Ex-Im Bank Joins Seven Other Agencies in Launching Renewable Energy and Energy Efficiency Export Initiative
WASHINGTON, Dec. 7, 2010 /PRNewswire/ — The Export-Import Bank of the United States (Ex-Im Bank) today joined seven other U.S. Government agencies in launching a coordinated effort to promote renewable energy and energy efficiency exports, the Renewable Energy and Energy Efficiency Export Initiative (RE&EE).
A top priority of Ex-Im Bank is to increase its support for renewable energy and energy efficient exports by offering enhanced financing under its Environmental Exports Program. The Bank can provide repayment terms up to 18 years for renewable energy projects, offer capitalization of interest during construction, and support local costs up to 30 percent of the U.S. scope of supply.
In addition, the Bank provides streamlined financing for U.S. exporters of solar-energy equipment for small solar-energy projects.
“The Bank has significantly increased its support of renewable energy, energy efficiency and other environmentally beneficial exports. Over the past two years, our financing in these sectors has more than doubled to approximately $500 million in fiscal year 2010, and we look forward to continuing this growth,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “In addition to increasing the role that exports of American products and services can play in strengthening our economy and creating U.S. jobs, the RE&EE initiative promotes environmentally responsible development throughout the world.”
The Initiative is the country’s first-ever Federal government-coordinated effort to support renewable energy and energy efficiency exports. Through the implementation of 23 interagency actions, the Initiative will facilitate a significant increase of renewable energy and energy efficiency exports during the next five years, helping to meet the goals of the National Export Initiative and President Obama’s challenge to make the U.S. the leading exporter of clean energy technologies.
The prospects for U.S. technology exports focusing on this industry are vast. More than 100 countries now have policies to encourage the deployment of renewable energy and energy efficiency technologies. Many of these countries have substantial deployment targets that will drive demand for renewable energy and energy efficiency for years to come.
The Initiative was developed through the Trade Promotion Coordinating Committee Working Group on Renewable Energy and Energy Efficiency, which includes representatives from the Departments of Commerce, Energy, State, and Agriculture, as well as the Export-Import Bank of the United States, the Overseas Private Investment Corporation, the U.S. Trade and Development Agency, and the Office of the United States Trade Representative.
The report is available for download on web portal at http://export.gov/reee.
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness. To learn more about the Bank’s environmental programs, visit http://www.exim.gov/products/policies/environment/index.cfm.
SOURCE Export-Import Bank of the United States