Les conditions institutionnelles propices à la relance de l investissement - Une perspective européenne

Transcription

1 Les conditions institutionnelles propices à la relance de l investissement - Une perspective européenne Bruxelles, le 23 octobre 2017 Pierre-Emmanuel Noel Senior Banker Representative for Operations in Belgium noelpe@eib.org European Investment Bank Group 1

2 Mission et structure de la BEI La BEI et le financement de la transition énergétique en Belgique Les obstacles à l investissement Pistes de réflexion en guise de conclusion European Investment Bank Group 2

3 Created in 1957 by Rome Treaty now EU s Bank Not-for-profit, AAA among world s largest bond issuers EUR 84bn p.a. financed in 160 countries (90% within the EU) EIB s HQ in Luxembourg European Investment Bank Group 3

4 Overview of the EIB Group European Investment Bank Group 4

5 EIB s «mission statement» on energy The promotion of sustainable, competitive and secure sources of energy is a key EU policy objective and an important sector for EIB financing. The EIB applies strict criteria to ensure that our lending in the energy sector reflects EU energy and climate policy, as well as current investment trends. As a result, our energy lending focuses on energy efficiency, renewable energy, energy networks, as well as related research and innovation. European Investment Bank Group 5

6 Climate Action/Energy Projects Renewable Energy wind, solar, ocean = 100%. Geothermal, hydro, biomass may be zero or 100% depening on whether there is a net GHG benefit Energy Efficiency substantial change over & above norms & standards - refer to EIB s EE eligiblity criteria for buildings, industry, transport, co-gen. Criteria for buildings: Building renovations component approach (% relating to EE measures) New buildings in the EU NZEB in EU = 100% (applicable until 2018 (public) or 2020 (private). Fuel switching in existing thermal power plants to less GHG intensive fuel Modal shift in transport to lower carbon modes Urban mass transit and bicycles/pedestrian mobility 100%. Rail, inland waterway, short sea shipping (SSS) 100% if modal shift demonstrated. Ports/intermodal = x% where x is linked to the proportion of low carbon modes (rail, inland waterway, SSS). Research & development - component of programme relating to EE & low carbon technologies Afforestation/reforestation, incl. greening urban/brownfield areas - Biological sequest. Waste management recycling, biological treatment, landfill gas recovery (note: waste incineration with energy recovery can be eligible but criteria under review) Methane capture in WWTP may be zero or 100% depending on whether there is a net GHG benefit Industry reduction in process GHG emissions (not EE)

7 EIB two-fold assessment approach Eligibility and Viability Assessment Check conformity with the respective EU priorities and policies Check project viability by reviewing the technical and economic soundness of the project Bankability Assessment Financial analysis to assess borrower s creditworthiness and/or SPV s cash-flow and asset value Build on the project viability and technical analysis especially in project finance and for lower rated borrowers Determine suitable financing instrument given financial risk profile European Investment Bank Group 7

8 EIB Corporate loans Project Finance/PPP loans Public Sector loans (direct/indirect) Specialist finance: Demo RE projects loans (Innovfin); RE funds, EIB s Energy Financing Utilities (TSOs,DSOs), Interconnectors, RDI, Offshore windfarms, solar parks, ESCOs, Local/regional/national governments (eg SmartCities) Development of unproven RE technologies; Green/Climate funds, European Investment Bank Group 8

9 L action de la BEI en Belgique pour la transition : les financements Financement direct des grands projets éoliens offshore Ex: Norther, Belwind, C-Power Financement des opérateurs énergétiques (TSOs, DSOs) Adaptation des réseaux aux ER, efficacité énergitique Financement indirect de projets liés à la transition dans le cadre de la ligne Smart Cities & Circular Economy (via Belfius) Ex: énergies renouvelables, mobilité soutenable, efficacité énergétique des bâtiments publics European Investment Bank Group 9

10 L action de la BEI en Belgique pour la transition : le conseil European Investment Bank Group 10

11 Les obstacles au financement de la transition énergétique en Belgique (1) Le cadre budgétaire européen Logique européenne: (potentielle) flexibilité ex-post pour les déficits/dettes liées à l investissement (même si strictement, la Belgique ne respecte pas les critères de la clause d investissement) Réalité institutionnelle belge: inhibition ex-ante de l investissement Le manque d ouverture aux modes alternatifs de financement type PPP ou concessions Mais quelques avancées timides (ex Tramway de Liège) European Investment Bank Group 11

12 Les obstacles au financement de la transition énergétique en Belgique (2) Certaines règles comptables européennes Ex: comptabilisation comme dette publique des financements liés à des contrats de performance énergétique relatifs à des bâtiments publics (mais assouplissement récent) La complexité institutionnelle et juridique qui entrave l émergence de visions stratégiques horizontales et empêche de créer les masses critiques pour l investissement Ex: la mobilité soutenable, le logement social (efficacité énergétique) European Investment Bank Group 12

13 Comment lever les obstacles? Replacer le sujet «infrastructures» au centre du débat politique (après une longue période de sous-investissement en % du PIB et des dépenses publiques) Stimuler les coopérations trans-régionales (plan infrastructures?) et trans-sectorielles Développer et centraliser les expertises (techniques, économiques, financières, ) au niveau du secteur public (comme c est le cas au Pays-Bas) et développer des modèles alternatifs Poursuivre la discussion des marges budgétaires sur le plan politique adéquat (UE), le cas échéant avec d autres Etatsmembres Faire appel à la BEI comme conseiller et partenaire stratégique et mobiliser les resources du type ELENA European Investment Bank Group 13

14 Contact: Pierre-Emmanuel Noel Representative for Operations in Belgium This Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the European Investment Bank ( EIB ). The terms and conditions are intended as an outline for discussion purposes only and made on an indicative basis. All figures set forth in this Presentation are subject to change, to a satisfactory due diligence and to all necessary internal approvals of EIB (in particular of its credit committees). The information in this Presentation reflects the prevailing conditions and the view of EIB as of this date and are accordingly subject to change and based on carefully selected sources believed to be reliable. EIB has not independently verified this information and does not make any representation or will be liable that such information is accurate, valid, timely and complete. This Presentation is provided without any liability whatsoever by EIB and shall not constitute any obligation of EIB to extend credit facilities to the Company or to carry out a due diligence review of the aspects relevant for the financing of the Project. Neither this presentation nor any of its contents may be duplicated, published or used for any other purposes without the prior written consent of EIB. European Investment Bank Group 14