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Finance Policy for Renewable Energy and a Sustainable Environment

作者: Michael Curley 出版社: Taylor & Francis Inc
ISBN: 9781439894194分类号: X22 /C975
出版时间: 2014-04-16有377人浏览

Finance Policy for Renewable Energy and a Sustainable Environment

[Book Description]

Environmental finance is about creating the greatest environmental benefit for the largest number of people at the lowest possible cost. That is the first and most important principle listed in Finance Policy for Renewable Energy and a Sustainable Environment. Focusing on what the author considers to be the 23 principles of environmental finance, this text examines the key financial principles necessary to build strategies and adopt policies to deal effectively with environmental challenges. The text encourages making financial decisions based on science, not politics, and considers what it takes to design and execute environmental finance programs in the most cost-effective way possible. Providing a historical overview of how we got to where we are now, and outlining the 23 principles needed to establish a stronger foundation for the future, this text presents the basic financial tools required to understand the concepts presented. It discusses the proper roles of grants, loans and guaranties, the concept and proper use of affordability, understanding leverage, and generating revenue streams for environmental programs.It also examines subsidies, financial risk reduction strategies, and the challenges posed by alternative energy as well as the next generation of environmental programs. As it relates to how environmental projects and improvements are achieved, Finance Policy for Renewable Energy and a Sustainable Environment outlines the greatest benefits at the lowest possible cost to the public. This text is an ideal resource for upper-level undergraduate students in environmental engineering and business courses, as well as practicing environmental engineers.

[Table of Contents]
Series Preface                                     xi
About the Series Editor                            xv
Preface                                            xvii
Acknowledgments                                    xxi
About the Author                                   xxiii
Introduction                                       xxv
1 Paying for the Fix                               1    (16)
  What Is Environmental Finance?                   2    (1)
  The Second Wave                                  3    (14)
2 The 23 Principles of Environmental Finance       17   (6)
  Two Core Principles                              18   (1)
  Policy Principles                                18   (1)
  Management Principles                            19   (1)
  Fundraising Principles                           19   (1)
  Financial Principles                             20   (3)
3 Two Core Principles of Environmental Finance     23   (8)
4 Policy Principles of Environmental Finance       31   (6)
5 Management Principles of Environmental Finance   37   (6)
6 Revenue Raising Principles for Environmental     43   (6)
Finance
7 Sources of Revenue for Environmental Finance     49   (12)
Programs
8 Financial Principles of Environmental Finance    61   (8)
9 Financial Mechanics                              69   (12)
  Types of Debt                                    70   (6)
    Irregular Payment Method                       70   (1)
    Balloon Payment Loans                          70   (2)
    Level Payment Method                           72   (3)
      Creating an Annual Debt Service Payment      74   (1)
      Schedule for the Level Payment Method
      Summary of the Level Payment Method          74   (1)
    Level Principal Payment Method                 75   (6)
      Creating an Annual Debt Service Payment      75   (1)
      Schedule for the Level Principal Payment
      Method
      Summary of the Level Principal Payment       76   (1)
      Method
  Cash Available for Debt Service (CADS)           76   (2)
  Coverage                                         78   (3)
10 Comparing Financing Alternatives                81   (14)
  Comparing Loans                                  81   (14)
    Annual Payment Method                          81   (1)
    Total Payment Method                           82   (1)
    Time/Value Theory of Money                     82   (13)
      Method Rules                                 91   (1)
      Points, Fees, and True Interest Cost (TIC)   92   (3)
11 Hidden and Not-So-Hidden Cost Factors           95   (12)
  Financing Costs                                  95   (12)
    Commitment Fees or Points                      95   (1)
    Financial Advisory Fees                        96   (1)
    Counsel Fees                                   97   (1)
    Servicing Fees                                 98   (1)
    Underwriting/Placement Fees                    99   (1)
    Credit Enhancement Fees                        100  (1)
    Rating Agency Fees                             101  (1)
    Miscellaneous Imposed Costs                    101  (1)
    Nonfinancial Additional Cost Factors           102  (15)
      Delay                                        102  (1)
      Ineligibility                                103  (4)
12 Impact of Term on Annual Debt Service Payment   107  (6)
  Level Principal Payment Loans                    107  (4)
  Level Payment Method                             111  (2)
13 Grants and Affordability                        113  (10)
  Grants                                           113  (4)
  Affordability                                    117  (16)
    Community Affordability                        118  (1)
    Individual Affordability                       119  (4)
14 The Role of Equity                              123  (10)
15 The Curse of Subsidies                          133  (16)
  The Need for Subsidies                           137  (2)
  Delivering the Subsidy                           139  (2)
    Non-Income Targeting Mechanisms                140  (1)
  Affordability Measures                           141  (2)
    Lifeline Rates for Low-Income Customers        141  (1)
    Refunds or Discounts for Low-Income            142  (1)
    Customers
    Community Social Service Funds                 143  (1)
    National Funds for Low-Income Water Bill       143  (1)
    Assistance
  Designing Better Subsidies                       143  (2)
  Subsidies: Some Real, Some Imagined              145  (4)
    Reducing Costs                                 146  (3)
16 Leverage: The Power of Guaranties               149  (14)
  Major Techniques for Financing Projects          150  (8)
    Grants                                         151  (1)
    Subsidized Loans                               152  (2)
    Market-Rate Loans                              154  (4)
      Municipal Bonds                              155  (3)
    Loan Guaranties                                158  (1)
  Rules of the Game                                158  (5)
17 Cost/Benefit Analyses                           163  (10)
  Benefit Matrix                                   165  (1)
  Cost Matrix                                      166  (1)
  Case Study: Republic of Georgia Water Project    167  (6)
18 Credit Enhancement                              173  (16)
  Tranching                                        174  (2)
  Self-Funded Reserves                             176  (2)
  Second Loss Reserve                              178  (1)
  A Role for the International Development Banks   179  (1)
  Tax Revenue Intercepts                           180  (2)
  Externally Funded Guaranties                     182  (2)
  Legal Guaranties                                 184  (1)
  Financial Guaranty Insurance                     185  (4)
19 Tariffs                                         189  (12)
  Characteristics of Good Tariffs                  189  (1)
  Full Cost Recovery Tariffs                       190  (1)
  Tariff Design Options                            191  (10)
    Fixed versus Volumetric Charges                192  (5)
      Fixed Charges                                192  (1)
      Volumetric Charges                           192  (1)
      Multipart Tariff                             193  (1)
      Types of Volumetric Charges                  194  (1)
      Increasing Block Tariff (IBT)                194  (1)
      Decreasing Block Tariff (DBT)                195  (1)
      Seasonal Pricing                             195  (1)
      Zonal Pricing                                196  (1)
    Regulation of Water Tariffs                    197  (4)
      Types of Regulation                          198  (1)
      Independent Financial and Management Audit   199  (2)
20 Climate Change and Renewable Energy             201  (10)
  The Beginnings                                   201  (2)
  Finance Policy for Climate Change and            203  (8)
  Renewable Energy
21 Cap-and-Trade Programs                          211  (4)
22 Driving Down Costs                              215  (4)
  Reduce System Costs                              215  (1)
  Volumetric Tariffs                               215  (1)
  Raise Money/Change Behavior                      216  (1)
  Service Lives                                    216  (1)
  Longest Terms                                    216  (1)
  Lowest Rates                                     216  (1)
  Credit Enhancement                               216  (1)
  Guaranties                                       217  (1)
  Buy-Downs                                        217  (1)
  Subsidies                                        217  (1)
  Carrots and Sticks                               217  (1)
  Cost/Benefit                                     217  (2)
Appendix: Countries with Non-Investment-Grade      219  (2)
Ratings on Their Sovereign Debt
Index                                              221

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