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ESCO在推動能源效率中的角色:銀行融資與綠色保險的國際案例
The Role of ESCOs in Driving Energy Efficiency: International Cases of Bank Financing and Green Insurance

摘要

        隨著環保意識的增強與全球去碳化進程的推動,能源服務公司(ESCO)在提升能源效率方面,成為不可或缺的重要合作夥伴。ESCO不僅為客戶提供完整的節能解決方案,如能源審核和效率改造,還能提供無需前期資本投入的融資選擇。ESCO透過能源效能合約(EPC)和綠色債券等新型融資架構,並利用綠色保險來對沖風險,改變了全球能源效率提升的補償模式。本文通過國際案例,分析ESCO如何使用能源效率方案來獲取銀行融資和綠色保險,揭示其推動可持續能源利用轉型的方式。

1. ESCO模型概述

        能源服務公司(ESCO)負責規劃和執行節能專案,通常旨在降低能耗,並提升暖通空調(HVAC)、照明等系統的功能。ESCO的商業策略獨特,通常基於專案的節能成效來獲得報酬。ESCO以節省的能源成本在特定期間內回收投資,並承諾實現一定的節能效果。

ESCO的主要融資模式包括:

  • 能源效能合約(EPC): 一種節能融資方式,由ESCO或第三方金融機構通過降低的能源使用來回收初始投資。

  • 綠色債券與貸款: 一種依據節能效益回報的金融工具,用於支持節能項目。

  • 綠色保險: 旨在減少技術故障或專案效能不足等風險的保險計畫。

2. 美國:透過效能合約來融資能源效率

        ESCO產業在美國非常發達,能源節省績效合約(ESPC)廣泛使用。ESCO通過這些合約,為客戶提供無需前期投入的節能方案設計和安裝,並以節能收益支付專案費用。

案例:江森自控股份有限公司與美國聯邦建築
江森自控股份有限公司(JCI)是美國ESCO的成功典範之一。美國能源部使用JCI來改造聯邦建築,通過ESPC融資進行節能照明、暖通空調系統及可再生能源安裝,並預計在2030年前達到10億美元的節省。銀行和專門的節能基金提供了前期資金,保證節能協議讓JCI從投資者處獲得低風險的回報。此外,ESCO引入的節能保險降低了銀行的風險,確保若未達預期節能效果,保險公司將填補差額,提升專案的投資吸引力。

 

3. 歐盟:利用綠色融資推動節能項目

        ESCO在歐洲協助各國達成節能目標,許多項目藉由歐洲投資銀行(EIB)等國際金融機構支持的綠色債券來融資。

案例:西門子與德國公共建築
在德國,ESCO如西門子建築科技,通過現代化系統大幅降低學校、醫院等公共建築的能耗。這些改造主要依賴由EIB監管的歐盟能源效率私人融資(PF4EE)基金。EIB在西門子改造項目中提供了部分擔保,以降低當地銀行貸款的財務風險。此外,全球再保險公司慕尼黑再保險公司提供的綠色保險進一步減少了績效風險,銀行得以無後顧之憂地放款。

4. 中國:工業節能專案的貸款擔保

        中國作為全球最大能源消費國,充分認識到ESCO在削減工業能耗中的重要性。國家發展和改革委員會(NDRC)提供的貸款擔保,幫助ESCO獲取節能專案的融資。

 

案例:深圳的節能專案
深圳當地ESCO透過流程優化和設備升級,提升工廠的能源效率。起初,由於中國的金融體系不成熟,節能專案面臨高風險,難以獲得融資。為解決此問題,中國政府透過NDRC向提供貸款的銀行提供擔保。此外,ESCO引入的能源績效保險進一步降低風險,確保在未達預期節能效果時由保險公司承擔損失,從而激勵更多資金投入節能專案。

5. 印度:公私合作的節能模式

        印度的公共部門ESCO能源效率服務有限公司(EESL)通過公私合作模式,推動了大型節能項目,如全國街道照明計劃(SLNP)和建築物改造。EESL透過節省的能源費用提供專案資金,無需地方政府前期投入。

 

案例:全國街道照明計劃(SLNP)
SLNP計劃旨在用節能LED燈替代印度城市傳統的街燈。EESL通過公私合作模式融資,從包括印度國家銀行(SBI)在內的公共部門機構獲取貸款。節省的電費用於償還貸款,使地方政府的能源成本減少高達50%。綠色保險進一步降低了專案風險,保證節省的能源費用足以支付專案成本,讓貸款方對項目投資更加安心。

結論

        ESCO通過節能效益,利用綠色保險和銀行融資的全球案例,展示了其在應對全球能源問題中靈活且強大的潛力。ESCO正打開節能的新途徑,從中國的工業節能貸款擔保到印度的街道照明公私合作,從美國強生控制公司在聯邦建築的成功改造,透過先進的融資機制與綠色保險,ESCO提升了節能專案對貸款方和投資者的吸引力,從而加速全球向低碳經濟的轉型。

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The Role of ESCOs in Driving Energy Efficiency: International Cases of Bank Financing and Green Insurance

Introduction

        In an era of increasing environmental consciousness and a global push for decarbonization, Energy Service Companies (ESCOs) have emerged as essential partners in the promotion of energy efficiency. These companies provide clients with financing options that allow them to modernize their infrastructure for little to no initial outlay of capital, in addition to full energy solutions like energy audits and efficiency retrofits. ESCOs are changing the way energy efficiency improvements are compensated around the world by deploying new financing structures like as Energy Performance Contracts (EPCs) and green bonds, as well as leveraging green insurance to offset risks. This article develops into worldwide case studies that show how ESCOs are using energy efficiency initiatives to secure bank funding and green insurance, giving light on how these companies are driving the move to more sustainable energy use.

1. The ESCO Model: A Brief Overview

        An energy-service company (ESCO) is a company that plans and executes energy-efficient projects. These projects usually aim to lower energy use and enhance the functionality of HVAC, lighting, and other systems. ESCOs are different from conventional energy service providers because of their business strategy, which frequently sets payment on how well the energy-saving initiatives work. Frequently, the ESCO finances the project with the energy cost reductions over a predetermined period and guarantees a specific amount of energy savings.

The key financing models that ESCOs rely on include:

• Energy Performance Contracts (EPCs): An energy-efficient financing method in which the ESCO or a third-party financier repays the initial investment with savings from lower energy use.

• Green bonds and loans: These are financial instruments with savings-based rewards that are used to support energy-efficient initiatives.

• Green insurance: Insurance plans intended to reduce risks associated with things like technology malfunctions or energy-saving project underperformance.

 

2. United States: Financing Energy Efficiency through Performance Contracts

        The ESCO industry is widely established in the United States, thanks in large part to the utilization of Energy Savings Performance Contracts (ESPCs). An ESCO funds, designs, and installs energy-efficient solutions for a customer at no upfront cost under these agreements. The project's savings, which are normally guaranteed, are used to pay the ESCO.

Case Example: Johnson Controls Inc. and U.S. Federal Buildings

Johnson Controls Inc. (JCI), an ESCO with significant experience working with government facilities, is one of the most prominent examples of an ESCO's success in the United States. JCI is being used by the U.S. Department of Energy to convert federal buildings with energy-efficient lighting, HVAC systems, and renewable energy installations. The project's initial investment is being reimbursed with energy savings thanks to ESPC financing. By 2030, $1 billion in measured and verified savings are anticipated[1]. Banks and dedicated energy-efficiency funds offered up-front funding, secure in the assured savings arrangement. Due to this, JCI was able to obtain funding from investors that normally demand a certain, low-risk return on investment.

        Using green insurance helped banks reduce their risk further. A sort of green insurance known as energy savings insurance was used to guarantee that, in the event that the anticipated energy savings were not achieved, the insurer would make up the difference, increasing the project's bankability. Financial institutions in the United States now favor investing in ESCO projects due to the combination of insurance and performance guarantees.

3. European Union: Leveraging Green Financing for Energy Efficiency Projects

        ESCOs have been essential in aiding nations in Europe in meeting their energy efficiency goals. Many of these projects have been financed by green bonds, which are backed by the European Investment Bank (EIB) and other international financial organizations.

Case Example: Siemens and Public Buildings in Germany

Energy-efficient retrofits of public buildings have been implemented in Germany thanks to the leadership of ESCOs such as Siemens Building Technologies[2]. Siemens has significantly decreased energy consumption in schools, hospitals, and government buildings by modernizing antiquated systems in collaboration with nearby towns.

        These initiatives have been financed in large part by the European Union's Private Finance for Energy Efficiency (PF4EE) fund, which is overseen by the EIB. The goal of PF4EE is to make commercial loans for energy-efficient projects easier to obtain. By offering local banks partial guarantees in the Siemens refit case, the EIB decreased the financial risk of lending to energy-efficient projects.[3]

        Green insurance has also been used to reduce performance risk. Munich RE, one of the biggest reinsurance companies in the world, provided insurance policies to cover the risk of underperformance, or when the energy savings fall short of expectations. Because they would not have to worry about the energy-saving measures failing, banks were able to lend with confidence.

4. China: Loan Guarantees for Industrial Energy Efficiency Projects

        China, the greatest energy consumer in the world, is aware of how important it is for ESCOs to help cut down on industrial energy use. The National Development and Reform Commission (NDRC) is one of the channels via which the government offers loan guarantees to facilitate the financing of energy efficiency.

Case Example: Shenzhen Energy Efficiency Projects

Through process optimization and equipment upgrades, Shenzhen's local ESCOs have worked to increase the energy efficiency of factories and manufacturing facilities[4]. However, the risk involved in energy-efficient projects initially made it difficult to secure financing in China's budding financial system. To get around this, banks’ lending money for these projects were given loan guarantees by the Chinese government via the NDRC[5].

        An additional degree of security was added with the engagement of green insurance. Chinese insurance providers provided energy performance insurance, guaranteeing that if the ESCOs were unable to realize the anticipated energy savings, the insurance would fill the gap. This made banks and ESCOs feel less risky, which encouraged more money to be invested in energy-saving measures.

5. India: Public-Private Partnerships for Energy Efficiency

        Large-scale energy efficiency initiatives, such as the Street Lighting National Programme (SLNP) and building retrofits, have been financed and implemented in India by the public-sector ESCO Energy Efficiency Services Limited (EESL). With funding provided by the realized energy savings, EESL has been able to carry out projects with no up-front costs to the towns by means of the ESCO model.

Case Example: Street Lighting National Programme

The SLNP, supervised by EESL, aimed to install energy-efficient LED streetlights in Indian cities in place of traditional ones. The project's financing was established using a Public-Private Partnership (PPP) approach, in which EESL obtained loans from institutions in the public sector, including State Bank of India (SBI). The energy savings from lower electricity use were used to repay the loans, resulting in up to a 50% reduction in municipalities' energy costs. [6][7]

        Green insurance was used by EESL to further reduce risk by guaranteeing that the project's expenses will be met by the energy savings. Lenders were reassured by the insurance policies, which were made to cover performance deficiencies and guarantee that the project could obtain the required funding.

Conclusion

        Global examples of ESCOs using energy efficiency gains for green insurance and bank financing show how adaptable and powerful this model is in addressing the world's energy problems. ESCOs are opening up new avenues for energy savings, from China's loan guarantees for industrial efficiency projects to India's public-private partnerships for street lighting, and from the United States, where Johnson Controls has successfully converted federal buildings. Through the utilization of cutting-edge financing mechanisms and green insurance, ESCOs are increasing the appeal of energy efficiency projects to lenders and investors, thereby expediting the worldwide shift towards a low-carbon economy.

資料來源 References

 

Johnson Controls Joins the U.S. Department of Energy’s Campaign to Achieve $1 Billion in Energy Savings

https://www.johnsoncontrols.com/insights/2024/feature-story/doe-campaign-to-achieve-1-billion-in-energy-savings

Energy and Sustainability

Energy and sustainability - Siemens Global

Guidance on Energy Efficiency in Public Buildings

https://www.eib.org/attachments/epec/epec_guidance_on_energy_efficiency_in_public_buildings_en.pdf

PROJECT DESIGN DOCUMENT FORM FOR SMALL-SCALE CDM PROJECT ACTIVITIES (F-CDM-SSC-PDD) Version 04.1 https://cdm.unfccc.int/UserManagement/FileStorage/XT3F9MDWIEPGCON0URK6V74YJHLQ28 

China's Remarkable Success in ESCO Development - Current Status, Driving Policies, and Prospects

extension://bfdogplmndidlpjfhoijckpakkdjkkil/pdf/viewer.html?file=https%3A%2F%2Fc2e2.unepccc.org%2Fwp-content%2Fuploads%2Fsites%2F3%2F2021%2F10%2Fchinas-remarkable-success-in-esco-development-current-status-driving-policies-and-prospects.pdf 

Street Lighting National Programme (SLNP)

extension://bfdogplmndidlpjfhoijckpakkdjkkil/pdf/viewer.html?file=https%3A%2F%2Fstatic.pib.gov.in%2FWriteReadData%2Fspecificdocs%2Fdocuments%2F2022%2Fmay%2Fdoc202253060301.pdf

Street Lighting National Programme (SLNP)

SLNP - Energy Efficiency Services Limited

​About the Author

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My name is Alejandro Marecos, an intern at TABC and a current MBA student at National Taiwan University of Science and Technology (NTUST). My focus lies in administrative analysis, and I am passionate about sustainable business practices and financial analysis in the real estate market. Through my internship and academic experience, I have gained substantial insights into green buildings and energy-efficient solutions for real estate investments. Currently, I am conducting research on Real Estate Investment Trusts (REITs), exploring their impact on urban development and sustainability.

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