The Obama Administration’s support for clean energy took on a new dimension this week, as the White House announced plans to invest $4 billion to help generate capital investment for renewable energy companies. According to the Guardian, senior advisors announced details of the deal, which include $4 billion worth of financial commitments from pension funds, family foundations and other “impact investors” – as well as a new building to be known as the “office of technology transitions,” that will be a go-to information resource for clean energy investment.
“One of the real challenges is the gap in financing clean energy,” U.S. Secretary of Energy, Ernest Moniz said at the press conference. “There is a continuing need for new capital investment.” He added that the office won’t make investment decision or directly engage in them, but instead will provide information to help guide discussions by people who are not already steeped in the field.
According to Nathanael Green, director of the Natural Resources Defense Council’s renewable energy policy program, policies like this one from the Obama Administration have helped drive down the cost of renewable energy in the U.S. and this latest program will continue to support the industry’s growth.
“The program will help explain the technology, the stages of investment,” he told the Guardian. “This is about helping the private sector understand and invest in clean energy.”
This latest announcement is part of a strong of new initiatives from Obama that are part of his Climate Action Plan, which includes recent announcements of $15 billion to modernize the country’s energy infrastructure, an order for federal agencies to cut emissions by 40 percent, plans to cut pollution from power plants by 30 percent, and more.