U.S. Energy Secretary Spencer Abraham and Overseas Private Investment Corporation (OPIC) President and CEO Peter S. Watson signed an agreement acknowledging their partnership in the effort to promote investment in cleaner, more efficient energy technologies in emerging markets throughout the world.Washington, DC – September 10, 2004 [SolarAccess.com] “In addition to their environmental benefits, renewable energy technologies are often the most cost-effective means to generate electricity in developing countries, particularly those with few fossil fuel resources,” said Watson. “By cooperating with the Department of Energy, OPIC can help American companies access these new markets, and in the process deliver environmentally- friendly energy service, and with it a strong foundation for further economic growth.” Under this agreement, both agencies will work to create an Efficient Energy and Renewables Program focused on innovative financing and creative partnerships that will lead to environmentally-sound economic growth in developing countries throughout the world. “This important, forward-thinking initiative will help create jobs, improve infrastructure, and support economic growth in developing countries, while also creating new investment opportunities for American businesses,” Secretary Abraham said. More specifically, the agreement advances two U.S. energy initiatives, the U.S. Clean Energy Initiative (CEI) and the Clean Energy Technology Export Initiative (CETE). The CEI, created by President George W. Bush in 2002, and the CETE seek to reduce poverty in developing nations through development and access to modern, clean, efficient and affordable energy using exported American technologies. For example, DOE and OPIC are currently engaged in an effort to gather information regarding wind and efficiency opportunities in developing countries to determine the most promising targets for investment. OPIC’s political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency’s 32-year history, OPIC has supported $150 billion worth of investments that have helped developing countries to generate more than 690,000 host-country jobs. OPIC projects have also generated $66 billion in U.S. exports and created more than 257,000 American jobs.