The Clinton Global Initiative (CGI) today announced Deutsche Bank’s commitment to the New York City Energy Efficiency Corporation (NYCEEC), comprised of a philanthropic grant and advancing a multi-stakeholder partnership of real estate interests, environmental advocacy organizations and the City of New York. CGI’s featuring of this commitment underscores the value of creative and non-traditional strategies to find solutions to climate change that combine the expertise of a broad range of disciplines and institutions.
NYCEEC was launched in 2011, with the support of two Federal ARRA grants from the Department of Energy, as a non-profit financial intermediary by the City of New York to further the city’s greenhouse gas reduction plans by catalyzing private sector energy efficiency investments. NYCEEC seeks to develop and facilitate access to energy efficiency financing products, generate demand for retrofits through education, marketing and outreach efforts, and coordinate with workforce development entities. Deutsche Bank, the Natural Resources Defense Council, and the City of New York instigated the creation of NYCEEC to advance energy efficiency finance and foment job creation in the New York real estate market, with an initial focus on the commercial and multifamily sectors.
One critical element of the CGI commitment is the establishment of a Real Estate Advisory Council, comprised of a group of real estate industry experts. The council’s mission is to ensure that NYCEEC’s product offerings match the energy efficiency financing needs of the real estate community.
The partners who will help form this council include the Greenprint Foundation, the Partnership for New York City, and the Real Estate Board of New York. These partners will engage their expertise across all real estate sectors to assist NYCEEC in the development of successful product offerings.
At CGI, Deutsche Bank also announced a grant to support NYCEEC’s start-up operations.
“Our commitment today reflects the Bank’s continued leadership on environmental issues, both locally and globally. By providing an early stage philanthropic investment in NYCEEC, we are helping the organization to build the infrastructure for its long-term financial viability as a major provider of capital for energy efficiency,” said Seth Waugh, CEO of Deutsche Bank Americas.
“We’re extremely excited about establishing the advisory council and deepening our relationships with the city’s real estate community,” said Susan Leeds, CEO of NYCEEC. “The leadership and grant support from Deutsche Bank, and the advice and thought leadership we gather from the advisory council, will ensure that NYCEEC successfully delivers energy efficiency finance product offerings to the real estate community that are in line with capital needs, with the ultimate goal of delivering short- and long-term economic and environmental benefits to residents of New York City.”
“It’s great to see Deutsche Bank double up on the thought leadership that they have already provided to the development of NYCEEC with this philanthropic grant,” said Greg Hale, Senior Financial Policy Specialist with NRDC’s Center for Market Innovation, “and bringing the resources of REBNY, the Partnership and Greenprint to bear through this CGI Commitment will ensure that we wind up with a diverse set of advisors who can bring NYCEEC perspective on all of the sectors and subsectors of the New York City real estate market.”
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About the Clinton Global Initiative (CGI)
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI) convenes global leaders to devise and implement innovative solutions to some of the world’s most pressing challenges. Since 2005, CGI Annual Meetings have brought together nearly 150 current and former heads of state, 18 Nobel Prize laureates, hundreds of leading CEOs, heads of foundations, major philanthropists, directors of the most effective nongovernmental organizations, and prominent members of the media. These CGI members have made nearly 2,000 commitments, which have already improved the lives of 300 million people in more than 180 countries. When fully funded and implemented, these commitments will be valued in excess of $63 billion. The 2011 Annual Meeting will take place Sept. 20-22 in New York City.
This year, CGI also convened CGI America, a meeting focused on developing ideas for driving economic growth in the United States. The CGI community also includes CGI U, which hosts an annual meeting for undergraduate and graduate students, and CGI Lead, which engages a select group of young CGI members for leadership development and collective commitment-making. For more information, visit www.clintonglobalinitiative.org.
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