中国绿色低碳投融资之路-E3G.PDF

中国绿色低碳投融资之路 Financing China’s green and low carbon investment pathway E3G和中央财经大学 E3G and CUFE 北京，2015年4月 Beijing, April 2015 内容Content • 背景和挑战Context and Challenges • 欧洲经验European Experience • 中国绿色投融资对话China Platform for Dialogue 2 中国经济的三重挑战China’s Investment Trilemma 清洁+ 低碳 高效+ 民营 规模+ 速度 • 通过保证投资水平和进一步提高国内消费来维持可持续性经济增长Sustaining economic growth through maintaining investments and encouraging greater domestic consumption • 更有效率地分配公共资金，赋予民营资本在市场投资中更重要的角色Increased efficiency in allocation of public funding and increasing role of private capital in driving investment • 快速增加更加清洁和低碳的投资规模Increasing scale and pace of investment in 3 cleaner and low carbon investment 应对低碳投资的规模需求和风险Tackling the scale and risks of low carbon investment a) 更高的项目风险：主要是需要使用新的尚未证实的技术和尚未被验证的商业模式Higher project risk: Mainly due to the need to deploy newer and unproven technologies and untested business models; a) 所需的投资规模：满足高昂的前期资金成本（同样也给商业投资者带来相对较高的金融风险）， 由于中国经济体的规模和对化石类燃料的高度依赖，这方面成本会相较于其它任何国家都要高 出许多Scale of investment needed: To meet high upfront capital costs (which also increase the financial risks for commercial investors), this will dwarf any other country due to the size of China’s economy and its heavy reliance on fossil fuels; b) 政策风险：尽管中国政府承诺通过入网电价等方案促进发展可再生能源，提高能源效率，但具 体执行方案与力度仍待考察Policy risks: Despite the Chinese government’s commitment to developing renewable energy through FITs and measures for promoting energy efficiency, enforcement of these is uncertain; c) 市场风险：不成熟和缺乏透明的金融市场，对低碳投资者和行业新加入者的障碍Market risks: Immature financial market for low carbon investors, lack of transparency and barriers to new en