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Deloitte Solar Energy Report Sustainable finance Can Sukuk become a driver of solar and green energy growth? Deloitte Islamic finance Insights Series In the Middle East Leading by engaging since 1926 Sustainable finance | Can Sukuk become a driver of solar and green energy growth? Contents 04 05 06 07 Foreword from Deloitte Foreword from ISRA Acknowledgments Executive summary 08 09 11 17 Research methodology Introduction Market development Industry and business and investment trends leaders’ outlook 21 28 29 31 Islamic financing strategy Business practice and Conclusion Appendix A: Growth drivers support initiatives and market dynamics 56 57 Appendix B: Abbreviations Appendix C: Thought leadership reports 03 Sustainable finance | Can Sukuk become a driver of solar and green energy growth? Foreword from Deloitte This is the second Deloitte renewable Resource thought leadership, senior energy report that examines the industry managers that serve clients in the solar investment trends, regulatory policy, sector space in our region, Deloitte industry stakeholders, financing strategies Middle East (ME) Islamic finance and success stories that help drive the Knowledge Center (IFKC) survey value proposition for Islamic financing conducted in 2017, interviews and options. industry group discussions as well as country cases built by associate research While the demand for sustainable energy- institutions. efficient sources continue to increase in many countries around the world, I am most grateful to my fellow colleagues security of sustainable finance and at Deloitte ME and Malaysia, and all responsible investment in the sector associate research institutes represents a main challenge. Solar energy acknowledged in this report. continues to enter mainstream utilization Dr. Hatim El Tahir, FCISI in several Organization of Islamic As economic growth and population Director, Islamic finance Group Cooperation (OIC) countries in the regions increase in the 10 countries and regions Leader, Deloitte ME IFKC analyzed in this report (MENA, Asia and reviewed, solar and green energy will likely Deloitte & Touche (M.E.) Europe). grow in scale and scope and will certainly require huge capital to fund. The issues Energy efficiency and green energy and industry growth trends in this report concepts have been embraced and may stimulate debate as to how Islamic deployed in the national visionary finance can become central to these strategies. A clear trend is the growing growing investment opportunities and importance of Islamic finance as an help identify some of the key financing alternative funding choice for many strategies/structures which can be further countries and governments, supported by improved to respond to increasing needs Multinational Development Banks (MDBs) for capital. and local industry supporting initiatives (technical and financial). I hope you enjoy reading this report. The methodology for developing this set of issues and trends emerged from data analytics from Deloitte’s Energy and 04 Sustainable finance | Can Sukuk become a driver of solar and green energy growth? Foreword from ISRA The Paris Agreement on Climate Change projects. In the field of Islamic finance, marks a key turning point in the global green Sukuk has emerged as a Shariah- energy transition. More than 178 nations compliant instrument for the same have ratified the United Nations purpose. Framework Convention on Climate Change (UNFCCC), which mainly aims to Malaysia and Indonesia are among the consolidate efforts to address the threat first countries to issue this type of Sukuk. of climate change. In Malaysia, the first corporate green Sukuk worth RM 250 million, was issued One of the most important provisions of by Tadau Energy Sdn Bhd to partly finance the Paris Convention is to promote large-scale solar construction. Meanwhile, renewable and sustainable energy. This Indonesia issued US$ 1.25 billion of not only has a direct impact on economic sovereign green Sukuk, whose revenues and social development, it is also will be partly used to finance renewable environmentally friendly. More energy projects. The increase in the Professor Mohamad Akram Laldin importantly, the use of “green” energy has adoption of green Sukuk to finance Executive Director become an integral part of the UN’s renewable energy projects is attributable International Shariah Research Sustainable Development Goals (SDGs), to the following factors: the increase in Academy for Islamic finance which have been incorporated into the renewable energy projects, particularly economic growth plans of many nations. solar energy projects, the low capital It also contributes to several policy costs, and the fact that it is a Shariah- objectives, such as developing new compliant instrument. industries and products, creating new jobs, reducing emissions of polluting This report, which is jointly produced by gases and providing affordable and ISRA and Deloitte Middle East, highlights reliable clean energy. the importance of renewable and alternative energy by presenting the According to the Bloomberg NEF report, experiences of selected countries in this global investment is focusing strongly on field. The report also emphasizes the role investing in renewable and clean energy. of Sukuk in sustainable development and For example, investments into global renewable energy projects, particularly clean energy recorded an increase from solar projects. The report is expected to US$ 200 billion in 2008 to US$ 332 billion raise stakeholders’ awareness on in 2018. This is due to lower investment investment in renewable energy projects costs in green energy, especially solar. through Shariah-compliant financing instruments particularly green Sukuk. Several countries have also recently witnessed a remarkable development in I would like to take this opportunity to renewable energy investments. In the express my gratitude to Deloitte Middle countries of the Gulf Cooperation Council East for collaborating with us in producing (GCC), for example, the renewable energy this report. My profound thanks also go target has become an integral part of to all the contributors to this report. national determined contributions and Congratulations to the production team falls within the objectives of UNFCC. from ISRA and Deloitte Middle East for this great achievement. This report would It is worth noting that issuances of green not have been possible without your bonds have become part of the current earnest support. forms of financing for renewable energy 05 Sustainable finance | Can Sukuk become a driver of solar and green energy growth? Acknowledgments We extend our gratitude and appreciation to the respondents of our online survey Solar energy continues to enter questionnaire and Deloitte professionals who contributed to this report. We are mainstream utilization in several also grateful to fellow colleagues and practitioners who contributed in Organization of Islamic Cooperation developing the country cases and stimulated our discussion themes which (OIC) countries in the regions analyzed helped improve the depth of the research scope and industry analysis. in this report (MENA, Asia and Europe). Project contributors Deloitte team Industry contributors & associate • Dr. Hatim El Tahir, Director researchers • Sakinah Jamil, Senior Manager • Professor Yelena Kalyuzhnova, Vice Dean • Sajida Ali, Consultant (International), Henley Business School, • Faisal Hamid, Consultant Director, the Center for Euro-Asian Studies, the University of Reading. ISRA team • Dr. Irum Saba, Assistant Professor, • Associate Prof. Dr. Said Bouheraoua, Center of Excellence in Islamic finance Director of Research Development and (CEIF), Institute of Business Innovation Department Administration, Pakistan • Dr. Salma Sairally, Research Consultant • Dr. Nihat Gumus, Ibn Haldun University - • Dr. Marjan Muhammad, Head of Department of Management, Istanbul, Research, Quality Assurance Office Turkey Supported by 06 Sustainable finance | Can Sukuk become a driver of solar and green energy growth? Executive summary The drive to promote green energy in Over the years, and in particular in the Over the years, and in many countries, together with reducing markets we considered, Islamic finance solar technology costs and maturing has emerged as a key player to fund particular in the markets practices, have attracted strategic social and infrastructure projects and we considered, Islamic investors into the sector primarily driven offers various innovative Shariah- by return and sustainable investment compliant structures to both large and finance has emerged as a principles. Owing to such factors, almost small-scale enterprises in different key player to fund social all countries analyzed are either sectors of the economies. Evidently, and infrastructure increasing their current solar capacities or these structures are also used in installing new plants to achieve its clearly financing several major solar projects in projects and offers set energy efficiency strategies. the Middle East and North Africa (MENA), various innovative Asia and Europe. Countries such as Malaysia and Indonesia Shariah-compliant which are considered highly coal This report provides an in depth analysis structures to both large dependent economies have started to of the key driving factors of going green and small-scale drastically decrease their government in these selected groups of counties and sponsored subsidies towards discusses the value proposition of Islamic enterprises in different conventional energy
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