Sovereign Wealth Funds as a Tool to Invest in Renewable Energy in Africa

Artykuł podejmuje zagadnienie potencjału Narodowych Funduszy Majątkowych (NFM), które są w ostatnich latach coraz częściej tworzone w bogatych w złoża ropy i gazu państwach rozwijających w Afryce, jako narzędzia inwestycji w energię ze źródeł odnawialnych. Jeśli NFM sprawdziłyby się w tej roli, przyczyniłyby się do rozwiązania szeroko omawianego w literaturze problemu „klątwy surowcowej”. W szczególności, w ramach artykułu analizowana jest zdolność NFM do redukowania barier dla sektora prywatnego, które uniemożliwiają inwestycje w odnawialne źródła energii.

Słowa kluczowe:

państwa bogate w surowce, klątwa surowcowa, zarządzanie przychodami z wydobycia surowców, Narodowe Fundusze Majątkowe, finansowanie energetyki odnawialnej

Bibliografia

AL-HASSAN A. et al., 2013, Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management, IMF WP 13/231, Washington DC.

ALTENKIRCH C. and BROWN M., 2012, Sovereign Wealth Fund Plan Positive for Angola, in: FitchRatings, https://www.fitch ratings.com/gws/en/fitchwire/fitchwirearticle/Sovereign-Wealth-Fund?pr_id=765930 (19.10.2017).

AUTY R. M., 1993, Sustaining Development in Mineral Economies: The Resource Curse Thesis, Routledge, London.

BUTER K. C. and JOAQUIN D. C., 1998, A note on political risk and the required return on direct investment, in: Journal of International Business Studies, vol. 29, no 3, p. 599-607.

BYRNE T. J., 2013, Global Credit Research, in: Moody’s Investor Service, https://www.moodys .com/research/Moodys-says-GCC-Governments-Sizeable-Sovereign-Wealth-Funds-Will-Support--PR_2 79142 (15.10.2017).

CAVALCANTI T. et al., 2011, Commodity Price Volatility and the Sources of Growth, IMF WP 12/12, Washington DC.

DAS U. S. et al., 2009, Setting up a Sovereign Wealth Fund: Some Policy and Operational Considerations, IMF WP 09/179, Washington DC.

DIXON A. D. and MONK A. H. B., 2011a, The Design and Governance of Sovereign Wealth Funds: Principles and Practices for Resource Revenue Management, in: SSRN, http://ssrn.com/abstract=1951573 (21.10.2017).

DIXON A. D. and MONK A. H. B., 2011b, What Role for Sovereign Wealth Fund’s in Africa’s Development? Center for Global Development, Washington DC.

EIB, 2010, Study on the Financing of Renewable Energy Investment in the Southern and Eastern Mediterranean Region, http://www.eib.org/attachments/country/study_msp_en.pdf (21.10.2017).

EIFERT B. et al., 2002, The Political Economy of Fiscal Policy and Economic Management in Oil-Exporting Countries, WB Policy Research WP 2899, Washington DC.

EURACTIV, 2009, First steps to Bring Saharan Solar to Europe, http://www.euractiv.com/energy/steps-bring-saharan-solar-europe/article-184274 (16.10.2017).

EY, 2014, Renewable Energy Country Attractiveness Index, http://www.ey.com/Publication/vwLUAssets/RECAI_40_-_February_2014/$FILE/EY_RECAI% 2040_Feb%202014.pdf (10.10.2017).

FLYVBJERG B. et al., 2003, Megaprojects and Risk. An Anatomy of Ambition, Cambridge University Press, Cambridge.

FS-UNEP and BNEF, 2014, Global Trends in Renewable Energy Investment 2014, http://www.unep.org/pdf/Green_energy_2013-Key_findings.pdf (21.10.2017).

GELB A. et al., 2014, Sovereign Wealth Funds and Domestic Investment in Resource-Rich Countries: Love Me, or Love Me Not?, in: Economic Premise, vol. 1, no 133, p. 1-5.

GLOBERMAN S., VINING A., 1996, A Framework for Evaluating the Government Contracting out Decision with an application to Information Technology, in: Public Administration Review, vol. 56, no 6, p. 40–46.

GUERIN E., 2013, Green Sovereign Wealth’. Paris: Project Syndicate, in : Project Syndicate, http://www.project-syndicate.org/commentary/the-risks-and-benefits-of-sovereign-wealthfunds-by-emmanuel-guerin (21.10.2017).

GYLFASON T., 2000, Natural Resources, Education and Economic Development, Centre for Economic Policy Research (CEPR), London.

ICEED, 2006, Renewable Electricity Policy Guidelines, http://www.iceednigeria.org/workspace/uploads/dec.-2006.pdf (16.10.2017).

IEA, 2011, World Energy Outlook, http://www.iea.org/publications/freepublications/publication/weo20 11_web.pdf (21.10.2017).

IEA, 2014, World Energy Investment Outlook, http://www.iea.org/publications/freepublications/publication/WEIO_2014_ES_English.pdf (20.10.2017).

IMF, 2010, Managing Natural Resource Wealth, http://www.imf.org/external/np/otm/2010/110110.pdf (20.10.2017).

IMF, 2014, Energy Subsidies in the Middle East and North Africa. Lessons for Reform, https://www.imf.org/external/np/fad/subsidies/pdf/menanote.pdf (20.10.2017).

IRENA, 2012, Financial Mechanisms and Investment Frameworks for Renewables in Developing Countries, http://www.irena.org/DocumentDownloads/Publications/IRENA%20report%20-%20Financial%20Mechanisms%20for%20Developing%20Countries.pdf (21.10.2017).

IRENA, 2013, Africa’s Renewable Future. The Path to Sustainable Growth, http://www.irena.org/DocumentDownloads/Publications/Africa_renewable_future.pdf (20.10.2017).

JUSTICE S., 2009, Private Financing of Renewable Energy: A Guide for Policymakers, in: Chatham House, https://www.chathamhouse.org/sites/files/chathamhouse/public/Research/Energy,%20Environment%20and%20Development/1209_financeguide.pdf (21.10.2017).

KAMINKER Ch. and Stewart F., 2012, The Role of Institutional Investors in Financing Clean Energy, OECD Working Papers on Finance, Insurance and Private Pensions no. 23, Paris.

KE Y. et.al, 2010, Risk Allocation in Public-Private Partnership Infrastructure Projects: Comparative Study, in: Journal of Infrastructure Systems, vol. 16, no 4, p. 343-351.

KLIMSTRA J., 2012, Africa Yearns for Electricity, Wartsilla.

LEVY B. and SPILLER P., 1996, Regulations, Institutions and Commitment: Comparative Studies in Regulation, Cambridge University Press, Cambridge.

LIEBREICH M., 2013, The New Energy ROI: Resilience, Optionality, Intelligence, in: Bloomberg New Energy Finance, http://about.bnef.com/blog/libreich- thenew-energy-roi-resilience-optionality-intelligence /(16.10.2017).

MIKESELL R. F., 1997, Explaining the Resource Curse, with Special Reference to Mineral-Exporting Countries, in: Resources Policy, vol. 23, no 4, p. 191-199.

MONK A., 2011, Rating Agencies Driving Growth in Sovereign Wealth Funds. Countries looking to placate agencies by socking away cash in SWFs, Canadian Investment Review, Montreal.

NCUBE M., 2013, The Boom in African Sovereign Wealth Funds, AfDB, Tunis.

OECD, 2013, Renewable Energies in the Middle East and North Africa. Policies to Support Private Investment, http://www.oecd-ilibrary.org/financeand-investment/renewable-energies-in-the-middle-east-and-north-africa_9789264183704-en (20.10.2017).

RCREEE, 2013, Arab Future Energy Index AFEX 2013, http://www.rcreee.org/projects/arab-future-energy-index%E2%84%A2-afex (23.10.2017).

ROTBERG R. I., 2013, Africa Emerges. Consummate Challenges, Abundant Opportunities, Polity Press, Cambridge.

ROZANOV A., 2005, Who Holds the Wealth of Nations?, in: Central Banking Journal, vol.4, no 15, p. 52-57.

SACHS J. D. and WARNER A. M., 1995, Natural Resource Abundance and Economic Growth, NBER WP 5398, Cambridge.

TAGLIAPIETRA S., 2013, The Geoeconomics of Sovereign Wealth Funds and Renewable Energy. Towards a New Energy Paradigm in the Euro-Mediterranean Region, in: European Energy Journal, vol. 3, no 1, p. 75-79.

THIEMANN A., 2013, Renewable Energies in the Middle East and North Africa: Policies to support Private Investment, MENA-OECD Investment Programme, Cairo.

TIERNEY J., 2008, Rethinking the Oil Curse, in: New York Times, http://tierneylab.blogs.nytimes.com.2008/05/05/rethinking-the-oilcurse/?_php=true&_type=blogs&_r=0 (21.10.2017).

UNECA, 2006, Report on ‘Energy for Sustainable Development’, Joint Secretariat UNECA, UNEP, UNIDO, UNDP, ADB, NEPAD, Addis Ababa.

UNEPFI, 2012, Financing Renewable Energy in Developing Countries. Drivers and Barriers for Private Finance in Sub-Saharan Africa, UNEP, Geneva.

WB, 2012, The Worldwide Governance Indicators Project, http://info.worldbank.org/governance/wgi/index.aspx#countryReports (20.10.2017).

WB, 2014, Energy in Africa, World Bank Group, Washington DC.

WB and IFC, 2012, Doing Business in a More Transparent World, World Bank Group, Washington DC.

WHITEHEAD E., 2012, Rise of the African Sovereign Wealth Funds, in: This is Africa, http://www.thisisafricaonline.com/News/Rise-of-the-African-sovereign-wealth-fund (14.10.2017).

Narodowe Fundusze Majątkowe jako narzędzie inwestycji w energię ze źródeł odnawialnych w Afryce. (2018). Problemy Ekorozwoju , 13(1), 31-39. https://ph.pollub.pl/index.php/preko/article/view/5035

##plugins.themes.bootstrap3.article.sidebar##

Numer Tom 13 Nr 1 (2018)

Archiwum

##plugins.themes.bootstrap3.article.main##

Authors

Abstrakt

Słowa kluczowe:

Bibliografia

##plugins.themes.bootstrap3.article.details##

Licencja