In developing countries, governments may not have the financial means for generous stimulus packages, or may even turn to supporting fossil fuel infrastructure. For 2020, the IEA expects the largest drop in global energy investment in history, a fall of 20% compared with last year.
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Renewable energy capacity, excluding large hydro, grew by a record 184 GW in 2019. This was 20 GW, or 12 per cent, more than new capacity added in 2018. Yet the 2019 dollar investment was only 1 per cent higher, at $282.2 billion. Nations and corporations have made clean energy commitments over the next decade. Analyzing them, UNEP’s report finds commitments for 826 GW of new non-hydro renewable power capacity by 2030, at a likely cost of around $1 trillion.
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Although the impact of green banking has been relatively small to date, there is significant potential to scale, which would have major impacts on the availability of financing for sustainable infrastructure around the world.
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Chinese regulators recently proposed eliminating so-called “clean coal” from the list of projects that can raise funds using green bonds. While this may not sound like a big deal, if it goes through, it could be the start of a much-needed transformation in China’s green finance market – and a move away from coal power.
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The total solar corporate funding (including venture capital funding, public market, and debt financing) in first half of 2020 came to $4.5 billion compared to $6 billion in the first half of 2019.
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Listed renewable power portfolios have outperformed listed fossil fuel portfolios in all geographies. Moreover, during periods of high market and oil price volatility, fossil fuel portfolios experienced larger drawdowns than renewable portfolios.
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The Chinese green bond market is in a clear upward trajectory expected to continue in the years ahead. However, there are opportunities for policymakers and investors to increase the rate of growth.
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When some of the world’s largest shareholders start asking questions about environmental, social and governance (ESG) issues at the companies they own, corporate directors need to have the right answers.
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