2024降低资本成本释放新兴和发展中经济体清洁能源投资的战略报告

Strategies to unlock cleanenergy investment in emergingand developing economies INTERNATIONAL ENERGYAGENCY The IEA examines thefull spectrumof energy issuesincluding oil, gasand coal supply anddemand, renewableenergy technologies,electricity markets,energy eficiency,access to energy,demand sidemanagement andmuch more. Throughits work, the IEAadvocates policiesthat will enhance thereliability, afordabilityand sustainability ofenergy in its31 member countries,13associationcountries andbeyond. IEAassociationcountries: IEA membercountries: AustraliaAustriaBelgiumCanadaCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuaniaLuxembourgMexicoNetherlandsNew ZealandNorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandRepublic of TürkiyeUnited KingdomUnited States ArgentinaBrazilChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingaporeSouth AfricaThailandUkraine This publication and anymap included herein arewithout prejudice to thestatus of or sovereignty overany territory, to thedelimitation of internationalfrontiers and boundariesand to the name of anyterritory, city or area. The EuropeanCommission alsoparticipates in thework of the IEA Source: IEA.International Energy AgencyWebsite: www.iea.org Acknowledgements This report was prepared by the Energy Investment Unit in the Office of the Chief EnergyEconomist (OCEE) Division of the Directorate of Sustainability, Technology and Outlooks(STO). It was designed and directed byTim Gould, Chief Energy Economist, andCecilia Tam,Acting Head of the Energy Investment Unit.Lucila Arboleya Sarazolasupported the designof the report and led co-ordination of the report together withSiddharth Singh. Chapter 1was co-led by Lucila Arboleya Sarazola and Cecilia Tam. Chapter 2 was co-led by SiddharthSingh and Lucila Arboleya Sarazola. Other principal authors of the report wereTanguy de Bienassis(led buildings and end use);Musa Erdogan(co-led storage and Chapter 1);David Fischer(co-led storage);Emma Gordon(led hydro);Alana Rawlins Bilbao(led electricity grids); andPeter Zeniewski(led advancedfuels).Emile Belin-BourgogneandRyszard Pospiechprovided support across sectors. Eleni Tsoukalaprovided essential support andErin Crumwas the copy editor. The report also benefited from input provided by numerous IEA colleagues, in particularHeymi Bahar, Trevor Criswell, Christophe McGlade, Michael Waldron and Brent Wanner. Additional thanks go to the IEA Communications and Digital Office (CDO) Division for theirhelp producing the report and website materials, particularly to Jethro Mullen, ActingHead of CDO, and Curtis Brainard, Astrid Dumond, Lucile Wall, Therese Walsh,IsabelleNonain-Semelin,Oliver Joy and Poeli Bojorquez. Special thanks also go to the IEA Finance Industry Advisory Board for their valuable inputs. Peer reviewers Many senior government officials and international experts provided input and reviewedpreliminary drafts of the report. Their comments and suggestions were of great value. Theyinclude: This publication has been produced with the financial assistance of the European Union aspart of its funding of the Clean Energy Transitions in Emerging Economies programme(CETEE-2) within the Clean Energy Transitions Programme, the IEA’s flagship initiative totransform the world’s energy system to achieve a secure and sustainable future for all. The work reflects the views of the International Energy Agency Secretariat but does notnecessarily reflect those of individual IEA member countries or of any particular funder,supporter or collaborator. None of the IEA or any funder, supporter or collaborator thatcontributed to this work makes any representation or warranty, express or implied, inrespect of the work’s contents (including its completeness or accuracy) and shall not beresponsible for any use of, or reliance on, the work. Acknowledgements................................................................................................................. 3Executive summary ................................................................................................................. 7 Unlocking clean energy investment111 1.1The clean energy investment gap.................................................................. 121.1.1 Today’s investment trends and future needs....................................... 131.1.2 Investment priorities to 2035 ............................................................... 151.1.3 Sources of finance ................................................................................ 181.2The cost of capital ......................................................................................... 191.2.1 What is the cost of capital? .................................................................. 191.2.2 Why does the cost of capital matter for EMDE energy transitions? .... 251.3Bringing down the cost of capital.................................................................. 27 Identifying risks t