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US Energy Department will provide financing for fossil energy projects

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In the US, the Energy Department has published a solicitation making up US$8 billion in loan guarantee authority available to support fossil energy projects that aim to avoid, reduce or sequester greenhouse gases. Loan guarantees will help finance new or significantly improved fossil energy projects that reduce greenhouse gas emissions, such as advanced resource development, carbon capture, low carbon power systems and efficiency improvements. This applies not only to power generation but also to heavy industry.

The solicitation, authorised by Title XVII of the Energy Policy Act of 2005 under President Obama’s Climate Action Plan, was initially published in draft form on 9 July 2013, after which followed a 60-day comment period. Feedback from potential applicants and other stakeholders has been incorporated into the solicitation.

“Under the Obama Administration, the Energy Department is taking an all-of-the-above approach to American energy to ensure we develop all our abundant energy resources responsibly and sustainably,” said Secretary Moniz. “Currently providing 80 percent of our energy, coal and other fossil fuels will continue to be a critical part of our energy portfolio as we move toward a low-carbon future. By helping to accelerate the introduction of innovative, clean fossil energy technologies ready for deployment at commercial-scale today, investments under this solicitation will help ensure we continue to have access to affordable, clean energy from all our domestic energy resources tomorrow.”

Read more about the solicitation at Applications are being accepted through until the end of February 2014.

Adapted from press release by

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