les conditions institutionnelles propices à la relance de
TRANSCRIPT
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
European Investment Bank Group 1
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
European Investment Bank Group 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
Overview of the EIB Group
European Investment Bank Group 4
European Investment Bank Group 5
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.
EIB’s «mission statement» on energy
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)
Climate Action/Energy Projects
EIB two-fold assessment approach
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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
EIB’s Energy FinancingEIB
European Investment Bank Group
Utilities (TSOs,DSOs), Interconnectors, RDI, …
Corporate loans
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Specialist finance: Demo RE projects loans (Innovfin); RE funds, …
Development of unproven RE technologies; Green/Climate
funds, …
Offshore windfarms, solar parks, ESCOs, …
Local/regional/national governments (eg SmartCities)
Project Finance/PPP loans
Public Sector loans
(direct/indirect)
European Investment Bank Group 9
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
L’action de la BEI en Belgique pour la
transition : les financements
European Investment Bank Group 10
L’action de la BEI en Belgique pour la
transition : le conseil
European Investment Bank Group 11
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)
Les obstacles au financement de la
transition énergétique en Belgique (1)
European Investment Bank Group 12
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)
Les obstacles au financement de la
transition énergétique en Belgique (2)
European Investment Bank Group 13
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 Etats-
membres
Faire appel à la BEI comme conseiller et partenaire stratégique et
mobiliser les resources du type ELENA
Comment lever les obstacles ?
European Investment Bank Group
Contact:
Pierre-Emmanuel Noel
Representative for Operations in Belgium
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This Presentation is incomplete without reference to, and should be viewedsolely in conjunction with, the oral briefing provided by the EuropeanInvestment Bank (“EIB”). The terms and conditions are intended as an outlinefor discussion purposes only and made on an indicative basis. All figures setforth in this Presentation are subject to change, to a satisfactory duediligence and to all necessary internal approvals of EIB (in particular of itscredit committees). The information in this Presentation reflects theprevailing conditions and the view of EIB as of this date and are accordinglysubject to change and based on carefully selected sources believed to bereliable. EIB has not independently verified this information and does notmake any representation or will be liable that such information is accurate,valid, timely and complete. This Presentation is provided without any liabilitywhatsoever by EIB and shall not constitute any obligation of EIB to extendcredit facilities to the Company or to carry out a due diligence review of theaspects relevant for the financing of the Project. Neither this presentationnor any of its contents may be duplicated, published or used for any otherpurposes without the prior written consent of EIB.