Top adviser to the head of the Department of Energy’s loan programs office says green financing is needed.
The top adviser to the head of the Energy Department’s loan programs office defended embattled federal efforts to advance green technologies.
“The financial sector is not known for its bravery and its trailblazing. When you help establish markets, the financial sector tends to follow them,” Peter O’Rourke said at the Washington Energy Summit in Washington, D.C.
He noted that long-term construction projects (think nuclear plants) and innovative projects benefit from financing certainty.
“A nuclear power plant takes 10 years to build with all of the process that’s involved in it. There is no such thing as 10-year private sector money. It just doesn’t exist. The renewable energy sector is a new sector for project finance,” said O’Rourke, who is senior adviser to Jonathan Silver, head of the Loan Programs Office.
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Source: Ben Geman and Andrew Restuccia | The Hill