© Copyright 2004 UNEPThis 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, providedacknowledgement of the source is made. UNEP would appreciate receiving a copy of anypublication that uses this publication as a source.No use of this publication may be made for resale or for any other commercial purposewhatsoever without prior permission in writing from UNEP.First edition 2004The designations employed and the presentation of the material in this publication do not implythe expression of any opinion whatsoever on the part of the United Nations EnvironmentProgramme concerning the legal status of any country, territory, city or area or of its authorities,or concerning delimitation of its frontiers or boundaries. Moreover, the views expressed do notnecessarily represent the decision or the stated policy of the United Nations EnvironmentProgramme, nor does citing of individual companies, trade names or commercial processesconstitute endorsement.UNITED NATIONS PUBLICATIONISBN: 92-807-2445-2
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Cover photographs courtesy of: Applied Power Corporation (top left); West Bengal Renewable Energy Development Agency (bottom right);Warren Gretz (top right and bottom left).
This study was commissioned by UNEP’s Division of Technology, Industry and Economics(DTIE) under its Sustainable Energy Finance Initiative (SEFI) and conducted by a consortiumled by Marsh Ltd, members of which include Gareth Hughes and Warren Diogo, in associationwith Edmund Olivier, Andrew Dlugolecki of Andlug Consulting, Christian Schoenwiesner-Bozkurt of Roedl & Partner, and advisors from Climate Change Capital, Det Norske Veritas andthe Global Sustainable Development Project.The study also benefited from comments and suggestions from external reviewers,including Veronique Bishop of Carbon Finance Business, Kyoichi Shimazaki of Project Financeand Guarantees, Helmut Schreiber of Infrastructure and Energy Services Department at theWorld Bank, Cynthia Page at the United Nations Development Programme, members of theClimate Change Working Group of the UNEP Finance Initiative, and industry stakeholders.The study was coordinated by Aki Maruyama of the UNEP Energy Programme. OtherUNEP staff involved were Eric Usher and Mark Radka.