FiRe Presents Eight New Ideas To Accelerate Clean Energy Investment
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The independent panel of energy and finance experts behind Finance for Resilience have presented eight new proposals that they believe could have the potential to increase global investment in clean energy.
Run alongside the Bloomberg New Energy Finance Summit, Finance for Resilience (FiRe) is a non-profit aiming to identify “promising interventions, based on scale and feasibility.” The panel convened on March 11 to choose their eight finalists from the top 24 proposals submitted — “cutting-edge financial tools and approaches for tackling barriers to the financing of clean energy and climate projects.”
The next step for the finalists is to present in front of the BNEF Summit, being held on 13 to 15 of April in New York, where the audience will choose three or four “winners” which will receive support from the FiRe initiative.
“This was a very strong year for submissions,” said Michael Liebreich, founder and chairman of Finance for Resilience. “In year two of FiRe, the number and quality has improved, and we had a fantastic day reviewing them with our selection panel. Among the finalists are some great ideas for accelerating the financing of projects and also climate-related investment in cities.”
A full list of the finalists proposals are found below, and the winners will join 2014’s six FiRe winners, each of which has apparently “made tremendous progress against their milestones, rolling out pilots, executing new deals and setting up new collaborations.”
Speaking of the eight new finalists, project leader for Finance for Resilience, Lela Jgerenaia commented:
“Our new eight finalists identified key challenges in the global energy market and proposed novel but executable ideas that will provide value to investors and help project developers get access to financing.”
The eight finalists fit into three separate categories: distributed solutions, cities/municipalities, and architecture for finance (courtesy of Bloomberg New Energy Finance):
Distributed Solutions
- Create new standards to encourage connectable, scalable, DC microgrids, and therefore the spread of electrical goods, electronically controlled devices, and communications access for less developed countries
- Expand the deployment of distributed solar technology in developing countries through the introduction of solar lease financing
- Open access to $10 billion in financing for cost-effective, distributed energy resources to customers of utilities that implement a voluntary tariff for energy efficiency and renewable energy
- Expand renewable energy to 1.5m Southern European farms, leveraging standard contracts, best practices, and robust datasets, and pooling cash flows into liquid debt securities
Cities/Municipalities
- Establish a public-private partnership to implement energy-efficient, low-carbon municipal infrastructure using a ‘performance contracting’ model
- Develop and apply a framework that monetises future avoided losses from extreme weather events, in order to help implement climate adaptation infrastructure
Architecture for Finance
- Grow the market for “green” bonds by providing a consistent measure of avoided carbon emissions per dollar of investment
- Lower transactional soft costs for commercial clean energy projects and promote clean energy asset securitisation by scoring risks in a standardised way
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