Mr. MARKEY. Madam Speaker, I am introducing the International Renewable Energy Agency Act today because our energy security, the health of our planet, and the strength of our economy have reached a critical juncture. As gasoline prices creep towards $4 per gallon, and emissions of heat-trapping gases continue to climb to dangerous levels, two things have become clear. First, a fundamental change is needed in the way we generate and use energy here at home. Secondly,

the rest of the world must be also part of this new energy future. The legislation I am introducing today calls for the establishment of an International Renewable Energy Agency, IRENA, to address both of these challenges. This week, world leaders from government, civil society and private business are meeting as part of the Washington International Renewable Energy Conference, WIREC, of 2008 to discuss a major scale-up in the deployment of renewable energy technology around the world. This collaboration is a good start, but the urgency of global warming and our dependence on oil require that we take the lead in creating a permanent international agency to drive the development and deployment of renewable energy in all countries, including ours.

New investment in clean energy technology worldwide topped $148 billion in 2007, an increase of 60 percent over 2006 and up from just $33 billion in 2004. However, about two thirds of this investment lies in just six countries. Over the next two decades, greenhouse gas emissions from developing countries are projected to grow at more than twice the rate of those in developed countries. Encouraging growth of renewable energy in developing countries reduces the extent and likelihood that these economies will follow a carbon-intensive,

fossil energy development path. It also opens a valuable market for the clean energy companies that developed economies will rely on for growth over the coming century. The International Renewable Energy Agency will have the independence, credibility, and expertise necessary to assist governments at the national, state, and local level implement renewable energy policies and projects. Existing international energy agencies were formed to address narrow problems. The International Energy Agency, IEA: oil security and fuel supply disruptions. The International Atomic Energy Agency, IAEA: nuclear proliferation and safety. With the aid of institutional support, these energy resources became foundations of modern economies. An international renewable energy agency is needed to support the unique problems facing renewable energy: marketplace failures, political inertia, and information gaps.

To this end, IRENA will: Support governments in drafting policies and programs for the promotion of renewable energy and energy efficiency measures; Assist governments in conducting studies that analyze the potential of renewable energies and the appropriateness of different technologies; Provide long-term projections and scenarios based on existing data and policy in order to identify opportunities as well as gaps, barriers, and failures in markets and policies; Organize training programs, information campaigns, and courses for civil servants, scientists, businesses, and non-government organizations; Supply curriculum for schools and universities on relevant renewable energy topics; Work with financial institutions to support innovative financing mechanisms for renewable energy projects;

Develop international norms and quality standards; Gather and disseminate data, statistics, and reports on renewable energy deployment, policy approaches, and technology development. The status quo is not working for America or the planet. The environmental, energy, and economic problems we are facing are largely due to a failed energy policy. An international renewable energy agency represents an opportunity for America to change its energy path and confront global warming while reestablishing its leadership role and reputation in the international community.