The entry of China and a Re-set of the International Financial Architecture. Erik Berglof London School of Economics and Political Science

Size: px
Start display at page:

Download "The entry of China and a Re-set of the International Financial Architecture. Erik Berglof London School of Economics and Political Science"

Transcription

1 The entry of China and a Re-set of the International Financial Architecture Erik Berglof London School of Economics and Political Science

2 Outline Crisis => shaken up international financial architecture China adding to existing architecture in several ways Increasing its influence in existing institutions Increased role in risk mitigation? Credible supplier of transformational finance?

3 Crisis shook up international financial architecture Financial crisis shook global financial architecture Caught many institutions unprepared but also gave some a new lease on life and expanded mandates (EBRD, IMF, EIB, WB?) Undermined legitimacy of G7 and breathed new life into G20 and created an opening for China

4 China shaping new architecture China helping to improve effectiveness and capacity of existing IFIs (EBRD Equity Participation Fund, IFC AMC, but also parallel targeted funds ) China creating new institutions to increase capacity (AIIB, BRICS Bank ) China launched its own unilateral development institutions with much greater capacity (Silk Road Fund in addition to China Development Bank) China considering filling gaps in existing architecture (International Bank for Conservation of the Environment).

5 Making long-term passive capital transformational EBRD Institutional Investor Partnership LT investors co-invest in pre-set share (20-30%) of each qualifying equity investment no cherry-picking Passive fund no need for separate investment vehicle with independent management or investment committee Fund to own return rights with no control rights on or obligations to underlying investee company Low costs (no carry; cost recovery management fee) Advisory Board (engagement, co-investment platform) 5 years investment period; Life of fund around 12 years

6 Asian Infrastructure Investment Bank 57 countries at different stages of membership negotiations USD 50bn for South East Asia doubling proposed Modest overall volume clear focus and scale China shows it can build state-of-the-art institutions Statement in the debate on IFI governance

7 Silk Road Fund USD 40 bn invested by China Open for others, but effectively unilateral Investing in infrastructure, resources and industrial and financial cooperation connectivity Support One Belt, One Road Three, very large investments to date

8 International Bank for the Conservation of the Environment Still loose idea from with the Party Land reclamation, air quality and water conservation Investments not currently covered by the IFIs LSE part of a working group shaping the idea Many obstacles the mere scale and complexity of projects, high subsidy component, community involvement Could remain just a trust-building process

9 China s influence in existing institutions Low voting rights in IMF and IDB (6.25 per cent) SDR inclusion symbolical politically important, resolution unlikely before US elections, if ever Membership of the EBRD (already in AfDB, IDB ) More active role in activities of the investing IFIs (and the IMF?) Bilateral activity more important (China-UK, swap lines )

10 Will China change these institutions? - China likely to change more than the institutions - Evaluating own variant of development assistance - Not comfortable innovating in these institutions - Less worried about governance (?) and less emphasis on the democracy aspect of the country dialogue and individual projects - Possibly more emphasis on return and scale, maybe less on time (different discount rate)

11 Can China help IFIs mitigate policy risks? Policy risk is the main risk in climate-related investments in emerging markets and developing economies, but also important in advanced markets China s role? Risk-bearing capacity of international financial institutions (IFIs) is limited China could help Mitigate policy risk directly through project structuring capacity and governance structures, and indirectly through project-related policy dialogue how could China make a difference?

12 Hesitant Chinese IFI leadership Domestic battle in China over ownership in IFIs Chinese concern over backlash in investee countries Domestic (and international) concerns over state of the Chinese economy China itself a source of policy risk (weak rule of law)

13 Tranformational finance mitigate risks, but how comfortable will China be? Finance transforms economies and reduces risks Access to (most) finance => sustainable and inclusive growth Use financial ins;tu;ons to achieve development objec;ves Financial development and integra;on (can) increase risk sharing and diversifica;on opportuni;es Both equity and debt finance important Equity more transforma;ve (foreign direct investment/private equity funds/emerging market corporates) Need broad range of debt (trade finance to long- term finance) Concessional finance can be transformative Public finance crowd in - not crowd out - private finance MDB Principles and DFI Guidelines on Concessional Finance

14 Conclusions China changing many facets of international financial architecture But only incrementally and hesitantly Could still help increase volume and reduce policy risk in emerging markets, but also in advanced markets IFI risk-bearing capacity limited by capacity of shareholders (China could help) BUT IFIs mainly mitigate policy risk through: project structuring capacity; governance structures; projectrelated and sector policy dialogue; broader policy dialogue and coordination (tricky for China) China help mobilise long-term transformational capital

15

16 Extra slides: Energy/climate EBRD transformational finance

17 Example: Risks in energy (climate) sector Fuel price risk short and long term Technology risk (>30% RE, nuclear, CCS) New policy risks carbon price floor, feed-in tariffs, capacity mechanisms... - fuel price influences policy support Systemic risk factors increasing pushing institutions away from clean energy (low demand + high generating capacity -> weak price signals for investment)

18 Risk, returns, revenues...and costs Risks and returns costs and revenues Price Technology Financial Revenues as important as costs for returns Fossil plants price- makers with natural hedge (rest price- takers for both fuel price and CO2 price) Time scale important (short terms vs. long term) LT (CO2 price, long- run fuel price, technology costs) ST (fuel price vola;lity, wind power availability) Returns currently at very low levels + long-term fuel price uncertainty -> revenue risk too high

19 Risk transfer (renewable energy) De-risking a dubious concept risks don t normally disappear, they are transferred Risks should be transferred to those best equipped to manage them In many advanced economies, the risk is transferred to consumers only possible as long as renewables are small part of energy mix In many emerging markets risks are often transferred to governments limited capacity to absorb risks

20 What can IFIs do? Absorb some limited risks themselves Structure projects so as to minimise risks Integrate into multilateral governance structure Offer transformational finance to affect the sector context and economy as a whole Use exis;ng financial ins;tu;ons Develop local financial systems and change policy context Mobilise ins;tu;onal capital

21 Risk absorption by IFIs limited In the absence of demand side pull and price signals for low-carbon investments, risk transfer to IFIs can only be small niche business demonstration projects IFI risk absorption capacity limited (transfer to our shareholders risk bearing capacity largely determined by risk bearing capacity of shareholders) Even when no risk-mitigation products, IFIs often offer longer tenors than commercial markets

22 EBRD example: IFIs can select and structure projects Accumulated experience + selective with sponsors + patient perspective Local presence, local knowledge in all CoOs Strong track record (no trade off with mandate) Compliance with the highest environmental, social and governance (ESG) standards Low costs (revenues relative to cost base)

23 IFIs can help transform sector context: EBRD investments in renewables Returns to individual investments depend crucially on sector policy framework Combine investments with technical assistance Multiple investments in renewables in a country help achieve critical mass for policy dialogue Size of investment as well as EBRD status can help reduce policy uncertainty (but no guarantees)

24 IFIs can catalyze local financial development: Local Currency and Capital Market Initiative Coordinated approach needed; IFIs cannot do it all Strengthen banking systems Promote non- bank forms of finance Reduce risk and dependence on foreign currency funding Improve macro and ins;tu;onal context Joint with other ins;tu;ons (IMF, World Bank and AMF) Technical assistance + cataly;c coordina;on Use EBRD funding ac;vity to kick- start local markets Encourage local currency lending in projects

25 IFIs can make long-term capital transformational EBRD Institutional Investor Partnership LT investors to co-invest in pre-set share (20-30%) of each qualifying equity investment no cherry-picking Passive fund no need for separate investment vehicle with independent management or investment committee Fund to own return rights with no control rights on or obligations to underlying investee company Low costs (no carry; cost recovery management fee) Advisory Board (engagement, co-investment platform) 5 years investment period; Life of fund around 12 years

26 IFIs can reduce risk through coordination A Climate Change Vienna Initiative? Vienna Initiative and Vienna 2.0 set up to address coordination failures of commercial banks and host and home authorities, respectively Climate change policies (or lack thereof) require coordination between authorities and between public and private sector institutions Idea: form a coordination framework with countries most immediately affected, including private sector participants (e.g., Poland and/or southeast Europe) Are spillovers too diffuse and stakeholders too many?

FROM BILLIONS TO TRILLIONS:

FROM BILLIONS TO TRILLIONS: FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development goals

More information

Joint MDB Climate Finance Tracking

Joint MDB Climate Finance Tracking Joint MDB Climate Finance Tracking Jan Willem van de Ven, Senior Carbon Manager Carel Cronenberg, MRV Manager Fifth Meeting of the Standing Committee on Finance Bonn, Germany 27 30 August 2013 European

More information

Optimizing World Bank Group Resources and Supporting Infrastructure Financing 1

Optimizing World Bank Group Resources and Supporting Infrastructure Financing 1 Optimizing World Bank Group Resources and Supporting Infrastructure Financing 1 At their meeting in February 2014, G20 Ministers of Finance and Central Bank Governors requested the World Bank Group (WBG)

More information

PROJECT FINANCE & PPPs

PROJECT FINANCE & PPPs PROJECT FINANCE & PPPs EIB Presentation, BOAD, 40 th Anniversary 1 14 November 2013 Definition of PPPs 1) An agreement between a government and one or more private partners whereby the private partner(s)

More information

Solar Power Project Financing

Solar Power Project Financing Solar Power Project Financing Aligning Banker-Borrower- Investor Perspective International Conclave on Climate Change October 12-14,2011 Hyderabad 1 Agenda Clean Energy Biz Architecture Clean Energy Biz

More information

EU Regional Blending Facilities and Private Sector Investments

EU Regional Blending Facilities and Private Sector Investments EU Regional Blending Facilities and Private Sector Investments Innovative Development Finance Workshop Margareta McConnell 8 May 2015 EU Regional Blending Facilities 2 Potential Sources of Private Finance

More information

Finance Mechanisms for Lowering the Cost of Renewable Energy in Rapidly Developing Countries

Finance Mechanisms for Lowering the Cost of Renewable Energy in Rapidly Developing Countries Finance Mechanisms for Lowering the Cost of Renewable Energy in Rapidly Developing Countries April 2014 David Nelson Gireesh Shrimali BRAZIL CHINA EUROPE INDIA INDONESIA UNITED STATES 235 Montgomery St.

More information

Preparing for Scaled-up Climate Financing: New Business Opportunities for Green Growth

Preparing for Scaled-up Climate Financing: New Business Opportunities for Green Growth SUMMARY WORKSHOP REPORT Preparing for Scaled-up Climate Financing: New Business Opportunities for Green Growth An Asia Low Emission Development Strategies (LEDS) Partnership Workshop on Financing for Green

More information

JOINT MDB CLIMATE FINANCE TRACKING

JOINT MDB CLIMATE FINANCE TRACKING JOINT MDB CLIMATE FINANCE TRACKING Jan-Willem van de Ven Senior Carbon Manager Consultation on Development and Climate Change OECD-CPI event, Warsaw, 19 November 2013 European Bank for Reconstruction and

More information

International Solar Energy Arena January 23rd, 2009, Istanbul STEAM (Strategic Technical Economic Research Center)

International Solar Energy Arena January 23rd, 2009, Istanbul STEAM (Strategic Technical Economic Research Center) International Solar Energy Arena January 23rd, 2009, Istanbul STEAM (Strategic Technical Economic Research Center) Good morning. Sayin Bakanım. Members of Parliament. Ladies and Gentlemen. Slide 1: Opening

More information

DEVELOPMENT FINANCE INSTITUTIONS

DEVELOPMENT FINANCE INSTITUTIONS DEVELOPMENT FINANCE INSTITUTIONS Rhianydd Griffith and Matthew Evans Reed Smith LLP Type: Published: Last Updated: Keywords: Legal Guide July 2012 July 2012 International Law, Debt and Finance, DFI This

More information

EIB GROUP 2015 RESULTS PRESS CONFERENCE 14 JANUARY 2016

EIB GROUP 2015 RESULTS PRESS CONFERENCE 14 JANUARY 2016 EIB GROUP 2015 RESULTS PRESS CONFERENCE 14 JANUARY 2016 WE DELIVER IMPACT WHERE IT S NEEDED JOBS HEALTH EDUCATION WATER 4.1m jobs in small businesses 9.8m people with access to improved health services

More information

Portfolio Carbon Initiative

Portfolio Carbon Initiative Portfolio Carbon Initiative Acting as market makers, capital providers, and advisers, financial institutions (FIs) are important actors in the shift to a low-carbon economy. As providers of debt and equity,

More information

Pension funds and institutional investors as financiers of infrastructure investment

Pension funds and institutional investors as financiers of infrastructure investment ADB, The Earth Institute, Columbia University 7 th International Policy Advisory Group Meeting Asia s Growth and Development Challenges After the Global Financial Crisis Manila, 4 August 2015 Pension funds

More information

Financing Energy Efficiency and Renewable Energy through the India Renewable Energy Development Agency

Financing Energy Efficiency and Renewable Energy through the India Renewable Energy Development Agency RENEWABLE ENERGY INDUSTRIAL ENERGY EFFICIENCY BUILDING ENERGY EFFICIENCY Financing Energy Efficiency and Renewable Energy through the India Renewable Energy Development Agency A RANGE OF FINANCIAL SUPPORT

More information

Derisking Renewable Energy Investment

Derisking Renewable Energy Investment Derisking Renewable Energy Investment Key Concepts Note Introduction Across the world, developing country governments are seeking to rapidly scale-up investment in renewable energy. The financial sums

More information

Derisking Renewable Energy Investment

Derisking Renewable Energy Investment Derisking Renewable Energy Investment Key Concepts Note UNDP's report introduces an innovative framework, together with a financial tool, to assist policymakers to promote renewable energy in developing

More information

The Role of Public Policy in Sustainable Infrastructure

The Role of Public Policy in Sustainable Infrastructure The Role of Public Policy in Sustainable Infrastructure Zia Qureshi Nonresident Senior Fellow, Global Economy and Development, Brookings Institution Infrastructure development, economic growth, and climate

More information

B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y S E C U R I T Y www.inogate.org

B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y S E C U R I T Y www.inogate.org "INOGATE Technical Secretariat & Integrated Programme in support of the Baku Initiative and the Eastern Partnership energy objectives" Project B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y

More information

PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR

PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR PATRICK WILLEMS IFC EUROPE AND CENTRAL ASIA DEPARTMENT RUSSIA RENEWABLE ENERGY PROGRAM 01 October 2015 IFC: A MEMBER OF THE WORLD BANK GROUP IBRD IDA

More information

Corporate Renewable Energy Procurement: Industry Insights

Corporate Renewable Energy Procurement: Industry Insights Corporate Renewable Energy Procurement: Industry Insights June 2016 AMERICAN COUNCIL ON RENEWABLE ENERGY ACORE is a national non profit organization dedicated to advancing the renewable energy sector through

More information

Responsible Investment Policy

Responsible Investment Policy (ABN 30 006 169 286) (AFSL 246664) October 2011 Version 4.0 (September 2011) Contents 1. Fund Objectives... 1 2. Implications of the Fund s Objectives on its Investments... 2 3. Policy on Responsible Investment...

More information

REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18

REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18 REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18 COUNTY EXECUTIVE MEMBER, FINANCE, PLANNING AND COUNTY DEVELOPMENT LAIKIPIA COUNTY February 2014 i EXECUTIVE

More information

Green Bonds: financing the development of low carbon & climate resilient cities

Green Bonds: financing the development of low carbon & climate resilient cities Green Bonds: financing the development of low carbon & climate resilient cities Bringing solutions to capital Investment required $2.6tn+ p.a. $2tn+ p.a. IEA: Investment, not cost! Discovery Risk-Bridging

More information

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013 Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for

More information

Climate change: Everyone s business

Climate change: Everyone s business Climate change: Everyone s business A summary report from the CBI Climate Change Task Force November 2007 Copyright CBI 2007 The content may not be copied, distributed, reported or dealt with in whole

More information

Finnair Q2 result info

Finnair Q2 result info Finnair Q2 result info 15 August 2014 CEO Pekka Vauramo CFO Erno Hildén 1 Product upgrades: Customers spoke, we listened Signature meals and new buy onboard menu, Sky Bistro Lounge renewals New In-flight

More information

Brief on Climate Change Finance

Brief on Climate Change Finance Brief on Climate Change Finance Introduction Climate change is a complex policy issue with major implications in terms of finance. All actions to address climate change ultimately involve costs. Funding

More information

On Corporate Debt Restructuring *

On Corporate Debt Restructuring * On Corporate Debt Restructuring * Asian Bankers Association 1. One of the major consequences of the current financial crisis is the corporate debt problem being faced by several economies in the region.

More information

International Climate Finance Current Funding

International Climate Finance Current Funding International Climate Finance Current Funding - the Landscape of Climate Finance Seminar on International Climate Finance 19 April 2012, LSE (London) Morgan Hervé-Mignucci, Ph.D., CFA BEIJING BERLIN RIO

More information

Summary of Master Thesis for SAEE. Fuelling Renewable Energy Diffusion in non-oecd Countries

Summary of Master Thesis for SAEE. Fuelling Renewable Energy Diffusion in non-oecd Countries Summary of Master Thesis for SAEE Fuelling Renewable Energy Diffusion in non-oecd Countries - A techno-economic assessment of financial requirements Robin Born ETH Zurich, 05-915-061 Supervised by: Prof.

More information

CDC Strategy 2012-2016

CDC Strategy 2012-2016 CDC Strategy 2012-2016 Contents 1. Summary and evolution of strategy 2. CDC mission and focus on development impact 3. Investment strategies 4. Financial projections 5. Execution 6. Measurement 2 1. Summary

More information

Renewable Energy Supply

Renewable Energy Supply Renewable Energy Supply Financing RE Projects in Chile Rodrigo Violic Head of Project Finance, Banco BICE Bonn, Germany, June 3, 2015 The Chilean Energy Sector Current installed capacity of c. 20,000 MW

More information

Energy Futures Lab. Will EMR work? Robert Gross Matt Black. Centre for Energy Policy and Technology Imperial College

Energy Futures Lab. Will EMR work? Robert Gross Matt Black. Centre for Energy Policy and Technology Imperial College Energy Futures Lab Will EMR work? Robert Gross Matt Black Centre for Energy Policy and Technology Imperial College Presentation to the British Institute of Energy Economics, September 2010 Overview What

More information

Director, Project and Portfolio 1. GENERAL INFORMATION. Grade: D1. Management. Project and Portfolio Management. Department:

Director, Project and Portfolio 1. GENERAL INFORMATION. Grade: D1. Management. Project and Portfolio Management. Department: Director, Project and Portfolio 1. GENERAL INFORMATION Job Title: Director, Project and Portfolio Grade: D1 Department: Project and Portfolio Unit: N/A 2. DEPARTMENT PURPOSE STATEMENT The Project department

More information

SOLAR PROJECTS FINANCE POSSIBILITIES AND PROJECTS DEVELOPMENT

SOLAR PROJECTS FINANCE POSSIBILITIES AND PROJECTS DEVELOPMENT SOLAR PROJECTS FINANCE POSSIBILITIES AND PROJECTS DEVELOPMENT Belgrade March 2014 SA Group An Austrian Consulting Group specialised in the development support of projects and investments in emerging markets

More information

ACCELERATING RE DEPLOYMENT ON SIDS Accessing Financing for Projects

ACCELERATING RE DEPLOYMENT ON SIDS Accessing Financing for Projects SAIREC October 05, 2015 ACCELERATING RE DEPLOYMENT ON SIDS Accessing Financing for Projects - Mónica Arévalo Calsina - GEEREF in a nutshell Unique strategy Fund of Funds, investing in specialised private

More information

Shaping Our Energy Future: The Cost of Energy

Shaping Our Energy Future: The Cost of Energy 1. Introduction The total average UK household energy bill in 2011 has been assessed as between 1,249 and 1,300 [1] [2] [3]. The wholesale cost of gas and electricity is estimated to account for around

More information

REPORTING ON EQUATOR PRINCIPLES IMPLEMENTATION

REPORTING ON EQUATOR PRINCIPLES IMPLEMENTATION REPORTING ON EQUATOR PRINCIPLES IMPLEMENTATION YEAR 2014 INTRODUCTION The Equator Principles 1 (EPs) have become the leading financial industry benchmark for determining, assessing and managing environmental

More information

What Are Vendors Looking for in NPP Finance?

What Are Vendors Looking for in NPP Finance? NEA Workshop 19 September 2013 The Role of Electricity Price Stability and Long Term Financing for Nuclear New Build What Are Vendors Looking for in NPP Finance? Jean-Hugues Perréard, Vice President Project

More information

The Energy Water Nexus

The Energy Water Nexus The Energy Water Nexus - as seen by the World Energy Council Prof Karl Rose, Senior Director, Policy & Scenarios World Energy Council who we are The world energy leaders network Truly global Inclusive

More information

Financing of Renewable Energy in India: Implications for Policy. Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd.

Financing of Renewable Energy in India: Implications for Policy. Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd. Financing of Renewable Energy in India: Implications for Policy Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd.org CPI analyzes the effectiveness of policies relevant to climate change

More information

Consolidated Financial Statements

Consolidated Financial Statements STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 110 Consolidated Financial Statements This standard applies for annual periods beginning on or after 1 January 2013. Earlier application is permitted

More information

Our approach to investments on the stock market

Our approach to investments on the stock market TlB Our approach to investments on the stock market Introduction This document contains the third version of the Investment Strategy for stock market investments used by Triodos Investment Management B.V.

More information

WORLD ENERGY INVESTMENT OUTLOOK 2014 FACTSHEET OVERVIEW

WORLD ENERGY INVESTMENT OUTLOOK 2014 FACTSHEET OVERVIEW OVERVIEW More than $1.6 trillion was invested in 2013 in energy supply, a figure that has more than doubled in real terms since 2000, and a further $130 billion to improve energy efficiency. Renewables

More information

China's Global Integration - Developments in China s Onshore RMB market

China's Global Integration - Developments in China s Onshore RMB market China's Global Integration - Developments in China s Onshore RMB market Thank you Martin for your kind words It is a pleasure to be here today.. I m grateful to be given the chance to share a platform

More information

The Role of International Financial Institutions in Financing Private Sector Development in Southeastern Europe: the Experience of BSTDB

The Role of International Financial Institutions in Financing Private Sector Development in Southeastern Europe: the Experience of BSTDB The Role of International Financial Institutions in Financing Private Sector Development in Southeastern Europe: the Experience of BSTDB Rejuvenating Growth through Private Sector Development and Foreign

More information

Best Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt

Best Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt Best Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt Warsaw, March 16 th, 2005 BA-CA Corporate Finance & Public Sector Agenda Bank Austria Creditanstalt AG Sustainability

More information

Financing REDD+ Opportunities, Nuances, and Reflections on how to succeed. Bangkok, Thailand September 30, 2012

Financing REDD+ Opportunities, Nuances, and Reflections on how to succeed. Bangkok, Thailand September 30, 2012 Financing REDD+ Opportunities, Nuances, and Reflections on how to succeed Bangkok, Thailand September 30, 2012 Context We will need funding for all phases of REDD+ Durban: Funding may come from a wide

More information

Financing of Wind Projects: IFC s Perspective. Walid Labadi 2nd IEL-ANADE May, 2012

Financing of Wind Projects: IFC s Perspective. Walid Labadi 2nd IEL-ANADE May, 2012 Financing of Wind Projects: IFC s Perspective Walid Labadi 2nd IEL-ANADE May, 2012 IFC was established in 1956 to promote private sector development and is a member of the World Bank Group IFC Power Sector

More information

EU Climate Policy: Towards a Copenhagen Protocol in 2009. Check against delivery! Es gilt das gesprochene Wort!

EU Climate Policy: Towards a Copenhagen Protocol in 2009. Check against delivery! Es gilt das gesprochene Wort! EU Climate Policy: Towards a Copenhagen Protocol in 2009 Speech Check against delivery! Es gilt das gesprochene Wort! Ladies and Gentlemen, Our generation will be remembered as the first to be given solid

More information

Session 8A Energy Efficiency Finance 10:30-12:00 pm. Sara Bryan Pasquier David Morgado

Session 8A Energy Efficiency Finance 10:30-12:00 pm. Sara Bryan Pasquier David Morgado Session 8A Energy Efficiency Finance 10:30-12:00 pm Sara Bryan Pasquier David Morgado Topics/content The big picture Introduction to economic instruments Discussion break Economic instrument case studies

More information

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment

More information

Competition based Industrial Policy. Outline. What is industrial policy? What is industrial policy? Framework for Industrial Policy

Competition based Industrial Policy. Outline. What is industrial policy? What is industrial policy? Framework for Industrial Policy What is industrial policy? Competition based Industrial Mari Pangestu Jakarta, May 3, 2005 Source of growth often thought to matter: indigenous vs. foreign Is it confined to industries/manufacturing? How

More information

Liberia Leasing Investment Forum

Liberia Leasing Investment Forum Finance Leasing in Liberia: Unlocking Accelerated Market and Business Development Long Term Financing for Leasing The Venture Capital Option. Dr. Anthony O. Oboh Ph.d Managing Director/CEO, UVC and Fund

More information

Climate Change and. Environment Position. Statement. and 2017 Action Plan. action. Statement. Action Plan. September 2014

Climate Change and. Environment Position. Statement. and 2017 Action Plan. action. Statement. Action Plan. September 2014 1 action September 2014 Westpac Group has a long-standing commitment to operating sustainably. 3 Helping future generations For us, this is about helping future generations live better lives in a healthy

More information

European offshore wind market. December 2012

European offshore wind market. December 2012 European offshore wind market December 2012 Investment drivers Offshore wind Investor snapshot Offshore wind has strong underlying investment drivers 1 Offshore wind is an established, maturing \ asset

More information

MEMORANDUM OF UNDERSTANDING THE EUROPEAN COMMISSION, THE EUROPEAN INVESTMENT BANK together with the EUROPEAN INVESTMENT FUND,

MEMORANDUM OF UNDERSTANDING THE EUROPEAN COMMISSION, THE EUROPEAN INVESTMENT BANK together with the EUROPEAN INVESTMENT FUND, MEMORANDUM OF UNDERSTANDING between THE EUROPEAN COMMISSION, THE EUROPEAN INVESTMENT BANK together with the EUROPEAN INVESTMENT FUND, and THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT in respect

More information

Industry Agenda. Green Investment Report 2013 Executive Summary

Industry Agenda. Green Investment Report 2013 Executive Summary Industry Agenda Green Investment Report 2013 Executive Summary World Economic Forum 2012 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means,

More information

2. IFC s Global Trade Finance Program: Objectives and Design

2. IFC s Global Trade Finance Program: Objectives and Design 2. IFC s Global Trade Finance Program: Objectives and Design Chapter Highlights IFC introduced its current trade finance model in FY05 to support the supply of trade finance to underserved clients globally.

More information

For a Green Economy Tomorrow, Private Sector Development Today will Tip the Scales!

For a Green Economy Tomorrow, Private Sector Development Today will Tip the Scales! DCED Green Growth Working Group For a Green Economy Tomorrow, Private Sector Development Today will Tip the Scales! The Rio+20 summit in June 2012 will further substantiate the concept of sustainable development

More information

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities Country Partnership Strategy: Bangladesh, 2011 2015 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. The finance sector in Bangladesh is diverse,

More information

German Insurance Association

German Insurance Association German Insurance Association Key regulatory and market access issues in relations with specific third countries ID-Number 6437280268-55 Gesamtverband der Deutschen Versicherungswirtschaft e. V. German

More information

Executive Summary. The core energy policy is as follows:

Executive Summary. The core energy policy is as follows: Executive Summary Energy management must become more sustainable and less dependent on increasingly scarce fossil fuels. Energy is a fundamental element of the economy, and the Netherlands must do more

More information

ESG Integration - our approach. Nordea Asset Management

ESG Integration - our approach. Nordea Asset Management ESG Integration - our approach Nordea Asset Management Table of Contents Our mission 5 Nordea Asset Management 6 ESG and the investment process 8 Our ESG products 11 3 4 Our mission is to deliver returns

More information

Securing Energy Supply and the Environment: Enhancing the Role of Gas in the Regional Energy Market

Securing Energy Supply and the Environment: Enhancing the Role of Gas in the Regional Energy Market Securing Energy Supply and the Environment: Enhancing the Role of Gas in the Regional Energy Market September/October 2011 meetings of the Energy Community and the European Commission Kari Nyman Sustainable

More information

The Levy Control Framework

The Levy Control Framework Report by the Comptroller and Auditor General Department of Energy & Climate Change The Levy Control Framework HC 815 SESSION 2013-14 27 NOVEMBER 2013 4 Key facts The Levy Control Framework Key facts 2bn

More information

Who We Are, What We Do

Who We Are, What We Do IFC in Brief Who We Are, What We Do IFC is the largest global development institution focused exclusively on the private sector the global leader in private sector development finance We create opportunity

More information

JBIC s Business Model for Supporting Kyoto Mechanism Projects

JBIC s Business Model for Supporting Kyoto Mechanism Projects CLIMATE CHANGE AS A BUSSINESS OPPORTUNITY December 2007 JBIC s Business Model for Supporting Kyoto Mechanism Projects Takanori Satake Senior Representative in Jakarta Japan Bank for International Cooperation

More information

World Energy Outlook London, 12 November

World Energy Outlook London, 12 November World Energy Outlook 2013 London, 12 November The world energy scene today Some long-held tenets of the energy sector are being rewritten Countries are switching roles: importers are becoming exporters

More information

EU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3

EU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3 EU-CELAC Business Summit eucelac-bizsummit2015.eu Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3 Access to finance and financial instruments The important role of Small and Medium-sized

More information

Revision of Primary Energy Factors in EU Legislation. A EURELECTRIC view

Revision of Primary Energy Factors in EU Legislation. A EURELECTRIC view Revision of Primary Energy Factors in EU Legislation A EURELECTRIC view August 2015 EURELECTRIC is the voice of the electricity industry in Europe. We speak for more than 3,500 companies in power generation,

More information

Customer Financing. Nigel Taylor SVP Customer, Project and Structured Finance. Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009

Customer Financing. Nigel Taylor SVP Customer, Project and Structured Finance. Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 Customer Financing Nigel Taylor SVP Customer, Project and Structured Finance Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 1 Safe Harbour Statement Disclaimer This presentation includes

More information

Financing Renewable Energy in Africa

Financing Renewable Energy in Africa Financing Renewable Energy in Africa RE Africa Helsinki January 2013 Prepared by Clean World Capital Group Ltd Strictly Private and Confiden8al Clean Energy Merchant Banking Advisory London, Copenhagen,

More information

Your investment in the LGS Account-Based Pension Plan is not guaranteed. The value of your investment can rise or fall.

Your investment in the LGS Account-Based Pension Plan is not guaranteed. The value of your investment can rise or fall. Statement Fact How we invest your money This Fact Sheet is dated 6 January 2016. It provides additional information not contained in the PDS and therefore forms part of the Local Government Super (LGS)

More information

Government backed insurance of extreme systemic risk

Government backed insurance of extreme systemic risk Government backed insurance of extreme systemic risk Kathleen McElvogue (Independent Financial Consultant) and Alistair Milne (Cass Business School) 15 th December, 2008 This is a global credit crisis,

More information

The Green Climate Fund:

The Green Climate Fund: The Green Climate Fund: Options for Mobilizing the Private Sector 06 December 2011 Katherine Sierra Senior Fellow, Global Economy and Development Brookings Institution Climate & Development Knowledge Network

More information

The Green Climate Fund: Options for Mobilizing the Private Sector

The Green Climate Fund: Options for Mobilizing the Private Sector The Green Climate Fund: Options for Mobilizing the Private Sector A brief for the GCF Transitional Committee 26 August, 2011 Prepared by: Katherine Sierra Senior Fellow, Global Economy and Development

More information

Infrastructure Financing by the EIB

Infrastructure Financing by the EIB Infrastructure Financing by the EIB Regional conference on Infrastructure Financing in Central Africa Yaoundé, 10 March 2014 Laurence Doumenc, ACP-IF Department 1 I who is the EIB? 2 The (EIB) The Bank

More information

climate change is happening. This April produced the record for the first month in human history

climate change is happening. This April produced the record for the first month in human history Tsering Lama Occidental College 15 Climate Change, Renewable Energy, and the Hong Kong Connection In a literature review, 97% of climate scientists have concluded that anthropogenic climate change is happening.

More information

JOINT DECLARATION BETWEEN THE EUROPEAN UNION AND THE REPUBLIC OF INDIA ON A CLEAN ENERGY AND CLIMATE PARTNERSHIP

JOINT DECLARATION BETWEEN THE EUROPEAN UNION AND THE REPUBLIC OF INDIA ON A CLEAN ENERGY AND CLIMATE PARTNERSHIP JOINT DECLARATION BETWEEN THE EUROPEAN UNION AND THE REPUBLIC OF INDIA ON A CLEAN ENERGY AND CLIMATE PARTNERSHIP The Republic of India and the European Union CONSIDERING - the ongoing dialogue and cooperation

More information

Investor presentation

Investor presentation Investor presentation May 2016 Our values Predictable Driving results Changemakers Working together Disclaimer The following presentation is being made only to, and is only directed at, persons to whom

More information

Changes to China s Renminbi Exchange Rate. Wednesday, August 12, 2015

Changes to China s Renminbi Exchange Rate. Wednesday, August 12, 2015 Changes to China s Renminbi Exchange Rate Wednesday, August 12, 2015 WHAT HAVE CHINESE POLICY MAKERS DONE IN REGARD TO SETTING THEIR EXCHANGE RATE? Each day at 9.15am in Beijing the People s Bank of China

More information

NPL resolution in progress: the Hungarian experience Gergely Fábián

NPL resolution in progress: the Hungarian experience Gergely Fábián NPL resolution in progress: the Hungarian experience Gergely Fábián Vienna Initiative 2: NPL Resolution in emerging Europe: Taking Stock and Next Steps 26 June 215 29Q1 21Q1 211Q1 212Q1 213Q1 214Q1 215Q1

More information

China s growing energy demand: some international implications

China s growing energy demand: some international implications China s growing energy demand: some international implications Dr David Robinson Senior Research Fellow OIES 17 October 2013 NOG Stockholm 1 Outline Introduction China s energy demand v. policy objectives

More information

1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets

1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets 1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets As of March 31,2014 As of March 31,2015 Assets Cash and due from banks 478,425 339,266 Call loans and bills bought 23,088 58,740 Monetary

More information

HKAS 27 Consolidated and Separate Financial Statements 1

HKAS 27 Consolidated and Separate Financial Statements 1 HKAS 27 Consolidated and Separate Financial Statements 1 Nelson Lam 1. Scope of HKAS 27 Hong Kong Accounting Standard (HKAS) 27 Consolidated and Separate Financial Statements shall be applied in the preparation

More information

How KASIKORNBANK Plans to Support Green Projects

How KASIKORNBANK Plans to Support Green Projects How KASIKORNBANK Plans to Support Green Projects Clean Power Asia 29-30 April 2013, Bangkok Thongchai Kangvanchai KASIKORNBANK Pcl. 1 Content Government s Policy of Promoting Green Energy KBank s Green

More information

Introduction to Export Credit Business. SACE SRV - Economic analysis Milan, February 17 th, 2014

Introduction to Export Credit Business. SACE SRV - Economic analysis Milan, February 17 th, 2014 Introduction to Export Credit Business SACE SRV - Economic analysis Milan, February 17 th, 2014 1 Introduction to Export Credit Business Credit Insurance: storyline and market ECAs over the years ECAs

More information

IDCOL Solar Home System Program

IDCOL Solar Home System Program IDCOL Solar Home System Program S. M. Monirul Islam Chief Financial Officer and Head of Operations Infrastructure Development Company Limited Pattaya, Thailand - 25 April 2014 Bangladesh: Key Energy Outlook

More information

POLICY ON COAL-FIRED POWER GENERATION

POLICY ON COAL-FIRED POWER GENERATION POLICY ON COAL-FIRED POWER GENERATION January 2014 POLICY ON COAL-FIRED POWER GENERATION CDC s mission is to support the building of private sector businesses throughout Africa and South Asia, to create

More information

International Monetary and Financial Committee

International Monetary and Financial Committee International Monetary and Financial Committee Twenty-Seventh Meeting April 20, 2013 Statement by Koen Geens, Minister of Finance, Ministere des Finances, Belgium On behalf of Armenia, Belgium, Bosnia

More information

2. Executive Summary. Emissions Trading Systems in Europe and Elsewhere

2. Executive Summary. Emissions Trading Systems in Europe and Elsewhere 2. Executive Summary With the introduction of CO 2 emission constraints on power generators in the European Union, climate policy is starting to have notable effects on energy markets. This paper sheds

More information

Environmental Finance and Sustainable Investment: Risk Mitigation and Emerging Opportunities 2015 Course Description ENV 1707 F

Environmental Finance and Sustainable Investment: Risk Mitigation and Emerging Opportunities 2015 Course Description ENV 1707 F Environmental Finance and Sustainable Investment: Risk Mitigation and Emerging Opportunities 2015 Course Description ENV 1707 F Instructors: Susan McGeachie & Tom Rand Time: Wednesday 6:30 8:30 pm Place:

More information

Government Pension Fund Global strategic benchmark index for equity investments

Government Pension Fund Global strategic benchmark index for equity investments Finansdepartementet Boks 8008 Dep. 0030 Oslo Date: 2 February 2012 Your ref.: Our ref.: Government Pension Fund Global strategic benchmark index for equity investments In this letter, Norges Bank provides

More information

OECD update on tracking climate finance

OECD update on tracking climate finance OECD update on tracking climate finance Jan Corfee-Morlot, Head of Climate, Environment and Development Unit, DCD jan.corfee-morlot@oecd.org 16 October 2014, CPI, Venice Overview 1. OECD tracking climate-related

More information

The CTF MENA CSP Scale-up Investment Plan

The CTF MENA CSP Scale-up Investment Plan The CTF MENA CSP Scale-up Investment Plan ESMAP/IFC Renewable Energy Training Program: Module 7 Concentrated Solar Power (CSP), Washington DC, November 8, 2012 1 MENA s Comparative Advantage: Significant

More information

Financial Reforms Achieving and Sustaining Resilience for All

Financial Reforms Achieving and Sustaining Resilience for All T H E C H A I R M A N 9 November 2015 To G20 Leaders Financial Reforms Achieving and Sustaining Resilience for All Over the past seven years, the G20 has fundamentally reformed the global financial system

More information

ATOMEX-Europe 2013. 8-9 October 2013, Brno, Czech Republic

ATOMEX-Europe 2013. 8-9 October 2013, Brno, Czech Republic ATOMEX-Europe 2013 8-9 October 2013, Brno, Czech Republic VTB today VTB is a backbone Russian bank, which has built an international financial group. VTB Group possesses a unique international network

More information

Global Peatland Fund Presentation UNFCC Climate Conference

Global Peatland Fund Presentation UNFCC Climate Conference Global Peatland Fund Presentation UNFCC Climate Conference Bali (Indonesia), December 2007 Introduction Sustainable Investment Opportunity The Global Peatland Fund has been established to help prevent

More information