Letters of credit (L/Cs) will soon be available in the US to help finance low emission projects.

They will be available from a newly created autonomous body operating under the US Energy Department.

Green bank

The Clean Energy Deployment Administration (CEDA) as it will be known will provide a suite of financing options, including L/Cs, direct loans, loan guarantees and insurance products.

The 'clean energy' bank could fund projects for energy production, transmission, storage and other areas that could reduce greenhouse gases, diversify energy supplies and save energy.

Nuclear and renewables

Working in tandem with other initiatives, CEDA is also expected to participate in major US plans to develop renewable technologies and establish new nuclear plants.

Major reforms to the Department of Energy's loan guarantee programme for low-emission projects are also expected soon.

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