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Financing renewable energy: Who is financing what and why it matters

机译:为可再生能源融资:谁在资助什么以及为何重要

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Successful financing of innovation in renewable energy (RE) requires a better understanding of the relationship between different types of finance and their willingness to invest in RE. We study the 'direction' of innovation that financial actors create. Focusing on the deployment phase of innovation, we use Bloomberg New Energy Finance (BNEF) data to construct a global dataset of RE asset finance flows from 2004 to 2014. We analyze the asset portfolios of different RE technologies financed by different financial actors according to their size, skew and level of risk. We use entropy-based indices to measure skew, and construct a heuristic index of risk that varies with the technology, time, and country of investment to measure risk. We start by comparing the behavior of private and public types of finance and then disaggregate further along 11 different financial actors (e.g. private banks, public banks, and utilities) and 11 types of RE technologies that are invested in (e.g. different kinds of power generation from solar radiation, wind or biomass). Financial actors vary considerably in the composition of their investment portfolio, creating directions towards particular technologies. Public financial actors invest in portfolios with higher risk technologies, also creating a direction; they also increased their share in total investment dramatically over time. We use these preliminary results to formulate new research questions about how finance affects the directionality of innovation, and the implications for RE policies.
机译:成功地为可再生能源(RE)的创新融资需要更好地了解不同类型的融资及其对可再生能源投资的意愿之间的关系。我们研究金融参与者创造的创新的“方向”。针对创新的部署阶段,我们使用彭博新能源金融(BNEF)数据构建了2004年至2014年全球可再生能源资产融资流量的数据集。我们根据不同金融参与者的资金分析了不同可再生能源技术的资产组合大小,偏斜和风险等级。我们使用基于熵的指标来衡量偏度,并构建一个启发式风险指标,该指标随技术,时间和投资国家/地区的不同而变化,以衡量风险。我们首先比较私人和公共类型金融的行为,然后进一步细分为11种不同的金融参与者(例如私人银行,公共银行和公用事业)和11种可投资的可再生能源技术(例如不同类型的发电)来自太阳辐射,风或生物质)。金融参与者的投资组合构成差异很大,从而为特定技术制定了方向。公共金融参与者投资于具有更高风险技术的投资组合,也创造了一个方向;随着时间的推移,他们在总投资中所占的份额也大大增加。我们使用这些初步结果来提出有关金融如何影响创新方向以及对可再生能源政策的影响的新研究问题。

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