These figures don't even start to scratch the surface of the total market for clean tech's highly lucrative auxiliary energy-smart technologies such as smart grid, electric vehicles, solar panels and power storage technology - all of which are experiencing incredible growth.
Tesla Energy, in its first week of announcing its new residential and business distributed energy storage model, effortlessly took orders for over US$800 million in solar battery systems.
Even environmental laggard Apple announced its own clean energy shopping spree, with plans to spend nearly $2b on European data centres running entirely on renewable energy, and $900m to secure solar power in California.
Lanzatech - the New Zealand-founded waste- gas-to-fuel biotech start-up -underwent one of the world's largest clean tech venture funding rounds last year and announced the opening of its first commercial plant in Taiwan. It was voted the number one hottest company in bio energy by the Digest, the world's most widely-read bio economy daily. Lanzatech's global success appears imminent.
Here in New Zealand a stalwart of the banking industry is showing keen interest. Westpac has spotted the opportunity to gain a share of this lucrative clean tech pie by lending to the industry. The company also sees it as an opportunity to bolster New Zealand's international economic competitiveness; Westpac NZ has been increasingly prioritising clean tech and is warming to its role of being the major supporter of business in this space.
Identifying clean tech and environmental services as a long-term growth sector, Westpac NZ's head of sustainability, Grant Fleming, says its key areas of focus are four-fold.
Firstly, providing lending to clean tech companies to help them grow their business. This lending spans renewable energy, green buildings, water, waste and forestry services, as well as innovative, emerging green businesses. "A year and a half ago we announced our goal to increase new lending to the sector by $150m by the end of 2015 - and we are on track to achieve that."
Secondly, developing new products for customers to bring new services to market that benefit the environment. For example, in 2013 Westpac launched Solar Shed - a joint initiative with Meridian Energy providing farmers easy and affordable access to solar energy - attracting high levels of interest on launch. The bank also works in the institutional space around how companies can use leased products to assist them past the investment in capital to build energy efficiency. "Capital cost is a huge hurdle for most companies, but with a leasing product you can reap the savings from day one as you pay for that investment," says Fleming.
Another of the bank's key focuses includes educating and assisting its customers to manage climate risk and develop solutions. "We want to help New Zealand businesses and entrepreneurs create environmental solutions that deliver value to our economy in the long term." To help drive this, Westpac was the first bank to trade in carbon under the New Zealand Emissions Trading Scheme (NZETS).
Lastly, Westpac has committed to forming lasting partnerships to help build capacity and knowledge in the sector. The bank has established a strong relationship with industry bodies and entities promoting clean tech solutions including NZ CleanTech and Environment Network (NZCEN), Drive Electric, Energy Efficiency and Conservation Authority, the Sustainable Business Council and NZ Green Building Council. "From our perspective, it's not about easy credit, but our bankers working hard to understand the sector and building up the expertise and knowledge that allows us to tread where others aren't prepared to."
Kiwibank's clean tech push comes in the form of the Sustainable Energy Loan. Customers can top up their home loan to pay for a small scale hydro, wind, geothermal or solar power system whereby, if they borrow more than $5000, the bank contributes up to $2000 over four years towards the cost of the system.
The role of raising money for clean tech does not solely reside with the banks, however. Snowball Effect, the crowd investment funding website, was utilised recently by Marlborough clean tech company CarbonScape, which raised nearly double its hoped-for $400,000 just prior to Christmas last year.
Government agency Callaghan Innovation is also a channel through which clean tech companies find backing. While not an investment fund itself, Callaghan accelerates the commercialisation of innovative firms, and provides access to the venture capital community.
Like what you see? For weekly Element news sign up to our newsletter. We're also on Facebook and Twitter.
