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Finanzierung der Energiewende in Zeiten großer Finanzmarktinstabilität

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Author Info

  • Claudia Kemfert
  • Dorothea Schäfer

Abstract

One of the most pressing public priorities in Germany at present is how to organize the transformation of the energy system. However, the cost of stabilizing the financial sector as well as the fiscal pact and the debt brake mean that the state has limited financial resources. Consequently, the availability of private capital, whether it is in the form of equity or debt, is becoming a decisive factor in the successful transformation of the German energy system. Recently, there have been more and more indications that banks are very reluctant to extend credit and are focusing on the potential risks of financing the switch to renewable energy. At the same time, however, the financial sector is also wrestling with political decisionmakers about the capital requirements of the loans concerned. Yet there can be no discussion about reducing the capital base in the banking sector. Instead, the government should also call for appropriate involvement of the major banks in financing the transformation of the energy system in return for implicit guarantees for those banks, just as financial aid from the state was linked to loans being granted to SMEs in 2008. At the same time, the risks have to be spread more widely. Know-how about and the financial strength of private equity funds may be of help here. Die Organisation der Energiewende gehört momentan zu den dringlichsten öffentlichen Aufgaben. Wegen der Ausgaben für die Stabilisierung des Finanzsektors und durch Fiskalpakt beziehungsweise Schuldenbremse ist der Staat allerdings tendenziell finanzierungsbeschränkt. Damit wird die ausreichende Bereitstellung von privatem Kapital, sei es in Form von Eigen- oder Fremdkapital, zu einem entscheidenden Faktor bei der Bewältigung der Energiewende. In jüngster Zeit mehren sich die Anzeichen, dass Banken sehr zögerlich Kredite vergeben und eventuelle Risiken der Finanzierung der Energiewende in den Vordergrund stellen. Gleichzeitig ringt der Finanzsektor mit den politischen Entscheidungsträgern aber auch um die Eigenkapitalunterlegung der entsprechenden Kredite. Abstriche bei der Eigenkapitalausstattung im Bankensektor müssen jedoch tabu sein. Vielmehr sollte der Staat als Gegenleistung für den impliziten Garantierahmen für die Großbanken auch eine angemessene Beteiligung an der Finanzierung der Energiewende einfordern, ähnlich wie bereits im Jahr 2008 die staatlichen Kapitalhilfen an die Vergabe von Mittelstandskrediten gekoppelt waren. Gleichzeitig müssen die Risiken breiter gestreut werden. Dabei können das Know-how und die Finanzkraft von Private-Equity- Fonds helfen.

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Bibliographic Info

Article provided by DIW Berlin, German Institute for Economic Research in its journal DIW Wochenbericht.

Volume (Year): 79 (2012)
Issue (Month): 31 ()
Pages: 3-14

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Handle: RePEc:diw:diwwob:79-31-1

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Related research

Keywords: Sustainable Financial Architecture; Energy Turnaround in Germany; Investment in New Infrastructure;

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