U.S. President Barack Obama has proposed forging a comprehensive U.S. and Asia-Pacific partnership focused on sustainable energy. He also offered billions of dollars to help finance it.
Obama embarked on a tour of Asia and attended the East Asia Summit in Cambodia on Nov. 20. He also visited Thailand and Myanmar, where he announced $170 million in development aid.
Obama’s proposal to create the U.S.-Asia-Pacific Comprehensive Partnership for a Sustainable Energy Future was made in collaboration with Indonesian President Susilo Bambang Yudhoyono and Sultan Haji Hassanal Bolkiah of Brunei, who are set to take leadership of key regional bodies in Asia in the coming year.
The proposed partnership is expected to serve as a framework for integrating and expanding energy and environment-related initiatives of existing regional forums, according to a White House news release. The goal is to “advance efforts to ensure affordable, secure and cleaner energy supplies for the region.”
To support the partnership, the United States said it is ready to provide billions in dollars in trade and aid funds, including:
$5 billion in export credit financing to eligible countries through a four-year program by theExport-Import Bankof the United States.
A $1 billion energy capacity fund to be overseen by the U.S. Department of State that will focus mainly on project preparation and technical assistance.
$1 billion worth of financing from the Overseas Private Investment Corp. for sustainable energy and power infrastructure projects.
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