Abstract | April 2016
Impact report of the
NRW.BANK.Green Bond
Findings of the analysis of greenhouse gas emissions avoided by the
NRW.BANK.Green Bond 2015
Authors:
Klaus Wiesen, Jens Teubler, Paul Suski and Holger Berg
On instructions from
Abstract
Impact report of the NRW.BANK.Green Bond
On instructions from the NRW.BANK, the Wuppertal Institut carried out an impact report of
the NRW.BANK.Green Bond 2015. The bond had a volume of €500M and a term of 10 years.
It was used to refinance environmental projects in the water and energy sectors in
Nordrhein-Westfalen (North Rhine-Westphalia]. The projects are split between the Climate
Mitigation (€405.4M) and Climate Adaptation (€94.6M) sectors.
Promotion shares:
The report analyses the contribution to climate protection of
"Climate Mitigation"
Förderanteile
im Bereich
"ClimateSector
Mitigation“
the refinanced shares in the promotion projects from the
Wind
energy 37
37%
Windenergie
%
"Climate Mitigation" sector with a value of €405.4M. These
Windenergie
37%
projects are for
Gebäude
Gebäude
50
%
Buildings
50%
50%
n
the construction of wind power systems,
n
the construction of gas and steam turbine power stations1,
n
405,4
Mio. EUR
€405.4M
Effizienzkredi
te
Effizienzkredite
2%
Efficiency
credits 2%
GuD 2%
11%
GuD
11 %
Gas and steam turbines
11%
Energy efficiency measures in manufacturing
companies and
n
new building of energy-efficient public buildings.
The calculated avoidance of greenhouse gas emissions from these projects over the term of ten
years is equivalent to 2.7 M tonnes of CO2. Measured on an emission amount of €500M, this comes
to an annual saving of an equivalent of 540 tonnes CO2 for each million EUR.
In relation to the development loans extended, gas and steam turbine power stations are
demonstrably the most efficient type of system for avoiding greenhouse gases. However, it should
be noted that wind power systems have a patently higher avoidance potential per kilowatt-hour of
electrical energy. All promoted sectors also avoid greenhouse gases over the term of the green bond.
By means of an investment of €1M, avoided CO2 equivalent for a 10 year
term in various climate mitigation projects
Buildings
Gebäude
Efficiency credits
Effizienzkredite
142 tonnes
1.031 tonnes
21.664 tonnes
Gas and steam turbines
GuD
11.581 tonnes
Wind energy
Windenergie
0
10.000
20.000
The impact report bears out the recommendations of the "Harmonized Framework for Impact
Reporting2". Greenhouse gas emissions for wind power and gas and steam turbine systems were
calculated over the entire life cycle. With efficiency credits and efficient buildings, the calculation
relates however, owing to limited data availability, only to the preliminary chains of the energy
source used. The energy supply (NRW mix) and the average energy need for a public building was
determined as the benchmark for calculating the potential savings.
–––
1
Gas and steam turbines (German abbreviation - GuD) use natural gas for electricity and heat production.
2
Green Bonds - Working Towards a Harmonized Framework for Impact Reporting
Wuppertal Institut | 2
Abstract
Impact report of the NRW.BANK.Green Bond
Wind energy promotion
The construction of wind farms with a total output of
136 MW
was
72
percent
financed
by
Greenhouse gases avoided
through wind farms: 1.7 million
equivalent tonnes of CO2.
the
NRW.BANK.Green Bond. The systems produce an
estimated annual 160 GWh of electrical energy. The sum
52%
of €148.4M refinanced by the Green Bond leads to an
avoidance of 1.7 million equivalent tonnes of CO2 over a
48%
Citizen wind farms
Bürgerwindparks
term of ten years. Approximately half of the greenhouse
Commercial Operators
Kommerzielle
Betreiber
gases avoided is related to the erection of public wind
farms.
Promotion of Power station technology
Around €44.5M from the NRW.BANK green bond have flowed into the refinancing of the building
of energy-efficient gas and steam turbine power stations generating electricity and heat. This avoids
964 thousand equivalent tonnes of CO2 over a term of ten years.
Efficiency credits for companies
The NRW.BANK.Green Bond is a participant, with €9.2M, in measures for energy efficiency and air
purification. €8.2M were used for saving electricity and heat. This resulted in 8.4 thousand tonnes
of avoided greenhouse gases over a term of 10 years. A considerable part of the investments flowed
into the retail trade (a 57% share).
Greenhouse gases avoided through efficiency credits: 8.4 thousand equivalent
tonnes of CO2.
Small trade businesses
Handwerksbetriebe
14.0%
0%
Manufacturing industry
Verarbeitendes
Gewerbe
22.1%
20%
Retail trade
Einzelhandel
Service
Dienstleister
providers
Construction
Baugewerbe
6.3%
0.5%
57.1%
40%
60%
80%
100%
Promoting energy-efficient buildings
The construction of non-residential buildings in NRW was
financed with a total of €203.4M by means of the
NRW.BANK.Green Bond, which equates to a 91% share of
the project financing. In comparison with existing buildings,
this avoided at least 29 thousand equivalent tonnes of CO2
over the term of ten years.
Greenhouse gases avoided
through energy-efficient buildings:
29 thousand equivalent tonnes of
CO2.
39%
61%
Universities and
research
Hochschulen
und
institutions
Forschung
Administrative buildings,
Verwaltungs-,
Polizeipolice
and fire stations
und
Feuerwehrgebäude
The annex lists the results in accordance with the instructions in the framework for
impact studies of Green Bonds. This also includes additional information on the
methodology used.
Wuppertal Institut | 3
Abstract
Impact report of the NRW.BANK.Green Bond
Annex
Impact report results
The following tables show the impact report results in detail, in accordance with the instructions in
the framework for impact studies of Green Bonds. For better ranking, the indicators are identified
in each case as a total (100%) related to the funding share.
Energy Production
Signed
Amount
unit
milion €
Share of
Total
Project
Financing
(estimate)
%
Wind energy
Gas and Steam power plants
148,4
44,5
71,8%
5,2%
Energy Efficiency
Signed
Amount
unit
milion €
Share of
Total
Project
Financing
(estimate)
%
Energy Efficiency Loans
Energy-efficient buildings
8,2
203,4
92,6%
90,8%
Eligibility
for green
bonds
RE
Component
Project
lifetime
Annual generation
Renewable energy capacity
added
Annual GHG emissions
avoided
% of signed
amount
% of signed
amount
in years
GWh/a
MW
in 1.000 tonnes of CO2 equivalents per year
100%
financed
100%
financed
100%
financed
100%
100%
100%
0%
20
35
224,8
2.758,8
159,2
142,3
135,6
0,0
97,4
0,0
242,6
1.868,6
171,8
96,4
Eligibility
for green
bonds
EE
Component
Project
lifetime
Annual Energy Savings
% of signed
amount
% of signed
amount
in years
GWh/a
100%
100%
100%
100%
10
10
Annual GHG emissions
avoided
in 1.000 tonnes of CO2 equivalents per year
100%
financed
100%
financed
1,25
11,7
1,15
11,3
0,93
3,0
0,84
2,9
Methodology
The impact report carried out is restricted to the avoidance of greenhouse gases on the basis of
IPPC 20073. Other possible environmental effects, such as a reduction of the land required or the
raw material used were not investigated.
Three different system types covering the life cycle form the basis for calculating wind power
systems. The basic assumptions are a working life of 20 years, 1,658 hours a year at gross full load
and a lump sum for building costs of €1,523 per kilowatt4. The calculation for the avoidance
potential with gas and steam turbine power stations is based on 2,640 hours a year at gross full
load and a working life of 35 years.
The avoidance of greenhouse gases for efficiency credits results from the specific greenhouse gas
equivalents for heat generation by gas and heating oil, as well as energy generation and remote
heating supply in NRW5. All factors include the preliminary energy source chains, but not the life
cycle of the infrastructure needed for conversion.
The potential savings for heat consumption were calculated on the basis of renovated nonresidential buildings in Germany6. The buildings actually financed, however, are constructed in
accordance with the EnEV 2016 standard and are therefore predictably more efficient than the
–––
chosen reference systems.
3
Determined over 100 years according to https://www.ipcc.ch/publications_and_data/ar4/wg1/en/ch2s2-10-2.html
4
Fraunhofer, IWES (2015): Wind energy report 2014
5
Federal Region Energy Budgets, version: 23 December 2015, http://www.lak-energiebilanzen.de
6
Federal Ministry for Traffic, Construction and Urban Development (2013): Systematic data analysis in the non-residential buildings sector
– Recording and quantifying energy saving and CO2 reduction potentials
rd
Wuppertal Institut | 4