US to fund $600 million clean energy projects in Asia

June 22, 2009 · 0 comments

US to fund $.6-B clean energy deals

21 June 2009 22:59

CONTINUING its turnaround from the Bush years, the United States has pledged nearly $600 million in funding assistance from October this year to support clean-energy projects in Asia and in other parts of the world; and itself plans to spend $150 billion to propel development of renewable fuels and other new energy sources.

US Ambassador to the Philippines Kristie Kenney said, “The US understands that making clean energy a reality is essential to climate change and enhancing energy security. We also want to promote the adoption of clean-energy technology, help nations adapt to climate change and encourage sustainable land and water use.”

She was speaking at the Asia Clean Energy and Climate Week 2009 at the Asian Development Bank (ADB) in Manila last week, where she also said green energy is creating great new opportunities for the US and Asian economies as politicians realize that the best way to curb greenhouse-gas emissions without harming economic growth is through renewable sources.

Attended by more than 600 energy professionals from more than 50 countries, the forum focused on looking for clean-energy initiatives that can help Philippine and Asian businesses weather the global economic downturn and strengthen the long-term energy security in the region.

Kenney said that US President Barack Obama has made the transformation of the country into a leader in clean energy innovation a key goal of his administration.

“President Obama has made clean energy a hallmark and a centerpiece of his plans as well as addressing the global climate change and a speedy global economic recovery. Looking beyond our borders to the international arena, we understand, and our president has clearly stated, that clean energy is a priority and a reality in addressing climate change and enhancing energy security.”

She recalled that just last week, a US Senate committee approved a comprehensive energy package requiring utilities to generate 15 percent of electricity from renewable sources such as solar and wind power by 2021.

Kenney said that in Asia, Washington through the United States Agency for International Development (USAID) already has environmental programs under way in more than a half a dozen countries that create clean energy, mitigate climate change, save energy, conserve biodiversity and promote the sustainable use of land and water resources.

In China, Indonesia and the Philippines, the US is working with new partners to support efforts of private financing advisory networks, she added. In its first nine months, this network has identified energy projects in Asia that hold the potential to reduce carbon dioxide emissions by 13 million tonnes.

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