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Energy Savings Insurance (ESI) Programme: Milagros Herrera, Banco Estado Chile.pdf

  1. Del 6 al 10 de marzo de 2023 Energy Savings Insurance (ESI) Programme Collaboration Agreement 2019-2022
  2. ❑ BancoEstado context ❑ ESI Model (Chile –BancoEstado) ❑ BancoEstado financial products ❑ Key lessons Outline
  3. BancoEstado is the only bank in Chile that has both a commerical business and a social mission. We are the bank with the most impact in Chile, in terms of the number of clients for retail and commerical banking and also in terms of the volumen of transactions and our impact. 80% of Chilean residents are our customers. Our commerical customers represent all segments of the economy, from micro enterprises to the largest companies and corporations. A bank serving Chile
  4. Sustainable Bank BancoEstado is the first public bank in the world to sign the Race to Zero agreement. According to the United Nations, we must meet the objective of net zero emissions by 2050 We aim to accompany our clients in a transition that is socio-ecological and just, where everyone can build capacities and adopt the necessary means to achieve the shared goal of a carbon neutral country by 2050.
  5. What does Chile’s ESI model aim for? The ESI model contains both financial and non- financial aspects designed to reduce risks for companies investing in energy efficiency and Non Conventional Renewable Energies. It helps to build confidence and credibility between key stakeholders. The key points are: To improve productivity and competiveness of businesses To mitigate investment risks To promote the use of efficient technologies To reduce energy intensity and Green House Gas Emissions To promote private investment To overcome financial barriers To promote an energy savings culture
  6. Key stakeholders of the ESI model in Chile Financing Banco Estado Insurance Contract Validation Sura y Cesce Programme ESI Execution Sustainable Energy Agency (AgenciaSE) Allows clients to finance assets at a discounted interest rate The project is validated by a third party using standardised and consistent methodologies to verify energy savings Standardised format for ease of completion, defining criterias to measure, guarantee and ensure projected energy savings A commercial tool for developers, that provides security to clients that they will be compensated in the event in which final energy savings are less than projected savings
  7. Technologies prioritised in Chile’s ESI model Permitted technologies for the ESI programme Renewable Energy Energy Efficiency Boilers X HVAC X Compressors X Taxi fleets X Biogas power generators X Fossil fuel fired power generators X Solar PV X Ovens and drying systems X Lighting X Efficiency motors / variable speed drives X Refrigeration X Solar thermal systems X
  8. Process of the ESI model *TSP: Technological Solution of the Provider *Insurance from clients Approve project proposal Installation of the equipment and verification of energy savings [TSP – COMPANY - VALIDATOR] [TSP –COMPANY-VALIDATOR] [TSP – COMPANY] Technical validation Approval of the energy savings insurance [TSP – INSURANCE COMPANY] Credit analysis [BANK - COMPANY] Credit disbursement Loan request [BANK - COMPANY] [BANK - BANCOLDEX - COMPANY]
  9. Incentive from IDB for the ESI programme Incentives IDB supported benefits Details Verification and validation Contract between ASE - IDB Payment of insurance premium Up to USD 500 per project Incentive for early retirment of assets Up to USD 500 per project Free advisory service for verification and validation with support from Aenor Videsos of success cases Up to 3 videos
  10. Financing Clean Energy and Energy Efficiency Objetive: Financing provided to change and convert to clean energy technologies. Key characteristics : • Financing up to 100% of the net value of the investment • Price: - Companies smaller than < 60.000 UF receive a 20% discount of the interest rate. - Companies greater than > 60.000 UF interest rates are determined on a case by case basis. • Sovereign and State guarantees Note: Conditions are defined depending on the type of project and financial considerations of the client. Credit lines for clean energy and energy efficiency Credit lines for e-mobility Credit lines for irrigation Credit lines for circular economy Credit lines for Companies B Credit lines for enabling or transition technologies Current products – Types of financing
  11. Internal 2021 - 2022 • Training sessions • Commerical teams • Training on the contents of the ESI programme • Training on demand • Support to commerial areas • Publications and emphasis in internal platforms to disseminate the contents of the programme • Workshop with the insurance company Seguros Cesce 2022 ESI: Communication Strategy for dissemination For companies 2021 -2022 • Dissemnation Webinar – BancoEstado/Aenor / IDB 2021 • (Potential clients and develoeprs) • Incorporación de contenidos en Pulsos Economía • Talks and consultations with clients • Publication on BancoEstado website • Included in corporate video • Technical Certification by Incontec (verification and validation firm) OMT y EMT
  12. Areas to improve and key lessons learned • Counterguarantee contract is not valued as the developer already guarantees the project implementation. The developer disagrees with covering 100% of all costs covered by the company. • Re-evaluate and be transparent with companies on the commission of 1.5% a 2.0%. • Ensure commercial value of Technical Certification Energy Sustainability Agency when the IDB budget is exhausted • Increase presence of insurance company Sura and Cesce • Identify portfolio of Certified Suppliers (developers) that include Energy Savings Insurance in their products • Engage with a specialised consultant to attract potential clients that need to invest in green projects, provide technical support to companies and developers. Outreach via calls and meeting