全球可再生能源融资前景（英文版）_44页-3mb

报告摘要

Summary of the Global Landscape of Renewable Energy Finance (2018)

Core Content

This report, jointly prepared by the International Renewable Energy Agency (IRENA) and the Climate Policy Initiative (CPI), provides an analysis of the global renewable energy finance landscape from 2013 to 2016. It outlines key trends in investment by technology, region, financial instrument, and source, and offers an outlook for the future of renewable energy finance.

Key Findings

Renewable energy capacity growth reached record levels in 2016, despite a decline in investment.
Investment trends were heavily influenced by policy changes, especially in major markets like China, Germany, Japan, and the UK.
Private investment accounted for over 90% of global renewable energy investment in 2016, with project developers contributing 40% and commercial financial institutions adding 23%.
Public investment played a supportive role, especially in risk mitigation and policy implementation, with a decrease in 2016.
Offshore wind investment grew fourfold between 2013 and 2016, with its share of total wind investment increasing from 10% to 25%.
Solar PV and onshore wind accounted for 90% of private investment in the sector.
Public finance was more geographically balanced than private, with Western Europe and Latin America-Caribbean being the top regions.
Risk mitigation instruments were used extensively, especially in Asia and Africa, with DFIs playing a central role.
Technology cost reductions significantly impacted investment flows, with solar PV and wind becoming more cost-effective.
Meeting climate goals requires USD 25 trillion in renewable energy investment by 2050, which is three times the current annual investment level.

Main Trends by Technology

Solar PV and wind power dominated renewable energy investment, accounting for 82% in 2013 and 93% in 2016.
Solar PV saw a 17% decline in 2016, but capacity additions increased due to cost reductions.
Onshore wind investment remained strong, while offshore wind grew rapidly, reaching USD 27 billion in 2016.
Biomass-fired power investment peaked at USD 9 billion in 2014 and declined to USD 5 billion in 2016.
Geothermal investment remained stable at around USD 2 billion annually.
Biofuels investment dropped by 84% in 2016, from an average of USD 1.7 billion in 2013-2015.
Marine and ocean energy investment remained low, averaging less than USD 75 million per year.

Investment by Region

East Asia-Pacific was the main investment destination, with investment rising from USD 64 billion in 2013 to USD 114 billion in 2015, then dropping to USD 88 billion in 2016.
China was the main driver of investment in the region, especially in 2015.
OECD Asia (Japan, Israel, Republic of Korea) saw investment grow from USD 32 billion in 2013 to USD 37 billion in 2014, then sharply decline to USD 15 billion in 2016 due to declining solar PV investment in Japan.
OECD Americas (Canada, Chile, Mexico, US) experienced a peak in investment at USD 52 billion in 2015, driven by US solar PV and wind markets.
Latin America-Caribbean mirrored the global trend, peaking at USD 17 billion in 2015 before falling to USD 9 billion in 2016, largely due to declines in onshore wind investment in Brazil.

Financial Instruments

Grants and concessional finance had a negligible role in total renewable energy finance.
Commercial debt and equity were the primary financing instruments for solar PV and onshore wind, with debt-to-equity ratios averaging between 60% and 70% globally.
Risk mitigation instruments were crucial in Asia and Africa, with USD 793 million and USD 552 million extended respectively in 2016.

Public vs. Private Investment

Public investment accounted for 8% to 16% of total renewable energy finance between 2013 and 2016, with a dip to 8% in 2016.
Private investment was the main source, with 93% of investments in the country of origin.
Public investment was more international, with Western Europe and Latin America-Caribbean being the top regions.
Public finance was heavily used for policy implementation, including regulatory frameworks, fiscal incentives, and grid upgrades.

Outlook for 2018 and Beyond

Meeting climate goals requires unprecedented investment in renewable energy, with a target of 65% renewables in primary energy supply by 2050.
Private finance will remain the primary source, but institutional investors must be scaled up to meet future demands.
Public finance should be increased and used more strategically, especially in emerging economies.
Solar PV and onshore wind are expected to continue their cost declines, with offshore wind likely to see further growth.
CSP (Concentrated Solar Power) may see a major boost due to cost reductions and storage potential.
China, the US, India, and other key markets will play a critical role in the future of renewable energy finance.
Rising markets like Argentina, Indonesia, and Vietnam also offer significant growth potential.

Conclusion

The report highlights the dynamic nature of renewable energy finance, driven by technological advancements, policy changes, and market dynamics. While private investment remains the mainstay, public finance is essential for risk mitigation and market development, especially in emerging economies. The global shift toward renewable energy is expected to continue, with cost reductions and policy support playing a crucial role in expanding investment and achieving climate targets.