Beitrag von Berenberg

Note to self: Government mandates do not constitute demand. I watched this happen twice as a young business developer for a major chemical company. (more than twice actually) Implosion one: the concentrated solar power (CSP) industry. Led by a Spanish government scheme to subsidize a raft of CSP plants, and a bunch of followers who said “Spain is doing it; must be something to it.” A few years later, subsidies maxed, technology still uneconomical. The industry all but disappeared. Implosion two: solar shingles Years before Solar City, I was looking for my next gig and looked at a company’s solar shingle initiative, one they had poured 100’s of Million of dollars. But financials didn’t make sense. With the government subsidy scheme it was slated to be a $500M business. Without them, demand was less than $50M. A few years later, the venture folded. Now solar seems like a dicey play. Double lesson here. One for Europe. One for China. People point at China’s domination of electric batteries and solar and say “Isn’t this an example of how authoritarian governments like China get ahead of free-market economies?”some might ask. Remember, you’re talking about the country that so overestimated its future housing market, that it has plunged itself into economic chaos. Our strategy perspective, you must factor what the business looks like without mandates, subsidies, and the like. That’s your true attractiveness. Note to self… P.S. what’s your experienc

Commenting on today’s Spring Budget, Steve Brittan, Chief Executive Officer at Xoserve, said:   “When it comes to future energy investment, particularly in hydrogen, and additional net zero initiatives, there was very little new information in today’s Budget. The Chancellor had already announced that the Green Industries Growth Accelerator would receive an additional £120 million in funding earlier this week, which is welcome news for multiple low carbon energy technologies, including hydrogen.    “In this election year, it is positive to see that the government remains committed to investing in the innovative measures that will be vital to the UK’s energy transition. Hydrogen or other sources of low-carbon gas will be crucial to ensuring the UK has a resilient and reliable energy system that is affordable for all.” #SpringBudget2024 https://lnkd.in/djZ97KuA

Good question from James Riley InnovationAus.com at Andrew Forrest's National Press Club speech Q&A yesterday on the impact of the US #IRA policy. “I see that for what it is; a vast investment multiplier and an economic engine. What I know is happening now in North America is this stonking great economic engine called the IRA, which is bringing in investment at a rate which United States has not seen for decades, turning itself into a new green energy engine. “Is that great policy? I think it’s great policy. It’s not a subsidy. It’s an economic engine.” #renewables #energy #decarbonisation Blair Palese Tim Buckley Smart Energy Council

The global race to secure green tech and battery technologies continues to accelerate with the EU announcing a further €4bn of investment, following on from €9.1bn of similar investments recently approved for other EU countries. This aims to insulate the EU from competition from China and other production being lured overseas. The US investment via the Inflation Reduction Act of over $20bn, announced in 2022, for clean energy means competition is really hotting up and the UK must act quickly to secure this vital manufacturing opportunity. #manufacturing #greenenergy #renewables

Such kind of governmental impact investment should be followed by a big amount of privat investment. Germany could even more do with less money if investing in climate change projects in frontier and emerging markets. Nevertheless, thank you Helena Wasserman for your post. What does it mean for us at Top Tier Impact and Bundesinitiative Impact Investing?

❗ It's been five months since our serious warning that EU solar manufacturers are facing bankruptcy due to the price crisis in the solar supply chain.   I spoke to POLITICO Europe at the time about the need for emergency measures like credit lines and an EU Special Purpose Vehicle to support the retention of European solar manufacturing (which is critical to Europe's #climate and #energysecurity goals). 👇   https://lnkd.in/eBP5Zhe2   In the five months since, there have been at least 8 bankruptcies, announced production pauses, or debt restructures. Each one is a blow to the EU goal of 30 GW of domestic manufacturing by 2030.   ⏳ Time is running out.   We're urgently calling on European politicians to act, and have offered a suite of measures for decisionmakers to consider:   1. Adjusting the TCTF to cover the running costs of factories, i.e. opex, not just capex 2. Empowering ‘resilience auctions’ in Member States 3. Engaging the EIB in supporting an existing and ready-to-go pipeline of solar manufacturing projects in the EU 4. An EU-level finance tool for Solar Manufacturing, like an EU Solar Manufacturing Bank, to the tune of €8 billion from now up to 2030 5. Ensure clear market access standards that reflect Europe’s ESG values – like Ecodesign or supply chain sustainability legislation 6. Consider state guarantees and credit lines for manufacturers struggling to survive 7. Emergency acquisition of stocks of European manufacturers   Read more what's being done, and what more is needed, to support European solar manufacturers 👉 https://lnkd.in/e_uhjJRk #MakeSolarEU

The EBRD President visits wartime Ukraine with the energy support plan. Top officials from the European Bank for Reconstruction and Development visited Kyiv this week, on the eve of the Ukraine Recovery Conference (URC) in Berlin on 11-12 June, to sign a plan to offer €300 million of new funding for Ukraine’s state-owned energy sector companies and to explore further support for the energy sector. EBRD President Odile Renaud-Basso began her trip to Kyiv by signing a Memorandum of Understanding with Prime Minister Denis Shmyhal for an Energy Security Emergency Response Programme. This will support Ukraine’s state-owned energy sector companies, which include EBRD clients such as Ukrenergo, Ukrhydroenergo, and Ukrnafta. Under the MoU, the EBRD intends to provide more than €300 million in funding to support the restoration of energy generation facilities and infrastructure, construct new distributed flexible generation capacities, and ensure a stable and uninterrupted electricity supply in Ukraine's entire territory. The Bank will work with the government to define further priority focus areas in energy. Accompanied by Vice-President Banking Matteo Patrone and the EBRD’s new Managing Director for Ukraine and Moldova, Arvid Tuerkner, President Renaud-Basso was in Kyiv to discuss the Bank’s agenda of bolstering Ukraine’s real economy by supporting energy security, vital infrastructure, food security, trade, and the private sector. As well as Prime Minister Shmyhal, the EBRD delegation held talks with First Deputy Prime Minister and Economy Minister Yuliia Svyrydenko, Finance Minister Serhii Marchenko, Governor of the National Bank of Ukraine Andriy Pyshnyy and Energy Minister Herman Haluschenko, and acting Minister for Restoration Vasyl Shkurakov, along with chief executive officers of several state-owned enterprises, as well as client companies, international partners, civil society organizations and media.   At the URC, the EBRD will announce new investments in private sector energy companies. It will also enhance its cooperation on Ukraine with the European Union and other partners, make new municipal financing commitments supporting Ukraine’s cities, and reinforce its support for the private sector by offering new finance through partner banks for on-lending to small- and medium-sized enterprises.  The EBRD has made over €4.2 billion available to Ukraine since Russia invaded in 2022. It recently secured shareholder agreement for a €4 billion capital increase to continue investing at these levels while the war continues, with the potential for more to come once conditions are in place for full reconstruction.  Read more on the official website: http://surl.li/ujegw  #EU #EBRD #WarInUkraine #StandWithUkraine

New Post: Scotland signs renewables agreement with Brittany The Scottish Government has signed a bilateral Memorandum of Understanding (MOU) with Brittany, the first of its kind for Scotland with a region in France. The MOU will provide Scottish companies with opportunities to capitalise and share best practices on the expansion of offshore wind projects off the coast of Brittany. A delegation of 15 Scottish companies – supported by Scottish Development International - recently met representatives from Brittany’s offshore wind sector to discuss future collaboration. The MOU will also instigate a programme of actions that will cover institutional relations, culture and heritage, education and research, fisheries and diaspora. Separately, the Scottish Government signed the Rennes Declaration, which will build on existing cultural, historical and linguistic bonds with Brittany, Ireland, Wales and the Spanish Region of Galicia. Shona Robison, Deputy First Minister, hailed the move (Image: PA) The forum will also be an opportunity to discuss collaboration with other partners such as Cornwall and the Spanish Region of Asturias. Shona Robison, Deputy First Minister, said: “Scotland is working with our partners in Europe and this MOU and Declaration will help us collaborate across a range of topics. “The people of Scotland resoundingly rejected Brexit, yet it has caused significant adverse impacts to our economy and trade relations. In spite of this, the Scottish Government remains firmly committed to developing partnerships with our European neighbours. “We are keen to maximise opportunities for Scottish companies to learn from our Celtic partners as we look towards a future with cleaner, greener energy.” Michael Hook, business development director of Swift Anchors, based in Edinburgh said that "the agreement between the two governments gives us further encouragement to our business efforts in Brittany". Lidl submits bid to open megastore Supermarket chain Lidl has submitted plans for a new store in a Scots town. The move would see the demolition of the former Evans Halshaw car showroom and construction of the supermarket on Almond Road in the Craigshall area of Livingston. It would become the second Lidl store in the West Lothian town. 'Encouraging rise' in shopper footfall There has been an encouraging rise in the number of shoppers browsing through stores in Scotland compared to the rest of the UK, according to the latest figures analysed by the Scottish Retail Consortium (SRC). The trade association said overall Scottish footfall was up 5.9% in July from last year – 6.8 percentage points better than June and higher than the UK average increase of 1.8%. David Shawn

After what has been a fairly inevitable #election the #UK has a new party in #government after 14 years, bringing an end to an era characterised by austerity, scandal and–in the case of the last two years–chaos.      The Labour Party win represents a new chapter for the country and hopefully prosperity for #greeninvestment. Their plans certainly have scale - 30 GW of new #onshorewind, another 60 GW of #offshorewind, and 45 GW more #solar - although the language around achieving 100% #cleanpower by 2030, once so strong in Labour’s pitch, was diluted by the time its manifesto was launched.      This is no surprise considering thermal plants have government contracts lasting well beyond the end of this decade, but the prospect of a strategic reserve of gas is both intriguing and concerning. Pushing #gas to the margins and letting #renewables flourish could be a welcome move towards a cleaner system but separating it into what could be an isolated market, where cleaner forms of flexibility like energy storage cannot challenge it, could limit this transition.       For those of us working with planning and grid connection authorities, it’s also not clear how the promised renewables deployment can occur. Now that the party has been elected, we as an industry will expect more than soundbites around “rewiring Britain”. The future of the #REMA process, the #grid connections action plan with Ofgem, and energy code reforms are just a few of the big pieces of work already underway that need clarity.     The same is true for #GreatBritishEnergy (GBE), a new publicly owned entity that Labour says will work with industry to co-invest in a clean future. I have said before that governments should be more involved in facilitating investment in renewable energy solutions, which carry high upfront costs but operate much cheaper than conventional generation.      As an investor working to deliver a crucial technology for the energy transition, I welcome any stable financial co-party to get the industry moving. How the funding will be distributed, who it will go to, and who decides are all questions that need to be answered.      GBE should also not be seen as the silver bullet for our transition. Renewable infrastructure investment trusts have been delivering the capital needed to deploy high levels of clean gen for years, and can go even further with the right market conditions. We need interest rates and inflation to fall so that the operational risk dividend we offer is once again more attractive than government bonds. This will help narrow the discounts currently seen across the sector and move trusts back to a position where they can more easily raise new capital.     I should underline my excitement about the opportunities that could emerge under the new government which, in my view, signals a shift towards a more positive outlook. But there are important pieces of work that will need to be done quickly to get us back on track in tackling climate change. 

Empowering Germany's Solar Industry! 🌞 Germany's Economy Minister, Robert Habeck, is on a mission to reinstate a subsidy for solar panel manufacturers, crucially impacted by a recent court ruling. In the wake of budget cuts, Habeck emphasizes the need for support to bolster Germany's solar production, ensuring a foundation share and job creation in the thriving sector. In an interview with RND, Habeck highlights the importance of incentivizing domestic production, proposing a premium for manufacturers meeting specific quality standards. German solar products, renowned for meeting high standards and sustainability practices, deserve recognition and support. Habeck emphasizes the resilience and efficiency of German-made panels, often produced without toxic chemicals. As Germany charts its green transition, the reinstatement of this subsidy becomes pivotal. Habeck's vision aligns with promoting local innovation and sustainability, creating a competitive edge against global counterparts. Stay tuned for updates as Germany paves the way for a greener future! 🌍🌱 #solarenergy #germany #sustainability #greentransition #economicempowerment #innovationinenergy #incentives #solarinstallation #subsidies #solarenergy #solarpowered #rooftopsolar #solarrooftop #solarpanels