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

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

2 Topics/content The big picture Introduction to economic instruments Discussion break Economic instrument case studies Effect of tax incentives on purchase decisions Economic instruments in the buildings sector Public-private sector partnerships Group exercise

3 2014 Highlights Energy efficiency market estimated value to be between USD 310 billion and USD 360 billion lo lower fossil fuel price risk wer fossil fuel Energy price efficiency risk is still the first fuel in IEA-11 countries: Avoided energy use was larger than the supply of oil, electricity or natural gas in 2011 Energy efficiency market: diffuse, extensive and anticipated to grow OECD/IEA 2014

4 Energy efficiency finance Energy efficiency finance is expanding and innovating, becoming established Most investment self-financed but third-party financing estimated in range of USD 120 billion and set to grow Commercial banks provide bulk of financing but: bilateral and multilateral development funding for energy efficiency was over USD 22 billion in 2012; creation of green banks diverse financial products and standards, often delivered by energy service companies (ESCOs) OECD/IEA 2014

5 Why is private finance so hard to mobilise? Market failures Split incentives Absence of clear legal responsibility Subsidies and price distortions Information failure Consumer awareness on the benefits of EE Lack of information on comparative efficiency of products Lack of training Financial barriers Long payback periods Perceived risk Project size Transaction costs Capacity within the financial sector

6 Financial barriers and policies to overcome them Financial barriers Long payback periods Perceived credit risk Small project size, high transaction costs Performance uncertainty Low capacity within the financial sector Policy options Incentives Guarantee facilities Aggregation, specialised credit lines Improved protocols, contractual devices Training and capacity building

7 Basic structure of risk sharing

8 Financial barriers and policies to overcome them Financial barriers Long payback periods Perceived credit risk Small project size, high transaction costs Performance uncertainty Low capacity within the financial sector Policy options Incentives Guarantee facilities Aggregation, specialised credit lines Improved protocols, contractual devices Training and capacity building

9 Economic policy instruments for energy efficiency Fiscal instruments Financial measures Market-based instruments Direct investment Tax relief Concessional Loans Emissions trading schemes Public procurement rules Taxes Grants White certificate schemes Public infrastructure User charges Dedicated credit lines RD&D investment

10 Fiscal instruments Energy taxes Oil taxes and excise duty Carbon taxes VAT Equipment purchase taxes Transport fuel taxes Electricity taxes Energy subsidies User charges Road tolls Electricity tariffs time-of-day pricing Preferential tax treatment for efficient products

11 Fossil fuel subsidies work against energy efficiency investments IEA World Energy Outlook 2011

12 How do tax incentives help finance EE? Tax incentives provide an economic boost to investments in energy-efficient goods, services, and activities Types of tax incentives: Tax credits Tax deductions or rebates Accelerated depreciation Tax or customs exemption Sector examples : Commercial equipment (industry and services) Passenger cars Buildings equipment and retrofit OECD countries with fiscal incentives for energy efficient equipment Source: World Energy Council, 2008

13 Financial Measures Grants: Money provided to individuals or businesses that covers all or part of the energy efficiency investment May be for specific pieces of energy-efficient equipment or tied to energy performance Concessional loans (e.g. preferential rates) through: Commercial and public banks Public-private partnerships Dedicated credit lines Commercial and public banks Special instruments such as energy utility on-bill finance or mortgage instruments for buildings efficiency renovation Mezzanine financing To encourage ESCO and other EE business start-ups

14 Market-based instruments White and green certificates Energy savings targets are placed on industries or large energy users Obligated entities can procure energy savings from others, via trading or a market Certificates provide the means to verify the savings and establish ownership Emissions trading Carbon cap-and-trade mechanisms European emissions trading scheme Regional Greenhouse Gas Reduction Initiative Voluntary schemes

15 Direct investment Public procurement rules Top Runner and Energy Star purchasing requirements Spending obligations for regulated energy utilities Public infrastructure Targets for renovating public buildings R&D investment New energy efficiency technologies Codes and standards development

16 Economic policy instrument design Choice of instrument depends on: Sector and target markets Barriers Sectoral and economic conditions Energy savings target Additional design issues: Avoiding free riders Minimising market and price distortion Avoiding technology lock-in Administrative burden Spillover effects Evaluation

17 Economic instruments for energy efficiency by end-use sector Industry Tax relief Audit support CO 2 emissions trading Energy management support R&D incentives Energy prices 3 rd party finance and ESCOs Transport Vehicle tax incentives Advanced vehicle subsidies Fuel taxes User charges Infrastructure investment CO 2 emissions trading Buildings Grants for EE equipment Loans and grants for refurbishment Direct investment in social housing 3 rd party finance and ESCOs Tax relief Energy prices

18 Group discussion Name an economic instrument being used to promote energy efficiency in your country What category does it fall into? Fiscal instrument Financial instrument Market-based instrument Direct investment What financial barrier is the economic instrument intended to address? Is it working?

19 Group exercise on economic instruments for financing EE projects Pick a sector buildings, transport, appliances, industry, etc. Within each group: Make a list of the barriers that prevent financing of EE projects for your sector Discuss which types of economic instruments could help overcome these barriers

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