President Obama announces nearly $4 billion investment in energy upgrades to public and private buildings
President Obama announced Dec. 2 nearly $4 billion in combined federal and private sector energy upgrades to buildings over the next 2 years. The $4 billion investment includes a $2 billion commitment to energy upgrades of federal buildings using long-term energy savings to pay for up-front costs, at no cost to taxpayers.These investments will save billions in energy costs, promote energy independence, and, according to independent estimates, create tens of thousands of jobs in the hard-hit construction sector, officials said in a White House release.
In addition, 60 CEOs, mayors, university presidents, and labor leaders 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. The 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.