Levine, speaking during an Energy Capital & Power webinar, said:
- The US agency is trying to both provide more access to power and control carbon emissions.
- Are there ways to do that as well, or better, than the ways in which developed economies achieved their growth?
- The official, DFC’s 1st climate officer, said there were now «as good, if not better, alternatives to fossil generation»
- The agency will support power generation transition to the most modern technologies where possible
Levine gave the counter example of Sierra Leone.
DFC has recently set out its support for an 87 MW gas-fired power plant in the country.
- In Sierra Leone we may not have the transmission and infrastructure to be able to provide the same baseload of electricity
- It requires a little added nuance and complexity to recognise that nations will have a slightly different path
- We want to try and put our thumb on the scale to push opportunities over into economic competitiveness
Speaking during the same event, AlphaSierra Advisory Derek Campbell called for the US to take action fast:
- The US must do something about energy poverty
- It needs to do it now
- If we don’t, the Russians and the Chinese will address those needs
- The US will lose in a market that is begging for our attention
- Chinese financing is seen as low cost, but comes with a lot of strings attached
- In some cases, this involves losing sovereignty or ownership
- The question of tackling Chinese influence played a part in the re-approval of EXIM Bank in 2019
- The aim is that if buyers are considering Chinese vs US goods, we’re hoping financing doesn’t drive the decision
- We don’t need a 2-year study
- Whoever can bring electricity now, I will sign a deal
- We should focus on what they’ve done right and improve it