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Investors seek security to help developing countries in Asia go green
Melbourne, February 28, 2008 - In advance of next week’s WIREC global summit on clean energy in Washington, DC over two dozen Australian experts from the renewable energy industry met in Melbourne to debate the issues for clean energy investment in emerging Asian and Pacific economies.
Asia was one of three regions targeted by WIREC to conduct stakeholder consultations in preparation for the summit. The Asian consultation was a collaboration between three of the Renewable Energy and Energy Efficiency Partnership’s (REEEP) Regional Secretariats – South Asia, East Asia and Southeast Asia and the Pacific.
The Southeast Asia and Pacific consultation was hosted nabCapital and the meeting focussed on what it would take to rapidly expand renewable energy deployment in developing nations including: China, India and in the South East Asia and the Pacific region.
At the consultation, the Chairman of Hydro Tasmania, Dr. David Crean stated, “We believe WIREC will play a key role in continuing to build global policy momentum and prioritisation on the increased deployment of renewable energy technologies. The previous Ministerial events in both Bonn 2004 and Beijing 2005 helped to bring together all the renewable energy sources and potential, provided a status check on global trends in technology developments, and synthesised the various commercial and regulatory drivers needed to ensure appropriate deployment policies were developed rapidly. WIREC is the next major step and we’re pleased an Australian perspective can be part of necessary international developments.”
Participants at the REEEP forum included several members of the Australian Clean Energy Council, along with investors, electricity generators, policy and legal experts, federal government representatives and the US Embassy.
“The forum confirmed that the technology is ready right now, but what’s needed is both political stability and long term policy and regulatory frameworks. These are fundamental to ensuring that Asia develops clean energy and a low carbon economy,” said REEEP’s Southeast Asia and Pacific Regional Manager, Amy Kean.
The outcomes of the consultation will become part of a broader, consolidated report that Ms.
Buyelwa Sonjica South African Minister for Minerals and Energy will be presenting at the Ministerial Meeting next week in Washington.
"A broad range of renewable energy industry representatives - including nabCapital's renewable energy financing specialists - contributed to lively discussion with common themes emerging for REEEP to take to Washington. These themes centre on regulatory framework certainty, the development of regional emission trading schemes and their potential future linkage," said nabCapital's Head of Carbon Solutions Group, Rachel O'Neill.
Background for Editors
The Renewable Energy & Energy Efficiency
Partnership (REEEP) is backed by national governments, financial
professionals, NGOs and business. It is uniquely placed among
international initiatives to drive the integration of renewable and
energy efficient systems into national and global energy policy.
The REEEP South East Asia Pacific
Regional Secretariat is supported by the Australian Government and
hosted by the Clean Energy Council, the Australian peak industry body
for clean energy. nabCapital is REEEP’s partner.
Summary of the Asian
report to WIREC 2008
Author: Mark Fogarty, Chair REEEPSouth East Asiaand Pacific
The WIREC Asia report confirms the undisputed need for
the emerging Asian economies to commit to decoupling their economic
ambitions from their environmental imperatives”
Political stability and well formulated, long term policy and regulatory
frameworks, coupled with appropriate incentives, work to remove
uncertainty and are pre-requisites for attracting investment in
renewable energy. The key to attaining these objectives is national
interaction and collaboration with international and regional
organizations to encourage clean energy regimes and increase skill sets
amongst policy makers.
Financial incentives, and regulatory programs, should be used by
government to support and promote renewable energy projects and to act
as a catalyst to attract private sector funding. Regional organizations
have a strategic role to play in introducing innovative financing and
investment schemes, providing risk mitigation products, encouraging
private sector investment and facilitating regional technology and
information transfer.
Technology research and development as well as deployment can benefit
from clear policy and direct government initiatives such as research and
development grants, “seed” funding, and the use of public/private
partnerships to support start-up businesses. The use of the expertise
and financial opportunities offered by regional institutions is crucial
in providing the educational and funding initiatives required to attract
the further investment needed to ensure technological advancements and
deployment.
Collaboration between all the stakeholders in the region is the key to
surmounting the barriers to renewable energy development. There is
increasing political will within the region to embrace a clean energy
regime, technology is improving and reducing in cost, levels of
expertise are expanding and investment capital is available. The most
beneficial way to take advantage of these resources is through
collaboration and knowledge sharing aimed at the adoption of global best
practices. The network of regional organizations within
Asia is well placed to coordinate these efforts.
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For more information, please contact:
Amy Kean
Southeast Asia and Pacific Regional Manager for REEEP
Email : amy.kean@reeep.org
Phone No: 61 403 247 212
Eva Pawlowski
Media Relations
Renewable Energy & Energy Efficiency Partnership (REEEP)
International Secretariat
Wagramerstrasse 5
A-1400 Vienna, Austria
+(48) 513 095 404 (mobile)
+(48) 22 818 4059 (office)
+(43) 1 26026 3678 (international secretariat)
WebSite : www.reegle.info, www.reeep.org
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