Clean Energy Policy News
25 October 2016
The International Energy Agency said today that it was significantly increasing its five-year growth forecast for renewables thanks to strong policy support in key countries and sharp cost reductions. Renewables surpassed coal last year to become the largest source of installed power capacity in the world. Learn more.
25 October 2016
A group of UAE’s banks has come together to fund sustainable projects amid a potential Dh10 billion (about 2.72 billion USD) financing gap. The eight banks—including National Bank of Abu Dhabi (NBAD), Commercial Bank of Dubai, Dunia Finance, Emirates NBD, HSBC, National Bank of Fujairah, RAKBank and Union National Bank—signed an agreement to expand sustainable financing over the next five years as banks pull back on lending across the wider economy. Learn more.
25 October 2016
The European Bank for Reconstruction and Development (EBRD) is providing USD 55 million (EUR 45.9 million) to Turkish lender Isbank to finance renewable energy and resource efficiency projects. The financing will benefit projects in solar, hydropower, wind, geothermal, waste-to-energy and energy efficiency as well as water saving and waste minimization projects. It is part of the EBRD’s recently expanded Mid-size Sustainable Energy Financing Facility, which now totals EUR 1.5 billion. So far, 50 projects have been financed through seven Turkish banks under the facility, helping to build over 900 megawatts of renewable energy capacity. Learn more.
25 October 2016
Yes Bank, a private bank headquartered in the western Indian state of Maharashtra, recently announced that it will raise Rs 330 crore (USD 49.5 million) by issuing a Green Infrastructure Bond to FMO, the development bank of Netherlands. The funds raised through this exercise will be used by Yes Bank to provide debt financing to solar and renewable energy projects in India. The use of the revenue raised will be verified through a third-party audit, and an external annual review along the lines of Green Bond Principles 2016 will take place. Yes Bank has pledged to finance five gigawatts of renewable energy capacity in India over the next few years. Learn more.
18 October 2016
Cities now have an unprecedented opportunity to transform and decarbonise their energy supply and use, according to a new report from the International Renewable Energy Agency. Renewable Energy in Cities, released today on the sidelines of the Habitat III Conference in Quito, estimates energy use in 3,649 cities and explores their potential to scale-up renewable energy by 2030. It finds that while there is no one-size fits all solution, every city has massive potential to cost-effectively boost renewable energy use at the local level. Learn more.
17 October 2016
According to the Institute for Energy Economics & Financial Analysis(IEEFA), while some $130 billion was invested last year in renewable-energy development in the BRICS countries—Brazil, Russia, India, China, and South Africa—about $51 billion more are required if these countries are to meet their commitments to climate-change mitigation policies. The four countries, in all, have announced goals that will require an annual investment over the next few years of $177 billion. IEEFA sees important stakes being taken by development banks that include the New Development Bank (NDB), which is a jointly owned and operated bank funded by the five BRICS nations. IEEFA also notes the importance of private-public partnerships, or “blended finance”. Learn more.
17 October 2016
The Clean Energy Ministerial (CEM) recently welcomed Chile as its newest member. In requesting formal membership to the CEM, Chile outlined its ambitious clean energy goals and the country’s leadership in a variety of clean energy efforts, including the Energy and Climate Partnership of the Americas and Mission Innovation. Even before becoming a member, Chile began actively participating in two CEM initiatives: the Super-efficient Equipment and Appliance Deployment initiative and the Energy Management Working Group. Learn more.
16 October 2016
The UN Foundation’s online Investment Directory, showcasing over a $1 billion investment opportunity in the energy access space, is now open for new submissions and profile updates. The Investment Directory is intended to help highlight a range of investment and financing opportunities presented by the growing number of companies and organizations working in the off-grid energy space and to serve as a starting point for commercial and impact investors interested in exploring the opportunities in this market, and for donors and for analysts focused on tracking the strength of the sector. Learn more.
14 October 2016
A One-stop Shop for Countries to Access Resources for Transforming their National Climate Commitments into Achievable Investments Plans »
October 14, 2016 The Inter-American Development Bank (IDB) and the Inter-American Investment Corporation (IIC) – together, the IDB Group – announced the creation of NDC (Nationally Determined Contributions) Invest, a one-stop shop to help countries access resources needed to translate national climate commitments into investment plans and bankable projects. NDC Invest is a platform comprised of four elements: NDC Programmer, NDC Pipeline Accelerator, NDC Market Booster and NDC Finance Mobilizer. Together, the components aim to enable progress toward both the NDC and IDB lending objectives, as well as toward achievement of the 2015 Paris Agreement and the UN Sustainable Development Goals. Learn more.
12 October 2016
The European Bank for Reconstruction and Development, the Agence Francaise de Development and the European Investment Bank (EIB) have joined hands in strengthening sustainable energy measures in Morocco, with the support of the European Union Neighbourhood Investment Facility. The three financial institutions are providing a €35m financing facility to BMCE Bank of Africa and its leasing subsidiary Maghrebail. The finance line is the third under the Morocco Sustainable Energy Financing Facility, a comprehensive programme for sustainable energy investments through financial institutions. Learn more.