On August 3rd, 2015, President Barak Obama and the Environmental Protection Agency (EPA) announced the final version of the Clean Power Plan (CPP). The CPP sets the first national standards to address carbon pollution from existing power plants and demonstrates to the global community that the United States is willing to take action to combat climate change. The CPP uses Section 111(d) of the Clean Air Act (CAA) to set state-specific carbon dioxide (CO2) emission reduction targets with an overall nationwide reduction of 32 percent below 2005 levels by 2030. While setting these targets, the CPP is designed to allow states maximum flexibility in how they achieve their individual objectives.
On Thursday, September 22nd, ACORE presented the US-Canada Renewable Energy Forum, with the support of the Canadian Consulate in New York, Brookfield Asset Management and Phillips Lytle, LLP. Held during Climate Week NYC, the forum discussed recent policy developments and worked to identify opportunities for collaboration and cross-border projects to increase the development of renewable energy in the United States and Canada. The forum was attended by over 70 people representing a diverse mix of financiers, developers, policy experts, government representatives and NGOs.
The American Council on Renewable Energy's (ACORE) latest intern publication, titled Green Bond Market Insights—Why Corporates Matter analyzes exciting new developments in the green bond market and explains the increasing role that corporate issuers can play in its expansion. Written by summer 2016 intern, Patrick Eble, this publication comes at a time when total global debt issuance topped $4 trillion in 2015, of which only $42.4 billion (or 1.1%) were green bonds. Even more staggering are the figures for corporate green bond issuance in the United States, in which companies have issued $8 billion dollars of green bonds since 2013, a mere 0.15% of the country’s total corporate debt issuance over the same period. So how will the green bond market grow? Corporate issuance is crucial.
While China has been grabbing the attention of the Asia-Pacific market and Mexico and Peru have been making headlines in Latin America with record low auction prices, developers looking to further expand in those markets should look to two countries: India and Argentina. The Indian government released big news for renewable energy developers in July as the Ministry of New and Renewable Energy (MNRE) announced its plan to double the large-scale solar target from 20 to 40 GW by 2020. Argentina is also prepared for increased growth in renewable energy capacity as the country plans its first renewable energy auction under President Mauricio Macri’s "RenovAR" program in mid-August. Savvy project developers and investors who can navigate the political landscape of these countries will find new and unprecedented opportunities for growth and return on investment.
With most residential rooftop area in the U.S. unsuitable for traditional PV panels, the community solar model provides many customers a cost effective alternative for “going solar.” Community solar brings policy benefits like net metering, similar to rooftop installations, and models have developed, and continue to evolve, that allow customers to access community solar through their incumbent utility, as owners in a cooperative group, or as a nonprofit.
On March 17, the American Council On Renewable Energy (ACORE) hosted its annual Renewable Energy Policy Forum, where speakers and attendees came to a broad consensus that consistent policy is the missing link in the national renewable energy playing field. Industry leaders noted that many had looked to the Clean Power Plan (CPP) as a source for political guidance. However, now that the climate rule has been put on hold, uncertainty remains. Senator Ron Wyden (D-OR) affirmed that the recent tax extenders for wind and solar will allow for the renewable industry to strategically prepare for upcoming years. But in order to achieve a more stable tableau for all renewables, Congress must agree on comprehensive tax reform – the Senator called the current tax code “a rotting dead carcass” and a “monument to yesteryear.” Business leaders also agreed that even negative consistent policy is preferable to inconsistency – and long-term consistent policy is not yet part of the American play book.