|U.S. President Barack Obama attends the East Asia Summit at the Peace Palace in Phnom Penh, Cambodia Tuesday, Nov. 20, 2012. Obama is in Cambodia on the final leg of his three-country tour of Southeast Asia. (AP Photo/Heng Sinith)|
White House Announces $6 Billion to Promote Clean Energy – in Asia(CNSNews.com) – The White House announced the federal government will spend $6 billion over four years for a “sustainable energy future” plan with Asian countries that involves loaning tax dollars to other countries to increase their purchasing power for U.S. technology, services and equipment.
“Recognizing that energy and the environment are among the most pressing issues confronting our region, President Obama, in partnership with Sultan Haji Hassanal Bolkiah of Brunei and President of the Republic of Indonesia Susilo Bambang Yudhoyono, today proposed the U.S.-Asia Pacific Comprehensive Partnership for a Sustainable Energy Future,” the White House announced Tuesday as Obama visits Asian Pacific countries.
The initiative comes after the Obama administration has been criticized for spending billions to subsidize U.S.-based green energy companies that went on to declare bankruptcy, including Solyndra, Ener1, A123, Beacon Power and other failed renewable energy ventures.
The White House announcement goes on to say that, “The United States will provide up to $6 billion to support the partnership.” Most of that will come from the U.S. Export-Import Bank, which will launch a $5 billion export credit financing program to certain Asian countries over the next four years “to increase access to American technology, services and equipment to implement energy infrastructure.”
The Overseas Private Investment Corps (OPIC) will spend $1 billion in financing for sustainable power and clean energy infrastructure projects in Asia, according to the White House. OPIC is the federal government’s development finance institution that mobilizes private capital with the intent of advancing U.S. foreign policy and getting U.S. companies into emerging markets.
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