President announces clean energy fund

The President committed to providing $2 billion over the next three years to this fund, which will increase and accelerate the deployment of all forms of cleaner, more efficient technologies to developing nations.

By Consulting-Specifying Engineer Staff February 1, 2008

President Bush committed on Monday to provide $2 billion over the next three years for a new international clean energy technology fund, which herojects more financially attractive. President Bush first proposed the fund in September 2007 at the First Major Economies Meeting on Energy Security and Climate Change. See the White House fact sheets on the energy aspects of the State of the Union Address and on the September 2007 proposal.

To complement the new fund, the United States and the European Union submitted a joint proposal to the World Trade Organization in late November to eliminate barriers to clean energy and environmental services. Global trade in the goods covered by the proposal totaled $613 billion in 2006. According to the World Bank, that trade could increase by an additional 7% to 4% per year under the proposal. See the U.S. State Department press release .