As I have said, energy development unlocks progress, and natural gas can supply the rapidly growing demand for electricity in Latin America, which is expected to more than double by the year 2020. Natural gas is abundant, and clean-burning, making it more friendly to the environment than some other traditional energy sources. Sharing information about what works and what doesn't can help get the economic, security and environmental benefits of natural gas to where they are needed most. And there is another good idea inspired by one of the Caribbean ministers in New Orleans, and this is the first time I've spoken publicly of it. It was clear from our discussions that faster and easier access to financing is needed to develop the infrastructure and the technology for sustainable energy.
Financing is needed throughout the region, and it needs to be available at competitive rates.
Over the past few months, I have looked at options to address this concern. I am working with the Inter-American Development Bank to promote the creation of a program that will help bridge the gap between resources in search of good project ideas, and good project ideas in search of resources. But there is no pool of resources from which the Bank, the countries involved, or other interested parties can draw to help put the deals together. The United States has created funds for this purpose before - for instance, the Trade and Development Agency routinely funds project studies, and the government helps find experts to help a country or a company develop a project. We now need to do this on a Hemispheric scale.