Off the books, onto the bills: levy-backed derisking and the UK’s green transition
帳簿外から請求書へ：賦課金支援によるリスク軽減と英国のグリーン移行 (AI 翻訳)
Andrei Guter-Sandu
🤖 gxceed AI 要約
日本語
本稿は、英国が高リスク・低炭素インフラに民間資本を動員できた要因を、賦課金支援によるリスク軽減（levy-backed derisking）という概念で説明する。差額決済契約（CfD）、容量市場、原子力RAB、先行的送電投資を分析し、不確実な技術的成果を予測可能なキャッシュフローに変換する「決済基盤」の構築を示す。この制度は分配上の対立を議会から技術的フォーラムへ移すが、消費者負担増大により政治的な持続可能性に疑問を投げかける。
English
This paper explains the UK's success in mobilizing private capital for low-carbon infrastructure through 'levy-backed derisking,' analyzing Contracts for Difference, Capacity Market, nuclear RAB financing, and anticipatory transmission investment. It shows how the UK built a 'settlement spine' converting uncertain outcomes into predictable cash flows, shifting cost recovery from Treasury to consumer bills. The regime depoliticizes distributional conflict, but regressive cost socialization and expanding bill exposure threaten political durability.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でもFITやFIP等の賦課金制度が存在し、消費者負担と脱炭素投資のバランスが課題となっている。本稿の分配的不平等の分析は、日本のグリーン移行における政策設計と社会的受容性に示唆を与える。
In the global GX context
This paper provides a novel conceptual framework for understanding how levy-backed mechanisms (e.g., CfD, RAB) enable deep decarbonization investment globally. It highlights distributional asymmetries common to many green finance regimes, offering critical insights for jurisdictions like the EU, US, and Japan that rely on similar cost socialization through energy bills.
👥 読者別の含意
🔬研究者:The concept of 'levy-backed derisking' as depoliticization by design offers a new lens for studying green finance regimes and their political economy.
🏢実務担当者:Understanding the three-way asymmetry (private returns, diffuse public goods, socialized costs) can inform corporate strategy on managing regulatory and reputational risks in green infrastructure projects.
🏛政策担当者:The analysis of consumer bill exposure and political durability under expanding levy-backed mechanisms is directly relevant for designing sustainable and equitable green transition policies.
📄 Abstract（原文）
What explains the United Kingdom’s relative success in mobilizing private capital for high‑risk, low‑carbon infrastructure? This paper argues that the answer is levy‑backed derisking: a green macro‑financial regime that channels system‑level risks into standardized, levy‑funded revenue streams administered by arm’s‑length counterparties. Examining Contracts for Difference, the Capacity Market, nuclear Regulated Asset Base financing and anticipatory transmission investment, it shows how the UK has built an integrated ‘settlement spine’ that converts uncertain technical outcomes into predictable cash flows and shifts cost recovery from Treasury budgets to consumer energy bills. The core contribution is to conceptualize levy‑backed derisking as depoliticization by design, arguing that the very features which make the regime investable systematically displace distributional conflict from parliamentary visibility into technocratic forums. Two further implications follow. First, the distributional profile of the UK’s Green Transition yields a three-way asymmetry: privatized financial returns to investors, diffuse public goods to society and regressively socialized costs to consumers. Second, this asymmetry deepens as the regime expands, since the extension from renewables to capacity adequacy, nuclear construction and anticipatory grid building progressively loosens ex ante constraints on consumer bill exposure, calling into question the political durability of levy‑backed derisking under conditions of mounting bill stress.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/09692290.2026.2695254first seen 2026-07-28 04:58:35
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