September 17, 2004—U.S. Energy Secretary Spencer Abraham and Overseas Private Investment Corporation (OPIC) President and CEO Dr. Peter S. Watson recently signed an agreement acknowledging their partnership in the effort to promote investment in cleaner, more efficient energy technologies in emerging markets throughout the world. 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.
“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 Dr. 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.”
More specifically, the Memorandum of Understanding 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.
