84% to USD 250 million in 2016. Investment in hydropower fell steadily as fewer large projects were financed. Yet this is not necessarily an ongoing global trend, as 2013-2014 investment levels reflected large hydropower projects in Brazil that may prove to be outliers. Investment by region The East Asia-Pacific region1was the dominant destination for renewable energy investment, seeing rapid growth from USD 64 billion in 2013 to USD 114 billion in 2015, before a dip to USD 88 billion in 2016. China was the main driver, with investment peaking in 2015 in response to policy support, before incentives were scaled back in 2016. Investment in OECD Asia (consisting of Japan, Israel and the Republic of Korea)2grew from USD 32 billion in 2013 to USD 37 billion in 2014, then declined sharply in 2016 as Japan reduced solar PV feed-in tariffs. Western Europe saw investment peak in 2015 at USD 73 billion before falling to USD 53 billion in 2016. While offshore wind investment in the same region rose steadily, it was insufficient to offset the 2016 decline in solar PV and onshore wind investment, driven primarily by policy changes in Germany
展开阅读全文