Global Economic Statecraft Day: Energy and Economics

Posted by Julia Nesheiwat / June 14, 2012

About the Author: Julia Nesheiwat serves as Deputy Assistant Secretary in the Bureau of Energy Resources.

Secretary Clinton has designated today, June 14, as Global Economic Statecraft Day. Some of you may be wondering, "What is Economic Statecraft?" Economic Statecraft emphasizes the role and the importance of economics and market forces to strengthen our diplomacy and advocacy for policies to meet our economic goals, such as helping to create -- and sustain the growth of -- well-paying, productive American private sector jobs. As Secretary Clinton stated last October in New York, "Our problems have never respected dividing lines between global economics and international diplomacy. And neither can our solutions. That is why I have put what I call economic statecraft at the heart of our foreign policy agenda."

The creation of the Energy Resources Bureau in November 2011 reflects the State Department's increased focus on economic issues. The energy sector serves as an engine for global economic growth, creating jobs, and serving as an input for nearly all goods and services. To that end, being able to understand and harness the economic opportunities of the energy sector are at the heart of the Bureau's core goals.

A primary example is our work as a key contributor in the UN Secretary General's Sustainable Energy for All Initiative (commonly referred to as SE4All). By 2030, SE4All aims to ensure universal energy access to modern energy services, double the rate of improvement in energy efficiency, and double the share of renewable energy in the global energy mix. These are important aspirational goals, and private sector engagement will be key to achieving them, especially since significant upfront investments in the trillions of dollars are needed to attain these goals. The International Energy Agency estimates that from 2011 to 2035, the world will see $5.9 trillion in new investments in hydroelectric and other renewable power as well as $1.1 trillion in nuclear power. The scale of this market -- and potential job creation -- is huge, especially for American companies which are world leaders in wind, solar, hydro, power transmission, efficient generation, and smart grids. To facilitate these efforts, we are working with the U.S. private sector on innovative financing approaches that help to limit the risk in financing and investment for both large and small-scale energy projects.

SE4All is just one example of economic statecraft. The Energy Resources Bureau is working to broaden the energy spectrum with renewable sources of power, energy efficiency, and cleaner energy technology. In this, we can serve as both as an example and as a partner with foreign businesses, communities, and governments. Global Economic Statecraft Day is an opportunity to promote this message as we work to ensure American diplomacy drives domestic and global markets toward a prosperous and sustainable future.

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