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Stefania Cruceru - Green economy transition at the EBRD

Ulkoministeriö - Eurooppatiedotus
Ulkoministeriö - Eurooppatiedotus
Ulkoministeriö - EurooppatiedotusUlkoministeriö - Eurooppatiedotus

EBRD Seminar on Energy Efficiency and Renewable Energy for Finnish private sector at the Ministry for Foreign Affairs of Finland on February 16th 2016, presentation by Ms. Stefania Cruceru

Stefania Cruceru - Green economy transition at the EBRD

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GREEN ECONOMY TRANSITION AT THE EBRD
Stefania Racolta-Cruceru
EBRD Energy Efficiency and Climate Change
February 2016
WHAT IS THE EBRD?
2
• €30 billion capital base
• €40 billion portfolio
• €8.7 billion average annual business
volume in the last three years
• AAA rated
• Public financing institution established
in 1991 to foster transition to market
economies
• Owned by 65 countries and 2
intergovernmental organisations
• Operates in 35 countries in Central and
Eastern Europe, Central Asia and the
Southern and Eastern Mediterranean
THE CHALLENGE
3
International context
• COP21 Paris : universal and ambitious agreement to limit the increase in global average
temperatures to +2*C; also, “to pursue efforts” to limit to 1.5*C
• The Sustainable Development Goals, adopted in 2015, provided increased focus on
environmental sustainability
• G7 Summit Leader’s Declaration in June 2015: MDBs need to maximise their balance
sheets in delivering climate finance and helping countries transition to low carbon
economies
• EBRD is at the forefront of efforts to channel resources from existing and emerging global
climate finance funds to projects on the ground.
GREEN ECONOMY TRANSITION CONTEXT
4
THE PATH
5
AMBITIOUS
Limit the increase in the average global
temperature to 2 degrees C
“Pursue efforts” to limit to 1.5 degrees C
UNIVERSAL
Agreement endorsed by 195
countries
GREEN ECONOMY TRANSITION CONTEXT
6
EBRD context
• Special mandate to foster transition to market economies – this implies that
resources are used efficiently
• EBRD focus is placed at the crossroad between sustainability, market development
and private sector support.
• Legacy of big enterprises and utilities having developed not reflective of costs and
environmental externalities
• Several EBRD economies display some of the highest energy and carbon emissions
intensity levels in the world
• Imperative to increase energy security
• Existing and forecasted water stress in Central Asia and SEMED countries

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Stefania Cruceru - Green economy transition at the EBRD

  • 1. GREEN ECONOMY TRANSITION AT THE EBRD Stefania Racolta-Cruceru EBRD Energy Efficiency and Climate Change February 2016
  • 2. WHAT IS THE EBRD? 2 • €30 billion capital base • €40 billion portfolio • €8.7 billion average annual business volume in the last three years • AAA rated • Public financing institution established in 1991 to foster transition to market economies • Owned by 65 countries and 2 intergovernmental organisations • Operates in 35 countries in Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean
  • 4. International context • COP21 Paris : universal and ambitious agreement to limit the increase in global average temperatures to +2*C; also, “to pursue efforts” to limit to 1.5*C • The Sustainable Development Goals, adopted in 2015, provided increased focus on environmental sustainability • G7 Summit Leader’s Declaration in June 2015: MDBs need to maximise their balance sheets in delivering climate finance and helping countries transition to low carbon economies • EBRD is at the forefront of efforts to channel resources from existing and emerging global climate finance funds to projects on the ground. GREEN ECONOMY TRANSITION CONTEXT 4
  • 5. THE PATH 5 AMBITIOUS Limit the increase in the average global temperature to 2 degrees C “Pursue efforts” to limit to 1.5 degrees C UNIVERSAL Agreement endorsed by 195 countries
  • 6. GREEN ECONOMY TRANSITION CONTEXT 6 EBRD context • Special mandate to foster transition to market economies – this implies that resources are used efficiently • EBRD focus is placed at the crossroad between sustainability, market development and private sector support. • Legacy of big enterprises and utilities having developed not reflective of costs and environmental externalities • Several EBRD economies display some of the highest energy and carbon emissions intensity levels in the world • Imperative to increase energy security • Existing and forecasted water stress in Central Asia and SEMED countries
  • 7. ENERGY INTENSITY IN THE EBRD REGION 7 • The EBRD region has some of the most energy-intensive economies in the world, for instance Ukraine is the 10th energy intensive economy in the world, Russia the 11th, Kyrgyzstan the 13th and Moldova 18th. 0.0 0.5 1.0 1.5 kgCO2/USDofGDP(2005PPP) EBRD Countries of Operations United Kingdom China
  • 8. CARBON INTENSITY OF EBRD REGION 8 0.0 1.0 2.0 3.0 Cyprus Albania Lithuania Greece Hungary Croatia Slovenia Latvia Turkey Slovakia Tunisia Romania Morocco Georgia Poland Armenia Montenegro Tajikistan Azerbaijan EBRDCoOs Macedonia(FYR) Bulgaria Estonia Jordan Belarus Egypt RussianFed. Serbia Kosovo Bosnia&H Moldova KyrgyzRep. Kazakhstan Ukraine Uzbekistan Turkmenistan Mongolia tonesofCO2emissions/US$1,000ofGDP EBRD CoOs EU-28 average USA 2013 energy-use related CO2 emissions per unit of GDP (2005US$ at market exchange rates) from IEA • 11 out of the 20 most carbon-intensive economies in the world are in the EBRD region due to the heavy reliance on fossil fuels in their energy mix. 9 out of those 11 are net-importers of fossil fuels.
  • 9. WATER STRESS IN THE EBRD REGION 9 Water risk indicator Low to medium Medium to high High risk Extremely high risk Low 1 2 3 40 5
  • 10. GREEN ECONOMY AND GET APPROACH 10 2006 2013 2015 Sustainable Energy Initiative Sustainable Resources Initiative Green Economy Transition • Energy efficiency • Renewable energy • Water efficiency • Material efficiency • Adaptation to climate change • Environmental protection • Technology transfer A green economy is a market economy • in which public and private investments are made with a specific concern to minimise the impact of economic activity on the environment; and • where market failures are addressed through improved policy and legal frameworks aiming at accounting for the inherent value of limited natural resources, at managing related risks and at catalysing innovation. • The new GET approach will mean even more projects in the Bank’s countries of operations will have a sustainable energy and resources element.
  • 11. • Financing offered on market terms: • Debt • Equity • Guarantees BUSINESS MODEL 11 • Targeted technical assistance Enables transfer of skills, builds up the capacity of clients to develop their businesses, assists in introducing new policies or products, etc • Concessional or grant financing Helps overcome barriers : affordability constraints, transaction costs associated with setting up new business lines, penetration of advanced technologies onto the market Financing on commercial terms Additional instruments to overcome barriers
  • 12. 12 Activities to address resource efficiency gaps • Energy and resource audits to identify sustainable resource investments • Integrated technical, financial and marketing consultancy teams to support banks in developing sustainable energy as a core business • Risk assessments related to climate vulnerabilities • Transition gaps and market scoping studies POLICY DIALOGUE PROJECTS & INVESTMENTS TECHNICAL ASSISTANCE Tailored financing instruments • Direct financing • Indirect-financing via local banks (SEFFs) • Technology Transfer investment grant support • Blended concessional finance so as to overcome affordability and risk perceptions Working with governments • To strengthen the institutional and regulatory framework BUSINESS MODEL
  • 13. 13 DELIVERY MECHANISMS Direct financing of large borrowers Local Partner Banks Reaching out to SMEs and residential borrowers via local banks Energy Efficiency team Externally hired consultancy team EBRD
  • 14. THE EBRD TRACK RECORD: OPERATIONAL RESULTS 14 10 years after launch of SEI in 2006, results as at end 2015: • 1,080 projects • €19.3 billion cumulative EBRD SEI/SRI financing • €106.9 billion cumulative total project value • 64% in private sector • 30% of the Bank’s overall ABI in 2015 1.5 3.2 3.2 3.2 3.4 1.1 2.9 Central Asia Central Europe & Baltics Eastern Europe & Caucasus Russian Fed. South-Eastern Europe SEMED Turkey Cross-regional 8.2 3.4 3.2 4.5 SEI/SRI ABI by banking group and by region (€ billion) Energy Financial Institutions ICA Infrastructure
  • 15. THE EBRD TRACK RECORD: ENVIRONMENTAL IMPACT 15 REDUCED 77 million tonnes of CO2/year In 2006–2015 More than the annual energy use related CO2 emissions of Romania or twice those of Sweden SAVED 33 million m3 of water /year In 2013–2015 from 70 water efficiency projects Equivalent to a third of the annual water consumption of the population of Prague REDUCED 1 million tonnes of waste /year In 2013–2015 from 40 waste efficiency projects Various streams of waste: metals, minerals, agricultural waste
  • 16. GET OBJECTIVES AND DRIVERS 16 GET objectives: • further scale-up Bank operational and policy activity to accelerate COO transition to low carbon economy and climate resilience • broaden green investment activity through environmental dimension • develop innovative technical and financing products supporting private sector climate action complemented by public sector channels when needed • in quant terms, increase EBRD environmental climate financing to 40% of total ABI by 2020. 15% 19% 29% 28% 34% 30% 40% 0 1,000 2,000 3,000 4,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ... 2020 €million Resource efficiency in municipal infrastructure Renewable energy direct financing Energy efficiency in the power and resources sectors Sustainable energy financing facilities via banks Resource efficiency in the industrial, agri and buildings sectors Share in total Bank investments
  • 17. GETTING THERE! 17 40% 2020 target for the share of GET business in EBRD ABI €4 billion Target annual EBRD green business by 2020 €18 billion Target cumulative EBRD green business 2016- 2020
  • 18. GET: SCALING-UP 18 GET approach builds on range of activities and expertise developed under SEI and SRI. Activities expected to drive GET scaling-up include: • Direct private sector resource efficiency financing in industrial, agribusiness, commercial and infrastructure sectors including circular economy projects. • SEFF expansion through development of network of participating banks and countries covered by facilities, and of product range. • Renewable energy financing. • Develop FINTECC activity supporting climate technology transfer to countries with low technology penetration. • Improvements in power network infrastructure and efficiency in conventional generation and natural resources value chain. • Expansion of municipal infrastructure energy efficiency activity including street lighting projects and low carbon transport modes. • Pursue development of gas flaring reduction projects.
  • 19. GET: INNOVATION 19 Main GET innovation areas include: • broadening the environmental dimension • sector innovation • flexible instruments Examples of GET innovation activities include: • Green logistics projects • Development of adaptation project financing across sectors • SEFF for small and medium sized climate adaptation projects, and to support local environmental technology development • Public buildings energy efficiency projects • Support to accelerated implementation of environmental standards (through ESAPs and SEFFs) and environmental remediation in industry, natural resources and transport • Pollution reduction including local air quality improvement • Demand side management through utilities and smart grid development • Development of biofuel/bioenergy sources, and waste to energy for district heating • Water efficiency projects • Supply chain financing to reduce environmental footprint • Flexible approach to allow targeted use of public channels of transition impact relevant for public building energy efficiency and climate resilience.
  • 20. GET: POLICY WORK 20 Building on capacity and tested practice, pursue technical assistance, policy advice and advocacy work to strengthen GET policy framework. Intended Nationally Determined Contributions (INDCs) developed in context of COP21 by all EBRD COOs (except Kosovo and Uzbekistan) provide a frame to develop policy agenda and investment priorities to be reflected in country strategies. At regional level, policy work could include support to national adaptation strategies in key vulnerable countries including Kazakhstan, SEMED and Turkey, or INDC preparation in major countries. At specific country level, policy work could include energy efficiency labelling, renewable energy TC on implementation, policies for buildings energy efficiency and support to green cities policy and planning.
  • 21. €203 million 0 50 100 150 200 2006 2007 2008 2009 2010 2011 2012 2013* 2014 2015 €million Grants Concessional co-finance TC GET DONOR FUNDING AND RESOURCES 21 • Strong donor support to date with €389 million committed in TC (2006-14) and €270 million non-TC funding (2013-15) • Shareholder support with approval of incremental budget for GET implementation. * Full SRI concessional co-finance and grant data available from 2013 onward
  • 22. GET ACTION: ON THE MOVE ACROSS REGIONS AND SECTORS! 22 CONTINUING TO SCALE-UP INNOVATION BROADENING THE ENVIRONMENTAL DIMENSION • SEFFs • Renewable energy • Flexible financing channels • Technology transfer • Sector innovation • Financing environmental improvements
  • 23. Materials efficiency in Turkey manufacturing 23 CLIENT The second largest PVC profile manufacturer in Turkey. PROJECT Supporting the company in constructing a new state- of-the-art plant and in enhancing its plastic waste recycling capabilities, both of internally produced waste streams as well as from external collection. INVESTMENT PLAN EBRD loan € 25 million of which green finance represents € 7 million Concessional parallel loan from the CleanTechnology Fund € 1 million RESOURCE AUDIT Audit funded by the Government of Spain recommended innovative measures: tri-generation, solar PV, improved automation and controls, high efficiency motors and drives and wastewater treatment. Most measures have payback times between 3-5 years. IMPACT OF PROJECT • The company will increase plastic waste recycling rates from below 10% currently to over 15% • Estimated plastic recycled of 800 tonnes per year • Estimated emission reductions of 22,000 tCO2/year
  • 24. GET ACTION SCALING UP 24 RENEWABLE ENERGY SUSTAINABLE ENERGY FINANCING FACILITIES • Continued support for wind and biomass-based generation • Growth in solar energy particularly in SEMED • Focus on hydro in Central Asia and Caucasus • Launching SEFFs in new countries • Rolling out SEFF activities in new sectors in countries already covered by facilities
  • 25. Biomass CHP in Latvia and Estonia 25 CLIENT Producer of wood pellets based in Estonia with operations in the Estonia and Latvia. It has a business in electricity and heat generation through its biomass fuelled combined-heat-and-power (CHP) plants. PROJECTS In 2011, 2013 and 2015 the EBRD supported the financing of three pairs of new biomass CHPs in Estonia and Latvia. These produce both electricity to sell to the grid and heat to support the company’s pellet business. INVESTMENT PLAN 2011 EBRD loan € 34 million 2013 EBRD loan € 30 million 2015 EBRD loan € 42 million Parallel commercial banks lending €146 million IMPACT OF PROJECTS New biomass-based generation capacity: 41 MW New biomass-based heat capacity: 109 MW Green electricity generation: 300 MWh/year Estimated emission reductions: 189,000 tonnes of CO2/year
  • 26. Sustainable Energy Financing Facilities 26 • Through Sustainable Energy Financing Facilities (SEFFs), the EBRD extends credit lines to local financial institutions. • Local financial institutions on-lend funds to small and medium-sized businesses, corporate and residential borrowers. • Finance is provided for energy efficiency, small-scale renewable energy and water efficiency projects. • SEFFs establish project implementation teams who support local financial institutions and their clients. • SEFFs may often include partial grant financing of sub-loans as incentives, or concessional elements to support partner banks in developing the corporate structures necessary to EBRD Donor funding • EE corporate strategy • Marketing support • Training /appraisal support Credit lines Technical assistance team Partner financial institutions • Energy Audits • Eligibility check Commercial loans Local borrowers SEFFs are an integrated model to support banks develop sustainable energy as a durable, core business area
  • 27. Results of the SEFF programmes 27 • Developed integrated SEFF programmes in 22 countries • 100 Partner Financial Institutions received technical assistance and credit lines • 95,000 investments implemented • Worth over €3 billion • Saving over 14 million MWh equivalent each year • Avoiding over 5 million tonnes of annual CO2 emissions
  • 28. GET ACTION POWER SECTOR RESILIENCE AND EFFICIENCY 28 POWER SECTOR WATER EFFICIENCY IN WATER-STRESSED COUNTRIES • The reliability and efficiency of thermal power generation is already being affected by rising temperatures and increasing water scarcity, particularly in more water scarce countries • A first investment in dry cooling technology decreased the reliance on water for Damanhour CCGT in Egypt (US$62 million of adaptation finance out of EBRD financing of US$200 million) • Country study for Turkey currently underway; examines the vulnerability of the power sector to climatic impacts and identifies potential investments
  • 29. Example of climate resilience project in Tajik hydropower 29 CLIENT State Unitary Enterprise KMK PROJECT Financing for rehabilitation of two units at the Qairokkum hydro power plant.This will increase capacity of the plant from 126MW to 142MW, increase the safety level and strengthen the plant’s resilience against the projected impacts of climate change. ADAPTATIONCOMPONENT • Rehabilitation of hydro power plant to make its operation more climate-resilient • Climate resilience built into the design of the upgrade by modelling future hydrology outcomes under a range of climate change scenarios • Turbine upgrade and spillway capacities adjusted to optimise power generation and safety across the range of projected hydrological conditions TECHNICAL ASSISTANCE US$4.7 million provided by the EBRD’s Special Shareholder Fund, the government of Austria and the UK.This amount was mainly used for climate resilience skills transfer to the client. FINANCIAL STRUCTURE The EBRD’s credit line US$50 million The CIF PPCR* funds US$21 million  Loan US$10 million  Grant US$11 million TechnicalCooperation grants US$4.7 million Total project value US$75.7 million * The Climate Investment Funds (CIF) Pilot Programme for Climate Resilience (PPCR)
  • 30. GET ACTION PUBLIC BUILDINGS REHABILITATION 30 LARGE POTENTIAL ACROSS ALL COOs • Buildings sector responsible for approximately a third of the final energy consumption in EBRD COOs, and for approximately the same share of total greenhouse gas emissions. • Buildings in the public sector in most EBRD COOs lag behind in terms of adopting efficient buildings and buildings management measures and technologies. • This considerable gap in terms of inefficient energy and water use and low penetration rates of advanced technologies is most effectively addressed via focused sovereign and sub-sovereign approaches.
  • 31. GET ACTION GREEN CITY INTEGRATED APPROACH 31 TBILISI “GREEN CITY” • Integrated approach and projects based on Green City Action Plan, including bus systems upgrades, waste logistics and public buildings rehabilitation.
  • 32. GET ACTION CLIMATE TECHNOLOGY TRANSFER 32 FINTECC IN UKRAINE AND KAZAKHSTAN • FINTECC (Finance and Technology Transfer Centre for Climate Change) enables the uptake of high efficiency technologies in countries with underdeveloped supply chains and low market penetration rates. • Combines targeted TC and policy dialogue activities with support for climate investments via partial capital grants for eligible technical measures, made available by the Global Environment Facility. • After successful rollout in ETC countries and SEMED the programme has been recently extended to Ukraine and Kazakhstan.
  • 33. Supporting technology transfer 33 FINTECC PROGRAMME • FinTECC (Finance andTechnologyTransfer Centre for Climate Change) aims to enable the uptake of high efficiency technologies in countries with underdeveloped supply chains and low market penetration rates of such technologies. • The programme offers up to 25% grant cover out of the cost of eligible climate technologies with low market penetration rates but high replication potential. • Targets early market development and affordability and “first-mover” barriers. • The programme is supported by the Global Environment Facility. PROJECT EXAMPLE: POULTRY FARMING IN JORDAN • Leading integrated poultry producer in Jordan received EBRD financing of US$ 21 million • Approximately US$ 1 million to support investment in heat exchange technologies, earmarked as SRI finance. • 18% of the SRI capital investment supported via a FINTECC grant.
  • 34. GET ACTION CLIMATE RESILIENCE IN PORTS 34 CLIMATE RESILIENCE IN MOROCCO’S PORT INFRASTRUCTURE • Targeted investment in priority port infrastructure upgrades (e.g. breakwaters) that build resilience to sea level rise and extreme storm events. • Technical assistance to introduce best international practices in port sector resilience to extreme weather events and climate change • Planned investment of US$40 million supported by GEF grant co-financing of US$6 million.
  • 35. GET ACTION CLIMATE RESILIENCE FINANCING FACILITY 35 TAJIKISTAN CLIMADAPT FRAMEWORK • Building on the SEFF approach, the facility encourages the uptake of measures and technologies which boost climate resilience, via on-lending by local partner banks. • Climadapt brings together EBRD pilot credit facilities of up to US$ 5 million, up to US$5 million of concessional loans from the Climate Investment Funds and TC resources of €2.3 million made available by the EBRD SSF and the UK DFID for extensive sub-project preparation. • The innovative approach makes investments in water and energy efficiency, and sustainable land management accessible for Tajik businesses, farms and households.
  • 36. EBRD climate adaptation activities 36 • Many of the EBRD’s countries of operation are vulnerable to climate risks such as water scarcity, altered hydrology and flooding. • Climate vulnerability is worsened by poor infrastructure, suboptimal technologies, poor policy context and lack of data, and limited access to appropriate finance. • The EBRD helps clients undertake actions to adapt to climate change and make them resilient by identifying potential climate risks and providing both technical and financial support. • EBRD adaptation business tools include: • Feasibility study methodology for climate-resilient water supplies • Guidance on making ports and coastal infrastructure climate resilient • Analytical tools for managing climate change risks to hydropower • Industrial water efficiency audits • Since launching activities specifically dedicated to climate change adaptation in 2011, the EBRD financed 107 projects with climate resilience components totaling €640 million.
  • 37. GET ACTION ENVIRONMENTAL DIMENSION 37 BROADENING THE ENVIRONMENTAL DIMENSION • Investigating potential for financing capital investments arising from Environmental and Social Action Plans, for M&S projects in EU Member States and Serbia. • Could be extended to other sectors and countries • Purpose is to improve broader (beyond climate) environmental standards and impacts.
  • 38. GET THE DIFFERENCE 38 We are the first generation to feel the sting of climate change, and we are the last generation that can do something about it. Governor Jay Inslee State of Washington
  • 40. Contact: EBRD Energy Efficiency and Climate Change Stefania Racolta-Cruceru RacoltaS@ebrd.com

Editor's Notes

  1. In 2012, according to the IEA Source of data for the chart: the EIA, 2011
  2. Source: WRI Aqueduct http://www.wri.org/applications/maps/aqueduct-country-river-basin-rankings/#x=-52.21&y=0.00&l=2&v=home&d=bws&f=0&o=139
  3. Client is Ege Profil. Financing operation signed in 2015, part of the Near Zero Waste framework.
  4. Client is Graanul