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ID:
150711
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| Summary/Abstract |
Addressing the financing gap for renewable energy (RE) projects in Asia is critical to ensure that the rapidly increasing energy needs could be met sustainably. This paper explores the cause of the financing gap in Asia and proposes the use of bond financing to address the financing gap. Specifically, three fixed income instruments, namely local currency denominated (LCY) corporate bonds, asset backed project bonds and financial green bonds, will be assessed. Whilst the potential for these three instruments to mobilize large flows of private sector financing is great, key supportive policies aimed at reducing the capital market bias for conventional power generation technologies and supportive RE policies are required. Another key aspect would be the necessary deepening of local and regional fixed income markets before such capital market instruments are able to play a big role.
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| 2 |
ID:
175014
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| Summary/Abstract |
There is growing recognition that financing low-carbon energy and environmental transitions will require the innovation of new financial products. Yet current understanding of the conditions under which environment-focused financial innovations emerge and diffuse remains limited. This paper seeks to narrow this gap. Novel to the literature, we conceptualise financial innovation by synthesising insights from several conceptual frameworks previously used to understand technological innovation and sustainability transitions. Empirically, the paper focuses on the case of green bonds, which have been deployed to (re)finance a wide range of energy- and environment-related projects. Our analysis is based on a combination of semi-structured interviews, document analysis and observations from conferences. We show that many of the same processes, influences and dynamics identified in technology-inspired frameworks have played an important role in the upwards innovation trajectory of green bonds. These include: the activities of various intermediaries and entrepreneurs; a set of largely self-reinforcing processes such as learning and legitimation; and wider contextual developments creating a more favourable selection environment for sustainability-themed, fixed-income financial products. Our analysis additionally suggests that the scaling-up of green bonds depended on the specific design and implementation of the product itself and the growing involvement of emerging economies on the supply-side.
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