The assembly of 16 of the world’s largest cities and five banks also includes ex-President Bill Clinton, New York Mayor Michael Bloomberg and several corporations. Under the plan, developed through the William J. Clinton Foundation, participating banks would provide up to $1 billion each in loans to cities or private landlords to upgrade energy-hungry heating, cooling and lighting systems in older buildings.

The measure is among 127 proposals for what Mayor Michael Bloomberg calls “a greener, greater New York.” But it still has to clear formidable hurdles in the State Legislature where, as The New York Times put it, “too many good ideas like this one go to die.”

Here's a great example of a local government taking big steps to encourage energy consumption reduction. Mayor of London, Ken Livingstone has offered incentives to Londoners who make their homes more energy efficient as well as encouraging green investments.