US President Barack Obama has unveiled $4bn of public and private sector funding for energy efficiency upgrades to buildings over the next two years, the campaign is called the Better Buildings Challenge.
The investment includes a $2bn commitment to improvements of federal buildings using long-term energy savings to pay back initial capital expenditure. A further $2bn has been pledged by 60 CEOs, mayors, university presidents and labour leaders for efficiency improvements and to upgrade energy performance by a minimum of 20 per cent by 2020 in 1.6 billion square feet of office, industrial, municipal, hospital, university, community college and school buildings.
The announcement follows a commitment made by 14 partners at the Clinton Global Initiative America meeting in June to invest $500m for efficiency upgrades across 300 million square feet of real estate.
Obama said, 'Upgrading the energy efficiency of America's buildings is one of the fastest, easiest, and cheapest ways to save money, cut down on harmful pollution, and create good jobs right now. But we can't wait for Congress to act. So today, I'm directing all federal agencies to make at least $2bn worth of energy efficiency upgrades over the next 2 years - at no up-front cost to the taxpayer. Coupled with today's extraordinary private sector commitments of $2bn to upgrade businesses, factories, and military housing, America is taking another big step towards the competitive, clean energy economy it will take to win the future.'