Washington, D.C.—Today, CAP Senior Fellow Bracken Hendricks, released the following statement on the Clinton Global Initiative’s announcement of a billion-dollar collaboration between unions and public pension funds to invest in energy efficient infrastructure projects, announced today at the start of the Clinton Global Initiative, or CGI, annual meeting:
In California, two of the largest American pension funds—CalPERS (public employees) and CalSTERS (teachers)—have allocated over $1 billion toward smart and efficient infrastructure. These visionary labor leaders have made tremendous strides in just the few months since the first Clinton Global Initiative meeting in June, when the AFL-CIO and the American Federation of Teachers established the goal of investing in energy efficient infrastructure projects in America through union pension funds.
President Bill Clinton today celebrated the hard work of AFL-CIO President Richard Trumka and AFT President Randi Weingarten, for working with state treasurers, pension fund managers, and trustees, to put America back to work and increase our economic competitiveness by making smart investments in energy saving infrastructure that will last generations. In praising these labor and financial leaders as “America’s employment banks," President Clinton rightly called attention to the urgency of making these types of investments now, and highlighted how a more efficient and productive built environment can jumpstart the economy.
The AFL-CIO and their Housing Investment Trust have already directed over $150 million toward the retrofit and rehabilitation of buildings, greatly surpassing their initial $20 million commitment for energy retrofit projects. These retrofits will spur job creation in our hardest hit sectors with a return of 17.36 jobs for every $1 million invested. Ninety-one percent of employment generated through building retrofits is within small business firms, the engine of our economic growth, accounting for the creation of 64 percent of new net jobs over the past 15 years and employing more than half of all private-sector employees.
The Center for American Progress is proud to have partnered with the Clinton Global Initiative in establishing programs that focus on practical solutions that create sustainable jobs and save consumers money through clean energy projects.
To speak with Bracken Hendricks, CAP Senior Fellow and participant at CGI’s annual meeting, please contact Christina DiPasquale at 202-481-8181, or [email protected].
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