President Obama Announces Nearly $4 Billion Investment in Energy UpgradesDecember 2nd, 2011 | Category: Industry News
President Obama today announced nearly $4 billion in combined federal and private sector energy upgrades to buildings over the next two years, according to a White House press release. The $4 billion investment announced today includes a $2 billion commitment, made through the issuance of a Presidential Memorandum, to energy upgrades of federal buildings using long term energy savings to pay for up-front costs, at no cost to taxpayers. In addition, 60 CEOs, mayors, university presidents, and labor leaders today committed to invest nearly $2 billion of private capital into energy efficiency projects; and to upgrade energy performance by a minimum of 20 percent by 2020 in 1.6 billion square feet of office, industrial, municipal, hospital, university, community college and school buildings.
Today’s commitments were announced by President Obama and former President Clinton along with representatives from more than 60 organizations as part of the Better Buildings Challenge. The Challenge is part of the Better Buildings Initiative launched in February by President Obama, and is spearheaded by former President Clinton and the President’s Council on Jobs and Competitiveness to support job creation by catalyzing private sector investment in commercial and industrial building energy upgrades to make America’s buildings 20 percent more efficient over the next decade, reducing energy costs for American businesses by nearly $40 billion. Last year, commercial buildings consumed roughly 20 percent of all the energy used by the U.S. economy.
The Better Buildings commitments announced today include 3M, Alcoa, Saint-Gobain Corp. and Serious Energy Inc. among others.