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Transcript
Green banks, green bonds, carbon trading, yieldcos and more: An idiot's guide to the latest nonsense in climate finance Ian Temperton UKERC Advisory Board Member Stuff and things: Climate change is a capital problem Can the right hand (side) finance what the left hand (side) is doing? Real economic activity Renewable Obligation Certificates EU Emissions Allowance Contract for difference Financing ? Treasury Guarantees State banks £100bn p.a. of climate finance State owned enterprises A privatised state bank Markets: Where did it all go wrong? EUA Price CER Price Soup to nuts: What investors really want Does he really want certainty? Trust and the paradox of yield Investors £100% Investors £ £<100% Company £ Old Projects Company £ New Project £ Old Projects £ New Project Are we going to change the way capital markets work? 100% £42bn 27% £11bn 20% £8.5bn 5% £2.2bn ? Pension fund Non-listed Alternatives Infrastructure Energy Infrastructure ? Clean energy The financing problem: State or private sector? The scale of the energy companies we need c.£167bn c.£30bn c.£79bn c.£25bn c.£15bn c.£14bn c.£1.4bn That idiot’s guide …… • Climate change is a capital problem • Investors probably don’t want markets • Most “climate financing” really isn’t • Current “quest for yield” is papering over the cracks • We will need major industrial enterprises • We haven’t figured out the state versus the private sector
