摘要 :
The Paris Agreement will require national level mitigation action that takes advantage of economic and technological opportunities while redirecting finance towards low-carbon alternatives. However, climate change has been politic...
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The Paris Agreement will require national level mitigation action that takes advantage of economic and technological opportunities while redirecting finance towards low-carbon alternatives. However, climate change has been politicized in many countries, potentially blocking the introduction of climate policies and broader green industrial policies. Publicly funded green investment banks (GIBs) are one policy instrument that mobilizes private finance into national opportunities. However very little is known about the political decisions behind the establishment and design of these banks. Taking an exploratory approach, we analyse the parliamentary discourse behind the establishment and design of the UK's Green Investment Bank and Australia's Clean Energy Finance Corporation. We find that the debate on GIB establishment focused on arguments related to high-level policy goals and the role of the state. The debate on GIB design focused on technology target sectors, tasks and tools to be implemented, and organizational aspects. We find a difference in political controversy levels with Australia's debates displaying distinct partisanship on all debate topics, whereas the UK's debates displayed clear consensus on the majority of debated topics. We also find that debate on higher-level establishment concepts, especially the role of the state, received more attention in Australia, whereas in the UK there was greater discussion of design concepts, namely organizational aspects. We derive propositions on the politics of GIBs beyond our two cases, and conclude with an agenda for future research.
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摘要 :
Low-carbon energy technologies (renewable energy and energy efficiency) are considered essential to achieve climate change mitigation goals, so a rapid deployment is needed. However there is a significant financing gap and many po...
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Low-carbon energy technologies (renewable energy and energy efficiency) are considered essential to achieve climate change mitigation goals, so a rapid deployment is needed. However there is a significant financing gap and many policymakers are concerned that investment for the large-scale deployment of low-carbon technologies will not materialise quickly enough. State investment banks (SIBs) can play a key role in closing this finance gap and leverage additional private finance. Based on 52 interviews, this paper presents empirical evidence on the role of three SIBs in addressing the barriers to financing low-carbon energy projects; the Clean Energy Finance Corporation (CEFC) in Australia, the Kreditanstalt fuer Wiederaufbau (KfW) in Germany and the Green Investment Bank (GIB) in the UK. We investigate the activities and financial instruments offered by SIBs and compare these to the need for such from low-carbon developers when sourcing finance. Findings show that aside from capital provision and de-risking, SIBs take a much broader role in catalysing private investments into low-carbon investments, including enabling financial sector learning, creating trust for projects and taking a first or early mover role to help projects gain a track record.
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