Clinton Foundation Works Out a Deal to Reduce Energy Consumption

The William J. Clinton Foundation has developed a plan that includes a partnership among 16 cities, five banks, companies, and other entities, to encourage cities and building owners to upgrade to energy-efficient systems, reports The New York Times.

Under the plan, banks will lend up to $1-billion each to cities or private landlords who want to take steps to fight global warming by reducing energy consumption. The cost savings that the more efficient systems will create will go toward paying back the loans, the Times reports.

Michael R. Bloomberg, New York’s mayor, said existing buildings would make up 85 percent of that city’s buildings in 2030, a reason that such energy-saving retrofitting is vital. Buildings in older cities such as New York and London are the top producers of greenhouse gases in those cities, the newspaper reports.

Mr. Clinton said such local responses to climate change are what are needed to fight the global problem.

“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,” he said.

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