C40's Scott Henderson: PACE financing providing a "green" way forward
Last night, Huffington Post Impact ran a piece by C40-CCI finance director Scott Henderson describing the job creation and energy saving potential in a new Property Assessed Clean Energy (PACE) program. The cities of Los Angeles and San Francisco just recently announced the implementation of innovative, “open-market” PACE programs that have been developed in conjunction with C40 and CCI. Scott had this to say about it:
The programs forge public-private partnerships that aim to spur investment in our built environment, leading to significant energy savings and the creation of construction and engineering jobs. Together, Los Angeles and San Francisco Counties have two billion square feet of commercial building space that stand to benefit.
As Scott notes in his piece, and as we’ve discussed on the C40 Live Blog, commercial properties across the U.S. and around the world hold incredible potential for energy savings and investment. PACE programs are one key tool to tap that energy efficiency market:
The stakes are high: energy efficiency investment in existing commercial buildings could create 240,000 jobs in the U.S. over the next decade, and avoid some 128 million metric tons of annual CO2 emissions. Without question, PACE programs are gaining momentum and with effective implementation, have the potential to achieve these important results for our economy and environment.
Check out Scott’s full piece here and browse the blog to find out how other C40 Cities are tackling energy efficiency in their communities.