WASHINGTON, Dec. 2, 2011 -- President Barack Obama and
former President Bill Clinton today
announced private-public partnership agreements as part of the "Better
Buildings Challenge" (BBC), recognizing the key participation of Real
Estate Roundtable members to reach the initiative's building retrofit
goals.
"Roundtable members continue to be at the vanguard of
innovation in making our built environment more energy efficient," said
Roundtable President and CEO Jeffrey D. DeBoer.
"As our economy and the real estate sector struggle to recover, the
Obama Administration is taking the right steps to encourage building
retrofits that will get Americans back to work, modernize our
infrastructure to keep pace with the global marketplace, and secure
long-term energy benefits for the country. The Roundtable looks forward
to continuing our work with both the Administration and Congress on
additional policy changes that are needed to increase the number of
retrofits for even more building owners, and we congratulate our
members who are currently participating in the Better Buildings
Challenge."
Members of The Real Estate Roundtable who have entered into
BBC agreements with the Obama Administration include those associated
with CBRE, Citi, Forest City Enterprises, GE, HEI Hotels & Resorts,
IHG, Jones Lang LaSalle, The PNC
Financial Services Group, Prologis, Shorenstein Properties, LLC,
TIAA-CREF, Transwestern, USAA Real Estate Company, and Lend Lease.
According to today's White House announcement, BBC partners
have made aggregate commitments of nearly $2
billion to improve energy efficiency across approximately 1.4
billion square feet of office, industrial, hospitality, and other
commercial real estate space. The Obama Administration also announced
it will direct $2 billion to a two-year
effort across the Federal government's real estate portfolio to
encourage maximum use of "performance-based contracting" – whereby
third parties guarantee that the expenses of an energy-efficiency
retrofit project will be compensated from its resulting lower energy
costs.
Job creation is the BBC's primary objective. With the skilled
workers needed to retrofit buildings with energy efficiency upgrades,
hiring in the construction sector will ripple throughout the economy,
spurring manufacturing, engineering, service sector, and other
employment opportunities.
A jobs analysis released by The Real Estate Roundtable, U.S.
Green Building Council and the Natural Resources Defense Council in
June estimated the number of "green jobs" that could be created with
federal incentives. With the $4 billion
committed in today's announcement, 50,000 green jobs could be created
to get Americans back to work by modernizing buildings throughout the
nation's cities and suburbs.
"Leading private sector owners are committing resources and
doing their best to increase energy efficiency in buildings," DeBoer
said. "But to make deeper and more significant energy reductions
nationwide, policymakers must recognize the cost and financing hurdles
that confront the broader range of building owners. Meaningful tax
incentives and credit guarantee support are essential to spur
transformation in the retrofit market – which will help to create tens
of thousands of more jobs in the process."
The Real Estate Roundtable brings together leaders of the
nation's publicly-held and privately owned real estate ownership,
development, lending and management firms with the leaders of national
real estate trade associations to jointly address key national policy
issues relating to real estate and the overall economy. Participating
trade associations represent more than 1.5 million people involved in
virtually every aspect of the real estate business.