麦格理资产管理Ed Northam：如何充分利用资本力量加快推动绿色转型？

全球财富管理论坛•2023上海苏河湾大会于10月21—22日在上海市静安区隆重召开。本次大会以“金融助力经济复苏与全球合作”为主题，广泛邀请政府和金融监管部门、主权财富基金、国际与国内代表性金融机构和知名学者，围绕全球经济金融领域各方共同关心的议题展开深入交流，希望在当前复杂环境下持续增进国际间相互理解、信任与合作。麦格理资产管理绿投资全球核心可再生能源负责人兼亚太地区负责人Ed Northam 出席并在主题论坛“经济社会发展新趋势下的资产管理与财富管理”上作主题演讲。

Ed Northam表示，如何为全球能源转型提供资金支持、实现未来可持续发展是当今世界面临的最重要挑战之一，也是全球资产管理界的大势所趋。当前，市场对可再生能源的投资已超过化石燃料的投资，这是积极迹象，但全球范围内的这种转型速度距离实现气候目标需要做到的还相差甚远。面对加快推动绿色转型，应如何充分利用资本力量，他提出三方面重点对策：一是加快部署太阳能、风能等技术成熟的气候解决方案；二是推动及支持新兴可再生能源技术的气候解决方案和商业化，加深脱碳化进程；三是与客户、投资组合公司合作，实现脱碳化运营，同时适应未来趋势进行业务转型。他强调，净零不是单兵作战，转型需要规模化，合作才是正道。

我将围绕如何为全球能源转型提供资金支持、实现未来可持续发展发表演讲，这一课题也是当今世界面临的最重要挑战之一。在我们看来，这已经是全球资产管理界的大势所趋。

我在绿色能源项目的融资和开发领域工作已有25年多，所以这也是我职业生涯中，大部分时间聚焦的主题，其中包括与英国政府合作成立绿色投资银行，推动了英国可再生能源融资工作，为英国海上风电事业发展提供了非常关键的助力。也就是从那时起，我开始主导了麦格理在风能、太阳能和垃圾发电等核心可再生能源技术的投资项目。

如果有来宾还不太熟悉麦格理集团，麦格理是在能源、基础设施和大宗商品等领域非常资深、专业的投资机构。我们有直接投资、也通过我们投资的企业，目前麦格理拥有的绿色能源资产中，14GW正在运营，2GW在建，另有90GW以上正在开发。同时，我们也与客户、各个投资组合公司合作，共同推进脱碳目标的实现。

我在这里讲述在这一领域积累的经验，主要是想总体上概述一下私营资本也能为整个社会的绿色转型贡献力量，共同建设更可持续的未来。为方便讨论，我要重点介绍的是麦格理资产管理，作为全球规模最大的基础设施管理人，意味着我们有着可观的影响力。同时，麦格理资产管理也是主动型资产管理人和受托人，我们重视可持续发展，因为这能帮助我们保护和增值客户资产。

从以往的经验告诉我们，在全投资周期以可持续发展方面的风险和机遇作为考量，将有力改进运营绩效、增强抗风险能力。重要的是，这还能实现长期价值创造。不过，未来无疑是有着巨大挑战。的确，我们看到了一些积极迹象，比如目前对可再生能源的投资已超过化石燃料的投资，然而，全球范围内的这种转型速度离我们实现气候目标需要做到的还相差甚远。

话虽如此，我们通过客户和关系网都了解到，投资者都很有兴趣在这方面投资。仅2023年上半年，可再生能源新增投资额达到了3580亿美元。彭博社NEF的数据显示，这是有史以来这一领域新投资记录最高的六个月[1]。

这一增幅要归功于可再生能源技术的成熟，这六个月，太阳能发电技术的投资额高达2390亿美元，比去年同期增长了43%。中国是这一增长的主要力量，全球约一半的太阳能投资额都投在了中国。我们预计上述趋势还持续，伍德麦肯兹公司（Wood Mackenzie）也有相同看法，并预测未来10年内，亚太地区对可再生能源成熟技术的投资将达到1.6万亿美元[2]。

要加快推动绿色转型，我们应该怎样充分利用这些资本、还需要克服哪些障碍呢？

首先，我们需要做的是，加快部署技术成熟的气候解决方案，如太阳能和风能。太阳能和风能等可再生能源几乎是目前世界上所有地区都最便宜的发电方式。为此，当务之急必须是尽快实现可再生能源成熟技术的规模化生产、扩大其规模，为各个地区提供所需的清洁电力。这代表赋予专家力量支持太阳能和风能项目的开发、以及与各国政府合作加快这些发电项目的布局。

我们建立、收购和资助开发企业以实现太阳能发电的迅速部署，而我们的客户也从中获得了更多机会加大了可再生能源投资。在欧洲，这些公司包括Cero Generation、Island Green Power、Apex Energies和Reden Solar，在亚洲则是Blueleaf Energy、CleanMax和Fengchui Wind Power，以及美国的Treaty Oak Clean Energy和Galehead Development等，而且我们也正在澳大利亚和新西兰寻找类似机会。

这些平台汇集了涵盖各个能源市场的丰富的行业经验，以及深厚的专业知识、规划能力、工程设计能力以及对当地市场的深入了解。作为融资机构，我们也以自身在绿色能源领域几十年的投资经验为这些公司提供支持，比如协调安排最佳做法的分享、引荐全球供应商、以及提供关于全球市场的洞察等。为此，这些公司已经能够於技术成熟的可再生能源領域，建立经累计超过30GW的待开发项目 。

当然，从消除监管和许可证方面的壁垒而言，还需要做很多工作。很多国家的情况是，与电网的接入设置限制了可再生能源的发展。不过，这些方面已经出现了进展，有些政府正在采取措施简化许可程序，比如欧盟已经设定了目标，一年内将有若干项目获颁许可证。同样，各国也在采取措施改造电网接入。

由于新冠疫情的影响，可再生能源成熟技术的供应链层面也受到了影响。在这方面，中国和中国企业发挥了关键作用，在他们的努力下，可再生能源成熟技术始终在以一定的速度和规模扩大部署，全球可再生能源成熟技术需要的制造产能中，至少有60%都在中国[3]。目前中国的制造能力足以满足全球大部分太阳能市场一直到2030年的生产需求[4]。

因此，我们已经与很多中国供应商建立了深厚的合作关系，比如晶澳太阳能、宁德时代、隆基绿能和远景能源等。我们之间会定期沟通，讨论我们投资组合公司的待开发渠道项目，也合作研究如何部署最新的、最具成本效益的技术。正是这样的密切合作，确保我们一直能够持续地、有条不紊地部署太阳能和风能发电项目。

虽然风力发电和太阳能发电的项目规模亟待扩大，但是仅依赖现有的可再生能源成熟技术，还远远不够。

为此，第二个重点是，推动及支持新兴可再生能源技术的气候解决方案和商业化，加深脱碳化进程。举例来说，交通运输业是主要温室气体排放的部门，我们正在和联合国绿色气候基金合作，牵头开发新的混合型融资平台，加速电动汽车在印度的全国普及。这个融资平台的目标是在投资期内募集到15亿美元，加快印度汽车行业的电动化转型。

在纯电动化还未可行的领域，比如化工原料和航空运输业，我们将努力推动向低碳氢能和先进生物质燃料等可持续燃料的能源转型。我们已经在欧洲设立了这方面的专业平台VORN Bioenergy，主要从事生物甲烷的开发、建设和运营，以满足这一需求。我们在韩国的投资组合公司Approtium，目前已具备CCUS（Carbon Capture, Utilization and Storage，简称CCUS，碳捕集利用与封存）产能，可制造工业用低碳氢气。这些新兴技术意味着各行各业都需要进行大量的、新的基础设施投资，尤其是CCUS的开发、如何翻新现有管道网络输送清洁能源等等。

要使这些投资真的发生，一方面需要政府制定详细的计划、政策和支持配套措施，才能鼓励新兴解决方案的快速成型。相应的市场框架就位后，私营领域将与政府进行合作投资，通过规模化成本和技术创新来实现降本增效。

谈到伙伴关系，这也就是我们要说的第三个重点，即与我们的客户、我们的投资组合公司合作，实现脱碳化运营，同时适应未来趋势进行业务转型。我们认为，企业界的净零排放承诺是重要的行动信号，私营部门将为践行这一承诺开始转型，同时在未来几十年持续为客户、企业和社区创造长期价值。

麦格理资产管理通过拥有的控制权或重大影响力的情况下，主导投资和进行投资组合管理，以实现2040年净零目标。也就是说，我们将与我们的投资组合公司进行密切合作，制定净零经营计划。

在这一过程中，我们将就2030年或更早日期制定阶段性目标，并拟定逐步实现这些目标所需的减排措施。到2022年底，在我们的投资领域内，已经有近85%的基础设施和农业投资组合公司、以及约400个房地产项目都已制定了净零计划。

通过这一过程，我们也看到，各种净零措施有助于发挥能源效率、降低成本，还带来了新的周边产品和服务。

不仅是我们管理的企业和公司，我们还与越来越多的其他企业合作，支持这些企业的能源转型。例如，我们已经和大型铝业公司Norsk Hydro合作，支持其能源转型。一开始我们的合作是规划其购电协议，现在已经推进到与该公司的可再生能源实体共同合作开发新的可再生能源项目。透过这样的合作，2021年以来，这一公司在能源市场的资深优势加上我们在开发和融资领域的专业支持，已经促成开发出了1.3GW的可再生能源生产能力。

以前，要买到绿色电力，直接从能源供应商处购买即可，而现在，这样的通路已变得更为复杂，因为企业需要寻找到合适的合作伙伴、建设专门的可再生能源项目，才能充分满足自己的特定需求。只有透过这样的合作，才会带来更多需要融资的可再生能源项目，从而为加快能源转型作出重要贡献。

为此，我的结论也就水到渠成了：净零不是单兵作战，转型是需要规模化的，合作才是正道。

面临着前所未有的挑战、超高水平的投资需求，私营部门和公共部门需要密切合作，才能确保实现我们制定的宏伟的气候目标。合作的形式是不拘一格的，但都致力于从容应对未来诸多挑战，比如加快部署成熟的低碳技术、推动新兴气候解决方案商业化应用、支持现有企业的能源转型等。

金融界将在这方面发挥关键作用——我们能提供转型所需的资源和专业知识，也能主持召集论坛活动，比如在本次论坛中，来自各个领域的利益相关方齐聚一堂，讨论哪些解决方案将是切实可行、有助于应对挑战。

Thank you for the opportunity to speak today on one of the most important challenges facing the world today: how do we finance the global energy transition and ensure a sustainable future. We see this as a major trend for asset management globally.

This is a subject that I have dedicated most of my career to, having spent over 25 years supporting the financing and development of green energy projects. This included working with the Government of the United Kingdom to establish its Green Investment Bank, which helped successfully catalyse renewables financing in that country – and played an important role in supporting the UK’s offshore wind sector.

Since then, I have led Macquarie’s investment into core renewable technologies – like wind, solar and energy from waste.

For those less familiar with Macquarie Group, we have deep expertise in energy, infrastructure, and commodities. Either directly or through businesses we own, we have around 14 GW of operational green energy assets, 2 GW under construction and 90 GW+ in development.

We are also working with clients and portfolio companies on their decarbonisation ambitions.

I would like to draw on this experience to outline how private capital can support the green transformation of our communities and contribute to building a more sustainable future.

For the purposes of our discussion, I will focus on Macquarie Asset Management’s work where, as the world’s largest infrastructure manager, our scale means we can have impact.

Also, as an active asset manager and a fiduciary, we focus on sustainability because it helps us to protect and grow our clients’ assets.

We know from experience that considering sustainability risks and opportunities across the investment life cycle can improve operational performance and resilience. Importantly, it also creates long-term value.

However, it must be said that the challenges ahead are significant. And whilst there are positive signs, with investment in renewables now exceeding investment in fossil fuels, the global transition is still not happening at the speed required to hit our climate goals.

That said, we know from our clients and networks that there is no lack of investor interest here.

For example, new investment in renewable energy hit $US 358 billion in the first six months of 2023. According to Bloomberg NEF this is an all-time high for any six-month period[1].

Mature renewables have driven this growth, with $US 239 billion invested in solar over this period, an extraordinary 43% rise compared to the first six months of 2022. This growth is led by China, with around half of global solar investment is taking place here.

We expect these trends to continue, a view supported by Wood Mackenzie, who forecast that Asia Pacific region alone will see US$1.6 trillion of investment in mature renewables over the next 10 years[2].

So how will this capital be best put to work and what other barriers need to be overcome to accelerate green transformation?

Firstly, we need to swiftly accelerate the deployment of mature climate solutions, like solar and wind.

These renewables are now the cheapest form of new generation in almost every part of the world.

Our priority must be on scaling production of mature renewable technologies at scale and as swiftly as possible to give communities access to the clean electricity they need. This means empowering experts to develop solar and wind projects and working with governments to accelerate their deployment.

We are enabling the uptake of solar by creating, acquiring, and supporting development companies, which also give clients greater opportunities to scale their own renewables investments. These include Cero Generation, Island Green Power, Apex Energies and Reden Solar in Europe, Blueleaf Energy, CleanMax and Fengchui Wind Power in Asia, as well as Treaty Oak Clean Energy and Galehead Development in the US – and are looking at similar opportunities in Australia and New Zealand.

These are platforms work because they bring together deep industry experience and expertise from across energy markets, planning technical, engineering as well as regional expertise. We, as finance, can supplement this by drawing on our own decades of experience investing green energy – as well as ensure best practice is shared, provide them with access to global suppliers and provide global market insights. As a result, these businesses have been able to establish a development pipeline of over 30 GW of mature renewables.

However, more effort must be directed towards removing regulatory and permitting barriers that slow projects down. In many countries, connection to energy networks sets the speed limit for the deployment of renewables.

We are seeing progress in these areas with several governments around the world taking steps to simplify permitting processes – for example in the EU, which aims to deliver permits for some projects within a year. Likewise, steps are being taken to accelerate grid connectivity.

Mature renewables also face supply chain constraints due to pressures created by the Covid-19 pandemic. Here, China and Chinese companies are playing a critical role in ensuring mature renewables continue to be deployed at pace and scale – with at least 60% of the world’s manufacturing capacity for mature renewable technologies found here[3]. This includes enough manufacturing capacity to meet global demand for most of the solar market up to 2030[4].

That is why we have established deep working relationships with Chinese suppliers like JA Solar, Trina Solar, Longi and Envision. Regularly engaging with them to understand the development pipelines of our portfolio companies and working with them to deploy the latest, most cost-effective technologies. This kind of close working relationship will ensure solar and wind deployment continues at pace.

While the urgency to deploy wind and solar is critical, we know that mature renewables are not enough.

Our second focus area is supporting the commercialisation of emerging climate solutions and technologies that will enable deeper decarbonisation.

For example, transport is a significant greenhouse gas emitting sector, and that is why we are leading the development of a new blended finance platform, with the UN’s Green Climate Fund, to drive the adoption of electric vehicles across India. The financing platform aims to deliver $US1.5 billion over the investment term to accelerate India’s EV transition.

We will also need to enable the shift to sustainable fuels like low-carbon hydrogen and advanced biofuels where direct electrification isn’t viable – for example, in chemical feedstocks and air transport.

Through our specialist platform in Europe, VORN Bioenergy, we are developing, constructing, and operating biomethane projects to meet this need.

Whilst our portfolio company in South Korea, Approtium, now has operating CCUS capacity to make low-carbon hydrogen for industry.

All emerging technologies will require remarkable levels of new infrastructure investment across various sectors, especially for the development of CCUS, and in the repurposing of pipeline networks to move clean molecules.

To unlock this investment, it’s vital that governments connect ambitions to detailed plans, policies and support mechanisms to encourage the rapid emergence of these nascent solutions.

With the right market frameworks, the private sector will invest, partnering with government to produce the scale and innovation needed to drive down costs.

Speaking of partnership, this brings me to our third opportunity, partnering with clients as well as our portfolio companies to decarbonise their operations and help futureproof their businesses.

We believe that corporate net zero commitments are a vital trigger for action that will guide the transformation of the private sector and create long-term value for clients, businesses, and communities over the decades ahead.

We have made a commitment within Macquarie Asset Management to invest and manage our portfolio in line with net zero by 2040 where we have control or significant influence. This has involved working closely with our portfolio companies, where we have control or significant influence, to develop net zero business plans.

This process has involved setting interim targets for 2030 or sooner, alongside abatement measures to incrementally work towards reaching these targets. By the end of 2022, almost 85 per cent of our in-scope infrastructure and agriculture portfolio companies, and around 400 real estate properties, had net zero plans in place.

Through this process, we are seeing various net zero pathways unlock energy efficiencies and cost reductions, as well as create secondary product streams and services.

In addition to the engagement with the businesses we manage, we are increasingly working with corporate partners to support their won energy transition journey.

For example, we have been with Norsk Hydro, a major aluminium company, to support their energy transition. This initially included structuring power purchase agreements but now involves partnership with the company’s renewable entity to develop new renewable projects. Since 2021, this partnership which combines their energy market expertise with our development and financial expertise has enabled the development of 1.3 GW of renewable energy capacity.

What used to be finding a way to buy green electrons from the energy suppliers has become increasingly sophisticated – and means corporates looking for partners to build renewable energy projects specifically to meet their needs.

This is important as these collaborations create more bankable renewable projects – and will play a significant role in accelerating the energy transition.

This brings me to my conclusion, no one can reach net zero alone – the scale of the transition requires collaboration. 

Given the scale of the challenge and the level of investment required, the private and public sectors will need to work in close partnership to ensure we can meet more ambitious climate targets. These partnerships take different forms, focusing on the many challenges ahead – including accelerating the deployment of mature low carbon technologies, driving the commercialisation of emerging climate solutions, and supporting transition of existing businesses.

Financial players can have a critical role here – providing not just the resources and expertise to support the transition – but also convening forums, like this event, where stakeholders can come together to discuss the practical solutions to these challenges.

So, thank you to Global Asset Management Forum for hosting this important event and allowing Macquarie to contribute.

And thank you all for listening.

[1]https://about.bnef.com/blog/renewable-energy-investment-hits-record-breaking-358-billion-in-1h-2023/ 

[2]https://www.woodmac.com/press-releases/apac-to-invest-3.3-trillion-in-power-generation-over-next-decade/

[3]https://www.iea.org/reports/energy-technology-perspectives-2023/clean-energy-supply-chains-vulnerabilities 

[4]https://www.bloomberg.com/news/articles/2022-10-25/there-s-no-cheap-way-to-sidestep-china-s-energy-supply-chains