Agencies to promote renewables in emerging markets
WASHINGTON, DC, US, 2004-09-15 (Refocus Weekly)
The U.S. Department of Energy and the Overseas Private Investment Corporation have signed an agreement to create a renewable energy program that focuses on innovative financing to promote environmentally-sound economic growth in developing countries around the world.
“This important, forward-thinking initiative will help create jobs, improve
infrastructure and support economic growth in developing countries, while also
creating new investment opportunities for American businesses,” says energy
secretary Spencer Abraham.
“In addition to their environmental benefits, renewable energy technologies
are often the most cost-effective means to generate electricity in developing
countries, particularly those with few fossil fuel resources,” adds OPIC
president Peter Watson. “By cooperating with the Department of Energy, OPIC
can help American companies access these new markets, and in the process deliver
environmentally-friendly energy service, and with it a strong foundation for
further economic growth.”
The memorandum of understanding advances two U.S. energy initiatives, the Clean
Energy Initiative (CEI) and the Clean Energy Technology Export Initiative (CETE).
The initiatives are designed to reduce poverty in developing nations through
development of and access to modern, clean, efficient and affordable energy
using exported U.S. technologies.
DOE and OPIC currently are gathering information regarding opportunities for
wind power and efficiency in developing countries, to determine the most
promising targets for investment.
During its 32-year history, OPIC has supported US$150 billion worth of
investments in developing countries that have created 690,000 host-country jobs.
Its projects have generated $66 billion in U.S. exports and created 257,000 jobs
in the U.S. in 150 emerging markets and developing nations.
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