18 March 2008
Overseas Investment Agency Works to Cut Greenhouse Gas Emissions
OPIC emphasizing renewable energy
Washington -- The U.S. Overseas Private Investment Corporation (OPIC) is working to reduce greenhouse gas emissions and introduce further emphasis on renewable and energy-efficient projects, the agency says.
The goal is to reduce emissions by 20 percent in the next 10 years, the agency said in a recent newsletter.
Greenhouse gases, mainly water vapor, carbon dioxide, methane, nitrous oxide and human-made aerosol gases, trap the sun's heat in the atmosphere and contribute to the warming of the earth's surface.
Meeting OPIC's goal would result in reducing emissions from nearly 55 million tons of carbon dioxide equivalents (CO2eq) to 44 million tons in 2016. CO2eq is a measurement that compares emissions from various sources based on their global warming potential.
OPIC is working with the private sector to encourage U.S. investment in renewable energy and energy efficiency improvement projects through the use of market-based incentives. The agency also is considering emission reduction alternatives for all OPIC-supported projects, including opportunities to enhance energy and operational efficiency and applying new technologies to capture, store and recover greenhouse gases.
The investment agency also said it is enhancing its accounting and reporting on greenhouse gas emissions, renewable energy and energy efficiency. OPIC will report annually on the greenhouse gas emission from its significant projects.
OPIC helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment and supports U.S. foreign policy.
"In partnership with the private sector, we can support the projects and clean technology that will provide energy [and] spur growth while protecting the environment in developing countries," OPIC President Robert Mosbacher said.
More information about OPIC's greenhouse gas/clean energy initiative is available on OPIC's Web site.
