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2021 | OriginalPaper | Buchkapitel

9. Securitization as a Model for an Equitable Transition

verfasst von : Uday Varadarajan

Erschienen in: Settling Climate Accounts

Verlag: Springer International Publishing

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Abstract

While action on climate change appears to be increasingly affordable in the long run, the costs and risks of the transition to a low-carbon economy—most of which are likely to fall on those least able to bear them—are emerging as a critical barrier to rapid action. This chapter will introduce and analyze emerging green financing mechanisms that can help mitigate these inequitable burdens using a portion of future benefits from a low-carbon economy. We focus on the example of the transition challenges associated with near term risks and costs borne by energy customers, workers, and communities in the context of a rapid phaseout from coal by regulated US utilities. We introduce and discuss a specific financial tool—ratepayer-backed bond securitization—that has emerged over the last seven years as a key financial mechanism for facilitating a just and equitable transition of regulated US utilities. We discuss experience with the tool across several US states, with a view towards identifying some of the practical challenges to wider implementation. Finally, we turn to a discussion of the lessons learned and explore ways in which the experience with securitization could be generalized and scaled across geographies and sectors as a template for how financial innovation can help enable a more equitable transition to a low-carbon economy.

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Literatur
Zurück zum Zitat Bodnar, Paul, Matthew Gray, Tamara Grbusic, Steve Herz, Amanda Lonsdale, Sam Mardell, Caroline Ott, Sriya Sundaresan, and Uday Varadarajan. 2020. How to Retire Early: Making Accelerated Coal Phaseout Feasible and Just. Rocky Mountain Institute. https://rmi.org/insight/how-to-retire-early. Bodnar, Paul, Matthew Gray, Tamara Grbusic, Steve Herz, Amanda Lonsdale, Sam Mardell, Caroline Ott, Sriya Sundaresan, and Uday Varadarajan. 2020. How to Retire Early: Making Accelerated Coal Phaseout Feasible and Just. Rocky Mountain Institute. https://​rmi.​org/​insight/​how-to-retire-early.
Zurück zum Zitat Thind, Maninder, Christopher Tessum, Ies Azevedo, and Julian Marshall 2019. Fine Particulate Air Pollution from Electricity Generation in the US: Health Impacts by Race, Income, and Geography.” Environmental Science and Technology 53 (23): 14010–14019. https://doi.org/10.1021/acs.est.9b02527. Thind, Maninder, Christopher Tessum, Ies Azevedo, and Julian Marshall 2019. Fine Particulate Air Pollution from Electricity Generation in the US: Health Impacts by Race, Income, and Geography.” Environmental Science and Technology 53 (23): 14010–14019. https://​doi.​org/​10.​1021/​acs.​est.​9b02527.
Zurück zum Zitat Varadarajan, Uday, David Posner, Becky Li, Pintian Chen, and Austen Sharpe. 2020. Using Ratepayer-Backed Bond Securitization for Cost Recovery in Accelerated Asset Retirement – Feasibility Study for Minnesota Power – Phase 1. Rocky Mountain Institute. Varadarajan, Uday, David Posner, Becky Li, Pintian Chen, and Austen Sharpe. 2020. Using Ratepayer-Backed Bond Securitization for Cost Recovery in Accelerated Asset Retirement – Feasibility Study for Minnesota Power – Phase 1. Rocky Mountain Institute.
Zurück zum Zitat Varadarajan, Uday, David Posner, Becky Li, Pintian Chen, and Austen Sharpe. 2021. Using Ratepayer-Backed Bond Securitization for Cost Recovery in Accelerated Asset Retirement – Feasibility Study for Minnesota Power – Phase 2. Rocky Mountain Institute. Varadarajan, Uday, David Posner, Becky Li, Pintian Chen, and Austen Sharpe. 2021. Using Ratepayer-Backed Bond Securitization for Cost Recovery in Accelerated Asset Retirement – Feasibility Study for Minnesota Power – Phase 2. Rocky Mountain Institute.
Metadaten
Titel
Securitization as a Model for an Equitable Transition
verfasst von
Uday Varadarajan
Copyright-Jahr
2021
DOI
https://doi.org/10.1007/978-3-030-83650-4_9