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  1. Article ; Online: The role of policies in reducing the cost of capital for offshore wind

    Mak Đukan / Anurag Gumber / Florian Egli / Bjarne Steffen

    iScience, Vol 26, Iss 6, Pp 106945- (2023)

    2023  

    Abstract: Summary: Offshore wind will play a critical role in decarbonizing Europe’s energy infrastructure. Nevertheless, according to recent financing cost surveys, its investment risk expressed as the cost of capital (CoC) is higher than for onshore wind and ... ...

    Abstract Summary: Offshore wind will play a critical role in decarbonizing Europe’s energy infrastructure. Nevertheless, according to recent financing cost surveys, its investment risk expressed as the cost of capital (CoC) is higher than for onshore wind and solar photovoltaics. This perspective elaborates on the possible reasons behind the offshore wind CoC premium and potential remedies. Our analysis discusses that the massive capital expenditures and construction complexity have concentrated European offshore wind ownership among utilities and oil & gas companies that owing to their legacy investments in fossil fuel infrastructure, have higher return expectations for offshore wind assets. Furthermore, these large-scale investors are bidding zero and negative in highly competitive auctions for offshore wind sites, increasing the project’s merchant risks and CoC. We discuss possible policy solutions to alleviate these risks, including revenue stabilization, enabling a more liquid refinancing market, and creating more robust corporate Power Purchase Agreements via government guarantees.
    Keywords Environmental science ; Energy policy ; Science ; Q
    Language English
    Publishing date 2023-06-01T00:00:00Z
    Publisher Elsevier
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  2. Article ; Online: The contribution of corporate initiatives to global renewable electricity deployment

    Florian Egli / Rui Zhang / Victor Hopo / Tobias Schmidt / Bjarne Steffen

    Nature Communications, Vol 14, Iss 1, Pp 1-

    2023  Volume 12

    Abstract: Abstract Climate change is gaining importance on the agenda of senior decision makers in the private sector. Hence, corporate renewable electricity (RE) procurement may become more relevant to the energy transition. RE100 is the largest corporate ... ...

    Abstract Abstract Climate change is gaining importance on the agenda of senior decision makers in the private sector. Hence, corporate renewable electricity (RE) procurement may become more relevant to the energy transition. RE100 is the largest corporate initiative to foster RE procurement with 315 corporate members as of 2021. Yet, the contribution of such initiatives to the energy transition remains unclear, because public reporting is aggregated on the global level. Here, we develop an approach to map the electricity procured by RE100 companies to jurisdictions worldwide, which allows estimating whether and where RE100 can have a transformative impact. We find that these companies source electricity in 129 jurisdictions, accounting for <1% of total electricity generation (RE and non-RE), thus dampening the hopes about the impact of RE100 on the global energy transition. RE100 companies procure 1.4% of available RE, exceeding 20% in nine jurisdictions. To increase its impact, RE100 should focus on interim targets and expansion. By 2030, stringent and frequent interim targets could lead to a cumulated additional 361 TWh of RE procured by RE100 companies, and a realistic membership expansion could lead to procurement of 7.7% of globally available RE by RE100 companies.
    Keywords Science ; Q
    Subject code 650
    Language English
    Publishing date 2023-08-01T00:00:00Z
    Publisher Nature Portfolio
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  3. Article ; Online: A dynamic climate finance allocation mechanism reflecting the Paris Agreement

    Florian Egli / Anna Stünzi

    Environmental Research Letters, Vol 14, Iss 11, p

    2019  Volume 114024

    Abstract: Reaching the goal of the Paris Agreement requires substantial investment. The developed country parties have agreed to provide USD$100 billion in climate finance annually from 2020 to 2025. Ongoing negotiations on post-2025 commitments are likely to ... ...

    Abstract Reaching the goal of the Paris Agreement requires substantial investment. The developed country parties have agreed to provide USD$100 billion in climate finance annually from 2020 to 2025. Ongoing negotiations on post-2025 commitments are likely to exceed that sum and include a broader scope of parties. However, there is no guidance regarding the allocation of contributions. Here, we develop a dynamic mechanism based on two conventional pillars of a burden sharing mechanism: emission responsibility and ability to pay. The mechanism adds dynamic components that reflect the Paris principle to ‘ratchet-up’ ambition; it rewards countries with ambitious mitigation targets and relieves countries with a high degree of climate vulnerability. Including developed country parties only, we find that ten countries should bear 85% of climate finance contributions (65% if all parties to the Paris Agreement are included). In both scopes, increasing climate ambition is rewarded. If the EU increased its emission reduction target from 40% to 55% by 2030, member states could reduce their climate finance contributions by up to 3.3%. The proposed mechanism allows for an inclusion of sub-, supra- or non-state actors. For example, we find a contribution of USD$3.3 billion annually for conventionally excluded emissions from international aviation and shipping.
    Keywords climate finance ; climate policy ; equity principles ; Environmental technology. Sanitary engineering ; TD1-1066 ; Environmental sciences ; GE1-350 ; Science ; Q ; Physics ; QC1-999
    Subject code 336
    Language English
    Publishing date 2019-01-01T00:00:00Z
    Publisher IOP Publishing
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  4. Article ; Online: Financing the energy transition

    Florian Egli / Friedemann Polzin / Mark Sanders / Tobias Schmidt / Alexandra Serebriakova / Bjarne Steffen

    Environmental Research Letters, Vol 17, Iss 5, p

    four insights and avenues for future research

    2022  Volume 051003

    Keywords energy finance ; energy transition ; European Green Deal ; climate finance ; energy models ; Environmental technology. Sanitary engineering ; TD1-1066 ; Environmental sciences ; GE1-350 ; Science ; Q ; Physics ; QC1-999
    Language English
    Publishing date 2022-01-01T00:00:00Z
    Publisher IOP Publishing
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  5. Article ; Online: Bias in energy system models with uniform cost of capital assumption

    Florian Egli / Bjarne Steffen / Tobias S. Schmidt

    Nature Communications, Vol 10, Iss 1, Pp 1-

    2019  Volume 3

    Keywords Science ; Q
    Language English
    Publishing date 2019-10-01T00:00:00Z
    Publisher Nature Publishing Group
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  6. Article ; Online: Bias in energy system models with uniform cost of capital assumption

    Florian Egli / Bjarne Steffen / Tobias S. Schmidt

    Nature Communications, Vol 10, Iss 1, Pp 1-

    2019  Volume 3

    Keywords Science ; Q
    Language English
    Publishing date 2019-10-01T00:00:00Z
    Publisher Nature Portfolio
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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    Inter-library loan at ZB MED

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  7. Article: How do policies mobilize private finance for renewable energy?—A systematic review with an investor perspective

    Polzin, Friedemann / Florian Egli / Bjarne Steffen / Tobias S. Schmidt

    Applied energy. 2019 Feb. 15, v. 236

    2019  

    Abstract: With the urgency of climate change, and billions spent globally on renewable energy (RE) support policies, it is crucial to understand which policies are effective. Substantial scholarly research on RE deployment policies has been carried out over the ... ...

    Abstract With the urgency of climate change, and billions spent globally on renewable energy (RE) support policies, it is crucial to understand which policies are effective. Substantial scholarly research on RE deployment policies has been carried out over the last two decades, resulting in inconclusive findings regarding the effectiveness of mobilizing private finance. Here, we take a novel perspective and review 96 empirical studies concerning the impact of policies on two key investor decision metrics: investment risk and investment return. Only if both metrics correspond to the investors’ expectations are they willing to engage in RE projects. First, our rigorous literature review shows that effective policies address risk and return simultaneously. Second, we find that generic instrument design features, such as credibility and predictability (continuous evaluation and monitoring), considerably impact investment risk. A more focused analysis of the specific design elements of feed-in tariffs, auctions and renewable portfolio standards reveals that these instruments are most effective when they are designed in such a way that they reduce RE project risk while increasing return. We distil important implications for policymakers who aim to foster renewable energy and clean technologies more broadly.
    Keywords auctions ; climate change ; empirical research ; energy policy ; finance ; investment policy ; monitoring ; renewable energy sources ; risk assessment ; sustainable technology ; systematic review ; tariffs
    Language English
    Dates of publication 2019-0215
    Size p. 1249-1268.
    Publishing place Elsevier Ltd
    Document type Article
    ZDB-ID 2000772-3
    ISSN 0306-2619
    ISSN 0306-2619
    DOI 10.1016/j.apenergy.2018.11.098
    Database NAL-Catalogue (AGRICOLA)

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