Sixteen cities around the world will receive financing from major banks to make their government buildings more energy efficient. Citi, Deutsche Bank, JP Morgan Chase, UBS and ABN Amro have each committed $1 billion to finance upgrades in lighting, cooling, heating, rooting and other environmental improvements. This initiative was announced Wednesday at the C40 Large Cities Climate Summit in New York. Houston, New York, Chicago and London are among the cities participating.
What's interesting is how these cities will pay for the improvements. The banks are providing loans to finance the improvements. The city governments believe that the energy savings will exceed the financing costs. In other words, the energy improvements will pay for themselves, which is pretty cool. (Pun sort-of intended)
Check out all the details in the article in Wired magazine.