OPIC committed $1.1 billion in financing to the renewable resources sector in fiscal 2011, about triple the amount it committed the year before. On Friday, Dec. 2, OPIC President and CEO Elizabeth Littlefield presented these results at the UN Climate Change conference in Durban, South Africa, where she noted that OPIC’s commitments represented more than one third of all U.S. Government Fast Start climate financing for FY2011, which totaled $3.1 billion.
This large increase in investments resulted in a tripling of the amount of CO2 emissions avoided by OPIC-supported projects.
“Climate change has required every nation to reevaluate the way we use the planet’s natural resources and to find creative economic solutions so that all regions have the energy they need and the future we all want. OPIC’s success in FY2011 has shown it can be done, by mobilizing the innovation of the private sector to bring clean and sustainable energy to developing countries around the world” Ms Littlefield said. “This is what we call ‘renewing the future.’”
She also noted that OPIC’s ability to increase its commitments in renewable resources from $10 million in 2008 to $1.1 billion in 2011 “demonstrates the vast scale of opportunity in the sector, which only stands to grow as more developing countries invite investment and more investors respond positively.”
OPIC’s increased commitment to the renewable resource sector has also produced a sharp increase in the amount of CO2 emissions avoided.
“We are very excited by the prospect of continuing this work in to 2012 and beyond,” Littlefield added.