Asia Clean Energy Forum 2018: Deep Dive Workshop on Financing Community-Based Renewable Energy Projects
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Multiple technological trends are driving the transformation of global energy systems. Technological improvements are rapidly cutting the costs of renewable power and the energy storage that renewable power needs to be safely integrated into power grids. Electrification and digitization is affecting the energy sector, as well as all other sectors, allowing greater control and optimizing energy systems. Decentralization is coming to the energy sector in the form of local power production and distribution, which in turn will democratize energy systems, enabling people to control and choose their energy sources.
When governments fail to keep up with rapidly transforming technology, infrastructure, and institutions, beneficial changes could be thwarted or delayed, and major disruptions to energy systems could result. Government officials must be prepared to manage both the ongoing and future major transformation.
The theme of Asia Clean Energy Forum 2018 is Harnessing Innovation to Power the Future. The forum is designed to support ongoing discussions on implementing the Paris Climate Agreement and the need for innovation and scale to help countries accelerate the transition to affordable, carbon-free energy. ADBI's contribution is on the use of Hometown Investment Trusts (HITs) to finance green energy projects.
This deep dive workshop is jointly organized by the Asian Development Bank Institute (ADBI), the Green Investment Group, the government of the United Kingdom (UK), and a group of philanthropists, to present issues related to financing investments in renewable energy. The morning session will be an opportunity to learn about the UK's green finance expertise, and how it hopes to share knowledge and build capacity in the region. Session leaders will encourage discussion about some of the aid programs the UK is planning to roll out in the region which focus on green finance, and the types of interventions planned.
In the afternoon session, ADBI will explain a tool for community-based financing of renewable energy, called HIT funds, that have been used successfully in Japan. The objective is to connect investors with local projects in which they have personal knowledge and interest. Investors can choose their projects and invest through the internet. Using HITs, many Japanese investors have invested small amounts in local wind and solar projects. In response, local banks have also started to invest. HIT funds have since spread to Cambodia, Mongolia, Peru, and Viet Nam, and are attracting attention from Malaysia and Thailand.
Inform government officials about new developments in clean energy, including alternative financing mechanisms
Build the capacity of officials to design and implement innovative approaches to financing green energy projects
About 1,500 people from more than 70 countries in Asia and around the world
About 6 government officials from developing member countries including Afghanistan, Kazakhstan, Sri Lanka, and Tonga to attend the policy dialogue on HITs
Experts to speak on green finance and HITs for green energy projects
Greater awareness of HITs to finance local development, including green energy projects, with the aim of setting up new HITs in ADB's developing member countries
Presentation materials to be uploaded to the ADBI website
Source: Asian Development Bank