2024-02-28-IEA-降低资金成本_89页_3mb

Reducing the Cost of Capital for Clean Energy Investment in Emerging and Developing Economies

Introduction
The International Energy Agency (IEA) examines the barriers to clean energy investment in emerging and developing economies (EMDEs), excluding China. Despite accounting for 15% of global GDP and two-thirds of the world’s population, EMDEs receive minimal clean energy investment (about 15% of the total) due to a high cost of capital. Annual investment needs to increase dramatically—reaching USD 870 billion by the early 2030s and USD 1.6 trillion under a 1.5-degree pathway—to meet climate and energy goals.

Key Findings

1. High Cost of Capital

   • The weighted average cost of capital (WACC) for clean energy projects in EMDEs is twice as high as in advanced economies.
   • Factors driving this include macroeconomic risks (e.g., high inflation, currency fluctuations), regulatory instability, poor payment systems, and project-specific risks like grid access delays.

2. Investment Gaps

   • Global clean energy investment rose by 40% since 2020, reaching USD 1.8 trillion in 2023, but most growth occurred in advanced economies and China.
   • EMDEs lag in meeting rising energy demands sustainably.

3. Consequences of High Costs

   • Elevated financing costs push up project expenses and deter investment, limiting access to affordable energy and hindering climate goals. Reducing costs by 1 percentage point could save USD 150 billion annually on clean energy financing.

Sector-Specific Challenges

• Utility-Scale Solar and Wind: Regulatory and off-taker risks are primary concerns. Brazil and India’s regulatory reforms and payment guarantees have helped reduce costs.
• Grid Infrastructure: Countries like Indonesia and Brazil face challenges in transmission financing due to state-owned utility inefficiencies and regulatory hurdles.
• Energy Efficiency: Lack of building codes and skewed incentives (e.g., energy subsidies) in EMDEs make retrofits unaffordable.
• Electric Mobility and Biofuels: High upfront costs and financing risks, exacerbated in nascent markets.
• Hydropower and Battery Storage: Environmental permitting delays and revenue uncertainties affect investments.

Recommendations

1. Policy and Regulation:

   • Establish clear, consistent policies (e.g., renewable fuel standards, building codes) and regulatory frameworks (e.g., streamlined licensing, robust payment systems).
   • Examples: India’s DISCOM reforms and Brazil’s transparent grid tariffs have improved investor confidence.

2. International Support:

   • Triple concessional funding from development finance institutions (DFIs) to de-risk investments in nascent markets.
   • Enhance tools like payment guarantees (Multilateral Investment Guarantee Agency/MIGA) and blended finance models.

3. Domestic Reforms:

   • Strengthen institutions and reduce inflation through stable fiscal and monetary policies.
   • Promote local financing markets and improve project preparation to attract private capital.

4. Technology-Specific Measures:

   • Use targeted tax credits or first-loss guarantees for technologies like battery storage and advanced biofuels.
   • Support early-stage projects through grants and partnerships.

Conclusion

Addressing the high cost of capital in EMDEs is critical for accelerating clean energy transitions. By improving policy frameworks, enhancing international financial support, and tackling macro and project risks, EMDEs can unlock USD 870 billion to 1.6 trillion in clean energy investment by the 2030s, ensuring energy access, security, and sustainability.