I.
Introduction
Changing Climate is raising alarms towards the
usage of Energy and attainment of Sustainable
Development globally. It is difficult to comprehend
as to the certainty of how technological possibility
will play out in the future to provide a balance
for the need for survival vis-à-vis embracing
the environmental concerns. Given the attention
attained by the need for energy and the impact
of climate change due to pollution, one can
say with assurance that developments in energy
markets will remain central in determining the
longer-run health of national economy and societies.
The experience of the later half of the last
century affirms that market forces play a key
role in conserving scarce energy resources and
directing those resources to their most highly
valued use. The productive capacity of the future
can no longer be based on market forces alone.
They would have to consider the cost to the
society and the future, which would enforce
the creation of Green Energy and their productive
use for sustainable development. Hence energy
and climate change issues present policymakers
and citizens with difficult decisions and tradeoffs
to be made outside the market process. It is
very apt that the Global Forum 2007 focuses
on this vital issue which needs to be addressed
in a manner that does not distort or stifle
the meaningful functioning of our markets and
the future of our generations. We hope that
the debate at this, the SIWIs Swedish Water
Award Forum and other similar forums would stimulate
the research and development that will unlock
new approaches to energy production, its sources
and allocation for most productive use.
Effects
of a changing climate are widely observable with
the temperatures and sea levels on a steep rise
with melting of ice and snow covers (Fralkenmark,
2007). The consequences could be catastrophic
for the natural world and society. A large number
of scientific studies indicate that due to the
release of green house gases (such as carbon dioxide
and methane) and wars, the impact on atmosphere
by human activity post 1920 has been the primary
cause of the drastic climatic change. One cannot
do away with the effect of war situations and
bombings done in the last 2 decades contributing
to temperature variations, seismic disc movements
and ozone depletion. Increase in Air-traffic and
Airplanes travel at very high altitudes has also
impacted on global warming. IATA predicts another
500 million passengers will take to the skies
by 2010, with jet aircraft emitting 23 kg of CO2
per 100 passenger per km, raising the risk to
nature and mankind. Not only is the CO2 emission
a problem but also the Nitrogen dioxide from airline
engines leads to formation of ozone leading to
creation of cirrus clouds enhancing green-house
effect contributing to global warming. In Europe
it-self it is estimated that emissions from air
travel increased by 73% between 1990 and 2003
(Philip, 2007). We need to secure a profound change
in the way we generate and use energy, and in
other activities that release these gases.
The
unprecedented combination of climate change and
associated disturbances like flooding, droughts,
wildfires, insects and other drivers like land
use change, pollution and over-exploitation of
resources would lead to shift in agriculture productivity
and economic growth globally. Even though agriculture
is one of the smallest percentage contributors
to the GDP pie, it holds the prime place in the
Growth chart of nations. Moving to Green Technology
for energy needs globally at the earliest possible
is the only given solution to this complex problem.
It is also important to note that Green Technology
(based on renewable sources) is not only cheaper
but also more labour intensive (both skilled and
un-skilled) in the long run than the non-renewable
sources of energies in use. We believe that this
would enhance the employment and reduce the tense
atmosphere due to Un-Employment & Aging Population
as well (especially in the Developed regions of
the World).
The
Nobel Peace Prize 2007 to IPCC and Al Gore’s
initiatives and the SIWI’s Water Awards
every year send very powerful messages to the
global community on the climate change and appropriate
water management for developing an appropriate
balance between a healthy ecosystem and sustainable
growth.
II. Sweden & the Nordic Region
Sweden, Finland and other parts of the Nordic
Region are endowed with large terrains of Green
belts (with forests land coverage being over 50%
in Sweden and over 85% in Finland). The environment
friendly parliamentary view and stagnant population
in the region have enabled maintain the rich Green
heritage.
It
is commendable to see the Swedish commitment towards
environment, which is clearly visible from the
decision to do away with the fossil fuels from
the energy mix by 2020 and being one of the first
to introduce a referendum in 1980 to move away
from Nuclear Energy. This is despite the fact
that Sweden’s electricity consumption has
been rising and it has one of the world's highest
individual levels of energy consumption of about
18,000 kWh/head. Today, just under 50% of domestic
energy production in Sweden is based on nuclear,
about 40% on hydro and 8% via fossil fuels. Sweden
introduced nuclear energy into it’s energy
mix in 1965 to substitute fossil fuels. The moves
towards Green Energy in the 1970s and towards
Green Renewable Energy now by Sweden are both
because of ecological and economics reasons (i.e.
due to Oil shocks of the 1970s and those posed
2004 onwards).
III.
India Initiative
India is in need for huge energy requirements
for sustaining the growth induced with increased
trade, commerce and international presence in
the country. Currently India’s energy mix
is a combination of hydro-power, bio-energy (wind,
bio-gas, bio-diesel and others), solar, coal and
nuclear energy. As far as economics of operations
for energy creation and distribution are concerned,
India have proved that it competes equally with
the best, be it in the production of nuclear power
, heavy water, bio-energy or nuclear fuel.
It
is also interesting to note that 31% of India’s
primary energy comes from bio-energy that include
agricultural and forest waste, wood chips, animal
waste and bio-fuels. In India, Bio energy (non-commercial)
is second only to coal, which accounts for just
over a third of India’s primary energy mix.
Estimates show that about 70% of India’s
domestic energy need is met by bio energy. It
is expected that 25 years from today taking the
bio-fuels and renewable sources of energy, the
share of non-conventional energy in our energy
mix is expected to be 12-15% in the very least.
Bio-energy’s potential over the next 25
years, is about 2.5 times the combined potential
of hydro, wind and nuclear. It is estimated that
60 million hectares for energy plantations, commercially
grown bio-energy could yield 29-35% of India’s
primary energy requirements even 25 years from
now. Inclusive of non-commercial bio energy, the
share could be 39-45% (Sethi, 2007).
Apart
from Bio-energy, India also enjoys being a Solar
rich receipt. Scientific calculations show that
about 7-8 million hectares under solar cells could
give India energy independence even 25 years from
now. From a forest conservations perspective,
2.25 million hectares under solar cells with 15%
conversion efficiency could yield the same energy
as 60 million hectares of wood plantations would
yield.
To
enable make the reach of Solar and Bio-Energy
to the larges, the governments would have to promote
and develop schemes to involve industries and
government projects. One of the clear ways is
to grant the request of the Industry for approving
the R&D outlays as deduction from taxes due
and that this fiscal incentive be made tradable.
Also all the bio-fuels or bio-chemicals should
be subjected to a very low tax or be exempt from
taxes that are imposed on fossil fuels or fossil
based chemicals to involve the SMEs and large
industries to move towards Clean Renewable Energy
sources.
Amongst
the Renewable Sources of Energy, Hydro-Electric
power is the cheapest in the long run. It offers
a large number of advantages. For instance
i. Being most economic source of power.
ii. Being a Non-pollute and renewable source of
energy unlike thermal/nuclear which is based on
non-renewable sources of energy. Oil, Coal, Gas
Resource, Nuclear fuel which can be used for producing
electricity are getting scarcer day by day and
involve high cost and put strain on foreign exchange.
By placing greater reliance on hydro power these
constraints can be overcome.
iii. It also helps in management and regulation
of water resources. Shortage of water would create
serious problems for mankind if not attended to
immediately.
iv. Enhances productivity of farmers and agriculture
needs through irrigation facilities.
v. Prevents floods and drought situations. It
would also help contain the problem due to melting
glaciers.
vi. Secures drinking water and food supplies
vii. Very low maintenance and operational cost
viii. Creates Employment
One
of the charges leveled against hydropower is that
it has long gestation period compared to thermal
projects and, in turn, increases the cost of the
project. Environmentalists have also raised hue
and cry in the past against hydel projects. Power
economy committee in India after examining this
point concluded that if hydro project is thoroughly
examined and designed before implementation, the
actual period of construction is nearly the same
as that of a thermal / nuclear projects. This
is why Power Commission of India in 1962 and Energy
Survey of India Committee in 1965 suggested greater
reliance on hydro projects. After getting off
to an impressive start in the First and the second
plans hydro-electric projects started witnessing
slackened growth. The trend was unhealthy and
there was a need to reverse this. Power Economy
Committee of India (1971) stated, "Under
the existing conditions in the country, the hydel
schemes constitute the most economic source of
electric production to control and reduce the
cost at energy generation and supply in the country,
to enable full utilization of generating facilities
already built up and to ensure that the limited
capital allocations to the power supply industry
go the farthest in meeting the country's estimated
deficit, the bulk of new generating capacity to
be added during the 5th and 6th plans should be
derived from hydro sources". Despite such
clear advantages only one-fifth of hydro power
has been harnessed in the country so far. We need
to build up a shelf of well-investigated projects.
The operational cost is low, maintenance requirements
minimal and hydel power is an excellent arrangement
for peaking support. That is why a continuing
program of hydel investigation and execution of
project is imperative.
Energy
and Environment have been core areas of concern
from the governmental and societal perspective
in India. The religion that houses over 70% of
the population (1.1 billion) i.e. Hinduism, is
a way of life which has millions of Gods majority
of which are environmental idols. Every one in
the society from the very young childhood is told
to be nature conscious and friends. Results of
this can be seen with the movements towards bio-energy,
Delhi being the greenest capital city even when
it houses over 18 million inhabitants with a flow
of 2-3 million every day, and the Hon’ble
Prime Minister being the head for the Energy Coordination
Committee.
IV.
Global Trends and Initiatives
The recent International Energy Agency (IEA)’s
2006 report projects that emissions of CO2 (a
main GHG) would be more than double by 2050. According
to the IEA report, the developing countries would
account for almost 70% of this increase. It is
important to understand that most of the developing
countries are gearing at benefit of technology
transfers from large western organizations having
growth within these countries. The shifting up
of base of most European or American firms is
not only based on a lookout for cheap raw-material
and labour, but is more of a conglomerate factor
of regulatory restrictions in home countries,
environmental restrictions and market access,
which most major industries and energy organizations
are subjected to. This is specifically there due
to stagnation of population growth and aging population
in these regions of the world.
The
social equity globally would be worsened by the
GHG emissions since poorer countries and the poorer
segments of the population within countries are
more vulnerable to technological shifts and higher
technology layoff costs (Agarwal, Agarwal &
Agarwal, 2004; Falkenmark, 2007). Moreover, the
costs of damage as well as the required adaptation
and mitigation efforts will be unevenly distributed
both among and within countries. There is also
the risk towards further erosion of social capital
and increase in the vulnerability of social values
and institutions, already weakened by technological
changes. Inequity in due course could undermine
social cohesion and exacerbate conflicts over
scarce resources. Advances in underground storage
of CO2, battery technology (for plug-in hybrid
cars), bio-energy, traditional renewable sources
of energy and nuclear power is expected to alter
energy economics (Brown, 2006). What IEA needs
to work on is how to utilize and bring into functionality
the best available green technologies like the
use of more solar, wind and biomass through more-efficient
cares, appliances and buildings and not basing
primarily on Nuclear for energy needs.
Nuclear
energy thought clean from the CO2 perspective,
but is based on non-renewable source. Also this
subjects the globe to higher degree of ecological
risk due to non-degradable nuclear waste and possibilities
of mishaps. The recent cases of Nuclear disasters
post 1950s in Kashiwazaki Japan (2007); Mihama
Japan (2004); Tokaimura Japan (1999); Goiânia
Brazil (1987); Chernobyl USSR (1986); Three Mile
Island, nr. Harrisburg, US (1979); Greifswald
East Germany (1976); Windscale Pile No. 1, north
of Liverpool, UK (1957); South Ural Mountains
USSR (1957); Chalk River Ottawa, Canada (1952)
bring forth the black side of Nuclear Energy as
a so-called clean sources of energy.
It
is comforting to see the political and corporate
will being generated globally towards a Renewable
Clean Energy and reduction in emission levels.
In US Arnold Schwarzenegger suggesting to cut
emissions to 80% below 1990 levels by 2050 (Washington
Post-ET, 2007), globally steps towards the Kyoto
Protocol (developing CDMs and trading Carbon Credits
) and in Sweden Volvo Trucks signing a contract
with Vattenfall for supply of Renewable source
(non-Nuclear) based energy from 2008 (WNN, 2007)
are stepping stones in this direction. There are
large number of organizations globally who share
similar feeling and objectives towards a Clean
Green future. It is the cost of transition and
the operational difficulties that have deterred
most organizations for a long time.
V.
Financial Economics of Energy
Considering the fund crunch being faced by State
Electricity Boards globally, private promoters
should turn to domestic and foreign financial
institutions. Joint ventures should be formed
with 100 percent equity holdings shared by both
the domestic and foreign promoters. In case of
foreign loan it would be required that supplier's
credit is guaranteed by Export Credit Agencies
from the country of export. These export Credit
Agencies would, in turn, have to seek guarantee
from Financial Institutions and domestic banks
since foreign banks and credit institutions continue
to be unwilling to take the credit risk in view
of the weak financial condition of State Electricity
Boards. The promoters must take into consideration
that the loan provided by the ECAs will be supported
by the International Financial Institutions (IFIs).
The fee for this service generally varies between
1.5 percent to 3 percent of principal and future
interest. This fee rate is generally arrived at
on the basis of discussions between such institutions.
Apart from interest costs and guarantee fees,
other costs of financing are the lenders upfront
fee, a fee for amount committed but remained unused,
third party assessment and closing fees. In most
cases upfront and unused fees are calculated on
the committed amount and not on the total drawn
amount. Third party costs include legal and consultancy
fees.
In
case of private participation in this sector it
is important that proper infrastructure is in
place. Creation of infrastructure has become very
important because money invested by private player
attract high interest. The approach of private
promoter in financing such projects should be
somewhat different. They should note that the
development of green energy power projects based
on renewable sources should not be done out of
the sole intention of making money, while making
money cannot be altogether ruled out. Inordinate
delays in the execution of such projects caused
by promoter’s inability to secure the investment
money will not help the promoters and they may
have to face the wrath of those who support the
project. The promoters need to make sure the project
is environmentally sound, safe and without controversies.
They must ensure that there is little submergence
of land, little or no relocation of the residents
and so forth. Though these issues are not directly
related to finance, if ignored they will drastically
tell upon the finances of promoters.
Some
of the basic financing sources for Green Power
Projects are
A. Domestic Financial Markets:
i. Equity finance
ii. Debt Finance
iii. Domestic Capital Market
iv. Financial Developmental Institutions
B.
International Financial Markets
Due to limited domestic finance available for
power projects, the need to tap international
markets becomes inevitable which is characterized
by long tenure of maturities and availability
of various modes of finances.
i. Multilateral Institutions
ii. Export Credit Agencies (ECA)
iii. External Commercial Borrowing (ECB)
iv. Syndicated Loans
v. Private placement
vi. Global Depository Receipts (GDRs)
vii. Weather Derivatives & Hybrid Instruments
(Agarwal, 2002)
C.
Financing through Internal Resources:
One of the most important source of finance is
Internal Resource generated through the projects
own operations. There are two aspects of this
issue. One the funds already invested but not
yielding results need to be put to use. Second,
the projects should be made to be cost effective
so that projects are able to generate enough resources
from within the project. We need to use the funds
stuck up in various projects. For instance taking
one of the cases of India, where INR 80,000 crores
is stuck up in various hydel projects which have
been invested in the past. This massive amount
has become non-performing asset and the nation
is loosing because these projects for one reason
or another are not being allowed to be completed.
VI.
World Energy Fund
The concerns and debates in the last five years
on Energy and Climate change need to be addressed.
It is vital that international agencies like the
UN, IEA and World Bank take steps to give directions
to nations and international society for developing
means for appropriate actions to curb environment
pollution providing for sustainable sources for
development and growth globally.
Based
on the concept of the UNs World Solidarity Fund,
so created in December 2002 on the suggestion
of Tunisian President Ben Ali (in December 2000
at UN Forum), we would like to propose the creation
of a World Energy Fund to meet the needs and smooth
transmission for change over to Clean Energy by
industries globally.
The
World Energy Fund may function by engaging in
- focus through
o Purchase of Technology Patents for Clean/Green
Energy to enable cheaper industrial usage by the
industries globally (especially in developing
regions of the World)
o Promote Bio-Energy Sources (Bio-Diesel / Bio-Gas)
and Solar Energy for Household energy consumption
needs.
o Governments to move forward than just Kyoto
Protocol to sponsor or further projects which
are based on Green Energy Sources for their Future
Power needs.
o Green Fuels to be Tax Free for a period of 5-10
years.
o develop capital market financing energy products
to finance Green Technology.
- finance the Fund through
o Seeking donations (organization, international
agencies & governments)
o Introduce Pollution Tax (country/sector basis)
o Fee from Use of Patents (purchased)
o Environment Tourism (In Sweden over 3 million
Sweds have visited Swedish Nuclear Plants (HT-Reuters,
2007))
VII.
Conclusion
Energy is a vital input needed to fuel the engine
of economic growth and to fulfill the basic needs
of national societies. Empirical evidence suggests
that lack of energy can whittle down the pace
of economic development while its abundance can
stimulate the development. Data show that on an
average a developed nation civilian consumes approximately
40 percent more energy than some one from the
developing region. Stark gap in consumption levels
like these may safely be attributed to the government’s
failure to maintain an appropriate ratio of Renewable
(Hydel, Solar, bio-mass) and Non-Renewable (Thermal
& Nuclear) power and not properly harnessing
hydro/green power which is possible only through
the construction of large river valley / green
projects.
Energy
is one of the critical inputs for agricultural,
industrial production, IT & telecommunications
and raising the quality of life of people. Government’s
statements worldwide confirm that it is well aware
that the “marginal productivity” of
energy is far greater than the cost of energy.
This means that clean energy development ought
to be the top most economic priority of the State.
It also means that there is an opportunity for
deficit financing of energy/power projects, so
that the required additions to capacity (due to
change from non-renewable to renewable source)
to match demand need not suffer for want of resources.
Only a dogmatic monetarist position would insist
on identifying the finances for power development
with required savings or creative energy financing
for the economy as a whole.
It
is interesting to see that River valley projects
not only produce electricity but also conserve
water and ensure cleanliness of the air in the
process. In developing countries like India it
is very important that water resources be utilized
efficiently and effectively. For such an effective
utilization of water resources construction of
river valley projects is of paramount importance.
And river valley can be reality only when there
is adequate finance. In a river valley project
the prospects from hydropower generation seems
most lucrative. That is why investment decisions
are largely guided by hydroelectricity. The introduction
of new power policy in India and other parts of
the world and the vertical split up of the business
of generation, transmission and distribution signify
that the governments would provide for fresh impetus
to river valley projects. In the bygone era everything
from conception to operation of the project was
guided by Government. In the new regime the governments
globally should be ready to rearrange everything
so that necessary finance could be put in place
for the construction and running of river valley/green
renewable energy projects.
The
global world and economies are faced with challenges
to counter climate change, energy and sustainable
development. Though it is the responsibility of
every citizen of the global world to fight against
such environmental socially-ill, however the duty
primarily rests on the shoulders of governance
bodies and international agencies to play a pro-active
role in clearing the menace and providing directions
to industry. With the changing structure of world
investment, trade, capital flow and the need for
deeper integration, strengthening regulatory framework
and signaling system is greater. Globalization
has altered the economic frameworks of both developed
and developing nations in ways that are difficult
to comprehend. Also the emergence of unregulated
global markets appears to have moved towards a
more stable and growth oriented economic globe.
What is needed today is to develop sensitivity
sensor systems to promote green technology within
the financial framework as an integrated approach
to keep markets from busting and causing socio-economic
environmental panics. Faced with these uncertainties,
it is especially important that policymakers undertake
the required policy adjustments for a sustained
global expansion. As well, supervisory and regulatory
authorities need to continue to strengthen energy
financial market infrastructure to underpin the
resilience of the ecosystem towards sustained
development and clean tomorrow.
Jai
Hind.
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