$4 Billion in Private-Sector Clean Energy Commitments Announced

$4 Billion in Private-Sector Clean Energy Commitments Announced

The has announced private-sector commitments totaling $4 billion in support of efforts to scale clean energy innovations aimed at reducing the effects of climate change.

Announced at the Clean Energy Investment Summit at the White House on Tuesday, the pledges from major foundations, institutions, and other long-term investors double the administration's initial $2 billion goal for the  it announced in February. Pledges include $31 million from the in impact investments to advance energy efficiency financing for multifamily housing, including $5 million each for and the  and $2.5 million each for the  and the . Other commitments include efforts by a consortium of pension funds and endowments — including $500 million from the University of California — to create a nonprofit investment intermediary to identify, screen, and assess companies and projects that could produce effective, profitable solutions, with the goal of catalyzing $2.5 billion in investments over five years. The , , and other partners have pledged to provide funding in support of the intermediary's launch and initial operations.

Pledges also include commitments from members of , a coalition of more than ninety foundations and other investors, to allocate at least 5 percent — and, in the case of the , up to 100 percent — of their endowments to investments in new energy solutions over the next five years. Elsewhere, the , a nonprofit organization launched with the support of the , the , , the , the , and others, will facilitate charitable investments in market-based solutions, with a focus on early-stage innovations that promise to significantly reduce greenhouse gas emissions, while , an alliance of two hundred foundations and advisors dedicated to mission-related investing, and the have announced a joint initiative to provide educational resources aimed at increasing their members' investments in climate solutions by at least 20 percent by 2020.

The White House also has announced executive actions aimed at encouraging clean energy investments, including new guidance on mission-related and program-related investments; the launch of a Clean Energy Impact Investment Center at the to disseminate information about government energy and climate programs; and improved financing options from the for private investment funds seeking long-term capital, including early-stage investors in capital-intensive clean energy technologies.