170611 note on crowdfunding - fair climate network · 2017-06-11 · fair climate network – note...
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Fair Climate Network – Note on Crowdfunding
June2017
1. Introduction
1.1. Definition Crowdfundingisanoldandestablishedarrangementwhereagroupofpersonswhocannotindividuallyfinancethetotalcostofagoodcause,jointogethertopoolresourcestofinancevariousactivities.InIndiaalone,morethan`329corehasbeenraisedfor1,000+causesandorganisations.
ConventionalCrowdfundingraisesonce-offresourcesforasinglecauseorventure.Examples:
§ Aschooldoesn’thavereadycashforanewbuildingorfacilitythatbutwill,overtheyears,beabletorepaythroughtuitionfees;loanbasedCrowdfunding.
§ Acentralisedclimateproject(likethewastetreatmentplantexampleannexedtothispaper)needsinitialcapitaltoinvestonplantandmachineryandkick-startoperations;equitybasedCrowdfunding.
§ Anepidemicneedsurgentsupplyofmedicinesandotherequipment;rewardbasedCrowdfunding.
However,unlikenormalCrowdfundingPlatforms,inthecaseofpro-poorcommunityownedandmanagedprojects,thereisneedformuchlarger,long-term,multi-year,committedcontributionsthatwillnotberepaidincash,butinamonetizedenvironmentalservice.
HencetheneedforthispaperonCrowdfundingfortheFCNmodel.
1.2. Crowdfunding FCN Projects InthecontextoftheFairClimateNetwork,Crowdfundingisanarrangementwhereagroupofclimateconsciousindividualsand/orcompanies,whocannotindividuallyfinancethetotalcostofanenvironmentallyvaluableclimateactivity,jointogethertopoolresourcestoimplement,maintainandmonitortheproject.
§ MitigationValue:EmissionReductionsandCarbonCreditsgeneratedbytheprojectaresharedindirectproportiontotheirrespectiveinvestments.
§ AdaptationValue:However,everyoneinthecrowdfundinggroupjointlytaketotalcreditforalleviatinghardshipscausedbytheadverseeffectsofclimatechangeondisadvantagedpopulationssincetheprojectwouldn’thavebeenpossiblewithouttheircollectiveeffort.
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1.3. Why Crowdfunding? ClimateMitigation&AdaptationProjects,likeanyactivitythataimstomakeaseriousanddiscernibleImpactinthelivesofresourcepoorpopulations,needtobeimplementedatscale.Scalerequiresrelativelylargeresourcesintheformoflow/zero-interestloansthroughtheforwardpurchaseofenvironmentalservices,longbeforescheduleddeliverydates.Thesethird-partycertifieddeliveriesaremeasuredinUNFCCCand/orGoldStandardEmissionReductions–CERsandGSVERs.
Suchlargeresourcesmayormaynotbeavailablewithanysingleindividualorcompany.
1.4. Clean Energy Technologies (Renewables) Clean/alternateenergytechnologies,bydefinition,lendtodecentralisedcommunityownershipandparticipation.Householdandlocalcommunityownedsolar/windenergyaccountsformorethanhalftherenewableenergygenerationinentirecountriesofEurope1,andanincreasingnumberofcounties/citiesintheUSA.Individualcitizensandsmallneighbourhoodgroupshavesucceededinsubstantialreplacementoffossilfuelbasedenergywithzeroemissionrenewables.
1.5. Decentralised Management Systems Conventionalmanagementpracticesweredevelopedforcentralisedlarge-scaledeploymentatsinglesites.Thiswillnotworkwhentensandevenhundredsofthousandsoffamiliesparticipateinasmanylocationstomeettheirenergyrequirements.Theyhavetoberecognisedasnewagebusinessesneedingaradicalchangeinorganisationalculture,structureandmanagementsystems.
ThesenewpracticesneedtobeanchoredintheinvolvementofeverysinglepotentialEndUserwomaninplanning,implementing,maintainingandmonitoringrenewableenergytechnologies.Totalandexception-freetransparencyneedstoreplacebureaucracy,hierarchyandcorporateconfidentiality.Andallthishastobesupportedwithrobustreal-timedigitization.
1.6. Fair Climate Network GrassrootsNGOswhohaveanintimaterelationshipwithcommunitiesarebestsuitedforimplementinglarge-scaleClimateProjects.Forthepast11years,theFairClimateNetworkisengagedinbuildingthecapacityandcapabilitiesoftheseNGOs.Wehelpthemidentifyaptandimplementabletechnologies,registerClimateMitigation&AdaptationProjectswiththe
134%ofthetotalinstalledcapacityofrenewableenergyinGermany(50%ofphotovoltaic,25%ofwindand41.9%ofbioenergy)wereownedbyindividualsandcommunitiesinGermany.From2012to2013thissharejumpeduptocross50%86%ofwindturbinesinDenmarkareownedbyprivateindividuals.
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UNFCCCandGoldStandard,andassistinsettingupsystemsforimplementation,maintenanceandmonitoring.Pleasevisithttp://fairclimate.com/
Manypro-poortechnologieswerebornthroughtheconceptualizationofwildideas,usingcuttingedgescience.Theyweregreenfieldintworespects:
a) Technicalshortfallshadtobeidentifiedandcorrected,andb) Implementationbottlenecksneededtobeimprovedbeforebeingrolledout.
Checkingthefeasibilityofanovelideaentailsacertainamountofrisk.Wedecidedtotakethatriskandblazethetrailtodemonstratethat“thePoorareapartoftheSolution;NotapartoftheProblem”.
RobustmanagementsystemsandimplementationtechnologiesweredevelopedfordomesticBiogas,fuelefficientWoodstoves,Afforestation/ReforestationandLowCarbonFarming.Digitalmonitoringsolutionsweredevelopedtoeffectivelymonitoractivitiesspreadoverthousandsoflocations.
2. Crowdfunding
2.1. The Resource Challenge Whenprovencleanenergytechnologies,alongwiththeinterventionstrategy/implementationtechnologyhavetoberolledout,obtaininghumungousresourcesisthesinglebiggestchallenge.Theproblemiscompoundedby2additionalfactors:
i. ThevolatilecompliancemarkettradesatapitiablefractionoftheactualcostofgenerationsinceCarbonRevenuesareseenasjustanadditionalsubsidyofsortstoclosethegaptomakeconventionaltechnologiesviable;thevoluntarymarketoffersaslightlybetterprice,butisstillfarshortoftheactualcostofgenerationwherepro-poortechnologiesareconcerned.2
ii. Disadvantagedpopulationsdonothavethemoneytothemselvesinvestonthetechnology,maintain,monitorandgenerateCarbonCredits.
Theonlywaythatpro-poorClimateProjectscanbefinancedisthroughforwardpurchase/saleofyet-to-be-generatedCarbonCreditsattheactual-price-of-generation.
Crowdfundingisagoodstrategywheremanyclimateconsciousindividualsand/orcompaniesgettogether,reposetheirfaithinthepoorasbeingapartofthesolution,andfinanceClimateProjectsspreadoverlargeregions,involvingtensofthousandsofEndUsers,inasmanydiverselocations.
2Inspiteofmillionsofgrassrootsclimateactivistsbeingattheforefronttousherinthemarketmechanisms,ClimateProjectsundertheCleanDevelopmentMechanism(CDM)wereneverseriouslyconceivedasmassactionsundertakenbyhundredsofthousandsofpoorfamiliesdirectlyimpactedbyClimateChange.
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2.2. Business, not Charity Crowdfundingisbasedonsolidarity,withnoundertoneofcharityorpatronage.Notbecausecharityisbadornotneeded,butbecauseitisnotsustainableandcannotbescaledup.Itcannotoffertheurgentlyneededviablealternativetoafossilfuelbasedeconomy/lifestyle.WhentheEndUserofthealternate/cleantechnologyistoberegardedasabusinesswomaninherownrights,thefinancershouldalsotakeabusinessapproach.
Thisbusinessoutlookisalsopropelledbytherealisationthat,ifHomosapiensaretosurviveonplanetEarth,theso-calledalternativeoftodayhastobecomemainstreambytomorrow.
2.3. Return on Investments CrowdfundingthereforerequiresaReturnonInvestment.Divestmentfromfossilfuelindustryisnotenough;itneedstosimultaneouslybeaccompaniedwithinvestmentinrenewables.Returnsfrommicro-levelEmissionReductionactivitiescarriedoutbyhundredsofthousandsofruralwomenwillnotbeonparwithreturnsfromconventionalnon-renewableslikewindmills,hydro,etal.Buttheaddedvalueisthepossibilitytoinvolvehugenumbersintothebuildingofanalternateeconomy.Historyhasproventhatlargescalecooperationistheonlywayforwardforourspecies.
CorporateClimateInvestorsexhibitafar-sightednessinrecognisingthevalueofpowerfulstoriesbehindthegenerationofhighquality,non-fudged,third-partyverifiedEmissionReductions.Theyknowthattheircustomerswillseethebrinktowhichhumanbeingshavegonevis-à-visClimateChangelongbeforetheeconomyasawholeacknowledgesthefact.3
TheypayahigherpricefortheseCarbonOffsetsforpurelybusinesswin-winreasonsanddevelopa“benevolent”carbonmarkettilltheeconomyfullyrecognisesboth,thevalueofenvironmentalservicesaswellasthedestructivepotentialofextractiveindustries.
2.4. Forms of Crowdfunding Dependingofthesituation,Crowdfundingtakesonvariousformslikedonationbased,rewardsbased,equitybasedandloanbased.Thispaperwillnotgointothedetailsofeachtype.Instead,wereferyoutoJensRadschinskiatJRadschinski@unfccc.intwhoheadstheRegionalCollaborationCentreBangkok(UNFCCC/IGES)andhelpscrowd-investingplatforms.WehaveattachedaPPTpresentationofatypicalexampletheyhavecirculated.
2.5. Setting up the Crowdfunding Platform i. Identifyapro-poorcommunitybasedClimateProjectlikedomesticBiogas,registered
withtheUNFCCCand/orGoldStandard.
3Nocorporateleaderhasforgottentheperilsofusingchildlabourinstitchingfootballsandmakingcarpets.GenuineworriesaboutClimateChangeareasstrongasthepublic’saversiontostarkexploitation.
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ii. Ensurethattheselectedprojectcomplieswith2uncompromisingFCNstandards,whichsitasalayerontopofinternationallyrecognisedUNFCCCandGoldStandardCarboncertification:ü CommunityOwnership&ManagementofClimateMitigationProjectsbytheEnd
Usersofrespectivetechnologies.CommunitiesneedtobefullyawareastowhattheClimateactionisallaboutrightfromtheconceptionoftheproject.Transferofownershipshouldnotbenominalortoken.Itmustbedoneinaresponsiblemannerthroughawarenesscreationandcapacitybuilding.
ü Upfront,open,transparentandlegallybindingCarbonRevenuesharingagreementsbetweentheProjectProponent(grassrootsNGO)andEndUserfamilies.WerecognisethatgrassrootsNGOswillhaveoverheadcoststokeeptheirorganisationsafloat.TheyarefreetotakeapercentageofCarbonRevenuesthatflowintomeettheserunningcosts.ButthatshareshouldbethoroughlydiscussedandarrivedatwitheachandeveryEndUserofthetechnology.
iii. MeticulousfinancialprojectionsaremadebytheImplementingNGO,basedoncurrentcostsandprices,inatotallyopenandtransparentmanner.Thesearenot"budgets"inthetraditionalsenseoftheterm;theyareestimatesofhowmuchcapitalisrequired.
iv. DesignateanimpartialLeadAgenttomanagetheCrowdfundingPlatformandspelloutfunctionsandresponsibilities.ThesewillincludeputtingtheCrowdfundingPlatforminthepublicdomain,acceptingParticipants,receivingcontributionsintotheEscrowaccount,drawinguptheEmissionReductionPurchaseAgreement(ERPA),actingasMOAwiththeUNFCCCand/orGoldStandard,releasingERPApayments,overseeingimplementationandthird-partyverification,receivingandanalysingmonthlyprogressandfinancialreports,appropriatingissuedCarbonCreditstoCrowdfundingParticipantsandtransferringtotheirrespectiveRetirementRegistryAccounts,etc.
v. PrepareasynopsisoftheClimateProjectandpublicisethroughwordofmouthandalsothroughawell-designedandattractivewebsite.
vi. Explainthetermsandconditionsunderwhichindividualsand/orcompaniescanparticipateintheCrowdfundingPlatform.E.g.FCNsupportedClimateProjectswillnottransfer“live”CERs/GSVERstocarboninvestors.Instead,theywillbedestroyedintheRetirementRegistryoftheUNFCCC/GoldStandardandthentransferredtotheInvestors’RegistryAccounts.Thisisinordertoensurethatrealreductionsaremade,andClimateProjectsdonotbecomeasourceforcompaniesandcorporatestomakeadoublewhammybyclaimingOffsetsaswellastrading.
vii. OpenanEscrowBankAccountwiththeLeadAgentandImplementingNGOasthetwoandonlyjointsignatories;makemonthly/quarterlytransfersfromthisEscrowAccounttotheNGO’sBankAccount,followinga“payforperformance”principle.
viii. OpenAccountsintheUNFCCC/GoldStandardRetirementRegistrywherenecessary.Note:Individualscannotopentheseaccounts.Itisfeasibleforcompaniesandcorporatesopen
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themonlyifaviablevolumeofCERs/GSVERsaregoingtobereceivedbythem.Alternatively,companiesandcorporatescanalsobetreatedasIndividualParticipants,asexplainedinthefollowingparagraphs.
3. Recording Transactions CarbonOffsetsgeneratedbyClimateProjectsarefungiblecommodities–i.e.theyaretangibleassetsthatcanbemonetisedandtreatedascashinbooksofaccounts.However,intheFCNmodel,theyaretransferredtotheRetirementRegistryoftheUNFCCC/GoldStandardandthentransferredtotheRetirementAccountoftheCrowdfundingparticipant.
CorporateParticipants:
ThequestionthenarisesastohowtheinitialcontributiontotheCrowdfundingshouldbetreatedinbooksofaccounts.AsperguidancegiventheInstituteofCharteredAccountants,acompanycanrecordtheircontributionsas:
“Advancepaidagainstthepurchaseof(volume)CERs/GSVERstobegeneratedby(projecttitle)ClimateProjectasperCrowdfundingPlatform(referencenumber)dated(dd/mm/yyyy).”
SinceCarbonOffsetsarefungiblecommodities,whethertheyare“live”or“retired”,theseadvanceswillbeoffsetwhenretiredCERs/GSVERsaredeliveredbytheImplementingNGO,afterVerificationandIssuance,totheirrespectiveRetirementRegistryAccount.
IndividualParticipants:
IndividualsParticipantsintheCrowdfundingPlatform,however,cannotfollowthesameproceduresincetheywillnotbepermittedtoopenanykindofAccountintheUNFCCC/GoldStandardRegistry.
TheywillthereforehavetorecordtheircontributionasdonationsmadetotheProject:
“Donationmadetothe(ProjectTitle)ClimateProjectasperCrowdfundingPlatform(referencenumber)dated(dd/mm/yyyy).”
TheLeadAgentwillensurethatthevolumeofCarbonCreditsgeneratedthroughtherespectivecontributionsofIndividualParticipantsisprominentlybroadcasted.
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Crowd-investingandtheCDM
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Crowd-investing for the CDM – an real example from Columbia
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Crowd-investing for CDM projectsThefirsteverregisteredCDMprojectwasrecentlycrowd-invested
Dormantlandfillgasprojects,registeredundertheCleanDevelopmentMechanism(CDM)project
Resumedoperationalafterreceivingfundingfrom195Germancitizens,within19hours
Thankstoaninnovativeandlowcostwaytoraisefinancefast-restoringtheprojectsoriginalpurpose– toreduceGHGemissions
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Project description
PirguaLandfillgasrecoveryandflaring withthepotentialtoreduce11,170 tonnesCO2equivalentperyear (seehere)
CartagenaLandfillGasCaptureandUsageProjectwiththepotentialtoreduce142,384tonnesCO2equivalentperyear(seehere)
Companies involved:• SERVITUNJAS.A.E.S.P.(Colombia)• OPTIMConsult (Colombia)• CarbonBW ColombiaS.A.S
(Colombia)• EnBWKraftwerke AG(Germany)• FirstClimate(Switzerland)AG
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Project historyProblem: • In2012,twolandfill-gasprojectswerecommissionedinCartegnaandPirgua-Tunja,Colombia• Themethanegasproducedfromthelandfillsisavaluableresourceandwastobecollectedand
flared,atalaterdateusedtogenerateelectricity• Astheseprojectswerehadheavilydependentonthecarbonfinancetooperate(apositiveNPVdue
tothesaleofCERs)• Duethecollapseofthecarbonmarketsoonafter2012,theprojectswereputonholdindefinitely
and• TheprojectneverrealizeditspotentialtosupplyandsellLFGtonearbyindustries,inparticulara
brickfactory(replacingcoal)inthevicinity• Itwasneverabletoreduceodors,improvehealthandqualityoflifeforthecommunity,mitigate
methanerelatedfiresnorcreatethepromisedjobsfromtheoperationoftheLFGandpowerproduct
Solution: • FortunatelytheprojectswereregisteredundertheCDMsoonaftercomissioningalongwithnational
authorityapprovals(hostpartyLOA)• Theyhadalsoundergonefullenvironmentalvettingandvalidationby3rdpartyauditors(DOEs)• ThreeyearslateranEUbuyerpurchasedtheoptionontheCERsfromtheprojects(ERPAs)• In2016CarbonBWSASsuccesfullysecuredthecontractstorestoreandoperatetheplants• Theremainingcapitalrequiredtokick-startandcompletetheoperationwassourcedwith18hoursvia
thebettervestcrowdinvestplatform– acompanythatformspartofwiderEUinitiativetostimulateinnovativecrowdfundingsolutions<ref>.
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bettervest in a nutshell bettervest is the 1st crowdinvestingplatform that enables citizens to jointly participate in energy projects and benefit financially from the energy costs saved.
Why crowdinvesting?Many people want to get actively involved in the energy transition and put their money to good use. With fossil fuel divestment gaining popularity and demand for alternative investments rising, we offer transparent investment opportunities with a positive environmental and social impact. Wallet size doesn’t matter: citizens can invest as little as 50€.
Project initiators, like schools and hospitals, save energy and money. Investors benefit from a green return and CO2 emission are reduced. Its a win win win.
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Incrowdfundingmarketsbettervestisuniquelypositioned
lending-basedcrowdfunding
reward-basedcrowdfunding
equity-basedcrowdfunding
crowdinvesting
donation-basedcrowdfunding
crowdfunding
Financialreturns +product samples,coupons or discounts
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INVESTMENTS
RETURNS
Funds transferred to escrow account
Funds distributed viaan escrow account
CROWD PROJECTS
Environmentally soundinvestments from 50-10,000 €
Yearly repayments instalments
> 5% return
< 10 year loan period
Additional benefits: coupons, discounts, samples, etc.
No equity capital needed
CSR marketing
Strengthen employee and customer bonds
Circa 20% energy savings during the loan repayment period, then 100%
The bettervest business model
Benefits for investors Project initiator benefits
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What we finance How we finance it
Externalenergyaudit*bettervest fee(10%)*
Implementationofclimatemeasure*
* excludes tax
Principle, costs & fees Interest & redemption
Individualtermsandinterestratesaredeterminedforeachuniqueproject
redemption
interest
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bettervest GmbHKettenhofweg 12560325 Frankfurt
+49 69 348 773 [email protected]
https://www.facebook.com/bettervest/
https://twitter.com/bettervest
www.bettervest.com