Written By: Emma Websdale
Bloomberg New Energy Finance has announced the launch of a new initiative to accelerate the flow of investment into clean energy, climate adaptation and green growth.
This week, at the third Global Green Growth Forum in Copenhagen, Bloomberg New Energy Finance launched Finance for Resilience (“FiRe”) -an initiative designed to identify the most effective ways of increasing investment into clean energy technologies.
The new initiative comes as an attempt to tackle the declining investment rate seen in recent Bloomberg New Energy Finance figures. Although investment in clean energy grew from $50 billion in 2004 to over $300 billion in 2011, this figure has since been declining, with investment in the first three quarters of 2013 down by 30%.
The FiRe initiative aims to halt this decline by identifying the most effective proposals, known as “Fire Priorities,” and getting them scaled up as quickly as possible. Other areas covered by the initiative include energy policy, financial regulation and disclosure, developing world projects and distributed energy, new investors and financial products, cities and municipalities and leveraging public finance.
“Over the past few years, finance has moved to the centre of the debate on a range of climate, energy and sustainability-related questions, and there has been a flowering of ideas and suggestions”, said Michael Liebreich, Chief Executive of Bloomberg New Energy Finance.
He added, “Now it is time for the international community to focus on a smaller number of scalable, achievable interventions which can help drive sharply increased investment flows into clean infrastructure. My hope is that FiRe will play a significant role in accelerating flows of investment.”
Proposals under the FiRe initiative will be researched, prioritized, implemented and tracked to be ready for presentation and assessment at the first FiRe Annual Meeting in New York City on April 9, 2014.