Clinton Climate Initiative Yields New Energy Efficiency Pacts
November 28, 2007
The Clinton Climate Initiative (CCI) announced early in November that it has formed several new partnerships to improve the energy efficiency of buildings in Chicago, throughout the United States, and globally. In Chicago, Illinois, the CCI Energy Efficiency Building Retrofit Program will work with the city government to complete energy audits and energy efficiency upgrades on the Sears Tower and the Merchandise Mart, which is the world's largest commercial building. The retrofit program, established in May, brings together eight of the world's largest energy service companies, five of the world's largest banks, and 17 of the world's largest cities, including Chicago, in an effort to reduce energy consumption in existing buildings. CCI is also developing a targeted program for energy retrofits of privately owned, multi-tenant housing in Chicago. The program will employ energy performance contracts, in which an energy service company will pay the up-front cost of the energy efficiency improvements and will be repaid through a portion of the energy savings.
On a national scale, CCI and the U.S. Green Building Council will work with K-12 schools throughout the country to establish a Green Schools Program. And on an international scale, CCI will work with GE Real Estate to identify and implement building retrofit projects across the company's global portfolio. GE Real Estate is a large commercial real estate company, with more than 385 million square feet of floor space in 31 countries. See the CCI press release.
Virginia Tech launched a similar effort in the Washington, D.C., area in October. The Energy Efficiency Partnership of Greater Washington combines the resources of the university, Pepco Energy Services, and Hannon Armstrong, an energy efficiency financier. The partnership will perform energy efficiency retrofits throughout the area, with the goal of reducing greenhouse gas emissions from the region's buildings by at least 20%. Hannon Armstrong has committed $500 million in financing for the initiative over the next five years. See the Virginia Tech press release and the Energy Efficiency Partnership of Greater Washington Web site.