Obama Pledges $4 Billion In Energy Upgrades

The White House announced a nearly $4 billion plan Friday morning aimed at improving the energy efficiency of buildings in both the public and private sector.

The project will require $2 billion in energy upgrades across all federal agencies and includes a commitment from 60 CEOs as well as local officials and labor leaders to invest an additional $2 billion within the private sector.

“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,” President Barack Obama said in a statement.

Playing a strong role in the project is former President Bill Clinton, who through the Clinton Global Initiative was able to secure a commitment last summer to invest $500 million from private financing to improve energy efficiency and to improve efficiency across 300 million square feet.

A coalition of labor organizations including AFL-CIO, the American Federation of Teachers and the Building and Construction Trades Department applauded the announcement.

“It will create profitable investment opportunities for worker pension funds, create badly needed good jobs, increase America’s competitiveness around energy savings, and address the dangers of climate change,” AFL-CIO President Richard Trumka said in a statement.

The initiative is part of the President’s We Can’t Wait campaign, which is centered on spurring job creation on an executive level without going through Congress.