The clean energy investment outlook has brightened, according to 300 thought leaders attending the third annual Bloomberg New Energy Finance Summit, March 2010, in London. Some 57% of participants polled thought that global investment in clean energy would triple to $500 billion by 2020.
The world’s leading clean energy and carbon market investors, industry executives and policy-makers gathered in London to debate and discuss the many issues facing the future of clean energy investment. Spirits of the event’s attendees appear to have rebounded since last year, in line with clean energy company stock prices which have gained more than 50% in value since last year’s Summit.
“2009 was a turbulent year in clean energy and the carbon markets. The year started deep in the midst of the financial crisis, then there was the disappointment of Copenhagen, as well as the climategate scandal and increased public skepticism about climate change,” reflected Michael Liebreich, chief executive of Bloomberg New Energy Finance. “Despite all the uncertainty on the global stage, there was a sense of being on the right side of all the long term trends, with plenty of opportunities and a lot of work to do.”
During his closing address, Mr. Liebreich summarized the themes of the discussion as:
1. Policy uncertainty is expected to remain, particularly around the carbon markets and global financing mechanisms.
2. Clean energy financing activity is in no way on hold, supported by a raft of national and sub-national legislation.
3. The capital markets have shown remarkable resilience in supporting the sector despite the fiscal downturn, helped in particular by soft finance, as much as by the stimulus programmes, which have been slow to ramp up.
4. There is a real focus on engineering and financial problem-solving in the industry, in sector after sector.
5. Asia – driven mainly but not exclusively by China – has shrugged off the recession and is on track to become a clean energy super power.
6. Real US commitment to the sector remains uncertain, with the country apparently locked in a period of introversion while its strategic rivals establish leadership positions.
7. Overall the atmosphere in the industry is one of businesslike optimism.
To download Mr. Liebreich’s opening day presentation, visit http://www.newenergyfinancesummit.com/Summit/information/downloads.php
Attendees participated in sessions to discuss the implications of December’s climate conference at Copenhagen, prospects for progress on emission reductions in 2010, and the lessons so far from government “green stimulus” programs and clean-energy incentive policies. Participants were encouraged to weigh in through real-time polling at the conclusion of individual sessions. Key findings:
• 75% of respondents said that an offshore wind farm of more than 1GW will be spinning by 2015 at the latest – and more than half of them said that it will happen by 2013.
• A majority thought that the first major carbon capture and storage project will come on line before 2016.
• 51% said they expected one country to have more than 10% power generation from photovoltaics by 2017.
• 46% view operational considerations such as cost and reliability as key drivers to smart grid agenda
Filed Under: Policy
