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| 1 |
ID:
177161
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| Summary/Abstract |
In this paper, we use standard scenarios focussing on renewable energy, energy efficiency and grid investments. We take stock of the literature and quantitative data on available sources of financing for clean energy to qualitatively match supply and demand of specific sources of finance in the European context. Our analysis shows that under the current investment mandates and lending criteria the required funds for a successful energy transition are available. In fact, the current landscape of financing sources can provide between two and six times what is necessary. However, institutional investors and lenders such as pension funds and banks in particular are reluctant to invest in the renewable energy or grid infrastructure because of expected (policy) discontinuities. In addition, more venture capital and household investment are needed to finance low-risk small-ticket projects in the early stages of innovative clean energy technologies, to complement the abundantly available funds for large-scale investments. Based on our analysis, we develop a matrix indicating the role and availability of different sources of finance and new intermediation channels in the energy transition and how these should be deployed.
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| 2 |
ID:
150647
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| Summary/Abstract |
Municipalities aiming at mitigating climate change by implementing new energy efficiency technologies face budgetary and capacity constraints. Outsourcing through energy service contracting could provide a solution. This paper reports results from a survey of 1298 municipalities concerning barriers to retrofitting public street lighting and the possible role of energy service contracting to overcome these barriers. Using a logistic regression analysis, the authors investigate determinants of opting for energy service contracts in the specific context of LED retrofits. Results point to an advantage of outsourcing in a financially and capacity-constrained environment, which corresponds with the main reasons for engaging in contracting: minimising investments and financial risks. However, municipalities often do not fully grasp the risks associated with retrofitting especially using a novel technology such as LED. In relation to that they underestimate the risk reduction potential of energy performance contracts (EPC). Previous experience with outsourcing increases the probability to engage in servitization although certain existing partnerships, particularly with utilities, prevent municipalities from considering energy performance contracts. Interestingly, engaging an energy consultant has a negative propensity to use energy service contracts, while pre-negotiated standardised contracts for energy performance contracts have a positive influence.
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