Espaillat, Sires Introduce Legislation to Bolster Energy Security in the Western Hemisphere
WASHINGTON, DC -- Representative Adriano Espaillat (NY-13) was joined by Representative Albio Sires (NJ-08), Chairman of the House Foreign Affairs Subcommittee on the Western Hemisphere, Civilian Security, Migration, and International Economic Policy in introducing legislation to offer low-interest loans to Latin American and Caribbean countries to promote energy stability and address climate change in the region.
“Our allies in the Western Hemisphere are currently at a critical junction amid the current energy crisis,” said Rep. Espaillat. “Without sustainable long-term energy development, our partners will be especially vulnerable to extreme weather events and droughts, which would impact the supply chain and local shipping routes—further exacerbating economic challenges. Given the key role that energy supply plays in regional stability, this bill is an essential step in incentivizing American investment and offering competitive loans to our allies.”
“The nations of Latin America and the Caribbean are facing unprecedented challenges in their efforts to keep energy affordable for their citizens,” said Rep. Sires. “As our allies work to combat climate change, revitalize supply chains, and catalyze sustainable, inclusive growth through nearshoring, it is crucial to demonstrate U.S. support. I’m proud to join Representative Espaillat in delivering innovation and investment to address these issues.”
The Las Americas Energy Security Actwould establish a sovereign lending program to meet short-term energy needs and address climate change. The bill will:
* Mitigate the risk of social and political instability in the region by addressing rising energy prices;
* Incentivize public and private sector investment to diversify energy sources, enhance energy market integration, increase competition, as well as address pollution; and
*Direct the Secretary of State, in consultation with the Secretary of Energy and other federal government heads, to prioritize and expedite efforts to increase the energy security of Latin American and Caribbean partners.