The Obama administration announced on June 16 that it has received $4 billion from investment groups, corporations and other private sector sources that will be utilized to “scale up investment in clean energy innovation.”
Goldman Sachs, the University of California, the Alaska Permanent Fund and Teachers Insurance and Annuity Association all donated near $100 million each to the cause, according to the Christian Science Monitor.
The White House also revealed the creation of the Clean Energy Impact Investment Center, which will serve as an information center to those interested in investing in clean energy programs and who wish to learn more about the positive effects of clean energy versus the continuation of the use of coal and oil.
John Holdren, a senior advisor to President Barack Obama on science and technology, called the $4 billion a “huge down payment” on a future with clean energy production.
Initially, the White House only expected around $2 billion worth of investments to come through in support of the program. However, “the response over only a couple of months has exceeded even our ambitious expectations,” Brian Deese, an advisor to the President, commented on the funding goal.
The Obama administration has already authorized spending $7.6 billion on clean energy programs in his 2016 budget, USA Today reported.
While the administration was able to double its funding goals, researchers believe that more funding can be generated with the increasing acceptance of global warming and support of clean energy programs all over the nation.
“All stages of investment in clean energy from research and development to full scale deployment are being seen in the private sector as increasingly attractive areas of investment,” Dan Reicher, the current CEO of the American Council on Renewable Energy said about the changing perception on the issue.
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