On July 23, 2024, Bucharest became the epicenter of a significant discussion on the future of global energy. The Partnership for Transatlantic Energy and Climate Cooperation (P-TECC) Business Forum brought together influential leaders from the public and private sectors. U.S. Secretary of Energy Jennifer M. Granholm delivered compelling remarks, highlighting the progress and potential of clean energy initiatives.
Secretary Granholm began by acknowledging the progress made since Russia’s invasion of Ukraine, a conflict that has now lasted nearly 900 days. This period has tested the resolve and resilience of global allies, leading to substantial advancements in energy policy and infrastructure. The U.S. and its partners have provided Ukraine with billions in military and humanitarian aid, demonstrating a unified front against aggression.
In a strategic move to diminish dependence on Russian oil and gas, countries have connected Moldova to the European energy grid and invested in renewable energy sources. These steps are part of a broader effort to ensure energy security and independence. Secretary Granholm emphasized the limitless potential of wind and solar energy, resources that cannot be controlled by any dictator.
P-TECC countries are at the forefront of the clean energy revolution, a sector valued at an estimated $23 trillion globally. These nations are capitalizing on the opportunity to create future-facing jobs and protect the climate. Examples of regional initiatives include:
The Biden-Harris Administration’s industrial strategy is revolutionizing the U.S. energy landscape. By investing heavily in research and development, the administration aims to reduce costs and enhance the capacity of emerging technologies like advanced nuclear power, carbon capture, and electric vehicle batteries. Historical successes, such as the significant reduction in solar and battery costs, illustrate the potential impact of these initiatives.
The strategy also includes de-risking investments in proven technologies through tax incentives for manufacturing and energy production. This approach has yielded impressive results, with the Department of Energy announcing over $70 billion in grants and loans and $213 billion in private-sector investments.
The global ripple effect of U.S. clean energy policies is evident, with countries like Canada, France, and Germany adopting similar incentives. This international cooperation fosters a collaborative environment for clean energy development—this global race to the top benefits workers worldwide.
The transition from volatile fossil fuel markets to a stable clean energy economy is historical. This shift offers unprecedented opportunities for investors and private-sector stakeholders. Secretary Granholm urged businesses to seize these opportunities and contribute to building a sustainable energy future.
The Department of Energy’s Office of International Affairs coordinates the P-TECC, providing policymakers and stakeholders in Eastern and Central Europe with resources and tools for secure, resilient, and climate-conscious energy systems. The initiative includes the United States, 24 European countries, and the European Union, supporting efforts like the EU’s Energy Union framework and the Three Seas Initiative.
P-TECC participants include Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, the European Union, Georgia, Germany, Greece, Hungary, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine, and the United States.
