Coalition to Make Buildings Energy-Efficient
A coalition of 16 of the world’s biggest cities, five banks, one former president and companies and groups that modernize aging buildings on Wednesday pledged investments of billions of dollars to cut urban energy use and releases of heat-trapping gases linked to global warming. Under a plan developed through the William J. Clinton Foundation, participating banks would provide up to $1 billion each in loans that cities or private landlords would use to upgrade energy-hungry heating, cooling and lighting systems in older buildings.
The loans and interest would be paid back with savings accrued through reduced energy costs, organizers of the initiative said at a news conference in Manhattan. Typically, such upgrades can cut energy use and costs by 20 percent to 50 percent, they said. Many scientists consider making more efficient use of energy to be the best starting point for addressing global warming, particularly because there is a potential immediate financial payoff along with the long-term environmental benefit.
Mayor Michael R. Bloomberg of New York said banks and corporations appeared to be grasping the importance of considering long-term environmental risks when making investments. “Major business and financial institutions increasingly understand that shrinking the world’s carbon footprint is a pro-growth strategy, indeed the only pro-growth strategy for the long term,” he said. Energy use in buildings accounts for about a third of global releases of heat-trapping gases like carbon dioxide. In densely populated older cities, like New York City and London, buildings are the dominant source of the gases.
Also yesterday, the National Academy of Sciences and the scientific academies of 12 other countries issued a joint statement calling on world leaders to address global warming by increasing energy efficiency, promoting a shift to less-polluting energy sources and intensifying research into new energy technologies that produce no emissions. “Increasing energy efficiency is a first crucial step toward solving the climate-energy problem,” the statement said.
“Climate change is a global problem that requires local action,” former President Bill Clinton said. “The businesses, banks and cities partnering with my foundation are addressing the issue of global warming because it’s the right thing to do, but also because it’s good for their bottom line.” “They’re going to save money, make money, create jobs and have a tremendous collective impact on climate change all at once,” he continued.
Dr. Wilbanks, who was also an author of one of the recent United Nations climate reports, said that “the greatest value of this initiative is that it jump-starts an inevitable global process of making buildings more energy-efficient.”
Published by ANDREW C. REVKIN AND PATRICK HEALY
