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Title: Scaling up renewable energy assets : issuing green bond via structured public-private collaboration for managing risk in an emerging economy
Authors: Fu, J
Ng, AW 
Issue Date: Jun-2021
Source: Energies, June 2021, v. 14, no. 11, 3076
Abstract: Green bonds have increasingly been utilized around the world as a source of financing for renewable energy development, designed with compliance requirements and measurable economic returns to investors, while mitigating climate change. However, the efficacy of green bond arranged in the emerging economies for financing renewable energy assets and how the underlying risks are managed have remained to be explored. The paper aims to examine the evolving green financial system sponsored by both public and private institutions in managing such risks within China’s emerging economy. A case study of green financing for a bundle of wind power assets led by a state-owned enterprise (SOE) reveals an alternative approach by structuring public–private collaboration while stipulating market-based financial incentives to institutional stakeholders under a political economy. This institutional consortium is composed of a state development bank, a commercial bank, credit rating agencies, institutional and private investors, regional power purchasers, and carbon trading entities. Financial stakeholders’ risk in such emerging sustainable investment is moderated by these participating institutions and structured “upsides” from carbon trading aligned with the framework of green finance and standards for green bond development. The results reveal the potentials of scaling up the development of renewable energy by adequately managing and sharing key risks, while allocating substantial funding into renewable energy projects under such a green financial system that is to be complementary with a scalable post COVID-19 economic recovery.
Keywords: China
Climate change
Green bond
Public–private collaboration
Renewable energy
Risk management
Wind power
Publisher: Molecular Diversity Preservation International (MDPI)
Journal: Energies 
EISSN: 1996-1073
DOI: 10.3390/en14113076
Rights: © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/).
The following publication Fu, J.; Ng, A.W. Scaling up Renewable Energy Assets: Issuing Green Bond via Structured Public-Private Collaboration for Managing Risk in an Emerging Economy. Energies 2021, 14, 3076 is available at https://doi.org/10.3390/en14113076
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