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 Welcome Remarks at the "energyinvest" Investment SymposiumAmbassador William C. Eacho, IIIVienna, October 8, 2009
I am delighted that so many could come today to hear about the energy revolution that’s taking off in the United States and Europe, and some of the investment opportunities it presents. Besides welcoming you all, I want to make three points over the next few minutes: 1. The U.S. Government and State governments are committed to this clean energy transition and are recasting their laws, regulations, and budgets to this end. 2. During the transition period, the world will continue to rely primarily on fossil fuel – making it even more important to invest in energy efficiency to reduce our emissions. 3. The U.S. is a great place to do business, to do research, and to bring new ideas to market. Through our Recovery Act, the U.S. government can help companies with innovative technology establish and expand in the United States. In barely eight weeks, the world’s nations will meet in Copenhagen to hammer out a new agreement to turn back the greenhouse gas emissions and land-use changes that cause climate change, so we can stop global warming at +2 degrees. It’s not just about emissions: we need to help the poorest countries cope with the effects already taking place – drought, deforestation, flooding – and help them get technology to develop in sustainable ways. Climate change is real and it’s now – but so are the problems of hunger, disease, and energy access. Copenhagen must be a global agreement and it must be a development agreement. My first message comes directly from the President: the U.S. Government is committed to making the transition to clean energy and economic sustainability, and we will accelerate this transition wherever and however possible. This is not a “someday, somehow” goal for the U.S. – not something that can wait until the world economy recovers. Our economic stimulus enacted in February includes $80 billion in clean energy investments to bring sustainable technology to market. The president’s ten-year budget includes $150 billion for the transition to a clean energy economy. And since January 20, the Administration has made bold regulatory changes – including tougher fuel efficiency requirements for cars and trucks, mandated greenhouse-gas reporting, and aggressive new efficiency standards for lighting and appliances. The U.S. Government and state governments (you’ll hear this afternoon from the states of California and Colorado) are backing their words with money, law, and regulation. My second message concerns the need for realism – in the U.S. and in Europe – as we make this transition. Under the European Union’s “20/20/20” goals, 34% of Austria’s energy would come from renewable sources in 2020 – meaning two-thirds of Austria’s energy would still come from fossil fuels – and this in a wealthy country blessed with extensive hydroelectric resources. Even in our most ambitious scenarios, fossil fuels will continue to supply most energy needs for at least two decades. What does this mean for governments and investors? First, we need to stop subsidizing fossil fuel production. At the G-20 summit in Pittsburgh last month, President Obama proposed, and other nations agreed, to “phase out and rationalize inefficient fossil fuel subsidies ... while providing targeted support for the poorest.” Still, our dependence on fossil fuels – even as we work aggressively to break that dependence – means that energy efficiency is just as important as expanding clean sources of energy. Since coal accounts for more than 70% of China’s energy mix, greater efficiency in China can have a huge impact on its carbon emissions. You will hear today about policies and technologies to reduce energy use. Finally, let me say (as a longtime entrepreneur and venture capitalist) that it’s a great time to do green business in the United States. As we speak, the U.S. government and state governments are spending Recovery Act money to promote clean energy and energy efficiency – and these funds must be committed by September 30 of next year. European companies are eligible for many of these contracts, making this a “win win” proposition for technology and trade. At the same time, you will find that green technology is nothing new to the United States. Our research centers and companies have decades of innovation and development as a foundation for today’s growth. Many U.S. technologies — for instance, in electric mobility can help Austria make its own energy transition. Let’s think big. When President Kennedy challenged Americans in 1962 to put an astronaut on the Moon within that decade, many sensible people thought he was dreaming: seven years later, it was reality. With business, science, and government working together on this energy transition, there is no limit to what we can achieve. Thank you and I wish the conference every success. e-mail: embassy@usembassy.at |
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   American Citizen U.S. Citizenship and Immigration Services (USCIS)        |
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