Abstract
Despite the emergence of the green bond market, the Energy Service Company (ESCO) model and green investment banks, the opportunities which the world's capital markets present to increase the pool of potential investors and reduce project financing costs for renewable, energy efficient and low carbon assets remain under-exploited. This has been a persistent concern for policy-makers. We review the appeal of this sector to different classes of investor and assess the successes and failures of several innovative products including securitisations, yieldcos, green bonds, green investment banks and crowdfunding. We analyse the experiences with these products and suggest that policy needs to recognise how fiscal initiatives can leverage their inherent appeal.
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