,,ii #aagth ,,congress #ast ,session ,s4 #bhde ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bc1 #bjba,mr4 ,sullivan introduced the following bill2 which was read twice and referred to the ,committee on ,foreign ,relations ,a ,,bill ,to provide support for energy infrastructure projects in the ,indo-,pacific region1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,indo-,pacific ,strategic ,energy ,initiative ,act4 #b4 ,findings ,congress makes the following findings3 7#a7 ,the ,united ,states currently has an approximately #ajj-year supply of natural gas4 7#b7 ,natural gas will see increasing global demand and use beyond #bjej4 7#c7 ,united ,states natural gas production increased by #ed percent from #bjje to #bjag4 ,at the same time1 total ,united ,states carbon dioxide emissions decreased by #ad percent4 ,the natural gas share of electricity production increased from #ai percent in #bjje to #cb percent in #bjag4 7#d7 ,between #bjje and #bjai1 carbon dioxide emissions from the ,united ,states power sector declined by #cc percent1 with fuel switching to natural gas1 accounting for more than half of those reductions4 ,during that period1 the ,united ,states economy grew by #bj percent1 ,united ,states energy consumption fell by #b percent1 and per capita emissions dropped to their lowest levels since #aiej4 7#e7 ,between #aiij and #bjah1 the natural gas and oil industry reduced methane emissions by #bc4f percent through voluntary actions1 while expanding production by #gj percent4 7#f7 ,demand in the ,united ,states and globally for clean-burning natural gas and liquefied natural gas will continue to increase over the next several decades1 even as renewable energy resources increase4 7#g7 ,demand for natural gas is rising in the ,indo-,pacific region1 particularly as countries look to make emissions cuts and transition from higher emissions fuel sources4 7#h7 ,the expanding number of infrastructure projects in the ,indo-,pacific region1 carried out under the ,belt and ,road ,initiative1 is leading to higher emissions in the region4 7#i7 ,according to the ,international ,energy ,agency1 ,the number of countries and territories with liquefied natural gas import terminals has grown from nine in #bjjj to #db in #bjbj44 ,further1 the ,international ,energy ,agency has found that transitions in ,asian gas markets are even more important in the wider context of global clean energy transitions1 where natural gas will be required to make a more flexible contribution as the share of variable renewable energy sources grows and coal use progressively declines4 7#aj7 ,the ,united ,states saw a #ff4c-percent increase in liquefied natural gas exports and an #aa4b-percent increase in oil production in #bjai4 7#aa7 ,as a result of the natural gas revolution1 the ,united ,states petroleum trade deficit in dollars fell from about #cbj1jjj1jjj1jjj in #bjjg to about #c1jjj1jjj1jjj in #bjbj1 as net imports declined4 7#ab7 ,australia and the ,united ,states are both important global energy exporters and thus have a shared interest in supplying the growing energy demand in the ,indo-,pacific region4 7#ac7 ,japanese companies have long invested in ,united ,states liquefied natural gas projects1 including the ,government of ,japan shifting from relying on liquefied natural gas from the ,middle ,east to liquefied natural gas from the ,united ,states4 7#ad7 ,the ,people's ,republic of ,china currently is one of the largest financiers of overseas energy and greenhouse gas intensive projects4 ,the ,people's ,republic of ,china also uses those investments to project its influence and secure critical minerals supply chains and infrastructure4 #c4 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 the ,united ,states reaffirms its commitment to quadrilateral cooperation with ,japan1 ,india1 and ,australia 7collectively1 with the ,united ,states1 known as the ,quad71 and that ,united ,states should continue to pursue strengthening cooperation in the energy sector in light of the global threats and challenges facing all #d countries2 7#b7 the ,association of ,southeast ,asian ,nations 7commonly referred to as ,,asean7 and its #aj members 7,brunei1 ,cambodia1 ,indonesia1 ,laos1 ,malaysia1 ,myanmar1 the ,philippines1 ,singapore1 ,thailand1 and ,vietnam7 have worked with the ,united ,states toward stability1 prosperity1 and peace in ,southeast ,asia1 and ,,asean will continue to remain a strong1 reliable1 and active economic and strategic partner in the ,indo-,pacific region2 7#c7 the ,united ,states and the ,republic of ,korea enjoy a comprehensive alliance partnership1 founded in shared strategic interests and cemented by a commitment to democratic values1 which includes recognizing the important role of energy cooperation through the ,united ,states-,republic of ,korea ,energy ,security ,dialogue2 and 7#d7 the ,united ,states has economic1 national security1 and domestic interests in assisting allies and partners in ,indo-,pacific countries to reduce greenhouse gas emissions and achieve energy security through diversification of their energy sources and supply routes4 #d4 ,statement of policy ,it is the policy of the ,united ,states-- 7#a7 to engage and lead on international emissions reductions and adaptation1 including assisting allies and partners in reducing higher emissions fuel sources through exports of cleaner-burning ,united ,states-produced fuels and emission-reduction technologies2 7#b7 to advance ,united ,states foreign policy and development goals by assisting allies and partners of the ,united ,states in the ,indo-,pacific region to decrease their dependence on energy resources from countries that use energy dependence to coerce1 intimidate1 and influence other countries2 7#c7 to develop strategies to counter competition from the ,russian ,federation and the ,people's ,republic of ,china to protect the energy and national security of the ,united ,states and the energy and national security of allies and partners of the ,united ,states in the ,indo-,pacific region2 7#d7 to support free and open trade in clean-burning energy products and promote the continued development of lower-emissions energy fuels and technologies in the ,indo-,pacific region2 7#e7 to improve free1 fair1 and reciprocal energy trading relationships with allies and partners of the ,united ,states in the ,indo-,pacific region2 7#f7 to promote the energy security of allies and partners of the ,united ,states in the ,indo-,pacific region by encouraging the development of energy infrastructure and accessible1 transparent1 and competitive energy markets that provide diversified sources1 types1 and routes of energy2 7#g7 to encourage public and private sector investment in lower-emissions energy infrastructure projects in the ,indo-,pacific region2 7#h7 to supply countries that rely on higher emitting fuel sources with cleaner burning and abundant alternatives2 and 7#i7 to help facilitate the export of ,united ,states energy resources1 technology1 and expertise to global markets in a way that benefits the energy security of allies and partners of the ,united ,states in the ,indo-,pacific region4 #e4 ,energy infrastructure project support 7a7 ,in general ,the ,secretary of ,state1 in consultation with the ,secretary of ,energy1 the heads of other relevant ,united ,states agencies1 and energy-importing allies and partners of the ,united ,states1 shall1 as appropriate1 prioritize and expedite the efforts of the ,department of ,state1 the ,department of ,energy1 and such other agencies in supporting the governments of ,japan1 ,india1 ,australia1 and other like-minded ,indo-,pacific countries 7including member countries of ,,asean and the ,republic of ,korea7 to increase their energy security and reduce energy emissions1 including through-- 7#a7 providing diplomatic and political support to those governments1 as necessary-- 7,a7 to facilitate international negotiations concerning cross-border infrastructure2 7,b7 to enhance the regulatory environment with respect to energy projects in the ,indo-,pacific region2 and 7,c7 to develop accessible1 transparent1 and competitive energy markets supplied by diverse sources1 types1 and routes of energy2 and 7#b7 providing support-- 7,a7 to improve energy markets in the ,indo-,pacific region1 including early-stage project support and late-stage project support for the construction or improvement of energy projects and related infrastructure pertaining to emissions reduction2 7,b7 to diversify the energy sources and supply routes of ,indo-,pacific countries2 and 7,c7 to enhance energy market integration across the region4 7b7 ,project selection 7#a7 ,identification ,the ,secretary of ,state1 the ,secretary of ,commerce1 and the ,secretary of ,energy shall identify energy infrastructure projects that would be appropriate for ,united ,states assistance under this section4 7#b7 ,eligibility ,a project is eligible for ,united ,states assistance under this section if the project-- 7,a7 has been identified by the ,secretary of ,state1 the ,secretary of ,commerce1 and the ,secretary of ,energy as promoting energy security in the ,indo-,pacific region or the country in which the project is located2 7,b7 promotes the reduction of greenhouse gas and carbon dioxide emissions2 and 7,c7 is located in an ,indo-,pacific country4 7#c7 ,preference ,in selecting projects for ,united ,states assistance under this section1 the ,secretary of ,state1 the ,secretary of ,commerce1 and the ,secretary of ,energy shall give preference to projects that-- 7,a7 are expected to enhance energy market integration2 or 7,b7 have the potential to use goods and services of the ,united ,states1 another ,quad country1 a member country of ,,asean1 or the ,republic of ,korea1 during project implementation4 7c7 ,diplomatic and political support ,the ,secretary of ,state shall provide diplomatic and political support to the governments of ,japan1 ,india1 ,australia1 and other like-minded ,indo-,pacific countries 7including member countries of ,,asean and the ,republic of ,korea71 as necessary1 including by using the diplomatic and political influence and expertise of the ,department of ,state to build the capacity of those countries to resolve any impediments to the development of projects selected under subsection 7b74 7d7 ,project support ,the ,director of the ,trade and ,development ,agency shall provide early-stage project support with respect to projects selected under subsection 7b74 #f4 ,infrastructure funding 7a7 ,establishment of strategic energy portfolio of the ,united ,states ,international ,development ,finance ,corporation ,title ,v of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah 7#bb ,u4,s4,c4 #ifga et seq47 is amended by adding at the end the following3 #adee4 ,strategic energy portfolio ,the ,corporation-- 7#a7 may provide support under title ,,ii for projects related to importation of liquefied natural gas and generation of low emission electricity and other energy1 including for such projects of entities owned or controlled by the government of a foreign country2 7#b7 may not prohibit1 restrict1 or otherwise impede the provision of support on the basis of the type of energy involved in a project2 and 7#c7 should1 in providing support authorized by paragraph 7#a71 coordinate with the ,japan ,bank for ,international ,cooperation and the ,government of ,australia pursuant to the trilateral memorandum of understanding on development finance signed on ,november #ab1 #bjah4 4 7b7 ,promotion of energy exports by ,export-,import ,bank of the ,united ,states ,the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce et seq47 is amended by adding at the end the following3 #af4 ,strategic energy portfolio 7a7 ,in general ,the ,bank shall establish a strategic energy portfolio focused on providing financing 7including loans1 guarantees1 and insurance7 for projects described in subsection 7b7 that may facilitate-- 7#a7 increases in exports of ,united ,states energy commodities2 or 7#b7 the export of ,united ,states equipment1 materials1 and technology4 7b7 ,projects described ,a project described in this subsection is a project related to-- 7#a7 construction of liquefied natural gas import terminals2 7#b7 commercialization of carbon capture1 utilization1 and storage2 7#c7 development of blue hydrogen infrastructure2 or 7#d7 other low emission energy infrastructure4 4 7c7 ,private and foreign public sector investment 7#a7 ,private sector investment ,the ,secretary of ,commerce and the ,secretary of ,state shall promote the funding of projects selected under section #e among ,united ,states energy producers and exporters4 7#b7 ,foreign public sector investment ,the heads of the agencies described in section #e7;a7 may1 for the purposes of this ,act1 partner and coordinate with public and multilateral financial institutions and export credit agencies of ,japan1 ,india1 ,australia1 and other ,indo-,pacific countries 7including member countries of ,,asean and the ,republic of ,korea71 such as the ,japan ,bank for ,international ,cooperation4 #g4 ,reporting 7a7 ,in general ,not later than one year after the date of the enactment of this ,act1 and annually thereafter1 the ,president shall submit to the appropriate congressional committees a report on progress made in providing assistance for projects under this ,act that includes-- 7#a7 a description of the energy infrastructure projects the ,united ,states has identified for such assistance2 and 7#b7 for each such project-- 7,a7 a description of the role of the ,united ,states in the project1 including in early-stage project support and late-stage project support2 7,b7 the amount and form of any debt financing and insurance provided by the ,united ,states ,government for the project as well as any coordination with foreign public financial institutions or export credit agencies2 7,c7 the amount and form of any debt financing and insurance provided by foreign public financial institutions or export credit agencies2 7,d7 the amount and form of any early-stage project support2 and 7,e7 an update on the progress made on the project as of the date of the report4 7b7 ,appropriate congressional committees defined ,in this section1 the term appropriate congressional committees means-- 7#a7 the ,committee on ,foreign ,relations1 the ,committee on ,energy and ,natural ,resources1 and the ,committee on ,environment and ,public ,works of the ,senate2 and 7#b7 the ,committee on ,foreign ,affairs1 the ,committee on ,energy and ,commerce1 and the ,committee on ,natural ,resources of the ,house of ,representatives4