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The US has doubled its financial support for solar projects abroad in 2017

The US government has doubled its financial support for solar projects abroad last year as part of its climate-friendly investment policy adopted in the last days of the Obama administration. The growing US support for foreign solar projects comes despite the ongoing federal investigation of previous US loans abroad for the development of such projects. This also deepens confusion over President Donald Trump’s stance on government support for renewable energy, as his administration rather ignores the threat of global warming and aggressively encourages the development of fossil fuels.

The country has invested more than 630 million USD in international energy projects in 2017, 90% of which are solar, wind or other low-carbon energy capacities.

For comparison, the total funding of Overseas Private Investment Corporation (OPIC) for 2016 is 797 million USD, of which 61% for clean energy.

The loans granted by the agency for solar projects has doubled to more than 250 million USD in 2017, supporting investments in India, Africa and South America. The White House spokesman declined to comment on this data.

OPIC is a self-financing state agency that aims to improve foreign and national security priorities by investing in businesses abroad, and for 40 years it has been working without any net cost for taxpayers in the US.

OPIC’s policy coincides with former President Barack Obama’s efforts to combat climate change, but faces opposition of the energy priorities of the current administration.

Since taking office, Trump has abolished carbon dioxide emissions regulation to help oil and coal companies and announced the US withdrawal from the Paris Climate Agreement.

About Viliyana Filipova

Viliyana Filipova is 27 year-old girl from Varna, Bulgaria. She is founder and Chief Editor of Finance Apprise Journal, working also as analyzer on the world finance and commodity markets.

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