tailieunhanh - GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2012

Over $4 trillion is currently managed by equity mutual funds in the ., with roughly 90 percent invested in actively managed accounts. These mutual funds hold over 25 percent of the outstanding equity value of the average . common stock. This high level of ownership makes it very unlikely that the equity fund industry as a whole is able to outperform the market by a large margin. However, several recent papers show some evidence of manager skills among subgroups of funds (see, for example, Gruber (1996)). To detect funds with positive or negative performance, the standard approach in the academic literature (., Jensen (1968), Ferson and Schadt. | Frankfurt School UNEP Collaborating Centre for Climate Sustainable Energy Finance GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2012 1972-2012 Serving People and the Planet Bloomberg NEW ENERGY FINANCE Copyright Frankfurt School of Finance Management gGmbH 2012. This publication may be reproduced in whole or in part and in any form for educational or non-profit purposes without special permission from the copyright holder provided acknowledgement of the source is made. Frankfurt School - UNEP Collaborating Centre for Climate Sustainable Energy Finance would appreciate receiving a copy of any publication that uses this publication as a source. No use of this publication may be made for resale or for any other commercial purpose whatsoever without prior permission in writing from Frankfurt School of Finance Management gGmbH. TABLE OF CONTENTS TABLE OF CONTENTS ACKNOWLEDGEMENTS. 4 FOREWORD FROM ACHIM STEINER. 5 FOREWORD FROM UDO STEFFENS. 6 LIST OF FIGURES. 7 METHODOLOGY AND DEFINITIONS. 9 KEY FINDINGS. 11 EXECUTIVE SUMMARY. 12 - Threats to investment - 257 billion record in 2011 - Box on investment in 2012 1. INVESTMENT BY TYPE OF ECONOMY. 20 - Developed versus developing countries - China India and Brazil - Developed economies - Other economies 2. PUTTING RENEWABLE ENERGY INTO PERSPECTIVE. 30 - Renewables versus fossil fuels - Trends in competitiveness - Renewables and climate change mitigation - Sustainable energy for all - Box on energy-smart technologies 3. THE GREEN ECONOMY GAINS AND STRAINS. 38 - The objective of a green economy - Green economy gains - Green economy strains - Rio 20 and beyond 4. ASSET FINANCE. 44 - Box on development banks - Box on large hydro-electric projects 5. SMALL-SCALE PROJECTS. 50 - Box on solar water heaters 6. PUBLIC MARKETS. 54 7. VENTURE CAPITAL AND PRIVATE EQUITY. 60 8. RESEARCH AND DEVELOPMENT. 64 9. MERGERS ACQUISITIONS. 68 10. INVESTMENT SOURCES. 75 - Funds - Green bonds - Long-term investors - Chinese money for Western projects

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