OPIC to Mobilize $1 Billion to Assist Developing Nations in Combating Climate Change
December 6, 2010
Agency to Open Call for Proposals from Fund Managers; Announcement made at Climate Change Conference in Cancun
CANCUN, Mexico – Elizabeth Littlefield, President and CEO of the U.S. Overseas Private Investment Corporation (OPIC), announced today that OPIC will provide at least $300 million in financing for new private equity investment funds that could ultimately invest more than $1 billion in renewable resources projects in emerging markets. The announcement was made at theUnited Nations Climate Change Conference.
OPIC’s mobilization of these funds represents one of the largest initiatives by the U.S. Government to support the international effort to mitigate climate change.
“When President Obama and global leaders negotiated the Copenhagen Accord in December 2009, they included a financial commitment to help developing countries reduce their greenhouse gas emissions and adapt to the effects of climate change. OPIC-supported investment funds represent an important and innovative step toward the realization of that goal,” Ms. Littlefield said.
OPIC will issue a “Global Renewable Resources Call for Proposals” for private fund managers investing in a wide variety of businesses promoting renewable energy and the sustainable utilization of natural resources such as energy, water, and land.
Specifically, the funds will accelerate investment in renewable energy, including solar, wind, hydro, tidal, geothermal power as well as waste and biomass. Investments in agriculture, land, and water may include efficient irrigation, cold storage, transportation, water treatment, sustainable forestry, natural resource preservation, and forest rehabilitation. OPIC will also place particular emphasis on the efficient utilization of natural resources via investments in energy efficiency products, systems and equipment, emissions control, and waste management.
The call for proposals will open for submissions on December 15, and remain open until mid-February. Information about the call may be obtained on the OPIC website, www.opic.gov, on December 15.