2020年印度綠色金融展望 - 氣候政策倡議組織（英文版）（50頁）.pdf

1、Supported by Landscape of Green Finance in India Report August 2020  AUTHORS Jolly Sinha Analyst, Climate Policy Initiative Shreyans Jain Analyst, Climate Policy Initiative Rajashree Padmanabhi Analyst, Climate Policy Initiative This report was led under the guidance of  Mahua Acharya Asia

2、 Director, Climate Policy Initiative ADVISORY GROUP Copyright  2020 Climate Policy Initiative www.climatepolicyinitiative.org All rights reserved. CPI welcomes the use of its material for noncommercial purposes, such as policy discussions or educational activities, under a Creative Commons Attr

3、ibution-NonCommercial-ShareAlike 3.0 Unported License. For commercial use, please contact adminsfcpiglobal.org. Kanika Chawla, Director, CEEW Centre for Energy Finance Rajasree Ray, Economic Adviser, Department of Economic Affairs, Ministry of Finance Balawant Joshi, Managing Director, Idam Infrastr

4、ucture Advisory Private Limited Sharmila Chavaly, Principal Financial Adviser, Northern Railway, Government of India  1 Landscape of Green Finance in India ACKNOWLEDGMENTS The authors wish to thank the following people for their contributions as members of the review group, in alphabetical orde

5、r by affiliated organization: Mr. Balawant Joshi (Managing Director, Idam Infra), Mr. Dipak Dasgupta (Distinguished Fellow, The Energy and Resources Institute), Ms. Kanika Chawla (Senior Program Lead, Council on Energy, Environment and Water), Ms. Sharmila Chavaly (Principal Financial Advisor, Minis

6、try of Railways) and Mr. Vinay Rustagi (Managing Director, Bridge to India). The authors are grateful to the Climate Change Finance Unit, Department of Economic Affairs, Ministry of Finance, Energy Efficiency Services Limited, Green Rating for Integrated Habitat Assessment (GRIHA) Council, Ministry

7、of Environment, Forests and Climate Change, Ministry of New and Renewable Energy, and the National Institution for Transforming India (NITI) Aayog for sharing valuable data contained in the report. Finally, the authors would like to thank and acknowledge contributions from Angela Falconer, Chavi Mea

8、ttle, Federico Mazza, Dhruba Purkayastha, Labanya Prakash Jena and Tiza Mafira for their advice, internal review and data analysis; Angel Jacob and Elysha Davila for editing, and Josh Wheeling for graphic design. ABOUT CPI CPI is an analysis and advisory organization with deep expertise in finance a

9、nd policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, Kenya, the United Kingdom, and the United States. ABOUT SHAKTI SUSTAINABLE ENERGY FOUNDATION

10、Shakti Sustainable Energy Foundation seeks to facilitate Indias transition to a sustainable energy future by aiding the design and implementation of policies in the following areas: clean power, energy efficiency, sustainable urban transport, climate change mitigation and clean energy finance. For m

11、ore details, please visit www.shaktifoundation.in. The views/analysis expressed in this report do not necessarily reflect the views of Shakti Sustainable Energy Foundation. The foundation also does not guarantee the accuracy of any data included in this publication nor does it accept any responsibil

12、ity for the consequences of its use. For private circulation only.  2 Landscape of Green Finance in India  SECTOR Green Finance  REGION India, South Asia KEYWORDS Landscape, Green Investments, Private Finance, Public Finance RELATED CPI WORKS Global Landscape of Climate Finance 2019 U

13、ncovering the Private Climate Finance Landscape in Indonesia 2020 IDFC Green Finance Mapping Report 2019 Accelerating Green Finance in India: Definitions and Beyond CONTACT Mahua Acharya  mahua.acharyacpiglobal.org  Jolly Sinha jolly.sinhacpiglobal.org Media: Angel Jacob angel.jacobcpiglob

14、al.org  3 Landscape of Green Finance in India FOREWORD In India, economic growth, environmental protection, and social goals are inextricably linked. While policy makers rightly focus now on safely restarting segments of our economy amidst the COVID-19 crisis, several other threats lie in wait.

15、 Last year our capital city was already closing schools, flights, and handing out masks for a different public health issue: air pollution, which had reached unprecedented and extremely harmful levels. Even more worrying is climate change, which extends long-term and only gets worse with time. Incre

16、asing storms, heat waves, and floods will impact India harder than almost any other nation, with up to 4.5% of our GDP annually at risk according to a report by McKinsey Global Institute. These issues are daunting ones in a country that is struggling already to lift millions out of poverty. The good

17、 news, however, is that there are solutions available today. Clean power, low-carbon transport, energy efficient buildings, and climate-smart agriculture are areas that can create clean, healthy, and safe jobs for millions, leading the way to a greener future.  This report is groundbreaking as

18、it is the first time we have a benchmark of the level of green finance in the Indian economy and a tracking system to keep that updated. While there is increasing data on air pollution, emissions, and green job creation in India, there is little to no comprehensive information available on whether o

19、r not the financial sector is keeping pace with Indias green economic development goals, or which sectors are being financed adequately or under-served. This information would be invaluable for policy and investment leaders working to scale up investments for sustainable and transformational impact.

20、 We thank the team at Climate Policy Initiative for taking on this project in such a robust and structured way. The findings are clear: While India has made terrific progress in growing its green sector, particularly in renewable energy, much more needs to be done to create transformational change.

21、We very much hope that this study allows for that next step. Anshu Bharadwaj Chief Executive Officer,  Shakti Sustainable  Energy Foundation   Mahua Acharya Asia Director, Climate Policy Initiative    4 Landscape of Green Finance in India  CONTENTS 1. Executive Summary

22、5 2. Introduction 12 2.1 Rationale and Objective 12 2.2 Scope and Methodology 13 2.2.1 Definition 13 2.2.2 Sectoral Coverage and Instruments 14 2.3 Data Gaps and Limitations 16 3. Overall Findings 18 3.1 Sources 19 3.2 Instruments 22 3.3 Sectors 24 3.3.1 Power Generation 24 3.3.2 Sustainable Transpo

23、rtation 27 3.3.3 Energy Efficiency and Power Transmission 29 4. Concluding Observations 32 4.1 Next Steps for Research 34 References 35 Annexure I 38 Green Bonds Market in India 2016-2018 38 Annexure II 40 Case Study: Bureau of Energy Efficiency (BEE) 40 Case Study: Energy Efficiency Services Limite

24、d (EESL) 41 Case Study: National Thermal Power Corporation (NTPC) 42 Annexure III 44 Green Building Investments in India 44 Annexure IV 45 Government Schemes and Initiatives 45  5 Landscape of Green Finance in India 1. EXECUTIVE SUMMARY In September 2019, India announced its target to reach 450

25、 GW of renewable energy  generation capacity by 2030, making it one of the most ambitious targets in the world. Indias Nationally Determined Contribution (NDC) estimates that the country will require INR 187 thousand crores (USD 2.5 trillion) from 2015 to 2030, or roughly INR 12 thousand crores

26、 (USD 170 billion) per year for climate action. While Indias energy sector is one of the fastest growing in the world and has been attracting substantial investments, meeting the countrys climate goals will require proportionate, transformative investment increases at sectoral level. Strong financia

27、l support and timely policy interventions from the Government of India have played a crucial role in accelerating the growth of the countrys renewable energy sector. But given current rates of penetration and the overall health of the sector combined with slowdown created by the COVID-19 pandemic, t

28、he government will have to find new and alternative ways to finance the transition and incentivize private sector participation to scale up investments for a sustainable and transformational impact. International finance is also likely to come with “green strings” attached. Therefore, identifying an

29、d analyzing key sources of finance, the instruments used for mobilizing and disbursing funds, and their ultimate beneficiaries become critical for diagnosis, planning and monitoring green investments in the country. The Landscape of Green Finance in India is a one-of-a-kind study undertaken by Clima

30、te Policy Initiative that presents the most comprehensive information on green investment flows in the country in FY 2017-FY 2018. The study tracks both public and private sources of capital and builds a framework to track the flow of finance from source to end beneficiaries. This report helps under

31、stand the nature and volume of green financial flows in the country and identifies the methodological challenges and data gaps in conducting a robust tracking exercise. KEY FINDINGS Green finance flows in India total INR 111 thousand crores1 (USD 17 billion) for FY 20172 and INR 137 thousand crores

32、(USD 21 billion) for FY 2018. The average stands at INR 124 thousand crores (USD 19 billion)3 per annum, while the total tracked green finance for the years 2016-2018 amounts to INR 248 thousand crores (USD 38 billion). 1All figures are represented in INR Crores. One Crore equals 10,000,000. 2All tr

33、acked years are financial years (April 01-March 31). 3Throughout this report, unless otherwise stated, the average end-of-year exchange rate of INR 65/USD. has been used to convert United States dollars (USD) to Indian Rupees (INR) and vice-versa.  6 Landscape of Green Finance in India  Fi

34、gure ES1: Breakdown of investment by source Figure ES2: Breakdown of source of finance by origin and channel of delivery  International 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 10% 5% 29% 56% InternationalDomestic Domestic Private Public Private Public International  7 Landscape of Gree

35、n Finance in India DOMESTIC SOURCES OF FINANCE During the years 2016-2017 and 2017-2018, domestic private investors contributed the largest share (63% and 51%) of about INR 139 thousand crores through debt and equity respectively. Commercial financial institutions accounted for 40% of these funds4.

36、Nearly all the funds were directed towards renewable energy development in the country. Public finance was disbursed either by the central governments line ministries and state departments (37%) or by dedicated public sector undertakings (PSUs) (63%). The bulk of public finance was directed towards

37、the power generation sector (70%) followed by energy efficiency and power transmission (20%), and sustainable transportation (10%).  Expenditure on climate mitigation activities undertaken by dedicated PSUs more than doubled in FY 2018 from FY 2017, while the budgetary allocations increased by

38、36%. This can largely be attributed to the several initiatives and schemes introduced by the government of India. PSUs are important channels for the disbursement of funds for the central and state governments, bond markets, and international development agencies. They also operate as a critical sou

39、rce of green finance themselves. Therefore, to avoid double counting, this study only tracks the actual annual expenditures reported by these PSUs in their annual financial statements5.   INTERNATIONAL SOURCES OF FINANCE The share of international public finance in tracked green finance remaine

40、d nearly the same during both FY 2017 and FY 2018 at 10% (INR 12 thousand crores). Official development assistance (ODA)6 and other official flows (OOF)7 were disproportionately split between bilateral and multilateral agencies (75% and 25% respectively). The majority of bilateral funds (56%) went i

41、nto the sustainable transportation sector, as loans for infrastructure development of metro rail projects. Delhi and Mumbai metro rail projects received the lions share of these funds (45% and 25% respectively). On the other hand, multilateral funds were targeted at the development of solar parks an

42、d rooftop projects (40%) in the country. The study tracks two sources of international private finance, namely, foreign direct investment (FDI) and philanthropy during FY 2017 and FY 2018. The funds allocated through these sources were disbursed via equity and grant instruments respectively. Foreign

43、 Direct Investment in the renewable energy sector crossed the USD 1 billion mark in 2018. The FDI (INR 12 thousand crores) for both years was allocated almost exclusively to the clean energy sector and was almost equally split between solar and wind energy projects due to the presence of advanced ma

44、rkets. While FDI inflows into the clean energy sector have  4While we recognize that certain percentage of the commercial debt may have originated internationally via External Commercial Borrowings and Non-sovereign debt, lack of any data on the subject has necessitated the classification under

45、 domestic finance. Refer to the methodology for details. 5See methodology documents for more details. 6OECD defines Official development assistance (ODA) as government aid designed to promote the economic development and welfare of developing countries. Source: https:/data.oecd.org/drf/other-officia

46、l-flows-oof.htm#:text=Other%20official%20flows%20(OOF)%20are,development%20 assistance%20(ODA)%20criteria. 7OECD defines Other official flows (OOF) as official sector transactions that do not meet official development assistance (ODA) criteria.  8 Landscape of Green Finance in India  been

47、steadily increasing (Mercom, 2020), they still account for only 1% of the total FDI flows into the economy.  INSTRUMENTS The study reveals that while the public and private actors provided finance via a range of instruments, simple straight debt was the predominant instrument. Of all the financ

48、e tracked, the primary instrument used to channel money from state budgets was in the form of grants- in-aid and budgetary allocations (90%) for direct mitigation activities like procurement, installation, construction, renovation and maintenance of facilities, indirect activities like research and

49、development, and administrative expenditure. The government also invested sizeable amounts through several dedicated PSUs. These PSUs, in turn, not only utilized the grants for supporting essential indirect activities such as research and development, and capacity building (53%), but also leveraged

50、these funds in the market directly to finance projects through debt (40%)  Figure ES3: Breakdown by sources  SECTORS AND SUB-SECTORS  In line with global trends, the power generation sector remains the primary recipient of the tracked green finance in 2017 and 2018, representing nearly 80% of the annual flows. The industrys maturity enables deeper investment potential in the sub sectors, specifically into solar PV and onshore wind power, w