Partnership Aims to Export U.S. Clean Energy
"...renewable energy technologies are often the most cost-effective
means to generate electricity in developing countries, particularly those with
few fossil fuel resources."
- OPIC President and CEO Peter S. Watson
Washington, DC - September 10, 2004 [SolarAccess.com]
U.S. Energy Secretary Spencer Abraham and Overseas
Private Investment Corporation (OPIC) President and CEO Peter S. Watson signed
an agreement acknowledging their partnership in the effort to promote investment
in cleaner, more efficient energy technologies in emerging markets throughout
the world.
"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," said 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."
Under this agreement, both agencies will work to create an Efficient Energy and
Renewables Program focused on innovative financing and creative partnerships
that will lead to environmentally-sound economic growth in developing countries
throughout 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," Secretary
Abraham said.
More specifically, the agreement advances two U.S. energy initiatives, the U.S.
Clean Energy Initiative (CEI) and the Clean Energy Technology Export Initiative
(CETE). The CEI, created by President George W. Bush in 2002, and the CETE seek
to reduce poverty in developing nations through development and access to
modern, clean, efficient and affordable energy using exported American
technologies. For example, DOE and OPIC are currently engaged in an effort to
gather information regarding wind and efficiency opportunities in developing
countries to determine the most promising targets for investment.
OPIC's political risk insurance and financing help U.S. businesses of all sizes
invest in more than 150 emerging markets and developing nations worldwide. Over
the agency's 32-year history, OPIC has supported $150 billion worth of
investments that have helped developing countries to generate more than 690,000
host-country jobs. OPIC projects have also generated $66 billion in U.S. exports
and created more than 257,000 American jobs.
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