Monrovia, Liberia Treasury David Loevinger

FROM THE OFFICE OF PUBLIC AFFAIRS December 8, 2004 JS-2133

Statement of U.S. Treasury Deputy Assistant Secretary David Loevinger
Monrovia, Liberia, December 8, 2004

During December 7-8, I met with Liberia's economic leaders, including Chairman Bryant, Finance Minister Lusinee Kamara, Minister for Planning and Economic Affairs, Christian Herbert, and Acting Executive Governor of the Central Bank, Charles Greene. I want to thank Chairman Bryant and his team for their gracious hospitality. I also want to thank Ambassador Blaney, whose tireless efforts have ensured that we in Washington are not distracted by events elsewhere in the world.

The U.S. Treasury Department has devoted significant resources to helping Liberia recover and grow. In Africa, Liberia is the largest recipient of technical assistance from the Treasury Department because we believe that peace will be sustained only if there is economic growth and job creation. This will require disciplined, transparent and accountable monetary and fiscal policies. That is why we have provided advisors to the Ministry of Finance, the Bureau of the Budget, and the Central Bank. The Treasury Department is also working closely with the IMF, World Bank, and the African Development Bank to create conditions for these institutions to once again provide resources to create jobs and reduce poverty.

The Transitional Government of Liberia has made important progress in restoring growth (expected to be over 20% this year) and improving people's lives. As one example, increased competition in cellular telecommunications has cut costs to consumers significantly. Increased competition in other sectors could lead to similar results.

But I must tell my Liberian friends that, despite some very useful reforms taken by the NTGL and the progress made, there remain too many instances where actions of a few individuals cost the Liberian people dearly and undermine the ability of donors, the IMF and the Multilateral Development Banks to reengage with Liberia. Too many revenues still never make it into the government's budget, particularly from the port. And too much of the money collected continues to be spent outside of agreed budgetary procedures. Government officials must be held accountable for transparent management of public resources. This is important to donors, but even more important to the welfare of the Liberian people. It is their money.

My visit to the Finance Ministry highlighted both the progress that has been made. A large taxpayers unit is making strides in ensuring that businesses pay their fair share. I observed deliberations of the Cash Management Committee, which was created to ensure that the government spends only the resources it has, does not again run up arrears, and allocates scarce resources to priority areas. However, there continues to be spending that does not conform with the committee's recommendations.

Hydrogen Production from Nuclear Energy

DOE Researchers Demonstrate Feasibility of Efficient Hydrogen Production from Nuclear Energy ford focus fuel cell car

WASHINGTON, DC – In a major step toward achieving President George W. Bush’s goal of ensuring America’s energy security through innovative technologies, researchers at the U.S. Department of Energy’s Idaho National Engineering and Environmental Laboratory (INEEL) and Ceramatec, Inc. of Salt Lake City, Utah have demonstrated the feasibility of using nuclear energy to efficiently produce hydrogen from water.

“With America’s growing demand for oil, also comes a host of environmental challenges. Because of the need to develop new energy sources in an environmentally sound way, the President and our Administration recognize that the benefits of hydrogen technologies are too great to ignore. This major breakthrough signals that we are systematically achieving our hydrogen goals,” Secretary Abraham said.

Using hydrogen to fuel our economy can reduce dependence on imported petroleum, diversify energy resources, and reduce pollution and greenhouse gas emissions. To this end, the Department of Energy is actively exploring clean hydrogen production technologies using fossil, nuclear and renewable resources to revolutionize the way we power our Nation’s cars, homes and businesses.

This achievement demonstrates high-temperature electrolysis which utilizes heat to decrease electricity needed for splitting water into hydrogen and oxygen. Instead of conventional electrolysis, which uses only electric current to separate hydrogen from water, high-temperature electrolysis enhances the efficiency of the process by adding substantial external heat – such as high-temperature steam from an advanced nuclear reactor system. Such a high-temperature system has the potential to achieve overall hydrogen production efficiencies in the 45 to 50 percent range, compared to approximately 30 percent for conventional electrolysis. Added benefits of the nuclear energy source include the avoidance of both greenhouse gas emissions and air pollutants.

The researchers have shown that hydrogen can be produced at temperatures and pressures suitable for integration with the new Generation IV nuclear reactor design being developed by the Department.

Energy Secretary Spencer Abraham stated, “The Generation IV nuclear technologies will take us to the next level in terms of efficiency, reliability, and safety. Coupling high temperature electrolyzer technology with the Gen IV reactors provides another pathway to produce hydrogen for powering future fuel cell vehicles.”

Fuel cell vehicles running on hydrogen produce no pollutants or carbon emissions.

Improvements in solid oxide electrolyzer design made by Ceramatec, Inc. will enable a 3-fold decrease in equipment size allowing greatly reduced capital costs. INEEL developed the system concept design and performed the feasibility testing.

This demonstration follows Secretary Abraham’s recent announcement of a $2 million grant to Ceramatec who is teamed with INEEL, University of Washington, and Hoeganaes Corporation in Riverton, New Jersey. The team will continue to work remaining challenges to lower costs, increase materials durability and improve efficiency of the solid oxide electrolyzer technology.

This development is a major step towards the hydrogen economy and realizing the President’s vision described in his 2003 State of the Union Address that “the first car driven by a child born today could be powered by hydrogen, and pollution-free.”

For more information on advanced nuclear energy concepts, see gen-iv.ne.doe.gov. For more information on electrolyzers, see energy.gov/hydrogenandfuelcells/production/.

Media contacts:Mike Waldron, 202/586-4940Tom Welch, 202/586-5806
Number: R-04-359