RenewableS 2013 GlObal STaTUS RePORT - REN21

ENDNOTES 03 INVESTMENT FLOWS
Investment Flows
1 Sidebar 5 from the following sources: Frankfurt School – UNEP
Collaborating Centre for Climate & Sustainable Energy Finance
(FS-UNEP) and Bloomberg New Energy Finance (BNEF), Global
Trends in Renewable Energy Investment 2013 (Frankfurt: 2013); C.
Mitchell et al., “Policy, Implementation and Financing,” Chapter
11 in O. Edenhofer et al., eds., IPCC Special Report on Renewable
Energy Sources and Climate Change Mitigation (Cambridge, U.K.
and New York: Cambridge University Press, 2012); International
Energy Agency (IEA), Harnessing Variable Renewables – A Guide to
the Balancing Challenge (Paris: 2011), pp. 877–78. Figure 21 from
FS-UNEP and BNEF, op. cit. this note.
2 Figure 22 from FS-UNEP and BNEF, op. cit. note 1.
3 Figure 23 from ibid.
4 Figure of 80% for 2011 from FS-UNEP and BNEF, Global Trends in
Renewable Energy Investment 2012 (Frankfurt: 2012).
5 Ibid.
6 Estimates of 55.4 GW th
and 80% based on data from Franz
Mauthner, AEE – Institute for Sustainable Technologies, Gleisdorf,
Austria, personal communication with REN21, 14 May 2013, and
from Werner Weiss and Franz Mauthner, Solar Heat Worldwide:
Markets and Contribution to the Energy Supply 2011, edition 2013
(Gleisdorf, Austria: IEA Solar Heating and Cooling Programme,
May 2013). Weiss and Mauthner estimate of 52.6 GW th
was
derived from available market data from Austria, Brazil, China,
Germany, and India; data for the remaining countries were
estimated according to their trends for the previous two years. The
Weiss and Mauthner report covers 56 countries and is assumed
to represent 95% of the global market, so data were adjusted
upwards by REN21 from an estimated 95% of the global market to
100% (i.e., 52.6 GW th
/0.95) to reach 55.4 GW th
of gross additions.
Note that the scale of investment in solar heat systems worldwide
is difficult to estimate because the price of devices varies widely
from one country or region to the next. In addition, the BNEF
estimate includes only the actual devices or panels; it does not
include installation costs.
7 BNEF estimate for investment in large hydropower (>50 MW) is
based on 22 GW of capacity commissioned during 2012 and a
capital cost per megawatt of USD 1.5 million, bringing the total
investment in large hydropower to USD 33 billion. The figure
USD 1.5 billion per GW is the average value based on numbers
provided by developers of large hydro projects in applications
for the Clean Development Mechanism. Estimates are approximate
only, due greatly to the fact that timing of the investment
decision on a project may be about four years on aver age away
from the moment of commissioning. As a result, a large share of
the investment total for the projects commis sioned in 2012 was
actually invested in prior years; in addition, there was investment
during 2012 for projects that are currently under construction
and are not included in the BNEF estimates. Note that data for
hydropower projects larger than 50 MW differ somewhat between
this GSR and the Global Trends in Renewable Energy Investment
2013 due to different methodologies and data sources. This GSR
estimates that 30 GW of total hydropower capacity was commissioned
worldwide during 2012, and a significant portion of this was
projects larger than 50 MW, whereas BNEF estimates that 26 GW
of hydro capacity was commissioned in 2012, including 22 GW of
large projects (>50 MW).
8 Data are from the IEA and were aggregated by BNEF. For
corporate R&D, data are from BNEF database and the Bloomberg
Terminal; for government R&D, data are from BNEF database and
the IEA database. Further sources are the International Monetary
Fund and various government agencies.
164