FACT SHEET: International Trade Administration Advances U.S. Clean Tech Competitiveness and U.S. Climate Objectives through Trade and Investment at COP 29

FOR IMMEDIATE RELEASE
Monday, November 18, 2024
Contact: Office of Public Affairs
Email: [email protected]
Phone: 202-482-3809

WASHINGTON, D.C. - Over the past week, global leaders gathered in Baku, Azerbaijan for the 2024 United Nations Framework Convention on Climate Change's 29th Conference of the Parties (COP 29) to reaffirm and advance the U.S. Department of Commerce's commitment to address the risks of climate change. In addition to the environmental benefits of fighting the climate crisis, climate action presents significant economic opportunities to accelerate the clean energy transition. According to the United Nations, the global shift to a green economy could yield a direct economic gain of $26 trillion through 2030 and could produce over 65 million new low-carbon jobs, and doubling renewable energy capacity by 2030 could also save the global economy between $1.2-$1.4 trillion a year due in large part to a reduction in costs from pollution.

Over the past four years, the International Trade Administration (ITA) has undertaken numerous initiatives to advance the competitiveness of the U.S. clean tech industry globally and helping to facilitate exports and foreign direct investment (FDI) that is positioning the United States as a key partner for economies seeking to accelerate their clean transition and promote inclusive and sustainable economic growth.

1. Promoting Clean Technology Exports and Facilitating Job Creating FDI: From January 2021 to September 2024, ITA supported U.S. company involvement in climate and clean tech projects in foreign markets valued at approximately $30.4 billion. ITA's Advocacy Center helped facilitate the signing of 33 clean tech contracts as part of foreign government procurement opportunities involving U.S. exporters, including 19 contracts in the civil nuclear sector. These contracts were valued at $5 billion in U.S. export content, supporting an estimated 21,345 U.S. jobs. During that same time, ITA's SelectUSA program facilitated 93 clean tech projects in the United States totaling approximately $72.3 billion in FDI, which supported approximately 54,315 U.S. jobs.
2. Showcasing U.S. Clean Tech Leadership through Programming and Business Exchange: Since October 2022, the ITA's Special American Business Internship Training Program (SABIT) has trained 129 energy experts and foreign government officials from 13 countries through clean energy exchange programs in the United States. These tailored exchange programs equip participants with knowledge, resources and connections to assist them in pursuing clean energy policy objectives in their respective home countries. Additionally, ITA has deployed more than $120,000 of Clean Tech Strategic Project Funds to implement workshops, trainings, and reverse trade missions that enhance the capacity of developing countries to deploy clean energy, including technologies and solutions offered by U.S. companies. These projects have engaged foreign governments and industry from more than 15 countries across the Indo-Pacific, Latin America, and Africa, such as Indonesia, Malaysia, Brazil, Mexico, and South Africa.
3. Establishing Best Practices on Green Procurement with the European Union: ITA contributed to the development and drafting of a public-facing Joint U.S.-EU Catalogue of Best Practices on Green Public Procurement, issued in April 2024 under the U.S.-EU Trade and Technology Council Working Group on Climate and Clean Tech. The Working Group on Climate and Clean Tech agreed to work towards a common understanding between the European Union and the United States on how green public procurement can positively contribute to achieving our shared environmental goals and support our efforts to address the challenges posed by climate change.

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About the International Trade Administration
The International Trade Administration (ITA) at the U.S. Department of Commerce is the premier U.S. Government resource for American companies competing in the global marketplace. Operating in more than 100 U.S. locations and 80 markets worldwide, ITA promotes trade and investment, assists U.S. businesses and workers to export and expand globally, and ensures fair trade and compliance by enforcing U.S. trade laws and agreements. For more information on ITA, visit www.trade.gov.