Clean Energy Investment Summit started on Monday and the White House is forcing the private sector to put money into clean energy. It demands USD 4 billion. In return the White House has promised to go through with an action plan aimed at easier investing into renewable energy. AS a part of a “mission-related investment” a new guidance is to be issued by the Treasury Department which will allow for charitable organizations to invest into clean energy research done by NGOs.
“The White House had hoped to get $2 billion in commitments, but the response over only a couple of months has exceeded even our ambitious expectations," Brian Deese, a senior Obama aide said. Pension funds invested the most in addition to other institutional investors. For instance USD 500 million was donated by the University of California, USD 500 million was given by Goldman Sachs, USD 200 million was a donation made by the Alaska Permanent Fund and so on. This money will be added to federal spending summing up to USD 7.6 billion allocated from the 2016 budget.
A Clean Energy Impact Investment Center will be established by the Department of Energy and its mission will be assisting investors who put their money into clean energy companies.
Photo attribution: Will White