{"id":6959,"date":"2014-07-01T23:42:52","date_gmt":"2014-07-01T23:42:52","guid":{"rendered":"https:\/\/climatepolicyinitiative.org\/?post_type=cpi_publications&#038;p=6959"},"modified":"2026-04-17T16:57:27","modified_gmt":"2026-04-17T16:57:27","slug":"getting-the-most-from-your-green-a-case-study-for-using-public-money-effectively-for-large-scale-renewable-energy-in-california","status":"publish","type":"cpi_publications","link":"https:\/\/www.climatepolicyinitiative.org\/id\/publication\/getting-the-most-from-your-green-a-case-study-for-using-public-money-effectively-for-large-scale-renewable-energy-in-california\/","title":{"rendered":"Getting the most from your green: A case study for using public money effectively for large-scale renewable energy in California"},"content":{"rendered":"<p>This brief&nbsp;illustrates CPI\u2019s&nbsp;approach to identifying effective uses of public financial&nbsp;interventions for low-carbon projects. It presents our&nbsp;analysis of the financial barriers affecting large-scale&nbsp;renewable energy in California, utilizing the approach in Figure 1.<\/p>\n<p>This brief illustrates how our methodology can&nbsp;successfully sort through the many possible applications&nbsp;of public financing and risk bearing mechanisms in a&nbsp;sector to identify where such mechanisms could have&nbsp;the greatest effect. We would ultimately aim to apply our&nbsp;framework across all relevant sectors in a jurisdiction,&nbsp;in order to identify the most effective ways a public&nbsp;financing mechanisms can drive decarbonization across&nbsp;the whole economy.<\/p>\n<p>Our analysis of large-scale renewable generation in&nbsp;California showed that the majority of projects are well&nbsp;supported by existing policy and financing practices;&nbsp;however, there are still areas where public financing&nbsp;could effectively and substantively help the sector. The&nbsp;first step of our framework, illustrated in step&nbsp;1 of Figure&nbsp;1, revealed seven ways in which existing stakeholders&nbsp;in this sector may not have all of their needs met. The&nbsp;next steps of our framework\u2014identifying which of those&nbsp;barriers can be most effectively solved by public finance&nbsp;institutions, and prioritizing and designing policy solutions\u2014ultimately focused on three ways in which public&nbsp;financial interventions could be helpful:<\/p>\n<ul>\n<li>A public institution could aggregate and securitize&nbsp;projects to lower transaction costs associated&nbsp;with tax equity financing, either by holding the&nbsp;projects in the institution itself or by facilitating&nbsp;the creation of a separate entity such as a&nbsp;YieldCo.<\/li>\n<li>Small and medium enterprises could gain access&nbsp;to much more attractive renewable energy&nbsp;finance through alternate forms of loan security&nbsp;facilitated by public programs, like property taxes&nbsp;(as done with Property Assessed Clean Energy&nbsp;programs), or on-bill repayment.<\/li>\n<li>Finally, a public institution could bear project&nbsp;risk for innovative, early-stage renewable&nbsp;technologies through loan guarantees, an&nbsp;interest-rate buydown or concessional lending.<\/li>\n<\/ul>\n<p>For this example, we have completed framework step&nbsp;two, \u2018Screen for Suitability,\u2019 but we have only done a&nbsp;preliminary look at the opportunity sizing and policy&nbsp;effectiveness analysis that comprises step three. Our&nbsp;first look at the opportunity size for each of these&nbsp;possibilities suggests that public intervention in any one&nbsp;of them could have a significant impact. Pending interest&nbsp;from policymakers, CPI could conduct a more thorough&nbsp;investigation of the opportunity size, for example using&nbsp;financial modeling to quantify the impacts of public&nbsp;financing intervention and compare the effectiveness of&nbsp;various specific policies.<\/p>\n<p><em>Figure 1: CPI&#8217;s analysis framework for evaluating green banking and other financial interventions for low-carbon projects<\/em><br \/>\n<a href=\"http:\/\/climatepolicyinitiative.org\/wp-content\/uploads\/2015\/12\/Figure-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6980\" src=\"http:\/\/climatepolicyinitiative.org\/wp-content\/uploads\/2015\/12\/Figure-1.png\" alt=\"Figure 1\" width=\"3566\" height=\"942\" srcset=\"https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2015\/12\/Figure-1.png 3566w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2015\/12\/Figure-1-300x79.png 300w, https:\/\/www.climatepolicyinitiative.org\/wp-content\/uploads\/2015\/12\/Figure-1-1024x271.png 1024w\" sizes=\"auto, (max-width: 3566px) 100vw, 3566px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This brief illustrates CPI\u2019s approach to identifying effective uses of public financial interventions for low-carbon projects. It presents our analysis of the financial barriers affecting large-scale renewable energy in California.<\/p>\n","protected":false},"author":33,"featured_media":0,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[480],"regions":[334],"topics":[1197,1194,842,161,264],"collaborations":[],"class_list":["post-6959","cpi_publications","type-cpi_publications","status-publish","format-standard","hentry","programs-energy-finance","regions-united-states","topics-electricity-market-reform","topics-energy-transitions","topics-financial-innovation","topics-institutional-investment","topics-renewable-energy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Getting the most from your green: A case study for using public money effectively for large-scale renewable energy in California - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/pt-br\/publication\/getting-the-most-from-your-green-a-case-study-for-using-public-money-effectively-for-large-scale-renewable-energy-in-california\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Getting the most from your green: A case study for using public money effectively for large-scale renewable energy in California - CPI\" \/>\n<meta property=\"og:description\" content=\"This brief illustrates CPI\u2019s approach to identifying effective uses of public financial interventions for low-carbon projects. 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