 SEC. 255. TRANSFORMATIONAL ENERGY DEVELOPMENT.


(a) Chief Energy Officer.—The BUILD Act of 2018 (22 U.S.C. 9601 et seq.) is amended—


(1) in section 1402—


(A) by redesignating paragraphs (3) and (4) as paragraphs (5) and (6), respectively;


(B) by redesignating paragraph (2) as paragraph (3);


(C) by inserting after paragraph (1) the following:


“(2) EARLY-STAGE PROJECT TECHNICAL ASSISTANCE.—The term ‘early-stage project technical assistance’ includes—


“(A) feasibility studies;


“(B) resource evaluations;


“(C) project appraisal and costing;


“(D) pilot projects;


“(E) commercial support, such as trade missions, reverse trade missions, technical workshops, international buyer projects, and international partner searchers to link supplies to projects;


“(F) technical assistance and other guidance to improve the local regulatory environment and market frameworks to encourage transparent competition and enhance energy security; and


“(G) long-term energy sector planning.”;


(D) by inserting after paragraph (3) (as so redesignated) the following:


“(4) MULTILATERAL DEVELOPMENT BANKS.—The term ‘multilateral development banks’ has the meaning given that term in section 1701(c) of the International Financial Institutions Act (22 U.S.C. 262r(c)).”; and


(E) by adding at the end the following:


“(7) TRANSFORMATIONAL ENERGY TECHNOLOGY.—The term ‘transformational energy technology’ means—


“(A) renewable energy systems;


“(B) hydrogen fuel cell technology for residential, energy, industrial, or transportation applications;


“(C) advanced nuclear energy facilities;


“(D) carbon capture, utilization, and sequestration technologies;


“(E) efficient electrical generation, transmission, and distribution technologies;


“(F) pollution control equipment;


“(G) energy storage technologies for residential, industrial, and transportation applications;


“(H) technologies and systems for reducing potent greenhouse gas pollutants, including methane leakage from natural gas transmission and distribution infrastructure;


“(I) manufacturing and deployment of nuclear supply components for advanced nuclear reactors;


“(J) system-level energy management solutions;


“(K) application of platform technologies, including data analytics, artificial intelligence, and other software to improve the energy efficiency and effectiveness of energy infrastructure, including electric grid operation;


“(L) energy-water use efficiency in water resources infrastructure and water-using technologies;


“(M) carbon capture ready combined cycle natural gas generation facilities;


“(N) carbon capture ready supercritical or ultra-supercritical coal generation facilities;


“(O) innovative technologies for improving the resilience or reliability of existing energy infrastructure, including innovative approaches to improve the cybersecurity of energy technologies;


“(P) innovative technologies for reducing greenhouse emissions from industrial processes;


“(Q) technologies used in the sourcing or processing of critical minerals;


“(R) technologies used in the gasification or transport of natural gas, carbon dioxide, or hydrogen; and


“(S) any other technology, including recycled, reused, refurbished, any repurposed technology, to support innovative energy technologies or provide an input or application for such technologies.”;


(2) in section 1413—


(A) in subsection (a), by inserting “a Chief Energy Office,” after “a Chief Development Officer,”; and


(B) by adding at the end the following:


“(j) Chief Energy Officer.—


“(1) APPOINTMENT.—Subject to the approval of the Board, the Chief Executive Officer of the Corporation, with the concurrence of the Administrator of the United States Agency for International Development, shall appoint a Chief Energy Officer from among individuals with experience in energy development.


“(2) DUTIES.—The Chief Energy Officer shall—


“(A) promote the export of transformational energy technology to be used in the development, production, and distribution of energy resources, critical minerals, and energy efficiency and energy storage equipment;


“(B) to the maximum extent practicable, seek to identify development opportunities and engage in early-stage project technical assistance to promote transformational energy technology projects; and


“(C) using broad criteria, make efforts to ensure that the proportion of projects for which the Corporation provides support that are transformational energy technology projects is—


“(i) not less than 30 percent of each form of support provided by the Corporation; and


“(ii) not less than 30 percent of the total support provided by the Corporation for projects sponsored by or involving private sector entities that are United States persons.


“(3) REPORTS REQUIRED.—


“(A) ANNUAL REPORT.—Not later than 1 year after the date of the enactment of this subsection, and annually thereafter, the Chief Energy Officer shall submit to the appropriate congressional committees a report on transformational energy technology projects that includes a description of—


“(i) the development of such projects;


“(ii) such projects under consideration for support by the Corporation;


“(iii) coordination with other Federal agencies and with multilateral development banks with respect to such projects;


“(iv) actions taken to identify opportunities for such projects and provide early-stage project technical assistance for such projects; and


“(v) competition from multilateral development banks with respect to support for such projects.


“(B) ENERGY DEVELOPMENT REPORT.—Not later than 30 days following the close of each fiscal quarter, the Chief Energy Officer shall update the Joint Energy Export, Development, and Trade Database established under section 255(d) of the Americas Act with information relevant to the international finance of energy generation and associated infrastructure as determined by the Deputy Assistant Secretary for the Americas Partnership.”; and


(3) in title V, by adding at the end the following:


“SEC. 1455. ENERGY FINANCING CONSIDERATIONS.


“(a) Exception For Less Developed Countries.—Notwithstanding section 1412(c), if the Corporation determines that a project to be carried out in a country that is not a less developed country and is under consideration for support from the Corporation may receive financing from the Government of the Russian Federation or the Government of the People’s Republic of China, the Corporation may dedicate not more than 20 percent of the funds available to provide support for transformational energy technology projects to such country.


“(b) Substitution Effect Consideration.—In any environmental assessment for a transformational energy technology project under consideration for support provided by the Corporation, the Chief Energy Officer shall consider—


“(1) whether the project is under consideration for support from another country with—


“(A) greater emission intensity than the United States; or


“(B) less stringent environmental standards than the United States; and


“(2) the environmental impacts that would occur if—


“(A) the Corporation declined to provide support; and


“(B) a country with greater emission intensity or less stringent environmental standards than the United States provided financing to develop the project.


“(c) Publication Of Terms.—Not later than 18 months after the commencement of construction on a transformational energy technology project, the Chief Energy Officer shall make publicly available the terms of the contract for the project.”.

 (b) Office Of Energy.—Section 2(b)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)) is amended—


(1) by striking subparagraph (C) and inserting the following:


“(C) Office Of Energy.—


“(i) ESTABLISHMENT.—There shall be in the Bank the Office of Energy (referred to in this subparagraph as the ‘Office’).


“(ii) PURPOSE.—The purpose of the Office shall be to promote the export of goods and services to be used in the development, production, and distribution of eligible technologies.


“(iii) EARLY-STAGE PROJECT TECHNICAL ASSISTANCE.—The Office shall provide, to the maximum extent practicable, early-stage project technical assistance to promote eligible technologies.


“(iv) REPORTS REQUIRED.—


“(I) ANNUAL REPORT.—Not later than 1 year after the date of the enactment of the Americas Act, and annually thereafter, the Office shall submit to the appropriate congressional committees a report on—


“(aa) the development of projects for the export of goods and services to be used in the development, production, and distribution of eligible technologies;


“(bb) such projects under consideration for support by the Bank;


“(cc) coordination with other Federal agencies and with multilateral development banks with respect to such projects;


“(dd) actions taken to identify opportunities for such projects and provide early-stage project technical assistance for such projects; and


“(ee) competition from multilateral development banks with respect to support for projects.


“(II) ENERGY DEVELOPMENT REPORT.—Not later than 30 days following the close of each fiscal quarter, the Office shall update the Joint Energy Export, Development, and Trade Database established under section 255(d) of the Americas Act with information relevant to the international finance of energy generation and associated infrastructure as determined by the Deputy Assistant Secretary for the Americas Partnership.


“(v) CONTENT POLICY ADJUSTMENTS.—


“(I) IN GENERAL.—The Bank may guarantee or insure not more than 100 percent of a contract for the export of goods and services to be used in the development, production, and distribution of eligible technologies if not less than 50 percent of the goods and services to be exported under the contract are goods and services that originated or were produced in the United States.


“(II) ADJUSTMENT FOR LOCAL GOODS AND SERVICES.—In the case of a project described in subclause (I), the Bank may provide financing with respect to goods and services that were produced or originated in the country of the buyer in an amount not to exceed 50 percent of the value of goods and services exported from the United States under the contract.


“(vi) TARGET.— It shall be a goal of the Bank to ensure that not less than 30 percent of the applicable amount (as defined in section 6(a)(2)) is made available each fiscal year for the financing of exports of goods and services to be used in the development, production, and distribution of eligible technologies.


“(vii) SUBSTITUTION EFFECT CONSIDERATION.—In any environmental assessment for a project for the export of goods and services to be used in the development, production, and distribution of eligible technologies under consideration for support provided by the Bank, the Office shall consider—


“(I) whether the project is under consideration for financing from another country with—


“(aa) greater emission intensity than the United States; or


“(bb) less stringent environmental standards than the United States; and


“(II) the environmental impacts that would occur if—


“(aa) the Bank declined to provide financing; and


“(bb) a country with greater emission intensity or less stringent environmental standards than the United States provided financing to develop the project.


“(viii) PUBLICATION OF TERMS.—Not later than 18 months after the commencement of construction on a project involving eligible technologies, the Office shall make publicly available the terms of the contract for the project.


“(ix) DEFINITIONS.—In this subparagraph:


“(I) EARLY-STAGE PROJECT TECHNICAL ASSISTANCE.—The term ‘early-stage project technical assistance’ includes—


“(aa) feasibility studies;


“(bb) resource evaluations;


“(cc) project appraisal and costing;


“(dd) pilot projects;


“(ee) commercial support, such as trade missions, reverse trade missions, technical workshops, international buyer projects, and international partner searchers to link supplies to projects;


“(ff) technical assistance and other guidance to improve the local regulatory environment and market frameworks to encourage transparent competition and enhance energy security; and


“(gg) long-term energy sector planning.


“(II) ELIGIBLE TECHNOLOGY.—The term ‘eligible technology’ means—


“(aa) renewable energy systems;


“(bb) hydrogen fuel cell technology for residential, energy, industrial, or transportation applications;


“(cc) advanced nuclear energy facilities;


“(dd) carbon capture, utilization, and sequestration technologies;


“(ee) efficient electrical generation, transmission, and distribution technologies;


“(ff) pollution control equipment;


“(gg) energy storage technologies for residential, industrial, and transportation applications;


“(hh) technologies and systems for reducing potent greenhouse gas pollutants, including methane leakage from natural gas transmission and distribution infrastructure;


“(ii) manufacturing and deployment of nuclear supply components for advanced nuclear reactors;


“(jj) system-level energy management solutions;


“(kk) application of platform technologies, including data analytics, artificial intelligence, and other software to improve the energy efficiency and effectiveness of energy infrastructure, including electric grid operation;


“(ll) energy-water use efficiency in water resources infrastructure and water-using technologies;


“(mm) carbon capture ready combined cycle natural gas generation facilities;


“(nn) carbon capture ready supercritical or ultra-supercritical coal generation facilities;


“(oo) innovative technologies for improving the resilience or reliability of existing energy infrastructure, including innovative approaches to improve the cybersecurity of energy technologies;


“(pp) innovative technologies for reducing greenhouse emissions from industrial processes;


“(qq) technologies used in the sourcing or processing of critical minerals;


“(rr) technologies used in the gasification or transport of natural gas, carbon dioxide, or hydrogen; and


“(ss) any other technology, including recycled, reused, refurbished, any repurposed technology, to support innovative energy technologies or provide an input or application for such technologies.”; and


(2) by striking subparagraph (K).

 (c) Program On Transformational Exports.—The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended—


(1) in section 2(l)—


(A) in the subsection heading, by striking “China And”;


(B) in paragraph (1)—


(i) in the matter preceding subparagraph (A)—


(I) by striking “China and”; and


(II) by striking “by the People's Republic of China or”;


(ii) in subparagraph (A), by striking “by the People's Republic of China or”; and


(iii) in subparagraph (B)—


(I) in the matter preceding clause (i), by striking “the People's Republic of China” and inserting “covered countries”; and


(II) in clause (vi), by striking “Renewable energy” and inserting “Eligible technology”;


(C) in paragraph (2)—


(i) by redesignating subparagraphs (A), (B), and (C) as subparagraphs (C), (D), and (E), respectively; and


(ii) by inserting after the matter preceding subparagraph (C) (as redesignated by clause (i)) the following:


“(C) the People's Republic of China; and


“(D) the Russian Federation;”; and


(D) in paragraph (3)—


(i) in subparagraph (A)—


(I) by striking “20 percent” and inserting “50 percent”; and


(II) by striking “China and”;


(ii) in subparagraph (B), in the matter preceding clause (i)—


(I) by striking “20 percent” and inserting “50 percent”; and


(II) by striking “the People's Republic of China is” and inserting “the People's Republic of China and the Russian Federation are”; and


(iii) in subparagraph (D), by striking “China and”;


(2) in section 8(l)—


(A) in the subsection heading, by striking “Under The” and all that follows through “Exports” and inserting “Under The Program On Transformational Exports”; and


(B) in the text, by striking “China and”; and


(3) in section 8A(a)(5)—


(A) in the heading, by striking “RENEWABLE” and inserting “CLEAN”;


(B) by striking “renewable” each place it appears and inserting “clean”; and


(C) by striking “section 2(b)(1)(K)” and inserting “section 2(b)(1)(C)”.

 (d) Joint Energy Export, Development, And Trade Database.—


(1) DEFINITIONS.—In this subsection:


(A) APPROPRIATE CONGRESSIONAL COMMITTEES.—The term “appropriate congressional committees” means—


(i) the Committee on Energy and Natural Resources, the Committee on Finance, the Committee on Banking, Housing, and Urban Affairs, and the Committee on Foreign Relations of the Senate; and


(ii) the Committee on Energy and Commerce, the Committee on Ways and Means, the Committee on Financial Services, and the Committee on Foreign Affairs of the House of Representatives.


(B) DATABASE.—The term “Database” means the Joint Energy Export, Development, and Trade Database.


(C) DEPUTY ASSISTANT SECRETARY.—The term “Deputy Assistant Secretary” means the Deputy Assistant Secretary for the Americas Partnership.


(D) ELIGIBLE TECHNOLOGY.—The term “eligible technology” means—


(i) renewable energy systems;


(ii) hydrogen fuel cell technology for residential, energy, industrial, or transportation applications;


(iii) advanced nuclear energy facilities;


(iv) carbon capture, utilization, and sequestration technologies;


(v) efficient electrical generation, transmission, and distribution technologies;


(vi) pollution control equipment;


(vii) energy storage technologies for residential, industrial, and transportation applications;


(viii) technologies and systems for reducing potent greenhouse gas pollutants, including methane leakage from natural gas transmission and distribution infrastructure;


(ix) manufacturing and deployment of nuclear supply components for advanced nuclear reactors;


(x) system-level energy management solutions;


(xi) application of platform technologies, including data analytics, artificial intelligence, and other software to improve the energy efficiency and effectiveness of energy infrastructure, including electric grid operation;


(xii) energy-water use efficiency in water resources infrastructure and water-using technologies;


(xiii) carbon capture ready combined cycle natural gas generation facilities;


(xiv) carbon capture ready supercritical or ultra-supercritical coal generation facilities;


(xv) innovative technologies for improving the resilience or reliability of existing energy infrastructure, including innovative approaches to improve the cybersecurity of energy technologies;


(xvi) innovative technologies for reducing greenhouse emissions from industrial processes;


(xvii) technologies used in the sourcing or processing of critical minerals;


(xviii) technologies used in the gasification or transport of natural gas, carbon dioxide, or hydrogen; and


(xix) any other technology to support innovative energy technologies or provide an input or application for such technologies.


(2) ESTABLISHMENT.—Not later than 180 days after the date of the enactment of this Act, the Secretary of Energy shall establish a database to be known as the “Joint Energy Export, Development, and Trade Database”.


(3) MANAGEMENT.—The Deputy Assistant Secretary shall—


(A) manage the Database;


(B) ensure the agencies described in paragraph (5) may directly access the Database to provide the contents required under paragraph (4); and


(C) ensure that the Database is interoperable with the e-government system.


(4) CONTENTS.—


(A) IN GENERAL.—The Database shall contain information provided by each agency described in paragraph (5) and determined by the Deputy Assistant Secretary, in consultation with industry partners, to be relevant to the international finance of eligible technology, including—


(i) for each project related to eligible technology supported by the agency—


(I) a description of the project;


(II) an identification of the country in which the project is being carried out; and


(III) an identification of the primary foreign participants in the project;


(ii) details of the request for each such project, including—


(I) the support requested, including the technical assistance; and


(II) project timelines; and


(iii) a description of actions taken by the agency with respect to each such project regarding—


(I) financing;


(II) technical assistance;


(III) potential hurdles;


(IV) areas for collaboration among agencies;


(V) relevant timelines;


(VI) consideration of the effects of support being provided by another country if the agency declines to provide support, if applicable; and


(VII) status updates.


(B) ADDITIONAL CONTENT.—The Deputy Assistant Secretary may require such additional information to be included in the Database as the Deputy Assistant Secretary considers necessary—


(i) to enable collaboration between the agencies described in paragraph (5); and


(ii) to aid the expansion of energy financing.


(C) UPDATES TO DATABASE.—Each agency described in paragraph (5) shall update the Database not less frequently than quarterly.


(5) AGENCIES DESCRIBED.—The agencies described in this paragraph shall include—


(A) the Department of Energy;


(B) the Department of Commerce;


(C) the Department of State;


(D) the Export-Import Bank of the United States;


(E) the United States International Development Finance Corporation;


(F) the Trade and Development Agency;


(G) the United States Agency for International Development;


(H) the Department of the Treasury;


(I) the Office of the United States Trade Representative; and


(J) the BUILD Americas Unit.


(6) AGENCY COORDINATION.—


(A) IN GENERAL.—Not later than 270 days after the date of the enactment of this Act, and quarterly thereafter, the Deputy Assistant Secretary and other officials of equivalent rank from the agencies described in paragraph (5) shall meet to review the Database and identify areas for collaboration on projects described in the Database.


(B) ADDITIONAL PARTICIPANTS.—


(i) IN GENERAL.—The Deputy Assistant Secretary may invite the individuals described in clause (ii) to attend the meetings described in subparagraph (A).


(ii) INDIVIDUALS DESCRIBED.—The individuals described in this subparagraph are—


(I) the United States Executive Director of the World Bank Group;


(II) the United States Executive Director of the Inter-American Development Bank;


(III) the United States Executive Director of the Asian Development Bank;


(IV) the United States Executive Director of the African Development Bank;


(V) the United States Executive Director of the European Bank for Reconstruction and Development; and


(VI) any other head of a Federal agency as the Deputy Assistant Secretary considers appropriate.


(7) REPORTS REQUIRED.—Not later than 270 days after the date of the enactment of this Act, and quarterly thereafter, the Deputy Assistant Secretary shall submit to the appropriate congressional committees a report on the Database, which shall include—


(A) a summary of the information provided in accordance with paragraph (4); and


(B) an identification of key updates made by the agencies described in paragraph (5).

 (e) Treatment Of Equity Investments At The Development Finance Corporation.—Section 1421(c) of the BUILD Act of 2018 (22 U.S.C. 9621(c)) is amended by adding at the end the following:


“(7) TREATMENT OF EQUITY INVESTMENTS.—


“(A) IN GENERAL.—Subject to subparagraphs (B) and (C), support provided under paragraph (1) with respect to a project shall be considered a Federal credit program that is subject to the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.) for purposes of applying the requirements of such Act to such support.


“(B) DETERMINATION OF COST.—


“(i) IN GENERAL.—The cost (as defined in subsection 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))) of support provided under paragraph (1) with respect to a project shall be the net present value, at the time when funds are disbursed to provide the support, of the following estimated cash flows:


“(I) The purchase price of the support.


“(II) Dividends, redemptions, and other shareholder distributions during the term of the support.


“(III) Proceeds received upon a sale, redemption, or other liquidation of the support.


“(ii) CHANGES IN TERMS INCLUDED.—The estimated cash flows described in subclauses (I) through (III) of clause (i) shall include the effects of changes in terms resulting from the exercise of options included in the agreement to provide the support.


“(C) TREATMENT OF RISK.—


“(i) IN GENERAL.—The Corporation shall hold in reserve an amount equal to 5 percent of the amount of financing outstanding under paragraph (1) to ensure that the Corporation has funds available if necessary as a result of—


“(I) any difference between the cost of support under paragraph (1) estimated before the date of the enactment of the Americas Act and reestimated, as required by this paragraph, after such date of enactment; and


“(II) any other losses that occur as the result of an equity investment.


“(ii) DEDUCTION FROM MAXIMUM CONTINGENT LIABILITY.—The maximum contingent liability under section 1433 shall be reduced by the amount held in reserve under clause (i).”.

 (f) Modification Of Maximum Contingent Liability At The Development Finance Corporation.—Section 1433 of the BUILD Act of 2018 (22 U.S.C. 9633) is amended to read as follows:


“SEC. 1433. MAXIMUM CONTINGENT LIABILITY.


“The maximum contingent liability of the Corporation outstanding at any one time shall not exceed in the aggregate $90,000,000,000.”.

 (g) Modification Of Aggregate Loan, Guarantee, And Insurance Authority Of Export Import Bank.—Section 6(a)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 635e(a)(2)) is amended by striking “2020 through 2027, means $135,000,000,000” and inserting “2022 through 2027, means $175,000,000,000”.

 (h) Energy Plan For The Americas.—


(1) IN GENERAL.—Not later than 180 days after the date of the enactment of this Act, the Chief Energy Officer of the United States International Development Finance Corporation (established under subsection (j) of section 1413 of the BUILD Act, as added by subsection (a)(2)), in coordination with the officials specified in paragraph (3), shall submit to Congress a comprehensive energy plan for the Americas.


(2) ELEMENTS.—The plan required by paragraph (1) shall address the following:


(A) Challenges, limitations, and opportunities in the Americas for investment in securing the energy independence of the Western Hemisphere.


(B) Renewable and non-renewable sources of energy.


(C) A list of major investments required to carry out the plan.


(D) Energy regulations to be addressed by the business advisory board established pursuant to section 202.


(E) Impact of the plan on global carbon emissions and approaches for achieving carbon neutrality.


(F) Such other information relating to affordable energy independence in the Americas as the Chief Energy Officer considers appropriate.


(3) OFFICIALS SPECIFIED.—The officials specified in this paragraph are the following:


(A) The Secretary of Commerce.


(B) The Administrator of the United States Agency for International Development.


(C) The Secretary of State.


(D) The United States Trade Representative.


(E) The Director of the Trade and Development Agency.


(F) The head of any other agency the Chief Energy Officer considers appropriate.