OPIC Impact Award spotlight: renewable resources
As the inaugural OPIC Impact Awards event approaches on March 11, OPIC is proud to be honoring winners in six categories: Renewable Resources, Critical Infrastructure, Access to Finance, Development Impact, Private Equity and American Small Business. OPIC leadership and senior staff selected our awardees after considering each project’s focus in priority sectors or regions, innovation in overcoming difficulties, quality of results, risk mitigation practice, development impact, and other factors, such as serving as a model in project development and execution.
The first in our series of OPIC Impact Award category spotlights looks at Renewable Resources. Renewables have become a priority sector for OPIC, with commitments increasing thirty-fold in recent years. This sector represents a significant investment opportunity and also addresses an urgent global need. In 2013, OPIC’s renewable resources commitments were $1.2 billion – nearly a third of our overall commitments for the year.
OPIC understands that on a planet that more than seven billion people call home, it’s vital that development follow a course that is clean and sustainable, and the Agency has supported multiple projects that have introduced a source of clean electricity in emerging markets. And while the bulk of OPIC’s commitments have been in renewable energy, several projects support a broad range of renewable resources including agriculture, water and sustainable forestry projects. The Renewable Resources Award winner exemplifies development work this sector.