Broad coalition of cities and banks pledge billions to curb carbon emissions

Thu, 2007-05-17 09:26Bill Miller
Bill Miller's picture

Broad coalition of cities and banks pledge billions to curb carbon emissions

Loans and interest would be repaid 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 more efficient use of energy the best starting point for addressing global warming because there is a potential immediate financial reward along with the long-term environmental benefit. 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 and London, buildings are the dominant source of the gases.

Mayor Bloomberg said retrofitting existing buildings was vital because they would make up 85 percent of the buildings that will stand in New York in 2030. Banks and corporations appeared to be grasping the importance of considering long-term environmental risks when making investments, he added.

In addition to New York and London, participating cities include Bangkok; Berlin; Chicago; Houston; Johannesburg; Karachi, Pakistan; Melbourne, Australia; Mexico City; Mumbai, India; Rome; São Paulo, Brazil; Seoul, South Korea; Tokyo; and Toronto.

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California Governor Jerry Brown used the occasion of his fourth inaugural address to propose an ambitious new clean energy target for the state: 50% renewable energy by 2030.

“We are at a crossroads,” Brown said in announcing the proposal, according to Climate Progress. “The challenge is to build for the future, not steal from it, to live within our means and to keep California ever golden and creative.”

Already the leader in installed solar...

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