What are the innovative approaches in urban Cleantech and which countries use renewable energy sources the most efficiently? According to an expert in this area- Mr. Francois Pages, countries with lack of natural resources have the highest efficiency measures in energy production. In particular, he highlighted three leaders:
- Denmark, who established a 100 % renewable energy Island called Samsø and passed successful policies in cleantech. It plans to have a strategy to achieve a full energy independence
- Japan, that developed a high reliability on nuclear resources
- And UAE- that is keen to invest oil money to develop a zero emissions city, constructed near Abu Dhabi. City is called Masdar and will rely entirely on solar energy and other renewable energy sources.
Unfortunately countries like Canada and USA are not as successful in efficiently measures as Denmark, UAE and Japan. Reason is high dependency on shale gas, as extraction of shale is associated with externalities of high water consumption and earthquakes.
Mr. Pages also discussed financing of cleantech projects and mentioned three available funds: VC, infrastructure funds and so called ‘funds of the funds’ depending on the scale of project.
In the end we addressed issue around carbon financing, as current trend will continue to reflect decline in prices and might provide less incentives for companies to invest in GHG emission reduction projects.