WASHINGTON, DC-The Obama Administration committed approximately $4 billion in funding from federal and private organizations to create more sustainable, energy efficient spaces in commercial real estate as an expansion of the Better Buildings Initiative unveiled back in February. It is also anticipated that these projects will create around 50,000 green jobs, according to June 2011 analysis from the Real Estate Roundtable, US Green Buildings Council and Natural Resources Defense Council.

Of the $4 billion, $2 billion will be invested in energy upgrades of federal buildings. This stepped up focus on energy efficiency in commercial buildings includes the pledge by some 60 CEOs, mayors, university presidents, and labor leaders to invest nearly $2 billion of private capital into such projects. Specifically, they will upgrade energy performance by a minimum of 20% by 2020 in 1.6 billion square feet of office, industrial, municipal, hospital, university, community college and school buildings.

An official White House statement reveals companies that pledged to be part of the Better Business Initiative—including CBRE, Jones Lang LaSalle and HEI Hotels and Resorts—will be working towards making commercial and industrial locations up to 20% more energy efficient by 2020. JLL has committed to meeting this goal at its properties that total 98 million square feet across the US HEI Hotels and Resorts is targeting its 10 million square feet for a 20% reduction in energy use, and CBRE, at its 25 million square feet of buildings nationwide.