Loan Programs Office

Update: Financing Innovation is Preventing Emissions Now and in the Future

July 12, 2016

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As 2015 came to a close, the Department’s Loan Programs Office (LPO) released a report highlighting the role it has played in financing commercial-scale deployments of energy technology innovation that are already helping the U.S. to reduce carbon dioxide emissions. As of September 2015, the clean energy and auto manufacturing projects in LPO’s portfolio had avoided nearly 25 million metric tons of carbon dioxide emissions. This is equivalent to taking 5.28 million gasoline-powered cars off the road.

Through the first half of 2016, LPO’s portfolio has continued to successfully accomplish its goal of deploying clean energy projects that reduce greenhouse gas emissions and supporting auto manufacturing facilities that help produce more fuel-efficient light-duty vehicles.

As of April 2016, LPO’s portfolio has prevented 30 million metric tons of carbon dioxide emissions, the equivalent of taking 6.2 million cars off the road.

Secretary Moniz wrote this past December during the 21st United Nations climate conference, known as COP21, “We need to rapidly accelerate the pace of innovation to meet the challenge of limiting global temperature rise to two degrees Celsius.” As the following chart shows, LPO’s projects have quickly achieved real and meaningful emissions reductions over a short period of time. These numbers will grow as completed projects continue to operate and projects currently under construction or ramping up begin to operate at full capacity. In particular, the two advanced nuclear reactors supported by DOE loan guarantees under construction at the Vogtle nuclear power plant are expected to avoid 10 million metric tons of carbon dioxide emissions annually upon their completion.