Obama Promises Six Billion For Green Energy In Asia

Obama Promises Six Billion For Green Energy In Asia

Yesterday the United States, Brunei, and Indonesia formed the US-Asia Pacific Comprehensive Partnership for a Sustainable Energy Future, and President Barack Obama promised up to $6 billion for the green energy idea.

“The Partnership will offer a framework for consolidating and expanding energy and environmental cooperation across existing regional forums to advance efforts to ensure affordable, secure, and cleaner energy supplies for the region,” said the White House.

There are four specific priorities the Partnership wants to concentrate on: renewables and cleaner energy; markets and interconnectivity; the emerging role of natural gas; and sustainable development. An estimated $9 trillion is needed just for electricity through 2035. 

This is how the $6 billion will be split:

  • The Export-Import Bank of the United States will launch a program to make available up to $5 billion in export credit financing to eligible countries in the region over the next four years to increase access to American technology, services and equipment for the implementation of energy infrastructure projects.
  • The U.S. State Department will oversee a $1 million energy capacity-building fund to support partnership activities via project preparation and technical assistance

Many green energy companies failed here in America, with some receiving millions in tax-payer money. The most infamous one is Solyndra, a California based solar panel company. The Energy Department gave them a loan of $535 million dollars, but they went bankrupt in August 2011. $350 million tax write-offs were allowed in the deal, and the House Oversight Committee thinks the total loss could be $849 million.

Abound Solar received a $400 million loan in 2010 and ended up laying off half of their employees in 2012. They announced on June 28, 2012 they would file for bankruptcy. 

Despite the green energy failures in the States, President Obama looks forward to working with these countries to advance alternative energy.


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