What is the U.S.-Asia-Pacific Comprehensive Energy Partnership?
At the East Asia Summit in November 2012, President Obama, in partnership with the leaders of Brunei and the Republic of Indonesia, announced the formation of the U.S.-Asia-Pacific Comprehensive Energy Partnership (U.S.-ACEP). U.S.-ACEP is a framework for energy cooperation across existing regional forums to advance efforts to ensure affordable, secure, and cleaner energy supplies. It is designed to coordinate and enhance bilateral and multilateral energy and environmental initiatives in the Asia-Pacific region.
What are the goals for U.S.-ACEP?
U.S.-ACEP aims to drive investment and facilitate progress on four key regional priorities: renewable and clean energy; markets and interconnectivity; the emerging role of natural gas; and sustainable development. The private sector and partner countries play key roles in identifying specific projects for Partnership engagement within these four priority areas. With an estimated $9 trillion in investment needed through 2035 to meet growing electricity demand, there is enormous potential for U.S. industry to play a positive role in the region’s energy future.
What is the agenda for U.S.-ACEP?
Four Regional Priorities:
• Renewable and clean energy
The East Asian and Pacific Affairs Bureau is working with other U.S. agencies in a whole-of government approach to support the Partnership, with the U.S. Government mobilizing energy financing totaling as much as $6 billion.
The U.S. State Department is overseeing an annual $1 million to support partnership activities via project preparation and technical assistance
The Export-Import Bank of the United States has launched a program to make available up to $5 billion in export credit financing to eligible countries in the region over four years to increase access to American technology, services and equipment for the implementation of energy infrastructure projects
Sustainable Power and Energy Infrastructure
OPIC financing of up to $1 billion is being made available for sustainable power and energy infrastructure projects.
The U.S. Trade and Development Agency supports programs in partner countries in the areas of power generation, power distribution modernization, assistance with upgrading grid efficiencies to accommodate renewable power, and unconventional gas development.