Conference on APEC Green Energy Finance was held by the Bureau of Energy, Ministry of Economic Affairs (MOEA, BOE) during 18th to 19th August in GIS MOTC Convention Center in Taipei. Representatives from international organizations, APEC member economies, energy industry and financial institutions were invited to the event. The consensus reached in this conference will be reported to APEC Energy Working Group in October as a policy recommendation for future cooperation in green energy finance within the region.
The opening remarks of this conference were delivered by Mr. Chih-Kung Lee, Minister of Ministry of Economic Affairs, followed by the presentation of world's leading financial and energy institutions including Asian Development Bank (ADB), Organisation for Economic Co-operation and Development (OECD) and World Energy Council (WEC). In addition, government officials and representatives of energy industries and financial institutions from Chinese Taipei, Australia, Japan, the Philippines, Thailand, the United States, Malaysia, Hong Kong and Asia Pacific Energy Research Center shared their experiences and expertise in green energy finance as well as addressed challenges and future cooperation prospects on this issue in APEC region. In this conference, the inspiring 100% renewable energy plan by 2020 of Australian Capital Territory Government (ACT) was shared by Jon Sibley, Director Energy and Waste Policy, Environment and Planning Directorate, ACT Government.
BOE stated that over 80 financial institutions in 30 countries have signed Equator Principles since it came out in 2003. In response to the increasing demand of green project finance, Chinese Taipei formally proposed "APEC Green Energy Initiative" on APEC Energy Ministerial Meeting (EMM12) in 2015 to call for APEC's joint cooperation on enhancing green energy finance for financial sustainability in renewable energy and energy efficiency fields. As part of the work under APEC Green Energy Finance Initiative, this conference is expected to promote international dialogue and experiences sharing on green energy related financial support measures, and to support policy environment that is friendly to green energy development.
As high upfront costs on the equipment, technologies and R&D are required for renewable energy and energy efficiency projects in their early stage, yet green energy development is an irreversible trend globally, ADB and OECD recommended more active actions to be taken in improving financial institutions' knowledge in green energy to mobilize adequate financial investments in green energy industry. UK Green Investment Bank owned by the UK government also shared its experiences on green energy investment for years to strengthen the confidence of financial institutions which are still holding back on their financing decisions in green energy.
After two-day's intense discussion, participants agreed that the establishment of a sound green energy finance system is essential in increasing the banks' investment and supporting fast development of green energy industries. Individual efforts by each member economy and joint cooperation within and beyond APEC region will pave the way for green energy development around the globe.
Note: Equator Principles is a World Bank-designed and optional framework for environmental protection and international financial companies' social responsibility. It is adopted to decide, calculate and manage the social and environmental risks to proceed to project finance or credit crunch.
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