Shell International Limited：FINANCING NEW ENERGIES

Executive Summary

In this paper we first examine the challenges of financing the transition to new energies and highlight that the financing needs are very large, that both public and private finance are required, and that the characteristics of new energy investments makes sourcing capital more difficult.

We then describe five important building blocks which can increase the availability of finance:

· Legislate long term climate commitments to provide a clear and stable investment environment.

· Reduce the overall need for finance by reducing the amount of new infrastructure assets that need to be constructed.

· Establish clear funding models by completing markets.

· Ensure an attractive risk/return balance for investors.

· Green the private financial system to help unlock additional finance.

Nine short case studies have been included to give examples of the building blocks in different countries.

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Shell International Limited：FINANCING NEW ENERGIES