2023年气候混合融资创183亿美元新高,但适应融资需提速

文摘   2024-11-13 18:33   北京  



混合融资市场正在“成熟”,私营部门投资者、开发性金融机构和多边开发银行推动了交易量的增长。但一项新的研究发现,气候适应融资仍然落后于减缓融资。


总部位于加拿大的混合融资网络平台Convergence发布的一份新报告显示,2023年气候混合融资交易额增长超过一倍,创下183亿美元的历史新高。


这一增长主要由私营部门、开发性金融机构(DFIs)和多边开发银行(MDBs)推动。去年,私营部门对气候主题的投资增长了近200%,达到创纪录的60亿美元,而来自后两者的商业融资增长了60%,创下六年来的新高。


其中,多边开发银行曾被指责利用其地位与私营投资者竞争交易,而不是与他们合作以帮助发展中国家筹集更多资金。

就开发性金融机构和多边开发银行而言,世界银行的私营部门分支机构国际金融公司(International Finance Corporation)在交易数量上遥遥领先,而美国国际开发金融公司(US International Development Finance Corporation)则在总投资规模上遥遥领先。

图源:Convergence

与此同时,进入气候混合融资的捐助资金数额保持不变。官方发展援助(ODA)资金,即富裕国家向发展中国家提供的优惠援助,在2023年降至四年来的最低点。


Convergence首席执行官Joan Larrea在报告中说:“这表明市场在使用有限的催化资本方面变得更聪明、更高效和更大胆了。”


报告发现,金融机构已成为“最持续参与气候混合融资的机构”,在过去三年中分别为可再生能源和能效提升投入了72亿美元和42亿美元。


尤其是机构投资者,近年来开始在气候混合融资中发挥更大的作用。


过去三年中,在机构投资者参与的混合融资交易中,60%的交易专注于气候倡议。在经历了2022年的显著下降和此前多年的相对停滞之后,2023年大幅回升至8.7亿美元。

在参与气候混合融资的私营投资者中,日本大型银行三菱日联金融集团(MUFG)在承诺数量和总投资规模方面均居首位。

图源:Convergence

2023年,气候混合融资交易达到78笔,占市场总价值的80%,创下新高。其中,超过一半的气候交易金额至少为1亿美元,高于上一年的23%。


从2021年到2023年,气候混合融资主要集中在少数几个国家。印度以22笔交易居首,其次是尼日利亚(21 笔)、肯尼亚(17 笔)、巴西(15 笔)和越南(13 笔)。


就同期的融资总额而言,巴西的金额最大,达72亿美元,其次是乌兹别克斯坦的35亿美元和印度的33亿美元。


在东南亚,三菱商事株式会社(Mitsubishi Corporation)与其他项目发起人在2023年达成了一笔6.92亿美元的交易,为老挝一个600MW的跨境风力发电项目提供融资,该项目将成为老挝首个也是该地区最大的风力发电场。


根据Convergence今年早些时候发布的另一份《混合融资年度报告》,2023年混合融资交易的总价值达到230亿美元,创下五年来的新高。


报告主要作者之一、Convergence公司经理Ayesha Bery说:“综合两份报告的结论来看,以及近期一些大额交易的出现都表明,混合金融市场正在走向成熟,长期以来保持缄默的私营投资者正在以前所未有的规模投入该市场。”


气候适应融资落后于减缓融资

尽管今年是“气候混合融资具有里程碑意义的一年”,但报告指出,气候适应资金仍然不足,私营部门参与有限


2021年至2023年期间,仅有32笔适应性混合融资交易,金额达35亿美元,低于同期132笔,总额260亿美元的气候减缓交易的四分之一


但报告指出,扩大同时涵盖气候适应和减缓两个领域的混合交易存在机遇。自2014年以来,混合交易已增加了两倍,平均达到66亿美元。


在气候主题融资中,每笔减缓融资交易动员的私营和商业融资额最大,平均杠杆率为3.6,超过了跨领域交易(2.8)和适应交易(2.12)的杠杆率。


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Climate blended finance deals hit a record high of US$18.3 billion in 2023: report


The blended finance market is “maturing”, with rising transaction volumes being driven by private sector investors, development finance institutions and multilateral development banks. But adaptation funding still lags mitigation, finds a new study.

Climate blended finance deals more than doubled to a record high of US$18.3 billion in 2023, found a new report by Canada-based blended finance network Convergence.

The increase was driven by the private sector, development finance institutions (DFIs) and multilateral development banks (MDBs). Private investments into the climate theme rose by almost 200 per cent last year to a record US$6 billion, while commercial financing from the latter two players rose by 60 per cent to hit a six-year high.

Multilateral development banks have previously been accused of using their positions to compete with private investors for deals, rather than work with them to mobilise more capital for developing countries.

For DFIs and MDBs, the World Bank’s private sector arm International Finance Corporation leads in the number of deals, while the US International Development Finance Corporation is ahead in terms of aggregate investment size. Image: Convergence

The amount of donor capital entering climate blended finance, meanwhile, has stayed constant. Official development assistance (ODA) funding – or concessional aid from wealthier nations to aid developing ones – declined to a four-year low in 2023.

“This tells us the market is finally getting smarter, more efficient, and bolder with how it uses limited catalytic capital,” said Joan Larrea, chief executive officer of Convergence, in the report.

The report found that financial institutions have emerged as “the most consistently engaged in climate blended finance”, putting US$7.2 billion and US$4.2 billion into renewable energy and energy efficiency respectively in the last three years.

Institutional investors, in particular, have also started playing a bigger role in climate blended finance of late.

Over the past three years, six in 10 blended finance deals involving institutional investors are focused on climate initiatives – rebounding sharply to US$870 million in 2023, after a significant decline in 2022 and years of relative stagnation.

Among private investors involved in climate blended finance, Japanese megabank MUFG leads in terms of number of commitments and aggregate investment size. Image: Convergence

In 2023, 78 climate blended finance deals – which made up a new high of 80 per cent of the total market value – were recorded. Over half the climate deals were at least US$100 million in 2023, up from 23 per cent in the previous year.

From 2021 to 2023, climate blended finance were concentrated in a handful of countries. India led with 22 transactions, followed by Nigeria (21), Kenya (17), Brazil (15) and Vietnam (13).

In terms of aggregate financing over the same period, Brazil got the largest share amounting to US$7.2 billion, followed by Uzbekistan with US$3.5 billion and India with US$3.3 billion.

In Southeast Asia, one notable 2023 transaction was the US$692 million deal signed by Mitsubishi Corporation alongside other project sponsors to finance a 600-megawatt cross-border wind power project in Laos, which is slated to be the country’s first and the region’s largest wind farm.

The total value of blended finance deals reached a five-year high of US$23 billion in 2023, according to Convergence’s separate annual State of Blended Finance report released earlier this year.

“Taken together, the findings from the two reports, as well as the presence on a number of very large transactions recently, signal to us that the blended finance market is maturing and that private investors, long reticent, are investing in these structures at volumes never before seen,” said Ayesha Bery, manager at Convergence and one of the report’s lead authors.

Climate adaptation lags mitigation

Despite the “landmark year for climate blended finance”, the report noted that climate adaptation continues to be underfunded, with limited private sector participation. 

Between 2021 and 2023, there were only 32 adaptation blended finance transactions amounting to US$3.5 billion, less than a quarter of the 132 deals targeting climate mitigation totalling US$26 billion in the same period.

However, the report noted an opportunity in scaling hybrid deals that cut across both climate adaptation and mitigation components, which has tripled to an average of US$6.6 billion since 2014. 

Within the climate theme, mitigation deals mobilise the greatest amount of private and commercial financing per transaction, with an average leverage ratio of 3.6 – surpassing the 2.8 and 2.12 for cross-cutting and adaptation deals respectively.




本文 2024 年 11 月 1 日发布于Eco-Business。文章仅代表作者观点,不代表本公众号立场。

封面图源:Gabrielle See

翻译 审校/韩迪 吕雅宁     编辑/包林洁

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