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Coalition to Make Buildings Energy-Efficient
New York Times
May 17, 2007
By ANDREW C. REVKIN and PATRICK HEALY
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.
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