Financing The Energy Sector And The Future
The energy sector, which has an indispensable place for development and social welfare, is in a critical position regarding economic independence/stability and inclusive growth. Energy is the basic need both in daily life and almost every sector,, including industry, agriculture, transportation and housing. The energy sector, which undertakes the task of meeting such a critical demand worldwide, has a strategic role in economic, political and environmental terms. In today's global conditions, this role and importance are increasing, placing energy at the centre of international politics, scientific research and economic studies. At this point, while sector financing is undoubtedly of great importance, the search for methods and models continues.
The limitation of conventional energy sources (oil, coal, natural gas, uranium, etc.) makes it necessary to turn to alternative energy sources. In addition, the environmental risk, which has now reached the level of the global climate crisis, maintains sustainable energy production to an essential point for the whole world. In this context, studies are carried out at the national/international level for a safe and sustainable energy future instead of fossil fuels, significantly increasing carbon emissions. The financial instruments required for the realisation of the projects and the transformation of clean energy are also shaped by this understanding.
THE FUTURE OF ENERGY AND TÜRKİYE
According to the International Energy Agency (IEA), the demand for renewable energy is expected to increase by about 30% until 2030, with the environmental policies pursued worldwide. International agreements and policy studies also show that green projects will position themselves in a decisive place in the future of energy. The new international trade, designed within the scope of the European Green Consensus (EGC), which was prepared primarily to combat climate change, heralds a difference on a global scale. Türkiye, whose most important trade partner is the European Union (EU), is one of the countries that will be significantly affected by this change. Türkiye, which is 74% foreign-dependent in the energy field, has to take a step toward energy independence; on the other hand, it has to work towards green energy transformation.
FINANCIAL NEED FOR ENERGY TRANSFORMATION
Within the scope of the "zero carbon" target, which is the most crucial topic in the steps taken against the climate crisis, there is a growing trend in investments in clean energy production worldwide. According to the Financing the Energy Transition in Türkiye within the Context of the Green New Deal report prepared by the SHURA Energy Transition Center, the amount of investment required until 2050 for energy transformation on a global scale is calculated as 110 trillion dollars. It is pointed out that more than 50% of the total investment should be recognised by 2030. During the same period, the amount of investment Türkiye needs for the transition to clean energy is 135 billion dollars. Considering these data, the need to expand and diversify financing opportunities for energy transformation emerges. In this sense, we can say that the energy transformation brings a financial change.
GREEN FINANCE AND PARTICIPATION BANKING
The concept of “green finance”, which is based on supporting companies that serve sustainability and invest in environmentally friendly technology, covers the activities of financial institutions integrated with
environmental, social and governance (ESG) criteria. This framework also develops banking and insurance services and products that support environmentally friendly investments. The green financing model, which supports renewable energy production projects such as hydroelectric power plants (HEPPs), solar power plants, and bio-fuels, has an important place for energy transformation. The participation banking ecosystem also stands out with its green financing products based on risk sharing.
Islamic finance, which has gained serious momentum in the direction of growth in recent years, draws a profile suitable for the green finance model in terms of its fundamental principles. “Islamic green banking”, which aims to provide financing support to the sustainability and green-themed projects of Islamic banks, takes a supportive position in the renewable energy sector.
Green sukuk is a participation banking tool that complies with Islamic finance principles and requires the funds its issuance provides to be used in green projects. Funds obtained from green sukuk, which has the largest share among global Islamic green finance products, are used in projects such as solar energy, biogas energy, wind energy,energy efficiency and electric vehicles. While the global green sukuk issuance reached 5.3 billion dollars in 2021, a strong growth trend is expected in the coming years.
It is possible to say that the weight of the green transformation in energy will be felt more and more each day, considering the development of global energy policies and sectoral trends. The demand and size of green finance will also develop in parallel with this situation. The future may be pregnant with new opportunities for participationbanking, which shows a tendency to integrate into the new order in the model.
Kadir Burak Oğuz
Associate Partner, Sustainability Services, KPMG Türkiye
"""Sekta ya nishati, ambayo ina nafasi muhimu kwa maendeleo na ustawi wa kijamii, iko katika nafasi muhimu kwa uhuru wa kiuchumi, utulivu na ukuaji wa umoja." Nishati ni mahitaji ya msingi katika maisha ya kila siku na katika karibu kila sekta, ikiwa ni pamoja na viwanda, kilimo, usafiri na makazi. Sekta ya nishati, ambayo inachukua kazi ya kukidhi mahitaji muhimu kama hayo ulimwenguni, ina jukumu la kimkakati katika suala la kiuchumi, kisiasa na mazingira. Katika hali ya leo ya kimataifa, jukumu hili na umuhimu ni kuongezeka, kuweka nishati katika kituo cha siasa za kimataifa, utafiti wa kisayansi na masomo ya kiuchumi. Katika hatua hii, wakati fedha sekta ni bila shaka ya umuhimu mkubwa, utafutaji wa mbinu na mifano inaendelea. Upungufu wa vyanzo vya nishati vya kawaida (mafuta, makaa ya mawe, gesi ya asili, uranium, nk.) Inahitajika kugeukia vyanzo vingine vya nishati. Kwa kuongezea, hatari ya mazingira, ambayo sasa imefikia kiwango cha mgogoro wa hali ya hewa ya ulimwengu, inadumisha uzalishaji wa nishati endelevu kwa hatua muhimu kwa ulimwengu wote. Katika muktadha huu, masomo yanafanywa katika ngazi ya kitaifa au kimataifa kwa ajili ya siku zijazo salama na endelevu ya nishati badala ya mafuta ya visukuku, kuongeza kwa kiasi kikubwa uzalishaji wa kaboni. Vifaa vya kifedha vinavyohitajika kwa ajili ya utekelezaji wa miradi na mabadiliko ya nishati safi pia huundwa na uelewa huu. Kulingana na Shirika la Kimataifa la Nishati (IEA), mahitaji ya nishati mbadala yanatarajiwa kuongezeka kwa karibu 30% hadi 2030, na sera za mazingira zinazofuatwa ulimwenguni. Mikataba ya kimataifa na masomo ya sera pia yanaonyesha kwamba miradi ya kijani itajitambulisha katika nafasi muhimu katika siku zijazo za nishati. Biashara mpya ya kimataifa, iliyoundwa ndani ya wigo wa Mkataba wa Kijani wa Ulaya (EGC), ambao ulitengenezwa hasa kupambana na mabadiliko ya hali ya hewa, inatangaza tofauti kwa kiwango cha kimataifa. Uturuki, ambayo mshirika wake muhimu wa kibiashara ni Umoja wa Ulaya (EU), ni moja ya nchi ambazo zitaathiriwa sana na mabadiliko haya. Uturuki, ambayo inategemea nje ya nchi kwa asilimia 74 katika uwanja wa nishati, inapaswa kuchukua hatua kuelekea uhuru wa nishati; kwa upande mwingine, inapaswa kufanya kazi kuelekea mabadiliko ya nishati ya kijani. "Kwenye lengo la ""nambari sifuri ya kaboni,"" ambayo ni mada muhimu zaidi katika hatua zilizochukuliwa dhidi ya mgogoro wa hali ya hewa, kuna mwelekeo wa kuongezeka kwa uwekezaji katika uzalishaji wa nishati safi ulimwenguni." Kulingana na ripoti ya Shura ya Shirika la Shirika la Shura, Shura inahitaji zaidi ya dola bilioni 110 za Uwekezaji wa Uongofu wa Nishati hadi 2050. Inasemekana kuwa zaidi ya asilimia 50 ya jumla ya uwekezaji inapaswa kutambuliwa kufikia 2030. Katika kipindi hicho hicho, kiasi cha uwekezaji ambacho Uturuki inahitaji kwa ajili ya mabadiliko ya nishati safi ni dola bilioni 135. Kwa kuzingatia data hizi, haja ya kupanua na kugawanya fursa za ufadhili kwa mabadiliko ya nishati hutokea. Kwa maana hii, tunaweza kusema kwamba mabadiliko ya nishati huleta mabadiliko ya kifedha. "Mfumo wa ""ufadhili wa kijani,"" ambao unategemea kusaidia makampuni ambayo hutumikia uendelevu na kuwekeza katika teknolojia ya mazingira, inashughulikia shughuli za taasisi za kifedha zilizounganishwa na mazingira, kijamii na usimamizi (ESG)." Mfumo huu pia huendeleza huduma za benki na bima na bidhaa ambazo zinaunga mkono uwekezaji wa kirafiki na mazingira. Mfano wa fedha za kijani, ambayo inasaidia miradi ya uzalishaji wa nishati mbadala kama vile mitambo ya umeme wa maji (HPPs), mitambo ya nishati ya jua, na biofuels, ina nafasi muhimu kwa mabadiliko ya nishati. Mfumo wa benki ya ushiriki pia inasimama kwa bidhaa zake za ufadhili wa kijani kulingana na kushiriki hatari. Fedha za Kiislamu, ambazo zimepata kasi kubwa katika mwelekeo wa ukuaji katika miaka ya hivi karibuni, zinaonyesha profile inayofaa kwa mfano wa fedha za kijani katika suala la kanuni zake za msingi. "Benki ya kijani ya Kiislamu", ambayo inakusudia kutoa msaada wa kifedha kwa miradi ya uendelevu na ya kijani ya benki za Kiislamu, inachukua msimamo wa kuunga mkono katika sekta ya nishati mbadala. Green Sukuk ni chombo cha benki ya ushiriki ambacho kinakubaliana na kanuni za fedha za Kiislamu na inahitaji fedha zinazotolewa na kutoa kutumika katika miradi ya kijani. Fedha zinazopatikana kutoka kwa sukuk ya kijani, ambayo ina sehemu kubwa kati ya bidhaa za kifedha za kijani za Kiislamu ulimwenguni, hutumiwa katika miradi kama vile nishati ya jua, nishati ya biogas, nishati ya upepo, ufanisi wa nishati na magari ya umeme. Kwa mujibu wa ripoti ya Shirika la Fedha la Kimataifa, kiwango cha uzalishaji wa sukuk ya kijani duniani kilifikia dola bilioni 5.3 mwaka 2021, na inatarajiwa kuongezeka kwa kasi katika miaka ijayo. """Inawezekana kusema kwamba uzito wa mabadiliko ya kijani katika nishati utaonekana zaidi na zaidi kila siku, kwa kuzingatia maendeleo ya sera za nishati za kimataifa na mwenendo wa sekta." Mahitaji na ukubwa wa fedha za kijani pia utaendelea sambamba na hali hii. Wakati ujao unaweza kuwa mimba na fursa mpya kwa ajili ya ushiriki benki, ambayo inaonyesha mwelekeo wa kuunganisha katika utaratibu mpya katika mfano. Kadir Burak Oğuz, Mshirika Mshirika, Huduma za Uendelevu, KPMG Turkey