A coalition of 25 professional sports teams are among the 14 initial participants in the Obama Administration’s Better Buildings Challenge.
The Challenge is part of the Better Buildings Initiative that President Obama launched in February to catalyze private sector investment in commercial building upgrades and make US commercial buildings 20% more efficient over the next decade.
Energy Secretary Steven Chu expects this level of energy reduction would save about $40 billion a year in energy bills.
Among the initial impressive group of participants are a coalition of 25 professional sports teams, Best Buy, Lend Lease, Transwestern, and USAA Real Estate Co.
The cities of Los Angeles, Seattle and Atlanta are also participating.
Among the companies who agreed to finance the efficiency upgrades are Citi, Hudson Clean Energy partners, Metrus Energy, Renewable Funding, and Transcend Equity.
Collectively these firms have agreed to provide at least $525 million in funding for projects during the next 18 months. Transcend Equity says it expects to invest a minimum of $75 million to finance energy efficiency upgrades.
The initial partners will provide data on their energy savings and share efficiency strategies that will serve as models on how to save money by saving energy.
The Green Sports Alliance, which has 25 member sports teams, represents over 20 million square feet of sports venues and facilities in 17 North American cities. Its goal is reduce the energy use of member facilities by at least 20% by 2020 in aggregate.
Some members, like the Seattle Mariners and Portland Trail Blazers have already reduced energy use 30% through retrofits.
Property management company Lend Lease plans to retrofit 40,000 homes for military families in its Military Housing Privatization Initiative portfolio, improving the energy efficiency of over 65.3 million square feet.
The Better Buildings Initiative is co-led by the President’s Council on Jobs and Competitiveness and former President Clinton. Earlier this month, the President’s Council on Jobs and Competitiveness recommended to President Obama prioritizing the Better Buildings Initiative as an important way to support sustainable jobs.
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