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www.marinelink.com 13 Energy has always been big business. Now, with a spate of increasingly stringent emission rules sweep- ing industry, it appears that ‘energy ef? cien- cy’ has become big business too, as the International Energy Agency said that the global energy ef? ciency market is worth at least $310 billion a year and grow- ing. The report – IEA’s Energy Ef? ciency Market Report 2014 – also ? nds that en- ergy ef? ciency ? nance is becoming an established market segment, with in- novative new products and standards helping to overcome risks and bringing stability and con? dence to the market. The an- nual report showed that among 18 IEA coun- tries evalu- ated in the report, total ? nal energy consumption was down 5% between 2001 and 2011 primarily as a re- sult of investments in energy ef- ? ciency. Cumulative avoided energy consumption over the decade from energy ef? ciency in IEA countries was 1,732 million tonnes of oil equivalent (Mtoe) – larger than the energy demand of the United States and Germany com- bined in 2012. According to the IEA, some 40 per- cent of the global energy ef? ciency market is ? nanced with debt and equity, meaning that the ? nancial market for energy ef? ciency is in the range of $120 billion per year. The number of products and the vol- ume of ? nance have expanded, with green bonds, corporate green bonds, energy performance contracts, private commitments, carbon and climate ? - nance, and multilateral development banks and bilateral banks all offering expanded sources of ? nance for energy ef? ciency improvements. Energy Effi ciency Get your share of a $310B Global Market Cruise Market’s Seismic Shift Carnival Corp. inked a historic MOU with China State Shipbuilding Corpo- ration (CSSC) to focus on building the fi rst-ever, world-class cruise ships in China The signifi cance of October 14, 2014 will only be properly put in context many years down the road, but for now Carnival’s announcement serves as a wake-up call for the European yards who have dominated this sector for decades. While the ink on the deal is still fresh, it’s worthy to remember that intention and execution in the cruise sector are wholly different matters; just ask Mit- subishi Heavy Industries, Ltd. which just took a a $357m loss as it exits the cruise shipping business. The sniff test on this deal points to success, as it includes the world’s largest cruise company and a traditional European cruise shipbuilding power – Fincantieri – teaming to work with CSSC on the project. CRUISE MR #11 (10-17).indd 13 11/7/2014 10:59:37 AM
