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SHOW PREVIEW
CREATING JOBS NOW
Creating Climate Wealth announces the launch of the Pace Commercial Consortium
T
here’s no mistaking the excitement in Dennis Hunter’s voice – or his
ambition to change the world. Hunter is talking about the Pace Commercial Consortium, a “fabulous, fabulous program off ering far-reaching change, which will have a direct impact on climate change – a really hot issue in most places – very, very dramatically reducing CO2 emissions – by megatons – and cutting our dependence on the antiquated infrastructure system known as the grid”. The Pace Commercial Consortium was conceived by Carbon War Room’s Green Capital Global Challenge director, Murat Armbruster, who introduced the member companies to one another in pursuit of the War Room’s mission to identify and overcome market barriers to the deployment of billions of dollars of currently idle private capital into the clean energy sector.
Hammered out at the Carbon War Room’s summit in Washington DC earlier in the year by Ygrene (a green energy fund, of which Hunter is chairman, that off ers no-cost Pace program design, administration and funding throughout the US), Lockheed Martin, Barclays Capital, and capital insurance provider Energi, the Pace Commercial Consortium is now live and signing up its fi rst customers.
CREATING CLIMATE WEALTH CREATING CLIMATE WEALTH
BY FUNDING THE FUTURE
WORDS Rob Bell
Pace Pace stands for Property Assessed Clean Energy, legislation that enables municipalities to tap 100 percent private capital to fi nance investment in renewable energy and effi ciency improvements for homes, industrial and commercial properties, which is now in place in 26 US states. It sounds too good to be true. Pace
allows energy effi ciency retrofi ts and renewables generation installation to be funded through 20-year assessments that represent a zero cost to the building owner. The retrofi ts cut energy bills by more than the improvements cost. Hunter says: “Dramatic savings are
available. For example, in a commercial property it is very easy to achieve 30 percent energy savings for a fairly modest investment, representing a pretty substantial cashfl ow saving to the building owner.” Describing the funds potential impact, he’s positively buoyant: “I’m very excited about the possibility of using Pace fi nancing,” he says. “In the US, it’s estimated $3tn will fl ow into this sector by 2020, so it has far-reaching ramifi cations for job creation, fi nancial stimulus and reduction of energy use. “There will be energy systems
deployed throughout the country on buildings and parking lots, so there is
lowered demand on the big grid that traditional electricity generation requires. Pace is a powerful system that has been permitted by these states to use private money to achieve fabulous social and environmental goals.” Armbruster says the fund will provide
an end-to-end model for American cities to deliver Pace-secured investment in renewable power generation technologies such as wind turbines and solar panels, “providing a shot in the arm for beleaguered local construction fi rms and essentially creating the largest private sector jobs program in the market. This is exactly what the Carbon War Room is all about.” In support of commercial and industrial asset owners who take advantage of this retrofi t solution, Lockheed Martin will apply its stringent engineering standards and vendor management and quality assurance best practices to ensure projects achieve the optimal energy savings and return on investment. Investment giant Barclays Capital will arrange the capital and Ygrene Energy Fund will administer projects, while Energi will provide third-
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