The City of Los Angeles, CCI and C40 announce new commercial building retrofit program
The City of Los Angeles, a C40 City, and Mayor Antonio Villaraigosa today announced a major expansion of the city’s efforts to combat greenhouse gas emissions from the city’s commercial buildings. The LA Commercial Building Performance Partnership will enable building owners to access free energy assessments, as well as financing at competitive rates to cover up to 100 percent of the cost of their energy upgrades. The program builds on PACE (Property-Assessed Clean Energy) Financing programs that have shown success across the country.
The program is a collaboration of the City of Los Angeles, the Clinton Climate Initiative and the C40.
Today’s announcement also underscores the job creation potential of greening our cities. It’s estimated that approximately 7,700 jobs are created by each $1B of investment in building energy efficiency. If every commercial building in Los Angeles County were to invest $1 per square foot of floor area in improved energy efficiency, this could lead to the creation of over 10,000 jobs. Not new territory for Los Angeles, Mayor Villaraigosa praised his city for, “leading the way in finding innovative methods to promote environmental stewardship that also benefits our local economy.”
C40 Chair, New York City Mayor Michael R. Bloomberg, noted the policy’s win-win for financiers, owners and tenants:
“The LA Commercial Building Performance Partnership is significant as it provides financially-viable solutions that enable private building owners and tenants to save money as energy costs continue to rise. It will also serve as a robust model that the finance sector and cities can adopt, helping to create jobs and further develop the energy efficiency market.”
President Clinton praised CCI’s role in devising the new strategy:
“I am proud that my Foundation, through the Clinton Climate Initiative, is a part of the LA Commercial Building Performance Partnership. CCI has worked on more than 400 energy-saving building retrofit projects around the world, and one of the biggest challenges for projects is financing. I am excited that Los Angeles is finding new ways to finance this work. This is a great way to get Americans back to work.”
And Nancy Sutley, Chair of the White House’s Council on Environmental Quality noted that the LA Commercial Building Performance Partnership is part of the Obama Administration’s Better Buildings Challenge to catalyze private sector investment in commercial building upgrades and make commercial buildings across America 20 percent more efficient over the next decade:
“Innovative partnerships to reduce energy use are among the most practical ways to save companies money, boost our economy, and invest in technologies that will keep us competitive in the 21st century. The LA Commercial Building Performance Partnership is a leading example of how city leaders are working together with the business community through the Better Buildings Challenge to put people back to work in ways that will reduce their energy bills and cut pollution."
For more information on this innovative program, visit www.LACommercialBPP.com.