国际能源署-降低资金成本-释放新兴经济体和发展中经济体清洁能源投资的战略（英）-2024-89页_3mb

报告摘要

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

Executive Summary

Clean energy investment in EMDEs accounts for only 15% of global investment (despite representing 30% of GDP and 60% of the population), despite being crucial for energy access and climate goals. A high cost of capital is a major constraint. Bringing down this cost—particularly through targeted policy, international support, and financial reforms—is essential to mobilize the necessary investments (reaching USD 870 billion by early 2030s in the APS pathway, USD 1.6 trillion in NZE). Key recommendations include enhancing international financial support, addressing country-specific risks, strengthening regulatory frameworks, and deploying payment and revenue risk mitigation tools.

The Clean Energy Investment Gap

Global clean energy investment reached USD 1.8 trillion in 2023, but 90% occurred in advanced economies and China.
EMDEs require massive scale-ups: from USD 270 billion (2023) to USD 870 billion (APS pathway) or USD 1.6 trillion (NZE pathway) by early 2030s.
Utility-scale solar and wind, electricity grids, and buildings efficiency are priority sectors.
Currency risk, weak institutions, and regulatory uncertainty are major drivers of high capital costs.

The Cost of Capital

The weighted average cost of capital (WACC) in EMDEs is well over twice that in advanced economies for solar PV and storage projects.
Country/macroeconomic risks and sector/project-specific risks both contribute to higher costs.
Reducing the cost of capital by just 1 percentage point could save USD 150 billion annually in clean energy financing costs by 2050.

Bringing Down the Cost of Capital

Key Strategies:

Policy and Regulation: Clear, predictable policies with long-term visions; standardised contracts and transparent data.
International Support: Triple concessional funding to leverage private capital.
Risk Mitigation: Expand payment guarantees and credit enhancement mechanisms.
Sector-Specific Measures: Strengthen regulatory frameworks for grids, energy efficiency, and electric mobility; tailor support for nascent technologies.

Recommendations

Strengthen National Policies: Ensure credible implementation plans and reliable data to lower investor risk.
Enhance International Cooperation: Streamline financial instruments and improve coordination between governments, DFIs, and private financiers.
Increase Concessional Finance: Triple funding for EMDE clean energy transitions by 2030 to improve risk-return profiles.
Targeted Interventions for Least Developed Countries: Grant-based support for projects supporting universal energy access.
Deploy De-Risking Tools: Expand payment and revenue guarantees to attract private capital.

Key Risks and Recommendations by Sector

Sector	Key Risks	Recommendations
Utility-Scale Solar/Wind	Regulatory uncertainty, off-taker risk, transmission access	Expand payment guarantees, regular procurement programs.
Grids	Poor DISCOM financial health, currency risk	Improve financial health of state-owned utilities; use blended finance.
Energy Efficiency	Lack of building codes, skewed incentives	Promote building codes; rationalize energy subsidies.
Electric Mobility	High upfront costs, charging infrastructure gaps	Expand low-cost auto loans; phase out fossil fuel subsidies.
Advanced Biofuels	Technological risk, feedstock availability	Implement renewable fuel standards; provide targeted tax credits.
Hydropower & Storage	Permitting delays, revenue uncertainty	Improve long-term planning; streamline environmental assessments.