Representative Adriano Espaillat Introduces the Las Americas Security Act
Bill Aims to Help Our Latin American and Caribbean Allies Meet Energy Needs
NEW YORK, NY – Representative Adriano Espaillat (NY-13) introduced 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 Las Americas Energy Security Act would establish a sovereign lending program to meet short-term energy needs and address climate change. The bill will also:
- 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, and address pollution; &
- 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.