As the world’s newest development finance institution, the U.S. International Development Finance Corporation — formerly the Overseas Private Investment Corporation — has a great opportunity to become a leader in sustainable energy.
With the outsized impact that climate change has on low- and middle-income countries, investing in projects that promote a clean and sustainable environment is critical if DFC intends to make good on its mission to reduce poverty and support sustainable development. COVID-19 has only made this more urgent, demonstrating the need to invest in projects that do not intensify pollution or that put workers and communities at risk.
A new report from Friends of the Earth shows that until 2010 OPIC provided nearly no support for renewable energy projects. Recently OPIC has taken positive steps, investing an average of almost $800 million each year in renewable energy projects over the past decade. While much of this money has gone toward large renewable energy projects, many of these investments have helped fund smaller off-grid and minigrid renewable energy projects.
About the authors
Kate DeAngelis
Kate DeAngelis works in ending public financing for fossil fuels and giving a voice to affected communities at Friends of the Earth U.S. Prior to joining Friends of the Earth, she was a research analyst at the World Resources Institute, where she focused on international climate change issues, including the creation of a new climate agreement. In addition, she lived in China teaching English and volunteering for an environmental nonprofit.
Ryan McNamara
Ryan McNamara is a former fellow at Friends of the Earth U.S. and a current undergraduate student at Duke University, studying economics, environmental science, and Chinese.
