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Finding the right partners? Examining inequalities in the global investment landscape of hydropower
Global Environmental Change ( IF 8.9 ) Pub Date : 2022-04-18 , DOI: 10.1016/j.gloenvcha.2022.102518
Francesca Larosa , Jamie Rickman , Nadia Ameli

Clean and affordable energy is crucial to achieve a sustainable future. Despite being controversial, hydropower remains the predominant low-cost and reliable source of energy at global level, as it stabilizes the provision of electricity and it bears the power peaks without losing efficiency. However, hydropower requires huge upfront investments and patient functional capital. Under the Paris Agreement, countries committed to direct financial capital flows towards a low-emission pathway in order to enable the transition. Furthermore, private capital strongly engaged with a transition towards a climate-smart economy. The aim of this work is to study the investment system behind hydropower, investors’ behaviour and the optimal allocation of finance to favour the deployment of capital flows. We use Bloomberg Energy Finance database to track public–private investments over the past century (1903–2020). We use network models to represent the hydropower project financing landscape as a network of co-investments. We find that investors are highly localized, with continental players mostly interacting with counterparts in the same area of the world. Powerful exceptions are international organisations and multilateral banks which coinvest across the globe. They also tend to support low-income and fragile countries, meeting their mandate of sustainable development champions. Multilateral banks and international organisations are the most critical actors in enabling public–private co-investments; they activate partnerships with a wider diversity of investors within the network creating more opportunities for blended finance tools. Our results offer a novel perspective on finance for the energy transition: it challenges the idea that more capital invested is better and calls for a more efficient allocation of the available resources.



中文翻译:

寻找合适的合作伙伴?审视全球水电投资格局中的不平等现象

清洁和负担得起的能源对于实现可持续的未来至关重要。尽管存在争议,但水电仍然是全球主要的低成本和可靠能源,因为它可以稳定电力供应,并且在不损失效率的情况下承受电力峰值。然而,水电需要大量的前期投资和耐心的功能资本。根据《巴黎协定》,各国承诺将金融资本流向低排放路径,以实现转型。此外,私人资本积极参与向气候智能型经济的过渡。这项工作的目的是研究水电背后的投资体系、投资者的行为和资金的优化配置,以有利于资本流动的部署。我们使用彭博能源财经数据库跟踪过去一个世纪(1903-2020 年)的公私投资。我们使用网络模型将水电项目融资环境表示为共同投资网络。我们发现投资者高度本地化,大陆参与者大多与世界同一地区的同行互动。强大的例外是在全球范围内共同投资的国际组织和多边银行。他们还倾向于支持低收入和脆弱国家,履行可持续发展倡导者的使命。多边银行和国际组织是促成公私共同投资的最关键参与者;他们与网络内更广泛的投资者建立伙伴关系,为混合金融工具创造更多机会。

更新日期:2022-04-18
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