Ambassador Roemer Opening Remarks at the OPIC Conference on Renewable Energy & Clean Technology

May 6, 2010

Ambassador Roemer with Minister for New and Renewable Energy Dr. Farooq Abdullah and OPIC Acting President Dr. Lawrence Spinelli.

I am delighted to have the opportunity to join you today and to open this international investment conference on renewable energy and clean technologies.

From the Agricultural Revolution to the Industrial Revolution to the IT Revolution, history teaches us that technological advancements can disrupt decades and centuries of the status quo, creating a turning point in human history that influences nearly every aspect of life. These periods of change are brought on by need and human ingenuity and are characterized by huge economic growth and prosperity.

Today we are on the brink of a Clean Energy Revolution, driven by concerns over energy security, the need for energy to fuel economic growth, the realities of climate change, and decades of investment in clean technology development. Globally, the clean energy industry is defying the economic downturn and growing at astounding rates.

But there is also a strong sense of possibility and opportunity, particularly in countries such as India, where there is a tremendous need for sustainable and reliable sources of energy across every village and metropolitan area. Prime Minister Singh lists access to electricity and new energy sources as one of the keys to India achieving 9% economic growth.

During my travels in India, I've seen firsthand what an available and affordable clean energy source can do for a family. Having a cook stove to prepare a meal, a fan that works at night during the hot summer months, or a simple light bulb to read by can make all the difference in the world to someone who has not had one before. Making these necessities available is a small but important step in our commitment to broader global implementation of new, renewable, and clean technologies.

As the countries represented here today set forth mitigation efforts and seize the opportunity to establish themselves in this burgeoning industry, we must remember that the key to turning our commitment into action is getting our policies and incentives right. Our policies must create an environment in which projects can be financed. They must allow for maximum private sector involvement to stimulate the development of new technologies. And, they must ensure greater access to clean and affordable energy for all.

We've taken bold action in the United States. The Obama Administration is making enormous investments in clean energy at home and abroad, and is challenging US companies to innovate and find solutions in an unprecedented manner by placing more stringent energy efficiency standards on commercial and residential appliances, as well as cars and trucks.

President Obama also committed the federal government to lead by example. We are reducing government vehicle fleet sizes and replacing conventional vehicles with hybrids. We are retrofitting government buildings to be more energy efficient, painting roofs white, and installing solar panels. Our military is even testing an F-18 fighter jet that runs partially on biofuels. We call that plane the "Green Hornet."

The United States is partnering with other countries that are implementing innovative energy and environment action plans. India is one example.

In November of last year, President Obama and Prime Minister Singh launched a new partnership to meet the most pressing global challenges confronting our planet. The Clean Energy and Climate Change Initiative is a cornerstone of this partnership and addresses the need for job creation and energy security in both nations. This initiative includes our commitment to collaborate on activities ranging from research and development to deployment of new and renewable technologies and clean energy projects.

This partnership is the result of the U.S. - India Strategic Dialogue, which has broadened and deepened our bilateral relationship in several key areas, including energy and climate change cooperation. On clean energy, our range of engagement with India is wide and far-reaching, covering financing, investment, trade, research, and exchanges.

OPIC is funding one of the world's leading electric vehicle manufacturers right here in India and has provided financing to help launch India's first privately operated, grid-connected solar plant.

The U.S. Department of Commerce has brought more than 40 US renewable energy and energy efficiency companies to India in the past year to explore business potential and look for Indian business partners. In February, I led the Solar Power Trade Mission to Bangalore and sponsored a reception for the delegation, Karnataka energy officials, and the local business community.

I was impressed with the earnest efforts that American companies are making to respond to the Indian Government's climate change priorities. The company executives explained to me, however, that if foreign financers and developers are to join Indian companies in this endeavor, the structure of power purchase agreements must be suitable for foreign investors and must ensure payment security. In addition, markets need to be open to imports of products and innovative technology solutions.

I am pleased to announce that the Department of Commerce is also organizing a large pavilion at the upcoming Delhi International Renewable Energy Conference. I hope that you will visit the US companies and take advantage of another opportunity to develop new relationships and innovative partnerships.

The U.S. Trade and Development Agency, the U.S. Agency for International Development, EXIM Bank, and the U.S. Department of Energy are also actively partnering with the Indian government and private sector on clean energy technologies such as solar and wind power projects, smart grid studies, energy efficiency, biofuels, and research, to name a few. From the feedback on these efforts that I have received thus far, it is clear that our two countries are as committed as ever to working together to find clean energy solutions for consumers around the world. I would like to recognize and salute the Indian efforts and interests.

This range of activities is just a snapshot of the many practical ways in which the U.S. Government is engaging with India in this important sector. At the same time, we are advocating for policies that facilitate clean energy development and the deployment of adaptable, affordable and climate-friendly technologies in both our countries.

These efforts, however, are only the beginning. As we move forward, we must not only intensify our government-to-government engagement, but expand our public-private partnerships to ensure that the dynamism of the private sector remains the central catalyst of our efforts.

It is great to see clean energy entrepreneurs, financiers, and decision makers from so many countries gathered here today. We have important work ahead of us. Mobilizing financing for renewable energy and clean technology projects will enable governments to implement action plans that address both climate change and economic growth. We must grasp this amazing opportunity in front of us to generate commercial initiatives that will ensure that our global climate change commitments are achieved.

The clean energy revolution is necessary - for economic prosperity, energy security, and climate change mitigation - but not inevitable. No one country can make the transformation to a clean energy economy on its own. This revolution requires the collective innovation of the world's brightest minds to make the breakthroughs required - and to drive costs down.

As Gandhi-ji said, "Be the change you wish to see in the world."

We must work shoulder-to-shoulder to address the challenges we face, to develop new and better policies to surmount those challenges. By working together, we will achieve our shared vision of environmentally sustainable economic growth. We will ensure greater access to clean and affordable energy for all. And, we will create jobs and produce economic opportunity for all our citizens.

I'd like to congratulate OPIC for bringing its 6th regional conference to Delhi as India makes powerful strides to address climate change while meeting its economic and energy needs.

Thank you.