White House announces $4 billion in private sector clean energy funding

Author:
Beth Woodthorpe-Evans
Reading time: 2 minutes
18 June 2015

NEW YORK: The White House announced it has secured more than US$4 billion in private sector investment to fund innovative climate solutions, including clean energy technology to reduce carbon pollution in the US.

President Obama’s Clean Energy Investment Initiative has doubled its goal of US$2 billion, which was set last February for the scaling up of renewable energy innovation.

The announcement was made at a summit on clean energy held at the White House this week, which brought together investors in clean energy, climate scientists, engineers and administrative officials.

The boost in investment will come from an array of foundations, institutional investors, and philanthropic groups seeking to help push for climate change solutions with clean technology.

Thanks to private-public sector collaboration, notable commitments include US$500 million from the University of California, and US$500 million from Goldman Sachs, among many others.

Mark Kenber, CEO, The Climate Group said: “Investors from all sectors clearly recognise the positive returns for their portfolios that come from investing in the low carbon transition, in particular in renewable energy and supported by government programs like the Clean Energy Impact Investment Initiative.

“The swift, massive scale-up of clean energy and infrastructure, and of smart technologies and design, are not only contributing to our long-term economic prosperity but visible low carbon progress like this will also help aid our success at global climate talks this December.”

The executive order will also provide technical assistance to investors and speed up financing for solar, wind and fuel cell technology, by improving financing options, reducing transaction costs, clarifying relevant investment rules and making research from federal energy and environmental departments understandable and more readily available to the public.

Importantly, the White House call to action also notes the moral and national security imperative for addressing climate change and the opportunity that ambitious clean energy funding presents in cutting carbon pollution and creating jobs.

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by Andrew Pickens

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