(Archived Content)
In his State of the Union address, President Bush announced he is committing $2 billion over the next three years to create a new international clean energy technology fund to help confront climate change worldwide. Along with contributions from other countries, this fund will increase and accelerate the deployment of all forms of cleaner, more efficient technologies in developing nations, and help leverage substantial private-sector capital by making clean energy projects more financially attractive. Under Secretary for International Affairs David H. McCormick discussed the fund in remarks in January, noting that the U.S. will be one of the lead donors in what is expected to be a multi-billion dollar fund to help finance the cost of cleaner technology investment in developing countries.