A green finance trap?

Europe needs to engage the multi-trillion-dollar bond market in financing renewable energy projects, but bonds can't altogether replace bank loans, which are contracting sharply.

European Union countries lead the world in targets to deploy wind, solar, bioenergy in power generation, but meeting these is another matter following sharp falls in bank lending, the traditional mainstay of energy project finance.

Private bank lending to European wind power projects, for example, is now barely a third of peak levels in 2008, according to Thomson Reuters Project Finance International data.

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